TCRAP_Public/171229.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

          Friday, December 29, 2017, Vol. 20, No. 258

                            Headlines


A U S T R A L I A

ABBEE PTY: First Creditors' Meeting Set for Jan. 9
BANTEX PTY: First Creditors' Meeting Set for Jan. 9
M & A GROUP: First Creditors' Meeting Set for Jan. 8
TPC (VIC): First Creditors' Meeting Set for Jan. 8
ZAKEE PTY: First Creditors' Meeting Set for Jan. 9


H O N G  K O N G

SEASPAN CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B+


I N D I A

ABROAD VITRIFIED: CRISIL Assigns B+ Rating to INR21.5MM Loan
ABS WHEELS: CRISIL Migrates D Rating to Not Cooperating Category
AJAY ENGICONE: ICRA Moves D Rating to Not Cooperating Category
ARNAV TECHNOSOFT: ICRA Moves D Rating to Not Cooperating Category
BSCC INFRASTRUCTURE: CRISIL Moves B- Rating to Not Cooperating

C.E. TESTING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
CARAMIA GRANITO: ICRA Assigns B Rating to INR19.50cr Term Loan
CASTEX TECHNOLOGIES: SBI Initiates Bankruptcy Proceedings v. Firm
CRD FOODS: Ind-Ra Withdraws B+ Issuer Rating, Outlook Stable
DAKSHINESWARI COLD: CRISIL Moves B Rating to Not Cooperating

DASMESH MECHANICAL: CRISIL Moves B Rating to Not Cooperating
GEN NEXT MOTORS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
INDIA: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
INDIAN ACRYLICS: Ind-Ra Lowers Issuer Rating to D, Outlook Stable
JINDAL WOOD: CRISIL Migrates B+ Rating to Not Cooperating

JMK JEWELS: CRISIL Migrates B+ Rating to Not Cooperating Category
L B INDUSTRIES: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
LEEWAY LOGISTICS: CRISIL Moves D Rating to Not Cooperating
OKARA ROADLINES: CRISIL Moves B Rating to Not Cooperating
OVERSEAS CARPETS: CRISIL Moves B- Rating to Not Cooperating

P G MERCANTILE: CRISIL Moves D Rating to Not Cooperating Category
PRANAV CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
PUNJAB SPINTEX: CRISIL Migrates D Rating to Not Cooperating
RAJASTHAN CYLINDERS: CRISIL Ups Rating on INR4.5MM Loan to B+
RELIANCE COMMUNICATIONS: To Exit Debt Plan With Zero Write-Offs

S K ELITE: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SAA VISHNU: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SERVOCONTROLS AEROSPACE: ICRA Moves B- Rating to Not Cooperating
SHIV GANGA: CRISIL Migrates B- Rating to Not Cooperating Category
SHRI DAKSHINESHWARI: Ind-Ra Assigns BB Issuer Rating

STANDARD PAPER: CRISIL Moves B+ Rating to Not Cooperating
STRONG BONDS: CRISIL Assigns B+ Rating to INR4MM Cash Loan
SWAMI HITECH: CRISIL Migrates B Rating to Not Cooperating
TOSHNIWAL ENTERPRISES: Ind-Ra Assigns BB+ Rating, Outlook Stable
ULTRALIFT INDIA: ICRA Assigns B+ Rating to INR8cr Term Loan

UNISUN POWER: CRISIL Assigns B+ Rating to INR1.66MM LT Loan
USHDEV INTERNATIONAL: SBI Initiates Insolvency Process v. Firm
V.M. BAKERY: ICRA Revises Rating on INR5.40cr Term Loan to B-
VIKRAM HOSPITAL: ICRA Hikes Rating on INR30cr Loan to B
YAMUNA BIO: CRISIL Moves B+ Rating to Not Cooperating Category


J A P A N

DTC ONE: S&P Affirms BB(sf) Issuer Rating on Class E Notes
KOBE STEEL: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
SHARP CORP: Egan-Jones Hikes LC Sr. Unsecured Debt Rating to B-
SHOWA SHELL: Egan-Jones Hikes LC Sr. Unsecured Rating to BB+
TOSHIBA CORP: Faces Class Action Over Scrapped US Nuclear Project


M A L A Y S I A

SABAH ELECTRICITY: Talks Continue as Firm Nears Insolvency


N E W  Z E A L A N D

MOSSGREEN PTY: Administration No Effect on Auckland Auction House


                            - - - - -


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


ABBEE PTY: First Creditors' Meeting Set for Jan. 9
--------------------------------------------------
A first meeting of the creditors in the proceedings of Abbee Pty
Ltd will be held at CPA Australia, Level 29, 10 Eagle Street, in
Brisbane, Queensland, on Jan. 9, 2018, at 11:00 a.m.

David Solomons and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Abbee Pty on Dec. 27, 2017.


BANTEX PTY: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Bantex Pty
Ltd will be held Level 3, 95 Macquarie Street, in Parramatta,
NSW, on Jan. 9, 2018, at 10:00 a.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Bantex Pty on Dec. 27, 2017.


M & A GROUP: First Creditors' Meeting Set for Jan. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of M & A
Group Pty Ltd will be held at the offices of Deloitte Financial
Advisory Pty Ltd, Eclipse Tower, Level 19, 60 Station Street, in
Parramatta, NSW, on Jan. 8, 2018, at 11:00 a.m.

Neil Robert Cussen of Deloitte Financial was appointed as
administrator of M & A Group on Dec. 22, 2017.


TPC (VIC): First Creditors' Meeting Set for Jan. 8
--------------------------------------------------
A first meeting of the creditors in the proceedings of TPC (VIC)
Pty. Ltd. will be held at the offices of Amos Insolvency, 25/ 185
Airds Road, in Leumeah, NSW, on Jan. 8, 2018, at 11:00 a.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of TPC (VIC) on Dec. 22, 2017.


ZAKEE PTY: First Creditors' Meeting Set for Jan. 9
--------------------------------------------------
A first meeting of the creditors in the proceedings of Zakee Pty
Ltd will be held Level 29, 10 Eagle Street, in Brisbane,
Queensland, on Jan. 9, 2018, at 11:30 a.m.

David Solomons and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Zakee Pty on Dec. 27, 2017.



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


SEASPAN CORP: Egan-Jones Cuts Sr. Unsecured Debt Ratings to B+
--------------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 10, 2017, lowered the foreign
currency and local currency senior unsecured ratings on debt
issued by Seaspan Corp. to B+ from BB-.

Headquartered in Hong Kong, Seaspan Corp. operates a fleet of
containerships. The Company's ships are chartered to customers on
a long-term fixed-rate basis.



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


ABROAD VITRIFIED: CRISIL Assigns B+ Rating to INR21.5MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Abroad Vitrified Private
Limited (AVPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              21.5      CRISIL B+/Stable
   Bank Guarantee          3        CRISIL A4
   Cash Credit             8        CRISIL B+/Stable

The ratings reflect exposure to risks related to project
implementation and to timely stabilisation and commensurate ramp-
up in sales during its early stage of operations. The ratings
also factor in expectation of an average financial risk profile
because of debt-funded project. These weaknesses are partly
offset by partners' extensive experience and funding support, and
strategic location of its plant, ensuring easy availability of
raw material and labour.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to timely project implementation and stabilisation
Manufacturing of vitrified tiles by AVPL is expected to commence
from April 2018. Timely implementation, stabilisation, and
commensurate ramp-up in sales during the early stages of its
proposed project, will remain critical, and hence, be monitored
closely.

* Average financial risk profile: Financial risk profile may
remain average on account of debt-funded capital expenditure.
Project gearing is expected to be at 2-2.5 times in fiscal 2019.

Strengths

* Promoter's extensive experience:  Benefits from the extensive
experience the promoter's, who have been in the building product
industry over a decade, should continue to support the business
risk profile in its early stage of operations.

* Strategic location of plant: Manufacturing facility of AVPL is
at Morbi (Gujarat) which is tile manufacturing hub which ensures
easy availability of raw materials and labour.

Outlook: Stable

CRISIL believes AVPL will benefit from the promoters' extensive
experience and funding support over the medium term. The outlook
may be revised to 'Positive' if timely implementation and
stabilisation of the project leads to anticipated revenue,
profitability, and cash accrual during the early stage of
operations. The outlook may be revised to 'Negative' if delay in
implementation or stabilisation of the project leads to lower
revenue, cash accrual, or stretch in working capital cycle
weakens the financial risk profile, especially liquidity.

Incorporated in 2017, AVPL is establishing a greenfield project
for manufacturing vitrified tiles at Morbi, with an installed
capacity of 90,000 tonne per annum. The facility is expected to
start commercial operations from April 2018.


ABS WHEELS: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with ABS Wheels
Private Limited (ABS) for obtaining information through letters
and emails dated September 21, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       2.25       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          0.75       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   2.75       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan            4.25       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ABS Wheels Private Limited to CRISIL D/CRISIL D
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in July 2013 and promoted by Mr. Arshad Shaikh and
his family members, ABS has a Volkswagen passenger car dealership
and operates a 3S (sales-service-spares) showroom in Solapur,
Maharashtra. The company is the sole authorised Volkswagen dealer
for Solapur, Osmanabad, and Latur; Maharashtra. Commercial
operations began from March 2014.


AJAY ENGICONE: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings has moved the long term and short term ratings for
the bank facilities of Ajay Engicone Private Limited (AEPL) to
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term         0.28      [ICRA]D ISSUER NOT
  Loan                              COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund based-Cash         1.25      [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non fund based-         8.47      [ICRA]D ISSUER NOT
  Bank guarantee                    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
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.

Incorporated in March 1997, AEPL constructs and maintains roads,
dams, canals and bridges in the states of Jharkhand and Bihar.
The company is registered as a Class-I contractor with the Road
Construction Department, Jharkhand. In 1997, it took over the
entire business of the partnership firm - M/s Ajay Construction,
which had been in the same line of business since 1982.


ARNAV TECHNOSOFT: ICRA Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Arnav Technosoft Private Limited (ATPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Cash         15.0      [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Rating
                                    moved to the 'Issuer Not
                                    Cooperating' category

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

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The
project involves construction and leasing of a corporate office
building in Sector 16 A in Noida. ATPL is part of the SDS group
which is engaged into real estate construction spanning across
group housing projects, integrated townships, commercial space
and IT park in Noida and Greater Noida regions of Uttar Pradesh.
The group is headed by Mr. Deepak Bansal and Mrs. Anshul Bansal.


BSCC INFRASTRUCTURE: CRISIL Moves B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with BSCC
Infrastructure Private Limited (BSCC) for obtaining information
through letters and emails dated September 12, 2017 and
October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          6        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit             1.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan           .5      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     13        CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BSCC Infrastructure Private
Limitedwhich restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on BSCC Infrastructure Private Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB Rating category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of BSCC Infrastructure Private Limited to CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

BSCC, promoted by Mr Bharatbhai S Chaudhary, is a civil
contractor based in Mehsana, Gujarat. It was originally set up as
a partnership firm, which was reconstituted as a private
limitedcompany in 2011. The company primarily undertakes
construction works, but is also a distributor of BSNL pre-paid
cards and SIM cards (contributing revenue of INR25-35 million per
fiscal).


C.E. TESTING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned C.E. Testing
Company Pvt. Ltd. (CETEST) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit assigned with IND
    BB/Stable rating;

-- INR70 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect CETEST's small scale of operations as
reflected by revenue of INR284 million in FY17 (FY16: INR220
million).

The ratings are also constrained by the company's tight liquidity
position as indicated by 99.42% maximum utilisation of its
working capital limits during the six months ended November 2017.
The company had an elongated net working capital cycle of 277
days in FY17 (FY16: 329 days) owing to a long inventory holding
period of 233 days (276 days).

However, the ratings are supported by CETEST's strong credit
metrics as reflected by gross interest coverage (operating
EBITDA/gross interest expense) of 5.4x in FY17 (FY16: 3.9x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) of 0.7x (1.1x). The improvement in the credit metrics
was due to an improvement in operating margin to 16.6% in FY17
(FY16: 10.9%), resulting from decrease in employee benefit
expenses.

The ratings also derive support from the promoter's experience of
close to three decades in the soil testing business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the credit metrics will lead to a positive rating
action.

Negative: A decline in the scale of operations along with
deterioration in the operating profitability will lead to a
negative rating action.

COMPANY PROFILE

CETEST provides engineering solutions. It was founded by Mr
Madhusudan Nayak in 1985 as a soil testing firm. CETEST is also a
member of TPF Group, a multinational organisation, headquartered
in Brussels (Belgium). TPF is engaged in the field of airports,
buildings, hospitals, bridges, flyovers, roads, viaducts,
industrial plants, waste water plants, among others.


CARAMIA GRANITO: ICRA Assigns B Rating to INR19.50cr Term Loan
--------------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B on the
INR19.50-crore term loans and the INR9.00-crore cash credit
facility of Caramia Granito LLP. ICRA has also assigned a short-
term rating of [ICRA]A4 on the INR1.50-crore non-fund based
facilities of CGL. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Term
  Loan                    19.50      [ICRA]B (Stable); Assigned

  Fund-based Working
  Capital Facilities       9.00      [ICRA]B (Stable); Assigned

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

Rationale

The assigned ratings are constrained by the nascent stage of the
firm's operations, as it is still in the project stage and the
risks associated with the stabilisation of the plant, as per the
expected operating parameters. The ratings also remain
constrained by the highly fragmented nature of the tiles
industry, resulting in intense competition. Furthermore, the
ratings also take note of the cyclical nature of the real estate
industry, which is the main consuming sector; and the exposure of
the firm's profitability to volatility in raw material and gas
prices as well as to adverse foreign exchange fluctuations. The
assigned ratings also take into account the firm's financial
profile, which is expected to remain weak in the near term, given
the debt-funded nature of the project (debt to equity ratio of
1.96 times) and impending debt repayment.

The assigned ratings, however, favourably factor in the
experience of the promoters in the ceramic industry, the
locational advantage of the firm for raw material procurement by
virtue of its presence in Morbi (Gujarat). The ratings derive
comfort from the benefits derived from its associate concerns, in
terms of marketing and distribution.

Outlook: Stable

ICRA believes Caramia Granito LLP will continue to benefit from
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if timely implementation of project and
stabilisation of operations, leads to higher cash accrual during
the initial phase. The outlook may be revised to 'Negative' if
delayed project implementation, and/or slower ramp-up in sales
and accrual, or sizeable working capital requirement, weakens the
financial risk profile, especially liquidity.

Key Rating Drivers

Credit strengths

* Extensive experience of the promoters in the ceramic industry:
The promoters have an extensive experience of close to a decade;
vide their association with other companies in the ceramic
industry. The commissioning of CGL would enable the promoter
Group to enter into a new product segment, of glazed vitrified
floor tiles, and would benefit the firm from the dealer network
and customer base of the associate companies.

* Proximity to raw material sources: The main raw materials
required by CGL are clay mineral, natural minerals such as
feldspar, that are used to lower the firing temperature,
chemicals, and additives required for the shaping process. These
raw materials are abundantly available in Gujarat and Rajasthan.
The presence of the manufacturing plant in the ceramic belt of
Rajkot, in Gujarat, will benefit the firm in terms of
uninterrupted supply of raw material and allow savings on the
transportation cost.

Credit challenges

* Risks associated with stabilisation and successful scale up of
operations: Being in a nascent stage, with the operations yet to
commission (expected from April, 2018), the firm remains exposed
to the risks associated with stabilisation and successful scale-
up of operations, as per the expected parameters. Moreover, the
debt repayments, coupled with the long gestation period, are
likely to keep the credit profile constrained over the near term.
The timely commissioning of operations, without any significant
cost overruns, would remain a key rating sensitivity.

* Intense competition and fragmented industry structure: The
ceramic industry is highly fragmented with competition from both
the organised and the unorganised segments, apart from imports.
The large number of players in the unorganised segment, most of
whom are based in Gujarat and operate with low-cost structures,
create a pressure on the price.

* Vulnerability of profitability and cash flows to cyclicality
inherent in the real estate industry: The real estate industry is
the key end-user for vitrified tiles. Hence, the profitability
and cash flows are expected to remain vulnerable to the inherent
cyclicality of the real estate industry.

* Profitability to remain susceptible to volatility in raw
material and fuel prices: Raw material and fuel are the two major
components determining the cost competitiveness for the ceramic
industry. The firm can, however, exercise little control over the
prices of key inputs such as natural gas and raw materials. Thus,
the margins are expected to remain exposed to the movement in raw
material and gas prices and its ability to pass on any upward
movement to the customers.

Caramia Granito LLP (CGL), incorporated in April, 2017, is
setting up a Greenfield project at Morbi in Gujarat to
manufacture medium-sized soluble salt and glazed vitrified tiles.
The unit has an estimated installed capacity of producing 56,700
metric tonnes of tiles per annum.


CASTEX TECHNOLOGIES: SBI Initiates Bankruptcy Proceedings v. Firm
-----------------------------------------------------------------
The Economic Times reports that Castex Technologies, a subsidiary
of automotive component maker Amtek Auto with debt of over
INR6,000 crore, has been admitted to bankruptcy court.

State Bank of India, the lead bank, initiated bankruptcy
proceedings in the Mumbai bench of the National Company Law
Tribunal (NCLT), ET discloses.

The report relates that Castex Technologies, a provider of iron
cast auto components, is among 29 companies listed by the Reserve
Bank of India that were required to be restructured by banks
before December 13, failing which they would have to be referred
to bankruptcy court by December 31.

Parent company Amtex Auto was also admitted to bankruptcy court
following the RBI's directions, ET notes.

According to the report, the NCLT admitted Castex Technologies
for corporate insolvency resolution process on December 20 and
appointed Dinkar T Venkatasubramanian as the interim resolution
professional. Venkatasubramanian, who is a partner at consulting
firm EY, is also the resolution professional for Amtek Auto.

State Bank of India had granted loans totalling INR1,191 crore to
Castex Technologies, ET says. The company had defaulted on INR572
crore as of October 9, 2017, the bank informed the court. ET
notes that the bank had attempted to revive the company by
putting in place a corrective action plan in March 2016. As per
the restructuring package, a joint lenders forum provided
INR1,667.5 crore for capital expenditure, to shore up the
company's net worth and to refinance a term loan amounting to
INR920.8 crore.

NCLT, while admitting Castex Technologies, pointed out that even
after granting sufficient time, the corporate debtor had not
replied or objected to the notice issued by the lender, according
to ET.

New Delhi-based Castex Technologies, which has plants in Haryana,
Himachal Pradesh and Rajasthan, reported a loss of INR1,044 crore
in 2016-17 and a loss of INR171crore a year earlier, ET
discloses.

Promoter Arvind Dham, who had given a personal guarantee on the
loan, has a 46% stake in Castex Technologies, the report notes.


CRD FOODS: Ind-Ra Withdraws B+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn CRD Foods
Private Limited's Long-Term Issuer Rating of 'IND B+'. The
Outlook was Stable. The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit withdrawn with
    WD rating;

-- INR178 mil. Term loan due on June 2024 withdrawn with WD
    rating; and

-- INR100 mil. Proposed fund-based working capital limits
    withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the bank
loans based on receipt of a no-objection certificate from the
lender. This is consistent with The Securities and Exchange Board
of India's circular dated 31 March 2017 for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for CRD.

COMPANY PROFILE

Incorporated in September 2010, CRD operates a cold storage unit
in Mathura, Uttar Pradesh. The unit commenced operations in
December 2016. The total storage capacity of the unit is 5,500
million tonnes.


DAKSHINESWARI COLD: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Dakshineswari Cold Storage Private Limited (DCSPL) for obtaining
information through letters and emails dated September 12, 2017
and October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        .08       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           .90       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Pledge Loan          2.02       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan            1.75       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dakshineswari Cold Storage
Private Limitedwhich restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Dakshineswari Cold Storage Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB Rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Dakshineswari Cold Storage Private Limited to
CRISIL B/Stable/CRISIL A4  Issuer not cooperating'.

Incorporated in 1997 as a private limited company, DCSPL provides
cold storage services to farmers and traders in Hooghly (West
Bengal), where it has a cold storage unit. DCSPL is promoted by
Mr. Manoranjan Ghosh, who looks after the day-to-day operations
of the company.


DASMESH MECHANICAL: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dasmesh
Mechanical Works Private Limited (DMWPL) for obtaining
information through letters and emails dated September 12, 2017
and October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            7        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit       .25      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             1.45      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dasmesh Mechanical Works
Private Limitedwhich restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Dasmesh Mechanical Works Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Dasmesh Mechanical Works Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

DMWPL was incorporated by Mr Amar Singh and his family members in
2010, to take over the business of their partnership firm,
Dasmesh Mechanical Works. The company manufactures harvester
combines and other farm equipment. Its manufacturing facility is
in Malerkotla, Punjab.


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

-- INR53.45 mil. (reduced from INR70 mil.) Term loan due on May
    1, 2021 affirmed with IND BB+/Stable rating;

-- INR150 mil. Fund-based limits affirmed with IND BB+/Stable
    rating.

KEY RATING DRIVERS

The affirmation reflects GNML's continued moderate credit metrics
and liquidity position. Gross interest coverage (operating
EBITDA/gross interest expense) was almost stable at 1.63x in FY17
(FY16:1.61x), while net financial leverage (total adjusted net
debt/operating EBITDAR) deteriorated to 6.9x (5.9x) owing to
lower EBITDA level than net debt. Operating margins declined to
6.9% in FY17 (FY16: 7.3%) owing to an increase in administrative
and other expenses. The company's average use of the fund-based
limits was 98.19% during the 12 months ended November 2017.

Revenue grew 3% yoy to INR2,429 million in FY17 due to an
increase in sales of low priced model. However, the scale of
operations continued to be moderate.

The ratings, however, continue to benefit from GNML, being the
sole authorised dealer of Renault India Pvt. Ltd. in Mumbai,
Maharashtra and the promoter's experience of more than a decade
in operating vehicle showroom and service station.

RATING SENSITIVITIES

Positive: A positive rating action could result from a
substantial improvement in the operating margin leading to a
sustained improvement in the credit metrics.

Negative: A negative rating action could result from a
substantial deterioration in the credit metrics.

COMPANY PROFILE

GNML was incorporated in 2011 as an authorised dealer of Renault
passenger cars in Mumbai. The company is promoted by Mumbai-based
Mr. Sumit Vinod Gupta and his family. It operates six showrooms
and five workshops in and around Mumbai.


INDIA: Egan-Jones Hikes Sr. Unsecured Debt Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings Company, on Nov. 14, 2017, raised the foreign
currency and local currency senior unsecured ratings on debt
issued by the Republic of India to BB+ from BBB-.

The Republic of India is country in South Asia. It is the
seventh-largest country by area, the second-most populous country
(with over 1.2 billion people), and the most populous democracy
in the world.


INDIAN ACRYLICS: Ind-Ra Lowers Issuer Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Indian
Acrylics Limited's (IAL) Long-Term Issuer Rating to 'IND D' from
'IND BBB-'. The Outlook was Stable. The instrument-wise rating
actions are:

-- INR907.9 mil. Term loans (Long-term) due on March 31, 2024
    assigned with IND D rating;

-- INR300 mil. (increased from INR230 mil.) Fund-based working
    capital facilities (Long-term/Short-term) downgraded with IND
    C/IND A4 rating;

-- INR1,892.5 mil. (increased from INR1,797.5 mil.) Non-fund-
    based working capital facilities (Long-term/Short-term
    downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in term debt servicing and letter
of credit payments by IAL during the six months ended November
2017, due to tight liquidity on account of cash flow mismatch led
by ongoing capex and increase in working capital requirements.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1986, IAL manufactures acrylic fibre at its
42,000mtpa facility in Sangrur, Punjab. The company has the
largest acrylic fibre manufacturing facility in India. It has
installed 28,632 spindles for manufacturing worsted and modified
cotton.


JINDAL WOOD: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Jindal
Wood Products Private Limited (JWPPL) for obtaining information
through letters and emails dated September 14, 2017 and
October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             1       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit       17       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit          3       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jindal Wood Products Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jindal Wood Products Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Jindal Wood Products Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 1990, JWPPL processes and trades in timber logs
mainly from teakwood and hardwood. Its plant is at Kandla,
Gujarat.


JMK JEWELS: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with JMK Jewels
Private Limited (JJPL) for obtaining information through letters
and emails dated September 14, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             10       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JMK Jewels Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on JMK Jewels Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JMK Jewels Private Limited to 'CRISIL B+/Stable
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

JJPL was set up by Mr Ashwini Singla in 2005 with the name of
Harison Impex for exporting diamond and gold jewellery. The
company was renamed Lakshay Ornaments Pvt Ltd in 2008, and got
its current name in January 2016. It gets diamond and gold
jewellery manufactured on jobwork basis, and sells to showrooms
and other jewelers in and around Delhi.


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

-- INR60 mil. Fund-based working capital limit affirmed with
    IND BB-/Stable/IND A4+ rating; and

-- INR420 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings continue to reflect LBPL's thin operating margin and
weak, albeit improved, credit metrics. In FY17, EBITDA margin was
1.62% (FY16: 2.22%) on account of the trading nature of the
business. During the period, interest coverage (operating
EBITDA/gross interest expense) was 1.30x (FY16: 1.25x) and
financial leverage (total adjusted debt/operating EBITDAR) was
3.79x (3.87x). The improvement in the credit metrics was driven
by lower utilisation of short-term debt and, thus, lower interest
expenses.

The ratings, however, are supported by significant revenue growth
to INR2,427.14 million in FY17 from INR1,863.38 million in FY16,
driven by a rise in the contribution from the agro commodities
trading and consumer goods segments.

The ratings continue to be supported by the promoter's experience
of more than three and half decades in the trading of various
flooring products, fast-moving consumer goods and commodities,
and the firm's moderate liquidity. Its average working capital
limit utilisation of 92.97% during the 15 months ended November
2017.

RATING SENSITIVITIES

Negative: Any significant decline in EBITDA margin, leading to
any deterioration in the credit metrics will be negative for the
ratings.

Positive: Any significant improvement in EBITDA margin, leading
to any improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2008, LBPL is engaged in the trading of various
flooring products and edible oils. LBPL is a part of Laxmidas
Brothers Group, which was established in 1955 and is engaged in
diversified business activities such as trading of plywood,
flooring, deck wood, edible oils and others.

In December 2013, the firm started trading various commodities
such as palm oil and sugar. In 2015, it ventured into third-party
manufacturing of cooking spray oil under its own brand name.


LEEWAY LOGISTICS: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Leeway
Logistics Limited (Leeway) for obtaining information through
letters and emails dated September 14, 2017 and October 25, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit          153.25      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit      25.00      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of credit       5.50      CRISIL D (Issuer Not
   & Bank Guarantee                 Cooperating; Rating Migrated)

   Proposed Cash         26.25      CRISIL D (Issuer Not
   Credit Limit                     Cooperating; Rating Migrated)

   Proposed Letter       20         CRISIL D (Issuer Not
   of Credit & Bank                 Cooperating; Rating Migrated)
   Guarantee

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Leeway Logistics Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Leeway Logistics Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Leeway Logistics Limited to CRISIL D/CRISIL D
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Leeway, established in March 2010, and headquartered in Mumbai,
is an integrated logistics solutions provider of end-to-end
supply chain solutions. The company also offers people-movement
solutions to corporate entities. Operations are managed by a
professional management team, headed by Mr Sanjay Sinha, its
promoter and managing director.


OKARA ROADLINES: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Okara
Roadlines (Okara) for obtaining information through letters and
emails dated September 12, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft            5.8       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            4.2       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Okara Roadlines, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Okara Roadlines is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Okara Roadlines to 'CRISIL B/Stable Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Okara was set up in 1989 and taken over by the existing
management in 2000. It is currently being managed by Mr Wadhwa
and his son, Mr Jigyasu Wadhwa. The Delhi-based firm provides
transportation services to various industries.


OVERSEAS CARPETS: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Overseas
Carpets Limited. (OCL) for obtaining information through letters
and emails dated September 14, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting        18      CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit              7      CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Export Packing          10      CRISIL B-/Stable (Issuer Not
   Credit                          Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Overseas Carpets Limited.,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Overseas Carpets Limited. is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Overseas Carpets Limited. to 'CRISIL B-/Stable
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 1981, OCL exports carpets. It is promoted by Mr.
O P Garg. OCL is the flagship company of the Garg group, which
has interest in carpets and handicrafts exports, travel services,
and manufacturing of compact discs.


P G MERCANTILE: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with P G
Mercantile Private Limited (PGMPL) for obtaining information
through letters and emails dated September 12, 2017 and
October 26, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            15       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Foreign Exchange        3       CRISIL D (Issuer Not
   Forward                         Cooperating; Rating Migrated)

   Letter of Credit       60       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     79.89    CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              23.61    CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of P G Mercantile Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on P G Mercantile Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB Rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of P G Mercantile Private Limitedto 'CRISIL D / CRISIL
D Issuer not cooperating'.

Incorporated in 2003 and promoted by Mr. Prateek Gupta, PGMPL
primarily trades in ferrous and non-ferrous metals. The company
also has two windmills (one each in Maharashtra and Tamil Nadu)
with total capacity of 3.7 megawatt. Mr. Gupta is also the vice-
chairman of Ushdev International Ltd, which is in the same
business.


PRANAV CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pranav
Construction Systems Private Limited (PCSPL) for obtaining
information through letters and emails dated September 14, 2017
and October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       16.22      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          19.11      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Export Packing
   Credit                6.63      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Funded Interest
   Term Loan             6.08      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      3         CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital
   Term Loan            21.49      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Pranav Construction Systems
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Pranav Construction Systems
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Pranav Construction Systems Private Limited to
CRISIL D/CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in 2003, PCSPL provides formwork, false work and
scaffolding which find application in construction/infrastructure
sector. The company has been set up by Mr. Sushil Sahani and its
manufacturing facilities are located at Kopar-Khairane and
Badlapur (both in Maharashtra).


PUNJAB SPINTEX: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Punjab
Spintex Limited (PSL) for obtaining information through letters
and emails dated September 14, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          .5      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            25       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Corporate Loan          5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)
   Inventory Funding
   Facility               10       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Standby Line of
   Credit                  2.5     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan               5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Punjab Spintex Limited, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Punjab Spintex Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Punjab Spintex Limited to CRISIL D/CRISIL D Issuer
not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Incorporated in December 2006 and promoted by Mr. Suresh Kumar
and three of his business associates, PSL gins cotton and
manufactures cotton yarn (in counts of 20s-30s). Operations began
in December 2007.


RAJASTHAN CYLINDERS: CRISIL Ups Rating on INR4.5MM Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Rajasthan Cylinders and Containers Limited (RCCL)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and reaffirmed its
'CRISIL A4' rating on the company's short-term bank facility

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .5        CRISIL A4 (Reaffirmed)

   Cash Credit            4.5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in the company's business
performance with increase in sales from INR54.30 crore in fiscal
2016 to INR77.58 crore in fiscal 2017, because of orders received
in southern India. Operating margin improved from 0.4% to 3.1%
due to reduction in fixed cost per unit. Also, financial risk
profile remains moderate, with reduced bank debt. Liquidity is
supported by funds infused by promoters and associated companies
by way of unsecured loans and inter-corporate deposits when
required.

The ratings reflect exposure to risks inherent in tender-based
business and volatile profitability. These weaknesses are
partially offset by the extensive experience of the promoters in
manufacturing liquefied petroleum gas (LPG) cylinders, valves,
and regulators, and reduced debt.

Key Rating Drivers & Detailed Description

Weakness

* Fluctuating operating margin: RCCL caters to large oil-
marketing companies (OMCs) such as Hindustan Petroleum
Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL),
Indian Oil Corporation Ltd (IOCL), and has limited bargaining
power with the customers. Furthermore, the commodity nature of
its product makes RCCL vulnerable to volatility in raw material
prices, as raw material accounts for 75-80% of net sales. Though
increase in raw material cost is passed on to OMCs as per the
escalation clause in tenders, the company remains exposed to
fluctuations in raw material price to the extent of inventory of
30 days. Also, as per tender conditions, it is allowed to procure
raw material only from approved vendors.

* Exposure to risks inherent in tender-based business and
customer concentration in revenue: RCCL manufactures LPG
cylinders for IOCL, BPCL, and HPCL, which account for almost 90%
of its revenue. The company gets orders through tenders and
operates in a highly fragmented industry, which limits its
bargaining power, impacting its profitability. Furthermore, the
commodity nature of its product makes RCCL vulnerable to
volatility in raw material prices.

Strengths

* Extensive experience of the promoters in manufacturing domestic
LPG cylinders: The Bajoria family entered the cylinder industry
in the 1980s and initially traded in gas cylinders. Over the
years, the promoters have developed healthy relationships with
various suppliers, and are actively involved in the business.

* Low Gearing: Gearing of RCCL has remained on lower side at 0.4
times. The same is due to moderate net worth levels of Rs.22.55
Cr. In medium term also gearing is expected to remain at lower
side because of absence of any debt funded capex.

Outlook: Stable

CRISIL believes RCCL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if there is higher-than-expected profitability and
cash accrual. The outlook may be revised to 'Negative' if
consistent pressure on revenue or profitability or sizeable
working capital requirement weakens financial risk profile,
especially liquidity.

Incorporated in 1980 and promoted by Mr. Gopal Bajoria and Mr
Avinash Bajoria, RCCL manufactures LPG cylinders, valves, and
regulators at its facility in Jaipur. The company also undertakes
contracts from HPCL, BPCL, and IOCL, and bottling work for Super
Gas. RCCL is listed at Bombay Stock Exchange.


RELIANCE COMMUNICATIONS: To Exit Debt Plan With Zero Write-Offs
---------------------------------------------------------------
Mahima Kapoor at BloombergQuint reports that Reliance
Communications Ltd. said it will exit the Strategic Debt
Restructuring plan with a zero write-off to lenders.

Instead, the company will reduce debt by monetising its wireless
business and selling land parcels at Dhirubhai Ambani Knowledge
City (DAKC), Chairman Anil Ambani said in a press conference on
Dec. 27, BloombergQuint relates. None of the debt will be
converted into equity under the new plan. BloombergQuint relates
that under a Strategic Debt Restructuring (SDR) plan agreed upon
in June, lenders were to convert at least INR7,000 crore in debt
into a majority equity holding. That plan now stands aborted,
days ahead of the deadline for completing the conversion. The
company has debt of nearly INR45,000 crore.

According to BloombergQuint, the company launched the process to
monetise a part of its wireless operations in October this year
and expects these transactions to close between January to March,
Ambani said. It will also form a special purpose vehicle for its
real estate assets under which it will develop 20 million square
feet space on 125 acre over 10 years.

RCom plans to cut debt by INR25,000 crore through prepayment
after the asset monetisation and transfer of spectrum
liabilities, the report says. INR10,000 crore will go towards
non-recourse, long term debt to the SPV set up to develop the
land parcels at DAKC.

Lenders, including Chinese banks, have agreed to the debt
resolution plan, Ambani said while adding that the company
intends to resolve issues with unsecured creditors in a few weeks
as well, BloombergQuint relays. Indian banks' telecom exposure
will be reduced by more than INR21,000 crore.

While Ambani did not disclose the binding bids received for
Reliance Communications' assets, Reliance Jio is among those in
the fray, said one person familiar with the plan, BloombergQuint
states. Meantime, the Chinese lenders are likely to get
significant shareholding in the special purpose vehicle set up to
develop the Dhirubhai Ambani Knowledge City land, said the person
speaking on condition of anonymity. Reliance Communications owes
its Chinese lenders, including CDB, ICBC Bank and Export Import
Bank of China (CEXIM), more than INR13,000 crore, BloombergQuint
reported in November.

The new debt resolution plan provided by Ambani is not very
different from the previous one, and is just a way of "kicking
the can down the road", Nitin Soni, director at Fitch Ratings,
told BloombergQuint in an interaction. "I am also not really sure
who is going to buy their assets," he said.

RCom has had a "long standing problem" of coming up with
resolution plans followed by patchy implementation, according to
Ambani, BloombergQuint relays. This has been going on for the
last two years and has prompted Fitch to suspend its coverage on
the company, he added.

Ambani in the press briefing said the company is already
undergoing a 'robust' transformation to a business-business
services company, according to BloombergQuint. The new RCom will
consist of enterprise, GCX, the data center business and the 4G
sharing business. 50 percent of its revenue will come from
overseas operation, Ambani said. Even in this business, the group
is in the middle of bringing in a strategic investor at an
enterprise value of INR15,000 crore, Ambani said. He added that
nine non binding bids have been received from 'global
strategics,' BloombergQuint relates.

                 About Reliance Communications

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

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

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


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

-- INR400 mil. Overdraft term loan migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SKEL (formerly S K Automotives Ltd.) was incorporated in 1996.
After exiting Bajaj Auto Limited's dealership business in 2010,
it revived revenue from its existing land assets (73,253.99
square feet) to operate as a property lease rental company.


SAA VISHNU: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saa Vishnu
Bakers Private Limited's (SVBPL) 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:

-- INR40 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR50 mil. Proposed fund-based limits migrated to non-
    cooperating category with Provisional IND BB+(ISSUER NOT
    COOPERATING) rating; and

-- INR118.24 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 23, 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 2009, SVBPL manufactures biscuits at its
46,500mtpa facility located in Kolkata. The company is managed by
Mr. Ashok Dalmia and his family. Parle Biscuits Pvt Ltd is
SVBPL's key customer; the company has also started production for
its own brand WERO.


SERVOCONTROLS AEROSPACE: ICRA Moves B- Rating to Not Cooperating
----------------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Servocontrols Aerospace India Private Limited (SAIPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B- (Stable)/[ICRA]A4 ISSUER NOT COOPERATING."

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based facilities     1.40     [ICRA]B- (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                      category

  Term loans                6.40     [ICRA]B- (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Interchangeable           (1.40)   [ICRA]B- (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Fund-based facilities       0.20    [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Non-fund based facilities   2.00    [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

Incorporated in 2008, Servocontrols Aerospace India Private
Limited is primarily engaged in machining and fabrication of
precision engineering components finding applications in
Aerospace and Defence sectors. The company is promoted by Mr.
Deepak Dhadoti and his brother who are both qualified engineers
with extensive experience in the engineering industry. The
company started its operations in 2008 and has over last few
years added several renowned customers including Tata Power Co.
Ltd, Goodrich Aerospace Pvt Ltd, Rafael Advance Defence Systems
Ltd, Nova Integrated Systems, Israel Aerospace Industries
Limited-Israel, etc.


SHIV GANGA: CRISIL Migrates B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiv Ganga
Store (SGS) for obtaining information through letters and emails
dated September 12, 2017 and October 25, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           .55      CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term    .65      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shiv Ganga Storewhich
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Shiv Ganga Store is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB Rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shiv Ganga Store to CRISIL B-/Stable Issuer not
cooperating'.

SGS, based in Kolkata, trades in basmati rice. It is a sole
proprietorship firm managed by Mr Mukesh Agarwal and his brothers
Mr Alok Agarwal and Mr Bunty Agarwal. The firm commenced
operations in 2009 and is one of the biggest basmati rice traders
in Kolkata in terms of revenue.


SHRI DAKSHINESHWARI: Ind-Ra Assigns BB Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Shri Dakshineshwari
Maa Polyfabs Limited (SDMPL) additional bank facilities as
follows:

-- INR200 mil. Proposed fund-based working capital limit
    assigned with Provisional IND BB/Stable rating.

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

RATING SENSITIVITIES

Negative: Any time or cost overrun for the project will be
negative for the ratings.

Positive: Timely completion of the project in line with the
projected cost outlay will be positive for the ratings.

COMPANY PROFILE

SDMPL was incorporated in November 2016 to set up a manufacturing
plant for printed plastic bags, leno bags, cement bags, and AD
proTex bags. SDMPL is promoted by Sajjan Bansal, Nitesh Sharma,
Avishek Sharma and Shresth Bansal. Sajjan Bansal and Nitesh
Sharma have also promoted Shri Maa Polyfabs Ltd. and Asansol
Polyfabs (P) Ltd.


STANDARD PAPER: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Standard
Paper And Board India Private Limited (SPBIPL) for obtaining
information through letters and emails dated September 21, 2017
and October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

CRISIL gave this rating:

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Standard Paper And Board India
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Standard Paper And Board India
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Standard Paper And Board India Private Limited to
'CRISIL B+/Stable Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

SPBIPL was established in 2010 and commenced operations in 2016;
it is promoted by Mr Yennarkey R Chiranjeevi Rathnam and his
wife, Ms Vijayalakshmi Chiranjeevi Rathnam, who also manage
operations. The company, based in Sivakasi, Tamil Nadu, is part
of the Standard group and trades in printer and copier paper.


STRONG BONDS: CRISIL Assigns B+ Rating to INR4MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Strong Bonds Polyseal Private
Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4        CRISIL B+/Stable (Assigned)
   Letter of Credit        1        CRISIL A4

The ratings reflect the company's modest scale of operations in a
fragmented industry, below average financial risk profile, and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of its promoters in the
chemicals industry, and its comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a fragmented industry: SBPPL's
modest scale, reflected in revenue of INR15.18 crore in fiscal
2017, limits bargaining power with suppliers and customers.

* Below Average Financial Risk Profile: Financial Risk profile
was below average marked by small networth of INR1.58 crore and
moderate gearing of 1.5 times as on March 31, 2017.

* Large working capital requirement: Gross current assets were
188 days as on March 31, 2017, because of receivables of 142
days. Against this, the company gets credit of 131 days from
suppliers.

Strengths

* Extensive industry experience of the promoters: Presence of
more than two decades in the chemicals business has enabled the
promoters to understand market dynamics and establish strong
relationships with clients and suppliers.

* Comfortable debt protection metrics: Interest coverage ratio
was 2.6 times and net cash accrual to total debt ratio was 0.15
time for fiscal 2017.

Outlook: Stable

CRISIL believes SBPPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant increase in
revenue and operating profitability because of timely completion
of capacity expansion and stabilisation of operations, leading to
higher-than expected cash accrual, and improved working capital
management. The outlook may be revised to 'Negative' if operating
margin and topline decline, or if financial risk profile weakens,
or if working capital cycle increases, leading to pressure on
liquidity.

SBPPL is an ISO 9001:2008-accredited company incorporated in
August 1990 and promoted by Mr Sumit Datta and Mr Mainak Dutta.
It began operations in May 1992, and manufactures synthetic resin
which is primarily used in fibre reinforced plastic (FRP)
components.


SWAMI HITECH: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Swami
Hitech Projects Limited (SHTPL) for obtaining information through
letters and emails dated September 12, 2017 and October 25, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Swami Hitech Projects
Limitedwhich restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Swami Hitech Projects Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB Rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Swami Hitech Projects Limited to CRISIL B/Stable
Issuer not cooperating'.

Incorporated in 1997 as Swami Infratrade Ltd, SHTPL got its
present name in 2008. It is a closely held public limited
company, trading in building materials such as thermo-
mechanically treated (TMT) bars and other steel products, and
cement. Small proportion revenue also comes from civil
construction. Currently, operations are managed by Mr. Anil
Mittal. The company began operations by trading in shares, which
it continued till fiscal 2008. In fiscal 2011, it discontinued
securities trading and commenced trading in building material.


TOSHNIWAL ENTERPRISES: Ind-Ra Assigns BB+ Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Toshniwal
Enterprises Controls Limited (TECL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
action is:

-- INR270 mil. Fund-based working capital limit assigned with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect TECL's moderate credit profile and tight
liquidity position. In FY17, revenue was INR1,223 million (FY16:
INR1,161.1 million), operating margin was 11.7% (9.6%), gross
interest coverage was 1.6x (1.8x) and net financial leverage was
4.5x (5.0x). The growth in revenue was because of the initiation
of a number of projects in FY17 and the rise in the margin was
due to a decline in cost of raw materials. The deterioration in
gross interest coverage was due to a higher increase in finance
cost than that in operating EBITDA, while the improvement in net
financial leverage was due to a rise in operating EBITDA. TECL's
utilisation of the fund-based working capital limits was 97.5%
during the 12 months ended November 2017. Its net cash cycle was
elongated at 188 days in FY17 (FY16: 171 days) due to an increase
in inventory days.

The ratings, however, are supported by a strong order book of
INR2,435 million (1.99x of FY17 revenue) as of November 2017 and
the founder's experience of over two decades in the same line of
business of providing testing and measurement services to the
telecom and engineering industry.

RATING SENSITIVITIES

Negative: Deterioration in the overall credit profile would be
negative for the ratings.

Positive: Substantial improvement in the scale of operations,
along with an improvement in the credit metrics and liquidity,
would lead to a positive rating action.

COMPANY PROFILE

Incorporated on October 11, 1991, TECL's promoter directors are
Rajesh Toshniwal and Kamal Kishore Toshniwal. TECL generates 70%
of its revenue from providing various services such as telecom
test and measurement service, telecom and broadcasting and
others, and the rest from various in-house network product sales.


ULTRALIFT INDIA: ICRA Assigns B+ Rating to INR8cr Term Loan
-----------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B+ to the
INR8.00 crore1 term loan facility of Ultralift India LLP. The
outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term
  Loan                    8.00      [ICRA]B+(Stable); Assigned

Rationale

The assigned rating favourably factors in the extensive
experience of the promoters, spanning over 45 years, in the
cargo-handling industry and the committed cash flows, over the
medium term, emanating from the long-term agreement with its key
customer-Regen Powertech Private Limited.

However, the rating is constrained by the firm's modest scale of
operations along with its limited track record of operations,
given the relatively recent foray into construction equipment-
rental business, and its high dependence on a single customer for
revenue generation. The rating is also constrained by Ultralift's
leveraged capital structure and moderate debt-coverage indicators
as on October 31, 2017. Other ratings concerns include the stiff
competition in the industry and the dependence of the firm's
prospects on investments in large-size infrastructure and
industrial projects, particularly in the wind-power sector.

Outlook: Stable

ICRA believes Ultralift India LLP will continue to benefit from
the extensive experience of its partners in the cargo-handling
industry. The outlook may be revised to 'Positive' if substantial
growth in revenue and profitability strengthens the financial
risk profile. The outlook may be revised to 'Negative' if cash
accrual is lower than expected, or if any major capital
expenditure, or stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the cargo-handling
business: Ultralift was established in December, 2016, by Mr.
Aditya Agarwal, a second-generation entrepreneur. The Agarwal
family has been in the cargo-handling business for over four
decades through other Group concerns, Rashtriya Cargo Movers and
Rashtriya Cargo Movers LLP.

* Long-term agreement with ReGen ensures committed cash flows
over FY2018-FY2023: The firm has entered into a five-year
contract (renewal basis) with ReGen Powertech Pvt. Ltd. for
deployment, operations and maintenance of two crawler cranes at
ReGen's sites. The cranes are used for lifting and transport of
wind turbines and poles at the client site. The contract started
in July, 2017 and expires in July, 2022, with an option of
renewal available to both parties. Under the terms of the
contract, Ultralift will install, operate and maintain its
crawler cranes and other related equipment by deploying requisite
manpower at ReGen's sites and receive a monthly rental income of
INR0.75 crore for five years for the two cranes packages. This
also includes certain allied equipment which Ultralift hires from
third parties.

Credit challenges

* Modest scale of operations in the first year; limited upside
potential in the absence of capex: Ultralift's scale of
operations remained modest with a revenue of INR3.10 crore in 7M
FY2018 (provisional), the first year of its commercial
operations. The firm has two crawler cranes, both deployed at
ReGen's sites and earns a fixed rental income from these, thus
limiting the upside sales potential. The revenue growth will
primarily be driven by the addition of new cranes/other
construction equipment and successful deployment of the same
going forward.

* Leveraged capital structure and moderate debt-coverage
indicators: The capital structure of the firm is leveraged with a
gearing of 2.41 times as on October 31, 2017. The total debt of
INR10.44 crore as on October 31, 2017 comprises INR7.95 crore
term loans and INR2.49 crore interest-free unsecured loans from
the partners and family. The interest cover is moderate at 1.43
times in 7M FY2018.

* High working-capital intensity owing to high debtors as on
October 31, 2017: The working-capital intensity of the firm is
high with a NWC/OI of 52% as on October 31, 2017 mainly due to
high receivables of INR3.1 crore outstanding from ReGen towards
the billing for July, 2017. The firm receives payment from ReGen
in 90 days post-raising the invoice. The first bill was raised by
Ultralift in July, 2017, while the payment for the same was
received in November, 2017.

* High dependence on single customer; operations remain
susceptible to wind-power sector: The firm, at present, has only
one customer, Regen Powertech, to which it has provided both its
cranes on a rental basis. It is thus solely dependent on ReGen
for generating bulk of its revenues. Further, with ReGen's
presence only in the wind-power sector, the operations of
Ultralift remain susceptible to the performance of the wind-power
industry in the long-term.

* Intense competition; susceptibility to investments in large-
size infrastructure and industrial investments: The crane-rental
industry, in the past, had witnessed an increase in competition
with existing players such as ABG Logistics and All Cargo
Logistics expanding their crane fleet in anticipation of huge
investments in domestic infrastructure. The firm's performance
also remains susceptible to investments in the wind-power sector,
which contributes a sizeable share of its revenue, at present. A
slowdown in order execution in the wind-power sector might impact
the utilisation levels and the rental yields of Ultralift.

Incorporated in December 2016, Ultralift India LLP is a limited
liability partnership firm promoted by Mr. Aditya Agarwal and
Mrs. Pratima Agarwal. It is involved in the business of providing
medium to heavy-duty cranes on rental basis to private and
public-sector undertakings. It commenced operations in April,
2017, and at present has a fleet size of two crawler cranes
having a lifting capacity of 450 MT each. Ultralift has a long-
term agreement with ReGen Powertech Pvt. Ltd. for deployment,
operations and maintenance of these two cranes at two of its
sites.

During 7M FY2018, on a provisional basis, the firm reported a
profit before tax and depreciation (PBDT) of INR0.32 crore on an
operating income of INR3.10 crore.


UNISUN POWER: CRISIL Assigns B+ Rating to INR1.66MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4 '
ratings to the bank facilities of Unisun Power (UP).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         1.66       CRISIL B+/Stable
   Bank Guarantee         3.80       CRISIL A4
   Cash Credit             .35       CRISIL B+/Stable

The ratings reflect stabilisation risk associated with operations
of solar plant and dependence on favourable climatic conditions
for power generation. These weaknesses are partially offset by
the firm's 25-year power purchase agreement (PPA) with Tamil Nadu
Electricity Board (TNEB) and low technological risk.

Key Rating Drivers & Detailed Description

Weakness

* Stabilization Risk associated with operations of solar plant:
The firm's solar power plant has been in operations since
April,2016 and is susceptible to stabilization risk associated
with operations of the solar plant. Further track record of
steady payments from TNEB is to be seen.

* Company's dependence on favorable climatic conditions for power
generation: Solar power generation requires favorable climatic
conditions such as absence of clouds and access to sunlight.

Strengths

* Stable business risk profile supported by 25- year PPA with
TNEB: The firm has entered into a 25- year PPA with TNEB. This
should continue to benefit the firm's business risk profile.

* Low technology risk: The firm's solar panels operate on poly-
crystalline technology, which has a long operational track
record. CRISIL believes that the firm's exposure to low
technology risk will continue to benefit it over the medium term.

Outlook: Stable

CRISIL believes UP will benefit over the medium term from its 25-
year PPA with TNEB. The outlook may be revised to 'Positive' in
case of sizeable cash accrual and improvements in liquidity. The
outlook may be revised to 'Negative' if TNEB delays payment or
significant debt-funded capital expenditure weakens financial
risk profile, particularly liquidity.

Set up as a partnership firm in Sathyamanagalam, Tamil Nadu, UP
has set up a 1 megawatt solar power plant in Kavilipalayam
village. It has entered into a 25-year PPA with TNEB from 2016 at
a price of INR7.01 per unit.


USHDEV INTERNATIONAL: SBI Initiates Insolvency Process v. Firm
--------------------------------------------------------------
The Economic Times reports that government-owned State Bank of
India has initiated insolvency resolution proceeding against
Ushdev International, the company which was part of the second
list released by the Reserve Bank of India.

In August, the RBI has directed banks to find resolution for 28
loan accounts by December 13. If banks are unable to put in place
a resolution plan before December 13, the RBI said that lead bank
should refer these cases to National Company Law Tribunal (NCLT)
by December 31, ET relates.

Ushdev International, was founded by late Vijay Gupta, who
started operation as commission agent and later diversified to
become a power generating and steel trading company, ET
discloses. According to ET, the promoters have 54% stake in the
company and the balance stake is held by the public. The shares
of the company reported a loss of INR229 crore in fiscal year
2016-17 while it reported a profit of INR52 crore a year ago. The
shares closed 4% lower than Thursday close at INR2.11.

Under the Insolvency and Bankruptcy Code, a resolution plan has
to be in place within 270 days, failing which the court will rule
in favor of liquidation of assets, the report notes.

Founded in 1994, Ushdev International is a metal trading company,
which mainly trades nickel, ferrous flat products and long
products.


V.M. BAKERY: ICRA Revises Rating on INR5.40cr Term Loan to B-
-------------------------------------------------------------
ICRA Ratings has revised the long-term rating outstanding on the
INR5.40-crore term-loan facilities and INR2.80-crore (enhanced
from INR1.80 crore) fund-based facilities and INR2.00-crore
unallocated facilities of V.M. Bakery Products Private Limited
(VMBPPL) to [ICRA]B- from [ICRA]B. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term         5.40      [ICRA]B- (Stable); Revised
  Loan                              from [ICRA]B

  Fund based-             2.80      [ICRA]B- (Stable); Revised
  Working Capital                   from [ICRA]B
  Facilities

Rationale

The rating downgrade takes into account cash losses in FY2017 and
6MFY2018 owing to slow ramp-up of operations and adverse cost
structure and insufficiency of cash accruals to make term-loan
repayments although the shortfall is being met by timely infusion
from the promoter. The rating is also constrained by the
company's small scale of operations in the bakery industry and
presence in limited geographies, exposing its revenues to
concentration risks in the intensely competitive bakery business.
Further, the ratings are constrained by tight liquidity position
as reflected by its debt metrics with gearing of 12.2 times as on
March 31, 2017 and negative coverage indicators for FY2017. Also,
the small scale of operations has limited VMBPPL to benefit from
economies of scale.

The ratings, however, favourably consider the long experience of
the promoters in the field of bakery business, intense scope of
expansion in the bakery industry and favourable revenue growth
prospects in the medium term for VMBPPL.

The company's ability to improve its cost structure, cash
accruals position and thereby debt indicators will be critical to
improve its credit profile in the short term.

Outlook: Stable

ICRA believes V. M. Bakery Products Private Limited will continue
to benefit from the extensive experience of the promoters. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability strengthen the financial risk profile.
The outlook may be revised to 'Negative' if cash accruals remain
insufficient to honour its debt obligations or stretch in the
working-capital cycle weaken the liquidity.

Key rating drivers

Credit strengths

* Decade-long experience of the promoter in the bakery business:
Having a Master degree in wheat-based processing, the promoter
has been in the bakery business for over a decade, enabling in
superior client relationship.

* Favourable demand prospects for bakery products: Although
characterised by availability of multiple organised and
unorganised players, demand for bakery products is favourable in
the near term.

Credit weaknesses

* Negative cash accruals impact debt-servicing ability: Low
revenues and high operating costs have restricted the net
profitability of VMBPPL and thereby the cash-accruals position.

* Slow ramp-up of operations and aggressive cost structure: The
plant was operational from March, 2015 and stabilisation of
machinery had impacted its capacity utilisation levels which
improved to about 45% (in 6M FY2018). Raw materials constitute
over approx. 70% of the revenues, followed by employee cost which
constitute over approx. 35%, resulting in adverse cost structure.

* Intense competition from other players: Presence of a large
number of branded and unorganised players led to an intense
competition in the industry, limiting its pricing ability.

* Stretched liquidity position and financial profile: The
financial risk profile is characterised by high gearing of 12.2
times as on March 31, 2017 and coverage indicators with TD/
OPBITDA at -6.7 times and interest cover at -1.3 times for
FY2017.

Incorporated in 2012, VM Bakery Products Private Limited (VMBPPL)
manufactures bakery products such as biscuits (~60% of top line
in FY2017), cookies (~30% of top line in FY2017) and other bakery
products like rusks and cakes. The company has its manufacturing
facility at Vijayawada, Andhra Pradesh and has ~45% capacity
utilisation in single shifts. VMBPPL commenced commercial
operation in March, 2015 and is selling its product under the
brand name "Just Breads".

In FY2017, the firm reported a net loss of INR4.6 crore on an
operating income of INR3.5 crore compared to a net loss of INR1.5
crore on an operating income of INR1.1 crore in FY2016.


VIKRAM HOSPITAL: ICRA Hikes Rating on INR30cr Loan to B
-------------------------------------------------------
ICRA Ratings has upgraded the long-term rating assigned to the
INR30.0-crore non convertible debenture (NCD) programme of Vikram
Hospital (Bengaluru) Private Limited (VHBPL) from [ICRA]B-to
[ICRA]B. The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Non-convertible         30.0       [ICRA]B (Stable); Upgraded
  Debenture Programme                from [ICRA]B-

Rationale

The rating upgrade takes into account the improvement in VHBPL's
operational profile marked by better occupancy on account of
higher in-patient admission, increase in the number of
procedures/surgeries performed and increase in the number of out-
patient registrations during H1FY2018. The rating also factors in
the reduction in coupon rate of the rated NCDs from 12% to 6%
with effect from April, 2017, resulting in improvement in
interest coverage. The rating is also supported by the reputation
of VHBPL in the market, its strong parentage for being entirely
held by private equity investor, Multiples Alternate Asset
Management Private Limited, the presence of experienced
consultants among the panel of doctors and its favourable
location, which provides easy accessibility from the remaining
part of the city.

The rating, however, continues to remain constrained by the
company's stretched financial profile characterised by net losses
which has eroded the net worth and inadequate coverage metrics
coupled with the bullet NCD repayment burden in December, 2018.
Timely funding support from the promoter remains critical in the
absence of inadequate cash accruals to meet the repayment
obligations. The rating also remains constrained by the exposure
to concentration risks inherent in single-asset companies.
Further, the rating also takes into account the high competitive
intensity with the presence of other well established tertiary-
care specialty hospitals in Bengaluru.

Going forward, VHBPL's ability to scale up its operations and
increase the occupancy levels of the hospital through better
utilisation of its existing facilities and achieve healthy
profitability levels would be key rating factors. VHBPL's ability
to attract and retain reputed doctors also remains critical.

Outlook: Stable

ICRA believes VHBPL will continue to benefit over the medium term
with the presence of experienced management and consultants and
the brand strength of the hospital in the market. The outlook may
be revised to 'Positive' in case of sustained increase in
revenues and profitability, resulting in improvement in business
and financial risk profile. Conversely, the outlook may be
revised to 'Negative' if VHBPL's financial risk profile weakens
further because of inadequate cash accruals or in case of delays
in timely support from the promoters.

Key rating drivers

Credit strengths

* Strong parentage of Multiples, private equity (PE) fund
partners: VHBPL's promoter, Multiples Alternate Asset Management
Private Limited (Multiples) is a reputed PE fund with over $1.0
billion under management. The promoters during FY2016 had infused
additional equity and subscribed NCDs to retire VHBPL's old debt.

* Improvement in interest cover with reduction in interest
expense: The financial profile of the company has witnessed
improvement due to decrease in quarterly debt-service obligation
on account of reduction in coupon rates of the rated NCDs which
led to an increase in interest cover to 2.5 times during H1FY2018
from 0.2 times in FY2017.

* Strong medical infrastructure and backing of prominent doctors:
The hospital offers medical services across 38 specialties which
includes cardiology, neurology, orthopaedic, gastroenterology,
oncology, ENT, cosmetology, dermatology, spine surgery,
pediatrics etc. The company has ~70 doctors on roll, allied
medical staff of 700 people and ~20-25 visiting doctors. Being in
operation for almost six years now, it has established reputation
as a multi-specialty hospital in Bengaluru with experienced
consultants and latest technology equipment.

Credit challenges

* Modest scale of operations: The company has a moderate scale of
operations and the operating income stood at INR110.1 crore in
FY2017 against INR107.9 crore in FY2016, translating into a
modest YoY growth of 2.1%.

* Financial profile characterised by net losses and weak debt-
coverage indicators: The financial profile of the company
continues to remain stretched, characterised by losses at the net
level since the commencement of operations in 2011, which has
significantly eroded the company's net worth, leading to
deterioration of the debt coverage indicators. Improvement in
profit margins has led to marginal improvements in coverage
indicators in H1FY2018 but they still remain weak as evidenced by
Total Debt/OPITDA of 6.4 times and NCA/TD of 8.6% during the
period.

* Exposure to refinancing risk exists due to weak accruals: The
company has a bullet repayment of the rated NCDs falling due in
December 2018. However, exposure to refinancing risk remains if
the company is not able to generate adequate cash flow to meet
the repayment and may necessitate fund support from promoters.

* Improved occupancy in the current year but it still remains
below optimum levels: The occupancy at the hospital has improved
from 40% in FY2017 to around 54% in H1FY2018, however, it still
remains at sub-par level. The increase in occupancy levels can be
attributed to improved brand image, aided by the profile of the
consultants, and increase in number of procedures compared to
previous years.

* Ability to attract and retain high-quality consultants:
Improvement of the occupancy levels is highly dependent on the
hospital's ability to retain and add reputed consultants which
will be a challenge in the light of heightened competition in the
healthcare sector.

* Highly competitive scenario with presence of other established
tertiary-care and multi-specialty hospitals in Bangalore: VHPL
continues to face high competitive intensity from other hospitals
in Bangalore. Over the years, the healthcare services industry
has grown highly competitive with the increasing footprint of
large corporate hospital chains and other reputed standalone
hospitals. Consequently, the competitive intensity in Bangalore
has affected the pricing flexibility of the company, in addition
to restricting occupancies to a certain extent.

Vikram Hospital (Bengaluru) Private Limited (VHBPL) was
incorporated on February 27, 2009. In 2013, Multiples Alternate
Asset Management Private Limited (Multiples) acquired a 95.56%
stake in VHBPL along with fresh equity infusion of INR75.41 crore
in FY2014. VHBPL has as a 225-bedded multispecialty hospital with
24-hour human, medical and infrastructural facility to render
specialised service. The hospital has nine Medical Intensive Care
Units (MICU), nine Surgical Intense Care Units (SICU), nine
Intensive Cardiac Care Units, 12 Dialysis beds, 10 operation
theatres, two cathlabs and a pharmacy.

In FY2017, the company reported a net loss of INR11.0 crore on an
operating income of INR110.1 crore compared to a net loss of
INR10.8 crore on an operating income of INR107.9 crore in the
previous year.


YAMUNA BIO: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Yamuna Bio
Energy Private Limited (YBEPL) for obtaining information through
letters and emails dated September 12, 2017 and October 25, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Proposed Long Term    3.25      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan             2.50      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Yamuna Bio Energy Private
Limitedwhich restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Yamuna Bio Energy Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB Rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Yamuna Bio Energy Private Limited to CRISIL
B+/Stable Issuer not cooperating'.

Set up initially as a proprietorship, Yamuna Industries was
reconstituted as a private limited company with the current name
in 2014. It is promoted by the Vadodara (Gujarat)-based Mr.
Gaurang Shah and others. The company manufactures bio-diesel.



=========
J A P A N
=========


DTC ONE: S&P Affirms BB(sf) Issuer Rating on Class E Notes
----------------------------------------------------------
S&P Global Ratings said it has affirmed its ratings on classes B
to E issued by DTC One SPC. Classes A-1, A-2, and A-3 have
already been fully redeemed.

The rating affirmation reflects the following:

-- The construction company Daito Trust Construction Co. Ltd.
    entered into a master lease agreement with each obligor of
    the apartment loans underlying the transaction. The obligors
    continue to repay principal and pay interest on the loans
    using the stable income from the master leases. As a result,
    the delinquency and default rates of the pool of loans
    underlying these transactions have been extremely low since
    closing.

-- The vacancy rates of the collateral properties have remained
    stable, even though the age of each property exceeds 10
    years.

-- S&P said, "For the loans currently outstanding, we assume a
    foreclosure frequency of about 5% and projected losses (net
    loss rate after accounting for recoveries from defaulted
    loans) of about 1% under our base-case scenario, and we
    assume a foreclosure frequency of about 39% and projected
    losses of about 14% under our 'AAA' stress scenario. In
    calculating the foreclosure frequency, we did not take into
    account the stabilizing effect on income of the master lease
    contracts."

-- In determining the ratings on classes D and E, we take into
    account the possibility of high volatility in transaction
    performance following a further future reduction in the size
    of the collateral pool, which is now about JPY1 billion.

-- Scheduled repayments and prepayments of the principal on the
    underlying loans have advanced redemption of the principal on
    the rated notes, which has led to increased credit
    enhancement. Credit support for classes B to E is sufficient
    to cover various risks, such as credit risk, under stress
    scenarios consistent with the respective current ratings.

The DTC1 transaction is backed by a pool of apartment
construction loans that Lehman Brothers Commercial Mortgage K.K.
(formerly New Century Finance Co. Ltd.) originated. The loans
were extended to finance the construction costs and miscellaneous
expenses of rental apartment buildings that Daito Trust
Construction newly built. Updated loan-by-loan data for the
transaction are provided.

  RATINGS AFFIRMED

  DTC One SPC
  JPY6.09 billion pass-through notes due November 2034

  Class                  Rating             Initial issue amount
  B                      AAA (sf)           JPY0.32 bil.
  C                      AAA (sf)           JPY0.18 bil.
  D                      AA+ (sf)           JPY0.32 bil.
  E                      BB (sf)            JPY0.35 bil.

Non-rated class F notes (initial issue amount: about JPY0.22
bil.) were also issued under this transaction. The transaction
closed on Nov. 28, 2002.


KOBE STEEL: Egan-Jones Hikes Sr. Unsecured Ratings to BB+
---------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 10, 2017, raised the foreign
currency and local currency senior unsecured ratings on debt
issued by Kobe Steel Ltd to BB+ from BB.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.


SHARP CORP: Egan-Jones Hikes LC Sr. Unsecured Debt Rating to B-
---------------------------------------------------------------
Egan-Jones Ratings Company, on Oct. 20, 2017, raised the local
currency senior unsecured rating on debt issued by Sharp Corp. to
B- from CCC+, and the local currency commercial paper rating of
the Company to B from C.

Sharp Corporation is a Japanese multinational corporation that
designs and manufactures electronic products.


SHOWA SHELL: Egan-Jones Hikes LC Sr. Unsecured Rating to BB+
------------------------------------------------------------
Egan-Jones Ratings Company, on Sept. 21, 2017, upgraded the local
currency senior unsecured rating on debt issued by Showa Shell
Sekiyu KK to BB+ from BB.

Showa Shell Sekiyu Kabushiki Kaisha is the base of Royal Dutch
Shell group in Japan.  It is an energy company that refines and
sells oil products worldwide.


TOSHIBA CORP: Faces Class Action Over Scrapped US Nuclear Project
-----------------------------------------------------------------
Nikkei Asian Review reports that a group of U.S. residents has
launched a class-action lawsuit against Toshiba Corp. over the
decision to halt work on a pair of reactors being built by its
bankrupt American nuclear unit, seeking unspecified damages.

Two residents of South Carolina, home to the V.C. Summer nuclear
plant, have taken the Japanese electronics conglomerate to court
on behalf of customers purchasing power from South Carolina
Electric & Gas, whose parent Scana manages the plant. Toshiba was
served with the complaint on Dec. 26, the Nikkei says.

According to the Nikkei, Toshiba nuclear unit Westinghouse
Electric of the U.S. was contracted to build two new reactors at
the plant, with a portion paid for via premiums SCE&G charged
customers on their electric bills. After Westinghouse filed for
bankruptcy, Toshiba reached a deal to abandon the expansion, the
report says. The plaintiffs now demand that Toshiba pay the
customers who helped foot the bill for the canceled project,
relates the Nikkei.

This marks the first damages claim Toshiba has faced over its
U.S. nuclear operations, the report states.

The total amount sought was not given in the documents received
by the company. Toshiba has said it does not anticipate a major
impact on earnings at this time, the Nikkei adds.

                        About Toshiba Corp

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 15, 2017, Moody's Japan K.K. affirmed Toshiba Corporation's
Caa1 corporate family rating and senior unsecured debt ratings,
and its Ca subordinated debt rating. Moody's has also changed the
ratings outlook to stable from negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.

On Oct. 6, 2017, S&P Global Ratings affirmed its 'CCC-' long-term
corporate credit and 'C' short-term corporate credit and
commercial paper program ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. S&P also removed
the ratings from CreditWatch. The outlook is negative.  At the
same time, S&P raised the senior unsecured rating one notch to
'CCC-' from 'CC' following completion of its review of the
rating. S&P also removed the senior unsecured rating from
CreditWatch with negative implications following its affirmation
of the long-term corporate credit rating and resolution of the
CreditWatch.



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


SABAH ELECTRICITY: Talks Continue as Firm Nears Insolvency
----------------------------------------------------------
Borneo Post Online reports that the future of Sabah Electricity
Sdn Bhd (SESB) will be determined following an ongoing discussion
between the Energy, Green Technology and Water Ministry (KeTTHA),
Ministry of Finance (MoF) and Tenaga Nasional Berhad (TNB).

"The discussion is crucial, especially since SESB continues to
make losses and on the verge of insolvency," the report quotes
KeTTHA Minister Datuk Seri Dr Maximus Ongkili as saying.

TNB owns 82.75% of SESB, while the rest of the stake is held by
the Sabah State Government, the report discloses.

"SESB's current average tariff is 34.52 cents/kwh while cost of
energy generation is 56.50 cents/kwh. Hence, the Federal
Government has been subsidising SESB's fuel costs, ie primarily
diesel, medium fuel oil (MFO) and gas," Maximus said, adding the
Federal Government has also been providing the bulk of SESB's
capital expenditure, Borneo Post relays.

Since 2012, MYR4.2 billion has been spent by the Federal
Government to boost SESB's operation, and that both TNB and SESB
have also spent their portion on capex expenditure, the report
relates.

For the period between 2016 and 2019, the Federal Government has
also allocated MYR2.3 billion for capex and reducing System
Average Interruption Duration Index (SAIDI), Borneo Post
discloses.

Maximus added that through these efforts, the SAIDI in Sabah had
been reduced from 777 minutes/customer/year in 2014 to 311 last
year, and expected to be further reduced to 280 by year end, the
report adds.

According to the report, SESB also has been asking for tariff
revision since its last review in 2014, but it is also the
Federal Government's duty to ensure tariff is fair and affordable
to consumers.

"We also want to ensure that the tariff revision is reflective of
the quality of power delivered," he said in responding to the
comments by TNB chief executive officer Datuk Seri Azman Mohd.

Azman disclosed that they are discussing on the future of SESB
and an agreement is expected by the new year to determine the
best option, the report says.



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


MOSSGREEN PTY: Administration No Effect on Auckland Auction House
-----------------------------------------------------------------
Hamish Fletcher at NZ Herald reports that the Auckland auction
house Mossgreen-Webb's isn't affected by its Australian arm going
into voluntary administration, says its chief executive.

Mossgreen, which has branches in Melbourne and Sydney, bought
Webb's auction house in Parnell in 2015, the report discloses.

At the time, chief executive Paul Sumner described Mossgreen as
"Australia's largest and highest-grossing auction house and the
most favored avenue for collectors when they are selling complete
collections".

"Since acquiring the former Webb's auction house in New Zealand,
the company is now run as a transtasman regional business,"
Mossgreen-Webb's said on its website, the Herald relates.

According to the Herald, Mr. Sumner said in a statement to
clients and other stakeholders that "Mossgreen has chosen to take
a path of voluntary administration during the month of January at
a time that will least impact our clients and which will allow
the company to restructure its business".

"The company is looking forward to a very strong calendar of
auction-sales that are contracted and already catalogued for the
first half of 2018, starting in February," he said in the
statement.

"No vendors will lose any money in this process and neither will
any of our staff, who will also be fully supported through this
process."

Mr. Sumner said the administration wouldn't impact the New
Zealand business, the Herald adds.

Mossgreen specializes in Single Owner Auctions for collections
covering fine art and antiques.  James Michael White, Nicholas
Martin and Andrew Sallway of BDO were appointed as administrators
of Mossgreen Pty on Dec. 21, 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.


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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.



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