TCRAP_Public/180105.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, January 5, 2018, Vol. 21, No. 004

                            Headlines


A U S T R A L I A

APTS PTY: Receivers Ink Deal to Sell Firm to Valmec
BRISCONNECTIONS: Arup Settles AUD1.7BB Revenue Forecast Suit
MAGGIE T: First Creditors' Meeting Scheduled for Jan. 15
TRITON TRUST 2015-1: Fitch Corrects Dec. 28 Rating Release


C H I N A

* CHINA: Property Bonds Seen Facing Highest Default Risk in 2018


I N D I A

A R C INDIA: CRISIL Moves B+ Rating to Not Cooperating Category
AARKAY INSTRUMENTS: CRISIL Moves B+ Rating to Not Cooperating
AARCOT CERAMIC: ICRA Removes B- From Not Cooperating Category
ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
ADHUNIK GROUP: Gets Up to 20 Separate EoIs for Four Units

ADITYA ULTRA: ICRA Removes B+ Rating From Not Cooperating Status
ADITYA ULTRA: ICRA Moves D Rating to Not Cooperating Category
CANAAN MARINE: CRISIL Migrates B+ Rating to Not Cooperating
COROMANDEL AGRO: Ind-Ra Moves BB- Rating to Not Cooperating
EROS MINEROCK: ICRA Assigns B+ Rating to INR24.56cr LT Loan

EVER HEALTH: CRISIL Moves B- Rating to Not Cooperating Category
INDRESHWAR SUGAR: CRISIL Moves D Rating to Not Cooperating
G V PARIVAAR: CRISIL Withdraws B+ Rating on INR7.25MM Cash Loan
GRAND AUTO: CRISIL Moves B+ Rating to Not Cooperating Category
INDRAYANI SALES: CRISIL Migrates B Rating to Not Cooperating

ITAMAX CERAMIC: ICRA Assigns B+ Rating to INR6.50cr LT Loan
JAI INDIA: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
JAIPRAKASH ASSOCIATES: RBI Asks ICICI to Hold Off On Insolvency
JASAMRAT COTGIN: CRISIL Moves B Rating to Not Cooperating
KISHAN COTTON: ICRA Reaffirms B Rating on INR12.52cr Loan

KSR PROPERTIES: ICRA Assigns B Rating to INR30cr LT Loan
LALITA FOAMEX: ICRA Moves D Rating on INR4.75cr Term Loan
M.P.S. STEEL: CRISIL Moves D Rating to Not Cooperating Category
MANGALA ELECTRICALS: CRISIL Migrates B Rating to Not Cooperating
MALLEMAALA AGRO: CRISIL Moves B Rating to Not Cooperating

MATHURA AGRO: CRISIL Migrates B- Rating to Not Cooperating
MONTFORT EDUCATIONAL: ICRA Moves B Rating to Not Cooperating
MYDEEN TIMBERS: CRISIL Moves B+ Rating to Not Cooperating
NATWEST ESTATES: CRISIL Migrates B+ Rating to Not Cooperating
NICE MARINE: CRISIL Moves B+ Rating to Not Cooperating Category

OIL COUNTRY: ICRA Moves D Rating to Not Cooperating Category
ORBICULAR PHARMA: CRISIL Moves B+ Rating to Not Cooperating
PNR INFRA: CRISIL Migrates B+ Rating to Not Cooperating Category
SAHIBZADA TIMBERS: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
SHREE RAM: CRISIL Moves D Rating to Not Cooperating Category

SHRIPROP DWELLERS: CRISIL Reaffirms D Rating on INR50MM NCD
SIDHU INDUSTRIAL: CRISIL Assigns B+ Rating to INR3.5MM Term Loan
SRI KRISHNA: CRISIL Moves B+ Rating to Not Cooperating Category
SRI KRISHNA JEWELLERS: CRISIL Assigns B+ Rating to INR11MM Loan
SRI SAI KRISHNA: CRISIL Reaffirms D Rating on INR4MM Sec. Loan

SUDHIR MANDKE: CRISIL Hikes Rating on INR5MM Loan to B
TRUST CHEMISTS: Ind-Ra Assigns B Issuer Rating, Outlook Stable
VIRTUE INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
WELLCOME HOSPITALS: CRISIL Moves B Rating to Not Cooperating
* INDIA: Banks Gearing Up to Refer 24 Large NPA Accounts to NCLT


                            - - - - -


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


APTS PTY: Receivers Ink Deal to Sell Firm to Valmec
---------------------------------------------------
Peter Williams at The West Australian reports that Valmec Limited
has made a deal with the receivers of APTS to buy the collapsed
pressure testing business.

The Paul Newbound-owned APTS was put in the hands of insolvency
specialists in November with debts of about AUD4 million, the
report says.

The West Australian relates that the resources-focused,
Henderson-based business with 55 employees has continued to
operate while a buyer was sought.

Valmec, an Australian Securities Exchange-listed company
headquartered in Kewdale, did not disclose the value of the cash
deal, expected to complete later this month, the report notes.

According to The West Australian, Valmec said APTS had average
annual revenues of about AUD20 million over the past four years
and tipped earnings margins of 10 per cent under Valmec's
ownership.

APTS had about AUD5 million in long-term service agreements with
tier one oil and gas clients. Valmec said it had AUD13 million of
submitted tenders with existing clients, the report discloses.

The pressure tester has operations in Karratha, Darwin and
Brisbane.

"This acquisition and the opportunity to leverage off Valmec's
growing footprint within the expanding Australian gas sector,
aligns perfectly with our strategy of delivering value to our
clients across every aspect of our operations," the report quotes
Valmec managing director Steve Dropulich as saying.

Administrator Mervyn Kitay of Worrells last month blamed APTS'
collapse on the structure of its debt rather than a lack of
profitability in the business, according to the report.

APTS' biggest creditors were Westpac and the Australian Taxation
Office, the report adds.

Matthew Kucianski & Mervyn Kitay of Worrells Solvency & Forensic
Accountants were appointed as administrators of APTS Pty Ltd on
Nov. 22, 2017.


BRISCONNECTIONS: Arup Settles AUD1.7BB Revenue Forecast Suit
----------------------------------------------------------
Debra K. Rubin at Engineering News-Record reports that UK-based
design firm Arup confirms that it has settled an estimated
AUD1.7-billion lawsuit over alleged misleading traffic forecast
models for a P3 airport road link in Brisbane, Australia that
went bankrupt in 2013.

The firm declines to reveal the settlement amount or other
details of the agreement, but published reports estimate it is at
least AUD80 million, the report says.

ENS relates that the firm's Australian unit was sued in 2014 by
PPB Advisory, a receiver company set up after the 2013 failure of
Brisbane's Airport Link Tunnel concession after one year of
operation.  According to court documents, traffic reached only a
quarter of what Arup forecast, ENS relays.

In a Dec. 27 report, the Australian Financial Review said Arup's
defense in a trial that began last October, collapsed within
weeks after an outside consultant hired by PPB questioned the
forecaster's traffic forecasting modeling approaches, contending
they contained "methodological errors and unreasonable
assumptions" that inflated ridership numbers and were
"unreasonable, implausible and unreliable," ENS says.

ENS relates that the report, by Veitch Lister Consulting, alleged
the Arup projections showed "a recklessness or incompetence . . .
inconsistent with the expected behavior of a reasonably competent
traffic forecaster."

Attorneys for PPB did not response to ENR requests for comment,
but the Australian press account said that on cross examination,
Arup's lead forecaster, Gerard Cavenagh, acknowledged that some
of the modeling was, as a PPD attorney claimed, "totally and
utterly absurd."

Mr. Cavenagh now is senior manager of traffic services for
Transurban, which bought the Airport Link concession in 2015, ENS
relays.

According to ENS, PPB agreed to the settlement, finalized last
month, to insure a financial payout rather than await a judicial
ruling, contending that a decision would have forced Arup into
bankruptcy and hindered any payment recovery for investors, says
the Financial Review account. Arup's Australian business had
revenue of about AUD245 million in the year from about March 2016
until March 2017, says the press account.

PPB also had reportedly applied for an injunction to freeze Arup
assets, it says, but not clear now is how insurance will cover
the payment amount, ENS relates.

According to ENS, Arup confirms that four Australian based
directors who had resigned from its board in November, had
rejoined last month. In light of the settlement, the firm's cross
claim against investment lead Macquarie has been dropped.

But Arup is believed to still offer traffic forecasting services,
ENS notes.

                      About BrisConnections Group

BrisConnections Group was the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group on Feb. 19, 2013.  This follows the appointment of partners
of McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

BrisConnections went into administration citing low traffic
levels and debts worth more than the tunnel.


MAGGIE T: First Creditors' Meeting Scheduled for Jan. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Maggie T
Corporation Pty. Ltd. will be held at the offices of DW Advisory
Level 2, 32 Martin Place, in Sydney, NSW, on Jan. 15, 2017, at
3:00 p.m.

Cameron Hamish Gray and Justin Holzman of DW Advisory were
appointed as administrators of Maggie T on Jan. 3, 2018.


TRITON TRUST 2015-1: Fitch Corrects Dec. 28 Rating Release
----------------------------------------------------------
Fitch Ratings has issued a correction to the ratings release on
Triton Trust No.7 Bond Series 2015-1 published on Dec. 28, 2017.
It removes the rating Outlook for the class F notes of the
restructured transaction.

The revised release is as follows:

Fitch Ratings has affirmed and withdrawn the current ratings on
the Triton Trust No.7 Bond Series 2015-1's mortgage-backed
floating-rate notes due to a restructure of the facility. The
restructure is not due to adverse circumstances or deterioration
in performance and is therefore not a distressed debt exchange.
Concurrently, Fitch has assigned ratings to the restructured
transaction.

The issuance consists of notes backed by Australian prime
mortgages originated by Columbus Capital Pty Limited.

The following ratings have been affirmed and withdrawn:

AUD450.0 million Class A1 notes: 'AAAsf'; Outlook Stable;
AUD0.0 million Class A2 notes: 'AAAsf'; Outlook Stable;
AUD28.1 million Class B notes: 'AAsf'; Outlook Stable; and
AUD10.1 million Class C notes: 'BBBsf'; Outlook Stable.

The following rating has also been withdrawn:

AUD5.7 million Class D notes: 'NRsf'.

The following ratings have been assigned to the notes of the
restructured transaction:

AUD600.0 million Class A1 notes: 'AAAsf'; Outlook Stable;
AUD0.0 million Class A2 notes: 'AAAsf'; Outlook Stable;
AUD28.1 million Class B notes: 'AAsf'; Outlook Stable;
AUD9.5 million Class C notes: 'Asf'; Outlook Stable;
AUD4.5 million Class D notes: 'BBBsf'; Outlook Stable;
AUD3.0 million Class E notes: 'BBsf'; Outlook Stable; and
AUD4.6 million Class F notes: 'NRsf'.

The notes are issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Triton Trust No.7 Bond Series 2015-1.

The transaction is a warehouse, featuring a multi-class structure
that purchases receivables from the seller on a revolving basis.
The pool is subject to eligibility criteria. The transaction has
triggers to protect debt holders from deterioration in the credit
quality of the portfolio, which either requires rectification or
may cause an amortisation event in which all collections will be
used to pay down the debt in sequential order.

KEY RATING DRIVERS

The affirmation of the ratings reflects Fitch's view that
available credit enhancement is sufficient to support the notes'
ratings and that the transaction has performed within the
agency's expectations. The credit quality and performance of the
loans in the collateral pools have remained strong since
transaction closing and Fitch expects the loans to perform in a
similar manner given Fitch expectations of continued benign
economic conditions in Australia.

The new final ratings are based on the following key rating
drivers:

Sufficient Credit Enhancement: Each tranche of rated notes
benefits from credit enhancement provided by the respective
subordinate notes. The class A, B, C, D and E notes are subject
to documented required minimum subordination levels to mitigate
potential concentration risk that may arise after mortgages are
sold out of the trust during the availability period.

Adequate Liquidity Support: Liquidity support is provided via
excess spread, a yield reserve, principal draws and a liquidity
reserve sized at 0.82% of the mortgage balance, which will
amortise to a reserve floor of AUD375,000.

Performance Triggers: The transaction benefits from several
performance triggers, which, if breached, can potentially lead to
amortisation of the transaction to prevent exposure to further
deterioration in performance.

Experienced Originator and Servicer: Columbus Capital is a non-
bank financial institution specialising in Australian prime
residential mortgage lending. It commenced originations in 2006
and has utilised securitisation as a primary funding source.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case and are likely to result in a
decline in credit enhancement and remaining loss-coverage levels
available to the notes. Decreased credit enhancement may make
certain note ratings susceptible to negative rating action,
depending on the extent of the decline in coverage. Hence, Fitch
conducts sensitivity analysis by stressing a transaction's
initial base-case assumptions. Fitch applies the recovery stress
to the pre-LMI recovery rate to isolate the effect of a change in
recovery proceeds at the borrower level. Sensitivity analysis was
undertaken for all notes except the class A2 notes, as the note
limit is zero.

Impact on note ratings from increasing levels of foreclosure:
Original rating / increased by 15% / increased by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class B: AAsf / AAsf / AAsf
Class C: Asf / Asf / Asf
Class D: BBBsf / BBBsf / BBBsf
Class E: BBsf / BBsf / BB-sf

Impact on note ratings from decreased recovery rates:
Original rating / reduced by 15% / reduced by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class B: AAsf / AA-sf / A-sf
Class C: Asf / BBBsf / BB-sf
Class D: BBBsf / Bsf / NRsf
Class E: BBsf / CCCsf / CCCsf

Impact on note ratings from a combination of increased rates of
foreclosure and decreased recovery rates:
Original rating / stress of 15% / stress of 30%:
Class A1: AAAsf / AAAsf / AAsf
Class B: AAsf / A+sf / BBBsf
Class C: Asf / BBB-sf / Bsf
Class D: BBBsf / NRsf / NRsf
Class E: BBsf / CCCsf / CCCsf

Fitch also determined the increase in charge-offs that would need
to occur to result in a rated note being downgraded by one
category, to sub-investment grade and to 'CCCsf'. The results are
shown below:

Class A1: 33% / >100% / >100%
Class B: 18% / 47% / >100%
Class C: 9% / 17% / 45%
Class D: 5% / 5% / 16%
Class E: 3% / n.a. / 7%

The ratings of all notes are lenders' mortgage insurance
dependant and therefore sensitive to downgrades to the insurers'
ratings.



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


* CHINA: Property Bonds Seen Facing Highest Default Risk in 2018
----------------------------------------------------------------
Bloomberg News, citing a survey of analysts and traders, reports
that bonds from China's property developers face the biggest risk
of default in the nation's domestic debt market as the
government's funding curbs strain their finances.

Ten out of 15 respondents in a Bloomberg survey late December see
some payment failures among developers this year. Most predict
yield spreads on corporate bonds that surged to four-year highs
in 2017 to climb more. Builders are most vulnerable as they face
policy risks with authorities restricting their funding to cool
housing prices, Bloomberg relates citing China Merchants Bank Co.

Chinese builders face a record $31 billion of onshore and
offshore bond maturities this year, which may more than double if
put options are exercised, Bloomberg-compiled data show.
Fundraising curbs have hurt their ability to sell bonds in the
domestic market, with onshore note issuance plummeting 67 percent
in 2017.

"The property sector faces huge bond repayment pressure in 2018,"
Bloomberg quotes Qin Han, chief bond analyst at Guotai Junan
Securities Co. in Shanghai, as saying. "That combined with
restrictive refinancing channels could lead to tight liquidity at
those firms and hence potential defaults."

According to the report, Qin said the defaults are more likely to
happen with small regional developers. The Shanghai Stock
Exchange raised the threshold for China's property developers to
sell exchange-regulated notes, people familiar with the matter
said in late 2016, Bloomberg notes. Accelerated new home price
gains in November points to persistent price pressures and the
likelihood that cooling measures will remain.

Interestingly, the sector could also be a "gold mine" if one
knows how to find undervalued bonds, said Li Liuyang, an analyst
in Shanghai at China Merchants Bank, Bloomberg relays. There may
be good opportunities within developer bonds because the
government curbs could lead to overselling in some of the
securities, he said.

Broadly, survey respondents expected the yield premium on
domestic corporate bonds to continue rising in 2018. All but one
participant predicted credit spreads will widen, while most
projected the premium to climb by less than 50 basis points. Four
forecast a jump of 50 to 100 basis points.

Impacted by China's clampdown on financial market leverage, the
spread on the nation's five-year AAA-rated corporate bonds jumped
48 basis points in 2017 to 158 basis points at the end of last
year, the highest since April 2014, Bloomberg discloses citing
ChinaBond data. The premium hit 161 basis points on Jan. 3. The
tighter liquidity that sparked a jump in money-market rates is
likely to remain in place this year, according to China Merchants
Bank.



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


A R C INDIA: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with A R C
India Petroleum Private Limited (ARCPL) for obtaining information
through letters and emails dated September 21, 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            6       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of credit       1.5     CRISIL A4 (Issuer Not
   & Bank Guarantee               Cooperating; Rating Migrated)

   Proposed Long Term     5.0     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 A R C India Petroleum Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on A R C India Petroleum 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 A R C India Petroleum Private Limited to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

ARCPL, based in Secunderabad, Telangana, is in the oil
reclamation business. The company is promoted by Mr. G Krishna
Chaitanya Varma and his family. Its manufacturing facility is in
Tuni, Andhra Pradesh. The company started commercial operations
in October 2014.


AARKAY INSTRUMENTS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aarkay
Instruments Private Limited (AIPL) for obtaining information
through letters and emails dated November 17, 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         3        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            3        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Inland/Import
   Letter of Credit       2        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 Aarkay Instruments Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Aarkay Instruments Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

AIPL was incorporated in 1981, promoted by Mr. Rameshchandra
Dave. The company is engaged in engineering, procurement, and
commissioning services for process control; fabrication of
pressure vehicles; field instrumentation; and electric works for
the oil and gas, petrochemical, and power sectors. It is based in
Mumbai.

Aarkay International Services (AI) was setup as a subsidiary
company by the promoters of AIPL. It is also engaged in
engineering, procurement, and commissioning services for process
control; fabrication of pressure vehicles; field instrumentation;
and electric works for the oil and gas, petrochemical, and power
sectors. The concern is a partnership firm having partners as
Aarkay Instruments Private Limited (70%) and Omani Nationals
(30%). AI was setup in 2014-15.


AARCOT CERAMIC: ICRA Removes B- From Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has removed its earlier rating of [ICRA]B- (Stable)
and [ICRA]A4 from the 'ISSUER NOT COOPERATING' category as Aarcot
Ceramic Private Limited has now submitted its 'No Default
Statement' ("NDS") which validates that the company is regular in
meeting its debt servicing obligations. The company's rating was
moved to the 'ISSUER NOT COOPERATING' category in November 2017.

The current ratings derive comfort from the experience of
company's promoters in the ceramics industry, location advantage
on account of easy availability of raw material from the nearby
vicinity of Morbi.


ARVIND EXPORTS: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR12.00 crore fund-based limit of Arvind Exports Solvent Oil
Industries. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limit-
  Cash Credit            12.00      [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by
AESOI's weak financial profile, characterised by modest scale of
operations, low profitability, leveraged capital structure and
weak debt coverage indicators. The rating also factors in the
vulnerability of the firm's profitability to any fluctuations in
raw material prices (groundnut) considering the inherently low
value-added nature of the business and regulatory risks with
regards to the minimum support price (MSP), which is set by the
Government. The rating also factors in the firm's exposure to
stiff competition with presence of numerous small and unorganised
players and the partnership constitution of AESOI, wherein any
significant withdrawals from the capital account could adversely
impact its net-worth and thereby its credit profile.

The rating, however, continues to favourably factor in the
extensive experience of the partners in the edible oil segment
and the proximity of the firm's manufacturing unit to raw
material sources.

Outlook: Stable

ICRA believes Arvind Exports Solvent Oil Industries will continue
to benefit from the extensive experience of its partners and its
locational advantage. The outlook may be revised to Positive in
case of substantial revenue growth and profitability, improvement
in capital structure and coverage indicators to strengthen its
financial risk profile. The outlook may be revised to Negative if
there is substantial drop in revenues and profitability or a
stretch in the working capital cycle to weaken its overall
liquidity.

Key rating drivers

Credit strengths

* Extensive experience of key promoters in the edible oil
segment: Promoters of AESOI have over a decade of experience in
the edible oil segment, leading to established relationships with
customers and suppliers.

* Locational advantage due to proximity to raw material sources:
AESOI is located in the Saurashtra region of Gujarat, an area
yeilding high quality groundnut crop. Hence, the firm benefits
from its location due to the easy availability of quality
groundnut at competitive prices.

Credit weaknesses

* Weak financial risk profile: The operating income of the
concern remains modest at INR38.3 crore. Further, the low value
added nature of its operations results in low operating
profitability at 2.5% in FY2017 (compared to 2.7% in FY2016) and
net profitability at 1.3% in FY2017. Further, capital structure
continues to remain leveraged with the gearing of 1.8 times as on
March 31, 2017 with high working capital borrowings.

* Profitability remains vulnerable to fluctuations in raw
material prices and regulatory changes: The profit margins are
exposed to fluctuations in groundnut prices, which depend upon
various factors like seasonality, climatic conditions, global
demand and supply situation, export policy, etc. Further, it is
also exposed to the regulatory risks with regards to the MSP set
by the Government.

* Intense competition and fragmented industry structure: The firm
faces stiff competition from other small and unorganised players
in the industry due to low entry barriers, which limits its
bargaining power with customers and suppliers, and hence, exerts
pressure on its margins.

* Risks inherent in partnership firm: Any capital withdrawal,
given the partnership nature of the constitution, could adversely
impact the capital structure of the firm.

Established in 2005, as a partnership firm, Arvind Exports
Solvent Oil Industries is in the business of crushing groundnut
seeds to produce groundnut oil and groundnut oil cake. The firm
is also engaged in solvent extraction of groundnut oil from
groundnut oil cake and refining of raw groundnut oil. The firm's
manufacturing facility is in Rajkot district, Gujarat, which is
equipped with 11 expellers with a crushing capacity of 25,000
metric tonnes per annum (MTPA) of groundnut.

In FY2017, the firm reported a profit after tax of INR0.5 crore
on an operating income of INR38.3 crore, as compared to a profit
after tax of INR0.2 crore on an operating income of INR38.2 crore
in FY2016.


ADHUNIK GROUP: Gets Up to 20 Separate EoIs for Four Units
---------------------------------------------------------
The Economic Times reports that Kolkata-based Adhunik Group has
received about 15 to 20 separate expressions of interest (EoIs)
collectively for its four struggling resources and metals
companies that now await the resolution of Rs5,000 crore in debt
and claims at dedicated insolvency courts.

Adhunik Alloys and Power, Adhunik Metaliks, Zion Steel, and
Orissa Manganese and Minerals await resolution under the
bankruptcy code, and several rivals, such as Sunflag Iron and
Steel, Kalyani Steel, and Rashmi Steel, and financiers Edelweiss
ARC and Srei Infrastructure Finance have shown interest in the
businesses, two people familiar with the matter told ET.

Binding bids for the resolution plans must be submitted in the
next two weeks, ET says. A consortium of lenders led by the State
Bank of India (SBI) claimed about INR5,000 crore in unpaid dues
from the group companies, the report notes.

"A single company may have put up expressions of interest for
more than one company simultaneously as some rivals see it as an
opportunity. The resolution plans are expected to be received by
January 15," said one of the persons cited above, ET relays.

Adhunik Alloys seems to have received the highest number of EoIs,
with as many as nine entities formally expressing interest, the
report notes.

Sumit Binani is the Resolution Professional for all the four
companies. He is backed by Grant Thornton, the professional
advisor, ET discloses.

Other lenders to the group include Allahabad Bank, Bank of
Baroda, Bank of Maharashtra, Corporation Bank, HDFC Bank, ICICI
Bank, Indian Overseas Bank, and Punjab National Bank, the report
notes.

Adhunik Group companies are engaged in the production of alloy-
and carbon-steel products for the auto, power and engineering
sectors, and are also into the mining of manganese ore.

In October 2017, NCLT's Kolkata chapter admitted these four
companies for insolvency proceedings that commenced in August
2017.


ADITYA ULTRA: ICRA Removes B+ Rating From Not Cooperating Status
----------------------------------------------------------------
ICRA Ratings has removed its earlier rating of [ICRA]B+ (Stable)
from the 'ISSUER NOT COOPERATING' category as Aditya Ultra Steel
Private Limited has now submitted its 'No Default Statement'
("NDS") which validates that the company is regular in meeting
its debt servicing obligations. The company's rating was moved to
the 'ISSUER NOT COOPERATING' category in November 2017.

The current rating derives comfort from the significant
experience of the promoters in the textile industry for over two
decades and the company's strong ties with established retail
chains in Europe. The rating favorably considers the growth in
revenues of the company in the past two years aided by the
healthy growth in manufacturing volumes supported by income from
sourcing services, and the improvement in profitability on the
back of various cost control measure undertaken by the
management. The rating also factors in the improvement in debt
metrics owing to improvement in margins coupled with reduction in
debt levels on the back of constant reduction in working capital
borrowings. The rating, however, is constrained by revenue
contraction in FY2017 coupled with drop in margins owing to
absence of commission income from sourcing services. Since the
company has decided to focus on its core manufacturing business,
it has stopped providing sourcing services. The rating also takes
into consideration the small scale of operations with earnings
being vulnerable to fluctuations in raw material prices and
foreign exchange. The rating is also constrained by the stretched
liquidity position owing to the working capital intensive nature
of operations with high inventory levels.


ADITYA ULTRA: ICRA Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Aditya Ultra Steel Private Limited (AUSPL) 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
  Loan                  7.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

  Fund based-Cash
  Credit                8.00      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

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

Incorporated in July 2011, Aditya Ultra Steel Private Limited
(AUSPL) is engaged in the business of manufacturing of TMT bars
at its manufacturing facility located in Rajkot district of
Gujarat having an installed capacity of 1,20,000 MTPA of TMT
bars.

The founder promoters of the company, namely Mr. Dipen Faldu, Mr.
Chirag Lakhani and Mr. Bharat Pandey had sold the business and
handed over management in 2014 to the seven new promoters.
Further, in 2016, the business was sold to Jain family consisting
of Mr. Manoj Jain and his son Mr. Varun Jain. The Jain family has
taken over the management of the company from May 2016 onwards.


CANAAN MARINE: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Canaan
Marine Products (Canaan) for obtaining information through
letters and emails dated October 27, 2017 and December 11, 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       12.1      CRISIL A4 (Issuer Not
   under Letter of                  Cooperating; Rating Migrated)
   Credit

   Long Term Loan         2.6       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Packing Credit        10.5       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 Canaan Marine Products, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Canaan Marine Products is consistent with 'Scenario 2' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

Set up in 2003 as a partnership between Mr. V D Joy and Mr
Anthony Bastian, Canaan processes and exports seafood such as
shrimps, squid, octopus, and cuttlefish. It exports primarily to
France and Germany in Europe, and Indonesia, Vietnam and Thailand
in South East Asia.


COROMANDEL AGRO: Ind-Ra Moves BB- Rating to Not Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Coromandel
Agro Products and Oils Ltd's (CAPOL) Long-Term Issuer Rating to
'IND BB-' from 'IND BB+'. The Outlook is Stable. The ratings have
also been migrated to the non-cooperating category. The issuer
did not participate in the surveillance exercise, despite
continuous requests and follow ups by the agency. Thus, the
rating is on the basis of best available information. 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:

-- INR28.657 mil. Term loan downgraded and migrated to non-
    cooperating category with IND BB-(ISSUER NOT
    COOPERATING)/Stable rating;

-- INR220 mil. Fund-based working capital facility downgraded
    and migrated to non-cooperating category with IND BB-(ISSUER
    NOT COOPERATING)/Stable rating;

-- INR1 mil. Non-fund-based working capital facility affirmed
    and migrated to non-cooperating category with IND A4+(ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information

KEY RATING DRIVERS

The downgrade reflects a sustained breach of Ind-Ra's negative
rating guidelines. As per 1HFY18 financials, CAPOL reported an
EBITDA loss of INR13.4 million (EBITDA profit FY17: INR24
million, 1HFY17: INR21.6 million) and revenue continued to
decline to INR228 million (INR1,024 million, INR429.2 million).

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra with a management certificate
regarding timely debt servicing for the last 12 months and
information related to working capital utilisation for the last
two months, despite continuous requests and follow-ups.

RATING SENSITIVITIES

Positive: An improvement in profitability, leading to an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

Negative: Inability to generate operating profit and further
decline in revenue will be negative for the ratings.

COMPANY PROFILE

CAPOL is a public limited company engaged in the processing of
cotton oil seeds. The key products manufactured by the company
include cotton seed oil, de-oiled cakes, hulls, linters, soap
stock, acid oil and sludge oil.


EROS MINEROCK: ICRA Assigns B+ Rating to INR24.56cr LT Loan
-----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ for
the INR32.56 crore long-term fund-based limits of Eros Minerock
Products LLP. ICRA has also assigned the short-term rating of
[ICRA]A4 for the INR3.20 crore short-term non-fund based
facilities of EMPL. The outlook on long term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term fund-
  Based-Cash Credit       8.00      [ICRA]B+ (Stable); Assigned

  Long-term fund-
  Based-Term Loans       24.56      [ICRA]B+ (Stable); Assigned

  Short-term non-
  fund based limits       3.20      [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the average financial
risk profile of the firm as reflected by modest scale of
operations, leveraged capital structure, weak coverage indicators
and high working capital intensity. The ratings also factors in
the sizable debt repayments owing to large debt funded capital
expenditure undertaken by the firm towards capacity enhancement,
which coupled with the modest cash accruals is expected to keep
the debt protection matrix under pressure and results in
deterioration in capital structure in near to medium term. The
ratings are further constrained by vulnerability of the firm's
operating profitability to volatility in raw material prices,
intense competition and susceptibility of its operations and cash
flows to the performance of the real estate industry.

The assigned ratings, however, favorably factor in the promoters'
extensive experience in the building material industry and the
firm's location near to ceramic cluster of Morbi, Gujarat,
resulting into proximity to sanitary ware manufacturers, key
customers for gypsum powder.

Going forward, timely completion of the ongoing capex within the
budgeted cost, increase in scale of operations with optimal
capacity utilisation while maintaining the healthy operating
profitability would remain key rating sensitivities. The
incremental loans would result in pressure on coverage indicators
and some deterioration of the capital structure over the near to
medium term.

Outlook: Stable

ICRA believes the firm will continue to benefit from the past
experience of its promoters. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
and better working capital management, strengthens the financial
risk profile. The outlook may be revised to 'Negative' if cash
accrual is lower than expected or stretch in the working capital
cycle, weakens liquidity.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the building material
industry: The key promoters, Mr. Karshanbhai Patel, Mrs. Indumati
Patel and Mrs. Jalpa Pandit, have extensive experience in the
building material and sanitaryware industry on account of their
association with the group concern, Eros for Sanitarywares.

* Location advantage of being situated near Morbi, Gujarat: The
gypsum powder manufactured by EMPL mainly finds application in
sanitary ware mould manufacturing. Since the firm is located at
Manaba (Gujarat) which is 40 km away from Morbi (Gujarat), it
aids in close proximity to sanitaryware manufacturing units
around Morbi belt, including group concern- Eros for
Sanitarywares, which is major customer for EMPL for gypsum
powder.

Credit weaknesses

* Average financial risk profile: The firm's financial risk
profile remains average as reflected by small scale of
operations, leveraged capital structure, weak coverage indicators
and high working intensity of operations.

* Large debt funded capex to keep the debt protection matrix
under pressure in near to medium term: The firm has recently
completed capex of INR7.98 crore towards the expansion of gypsum
powder manufacturing capacity in current fiscal and is further
undertaking capex of INR18.78 crore towards expansion of gypsum
board manufacturing capacity, which is expected to be completed
by FY2018. The capex is likely to increase the scale of
operations; however, debt funded nature of the capex will result
into sizable debt repayment obligations, which along with the
firm's modest accruals is expected to keep the debt coverage
indicators under pressure in near to medium term.

* Vulnerability of profitability to fluctuations in raw material
costs: Raw gypsum and craft paper remains the key raw materials
for the firm, which are mainly imported. The average procurement
price of gypsum remained in the range of INR1150 to 1525 per MT
in FY2017 increased to INR1700 to 2150 per MT in current fiscal.
Furthermore, the prices of craft paper also increased from INR20
to 27 per kg in FY2017 to INR37-41 per kg in current fiscal. Thus
the firm remains vulnerable to adverse movement in raw material
prices and their ability to fully pass on the same to the
customer considering the stiff competition, thus pressurising the
profitability.

* Intense competition from the established players and cyclical
nature of real estate industry: The firm faces the direct
competition from the established players and market leaders such
as Saint-Gobain Gyproc India Limited, USG Boral India and Lafarge
Boral Gypsum India Pvt. Ltd. as well as unorganised players.
Furthermore, the demand of building material industry remains
linked to the fortunes of the real estate industry.

Established in May 2013, Eros Minerock Products LLP (EMPL) is a
limited liability partnership firm promoted by Mr. Karshanbhai
Patel, Mrs. Indumati Patel, Mrs. Jalpa Pandit and other six
partners. EMPL manufactures gypsum powder and gypsum board
(drywall board), which finds applications in ceramic industry and
construction industry. Currently, the firm manufactures the
gypsum board in standard size of 1220 X 1830 mm with thickness of
8mm, 10mm and 12 mm. The gypsum powder is used primarily in
sanitary ware industry to manufacture the moulds and further to
manufacture gypsum board. The Gypsum boards is primarily used in
ceiling panel, interior walls and partition systems in
residential, institutional, and commercial structures.

Mr. Karshan Patel, Mrs. Indumati Patel and Mrs. Jalpa Pandit are
also associated with Eros for Sanitarywares (rated at [ICRA]BB+
(stable)/A4+), a Morbi based firm engaged in manufacturing of
sanitary ware products since 2006.


EVER HEALTH: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ever
Health Life Sciences Private Limited (EHLSPL) for obtaining
information through letters and emails dated September 21, 2017
and October 26, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          3.5      CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Long Term Loan       4.63     CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Proposed Cash        1.87     CRISIL B-/Stable (Issuer Not
   Credit Limit                  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 Ever Health Life Sciences
Private Limited which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Ever Health Life Sciences
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 Ever Health Life Sciences Private Limited to CRISIL
B-/Stable Issuer not cooperating'.

EHLSPL was incorporated in 2008, promoted by Mr K V S Subba Raju
and Mr. Vinod Verma. Based in Vijayawada, Andhra Pradesh, it
manufactures bulk drugs.


INDRESHWAR SUGAR: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Indreshwar
Sugar Mills Limited (ISML) for obtaining information through
letters and emails dated September 21, 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
   ----------          ---------     -------
   Rupee Term Loan          50       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 Indreshwar Sugar Mills
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Indreshwar Sugar Mills 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 Indreshwar Sugar Mills Limited to 'CRISIL D Issuer
not cooperating'.

ISML was established in 2010 by Pune (Maharashtra)-based Patil
family and commenced operations in November 2011. The company
manufactures sugar, with cane-crushing capacity of 2500 tonnes
per day. It also generates power through a 12-megawatt co-
generation plant.


G V PARIVAAR: CRISIL Withdraws B+ Rating on INR7.25MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with G V
Parivaar Retails Limited (GVRPL) for obtaining information
through letters and emails dated September 12, 2017 and October
10,2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.15       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Withdrawal)

   Cash Credit            7.25       CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Withdrawal)

   Proposed Long Term     0.10       CRISIL B+/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Rating
                                     Withdrawal)

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 GVRPL. This restricts CRISIL's
ability to take a forward GVRPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of
GVRPL continues to be 'CRISIL B+/Stable/CRISIL A4/Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of GVRPL.
The rating has been withdrawn after receipt of no dues
certificate from Punjab National Bank. The rating action is in
line with CRISIL's policy on withdrawal of its bank loan ratings.

Incorporated in 2008 as a closely held public limited company,
GVRPL is promoted by Mr. Vimmal Sethi, Ms. Kanchan Sethi, and Ms.
Amita Sethi. It is an authorised distributor for Samsung
refrigerators, televisions, air conditioners, washing machines,
and microwave ovens and its daily operations are handled by Mr.
Vimmal Sethi, the managing director.


GRAND AUTO: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Grand Auto
Capital (GAC) for obtaining information through letters and
emails dated September 21, 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            7.3       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 Grand Auto Capitalwhich
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Grand Auto Capital 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 Grand Auto Capital to CRISIL B+/Stable Issuer not
cooperating'.

GAC, set up in 2015, is the authorised dealer for sales and
services of SKODA cars, and has a showroom at Pitampura in Delhi.
It commenced operations in May 2016.


INDRAYANI SALES: CRISIL Migrates B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Indrayani
Sales Private Limited (ISPL) for obtaining information through
letters and emails dated September 29, 2017 and October 26, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12.5      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)


   Proposed Long Term
   Bank Loan Facility      6.3      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan               1.2      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 ISPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ISPL 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 ISPL to 'CRISIL B/Stable/Issuer Not Cooperating'.

Set up in 2005 as a private limited company by Mr. Rahul Zine
Patil, ISPL manufactures printer cartridges, and supplies printer
spares. The company sells its products under the Print it brand.
Its manufacturing facility is in Patalganga (Maharashtra) and its
registered office is in Mumbai.


ITAMAX CERAMIC: ICRA Assigns B+ Rating to INR6.50cr LT Loan
-----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ for
the INR8.50 crore long-term fund-based limits of Itamax Ceramic
Private Limited. ICRA has also assigned the short-term rating of
[ICRA]A4 for the INR1.00 crore short-term non-fund based
facilities of ICPL. The outlook on long term rating is stable.

CRISIL gave these ratings:

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term fund-
  Based-Cash Credit       2.00      [ICRA]B+ (Stable); Assigned

  Long-term fund-
  Based-Term Loan         6.50      [ICRA]B+ (Stable); Assigned

  Short-term non-
  fund based limits       1.00      [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the nascent stage of
operations and weak financial risk profile given the initial debt
funded capital expenditure. The ratings are further constrained
by vulnerability of the company's profit margins to volatility in
raw material and fuel prices. The ratings also consider the
intense competition and fragmented nature of the ceramic industry
and susceptibility of the company's operations and cash flows to
the performance of the real estate industry.

The assigned ratings, however, favorably factor in the promoters'
past experience in ceramic industry and the company's presence in
ceramic cluster of Morbi, Gujarat, resulting into ease in quality
raw material procurement.

Outlook: Stable

ICRA believes the company will continue to benefit from the past
experience of its promoters in the ceramic industry. The outlook
may be revised to 'Positive' if substantial growth in revenue and
profitability, and better working capital management, strengthens
the financial risk profile. The outlook may be revised to
'Negative' if cash accrual is lower than expected, or stretch in
the working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the ceramic industry:
The promoters of the company have past experience in the tile
manufacturing industry. The key promoter, Mr. Ranadip Kavathiya
was earlier director in ceramic manufacturing company -Allix
Ceramic Private Limited.

* Proximity to sources of raw material and labour: ICPL's
location in Morbi, Gujarat, which is a ceramic hub ensures easy
availability of raw materials (clay mineral, natural minerals
such as feldspar, chemicals additives etc), fuel and skilled
labour. Furthermore, the proximity to the raw material sources
also results in savings on transportation cost.

Credit weaknesses

* Start-up nature of operations; weak financial risk profile: The
company commenced its operations from May 2017 and reported
revenues of INR4.26 crore till September 30, 2017. During the
first five months of operations ending September 30, 2017
(provisional financials), the company reported modest operating
margins of INR8.69%, net loss and weak coverage indicators. The
initial debt funded capex is expected to keep the debt coverage
indicators under pressure in near term with impending debt
repayments against the small accruals.

* Vulnerability of profitability to fluctuations in raw material
and fuel costs: Raw material and fuel are the two major
components determining cost competitiveness in the ceramic
industry. The company can, however, exercise little control over
the prices of key inputs such as fuel and raw materials, and thus
the company's margins are expected to remain exposed to the
movement in raw material and fuel prices and its ability to pass
on any adverse movements to customers.

* Margins subject to pressure from intense competition and
cyclicality in the real estate industry: The ceramic tile
manufacturing industry remains highly fragmented with competition
from organised as well as unorganised segments, apart from
imports. The large number of players in the unorganised segment,
most of who are located in Gujarat and operate with low cost
structures, create pressure on prices. Further, the real estate
industry accounts for the maximum consumption of ceramic tiles,
and hence ICPL's profitability and cash flows are expected to
remain vulnerable to cyclicality in the real estate industry.

Incorporated in December 2015, Itamax Ceramic Private Limited
(ICPL) manufactures digitally printed ceramic wall tiles in two
sizes of 12"X18" and 12"X24" and started commercial production
from May 2017. Its plant is located at Morbi, Gujarat, having an
installed capacity of manufacturing 28,000 MTPA of ceramic wall
tiles.


JAI INDIA: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Jai India
Weaving Mills Private Limited's (JIWM) Long-Term Issuer Rating to
'IND BB+' from 'IND BB'. The Outlook is Stable. The instrument-
wise rating actions are:

-- INR206.3 mil. (reduced from INR251.3 mil.) due on June 2022
    upgraded with IND BB+/Stable rating;

-- INR217.5 mil. (reduced from INR220 mil.) long-term rating
    upgraded; short-term rating affirmed with IND BB+/Stable/IND
    A4+ rating;

-- INR55.8 mil. (reduced from INR65.8 mil.) Non-fund-based
    facilities with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in JIWM's revenue
and liquidity position. Revenue grew 21.1% yoy to INR1,193
million in FY17 due to an increase in orders. The company booked
revenue of INR769.10 million in 7MFY17. As of November 2017, JIWM
had an order book of INR120 million, to be executed by January
2017. The company regularised utilisation of its fund-based
limits during the 12 months ended November 2017 (14 days of
overutilisation during three months ended November 2016) due to
an improvement in net cash conversation cycle to 101 days in FY17
(FY16: 128 days). The improvement in the net cash conversion
cycle was due to a decrease in inventory holding period to 104
days in FY17 (FY16: 137 days). The company had almost fully
utilised its fund-based facilities over the 12 months ended
November 2017.

EBITDA margin declined to 12.1% in FY17 (FY16: 14.6%) due to an
increase in cotton prices. Interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.3x in FY17
(2.5x: FY16) as the company started making interest payments on
its unsecured loan from FY17. However, net leverage (total
adjusted debt/operating EBITDAR) improved to 3.4x in FY17 (FY16:
3.9x) on account of timely debt repayment.

The ratings remain supported by the promoters' more than a
decade-long experience in the grey fabric manufacturing business.


JAIPRAKASH ASSOCIATES: RBI Asks ICICI to Hold Off On Insolvency
----------------------------------------------------------------
Vishwanath Nair at BloombergQuint reports that the Reserve Bank
of India has asked ICICI Bank Ltd., the lead lender to Jaiprakash
Associates Ltd., to hold off on insolvency proceedings against
the debt-ridden company, bankers familiar with the matter said.

The regulator wants banks to seek clarity from the Supreme Court
in the matter, the bankers said on the condition of anonymity,
the report relates.

According to BloombergQuint, the other key details are:

* As part of Jaypee Infratech Ltd. insolvency proceeding,
   the Supreme Court has imposed limitations on directors of
   Jaiprakash Associates.

* The RBI has, however, rejected the demand of banks to resolve
   the case outside National Company Law Tribunal.

* Jaiprakash Associates is one of the 29 cases in the second
   stressed asset list where banks need to take insolvency action
   and one of the largest cases in the list with an outstanding
   debt of INR29,000 crore.

ICICI Bank declined to comment on the matter, BloombergQuint
notes.

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts
and spa; Sports Events, which includes sports-related events;
Real Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which
includes investments in subsidiaries and joint ventures for
cement, power, expressway and sports, among others, and Others,
which includes coal, waste treatment plant, heavy engineering
works, hitech castings and man power supply, among others. It has
operations in Haryana, Madhya Pradesh, Gujarat and Jharkhand,
among others.


JASAMRAT COTGIN: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Jasamrat
Cotgin Private Limited (JCPL) for obtaining information through
letters and emails dated October 23, 2017 and December 12, 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)

   Term Loan             3.45      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 Jasamrat Cotgin Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jasamrat Cotgin 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 Jasamrat Cotgin Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.

JCPL was set up in June 2016 by Mr Jaideep Singh Rajpal and his
brother, Mr Paramjeet Singh Rajpal. It is setting up a cotton
ginning and oil extraction unit in Sendhwa, Madhya Pradesh, and
will commence operations in December 2016. Its unit will have
capacity to process 30,000 cotton bales per year.


KISHAN COTTON: ICRA Reaffirms B Rating on INR12.52cr Loan
---------------------------------------------------------
ICRA Ratings has re-affirmed the long-term rating of [ICRA]B to
the INR12.52-crore fund-based facilities of Kishan Cotton Ginning
& Pressing Factory. ICRA has also re-affirmed the short-term
rating of [ICRA]A4 for the INR6.00 crore non-fund based
facilities (sub-limit of cash credit facility) of KCGPF. In
addition, ICRA has re-affirmed the long-term rating of [ICRA]B
and the short-term rating of [ICRA]A4 for the INR0.52 crore
unallocated limits of KCGPF. The outlook on the long-term rating
is Stable.

                        Amount
  Facilities          (INR crore)   Ratings
  ----------          -----------   -------
  Fund-based Limits       12.52     [ICRA]B (Stable); Re-affirmed
  Non-fund Based Limits   (6.00)    [ICRA]A4; Re-affirmed
  Unallocated Limits       0.58     [ICRA]B (Stable)/[ICRA]A4;
                                    Re-affirmed

Rationale

The ratings re-affirmation continues to remain constrained by the
firm's weak financial profile as evident from low profitability,
stretched capital structure and weak debt coverage metrics. The
ratings also consider the exposure of the firm's profitability to
any adverse regulatory changes particularly those related to
export incentives and availability of agro-commodities, as the
same is linked to seasonality and crop harvest. ICRA also takes
into account the firm's exposure to stiff competition,
characterised by numerous small and unorganised players and the
partnership constitution of KCGPF, wherein any significant
withdrawals from the capital account could adversely impact its
net-worth and thereby its credit profile.

The ratings, however, continue to derive comfort from the
longstanding experience of the partners in the cotton ginning and
crushing industry and the proximity of the firm's manufacturing
unit to raw material sources, which eases procurement.

Outlook: Stable

ICRA believes Kishan Cotton Ginning & Pressing Factory will
continue to benefit from the extensive experience of its partners
and diversified product portfolio. The outlook may be revised to
Positive in case of substantial revenue growth and profitability,
improvement in capital structure and coverage indicators that
strengthen the financial risk profile. The outlook may be revised
to Negative if cash accrual is lower than expected to meet
repayment obligation, or a stretch in the working capital cycle
weakens liquidity.

Key rating drivers

Credit strengths

* Experienced management and diversified product portfolio: The
firm's partners have more than a decade's experience in ginning
and pressing of raw cotton as well as in crushing cotton seeds.
KCGPF also undertakes groundnut processing, which gives it a
wider scope of increasing its revenues.

* Location advantage: The manufacturing facility of the firm is
located in Bhuj, Gujarat, which ensures an easy availability of
raw materials such as raw cotton and groundnuts.

Credit challenges

* Weak financial profile: The financial profile of the firm
remains weak, as is evident from its thin operating profit margin
(1.44% in FY2017) because of low value-added operations and stiff
competition. Its capital structure continues to remain leveraged
with a gearing of 3.02 times as on March 31, 2017, because of
high working capital borrowings. Low profitability and high debt
level result in weak debt protection metrics with interest
coverage of 0.67 time as on March 31, 2017.

* Profitability remains vulnerable to fluctuations in raw
material prices: The profit margins are exposed to fluctuations
in raw material (raw cotton) prices, which depend upon various
factors like seasonality, climatic conditions, international
demand and supply situations, export policy, etc. Further, it is
also exposed to regulatory risks with regards to the minimum
support price (MSP), which is set by the Government.

* Intense competition and fragmented industry: The firm faces
stiff competition from other small and unorganised players in the
industry, which limits its bargaining power with customers and
suppliers, and hence, exerts pressure on its margins.

* Net-worth exposed to the withdrawal of capital by partners:
KCGPF, being a partnership firm, is exposed to the risk of
reduction in its net-worth due to withdrawal by the partners that
may affect its capital structure.

Established in 2003, the Bhuj-based KCGPF is involved in ginning
and pressing of raw cotton, crushing of cotton seeds and
processing of groundnuts. The plant is equipped with 36 ginning
machines and a fully automatic pressing machine with the capacity
of ginning and pressing 18,600 metric tonnes (MT) of raw cotton
per annum. The firm also has hulling, cleaning, sorting and
grading machines to process 32 MT of groundnuts per day.

In FY2017, the firm reported a profit after tax of INR0.05 crore
on an operating income of INR82.58 crore, over a profit after tax
of INR0.02 crore on an operating income of INR34.82 crore in
FY2016.


KSR PROPERTIES: ICRA Assigns B Rating to INR30cr LT Loan
--------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B to the
INR30.00-crore unallocated facilities of KSR Properties Private
Limited (KPPL). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-
  Unallocated Limits      30.00     [ICRA]B (Stable); Assigned

Rationale

The assigned rating takes into account KPPL's exposure to
significant execution risk for the ongoing project, KSR Basil, as
the project is in its nascent stages of construction with ~24% of
the total project cost incurred till November, 2017. The rating
factors in the funding risk associated with the project, with
construction finance debt yet to be tied up and the significant
market risk, given the low level of bookings till date. The
rating also takes into account the elevated market and execution
risks associated with the company's upcoming project in
Devenahalli, North Bangalore which is yet to be launched. ICRA
notes the vulnerability of sales to any downturn in real-estate
demand and the competition within the region from various
established real-estate developers.

The rating, however, factors in the long experience of the
promoters spanning over two decades in the real-estate industry
and the favorable location of the ongoing project, KSR Basil, in
Old Madras Road which is a major suburb in the eastern part of
the Bangalore housing various IT/ITeS companies and industrial
establishments. The rating also factors in the satisfactory
construction progress in the company's on-going residential
project, KSR Cordelia, which results in low execution risks. ICRA
also notes that all requisite approvals for its ongoing projects
are in place.

Going forward, KPPL's ability to successfully tie up debt
funding, execute the ongoing project within the budgeted cost and
time, and achieve desired sales momentum with timely collections,
would be the critical determinants of its credit risk profile.

Outlook: Stable

ICRA believes KSR Properties Private Limited will continue to
benefit from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if healthy sales progress
and speedy execution of ongoing projects results in improved
receipt of customer advances. The outlook may be revised to
'Negative' if cash flow from operations is lower than expected,
either because of subdued response to the projects or low
customer advances or if any significant delay in completion
weakens the liquidity position of the company.

Key rating drivers

Credit strengths

* Experience of promoters in the real-estate industry spanning
over two decades: Established in 1999, KPPL is involved in real-
estate development with Mr. Ramana Reddy and Mr. Hari Babu as
directors. The promoters have long experience spanning across
more than two decades in the field of real-estate development and
construction.

* Favourable location of the entity's ongoing project, KSR Basil:
The entity's ongoing project, KSR Basil, is located on Old Madras
Road, which is a major suburb in the eastern part of the
Bangalore, housing various IT/ITeS companies and industrial
establishments coupled with well-developed social infrastructure
including international schools, several supermarkets, shopping
malls and multi-specialty hospitals.

* Low regulatory risk: The ongoing projects of the company, KSR
Cordelia and KSR Basil are being developed under the Joint
Development Agreement (JDA) mode, wherein the company has 60% and
70% share, respectively in the total saleable area of the
projects. The land parcels for both the projects have a clear
legal title. Further, all the requisite approvals related to
building plan, map etc have been secured, resulting in low
regulatory risk.

Credit challenges

* High execution and market risk for the project, KSR Basil: As
of November, 2017, the company had incurred INR18.1 crore on the
project, KSR Basil, which is ~24% of the total project cost,
indicating nascent stage of project progress. The company had
received bookings for two units out of 241 units in its share,
translating into a booking position of ~1% in the project.
Significant unsold area in the project exposes it to high market
risks.

* Exposure to funding risk as debt for the project has not yet
been tied up: The total cost of the project, KSR Basil, is
envisaged at around INR75.0 crore. The same is proposed to be
financed with a mix of term-loan facility of INR30.0 crore,
equity contribution of INR20.0 crore and the remaining through
customer advances. The financing tie-up for the proposed INR30.0-
crore term loan is underway and the promoters have already
brought in substantial part of their contribution. Significant
dependence on debt to fund the project makes it imperative for
KPPL to achieve closure of the same in a timely manner. Also, the
company's ability to achieve adequate sales and timely
collections from customers remains critical for smooth execution
progress and timely servicing of debt and interest obligations.

* Elevated market and execution risks for the upcoming project:
The company plans to launch a row house project in Devenahalli,
North Bangalore. The project is planned to be launched in June,
2018 and is being developed over 1.26 lakh sqft of land
comprising 63 row houses. The total cost of the project is
envisaged at around INR80.0 crore. As of November, 2017, the
company had incurred INR2.0 crore on the project towards advance
to the land owner. Owing to the nascent stage of project
progress, it carries high market, execution and funding risks.

* Exposure to inherent cyclicality in the real-estate industry,
coupled with prevailing weak macro-economic scenario: Being a
cyclical industry, the real estate is highly dependent on macro-
economic factors which make the company's sales vulnerable to any
downturn in the real-estate demand and competition within the
region from various established developers.

KSR Properties Private Limited (KSR) was incorporated in 1999 and
Mr. Ramana Reddy Kunduru is the Managing Director. The entity is
involved in the business of real-estate development and has
completed three projects since its inception. The company's main
areas of activities are apartments and luxury villas. At present,
the company is involved in execution of two residential apartment
projects named KSR Cordelia and KSR Basil in KR Puram and Old
Madras Road, respectively in Bangalore. In the future, the
company plans to launch one row house project with an aggregate
saleable area of 1.41 lakh square feet (sqft).

In FY2017, the company reported a net profit of INR0.5 crore on
an operating income of INR14.8 crore compared to a net profit of
INR0.6 crore on an operating income of INR12.0 crore in the
previous year.


LALITA FOAMEX: ICRA Moves D Rating on INR4.75cr Term Loan
---------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Lalita Foamex Private Limited (LFPL) 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      4.75       [ICRA]D ISSUER NOT COOPERATING;
  Loan                            Rating moved to the 'Issuer Not
                                  Cooperating' category

  Fund based-Cash      1.00       [ICRA]D ISSUER NOT COOPERATING;
  Credit                          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.

Lalita Foamex Private Limited (LFPL) was incorporated in April,
2013 by Mr. Bibekanada Pati and Mr. Aditya Pati in Bolangir,
Odisha for manufacturing and sales of general purpose polystyrene
(GPPS) disposable products such as bowls, plates and dinnerware.
The manufacturing facility of the company commenced on 28th June,
2014 and has an annual installed capacity of 600 metric tonnes.


M.P.S. STEEL: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with M.P.S.
Steel Castings Private Limited (MPS) for obtaining information
through letters and emails dated October 23, 2017 and
December 11, 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           23        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit       8        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility    47.01     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital
   Term Loan             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 M.P.S.Steel Castings Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on M.P.S.Steel Castings 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 M.P.S.Steel Castings Private Limited to CRISIL
D/CRISIL D Issuer not cooperating'.

MPS was set up in in 1996 to manufacture sponge iron and mild-
steel ingots. Currently there are no commercial operations in
MPS.


MANGALA ELECTRICALS: CRISIL Migrates B Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mangala
Electricals (ME) for obtaining information through letters and
emails dated October 30, 2017 and December 12, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Open Cash Credit      2.5       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    1.0       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 Mangala Electricals, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Mangala Electricals is consistent with 'Scenario 2' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

Established in 1981 as a proprietorship firm, Mangala Electricals
(ME), is a Mangalore (Karnataka) based electrical contractor. The
firm primarily undertakes erection of transmission lines. The day
to day operations of the firm are managed by Mr. G. Bhaskar Bhat.


MALLEMAALA AGRO: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Mallemaala
Agro Private Limited (MAPL) for obtaining information through
letters and emails dated September 21, 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             4.75      CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Migrated)

   Long Term Loan         25         CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Migrated)

   Proposed Long Term      0.25      CRISIL B/Stable (Issuer
   Bank Loan Facility                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 Mallemaala Agro Private
Limitedwhich restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Mallemaala Agro 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 Mallemaala Agro Private Limited to CRISIL B/Stable
Issuer not cooperating'.

MAPL, incorporated in 2013, produces commercial eggs. Based in
Hyderabad, the company commenced operations in January 2015. It
is promoted by Mr M Shyam Prasad Reddy and his family.


MATHURA AGRO: CRISIL Migrates B- Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Mathura
Agro Industries (MAI) for obtaining information through letters
and emails dated September 21, 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             18       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan           7       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term       5       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 Mathura Agro Industries which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Mathura Agro Industries 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 Mathura Agro Industries to CRISIL B-/Stable Issuer
not cooperating'.

MAI was incorporated by Mr. Venugopal Karwa and his wife, Mrs. N
V Karwa in 2008. The firm processes products such as toor dal and
chana dal, and has its processing facility at Solapur, with
capacity of 125 and 150 tonnes per day for toor dal and chana
dal, respectively.


MONTFORT EDUCATIONAL: ICRA Moves B Rating to Not Cooperating
------------------------------------------------------------
ICRA Ratings has moved the long term rating for the bank
facilities of The Montfort Educational Society (MES) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B (Stable) ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-OD           1.00      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund based-Term Loan    3.30      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund based-Term Loan    2.27      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund based-Term Loan    2.50      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Unallocated amount      0.93      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

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

As part of its process and in accordance with its rating
agreement with The Montfort Educational Society, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

The Montfort Educational society (Montfort or MES) was
established by Dr. John K V in 2006. The Montfort Educational
society was registered after the catholic saint, St. Louise Mary
Gregone de Montfort. The society started its first educational
institution under the banner K John Public School in 2007 in
Eastern Nagpur. The second institution under the same name was
established in 2008 at Saoner, Nagpur. In April 2016, the society
has also established a nursery school at Besa in Nagpur.

Both the schools offer education from Nursery to Class 10 and are
affiliated to the Central Board for Secondary Education (CBSE).
The campus at Saoner is spread across an area of 10 acres and the
campus at Asoli is spread across an area of 3 acres. It provides
facilities like playground, indoor games, dance room, music room,
science laboratory, computer lab, health & medical check-up room
and transportation through its own buses. The total number of
students in both the schools is 2,951 students and the number of
teachers is 92, implying a student teacher ratio of 32:1.


MYDEEN TIMBERS: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Mydeen
Timbers (MT) for obtaining information through letters and emails
dated November 27, 2017 and December 11, 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             5.5      CRISIL B+/Stable (Issuer
                                    Not Cooperating; Rating
                                    Migrated)

   Letter of Credit       17.5      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 Mydeen Timbers, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Mydeen Timbers is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

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

Mydeen Timbers was set up in 1997, as a partnership firm by Mr.
Maghuthumeeran, Mrs. M. Diwan Beevi, Mrs. S. Sheshima Begum and
Mrs. L. Ponnammal, each holding 25 per cent ownership interest.
The firm is engaged in business of timber trading, where the firm
imports timber and sells in domestic market.


NATWEST ESTATES: CRISIL Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Natwest
Estates Private Limited (NEPL) for obtaining information through
letters and emails dated November 24, 2017 and December 11, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Proposed Long Term
   Bank Loan Facility     13.54    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 Natwest Estates Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Natwest Estates Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

Set up in 1995 by Mr. A R Sudhakar and his brother-in-law, Mr. T
V Rama Kumar, Chennai-based NEPL undertakes residential and
commercial real estate projects. The company has completed more
than 6 lakh square feet of construction in the past. Currently,
the company has one ongoing project, Natwest Vivas, situated on
GST Road, Chennai.


NICE MARINE: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nice
Marine Exports (India) Private Limited (NMEPL) for obtaining
information through letters and emails dated September 21, 2017
and  October 26, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting        2       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit             5       CRISIL B+/Stable (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 Nice Marine Exports (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 Nice Marine Exports (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 Nice Marine Exports (India) Private Limited to
CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in April 2012, NMEPL is based in Hyderabad, and
trades in shrimp and other fishes.


OIL COUNTRY: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA Ratings has moved the long term/ short-term ratings for the
bank facilities of Oil Country Tubular Limited (OCTL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D/D ISSUER NOT COOPERATING."

                     Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Fund-based Limits   155.00     [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

  Non fund-based
  Limits               72.00     [ICRA]D 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 1985, OCTL is primarily engaged in the processing
of Oil Country Tubular Goods used in the Oil and Gas Exploration
and Production (E&P) industry. OCTL's product range comprises
largely of drill pipes, casing pipes, production tubing and
couplings/premium connections/tool joints. OCTL is at present the
only domestic processor of drill pipes. The company has primarily
positioned itself to cater to the requirements of E&P companies
in India like ONGC Limited, OIL India Limited etc; OCTL also
exports its products to countries in the North and South Americas
and countries in Africa and the Middle East. The company is
public listed and is promoted by the Hyderabad based Kamineni
group which has interests in steel, healthcare and education. The
company's manufacturing unit is located at Narketpally in the
Nalgonda District of Telangana.


ORBICULAR PHARMA: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Orbicular
Pharmaceutical Technologies Private Limited (Orbicular) for
obtaining information through letters and emails dated
November 20, 2017 and December 11, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            2        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             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 Orbicular Pharmaceutical
Technologies Private Limited, which restricts CRISIL's ability to
take a forward looking view on the entity's credit quality.
CRISIL believes information available on Orbicular Pharmaceutical
Technologies Private Limited is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Orbicular Pharmaceutical Technologies Private
Limited to 'CRISIL B+/Stable Issuer not cooperating'.

Established in July 2010 and based in Hyderabad (Telangana),
Orbicular is a privately held pharmaceutical company focused on
pharmaceutical product development in the drug development
process. It is promoted by Mr. M.S. Mohan and Mr. Hiren Patel.


PNR INFRA: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with PNR Infra
India Private Limited (PNR) for obtaining information through
letters and emails dated September 21, 2017 and October 26, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          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 PNR Infra 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 PNR Infra 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 PNR Infra India Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

PNR, was initially incorporated in the name of Nagarjuna Homes
Pvt. Ltd. in 1993 and subsequently changed its name to PNR Infra
India Private Limited in 2006. The company is promoted by Mr.
P.Naga Raju and is based in Hyderabad.


SAHIBZADA TIMBERS: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sahibzada
Timbers (Sahibzada) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR170 mil. Fund-based limit assigned with IND BB-/Stable/IND
   A4+ rating

KEY RATING DRIVERS

The ratings reflect Sahibzada's small scale of operations with
revenue of INR331.43 million in FY17 (year end March) coupled
with moderate EBITDA margins of 7.93%, due to its presence in a
highly fragmented and intensely competitive lumber industry and
timber import's vulnerability to government interventions.

The ratings are constrained by Sahibzada's stressed liquidity as
reflected in the full utilisation of its working capital
facilities during the five months ended November 2017. Also, the
net cash conversion cycle was negative 18 days in FY17. Ind-Ra
expects the cycle to deteriorate in FY18 and beyond with increase
in order inflows due to higher inventory and receivables. The
ratings also factor in the proprietorship structure of the
entity.

However, the ratings are supported by Ind-Ra's expectation of an
improvement in the revenue and operating profitability in FY18,
as Sahibzada has taken over all the business operations of its
group company-Sahibzada Timber & Ply Private Limited (STPPL).
This will increase the overall clientele and order inflows. The
ratings are also supported by the two-decade-long experience of
the proprietor in the lumber industry.

The entity did not have external loans in the books until FY17
and consequently the credit metrics were strong with gross
interest coverage (operating EBITDA/gross interest expense) of
52.56x and net financial leverage (Ind-Ra adjusted debt/operating
EBITDA) of negative 0.26x. Ind-Ra expects the credit metrics to
moderate in FY18 and beyond as the entity has raised working
capital loans which would lead to an increase in interest costs.
However, the ratios would remain comfortable.

RATING SENSITIVITIES

Negative: A decline in the operating profitability and/or
elongation of the working capital cycle resulting in higher-than-
expected deterioration in the credit profile on a sustained basis
could lead to a negative rating action.

Positive: A significant improvement in the scale of operations
while improving the liquidity and maintaining the operating
margins and credit metrics at the comfortable level could lead to
a positive rating action.

COMPANY PROFILE

Sahibzada is a proprietorship concern based in Mohali, Punjab and
managed by Narinder Singh Sandhu and his son Jaspratap Singh
Sandhu. The entity processes and trades timber and ply.


SHREE RAM: CRISIL Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree Ram
Industries (Harij) (RI) for obtaining information through letters
and emails dated September 21, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          9.75       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    .25       CRISIL D (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 Shree Ram Industries (Harij),
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Shree Ram Industries (Harij) 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 Shree Ram Industries (Harij) to 'CRISIL D Issuer
not cooperating'.

RI, formed in 2007, is promoted by Patan, Gujarat-based Mr Jaydev
Thakkar and his family members. The firm gins cotton.


SHRIPROP DWELLERS: CRISIL Reaffirms D Rating on INR50MM NCD
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the non-convertible
debentures (NCDs) of Shriprop Dwellers Private Limited (Shriprop)
at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Non Convertible
   Debentures-Series I    21.7       CRISIL D (Reaffirmed)

   Non Convertible
   Debentures-Series II   50         CRISIL D (Reaffirmed)

The reaffirmation reflects continued delays in meeting repayment
obligations on Series I NCDs due to weak liquidity. Additionally,
the company is exposed to project implementation risks and to
cyclicality inherent in the real estate sector. These weaknesses
are partially offset by the promoters' Shriram Properties Pvt Ltd
(SPPL, the developer of Shriram Summitt) extensive experience in
the real estate development industry.

Analytical Approach

CRISIL has evaluated project risk for the entire Shriram Summitt
project to arrive at the project risk of Shriprop. This is
because Shriprop houses only units from Shriram Summitt.

Key Rating Drivers & Detailed Description

Weakness

* Delays in meeting debt obligation: The company has delayed
meeting repayment obligations of the Series I NCDs due to weak
liquidity. While sales have gained traction in the past one year,
collections have remained low on account of delay in project
construction, as advances are linked to the progress of the
project.  Earlier, Shriprop had also refinanced part of the
Series I NCD and restructured the balance portion by extending
the maturity dates on two occasions.

* Exposure to project implementation risk: As the project is
still under construction, Shriprop is exposed to project
implementation risks. Most of the units held by Shriprop are in
Phase 3, where requisite approvals have been received, but
construction progress is very slow. Although the project is being
executed in phases, it remains exposed to risks related to time
and cost overruns. The promoters are likely to raise construction
finance in order to help faster project implementation.

* Susceptibility to cyclicality inherent in the real estate
sector
Being a real estate developer, Shriprop's credit risk profile is
exposed to risks and cyclicality inherent in the real estate
sector, resulting in fluctuations in cash inflows because of
volatility in realisations and saleability. In contrast, cash
outflows related to project completion and debt obligations, are
relatively fixed, which can lead to cash flow mismatches.

Strength

* Extensive experience of the promoters: SPPL, the promoter and
flagship company of Shriram group's real estate division, has
over two decades of experience in real estate development and has
constructed integrated townships, commercial spaces and special
economic zones.

Shriprop, a special-purpose vehicle incorporated on August 18,
2014, is engaged in the real estate business, and holds units in
SPPL's Shriram Summitt project. Shriprop funded the purchase of
these units through inter-corporate deposits (ICDs) from Piramal
Estate Pvt Ltd (Piramal Estate); the ICDs were subsequently
replaced with NCDs from Piramal Estate. The NCDs are to be
serviced from the proceeds of the sale of Shriprop's share of
units in Shriram Summitt.

Incorporated in 1995, SPPL is part of the Shriram group, and has
projects in Bengaluru, Chennai, Vishakhapatnam, Coimbatore,
Hyderabad and Kolkata. It develops residential and commercial
real estate projects.


SIDHU INDUSTRIAL: CRISIL Assigns B+ Rating to INR3.5MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Sidhu Industrial Corporation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            2.5        CRISIL B+/Stable
   Term Loan              3.5        CRISIL B+/Stable

The rating reflects Sidhu's working capital-intensive operations,
exposure to risks relating to the tender-based nature of
operations, and below-average financial risk profile. These
weakness are partially offset by an established market position
in the manufacture of locomotive parts, experience of the
promoters, and healthy relation with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets are
expected at around 180 days over the medium term, driven by
moderate debtors since the debtors pertain to railways.

* Exposure to risks relating to the tender-based nature of
operations: Due to tender-based nature of operations, revenue was
INR20 crore in fiscal 2017. However, revenue is expected to
increase over the medium term because of high value of tenders
secured and commencement of new machinery. However, the tender-
based nature of operations along with intense competition in the
fabrication business, constrains business risk profile.

* Below-average financial risk profile: Financial risk profile
has been below average, with low networth, moderate gearing and
average debt protection metrics.

Strengths

* Established market position and strong relationship with
customers: Sidhu is registered as a vendor of Indian Railways for
manufacturing and supplying of various locomotive parts such as
roofs, side walls, driver's cabins, steel casting, steel ingots,
steel forgings, mechanised steel, and wagon components. Sidhu is
also expected to benefit from the Indian Railways' emphasis as
the firm is one of the few approved vendors for Indian Railways
having the technology to manufacture stainless steel corrosion
resistance factor components, side walls, and underframes for
locomotive.

Outlook: Stable

CRISIL believes Sidhu will continue to benefit from the
experience of the promoters and an established market position.
The outlook may be revised to 'Positive' if substantial increase
in scale of operations, operating profitability and cash accrual
along with efficient working capital management strengthen
liquidity. Conversely, the outlook may be revised to 'Negative'
if decline in revenue or profitability, higher-than-expected
working capital requirement, or larger-than-expected, debt-funded
capital expenditure weakens financial risk profile.

Sidhu, set up in 1987, manufactures and fabricates various
locomotive parts such as roofs, side walls, partitions, and
underframes. Punjab-based Mr Parshotam Singh and his family are
the promoters.Sidhu, set up in 1987, manufactures and fabricates
various locomotive parts such as roofs, side walls, partitions,
and underframes. Punjab-based Mr Parshotam Singh and his family
are the promoters.


SRI KRISHNA: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Krishna Agro Industries (SKAI) for obtaining information through
letters and emails dated September 21, 2017 and October 26, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            12.5       CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Migrated)

   Long Term Loan          3.03      CRISIL B+/Stable (Issuer
                                     Not Cooperating; Rating
                                     Migrated)

   Proposed Long Term      2.47      CRISIL B+/Stable (Issuer
   Bank Loan Facility                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 Sri Krishna Agro Industries,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Sri Krishna Agro Industries 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 Sri Krishna Agro Industries to 'CRISIL B+/Stable
Issuer not cooperating'.

Set up in 2001 as a partnership firm by Mr V Ramulu and his
family members, SKAI mills and processes paddy into rice, and
generates by-products such as broken rice, bran, and husk. Its
milling unit is in Nizamabad (Telangana).


SRI KRISHNA JEWELLERS: CRISIL Assigns B+ Rating to INR11MM Loan
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
long-term bank facilities of Sri Krishna Jewellers (SKJ) and has
assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL
had, on August 27, 2016, suspended the rating as SKJ had not
provided information required for a rating review. SKJ has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facilities.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL B+/Stable (Assigned;
                                  Suspension Revoked)

   Proposed Cash         11       CRISIL B+/Stable (Assigned;
   Credit Limit                   Suspension Revoked)

The ratings reflect SKJ's small scale of operations in an
intensely fragmented industry and its modest financial risk
profile due to a highly leveraged capital structure. These
weaknesses are partially offset by the extensive experience of
promoters in the gold jewellery industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations susceptibility to intense competition
in fragmented gold wholesale industry: The scale of operations of
the firm is small with revenues estimated of INR39 crore for
fiscal 2017. The domestic jewellery industry is highly fragmented
and largely dominated by the unorganized sector, as it is neither
capital nor technology intensive. As a result of intense
competition, operating margin of players in the gold jewelry
business remains constrained. Despite the SKJ's long-standing
presence in the jewellery business, it faces intense competition
from new entrants-especially branded retailers that have a pan-
India presence and have superior efficiencies of scale

* Modest Financial Risk Profile:  SKJ has a small networth
estimated at around INR4.5 crore as on March 31, 2017. The
networth is expected to remain small over the medium term on
account of limited accretion to reserves as a result of low
operating profitability at around 4percent. The gearing is
moderate at around 1.5 times as on March 31, 2017. Debt
protection metrics are moderate as reflected in interest coverage
and NCATD at around 2.87 times and 9 percent respectively for
fiscal 2017. However the financial risk profile is expected to
remain modest on account of a small networth

Strengths

* Extensive Industry Experience of the promoters: The firm is
managed by Mr.Gopalakrishnan,Mr.Harikrishnan and Mrs.Jayanthi.
The promoters have an experience of more than 4 decades in the
gold jewellery industry. Aided by the extensive experience of the
promoters, the firm has been able to establish healthy
relationship with its suppliers and customers

Outlook: Stable

CRISIL believes that SKJ shall continue to benefit over the
medium term from the extensive industry experience of its
promoters.  The outlook may be revised to "Positive" in case of
improvement in scale of operations and profitability leading to
better than expected cash accruals and improvement in its
financial risk profile. Conversely, the outlook may be revised to
"Negative" in case of a decline in scale of operations or
profitability or in case of an elongation in its working capital
cycle, resulting in weakening of its financial risk profile,
especially liquidity.

SKJ was set up by the descendants of Mr.Soorappa Chettiyars
family in 2006. The firm is wholesaler of gold jewellery. The
promoters have been in the same line of business for about a long
time. Currently, the firm is being managed by the fourth
generation of the family.


SRI SAI KRISHNA: CRISIL Reaffirms D Rating on INR4MM Sec. Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
of Sri Sai Krishna Educational Society (SSKES) at 'CRISIL D'.

                              Amount
   Facilities               (INR Mln)    Ratings
   ----------               ---------    -------
   Long Term Bank Facility      3.5      CRISIL D (Reaffirmed)
   Secured Overdraft Facility   4        CRISIL D (Reaffirmed)

The rating reflects instances of delay in servicing debt; the
delays were owing to weak liquidity.

The ratings also reflect high geographical concentration in
revenue profile and exposure to risks arising from the
competitive and regulated nature of the education industry.
However it benefits from extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* High degree of geographical concentration in its revenue
profile: The society has an integrated campus with two institutes
which are located in Kurnool (Andhra Pradesh), thus exposing its
revenues to risks related to concentration in a single geography.

* Exposure to risks arising from the competitive and regulated
nature of the education industry: SSKES, like other colleges in
the area, faces competition from many reputed universities and
colleges in Kurnool and other parts of Andhra Pradesh.  Moreover,
the education segment is highly regulated and hence SVES would
remain exposed to risks arising from the regulated nature of
education industry

Strengths

* Extensive experience of promoters in education sector
SSKES has been in existence for around a decade. The promoters'
extensive industry experience has helped the society expand
aggressively by opening two institutes and establish a strong
brand in Karimnagar.

SSKES, established in 2006, operates two educational institutes
in Kurnool (Andhra Pradesh) G Pullaiah College of Engineering &
Technology and Ravindra College of Engineering.

During fiscal 2017, the Society reported a profit after tax (PAT)
of INR0.12Crores on operating income of INR16.50 Crores against
PAT of INR0.03 Crores on operating income of INR15.33 Crores in
the previous fiscal.


SUDHIR MANDKE: CRISIL Hikes Rating on INR5MM Loan to B
------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Sudhir Mandke Developers to 'CRISIL B/Stable' from
'CRISIL D' and has withdrawn its rating on the term loan facility
as requested by the client, and on receipt of the no-dues
certificate from Bank of Maharashtra. The rating action is in
line with CRISIL's policy on withdrawal of its rating on bank
loans.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                5        CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Term Loan               20        CRISIL D Withdrawn

The upgrade reflects timely servicing of outstanding debt since
September 2017. With the first phase of the project 'Mandke
Advantage Homes' fully completed and liquidity should remain
supported by sufficient cashflow from 31 unsold flats and 8
unsold shops over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to risks inherent in the real estate sector: The
real estate sector in India is cyclical because of sharp
movements in prices and a highly fragmented market structure.
With increase in supply, attractive prices offered by various
builders, and constant regulatory changes, profitability of real
estate players is expected to come under pressure over the medium
term.

Strength

* Extensive experience of the proprietor: SMD continues to draw
support from the four decade-long experience of the proprietor,
Mr Sudhir Mandke, in the real estate business in Pune.

Outlook: Stable

CRISIL believes SMD will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if an increase sales velocity of units and receipt of
proceeds from sales of units, improves cash inflows. The outlook
may be revised to 'Negative' in case of if slow sales velocity
lowers cash inflow or any unanticipated availment of debt, and
weakens financial risk profile, especially liquidity.

Established in 2002, SMD is a proprietorship firm of Mr Sudhir
Mandke, based in Pune. The firm is presently implementing a
residential real estate project, Mandke Advantage Homes, near
Bibwewadi in Pune. Phase I of the project (comprising 231
saleable units) is completed.


TRUST CHEMISTS: Ind-Ra Assigns B Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Trust Chemists
and Druggists Limited (TCDL) a Long-Term Issuer Rating of 'IND
B'. The Outlook is Stable. The instrument-wise rating action is:

-- INR140 mil. Fund-based working capital limit assigned with
    IND B/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect Ind-Ra's expectations of operations turning
profitable in FY18 and beyond, leading to an improvement in the
overall credit metrics. The company has closed its loss-making
stores in a phased manner. Additionally, it is implementing other
cost-cutting measures coupled with increased focussed on the sale
of dietary supplements which carry higher margins. According to
provisional financials for the period April-October 2017, it
achieved revenue of INR454.2 million with an EBITDA margin of
around 4.3% and EBITDA interest coverage (operating EBITDA/gross
interest expense) of 1.2x.

In FY17, revenue was INR1102.4 million (FY16: INR921.5 million),
EBITDA margin was negative 8.1% (negative 1.3%), interest
coverage was negative 2.3% (negative 0.3%) and net leverage
(adjusted net debt/operating EBITDAR) was 227.7x (14.8x). The
negative EBITDA margin was because of losses reported by some of
the stores due to increase competition along with inventory
losses due to a steep decline in medicine prices.

The ratings are supported the company's comfortable liquidity
with an average peak utilisation of around 50% for the 12 months
ended November 2017 and promoter's experience of over a decade in
running retail medical stores and other pharma related
activities.

RATING SENSITIVITIES

Negative: Inability to achieve the revenue and margin as expected
by the management will be negative for the ratings.

Positive: A positive rating action could result from sustained
positive profitability leading to improved credit metrics.

COMPANY PROFILE

Incorporated in 2003 by Mr. Hemanth Kumar Bothra, TCDL is a
retail chain in Karnataka with over 120 outlets. The company's
product offerings span pharmacy, and health and wellness care. It
operates through several formats such as stand-alone pharmacies;
pharmacies in hospitals, corporate campuses, and malls; and shop-
in-shop pharmacies in supermarkets.


VIRTUE INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Virtue
Industries (VI) for obtaining information through letters and
emails dated September 21, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            2        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan         4.45     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 Virtue Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Virtue Industries 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 Virtue Industries to 'CRISIL B+/Stable Issuer not
cooperating'.

VI, established in 2016 as a partnership firm, is setting up a
stone crushing facility in Paritala near Vijayawada, Andhra
Pradesh. It is likely to commence operations in January 2017. The
firm is promoted by Mr Sivarama Krishnan and his family.


WELLCOME HOSPITALS: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Wellcome
Hospitals Private Limited (WHPL) for obtaining information
through letters and emails dated September 21, 2017 and October
26, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

   Term Loan              9        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 Wellcome Hospitals Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Wellcome Hospitals 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 Wellcome Hospitals Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

Incorporated in 2013, WHPL is setting up a 50-bed multi-
speciality hospital in Visakhapatnam, Andhra Pradesh.


* INDIA: Banks Gearing Up to Refer 24 Large NPA Accounts to NCLT
----------------------------------------------------------------
BloombergQuint reports that with the closure of the Reserve Bank
of India's deadline to resolve the 28 identified large stressed
accounts in the second list, banks are gearing up to refer as
many as 24 of them for insolvency proceedings.

In August, the Reserve Bank had asked banks to either resolve the
28 more large stressed accounts or refer them to the National
Company Law Tribunal by Dec. 31, BloombergQuint says. These
accounts together account for 40% of bad loans of around INR4
lakh crore, the report notes.

"Except for Anrak Aluminium, Jayaswal Neco Industries, Soma
Enterprises and Jaiprakash Associates, all other accounts are
going to the NCLT (for resolution)," the report quotes a senior
banker as saying.

BloombergQuint relates that some of the large accounts, which are
likely to go to the NCLT, include:

- Asian Color Coated Ispat
- Castex Technologies
- Coastal Projects
- East Coast Energy
- IVRCL, Orchid Pharma
- SEL Manufacturing
- Uttam Galva Metallic
- Uttam Galva Steel
- Visa Steel, Essar Projects
- Jai Balaji Industries
- Monnet Power
- Nagarjuna Oil Refinery
- Ruchi Soya Industries
- Wind World India

In the case of Anrak Aluminium, the lenders are looking for a
one-time settlement, while for Soma Enterprises, the banker said
the account is closer to resolution, BloombergQuint relays. For
Jaiprakash Associates -- its EPC business arm -- the lenders are
seeking Reserve Bank approval for a "deep restructuring", another
banker said.

According to BloombergQuint, the lenders have also sought RBI
permission to extend the Dec. 13 deadline for Videocon
Industries, where they have huge exposure, said another banker.
However, RBI refused to extend the deadline and banks are
preparing to approach NCLT.

Banks will also have to make a provision of 50% on these accounts
by March 2018, BloombergQuint states. It can be noted that of the
12 largest accounts that the RBI had named on the June list, 11
of them are under the NCLT.

BloombergQuint says the apex bank's internal advisory committee
identified 12 large stressed cases worth over Rs 5,000 crore,
accounting to 25% (Rs 1.75 lakh crore) of total gross non-
performing assets, for proceedings under the insolvency and
bankruptcy code.

The central bank advised banks to set aside 50% provisioning
against secured exposure and 100% against unsecured exposure in
all cases referred for bankruptcy, BloombergQuint adds.



                             *********

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

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

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


                            *********


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

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

Copyright 2018.  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
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                 *** End of Transmission ***