/raid1/www/Hosts/bankrupt/TCRAP_Public/180111.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, January 11, 2018, Vol. 21, No. 008

                            Headlines


A U S T R A L I A

BOARDERLANDS PTY: Second Creditors' Meeting Set for Jan. 17
HUMMINGBIRD HOMES: Second Creditors' Meeting Set for Jan. 18


C H I N A

COUNTRY GARDEN: New USD Bond Issue No Impact on Moody's Ba1 CFR
GUANGXI FINANCIAL: Moody's Assigns (P)Ba1 Rating to USD Sr. Bonds
HILONG HOLDING: Proposed Tap Issue No Impact on Fitch BB- Ratings
LEECO: Founder's Brother Sued for Breaking Share Pledge Deal
TIMES PROPERTY: Fitch Rates Proposed USD Sr. Notes 'B+(EXP)'

TIMES PROPERTY: Moody's Assigns B2 Rating to USD Sr. Unsec. Notes
TIMES PROPERTY: S&P Rates New USD Senior Unsecured Notes 'B'
URUMQI GAOXIN: Fitch Rates Proposed Additional Bond Issue BB+


H O N G  K O N G

NOBLE GROUP: To Close Down London Oil Desk
NOBLE GROUP: Puts Final Amount From Sale of NAGP at US$168MM


I N D I A

AGRAWAL MEDICO: CRISIL Assigns B+ Rating to INR6MM Cash Loan
ALLURE CONSUMER: CRISIL Assigns B+ Rating to INR19.8MM Term Loan
ANGEL PIPES: CRISIL Moves B Rating to Not Cooperating Category
ASIAN VENTURES: CRISIL Hikes Rating on INR8.02MM Term Loan to B+
BEST AGROCHEM: Ind-Ra Moves BB Issuer Rating to Not Cooperating

BHUSHAN STEEL: 5 Companies Likely to Submit Final Resolution Plan
BRAVAT GRANITO: ICRA Assigns B Rating to INR33.50cr Term Loan
BUDHIA AGENCIES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
CALTRON INFO: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
DASHMESH WEAVING: Ind-Ra Moves BB Rating to Not Cooperating

DEIFY INFRASTRUCTURES: ICRA Hikes Rating on INR25cr Loan to C+
DESAI TEXTILES: ICRA Assigns B- Rating to INR5.0cr Cash Loan
DEV METALS: ICRA Reaffirms C Rating on INR7cr Cash Loan
GIRIN DEKA: CRISIL Lowers Rating on INR10MM Bank Loan to D
GLOBCON INDUSTRIES: ICRA Reaffirms B+ Rating on INR8.70cr Loan

HE-MAN AUTO: CRISIL Assigns B Rating to INR4.50MM Cash Loan
JKS MATCHES: CRISIL Assigns D Rating to INR3.75MM Packing Loan
K K DUPLEX: Ind-Ra Migrates D Issuer Rating to Not Cooperating
K MAGANLAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
K T VARGHESE: CRISIL Assigns B- Rating to INR4.25MM Cash Loan

KALIKA ENTERPRISE: CRISIL Assigns D Rating to INR9.5MM Cash Loan
LOTUS CHOCOLATE: CRISIL Hikes Rating on INR25MM Cash Loan to B+
MAHANT OVERSEAS: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
MAYA CONSTRUCTION: Ind-Ra Migrates BB Rating to Not Cooperating
MES INTERNATIONAL: CRISIL Assigns D Rating to INR10MM LT Loan

MONNET ISPAT: Gets 90 Days Extension to Complete Insolvency
NATURAL FOODS: CRISIL Assigns D Rating to INR13MM LT Loan
NEOGROWTH CREDIT: Ind-Ra Withdraws Rating on Commercial Paper
NOOR ICE: ICRA Reaffirms B+ Rating on INR4.70cr Term Loan
PANASIAN IMPEX: ICRA Reaffirms B+ Rating on INR5cr Loan

PARINEE REALTY: CRISIL Lowers Rating on INR285MM Loan to B(SO)
PATEL COTTON: ICRA Removes B+ Rating from Issuer Not Cooperating
PIONEER PRODUCTS: CRISIL Assigns B+ Rating to INR3.0MM Loan
R.C. FOODS: CRISIL Assigns B+ Rating to INR8.5MM Cash Loan
RAGHVENDRA GINNING: CRISIL Reaffirms B+ Rating on INR5MM Loan

RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR13.85cr Loan
S S INFRAZONE: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
SANJAR PHARMA: CRISIL Lowers Rating on INR9MM LT Loan to B-
SHREE DEVELOPERS: ICRA Assigns B+ Rating to INR80cr Term Loan
SHRI VAIJANATH: CRISIL Assigns B- Rating to INR4.53MM LT Loan

SOKHI STEELS: CRISIL Moves D Rating to Not Cooperating Category
SOMESHWAR ORGANISORS: CRISIL Withdraws B+ Term Loan Rating
SRI MVR: ICRA Reaffirms B Rating on INR16cr Cash Loan
SUNCORE TILES: ICRA Assigns B Rating to INR26cr Term Loan
THREE C: ICRA Lowers Rating on INR225cr NCD Programme to D

TIKU RAM: CRISIL Reaffirms B+ Rating on INR27MM Export Loan
V S METALLIC: Ind-Ra Migrates B Issuer Rating to Not Cooperating
VELKAR ENGINEERING: CRISIL Assigns B- Rating to INR5MM Cash Loan
VREON TECH: CRISIL Assigns B Rating to INR60MM LT Loan
VSRK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR2cr Loan


M A L A Y S I A

BERJAYA MEDIA: Yet to Formulate a Regularisation Plan


N E W  Z E A L A N D

ANDREA MOORE: Kiwi Fashion Label Goes Into Liquidation
PROPERTY VENTURES: No Deal Yet w/Directors, Says Allied Farmers


                            - - - - -


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


BOARDERLANDS PTY: Second Creditors' Meeting Set for Jan. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Boarderlands
Pty Ltd has been set for Jan. 17, 2018, at 11:00 a.m. at the
offices of Deloitte, 8 Brindabella Circuit, Brindabella Business
Park, in Canberra Airport, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 16, 2018, at 4:00 p.m.

Ezio Senatore of Deloitte was appointed as administrator of
Boarderlands Pty on Dec. 3, 2017.


HUMMINGBIRD HOMES: Second Creditors' Meeting Set for Jan. 18
------------------------------------------------------------
A second meeting of creditors in the proceedings of Hummingbird
Homes (SA) Pty Ltd has been set for Jan. 18, 2018, at 11:00 a.m.
at the offices of BCR Advisory (SA) Pty Ltd, Level 2, 139 Frome
Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 16, 2018, at 4:00 p.m.

Stephen Glen James of BCR Advisory was appointed as administrator
of Hummingbird Homes on Dec. 1, 2017.



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


COUNTRY GARDEN: New USD Bond Issue No Impact on Moody's Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's Ba1 corporate family rating and Ba2 senior
unsecured debt ratings will not be immediately affected by the
company's proposed issuance of USD notes.

The ratings outlook remains stable.

"The proposed notes issuance will not materially affect Country
Garden's financial metrics, because the majority of the proceeds
will be used to refinance the company's existing debt," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

Moody's expects that Country Garden's debt leverage - as measured
by revenue to adjusted debt and including guarantees for joint
ventures and associates - will improve to 110%-115% over the next
12-18 months from 93% for the 12 months to June 30, 2017. Moody's
assessment is based on its expectation that revenue growth will
outpace the increase in debt, on the back of strong contracted
sales in the past two years.

EBIT/interest coverage should improve to 4.0x-4.5x over the next
12-18 months from 3.5x for the 12 months to June 30, 2017, driven
by revenue growth and the improvement in gross profit margins.

The new notes issuance will also improve the company's liquidity
and lengthen its debt maturity profile.

The company had RMB120.1 billion of cash on hand at June 30, 2017,
which covered 254% of its short-term debt as of that date.

Country Garden's Ba1 corporate family rating reflects its strong
sales execution through property cycles, good geographic coverage
and its status as one of the largest developers in China (A1
stable), as well as its established track record in suburban
property development in the country.

The company reported a robust 78% year-on-year growth in
contracted sales to RMB550.80 billion in 2017; a result which
ranked Country Garden as the largest Chinese property developer by
contracted sales in 2017.

However, the ratings are constrained by a compressed profit margin
in the company's mass market portfolio, as well as its modest
credit metrics for its rating level, due to its fast business
expansion and rapid asset turnover model.

The stable ratings outlook reflects Moody's expectation that
Country Garden will maintain its strong sales execution, and
improve its debt leverage by continuing to achieve growth in
revenue and controlling the growth in debt.

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

Founded in 1992 and listed on the Hong Kong Stock Exchange,
Country Garden Holdings Company Limited is a leading Chinese
integrated property developer. At June 30, 2017, its total gross
floor area in China, including that of joint ventures and
associates, registered 209.8 million square meters.

And, at June 30, 2017, the company owned and operated 53 hotels
with a total of 14,053 rooms. The hotels are located mainly in
Guangdong Province and complement its township development
projects.


GUANGXI FINANCIAL: Moody's Assigns (P)Ba1 Rating to USD Sr. Bonds
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 corporate family
rating (CFR) of Guangxi Financial Investment Group Co., Ltd
(GXFIG), and has assigned a (P)Ba1 rating to the USD denominated
senior unsecured bond to be issued by CXFIG.

The outlook on the ratings is stable.

RATINGS RATIONALE

Guangxi Financial Investment Group Co., Ltd

GXFIG's Ba1 CFR incorporates its baseline credit assessment (BCA)
of ba3 and a two-notch uplift, based on Moody's expectation of
strong support from the Guangxi provincial government under
Moody's joint-default analysis approach for government-related
issuers.

GXFIG was founded in 2008 and is 100% owned by the Guangxi State-
owned Assets Supervision and Administration Commission (SASAC). It
is a conglomerate and its subsidiaries are engaged in
microfinance, SME credit guarantee, distressed asset management,
property and casualty insurance, leasing, credit re-guarantee, and
private equity investment.

The ba3 BCA reflects GXFIG's dominant position in the microfinance
and guarantee businesses in Guangxi. However, the BCA is
constrained by GXFIG's (1) rapid asset growth and evolving
business mix; (2) high geographic concentration; and (3) weakened
profitability and rising asset quality pressure.

GXFIG has reported rapid asset growth and business expansion over
the past few years, with its consolidated total assets growing
11.5% to RMB70.8 billion in the first six months of 2017. The
company reported asset growth of 23.8% in 2016 and 53.1% in 2015.
Its leverage, as measured by total assets/equity attributable to
holders of ordinary share, rose to 7.8x as of the end of June 2017
from 4.2x as of the end of 2014.

At the same time, GXFIG's business mix continues to evolve. The
company has slowed its traditional businesses of microfinance and
SME credit guarantee, and is actively expanding into new
businesses such as distressed asset management, private equity
investment and leasing.

GXFIG's major businesses and operations concentrate in Guangxi,
making it vulnerable to regional economic uncertainties and
consequent volatility in earnings and asset quality. GXFIG's
profitability deteriorated in the second half of 2016, as the
company lowered the pricing of microfinance and guarantee
businesses to support enterprises in Guangxi. The non-performing
loan (NPL) ratio for the company's microfinance business increased
to 2.3% as of the end of June 2017 from 0.5% as of the end of
2013.

The two-notch uplift reflects Moody's expectation of strong
support from the Guangxi provincial government in times of need,
based on GXFIG's strategic importance in developing the financial
services sector in Guangxi and in financing the region's small
medium-sized enterprises (SMEs).

What Could Change the Rating -- Up

GXFIG's ratings could be upgraded if: (1) Moody's believes that
support from the Guangxi provincial government will strengthen due
to an increased importance of GXFIG's activities; (2) the
company's obligations become directly linked to the Guangxi
provincial government's obligations; (3) the company materially
improves its profitability, asset quality and liquidity metrics;
and (4) the company significantly slows its growth rate without
negatively impacting its overall financial metrics.

What Could Change the Rating -- Down

GXFIG's ratings could be downgraded if Moody's believes that
support from the Guangxi provincial government will weaken due to
a decline in the company's importance.

GXFIG's ratings could also be downgraded if its (1) secured
borrowings increase to over 35% of gross tangible assets; (2)
tangible common equity to tangible managed assets declines below
12%; (3) problem loan ratio exceeds 4%; and/or (4) change of
business mix results in material deterioration in profitability
and liquidity.

Proposed USD bond

The (P)Ba1 rating for the proposed USD denominated senior
unsecured bond is at the same level as the corporate family rating
of GXFIG, and reflects the structure of the proposed issuance.

The bond will constitute GXFIG's direct, general, unconditional
and unsecured obligations, and will at all times rank pari passu
among themselves and at least equally with all other present and
future unsecured and unsubordinated obligations of GXFIG.

The proposed bond carries a provisional rating because it needs to
be registered with China's State Administration of Foreign
Exchange (SAFE). Moody's expects to assign a definitive rating to
the bond upon completion of the foreign debt registration by GXFIG
with SAFE.

What Could Change the Rating -- Up

An upgrade of GXFIG's CFR could trigger an upgrade in the bond
rating.

What Could Change the Rating -- Down

The bond rating could be downgraded if (1) GXFIG's CFR is
downgraded; or (2) GXFIG's structurally senior and/or secured debt
increases materially.

The methodologies used in these ratings were Finance Companies
published in December 2016 and Government-Related Issuers
published in August 2017.

GXFIG is headquartered in Nanning, Guangxi. It reported assets of
RMB70.8 billion (approximately USD10.4 billion) as of the end of
June 2017.


HILONG HOLDING: Proposed Tap Issue No Impact on Fitch BB- Ratings
-----------------------------------------------------------------
Fitch Ratings says Hilong Holding Limited's proposed tap of its
existing USD250 million 7.25% guaranteed bonds due 2020 will not
affect the 'BB-' rating on the notes. The notes are rated at the
same level as China-based Hilong's senior unsecured debt rating,
as they represent its direct, unconditional, unsecured and
unsubordinated obligations.

Fitch expects Hilong's leverage to decrease in 2017-2018 due to
growth in new orders from overseas markets and limited capex in
the near term. However, Fitch sees the increased working capital
requirements during the oil sector's downturn as a key risk to the
company's deleveraging, which is reflected in the Negative Outlook
on Hilong's Issuer Default Rating. Evidence of substantial
working-capital reduction and a sustained increase in its revenue
and order-book may lead to its Outlook being revised to Stable.

Hilong is the largest drill pipe manufacturer and provider of
coating services for oil country tubular goods (OCTG) in China by
sales, with around 45%-50% market share. Drill pipe and OCTG
coating are Hilong's core business segments, and accounted for 40%
of total sales and 38% of total gross profit in 2016. Hilong's
business had been negatively affected by the downturn in the oil
and gas industry, though operations have stabilised in the past
year.


LEECO: Founder's Brother Sued for Breaking Share Pledge Deal
------------------------------------------------------------
Emily Feng at The Financial Times reports that brokerage China
Orient Securities is suing the brother of tycoon Jia Yueting for
breaking a share pledging agreement, a blow for Jia's crumbling
tech conglomerate LeEco, which had just repaid part of its debts
to another creditor, China Merchants Bank.

According to the report, the company had just taken steps forward
on plugging its debt hole by repaying over $100 million of its
debts to major creditor China Merchants Bank this week. China
Merchants confirmed on Jan. 10 that it had received the payment.

The FT relates that the lawsuit, filed by China Orient in Shanghai
court, alleges that Jia Yuemin broke an agreement to buy back his
CNY200 million (US$30.62 million) equity share in LeEco's
Shenzhen-listed arm with interest. There was no immediate comment
from LeEco, the report notes.

Share pledging to secure loans is a common fundraising tactic for
asset-rich, cash-poor founders, the report says. Both Mr. Jia, his
sister and his brother have already pledged the entirety of their
shares in LeEco's listed arm and a connected entity, the FT notes.

However, it is a risky practice that can backfire if share prices
slide in value. LeEco's stock has been frozen since last year, the
FT states.

According to the FT, Mr. Jia, LeEco's founder, ceded control over
his tech empire to property developer and investor Sunac last year
after many questioned his leadership. He is currently in the US
raising funds for his electric car venture, Faraday Future.

Last month, Mr. Jia was ordered by China's securities regulators
in an open letter to return to mainland China and settle his
debts, an unprecedented move which Mr. Jia did not heed. He sent
his wife, the actress Gan Wei, in his place, the FT relates.

The FT say Ms. Gan is now working to negotiate an asset thaw with
China Merchants, which won a court case to freeze $180 million of
LeEco's assets in July in lieu of missed debt repayments.

"We hope that our assets will be unfrozen so that we can pay back
more debt owed to creditors," she wrote on her social media
account, the FT adds.

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


TIMES PROPERTY: Fitch Rates Proposed USD Sr. Notes 'B+(EXP)'
------------------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(B+/Positive) proposed US dollar senior notes a 'B+(EXP)' expected
rating and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Times Property's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.

The Outlook on Times Property is Positive, reflecting the
potential for further positive rating action if the company can
maintain leverage below 45% and keep its land bank sufficient for
three years of development. The China-based homebuilder's ratings
are supported by its execution record, but are constrained by the
need to consistently replenish its land bank with quality sites,
leading to fluctuating leverage.

KEY RATING DRIVERS

Larger Scale, Strong Sales: Times Property's contracted sales
increased by 42% to CNY41.6 billion in 2017, surpassing its annual
sales target of CNY32.5 billion, with an average selling price of
CNY14,750 per square meter (sq m). This represents a significant
increase from CNY11,860/sq m in 2016 and only CNY9,010/sq m in
2015. Fitch estimates that Times Property retrieved around CNY33
billion from sales proceeds in 2017, assuming a cash-collection
rate of 80%, and that its strong cash collection from larger sales
will continue to support expansion in the next three years.

Better Land Bank Quality: Times Property reported 14.5 million sq
m of land as of end-June 2017, with 13% located in Guangzhou, 34%
in Guangdong's tier 2 cities (Foshan, Zhuhai and Zhongshan) and
the rest in less-developed non-core cities - Qingyuan, Dongguan,
Changsha and Huizhou. Fitch estimates that the company kept its
land bank in its core markets of Guangzhou, Foshan and Zhuhai at
above 3.5 years of development activity at end-June 2017.

High-Cost Acquisitions: Times Property acquired nine projects with
an average cost of CNY5,043/sq m in 1H17. The company started
acquiring higher-priced land parcels in its core markets in 2015
to expand the share of products that appeal to upgraders and
solidify its foothold in Guangzhou and core tier 2 cities, such as
Foshan and Zhuhai. It bought several land parcels in Foshan and
Zhuhai at above CNY12,000/sq m, resulting in a weighted-average
land-acquisition cost of more than CNY8,500/sq m in 2016, compared
with around CNY6,000/sq m in 2015 and less than CN3,000/sq m
before 2014. Fitch expects Times Property to add two to three
projects from urban redevelopment sites annually to complement its
high-cost land acquisitions from public auctions.

Stable Leverage: Times Property's leverage, measured by net
debt/adjusted inventory, rose to about 40% at end-June 2017, from
33% at end-2016. Fitch expects leverage to fluctuate while Times
Property expands, particularly as the government has implemented a
series of policies since October 2016 to curb excessive house-
price increases. The company's current sustainable sales are key
to managing the fluctuation in leverage. Fitch will consider
taking positive rating action if Times Property is able to
maintain its leverage below 45%.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong province in southern
China. Guangzhou, Foshan and Zhuhai, which together accounted for
more than 85% of its total contracted sales in the past three
years. Fitch expects Times Property to focus on expanding within
Guangdong province and that it is unlikely to expand into other
provinces in the near term.

DERIVATION SUMMARY

Times Property expanded by about 50% in 2016 to reach a contracted
sales scale similar to 'BB' category peers - such as Yuzhou
Properties Company Limited's (BB-/Stable) CNY23 billion and China
Aoyuan Property Group Limited's (BB-/Stable) CNY26 billion. Times
Property has been constrained by high leverage of around 40%
compared with its small scale, due to constant pressure to
increase its land bank in its core markets in Guangdong province.
The company has managed to maintain stable leverage while
significantly boosting scale and saleable resources to support
growth during the past two years.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

- Contracted sales sustained above CNY30 billion in the next
   three years

- Gross profit margin (including capitalised interests)
   maintained at 20%-25% over 2017-2019

- Attributable land premium at around 45% of total contracted
   sales in the next three years

RATING SENSITIVITIES

Positive: developments that may, individually or collectively,
lead to positive rating action include:

- Net debt/adjusted inventory sustained below 45%
- Contracted sales/total debt sustained above 1.5x (2016: 1.4x)
- EBITDA margin sustained above 20%. (2016: 19.4%, 1H17: 19.3%)
- Land bank sufficient for three years of development

Negative: developments that may lead to the Outlook being revised
to Stable:

- Failure to maintain the positive guidelines

LIQUIDITY

Sufficient Liquidity: Times Property had cash and cash equivalent
of CNY13.1 billion (including restricted cash) as of end-June
2017, compared with CNY2.4 billion of short-term debt. The company
issued two offshore senior notes in 2017 to refinance its USD305
million 12.625% bond due 2019 (already redeemed in February 2017)
and CNY1.5 billion 10.375% bond due 2017.


TIMES PROPERTY: Moody's Assigns B2 Rating to USD Sr. Unsec. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 rating to the USD
senior unsecured notes proposed by Times Property Holdings Limited
(B1 positive).

Times Property plans to use the proposed note proceeds mainly to
refinance existing indebtedness.

RATINGS RATIONALE

"The proposed note issuance will not have a material impact on
Times Property's credit metrics because the proceeds will be
mainly used for refinancing," says Danny Chan, a Moody's Analyst,
and also the Lead Analyst for Times Property.

In addition, the proposed issuance will lengthen the company's
debt maturity profile and reduce its average financing cost,
because it will use the proceeds to refinance its existing higher
cost borrowings.

The positive outlook on Times Property's CFR reflects Moody's
expectation that the company will improve its debt leverage,
supported by strong revenue growth and a stable gross profit
margin over the next 12-18 months.

Moody's expects the company's debt leverage -- as measured by
revenue/adjusted debt -- will gradually improve through strong
revenue growth to around 75%-80% in the next 12-18 months. This is
based upon the company's strong 42% contracted sales growth year-
on-year in 2017 to RMB41.6 billion, which will in turn support
revenue growth over the next 1-2 years.

The company also maintained its reported gross profit margin at
26.4% in 1H 2017, largely unchanged from 2016, and a level that
should support homebuilding EBIT/interest above 3x in the next 1-2
years.

Times Property's liquidity position is strong. Its cash balance of
RMB13.1 billion at the end of June 2017 well covered its debt of
RMB2.4 billion maturing over the next 12 months.

Times Property's B1 corporate family rating (CFR) reflects its
growing operating scale, established brand and track record in
Guangdong Province.

The company's rating also takes into account its stable profit
margins and strong liquidity profile.

However, Times Property's B1 CFR is tempered by its (1) geographic
concentration in Guangdong Province; and (2) exposure to the
financing and execution risks associated with its fast growth
business strategy.

The senior unsecured rating on the proposed notes is one notch
lower than the company's CFR because of the risk of structural and
legal subordination.

This risk reflects Moody's expectation that the majority of claims
will be at the level of the operating subsidiaries, and will have
priority over claims at the holding company in a bankruptcy
scenario.

In addition, the holding company lacks significant mitigating
factors for structural subordination, reducing the expected
recovery rate for claims at the holding company.

Upward rating pressure could emerge if (1) Times Property shows a
record of stable growth in sales and operating scale, and
maintains its strong cash position with cash/short-term debt of
2x; and (2) the company's revenue/adjusted debt exceeds 75%-80%
and adjusted EBIT/interest exceeds 3x on a sustained basis.

On the other hand, the rating outlook could return to stable if
Times Property shows (1) volatility in its contracted sales and
revenue; (2) higher-than-expected land acquisitions; or (3) a
reduced likelihood of its credit metrics reaching levels
appropriate for a rating upgrade over the medium term.

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

Times Property Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for mass-
market housing. At the end of June 2017, it had 62 property
projects across eight cities in Guangdong Province and Changsha
city in Hunan Province. Its land bank totaled around 14.5 million
square meters as of the same date.


TIMES PROPERTY: S&P Rates New USD Senior Unsecured Notes 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior notes by Times
Property Holdings Ltd. (B+/Stable/--). The rating is subject to
S&P's review of the final issuance documentation.

The senior, unsecured notes are rated one notch below the
corporate credit rating. This reflects the subordination risk,
because the notes rank behind a significant amount of secured debt
in the capital structure.

Times Property intends to use the proceeds to refinance its
existing debt and for general working capital use. This is the
second offshore issuance in the past three months for the China-
based property developer. In November 2017, the company issued
US$300 million 6.6% notes due 2023 for debt refinancing.

S&P said, "In our view, Times Property's recent offshore issuances
provide an alternative funding source to its onshore financing,
given bond approvals to developers in China's onshore market
remain tight. It also helps the company lower its funding costs,
offsetting the impact from the recent surge in onshore funding
rates.

"We expect Times Property to continue to pursue debt-funded growth
in the next two years. At the end of June 2017, the company's
rolling 12-month debt-to-EBITDA ratio had deteriorated to 6.5x-
7.0x, mainly because the company has front-loaded its full year
land-acquisition budget. We estimate land-acquisition costs for
the full years in 2017-2018 will remain controlled at 40%-50% of
attributable contracted sales. With our expectation of higher
revenue recognition and stable margins, the company's leverage
should gradually improve towards 5x over the next 12 months."


URUMQI GAOXIN: Fitch Rates Proposed Additional Bond Issue BB+
-------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'BB+(EXP)' to
Urumqi Gaoxin Investment and Development Group Co., Ltd.'s (UGID,
BB+/Stable) proposed issuance of an additional USD73 million of
its USD200 million 5.2% senior unsecured notes due 2020.

The notes will be consolidated and have the same terms and
conditions as the notes issued in December 2017. The additional
notes will not affect Fitch rating on UGID. The proceeds of the
proposed US dollar notes will be for general corporate purposes.

The final rating on the additional notes is contingent upon the
receipt of final documents conforming to information already
received.

KEY RATING DRIVERS

The offshore notes are issued by UGID and constitute its unsecured
and unsubordinated obligations, ranking pari passu with all its
other present and future obligations.

RATING SENSITIVITIES

Any rating action on UGID's Issuer Default Rating would result in
similar action on the ratings of the US dollar notes.



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


NOBLE GROUP: To Close Down London Oil Desk
------------------------------------------
Reuters reports that Noble Group is closing down its London oil
desk and winding down its Asia oil operations, sources familiar
with the matter said, as heavy losses and high debt force what was
once Asia's biggest commodities trader to restructure.

The closures follow the sale of its larger U.S. oil trading
business to Vitol, announced in October, and a nine-month loss of
some $3 billion reported in November, Reuters says.

Since then, Noble has been winding down its remaining oil trading
operations in London and Singapore, with many key traders leaving
to join competitors, according to Reuters.

"That (U.S. oil business) comprised the material share of Noble's
oil business. The rest . . . has either closed or is in the final
process of sale," Reuters quotes a source familiar with the matter
as saying.

Reuters notes that the company, which had a market capitalisation
of $6 billion in early February 2015, was plunged into crisis
after a report by blogger Iceberg Research later that month
questioning its accounting.

Noble stood by its accounts and rejected the report's allegations
but coupled with a major commodities downturn, the firm was unable
to recover investor confidence. Its market value has shrunk to
around $215 million, Reuters says.

According to Reuters, the closure of its London and Singapore
desks marks an effective exit from the oil trading business. In
2016, the number of employees at NCFL (Noble Clean Fuels Ltd) in
London was 25, down from 35 the year before.

The Singapore-listed company, founded in 1986 by Richard Elman, is
returning to its roots as a hard commodities business in Asia,
mainly involved in coal marketing, a business that is partly
financed by Mercuria Group, Reuters notes.

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

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


NOBLE GROUP: Puts Final Amount From Sale of NAGP at US$168MM
------------------------------------------------------------
Rachel Mui at The Business Times reports that Noble Group on
Jan. 8 said the final amount paid by Mercuria Energy America Inc
for its indirect wholly-owned subsidiary, Noble Americas Gas &
Power Corp (NAGP), stands at US$168 million, higher than the
US$102 million announced earlier.

In October, Noble said it had sold NAGP to Mercuria for
US$102 million, less than the US$261 million expected earlier
because of changes in working capital and amounts placed in
escrow, the report says.

The Business Times relates that in a filing with the Singapore
Exchange on Jan. 8, Noble said that following the closing of the
disposal on Sept. 29, 2017, the final consideration was higher at
approximately US$168 million after being "subject to adjustment
according to the terms and conditions of the stock purchase
agreement."

This final amount includes US$20 million which remains deposited
with the escrow agent, the report notes.

According to the Business Times, the disposal of NAGP is one of
the many assets that Noble sold off last year in order to reduce
its debts. As of Sept. 30, 2017, Noble had debt of US$3.5 billion,
but its cash and short-term deposits (excluding cash balances with
future brokers) fell to US$256 million, from US$467 million three
months before, the Business Times discloses.

It also reported a net loss of US$1.2 billion for the three months
to Sept. 30, largely owing to write-downs for net fair-value
losses related to the sale of its businesses, the Business Times
relates.

In December last year, the company also announced that it will be
disposing its US-based ethanol producer, Noble Americas South Bend
Ethanol (Nasbe), to Mercuria Investments - a unit of Mercuria
Energy - for a base consideration of US$15.5 million, US$3 million
higher than its previous offer from Zeeland Farm Services, the
report adds.

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

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



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


AGRAWAL MEDICO: CRISIL Assigns B+ Rating to INR6MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facility of Agrawal Medico (AM).

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

The rating reflects a weak financial risk profile and working
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of the proprietor in the
pharmaceuticals distribution industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The networth was modest at INR0.38
crore as on March 31, 2017. The debt protection metrics were weak,
with interest coverage ratio of 1.2 times and net cash accrual to
adjusted debt ratio of 1%, in fiscal 2017. The financial risk
profile is likely to remain weak over the medium term due to
modest accretion to reserve and withdrawal of capital by the
proprietor.

* Working capital-intensive operations: Gross current assets were
high at 136 days as on March 31, 2017. Inventory worth INR6-7
crore are stored round the year. Debtors have been around three
months and suppliers give credit of about 15 days. Operations are
likely to remain working capital intensive over the medium term.

Strength

* Extensive industry experience of the proprietor: The proprietor
has an experience of around three decades in the medicine
wholesale business. This has helped to develop a sound
relationship with principals and customers and ensured that there
were no bad debts or any significant delay in receipt of payment.

Outlook: Stable

CRISIL believes AM will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of a substantial increase in revenue and
cash accrual, leading to improvement in the financial risk
profile. The outlook may be revised to 'Negative' in case of a
decline in cash accrual, a substantial increase in working capital
requirement, or debt-funded capital expenditure, leading to
deterioration in liquidity.

AM was started in 1988 as a sole proprietorship firm by Mr. Dilip
Agrawal in Bhopal, Madhya Pradesh. The firm is a wholesale dealer
of medicines, both ayurvedic and allopathic, in Bhopal for around
52 companies.


ALLURE CONSUMER: CRISIL Assigns B+ Rating to INR19.8MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable' rating on the long-
term bank facility of Allure Consumer Products Private Limited
(ACPPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              19.8       CRISIL B+/Stable

The ratings reflect the modest expected scale of operations and
exposure to intense industry competition. These strengths are
partially offset by extensive promoter's experience and tie-ups
with reputed customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest expected scale of operations: Since the operations are
expected to start from January 2018 onwards, hence, for fiscal
2018, company is expected to report a modest scale of operations
due to start-up phase of operations.

* Exposure to intense industry competition: The organized sector
accounts for about 68-70% of the soaps and detergents industry.
ACPPL being a small payer is exposed to competition from both
organized and unorganized players resulting in low bargaining
power. Intense competition is expected to constrains company's
business risk profile over the medium term.

Strengths

* Extensive promoter experience and tie-ups with reputed
customers: The company is managed by Mr. Arjun Gupta having
experience of around 2 decades, via group companies; which has
resulted in successful tie-ups with reputed customers. Benefits
from extensive promoters' experience are expected to support the
business risk profile over the medium term.

Outlook: Stable

CRISIL believes ACPPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if higher-than-expected cash accrual strengthens
capital structure. Conversely, the outlook may be revised to
'Negative' if decline in revenue or profitability, substantial
capex, or stretch in working capital cycle weakens liquidity.

ACPPL set up in October 2016, is engaged into job work of toilet
soaps manufacturing for FMCGs companies. The manufacturing plant
is located at Dehradun.


ANGEL PIPES: CRISIL Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Angel Pipes
and Tubes Private Limited (APTPL) for obtaining information
through letters and emails dated October 12, 2017 and November 7,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   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 Angel Pipes and Tubes Private
Limited which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Angel Pipes and Tubes 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 Angel Pipes and Tubes Private Limited to 'CRISIL
B/Stable Issuer not cooperating'.

Incorporated in 2007, APTPL manufactures stainless steel pipes.
The company is promoted by Mr. Mehta family and is based in
Mumbai. Its manufacturing facilities are based in Sanchore
(Rajasthan).


ASIAN VENTURES: CRISIL Hikes Rating on INR8.02MM Term Loan to B+
----------------------------------------------------------------
CRISIL Ratings has upgraded the rating on the long-term bank
facility of Asian Ventures (AV) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               8.02      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief the AV's overall project risk
improved backed by healthy construction progress. The project
implementation is at higher stage with around 66% of the project
cost being incurred. To support further construction, the company
has undisbursed term loan of INR2.5 crore and incremental
partners' funding along with incremental customer advances
expected from exiting and incremental bookings. With the
completion stage of the project drawing nearer, the demand for the
units is expected to build up over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* 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 be constrained over the medium term.

* Moderately high demand risk: Though the project has healthy
booking, 40% of the saleable units, a tepid demand and non-
preference of work in progress real estate project reflect
moderately high demand risk.

Strengths

* Experience of partners: The partners have completed five
residential real estate projects in the past and their experience
supports the implementation of the project over the medium term.

* Moderate construction progress: The project has already incurred
66% of the projected costs with reinforced concrete work completed
till 8th slab and 9th slab is work in progress.

Outlook: Stable

CRISIL believes AV will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised to
'Positive' if higher bookings of units and receipt of customer
advances improves cash inflow. Conversely, the outlook may be
revised to 'Negative' if time or cost overrun in projects, or slow
ramp up in customer bookings lowers cash inflows and weakens
financial risk profile and liquidity.

AV, incorporated in 2011 is engaged in real estate business. Asian
is a Joint Venture between Khurana family (40%) and Bobinmaker
family (60%).  Currently the firm is developing one residential
project in Pune, Maharashtra.


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

-- INR100 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+ (ISSUER NOT COOPERATING) rating;

-- INR180 mil. Non -fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR220 mil. Proposed non-fund-based working capital limit
    migrated to non-cooperating category with Provisional IND
    A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 5, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Best Agrochem was, incorporated in 2007 by Mr. Vimal Kumar and his
family members. It is engaged in the trading of agrochemicals
products as well as retail sale of pesticides under its own brand
name BEST.


BHUSHAN STEEL: 5 Companies Likely to Submit Final Resolution Plan
-----------------------------------------------------------------
Vishwanath Nair at BloombergQuint reports that five strategic
investors are likely to submit final resolution plans for Bhushan
Steel Ltd, reinforcing the view that insolvent Indian steel firms
will see strong buying interest.

Tata Steel Ltd., ArcelorMittal, Vedanta Group, SAIL and JSW Steel
Ltd. are in advanced stages of putting together a resolution plan
for troubled steelmaker Bhushan Steel Ltd, two bankers in the know
have confirmed, BloombergQuint says.

All five bidders have concluded their due diligence in the New
Delhi-based steel company, the bankers said, requesting anonymity,
BloombergQuint relays.  The insolvency resolution professional of
Bhushan Steel, Vijaykumar V Iyer, extended the deadline for
submission of resolution plans to Jan. 18 from Dec. 23 earlier,
BloombergQuint discloses citing a notification on the company's
website.

"We can confirm that members of our management team have conducted
due diligence on steel assets available through the current
insolvency process. We have no further comment at this time," a
spokesperson for ArcelorMittal said in response to a
BloombergQuint query. Iyer and the other four bidders did not
respond to BloombergQuint's queries.

Bhushan Steel is one of the largest stressed assets being resolved
under the Insolvency and Bankruptcy Code (IBC). According to data
released by the company, it owes its financial creditors more than
INR55,000 crore in debt, while operational creditors are owed more
than INR3,000 crore. For the quarter ended September 2017, Bhushan
Steel reported total income of INR4,325 crore and a net loss of
INR467 crore.

BloombergQuint could not ascertain the value ascribed by potential
investors to Bhushan Steel.

                     About Bhushan Steel

India-based Bhushan Steel manufactures auto-grade steel.

The National Company Law Tribunal admitted the bankruptcy plea
against the steel company filed by State Bank of India on
July 26.

Bhushan Steel's total debt stood at around INR42,355 crore as of
March 31, 2017.

The insolvency resolution process for Bhushan Steel is expected
to be completed by Jan. 22, 2018, LiveMint.com related.


BRAVAT GRANITO: ICRA Assigns B Rating to INR33.50cr Term Loan
-------------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B to the
INR13.00-crore cash credit limit, INR33.50-crore term loans of
Bravat Granito LLP (BGL). ICRA has also assigned a short-term
rating of [ICRA]A4 to the INR3.00-crore non-fund based limits of
BGL. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash
  Credit                  13.00     [ICRA]B (Stable); Assigned

  Fund-based Term
  Loan                    33.50     [ICRA]B (Stable); Assigned

  Non-fund based
  Bank Guarantee           3.00     [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the nascent stage of the
firm's operations, as it is still in the project stage and the
risks associated with the stabilisation of the plant, as per the
expected operating parameters. The ratings also remain constrained
by the highly fragmented nature of the tiles industry, resulting
in intense competition. Furthermore, the ratings also take note of
the cyclical nature of the real estate industry, which is the main
consuming sector; and the exposure of the firm's profitability to
volatility in raw material and gas prices as well as to adverse
foreign exchange fluctuations. The assigned ratings also take into
account the firm's financial profile, which is expected to remain
weak in the near term, given the debt-funded nature of the project
(debt to equity ratio of 1.98 times) and impending debt repayment.
The assigned ratings, however, favorably factor in the experience
of the promoters in the ceramic industry, the locational advantage
of the firm for raw material procurement by virtue of its presence
in Morbi (Gujarat). The ratings derive comfort from the benefits
derived from its associate concerns, in terms of marketing and
distribution.

Going forward, the timely commissioning of operations within the
estimated cost will remain important from the credit perspective.
The firm's ability to establish a market for its products, scale
up its operations in a profitable manner, amidst intense
competition and maintain a healthy financial risk profile will be
some of the key rating sensitivities.

Outlook: Stable

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

Key rating drivers

Credit strengths

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

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

Credit weaknesses

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

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

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

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

Bravat Granito LLP (BGL), incorporated in April 2017, is setting
up a Greenfield project at Morbi in Gujarat to manufacture medium-
sized double charge vitrified tiles. The unit has an estimated
installed capacity of producing 72,000 metric tonnes of tiles per
annum.


BUDHIA AGENCIES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Budhia Agencies
Private Limited's (BAPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR195 mil. Fund-based working capital limit affirmed with
    IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects BAPL's sustained moderate credit profile.
Revenue grew to INR1,841 million in FY17 (FY16: INR1,661 million)
on account of  higher sales of light commercial vehicles. Interest
coverage (operating EBITDA/gross interest expense) improved to
1.7x in FY17 (FY16: 1.5x) and net leverage (total adjusted net
debt/operating EBITDAR) to 5.0x (6.2x) owing to a decrease in net
debt.

The ratings are constrained by BAPL's weak liquidity position as
reflected by elongation of net working capital cycle to 60 days in
FY17 (FY16: 56 days) due to a substantial increase in debtor days
to 58 days (7 days). The increase in debtor days was primarily on
account of a change in emission norms to BS-IV from BS-III which
prompted BAPL to clear its BS-III stocks in March 2017. The
company's average use of its working capital limits was 90% during
the 12 months ended November 2017.

The ratings, however, benefit from BAPL being an authorised dealer
of Tata Motors Limited and around a decade-long experience of the
promoters in the automobile dealership business.

RATING SENSITIVITIES

Positive: An improvement in the overall credit profile and
liquidity position could lead to a positive rating action.

Negative: Deterioration in the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2002, BAPL is an authorised dealer of Tata Motors
based in Jharkhand. It undertakes sale of light commercial
vehicles, and medium and heavy commercial vehicles. The company
has nine retail outlets and five 3S (sales-service-spares) centres
in Jharkhand. Mentu Budhia, Rajendra Prasad Budhia, Rahul Budhia
and Babita Budhia are the promoters.


CALTRON INFO: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Caltron Info
Trade Private Limited (CITPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The instrument-wise rating action is:

-- INR145 mil. Fund-based limit assigned with IND BB-/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect CITPL's moderate scale of operations and
credit metrics. In FY17, revenue was INR816 million (FY16:
INR1,039 million), net leverage was 6.9x (5.6x) and interest
coverage was 1.2x (1.1x). The decline in revenue was due to poor
market conditions following demonetisation. The deterioration in
net leverage was largely due to an increase in net debt, while the
improvement in interest coverage was driven by a marginal fall in
interest expenses.

The ratings also reflect CITPL's tight liquidity, indicated by an
average utilisation of the fund-based limits of 99.0% for the 12
months ended December 2017.

The ratings, however, are supported by the director's extensive
experience of 15 years in the IT hardware distribution and trading
business and an increase in operating EBITDA margin to 2.9% in
FY17 from 2.2% in FY16. The rise in operating EBITDA margin was
due to sales of higher margin products.

RATING SENSITIVITIES

Negative: Any deterioration in the liquidity profile and the
credit metrics will be negative for the ratings.

Positive: Any improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Incorporated in July 2002, CITPL is engaged in IT hardware
distribution CITPL has various branch offices and channel partners
across India to cater to customers nationwide. It is managed by Mr
Dinesh Suhasaria.


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

-- INR120 mil. Fund-based limit migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR12 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated as a private limited company in March 2001, DWDM is
engaged in the spinning, weaving, finishing and dying of fabrics
at its manufacturing facility in Ludhiana, Punjab. The plant
capacity is 60 million pieces per annum.


DEIFY INFRASTRUCTURES: ICRA Hikes Rating on INR25cr Loan to C+
--------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating to [ICRA]C+ and the
short-term rating to [ICRA]A4 from [ICRA]D outstanding on the
INR150.0 crore (reduced from INR300.0 crore) bank loans of Deify
Infrastructures Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash       (25.0)      [ICRA]C+; Upgraded
  Credit                            from [ICRA]D

  Non-Fund Based        150.0       [ICRA]C+/[ICRA]A4; Upgraded
  Limits-Bank                       from [ICRA]D
  Guarantee/Letter
  of Credit

Rationale

The upgrade of the ratings takes into account the improvement in
the liquidity position of the company in recent months, which has
resulted in regularisation of its debt servicing obligations. The
upgrade also factors in the diversification of DIL's business with
foray into trading of steel products like sponge iron and pig
iron. The ratings further take into account the extensive
experience of the DIL's promoters spanning over more than three
decades in the steel and casting business, diversified client base
mitigating the customer concentration risk and established
longstanding relationships with suppliers ensuing timely supply of
raw materials. The ratings are, however, constrained by the low
profitability levels and cash accruals of the company due to the
trading nature of the business, its weak capital structure and
debt protection metrics, and the highly fragmented nature of the
steel trading industry characterised by intense competition and
the volatility inherent in the steel trading business. The ratings
further continue to take into account the high working capital
intensity in the business, which results in high reliance on
working capital borrowings. The ratings also factor in the absence
of any orders outstanding in the EPC (Engineering, Procurement,
and Construction) business and the uncertainty on the same, going
forward.

Key rating drivers

Credit strengths

* Extensive experience of promoters in the steel and casting
business: The company is a part of NECO group, promoters of which
has more than 50 years of experience in the steel and casting
industry. As a result, the company has developed strong
relationship with reputed customers with a significant portion of
sales coming in the form of repeat business.

* Diversified customer profile mitigates concentration risk: The
company has a wide and well-diversified customer base with the top
seven customers of the company accounting for about 43% of the
total revenues in H1FY2018, thus mitigating customer concentration
risk for the company. The key customers constitute mainly metal
traders and manufacturers with whom the company has a long
outstanding relationship.

Credit weaknesses

* Significant exposure to the steel industry: The company has a
significant exposure to the steel industry that exposes it to the
cyclicality inherent in the steel industry. Furthermore, the
domestic steel industry continues to face challenges due to
dumping of cheaper imports in India, and a capacity overhang in
the face of a weakness in demand. Although the Government has
imposed a safeguard duty to protect domestic manufacturers, the
pressure on the margins of domestic players due to price
decreases, coupled with elevated debt levels for most players,
provide very little room for any significant capex in the near
future. This could affect EPC players such as DIL in the medium
term as evident from the lack of any EPC orders for the company.

* Weak financial profile: The company has a highly leveraged
capital structure indicated by its high gearing of 3.7 times as on
March 31, 2017, though about 40% of the total debt has been
provided by the promoter group to support the cash flows of the
company. With higher debt levels and low cash accruals, the
coverage indicators have remained weak indicated by its low
interest coverage ratio of 1.1 times and NCA/Total Debt at 1% in
FY2017. The company's working capital intensity remains high
leading to high utilisation of the company's fund based working
capital bank limits.

Incorporated in July 1991, Deify Infrastructures Limited (DIL)
(earlier known as Neco Investments Private Limited) is a closely
held public limited company engaged in trading of steel products
like pig iron, sponge iron and also acts as an EPC contractor for
Neco group. DIL functions as the EPC arm implementing the Group's
development projects in the power, iron and steel, and allied
sectors. DIL does not own any equipment, but undertakes design /
planning/supervision roles, while subcontracting the physical
construction to third-party contractors. The company is a part of
NECO group.


DESAI TEXTILES: ICRA Assigns B- Rating to INR5.0cr Cash Loan
------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B- to the
INR6.87-crore long-term fund-based facility of Desai Textiles
(DT). The outlook on long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             5.00      [ICRA]B-(Stable); Assigned
  Term Loan               1.87      [ICRA]B-(Stable); Assigned

Rationale

The assigned rating takes into account Desai Textiles (DT)'s
relatively small scale of operations, adverse capital structure,
high working capital intensity and almost full utilization of
working capital limits. The rating is also constrained by
vulnerability of profitability margins to the fluctuations in the
raw material prices and intense competition from organised players
limiting pricing flexibility. ICRA also notes the risk associated
with capital withdrawals as inherent in the partnership firm,
The rating, however favourably factors in established track record
of the promoters in the textile industry and the location
advantage providing easy access to key raw materials.

Outlook: Stable

ICRA believes the firm will continue to benefit from the past
experience of its promoters and expects the operating income to
show moderate growth supported by order inflows from its clients.
The profitability is expected to remain modest.

The outlook may be revised to 'Positive' if significant growth in
scale of operations along with substantial equity infusion and
better working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' if cash accrual
is lower than expected, or if any major debt-funded capital
expenditure, or major capital withdrawals, weakens liquidity.

Key rating drivers

Credit strengths

* Established track record of the promoters: Desai Textiles was
established as partnership firm and started operations in 1991,
promoted by Mr. Pankaj Desai and Mr. Chetan Desai. The promoters
have been associated with the textile industry for more than three
decades.

* Location advantage from being located in Surat, Gujarat: DT's
location in Surat, Gujarat, which is a textile hub, ensures easy
availability of raw materials (synthetic yarns and chemicals).
Moreover, DT has ease access to its customers which are traders
and dealers of grey fabric located in Surat.

Credit challenges

* Average financial risk profile: DT reported an operating income
of INR17.31 crore in FY2017 against the operating income of
INR16.77 crore in FY2016, reflecting the modest scale of
operations. Moreover, as on FY2017-end, CEPL has a low net-worth
base of INR1.55 crore leading to limited financial flexibility to
the firm in case of any unforeseen contingencies. Further, the
working capital intensity remained high as reflected by NWC/OI of
33% in FY2017 coupled with stretched liquidity profile as evident
from full utilization of working capital limits.

* Vulnerability of profitability to fluctuations in raw material
prices along with competition in the industry: Polyester and
synthetic yarns are the major raw material for the firm,
accounting for ~80% of the total manufacturing cost. Accordingly,
the profitability of the firm remains vulnerable to adverse
movement in raw material prices. DT, being a relatively small-
sized player in the industry, its operations remains susceptible
to intense competition from established domestic players as well
as peers.

* Risks associated with being a partnership concern: The net worth
has remained low due to capital withdrawals over the years. Thus,
any substantial withdrawals from the capital account could
adversely impact the capital structure in future.

Set up in 1991, Desai Textiles (DT) is a partnership firm based in
Surat (Gujarat), promoted by the Desai family. The firm
manufactures and markets yarn and grey fabric and undertakes
sizing of beam.

During FY2017, DT has reported a net profit of INR0.14 crore on an
operating income of INR17.31 crore, against a net profit of
INR0.08 crore on an operating income of INR16.77 crore in FY2016.


DEV METALS: ICRA Reaffirms C Rating on INR7cr Cash Loan
-------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]C
assigned to the INR7.96-crore fund-based facilities and the short-
term rating of [ICRA]A4 assigned to the INR1.50-crore non-fund
based facility of Dev Metals & Alloys Private Limited. ICRA has
also reaffirmed the long-term rating of [ICRA]C and the short-term
rating of [ICRA]A4 assigned to the INR1.36-crore unallocated limit
of DMAPL.

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Fund-based
  Term Loan           0.96       [ICRA]C; Reaffirmed

  Fund-based
  Cash Credit         7.00       [ICRA]C; Reaffirmed

  Non-fund Based
  Letter of Credit    1.50       [ICRA]A4; Reaffirmed

  Unallocated Limit   1.36       [ICRA]C/[ICRA]A4; Reaffirmed

Rationale

The ratings re-affirmation takes into account DMAPL's small scale
of operations, its modest financial profile characterised by thin
profitability margins, weak debt-coverage indicators and high
total outside liabilities to tangible net worth. The ratings are
further tempered by the company's stretched liquidity position due
to its elongated working capital cycle resulting in consistently
high utilisation of working capital limits, coupled with high
customer concentration with the top-five customers accounting for
about 92% of the total sales in FY2017. ICRA notes that the
intensely competitive and fragmented market in which the company
operates limits its pricing power resulting in weak profitability
metrics. The ratings also remain constrained by the susceptibility
of the company's profitability and cash flows to adverse
fluctuations in the prices of raw materials.

The ratings, however, continue to favourably factor in the long
track record of the promoters in the aluminium alloy-manufacturing
business and the company's established clientele comprising large
die-casters, who are component suppliers to automotive OEMs.
Going forward, DMAPL's ability to ramp up its scale of operations
while improving its profitability metrics and manage the working
capital effectively by faster turnaround of inventory in
particular, would remain critical from a credit perspective.

Key rating drivers

Credit strengths

* Extensive experience and technical expertise of the promoters in
the aluminium alloy ingot-manufacturing business: DMAPL's key
promoter, Mr. Dilip Jain, has an experience of more than two
decades in the non-ferrous industry. The company manufactures a
wide variety of aluminium alloy ingots depending upon the product
application and the component to be manufactured. The promoters
initially started their business in trading in non-ferrous metals
and scrap through a proprietary firm and have an extensive
association with various scrap importers/ traders in both the
international and domestic market. It has been involved in
manufacturing aluminium alloy ingots for over a decade and has
long established relationships with various die-casters.

Credit challenges

* Fluctuating operating income though improvement witnessed in
FY2017: Despite the growth of 18% in the company's operating
income (OI) in FY2017, its scale of operation continues to remain
modest. This limits the economics of scale benefits. The OI has
depicted fluctuation as it remains contingent on demand for the
ingots from the die-casters, who manufacture automobile
components. In the first eight months of the current financial
year, DMAPL booked a turnover of INR4.99 crore on account of low
demand of aluminium ingots from the die-caster units.

* Weak financial risk profile and high total outside liabilities
to tangible net worth: Owing to high reliance on debt and a
decline in the tangible net worth due to net losses incurred till
FY2016, DMAPL's capital structure has remained weak. The net worth
has improved marginally in FY2017 on account of profitability
booked by the company in FY2017, though it still remains low. The
weak capital structure coupled with low profitability levels
resulted in weak debt-coverage indicators, as demonstrated by the
interest coverage ratio of 1.17 times (1.06 times in FY2016),
Total debt/ OPBDITA of 7.07 times (7.99 times in FY2016) and
NCA/TD at 4% (2% in FY2016) in FY2017. The total outside
liabilities to tangible net worth stood at 11.94 times as on
March 31, 2017.

* Weak liquidity position on account of working capital intensive
operations: The working capital intensity remains high at around
34% as on March 31, 2017, though reduced from 41% in FY2016. The
same reduced in FY2017 on account of postponement of payments to
the creditors with whom the company has long-standing
relationships. DMAPL offers a credit period of 60-90 days to its
customers. However, because of weak liquidity position of most of
its customers, the payments are stretched to 100-120 days while
for some customers the amount has been outstanding for more than
six months. It also maintains an inventory of 30 - 40 days in
order to service the customer requirements in the shortest
possible time. This exposes the company to raw material price-
fluctuation risk.

* High customer concentration with the top-five customers
accounting for ~92% of the total sales in FY2017: The customer
concentration of DMAPL's revenues is significantly high with sales
to the top-three customers accounting for close to 74% of the
total revenues in FY2017. The company's customer's base comprises
12-13 wholesalers, with whom the promoters have developed
relationships over a period of 10-15 years of manufacturing and
marketing of aluminium alloy ingots. Further, the top customer,
Endurance Technologies Pvt. Ltd, is a large automotive component
manufacturing, with whom DMAPL has low bargaining power due to its
relatively small scale of operations.

* Vulnerability of profitability to fluctuations in raw material
prices: The main raw material required for manufacturing aluminium
alloy ingots are aluminium scrap and silicon metal. Owing to
limited value addition, the input cost is a critical driver of the
company's operating profitability and any adverse fluctuations in
raw material prices can impact its profitability and cash flows.
While DMAPL does not have any long-term contracts with its
suppliers, it has long established relations with them leading to
assured availability. Thus, the company is exposed to volatility
in input prices, which may impose pressure on operating margins.
The risk is, however, partly mitigated by the short duration of
the contracts (as the lag between raw material purchase and
finished product delivery is around one to two months).

* Intense competition due to highly fragmented industry structure:
The company faces intense competition being in a highly fragmented
industry, characterised by a large number of small-sized
producers. Further, a large segment of demand for aluminium alloy
ingots is from die-casters who supply components to OEM's of
automotive companies and electronics manufacturers. The highly
price-sensitive nature of the end-customer also adds to the price-
based competition. DMAPL's profitability has thus remained
moderate on account of stiff competition leading to limited
pricing power. Thus, its profitability also remains vulnerable to
cyclicality in the automobile industry.

Incorporated in 2000, Dev Metals & Alloys Private Limited (DMAPL)
is involved in manufacturing aluminium alloy ingots, which find
applications in the automotive and electronics industries. The
company's primary manufacturing facility is located in Bhiwandi,
Maharashtra, with an aggregate capacity of 500 tonne per month
(based on four shift operations).

In FY2017, DMAPL reported a net profit of INR0.19 crore on an OI
of INR20.18 crore, as compared to a net loss of INR0.05 crore on
an OI of INR17.03 crore in FY2016.


GIRIN DEKA: CRISIL Lowers Rating on INR10MM Bank Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Girin Deka (GD) to 'CRISIL D/CRISIL D' from 'CRISIL B+/
Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          10        CRISIL D (Downgraded from
                                     'CRISIL A4')
   Cash Credit              4        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects cash credit limit remaining overdrawn for
more than 30 days consecutively.

GD has a small scale of operation and large working capital
requirements. These weaknesses are partially offset by the
proprietor's extensive experience in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: Scale of
operations is modest, with turnover of INR25 crore in fiscal 2017,
restricting ability to bid for large projects.

* Working capital intensive operations: Operations are working
capital intensive with gross current assets of 303 days as on
March 31, 2017, with receivables of 97 days and inventory (mainly
work-in-progress) of 123 days.

Strengths

* Extensive experience of the proprietor: The proprietor, Mr.
Girin Deka has over 25 years' experience in the civil construction
segment. This has helped the firm regularly and successfully bid
for tenders and undertake its efficient execution.

Established in 1991 and based in Guwahati, Girin Deka is a
proprietorship firm engaged in construction of roads and bridges.
The firm undertakes contracts for government departments in Assam
and is owned and managed by Mr. Girin Deka.


GLOBCON INDUSTRIES: ICRA Reaffirms B+ Rating on INR8.70cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR8.70-crore fund-based limit of Globcon Industries Private
Limited. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limit        8.70      [ICRA]B+(Stable); Reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by GIPL's
weak financial profile characterised by modest scale of
operations, low profitability, leveraged capital structure and
stretched liquidity position. The rating further remains
constrained by stiff competition in the autoclaved aerated
concrete (AAC) blocks manufacturing space due to presence of
substitutes as well as other players and vulnerability of
operations to the cyclicality in the real-estate sector.
The rating, however, derives comfort from the stable demand
outlook for AAC blocks with increasing acceptance in the domestic
market and location-specific advantages due to its proximity to
major raw material sources.

Outlook: Stable

ICRA believes Globcon Industries Private Limited will continue to
benefit from the stable demand outlook for AAC blocks and its
locational advantage. The outlook may be revised to 'Positive' in
case of substantial revenue growth and profitability, improvement
in capital structure and liquidity position. The outlook may be
revised to 'Negative' if there is substantial drop in revenues and
profitability or a further stretch in the working capital cycle
which weakens overall liquidity.

Key rating drivers

Credit strengths

* Positive demand outlook of AAC blocks in the Indian market: The
demand outlook of AAC blocks has remained favourable with
increased acceptance of the product in the domestic real estate
and construction sector.

* Proximity to major raw material sources: The major raw material
for AAC-blocks manufacturing are fly ash, cement, limestone,
gypsum and aluminium powder. Cement is primarily sourced from
reputed cement manufacturers established around the Gujarat
region, while fly ash is obtained from nearby thermal power plants
which generate it as waste. Thus the company enjoys proximity to
its major raw material, which ensures regular supply and savings
in freight cost.

Credit challenges

* Moderate scale of operations limiting economies of scale and
flexibility in pricing: The scale of operations continues to
remain moderate with an operating income of INR22.36 crore in
FY2017. This limits benefits of economies of scale benefits and
pricing flexibility.

* Weak financial profile: The operating profitability moderated to
12.67% in FY2017 (compared to 13.02% in FY2016) and net
profitability to 0.02% in FY2017 with decline in sales
realisations and increase in input costs. Further, the capital
structure continues to remain leveraged with the gearing of 5.57
times as on March 31, 2017 due to higher reliance on external
debt. The liquidity position of the company remains stretched due
to increase in working capital intensity emanating from elongated
receivables period.

* Intense competition and fragmented industry structure: The
company faces stiff competition from other Surat-based organised
AAC-blocks manufacturers as well as from substitutes and new
entrants. The competition in the industry is expected to remain
high, given the relatively moderate technical and capital
requirements.

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

Globcon Industries Private Limited (GIPL) was initially
established as a partnership firm- Globcon Industries in 2012 and
was subsequently converted into a private limited company in
November 2013. The company manufactures AAC-blocks which are used
in the real-estate industry. GIPL's manufacturing facility is
located at Pipodara in Mangrol Taluka near Surat with an installed
capacity of 1,50,000 cubic meter per annum.

In FY2017, the firm reported a profit after tax (PAT) of INR0.01
crore on an operating income (OI) of INR22.36 crore, as compared
to a PAT of INR0.07 crore on an OI of INR23.41 crore in FY2016.


HE-MAN AUTO: CRISIL Assigns B Rating to INR4.50MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned ratings of 'CRISIL B/Stable' to the
Long Term bank facilities of He-Man Auto RoboPark Private Limited
(HARPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              1.42       CRISIL B/Stable
   Cash Credit            4.50       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     4.08       CRISIL B/Stable

The rating reflects HARPL's modest scale and nascent stage of
operations. A timely ramp-up in operations will remain a key
rating sensitivity factor. These rating weaknesses are partially
offset by the extensive experience of its promoters in the
engineering industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: HARPL has a modest scale of
operations as indicated by INR16 lakh in revenue in fiscal 2017
due to the nascent stage of operations. However, the revenue is
expected to increase, supported by a healthy order-flow.

* Nascent stage of operations: The company's business risk profile
is constrained by the nascent stage of operations. A timely ramp-
up in scale of operation will remain a key rating sensitivity
factor over the medium term.

Strength

* Extensive experience of promoters: HARPL benefits from its
promoters' extensive experience of over two decades in the
engineering industry. Over the years, the management has developed
technical expertise in the automated multi-level car parking
domain and has received a patent for its automated parking
product.

Outlook: Stable

CRISIL believes HARPL will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' if HARPL reports better-than-expected
topline and margins, backed by timely ramp-up in operations,
leading to an improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
low cash accrual or larger-than-expected working capital
requirements or if debt-funded capital expenditure weakens the
financial risk profile.

Incorporated in 2012, HARPL is engaged in providing automated
multi-level car parking. The company is promoted by Mr. and Mrs
Jose and is based in Kerala.


JKS MATCHES: CRISIL Assigns D Rating to INR3.75MM Packing Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings for
the bank facilities of JKS Matches Private Limited (JKSMPL). The
ratings reflect instances of delays in the term loan obligations
by the company. The delays have been due to weak liquidity.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility       0.75       CRISIL D

   Long Term Loan           2.50       CRISIL D

   Packing Credit           3.75       CRISIL D

The ratings also reflect weak financial risk profile marked by
negative networth. However the company benefits from the extensive
experience of promoters in the industry.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: Financial risk profile is weak
marked by negative networth of INR1.8 crores and negative gearing
of 5.7 times as on March 31, 2017. Interest cover, however was
average at 1.6 times for fiscal 2017.

Strength:

* Extensive experience of promoters: The promoters have been in
the industry for over five years and have established relations
with suppliers and customers. The extensive experience has helped
JKSMPL to ramp up scale to INR20 crores in fiscal 2017 from INR7.2
crores in earlier year.

Established in 2010 and based in Kovilpatti (Tamil Nadu), JKSMPL
is mainly engaged in the business of manufacturing and exporting
of matches.


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

-- INR32.50 mil. Fund-based working capital limit (long-/short-
    term) migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating;

-- INR2.50 mil. Non-fund-based working capital limit (short-
    term) migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating; and

-- INR77.00 mil. Term loan (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

K.K. Duplex & Paper Mills was incorporated in 1995; it
manufactures duplex board and kraft paper at its facility located
in Muzaffarnagar.


K MAGANLAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) affirmed K. Maganlal Impex's
(KMI) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable.
The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects KMI's continued moderate credit profile
in FY17. During the period, interest coverage was 1.7x (FY16:
1.7x), net leverage was 7.2x (8.4x) and revenue was INR1,216
million (INR959 million). The improvement in net leverage was
driven by an increase in absolute EBITDA (FY17: INR18 million;
FY16: INR16 million). Revenue growth was driven by an increase in
sales volume. Meanwhile, EBITDA margin declined to 1.5% in FY17
from 1.7% in FY16 owing to a rise in overhead expenses.

The affirmation continues to reflect KMI's tight liquidity,
indicated by an average maximum utilisation of 99.28% of its fund-
based facilities for the 12 months ended December 2017, and the
partnership nature of the business.

The ratings, however, continue to be supported by the partners'
over 15 years of experience in the diamond business.

The ratings are also supported by KMI's increased presence in
overseas markets.

RATING SENSITIVITIES

Negative: A decline in the scale of operations on a sustained
basis will be negative for the ratings.

Positive: Any significant improvement in the scale of operations
while maintaining EBITDA margin at the current level will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2002, KMI is a partnership firm engaged in the
import of rough diamonds and manufacturing, cutting and export of
polished diamonds. KMI is a member of the Gem & Jewellery Export
Promotion Council. It has a registered office in Mumbai and a
factory in Gujarat. The firm is managed by Kalubhai Jivabhai
Dudhat, Maganlal Jivabhai Dudhat and Dineshbhai Jivabhat Dudhat.


K T VARGHESE: CRISIL Assigns B- Rating to INR4.25MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of K T Varghese (KTV).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-
   Based Bank Limits      3.50       CRISIL B-/Stable
   Bank Guarantee         2.25       CRISIL A4
   Cash Credit            4.25       CRISIL B-/Stable

The ratings reflect KTV's weak liquidity due to working capital
intensive nature of operations and capital withdraws leading to
low cash generation. The rating also reflects small scale of
operations and susceptibility to intense competition from large
players and limited geographical diversity in revenue profile.
These weaknesses are partially offset by the extensive experience
of promoters in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working Capital Intensive Nature of Operations: Operations of
the firm are working capital intensive in nature as reflected in
GCA of 172 days estimated as on March 31, 2017 primarily due to
the tender based business wherein the firm has to provide earnest
money, security deposit and bank guarantees.

* Modest scale of operations and susceptibility to intense
competition from large players: KTV is a small-sized player as
reflected in revenue of INR9 crore in fiscal 2017 in the highly
competitive civil construction industry, which is dominated by
large players such as Larsen and Toubro Ltd (rated 'CRISIL
AAA/FAAA/Stable/CRISIL A1+') and others. Moreover, the firm
participates in tender based projects and it faces intense
competition from local and small unorganized players competing
with it for tenders.

* Limited geographical diversity in revenue profile: KTV's revenue
profile has limited geographically diversity since it executes its
projects only in Ernakulam and Kottayam districts of Kerala. The
firm's business risk profile remains constrained on account of the
limited geographical diversity.

Strengths:

* Experience of promoters in the civil construction industry
Set up in 2000, KTV is a Ernakulam (Maharashtra) based civil
contractor. The firm undertakes civil contract work of roads
primarily in rural areas of Ernakulam and Kottayam district of
Kerala. CRISIL believes that the firm would benefit over the
medium term from the industry experience of its promoters in the
civil construction segment.

Outlook: Stable

CRISIL believes that KTV will continue to benefit over the medium
term from the industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive' if
KTV scales up its operations significantly and improves its
working capital management resulting in improvement in the firm's
liquidity. Conversely, the outlook may be revised to 'Negative' if
there is a decline in KTV's revenues and margins owing to delay in
execution of various projects and or its working capital
management deteriorates resulting in stretch in its liquidity or
if the firm undertakes a large debt funded capex leading to
weakening in its financial risk profile.

Set up in 2000, K T Varghese is a proprietor who owns
Mannakunnathu Constructions which is a Piravom, Ernakulam, Kerala
based civil contractor. The firm undertakes road construction
projects for 'Kerela State Rural Roads Development Agency' in
rural areas of Ernakulam and Kottayam. The operations of the firm
are managed by propreitor Mr. K T Varghese.


KALIKA ENTERPRISE: CRISIL Assigns D Rating to INR9.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Kalika Enterprise (KE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             9.5       CRISIL D
   Funded Interest
   Term Loan               2.0       CRISIL D

The rating reflects instances of delay in servicing the term-debt
and continuous over-utilisation of the overdraft limit for more
than 30 days, following a shutdown of business operations.

The rating also reflects the modest scale of operations and low
net cash accrual against debt. However the company benefits from
the extensive experience of its partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Inability
to find suppliers of coal and coke, and source these products at
competitive rates, adversely affected the operations. As a result,
the firm resorted to sale of stock in hand, to small customers,
and thus, reported revenue of only INR1 lakh for fiscal 2017.

* Zero cash accrual against term debt obligation: The firm has
been incurring losses over the two fiscals through March 2017, as
against debt of INR0.99 crore. This was because business was
disrupted by non-availability of any viable coal and coke
supplier.

Strength

* Extensive experience of the partners: The two decade-long
experience of the partners, in the coal and coke trading business
should support the business risk profile.

KE was set up as a partnership firm in 1997. The firm undertook
trading of coal and coke in Durgapur. Currently, the business is
currently not operational, due to unavailability of coal and coke
at a viable price.


LOTUS CHOCOLATE: CRISIL Hikes Rating on INR25MM Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Lotus Chocolate Company Ltd (LCCL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          25       CRISIL B+/Stable (Upgraded from
                                 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that credit risk profile will
benefit over the medium term from improved profitability and
continued strong promoter support. Operating margin improved to
6.3% in the first six months of fiscal 2018, against 2.0% in the
corresponding period of the previous fiscal; even as revenue was
affected by GST implementation. Better margin was due to cost-
reduction measures such as rationalisation of workforce. Besides,
soft input prices in the first-half also benefited profitability.

As a result, cash generation is expected to be higher and adequate
to meet incremental working capital and capital expenditure
(capex; expected at INR1-3.5 crore per annum) over the medium
term. The upgrade also factors promoters' strong financial
support.

The rating reflects LCCL's below-average financial risk profile
because of negative networth, modest scale of operations, subdued
(though improving) operating efficiencies, and susceptibility to
volatility in cocoa bean prices. These weaknesses are partially
offset by long track record in the cocoa industry and promoters'
ability to extend financial support in case of exigencies.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Despite having commenced operations
in 1988, LCCL remains a moderate-size player in the cocoa and
chocolate industry. Seasonal nature of key raw material, cocoa
beans, and conservative stance towards debt for building cocoa
bean reserves in the off-season have resulted in low capacity
utilisation. However, with expansion into new product segments and
gradual improvement in existing capacity utilisation, revenue is
expected to grow at a steady pace over the medium term.
Nevertheless, scale will remain subdued over the medium term.

* Limited pricing power and susceptibility to volatile cocoa bean
prices: Operating margin is susceptible to volatility in cocoa
beans price. This is compounded by inability to fully pass on any
cost hike to clients due to intense competition and modest scale.
Hence, operating profitability have remained low at 2-4% over the
past three fiscals. Though cost-reduction measures and expected
ramp up in operations over the medium term will benefit margin, it
will remain susceptible to volatility in cocoa bean prices and
limited pricing power.

* Weak financial risk profile

Improved profitability during the first-half of fiscal 2018 will
result in better credits metrics: interest coverage and net cash
accrual to total debt ratios are expected to be 5 times and 0.2
time, respectively, in fiscal 2018. However, financial risk
profile will remain constrained by expected negative networth of
INR9 crore as on March 31, 2018, due to accumulated losses of
INR30 crore.

Strengths:

* Longstanding presence in the cocoa and chocolate products
industry and established association with key customers: LCCL has
an established market position and extensive experience in the
cocoa and chocolate products industry. Over the past 25 years,
LCCL has established strong relationship with reputed customers
such as Mondelez India Foods Ltd (formerly, Cadbury India Ltd),
ITC Ltd (FMCG division), and Parle Products Pvt Ltd. CRISIL
believes that LCCL will continue to benefit from its established
association with key customers and would not face any difficulties
in tying up orders for the expected increase in volumes over the
medium term.

* Access to need-based financial support from promoters: The
promoters have infused about INR26 crore into the business over
the five fiscals through 2017. Hence, despite cash losses in the
past, the company has been able to meet capex and incremental
working capital requirement without resorting to bank borrowing.
Promoters will continue to extend need-based support.

Outlook: Stable

CRISIL believes LCCL's will continue to benefit over the medium
term from its long track record in the industry, established
relationship with key customers and forthcoming promoter support.
The outlook may be revised to 'Positive' in case of higher-than-
expected revenue and profitability, leading to substantial
increase in cash generation, along with improvement in key credit
metrics. Conversely, the outlook may be revised to 'Negative' in
case of a steep decline in profitability margins, resulting in
lower-than-expected cash accrual, a significantly stretched
working capital cycle, or large, debt-funded capex, impacting
liquidity and financial risk profile. Timely and adequate support
from promoters to tide over any funding requirements will also
remain a key rating sensitivity factor.

Incorporated in 1988 and promoted Mr. Prakash Pai (managing
partner of Puzzolana Machinery Fabricators [rated 'CRISIL
A+/Stable/CRISIL A1']) and his brother, Mr. Ananth Pai, LCCL
processes cocoa beans into cocoa powder and cocoa butter, and also
sells chocolates (under the Lotus brand). Head office is in
Hyderabad and manufacturing unit in Medak, Andhra Pradesh.

In first six months of fiscal 2018, net profit after tax was
INR0.8 crore on net sales of INR28 crore, as against a net loss of
INR0.4 crore on net sales of INR41 crore during previous
corresponding period.


MAHANT OVERSEAS: CRISIL Reaffirms B+ Rating on INR25MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Mahant Overseas (MO).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              25      CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit    11.5    CRISIL B+/Stable (Reaffirmed)

Liquidity may remain adequate owing to low-but-sufficient cash
accrual expected at INR80-85 lakh per annum over the medium term,
against no significant long-term debt repayment obligation.
Working capital limit was moderately utilised at an average of 66%
over the 12 months through November 2017. Current ratio was
average at 1.18 times as on March 31, 2017, and is expected to
remain stable over the medium term.

Operating income declined to INR64.66 crore in fiscal 2017 from
INR94.27 crore in fiscal 2016 but is expected to rebound in fiscal
2018. Operating profitability was 6.5% in fiscal 2017 and may
remain stable over the medium term due to limited value addition
in rice milling and intense competition.

Analytical Approach

CRISIL has considered the standalone approach for the rating
process against its earlier approach of consolidation with Sadhu
Singh Gurdip Singh, which has now ceased its operations.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Total outside liabilities to
adjusted networth was high at 9.35 times as on March 31, 2017,
while adjusted interest coverage ratio was low at 1.28 times in
fiscal 2017. The ratios are expected at similar levels over the
medium term.

* Working capital-intensive operations: Gross current assets were
302 days as on March 31, 2017, driven by high inventory of 257
days. This trend is likely to continue over the medium term due to
high inventory levels owing to seasonal nature of paddy crop.

Strength:

* Experience of partners: Benefits derived from the partners'
experience of more than 5 decades in rice milling industry and
healthy relations with customers and suppliers should continue to
support the business.

Outlook: Stable

CRISIL believes MO will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised to
'Positive' if substantial increase in scale of operations and cash
accrual along with prudent working capital management strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if low cash accrual or stretched working capital cycle
weakens financial risk profile and liquidity.

MO, set up in 1999, undertakes milling activity for Basmati rice
and caters to the domestic and export markets. The firm sells
under the brand, Sadhu.


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

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

-- INR150 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Maya Construction Company is a class-AA civil contractor
incorporated in 2004. It is engaged in civil construction works
(construction of canal works, embankment, lining works and
structures).


MES INTERNATIONAL: CRISIL Assigns D Rating to INR10MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its rating of 'CRISIL D' to the bank
facilities of MES International School - Pattambi (MES).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            1.4        CRISIL D
   Long Term Loan        10.0        CRISIL D

The ratings reflect delays by MES in servicing its debt due to
weak liquidity, resulting from continuous capex and lower
occupancy.

Financial risk profile is average because of average capital
structure and debt protection metrics. The trust is also exposed
to high regulation by governmental agencies. However, it benefits
from the extensive experience of its management.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: MES has average financial risk
profile marked by average capital structure and debt protection
metrics.

* Exposure to high degree of regulation: Operations are exposed to
regulations by government agencies such as the University Grants
Commission (UGC), All India Council for Technical Education
(AICTE), universities, and state governments. Thus, the school
needs to regularly invest for its workforce and infrastructural
requirements.

Strength

* Extensive experience of management: MES benefits from the
extensive experienced management. It is part of Muslim Education
Society Calicut. The society operates 150 institutions, including
professional colleges, schools, hostels, hospitals, orphanages,
and technical institutes in Kerala. Over the years, the society
gained prominence in Kerala, and diversified its course offering
across various disciplines.

Established in 1978, MES runs a CBSE affiliated school from Jr.
Montessori to 12th standard in Pattambi, Kerala. It is run under
Muslim Education Society Calicut and Dr. Abboobacker is the
chairman of the school.


MONNET ISPAT: Gets 90 Days Extension to Complete Insolvency
-----------------------------------------------------------
The Economic Times reports that the Mumbai bench of National
Company Law Tribunal (NCLT) on Jan. 9 granted the resolution
professional of debt ridden Monnet Ispat and Energy an extension
of 90 days to complete its insolvency resolution process as the
initial 180 days were to expire on January 13.

According to the report, the extension will give the resolution
practitioner and lenders more time to negotiate with JSW Steel on
the terms of the resolution plan submitted by them to acquire the
company. A consortium of Aion Capital Partners and JSW Steel had
emerged as the sole bidder for Monnet. According to an earlier ET
report, the plan entailed paying INR2,500 crore to lenders and an
equity infusion of INR1,000 crore, backed by a letter of comfort
by ICICI Bank ensuring financial help to the bidder.

However, with the company owing banks more than INR10,000 crore,
the haircut was almost reaching 75% making lenders consider
whether to open the floor for another round of bids, ET says.

According to media reports, Edelweiss Asset Reconstruction Company
had stepped in the game later on after the final date for
accepting bids had passed, and has already submitted an expression
of interest, ET relays.

People aware of the matter however said that it is unlikely that
more bids will be coming in due to the small window of time
available. The 90 days will expire on April 4, ET notes.

                        About Monnet Ispat

Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.

Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).


NATURAL FOODS: CRISIL Assigns D Rating to INR13MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating for the bank
loan facilities of Natural Foods and Facials (NFF). The rating
reflects expected delay in repayment of the first instalment
scheduled in the month of December 2017. The same has been due to
delay in the commencement of operation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D
   Long Term Loan          13        CRISIL D

The ratings also reflect the nascent stage of operations. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of NFF's promoters.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stages of operations: NFF's business risk profile will
be constrained on account of its nascent stages of operations. The
facility is expected to commence operations in Q4 of fiscal 2018
and the company's business risk profile is expected to remain
constrained until its operations stabilize and scale of operations
improves.

Strength:

* Extensive experience of the promoters in the fruit industry: The
business risk profile of NFF benefits from the extensive
experience of its promoters in the agro commodity and fruit
trading industry. The extensive experience in the fruit trading
industry and the established procurement intelligence will benefit
the business risk profile of NFF over the medium term.

Set up in 2009, and still in project stage, Chittoor (Andhra
Pradesh)-based Natural Foods and Facials (NFF) is setting up an
agro commodity pulp manufacturing unit, focusing on mango and
tomato pulp. The firm is a partnership between Mr. Kishore Kumar
Reddy, Chandrasekhar Reddy, and their family and friends.


NEOGROWTH CREDIT: Ind-Ra Withdraws Rating on Commercial Paper
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
NeoGrowth Credit Private Limited's commercial paper (CP) as
follows:

-- INR100 mil. CP, with December 28, 2017 maturity date,
    withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the CP, as
the instrument has been repaid.

COMPANY PROFILE

NeoGrowth Credit is a non-banking finance company with 21
branches. It primarily lends to retail merchants. Its loan assets
under management stood at INR8.3 billion at end-May 2017.


NOOR ICE: ICRA Reaffirms B+ Rating on INR4.70cr Term Loan
---------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ and
short-term rating at [ICRA]A4 assigned to the INR37.50.00 crore
(enhanced from INR25.00 crore) fund based limits of Noor Ice &
Cold Storages Private Limited. The outlook on the long-term rating
is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan               4.70      [ICRA]B+ (Stable); reaffirmed

  Long-term Fund-
  based Limit-
  Cash Credit            (0.50)     [ICRA]B+ (Stable); reaffirmed

  Long-term Fund-
  based Limit             4.00      [ICRA]B+ (Stable); reaffirmed

  Short-term Fund-
  based Limit-
  Packing Credit         28.50      [ICRA]A4; reaffirmed

  Short-term Fund-
  based Limit-
  Post-shipment
  Credit                (28.50)     [ICRA]A4; reaffirmed

Rationale

The ratings reaffirmation continues to take into account the
stretched liquidity position of the company as reflected by
instances of delays in liquidation of packing credit facility in
the past six months, highly leveraged capital structure as
reflected from gearing of 4.17 times as on March 31, 2017 and
increased working capital intensity in FY2017. The company's
profitability has remained low due to limited value additive
nature of operations and intense competition from domestic players
as well as other low-cost countries. ICRA notes the inherent risks
in the seafood industry like susceptibility to diseases, climate
change risks and regulatory norms of importing nations.
Additionally, the margins are susceptible to foreign currency risk
and change in export incentive structure, given its export-
oriented operations.

The ratings, however, factor in the extensive experience of the
promoter in the seafood industry and favourable location, giving
it easy access to raw materials, which reduces transportation
costs.

Outlook: Stable

ICRA believes that the liquidity profile of the company will
continue to remain stretched due to ongoing capex and increasing
working capital intensity. The outlook may be revised to Positive
if the working capital requirement reduces, reducing the reliance
on external parties and improving the financial risk profile. The
outlook may be revised to Negative if the liquidity profile of the
company deteriorates further and its reliance on external
borrowings increases.

Key rating drivers

Credit strengths

* Extensive experience of promoters in seafood trading has
facilitated established relationships with customers as well as
suppliers: Incorporated in February 1998, NICSPL is engaged in
processing and exporting seafood such as lobster, shrimp, pomfret,
ribbon fish and croaker fish. The management's experience of over
two decades in the seafood industry facilitates established
relations with customers and suppliers.

* Proximity to the fishing belt, gives it easy access to seafood
and lower transportation costs: The company procures its supplies
primarily from Gujarat and Maharashtra (about 80%) while the
remaining is sourced from traders and fishermen in Andhra Pradesh.
Unprocessed seafood is procured and transported by company-owned
refrigerated containers to processing units in Taloja. The company
enjoys proximity to the fishing belt, which ensures easy access to
fresh seafood and lowers transportation costs.

Credit challenges

* Stretched liquidity as reflected by instances of delays in
liquidation of packing credit facility and leveraged capital
structure: With increased working capital requirement and capex
undertaken by the company in the past two years, the liquidity
profile has become stretched. The company has been delaying
liquidation of its packing credit facility. The capital structure
has deteriorated with increase in gearing from 2.54 times as on
March 31, 2016 to 4.17 times as on March 31, 2017.

* Increased working capital intensity owing to increased inventory
and debtor days: NICSPL's net working capital intensity increased
from 15% in FY2016 to 25% in FY2017 owing to rise in inventory
levels and high receivables. The increased working capital
requirement in FY2017 exerted pressure on company's cash flows.

* Low profitability due to low value-added nature of operations
and intense competition: NICSPL is engaged in processing and
export of various seafood products. Its product profile includes
lobsters and shrimps (mainly sea-caught shrimp). The company's
profitability has remained low due to its intense competition from
domestic players as well as other low-cost countries.

* Margins are susceptible to change and/or withdrawal of export
incentives and foreign currency fluctuations: Export incentives
account for a significant portion of the profit, as the company
competes with players from low-cost countries. Any change in
export incentives offered by the Government can adversely affect
the competitiveness as well as profitability of the company.
Additionally, given the export-oriented nature of operations, the
receivables of the company are exposed to foreign exchange
fluctuation risk.

* Operations susceptible to disease risk and regulatory risk: The
company's operations remain vulnerable to the risks inherent in
the seafood industry such as susceptibility to diseases, climate
change risks and policies adopted by its major export
destinations.

Incorporated in February 1998, NICSPL is engaged in processing and
exporting seafood such as lobster, shrimp, pomfret, ribbon fish
and croaker fish. The company's processing units are located at
Taloja in the Raigad district of Maharashtra, with an installed
processing capacity of 88 Metric Tonnes Per Day (MTPD). The
company is predominantly an export-oriented player with more than
95% of its revenues generated by overseas markets.

For the 12-month period ended March 31, 2017, NICSPL reported a
profit after tax (PAT) of INR1.11 crore on an operating income
(OI) of INR107.18 crore, as against a PAT of INR1.02 crore on an
OI of INR105.64 crore for the 12-month period ended March 31,
2016.


PANASIAN IMPEX: ICRA Reaffirms B+ Rating on INR5cr Loan
-------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR5.00-crore untied limits of Panasian Impex
Private Limited. The outlook on the long term rating is stable.
ICRA has also reaffirmed the short-term rating of [ICRA]A4
assigned to the INR44.50-crore fund-based and non-fund based
facilities of PIPL.

                    Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Fund based-
  Unallocated          5.00      [ICRA]B+ (Stable); Reaffirmed

  Short term-
  Fund Based          40.00      [ICRA]A4; Reaffirmed

  Short Term-
  Non Fund Based       4.14      [ICRA]A4; Reaffirmed

  Short Term-
  Unallocated          0.36      [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of the ratings takes into account the continuous
weak financial profile of the company, characterised by decline in
operating profitability and a leveraged capital structure, leading
to depressed level of coverage indicators in FY2017. The ratings
also take into account the vulnerability of the company's scale of
operations as well as profitability to adverse changes in
government policies towards export of cotton and minimum support
price (MSP), which is revised from time to time. The ratings are
also constrained by low entry barriers in the highly fragmented
cotton-trading business, leading to intense competition and
pressure on the margins. ICRA also notes that the margins of PIPL
remain susceptible to fluctuation in cotton prices, which in turn
is subject to seasonality and crop harvest. The rating also
factors in the company's full dependence on exports to Bangladesh,
which accounted for the total export sales during FY2017.

The ratings, however, derive comfort from the long experience of
the promoters in the textile and cotton-trading business, and
favourable location of PIPL's plant, which provides easy access to
raw materials at low landed cost.

Outlook: Stable

ICRA believes Panasian Impex Private Limited will continue to
benefit from the extensive experience of the promoters in the
cotton-trading and ginning and pressing business. The outlook may
be revised to 'Positive' if substantial growth in revenue and
profitability, and better working-capital management strengthen
the financial risk profile. The outlook may be revised to
'Negative' if cash accrual is lower than expected, or if any major
capital expenditure, or stretch in the working-capital cycle,
weakens liquidity.

Key rating drivers

Credit strengths

* Long experience of the promoters in the textile and cotton-
trading business: Panasian Impex Private Limited (PIPL) was
incorporated in September, 2008 and is managed by Mr. Santosh
Kumar Goenka and Mr. Shyamal Bhattacharjee, who have extensive
experience in the textile and cotton-trading business. Since
FY2016, the company is carrying out ginning and pressing
activities on job-work basis, which provides it with a wider scope
of increasing its revenues.

* Strategic location of the plant in the cotton-producing belt of
Maharashtra, providing easy access to raw cotton at low landed
cost: PIPL is a merchant exporter of raw cotton and is also
involved in ginning of raw cotton for making fully-pressed cotton
bales from its manufacturing facility at Malkapur, one of the
largest cotton-producing belts of Maharashtra, which ensures easy
availability of raw cotton and also reduces inward freight cost.

Credit weaknesses

* Weak financial profile characterised by low profitability and a
leveraged capital structure, leading to depressed coverage
indicators: The financial profile of the company remains weak, as
is evident from its thin operating profit margin which declined to
1.81% in FY2017 from 2.30% in FY2016 due to low value-added
operations, stiff competition, and increase in short-weight claims
by the clients during the year. Its capital structure continues to
remain leveraged though declined due to lower working capital
borrowings with a gearing of 3.49 times as on March 31, 2017,
compared to 6.18 times as on March 31, 2016. Low profitability and
high debt level result in weak debt-protection metrics as
reflected by an interest coverage ratio of 0.83 times (0.82 times
in FY2016), NCA/ Total Debt of 3% (1% in FY2016) and Total
Debt/OPBDITA of 14.58 times (17.61 times in FY2016) in FY2017.

* Low entry barrier and highly fragmented industry characterised
by intense competition, keeping margins under pressure: The
company 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.

* Vulnerability of profitability and raw material procurement to
seasonality, crop harvest and government regulations: Cotton is a
kharif crop with harvest season beginning in October and ending in
March. The prices of cotton and the finished products depend on
the variation in demand-supply gap which is subject to seasonality
and crop harvest. Further, various regulations governing the
industry in the form of minimum support price (MSP) and
restrictions on export of cotton may also lead to fluctuations in
prices, thus exposing the company's profitability to volatile raw
material prices.

* High geographical-concentration risks, with a major part of the
total export sales in FY2016 generating from Bangladesh: The major
portion of revenues come from export of raw cotton to countries
like Bangladesh, Pakistan, Vietnam etc. which constituted around
98% of the total sales in FY2016. However, in FY2017, Bangladesh
alone accounted for 100% of the exports sales, which reflects high
geographical-concentration risks. PIPL also sells fully-pressed
cotton bales to various traders and textile mills in the domestic
market, though the contribution from the same has remained
nominal.

In the earlier years, PIPL used to carry out nominal trading of
foodgrains like rice, wheat, etc. though the same has been
discontinued in FY2016. However, during FY2016, PIPL has exported
few fabric materials to a client in the US, amounting to INR0.08
crore, though such exports has been discontinued on FY2017.

Established in 2008, PIPL is involved in export of raw cotton.
PIPL has a ginning and pressing factory located in Malkapur,
Maharashtra and became operational in December 2009. The unit has
an installed capacity of 42 double-roller gins and an annual
ginning and pressing capacity of 50,000 bales.

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


PARINEE REALTY: CRISIL Lowers Rating on INR285MM Loan to B(SO)
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the non-convertible
debentures (NCDs) of Parinee Realty Pvt Ltd (PRPL) to 'CRISIL
B(SO)/Stable' from 'CRISIL BB-(SO)/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Non Convertible      285      CRISIL B(SO)/Stable (Downgraded
   Debentures                    from 'CRISIL BB-(SO)/Stable')

The downgrade reflects delay in launch of the sale building
resulting in lower than expected cash inflows while debt servicing
obligations remain fixed. Although, the conversion of sale
building to commercial instead of residential building in the
light of current market conditions and receipt of additional Floor
Space Index (FSI) and requisite approvals is positive for the
project, the timely launch of sales and flow of customer advances
from the sale building will remain the key monitorable.

The rating is constrained by high dependence on customer advances
for funding project cost, and exposure to project implementation
risk and saleability risk. This rating strengths are partially
offset by extensive experience of the promoters in the real estate
sector.

Analytical Approach

The rated NCDs have been raised in the flagship company of the
group, PRPL for meeting the construction expenses of the project,
'The Xclusive' which is housed under partnership firm (Om Omega
Shelters) of the group. The cash flows from other projects in the
group after meeting their respective debt servicing obligations
are available for meeting the debt servicing obligations of the
rated NCD. However, as per the escrow mechanism, cash flows from
'The Xclusive' project are not available to other projects in the
group. For arriving at the rating, CRISIL has analysed the
business and financial risk profile of the entire group and 'The
Xclusive' project.

Key Rating Drivers & Detailed Description

Weakness

* Lower than expected sales and high reliance on customer
advances: Owing to sluggish demand in residential real estate
projects across Mumbai, the company changed the project plan to
commercial office building, instead of residential project. This
in turn has delayed the project sales launch and hence resulted in
lower than expected cash inflows. On the contrary, the company has
fixed debt servicing obligations in the medium term which is
expected to be met from additional debt availed by the company.

The total construction cost of the project is estimated to be
INR1222 Crore, of which about 41% is being funded through debt and
promoters' contribution, while the remaining will be funded
through customer advances. The project has recently received 1
additional Floor Space Index (FSI) approval. All approvals for the
change in plan of sale building are in place and sale building is
expected to be launched in April 2018. Any delay in project
construction or lower than expected sales and receipt of customer
advances, may lead to temporary cash-flow mismatches and expose
the project to refinancing risk in the medium term.

* Exposure to saleability and project implementation risk: The
financial risk profile is exposed to demand risks and cyclicality
inherent in the real estate sector. This, in turn, could result in
fluctuations in cash inflows because of volatility in saleability
and hence, flow of customer advances. In contrast, cash outflows
related to project completion and debt obligations, are relatively
fixed, which can lead to substantial cash flow mismatches

The company is exposed to project implementation risk with respect
to sale building of the project, given the nascent stage of
construction. The excavation work for the sale building has just
begun, with all prerequisite approvals related to construction
commencement of sale building including Intent of Development
(IOD) and Construction Commencement (CC) certificate are already
in place. Furthermore, post receipt of additional FSI of 1, the
rehab building will be now 38 storey instead of 23 storey earlier
and construction is already going on 25th floor. Any delay in
construction progress may impact the sales and flow of customer
advances in the near to medium term.

Strengths

* Extensive experience of the promoters in the real estate sector;
prime location of project: The promoters have over five decades in
the real estate construction and development business. They have
mainly focused on slum rehabilitation and society redevelopment
projects, and have completed these projects with quality
construction.

The promoters experience and prime location of the project at
Worli is expected to help saleability of the project, once it is
launched. Apart from the inherent demand of small to mid-size
corporate office spaces in Worli, the network of the promoters
amongst HNIs, is expected to ensure good saleability of the
project upon launch in April 2018.

Outlook: Stable

CRISIL believes, given the fixed debt servicing obligations, PRPL
is exposed to refinancing risk in the medium term. However it is
expected to benefit from the extensive experience of its promoters
and prime location of current project. The outlook may be revised
to 'Positive' in case of healthy saleability and flow of customer
advances leading to sustained improvement in cash flow position.
The outlook may be revised to 'Negative' if lower-than-expected
project progress or saleability adversely affects cash flow
position and exposes the company to refinancing risk, or if it
contracts substantial additional debt to fund the project.

Incorporated in 1998 and promoted by Mr. Dilip Shah, PRPL is the
flagship company of the Parinee group and houses all the ongoing
and upcoming projects through various subsidiaries. The company
has majority shareholding in Om Omega Shelters, which will be
developing the project, 'The Xclusiv', in Worli with total
saleable area 0.75 million square feet (msf)

The Parinee group was established in 1963 with the setting up of
PD Construction (known as PD group) by Mr. Dilip Shah and his two
sons, Mr. Vipul Shah and Mr. Dhaval Shah. The group has developed
projects covering 1.3 msf and has ongoing projects of around 2.6
msf spread across Mumbai.


PATEL COTTON: ICRA Removes B+ Rating from Issuer Not Cooperating
----------------------------------------------------------------
ICRA Ratings has removed its earlier rating of [ICRA]B+ (Stable)
from the 'ISSUER NOT COOPERATING' category as Patel Cotton 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 comfort from the vast
experience of the promoters in the industry and the logistical
advantage enjoyed by the firm.


PIONEER PRODUCTS: CRISIL Assigns B+ Rating to INR3.0MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Pioneer Products (PP). The rating reflect the
modest scale of operations in the intensely competitive pump
manufacturing industry and its modest financial risk profile due
to a leveraged capital structure. These weaknesses are partially
offset by the extensive industry experience of the promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1.38      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility      1.12      CRISIL B+/Stable

   Bill Discounting        3.00      CRISIL B+/Stable

   Cash Credit             2.50      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations with exposure to intense competition
in the pump manufacturing segment: PP's scale of operations is
modest as reflected in revenues of around INR13.7 crore for fiscal
2017. The firm has its presence in the agriculture and domestic
pump segment and is susceptible to pricing pressures from a large
number of unorganised players. The firm is expected to remain
exposed to modest with exposure to intense competition in the pump
manufacturing segment.

* Modest financial risk profile: PP's financial risk profile is
modest due to a small networth and high gearing. The networth and
gearing were at around INR1.9 crore and 2 times respectively as on
March 31, 2017. Debt protection metrics are modest with an
interest coverage and net cash accruals to total debt ratio of
around 1.98 times and 5 percent for fiscal 2017.

Strength

* Extensive Experience of the promoters: PP has been promoted by
Mr.P. Manohar in 2000. Mr. Manohar has an experience of more than
2 decades in the industrial machinery segment. Aided by his
extensive experience and over the years, he has been able to
establish healthy relationship with customers and suppliers.
CRISIL believes that PP shall continue to benefit from the
extensive experience of the promoters over the medium term.

Outlook: Stable

CRISIL believes that PP shall continue to benefit over the medium
term from the extensive experience of its promoters.  The outlook
may be revised to 'Positive' in case of a significant improvement
in operating income and operating profitability resulting in
better than expected cash accrual. Conversely, the outlook may be
revised to 'Negative' in case of a decline in operating income or
profitability or in case of an elongation in the working capital
cycle resulting in weakening of its financial risk profile;
especially liquidity.

PP, is a firm based out of Coimbatore was established in 2000 is
engaged in the manufacture of domestic and agricultural pumps. The
firm is promoted by Mr.P.Manohar.


R.C. FOODS: CRISIL Assigns B+ Rating to INR8.5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of R. C. Foods (RCF).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             8.5      CRISIL B+/Stable
   Term Loan               7.0      CRISIL B+/Stable

The rating reflects the nascent stage of operations, exposure to
risks related to intense competition and sales, and absence of an
established brand. These weaknesses are partially offset by the
low funding and moderate demand risk, strategic location, and
extensive experience of the partners in the food processing
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to intense competition and sales, and
absence of an established brand: As operations are still at a
nascent stage, the firm remains exposed to sales risk, and intense
competition in the food processing and integrated cold storage
industry.

* Nascent stage of the project and small scale of operations: With
commercial operations expected to start from February 2018,
business will be operational only for two months in fiscal 2018,
which is the peak season for green peas. Hence, the scale is
likely to remain modest in the near term.

Strengths

* Benefit from strategic location of the unit and cold-storage
facility: The processing unit and the integrated cold-storage
facility are well-connected to the National Capital Region,
through a four-lane state highway, and the railways. With Uttar
Pradesh being the second largest state, producing fruits and
vegetables in India, procurement of raw material from farmers and
local mandis will be easier.

* Low funding and moderate demand risk: The total project cost of
INR24.50 crore, is being funded through a debt-to-equity ratio of
1:2. The promoters have already infused more than their total
contribution, via share capital and unsecured loans to complete
the project ahead of schedule. Furthermore, the partner has been
associated with a similar business for more than two decades,
through other entities, which may keep demand risk moderate in the
medium term.

* Extensive experience of the promoters: The two decade-long
experience of key partners, Mr. Rakesh Chandra Gupta and Mr.
Tejendra Chaudhary and their other family members, in the packaged
foods segment, and their established relationships with customers
and suppliers, will support the business risk profile, going
forward.

Outlook: Stable

CRISIL believes RCF will benefit over the medium term, from the
extensive experience of its partners in the fruit and vegetables
processing and cold storage industry. The outlook may be revised
to 'Positive' if higher utilisation and healthy ramp-up of
operations lead to substantial cash accrual. The outlook may be
revised to 'Negative' if low occupancy level, and lower-than-
expected revenue, or delays in project implementation, constrains
cash accrual and liquidity.

RCF was set up in 2016, as a partnership firm by Mr. Rakesh
Chander Gupta, Mr. Tajendera Pal Chaudhary, and their family
members. The firm is setting up an integrated cold storage chain,
and processing and trading unit for frozen fruits and vegetables
(majorly green peas) at Village Sisarka, Teh. Bisauli, UP, with a
processing and cold storage capacity of 7200 and 9600 MT,
respectively, per annum. Commercial operations are expected to
start from February 2018.


RAGHVENDRA GINNING: CRISIL Reaffirms B+ Rating on INR5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Raghvendra Ginning and Pressing
Factory.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect RGPF's modest scale and low
profitability of operations in the intensely competitive cotton
ginning industry, exposure to risks relating to volatility in
cotton prices, its average financial risk profile and high
government regulations. These weaknesses are partially offset by
the experience of the proprietor, his funding support, and
proximity to raw material sources.

Analytical Approach

CRISIL has treated unsecured loans extended to RGPF from the
promoters as neither debt nor equity. That's because these loans
are likely to be retained in the firm and are subordinated to bank
debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale: Intense competition keeps the scale modest, with
revenue at INR39 crore in fiscal 2017.

* Exposure to volatility in raw material prices and adverse
government regulations: Raw material (cotton) prices have been
volatile over the past few years and are also highly regulated by
government policies. Thus, operating margin is susceptible to
fluctuations in input prices.

* Average financial risk profile: Networth was low at INR2.7 crore
while gearing was high at 2.3 times as on March 31, 2017.

Strengths

* Experience of proprietor and his established relationships with
stakeholders: Benefits from the proprietor's experience of over a
decade in the cotton ginning industry and long-term relationships
with customers and suppliers will continue to support the
business.

* Proximity to raw material sources: Presence at Parbhani
(Maharashtra) enables proximity to the major cotton-producing belt
of the country.

Outlook: Stable

CRISIL believes RGPF will continue to benefit over the medium term
from the experience of the proprietor. The outlook may be revised
to 'Positive' if substantial increase in revenue and profitability
leads to sizeable cash accrual. Conversely, the outlook may be
revised to 'Negative' if financial risk profile and liquidity
weakens because of decline in cash accrual, revenue, or
profitability, stretch in working capital cycle, or any large,
debt-funded capital expenditure.

RGPF was set up in 2004 by the proprietor, Mr. Girish V Katruwar.
It executes ginning and pressing of cotton in its manufacturing
unit at Parbhani, Maharashtra.


RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR13.85cr Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR13.85 crore fund-based limit of Riddhi Siddhi Cotfiber
Private Limited. ICRA has also assigned the long-term rating of
[ICRA]B+ to the INR2.00 crore fund-based limit of Riddhi Siddhi
Cotfiber Private Limited. The outlook on the long-term rating is
Stable. ICRA has removed the rating from Issuer Non Cooperation
Category.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limit       13.85      [ICRA]B+(Stable); Reaffirmed
                                    and removed from issuer non
                                    cooperating category

Rationale

The rating reaffirmation continues to remain constrained by
RSCPL's weak financial profile, characterised by moderate scale of
operations, low profitability, leveraged capital structure,
stretched working capital intensity and modest coverage
indicators. The rating also factors in the vulnerability of the
firm's profitability to any fluctuations in raw material prices
(raw cotton), considering the inherently low value-added nature of
the business and regulatory risks with regards to the minimum
support price (MSP) set by the Government. The rating also factors
in the firm's exposure to stiff competition from numerous small
and unorganised players.

The rating, however, continues to favourably factor in the
extensive experience of the promoters in the cotton ginning
segment and the proximity of the company's manufacturing unit to
raw material sources.

Outlook: Stable

ICRA believes Riddhi Siddhi Cotfiber Private Limited will continue
to benefit from the extensive experience of its promoters, as well
as from and its locational advantage. The outlook may be revised
to Positive in case of substantial revenue growth and improvement
in profitability, capital structure and coverage indicators to
strengthen its financial risk profile. The outlook may be revised
to Negative if there is substantial de-growth in revenues and
profitability or a stretch in the working capital cycle weakens
the overall liquidity position.

Key rating drivers

Credit strengths

* Extensive experience of key promoters in the cotton ginning
industry: Promoters of RSCPL have over a decade of experience in
the cotton ginning segment, leading to established relationships
with customers and suppliers.

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

Credit weaknesses

* Weak financial risk profile: The concern saw de-growth in its
operating income to INR53.01 crore in FY2017, as against INR79.35
crore in FY2016, owing to reduced ginning operations due to lower
availability of raw material which has resulted into decline in
sales volume. Moreover, the low value added nature of its
operations resulted in low operating profitability at 4.03% in
FY2017 and net profitability at 0.15% in FY2017. Furthermore,
capital structure continued to remain leveraged due to high
reliance on working capital debt and low net worth base, with
gearing of 2.75 times as on March 31, 2017. In line with low
profitability, the coverage indicators remained weak with interest
coverage of 1.79 times, Total Debt/OPBDITA of 6.93 times and
NCA/Total debt of 6% as on March 31, 2017.

Further the working capital intensity of the company increased
considerably to 28% in FY2017 mainly due to holding of high
inventory during the year-end.

* Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in cotton prices, which depend upon various factors
like seasonality, climatic conditions, the global demand-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.

Incorporated in 2013, Riddhi Siddhi Cotfiber Private Limited is in
the business of ginning and pressing raw cotton for production of
cotton bales and cotton seeds. The firm's manufacturing facility
is in Rajkot district, Gujarat, which is equipped with 48 ginning
machines and one automatic pressing machine with a production
capacity of 400 cotton bales per day (24-hour operations).

In FY2017, the firm reported a profit after tax of INR0.08 crore
on an operating income of INR53.01 crore, over a profit after tax
of INR0.15 crore on an operating income of INR79.35 crore in
FY2016.


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

-- INR5 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

-- INR495 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SSIPL came into existence in 2012. It is engaged in contract-based
construction work mainly for government authorities such as Jhansi
Public Works Department, Gorakhpur Public Works Department, and
Lucknow Irrigation Authority. The company has been working for
Central Public Works Department since 1990 and Municipal
Corporation of Delhi since 1981.


SANJAR PHARMA: CRISIL Lowers Rating on INR9MM LT Loan to B-
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sanjar Pharma LLP (SPLL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             2        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan          9        CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects CRISIL's expectation of stretched liquidity
in the medium term, due to lower-than-expected revenue and
scheduled debt obligation, following the recently concluded
capital expenditure.

The rating also reflects the weak financial risk profile and large
working capital requirement. These weaknesses are partially offset
by technical expertise of the promoters, and their committed
funding support.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
(outstanding at INR1.23 crore as on March 31, 2017) extended to
SPLL by the promoters, as neither debt nor equity. That's because
these loans are likely to remain in the business over the medium
term, and bear an interest rate that is lower than the market
rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile may continue
to be constrained by a high gearing expected as on
March 31, 2018, given the large working capital requirement and
debt-funded capex, and the higher dependence on external debt.

* Large incremental working capital requirement: Operations are
moderately working capital intensive, with gross current assets of
around 190 days, led by sizeable receivables and inventory of
around 50 and 40 days, respectively. Working capital management is
partly aided by payables of around 60 days.

Strength

* Technical expertise of the promoters and their committed funding
support:  The promoters are qualified professionals, with
extensive technical expertise in the pharma industry. They have
extended unsecured loans of INR1.23 crore as on March 31, 2017,
and will continue to offer need-based support.

Outlook: Stable

CRISIL believes SPLL will benefit over the medium term from the
technical expertise of its promoters, and their committed fund
support. The outlook may be revised to 'Positive' if significant
growth in revenue leads to substantial cash accrual. The outlook
may be revised to 'Negative' if lower-than-expected cash accrual
or stretch in the working capital cycle, weakens the financial
risk profile, especially liquidity.

SPLL was set up by the promoter, Mr. Modasiya Mo. Moin Khalil
Ahmed and his family members in 2015. The firm started its
operations in August 2016.  The firm manufactures low-value
pharmaceutical products at its facility in Himatnagar, Gujarat.


SHREE DEVELOPERS: ICRA Assigns B+ Rating to INR80cr Term Loan
-------------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B+ to
INR80.00-crore bank lines of the Shree Developers. The outlook on
the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term
  Loan                   80.00      [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating favourably factors in the extensive experience
of the firm's management in real-estate development of several
residential and commercial projects in Mumbai and Thane
(Maharashtra). The rating also draws comfort from the favourable
location of the project, in Thane, by virtue of its proximity to
the Link Road, the highway and the Thane railway station, which
are located at a distance of less than ~10 km radius from the
project area.

The rating, however, is constrained by the high execution and
residual regulatory risk of the project, given the early stages of
the projects under construction, with the completion date targeted
for June, 2021. The rating also takes into consideration the high
market risk for 'Unique Vistas' due to lower booking achieved till
November, 2017, coupled with significant unsold inventory and
stiff competition from other ongoing and completed projects from
established developers in the project vicinity. In addition, given
the limited committed capital to fund the substantial pending
project cost, regular infusion of promoter's funds, the pace of
future bookings and flow of advances from customers will remain
critical from the credit perspective. Furthermore, ICRA also
notes, substantial repayments of term loans during the project
execution period may lead to re-financing risk.

Outlook: Stable ICRA believes SD will be able to complete its
ongoing project in a timely manner on the back of strong
experience of the promoters within the real-estate construction
business. The outlook may be revised to 'Positive' if the firm
improves its liquidity position through regular bookings of unsold
inventory and achievement of customer advances, along with timely
infusion of promoter's contribution. Conversely, any significant
delays in construction, sluggish booking status, delays in
realisation of sales or weakening of collection efficiency may
lead to cost over-runs and cash flow mismatch.

Key rating drivers

Credit strengths

* Extensive experience of the management in the real-estate
sector: The firm's promoters have an experience of around two
decades in real-estate developments, particularly in Mumbai and
Thane (Maharashtra). It is a part of 'Unique Shanti Group' which
has collectively developed ~93.88 lakh sq.ft of area under various
residential and commercial projects in Thane.

* Favorable location of the project in proximity to basic
amenities and connectivity: The project is located at Manpada, in
the Thane district of Maharashtra, targeting the mid-income
segment of young professionals. Affordability of the units coupled
with the attractive location of the project, by virtue of its
proximity to schools, shopping malls, highways and the Thane
suburban railway station, which are located at a distance of less
than ~10 km radius from the project area, drives the home-buyer
demand in this area.

Credit challenges

* Vulnerability to project execution risk and residual regulatory
risks: The firm has achieved a moderate level of construction for
the MHADA building while construction of the saleable building is
at an initial stage. Of the 30 floors to be constructed within the
MHADA building, the firm has completed civil work up to 28 floors.
Furthermore, the company has commenced construction of the
saleable building wherein, land development, excavation,
foundation and plinth of the building number three and five has
been completed. It has incurred a project cost of INR109.34 crore
(~26% of the total cost incurred) till November, 2017. One of the
MHADA buildings is expected to be completed by June, 2020, while
the rest of the project is expected to be completed by June, 2021.
Due to its early stage of construction, any time over-run for
project completion shall in turn lead to cost over-run.

* High market risks and ongoing slowdown in the real-estate
industry: The project achieved a sale of ~140 units, i.e, 21% of
the total saleable 666 units. This is against a construction cost
of ~26% (of the total estimated cost) incurred till November,
2017. Given the significant amount of unsold inventory in Mumbai
and several completed and ongoing similar projects in proximity to
Manpada area of Thane, which is the project site, the ability to
achieve adequate sales of the unsold units in a timely manner
remains critical.

* Funding risk with the ability to infuse promoters' funds and
collect customer advances in timely manner remains critical: Of
the total estimated project cost of INR417.23 crore, ~Rs. 210.00
crore (50%) is expected to be funded through promoters, INR127.23
crore (30%) from customer advances and INR80.00 crore through term
loans. Against the total pending project cost of INR307.89 crore,
as on November, 2017, the company has a pending collection
(committed receivables) of INR89.47 crore from the booked flats
and un-availed term loans of INR73.77 crore. Due to the same, the
ability to infuse promoters' fund in a timely manner, achieve
adequate bookings on its unsold inventory on a regular basis and
efficiently collect receivables from sold inventory, within the
stipulated time, remains critical.

* Re-financing risk as the repayment of the term loan is scheduled
on the partial completion of the project: One of the buildings for
MHADA is expected to be completed by June, 2020, while the other
MHADA building besides three saleable buildings are expected to be
completed by June, 2021. However, the term loan of INR80.00 crore
for the project needs to be repaid in five quarterly instalments
from January, 2019, to March, 2020. Since the repayment of term
loans commences before completion of the project, any inability to
bring in additional funding in a timely manner can lead to cash
flow mismatch and may lead to re-financing risk.

Shree Developers is a sole proprietorship concern incorporated in
2007, which is involved in developing real-estate projects. The
firm was promoted by the late Mr. Harshad Doshi and is a part of
the Unique Shanti Group (USG). The present proprietor of the firm
is Mrs. Madhuben Harshad Doshi, wife of late Mr. Harshad Doshi. At
present, the firm 'Shree Developer' is developing a residential-
cum-commercial project at Thane. USG is involved in real-estate
development and construction activities since more than two
decades in Mira Road and has now expanded to the suburbs of Thane
and Mumbai.


SHRI VAIJANATH: CRISIL Assigns B- Rating to INR4.53MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' to long term
bank facilities of Shri Vaijanath Industries Private Limited
(SVPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Rupee Term Loan        1.37      CRISIL B-/Stable
   Cash Credit            4.10      CRISIL B-/Stable
   Proposed Long Term
   Bank Loan Facility     4.53      CRISIL B-/Stable

The rating reflects weak financial risk profile as indicated in
negative networth, working capital intensive operations and modest
scale of operations. These rating weaknesses are partially offset
by extensive experience of the promoters in the tractor equipment
industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak Financial risk Profile: Financial risk profile has remained
weak due to negative networth on account of profit after tax
losses in last few years thus deteriorating the net worth and no
equity infusion. Debt protection metrics have also remained low as
indicated in interest coverage ratio of 1.2 times and NCA/TD of
0.03 times for fiscal 2017.

* Working capital intensive operations: SVPL's operations are
expected to have large working capital requirement, marked by
gross current assets of more than 200 days on account of large
debtors and inventory. The distributors are given a credit period
of about 130 days, leading to large receivables. Furthermore, SVPL
is expected to maintain a raw material inventory of around 90 days
work in progress inventory remains around 60 days.

* Modest scale of operations: The promoters have been active in
the farm equipment segment for more than a decade. However, SVPL
operates on a small scale, as indicated by revenue of INR12.26
crore for 2016-17. Besides, the market is fragmented ' marked by
the presence of more than 300 small and unorganized players ' and
competitive, resulting in pricing pressures.

Strength

* Extensive experience of the promoters: Promoter, Mr. Girish
Huddar have around decade of experience in the industry and
leading to established relationship with the customers.

Outlook: Stable

CRISIL believes SVPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if a more-than-expected increase in revenue and
profitability or equity infusion leads to a better financial risk
profile, particularly liquidity. The outlook may be revised to
'Negative' in case of a decline in profitability, resulting in low
accrual; or a stretch in working capital cycle; or larger than
anticipated debt-funded capex.

SVPL was incorporated in 2008 as a private limited company by Mr.
Girish Huddar, Mr. Namdeo patil and Mr. Dayanand Shastri. The firm
is engaged in the manufacturing of tractor & farm equipment
primarily comprising gears. SVPL's manufacturing facility is
located in Kolhapur, Maharashtra.


SOKHI STEELS: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sokhi
Steels Pvt. Ltd. (SSPL) for obtaining information through letters
and emails dated September 12, 2017 and October 24,2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              6        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 Sokhi Steels Pvt. Ltd. which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sokhi Steels Pvt. Ltd. is consistent with 'Scenario 4' outlined in
the 'Framework for Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sokhi Steels Pvt. Ltd. to 'CRISIL D Issuer not
cooperating'.

SSPL was incorporated in 2011, promoted by Mr. Lakhbir Singh
Sokhi, Mr. Jagbir Singh Sokhi, and Mr. Sukhbir Singh Sokhi; it
commenced operations in fiscal 2014. The company manufactures SG
iron, cast iron, and steel products.  It has a total furnace
induction capacity of about 750 tonne per annum at its plant in
Ludhiana, Punjab.


SOMESHWAR ORGANISORS: CRISIL Withdraws B+ Term Loan Rating
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Someshwar Organisors (SO) and subsequently withdrawn the
ratings at the company's request and on receipt of 'no-objection
certificate' and 'no dues statement' from the bankers. The
withdrawal is in line with CRISIL's policy on withdrawal of bank
loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       2        CRISIL B+/Stable (Rating
   Bank Loan Facility                reaffirmed and Withdrawal)

   Term Loan               21        CRISIL B+/Stable (Rating
                                     reaffirmed and Withdrawal)

Incorporated in 2014, SO is engaged into the business of real
estate development in Surat. At present, the company is executing
1 project at Surat. The company is promoted by Mr. Satyanarayan
Rathi and his sons Abhishek Rathi and Anand Rathi.


SRI MVR: ICRA Reaffirms B Rating on INR16cr Cash Loan
-----------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B to the
INR16.80 crore (enhanced from INR14.30-crore) fund-based limits of
Sri MVR Cotton Oil Mills Pvt. Ltd. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Cash
  Credit                 16.00      [ICRA]B (Stable); reaffirmed

  Unallocated Limits      0.80      [ICRA]B (Stable); reaffirmed

Rationale

The rating takes into account the small scale of MVR's operations
in the highly fragmented cotton industry, commoditized nature of
the product and high competition from organised and unorganised
players leading to low pricing power. The rating also takes into
account the weak financial profile as reflected by high gearing of
3.33 times and weak coverage indicators as on March 31, 2017. The
rating considers stretched liquidity position of the company with
increase in inventory days leading to high utilization of working
capital limits during the last one year. Given the high inventory,
MVR is exposed to inventory holding risks wherein any adverse
movement in cotton prices would impact margins. The rating,
however, favorably take into account the experience of the
promoters in the cotton trading and ginning business and
established relationships with suppliers and customers in the
region. The proximity of MVR's ginning unit to cotton growing
areas of Guntur in the state of Andhra Pradesh provides easy
access to raw material resulting in lower transportation costs.
Going forward, the ability of the company to increase its scale of
operations, improve profitability and liquidity position will be
the key rating sensitivities.

Outlook: Stable

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

Key rating drivers

Credit strengths

* Experience of promoters in the cotton industry: The promoters
have over two decades of experience in the cotton ginning
industry, and maintain healthy relationships with farmers, traders
and customers resulting in repeat orders from clients.

* Proximity to cotton-growing areas: The company's plant is
located near major cotton-growing area of Andhra Pradesh,
resulting in easy availability of raw material and savings in
transportation costs.

Credit weaknesses

* Small scale of operations: The company's scale of operations is
small with revenues of INR50.74 crore during FY2017. However, MVR
witnessed 12% revenue growth in FY2017 backed by increase in sales
volumes.

* Low pricing power in the highly-fragmented ginning industry: The
ginning industry is highly fragmented with presence of a large
number of small and medium-sized units, which results in stiff
competition. High competition and commoditised nature of the
product result in lower pricing power. The firm's profitability is
also exposed to fluctuations in cotton prices, given the
seasonality in cotton availability.

* High gearing and weak coverage indicators: The gearing of the
company has been high at 3.33 times as on March 31, 2017 owing to
low profitability limiting the growth in accruals and high debt to
fund high working-capital requirements. The coverage indicators of
the company remained weak with OPBDITA/Interest and finance
charges of 1.17 times and Debt/OPBDITA of 13.10 times.

* High working-capital intensity resulting from high inventory
levels: The working-capital intensity of the company remained high
at ~63% during FY2017 owing to high inventory levels. The company
stocked high inventory as on March end to be sold during non-peak
season by way of trading when prices are usually high in the
market. However any adverse movement in cotton prices may impact
the profitability of the company. The working capital limits of
MVR remained fully utilized during the last one year.

MVR was incorporated in 2008 and has a TMC cotton ginning mill in
Guntur district of AP. In addition to better quality output, TMC
unit has other advantages such as higher production speeds and low
manpower requirement. MVR is promoted by Mr. M. Venkateswara Rao
who has over a decade of experience in cotton ginning and trading.
MVR has total installed capacity 48 gins, which can produce
144,000 bales of cotton lint during the cotton season each year.


SUNCORE TILES: ICRA Assigns B Rating to INR26cr Term Loan
---------------------------------------------------------
ICRA Ratings has assigned the long-term rating to [ICRA]B to the
INR36.00-crore fund-based bank facilities of Suncore Tiles Private
Limited. ICRA has assigned the short-term rating to [ICRA]A4 on
the INR3.50-crore non-fund based limit of the company. ICRA has
also assigned the long-term rating to [ICRA]B and short-term
rating to [ICRA]A4 to the unallocated limits of INR0.50 crore of
STPL. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                 10.00       [ICRA]B (Stable); Assigned

  Fund-based-Term
  Loan                   26.00       [ICRA]B (Stable); Assigned

  Non-fund based-
  Bank Guarantee          3.50       [ICRA]A4; Assigned

  Unallocated             0.50       [ICRA]B(Stable)/[ICRA]A4;
                                      Assigned

Rationale

The assigned ratings are constrained by the start-up nature of the
company's with operations yet to commence and the risks associated
with the stabilisation of the plant, as per the expected operating
parameters. The ratings also remain constrained by the highly
fragmented nature of the tiles industry, resulting in intense
competition. Furthermore, the ratings also take note of the
cyclical nature of the real estate industry which is the main
consuming sector; and the exposure of the company's profitability
to volatility in raw material and gas prices as well as to adverse
foreign exchange fluctuations. The assigned ratings also take into
account the company's financial profile, which is expected to
remain constrained in the near term, given the debt-funded nature
of the project and impending debt repayment. The ratings, however,
favourably considers the longstanding experience of the promoters
in ceramic industry, the expected synergy benefits from
established marketing and distribution network of associate
concerns and the locational advantage of the company for raw
material procurement by virtue of its presence in Morbi (Gujarat).

Outlook: Stable

ICRA believes Suncore Tiles Private Limited will benefit from
longstanding industry experience of its promoters in ceramic
industry and established marketing network of associate concerns.
The outlook may be revised to 'Positive' with timely stabilisation
of operations, scaling up of operations and profit margins,and
generation of adequate cash accruals as expected. The outlook may
be revised to 'Negative' in case of any substantial delays in
project commencement and lower than expected growth in scale
coupled leading to lower than expected cash accruals.

Key rating drivers

Credit strengths

* Longstanding experience of partners in the ceramic industry and
support expected from associate concerns: The promoters of the
company have a longstanding experience in the ceramic industry;
vide their association with other entities in the similar line of
business. The commissioning of STPL would enable the promoters to
enter double charged vitrified files. Further, the company would
leverage from the existing dealer network and customer base of
associate entities.

* Locational advantage from proximity to raw materials: The
manufacturing facility of the company is located in the ceramic
tiles manufacturing hub of Morbi (Gujarat), which provides easy
access to quality raw materials like body clay, feldspar and
glazed frit in Gujarat and Rajasthan.

Credit weaknesses

* Risk associated with stabilisation and successful scale up of
operations: Being in a nascent stage, with the operations expected
to commence from April, 2018, the company's financial profile
remains exposed to the risks associated with stabilisation and
successful ramp up of operations as per the expected parameters.
Further, company's sizeable reliance on debt funding towards the
capex and associated servicing burden is expected to keep the
capital structure and liquidity position stretched over the near
to medium term.

* Margins subject to pressure from intense competition and
cyclicality in the real estate industry: The large number of
players in the unorganised segment, most of that are located in
Gujarat and operate with low cost structures, create a pressure on
prices. Further, the real estate industry accounts for the maximum
consumption of ceramic tiles, and hence STPL's profitability and
cash flows are expected to remain vulnerable to cyclicality in the
real estate industry.

* Vulnerability of profitability to fluctuations in raw material
and energy 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 natural gas/coal and raw
materials, and thus the profitability margins are expected to
remain exposed to the movement in raw material and gas/coal prices
and its ability to pass on any upward movements to customers.

Incorporated in May 2017, Suncore Tiles Private Limited (STPL) is
setting up a Greenfield project at Morbi in Gujarat to manufacture
medium-sized double charged vitrified tiles. The proposed unit
will have an installed capacity of producing 63,000 metric tonnes
of tiles per annum and the commercial operations are expected to
commence from April 2018. The promoters have past experience in
the ceramic industry by virtue of their association with other
ceramic tiles manufacturing entities namely Sunora Ceramic
Industries, Seven Ceramics, Speno Ceramic and Salient Ceramic.


THREE C: ICRA Lowers Rating on INR225cr NCD Programme to D
----------------------------------------------------------
ICRA Ratings has revised the rating of NCD Programme of Three C
Greens Developers Private Limited (TCGDPL) to [ICRA]D from
[ICRA]B(SO) (Rating placed on watch with negative implications).
The rating continues to remain in the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING."

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Non Convertible      225.0       [ICRA]D ISSUER NOT
  Debenture                        COOPERATING; Rating
  Programme                        downgraded from [ICRA]B(SO)
                                   ISSUER NOT COOPERATING,
                                   rating continues to remain
                                   in 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,
despite the downgrade.

Rationale

The rating downgrade follows the delays in debt servicing by Three
C Green Developers Private Limited to the lender(s), as confirmed
by their disclosure on BSE along with their half yearly financial
performance of H1FY2018.

TCGDPL, which was incorporated in December 2010, is involved in
real-estate development. At present, Xanadu Estates Pvt. Ltd.
holds 75% of the company's shares, while the remaining 25% is held
by Xanadu Infra Developers Pvt Ltd. TCGDPL is developing a plotted
development project, Lotus Yardscape, with a saleable area of
90489 square yards, in Sports City, Noida. The other project,
Lotus Arena II, is being developed by its wholly-owned subsidiary,
Piyush IT Solutions Private Limited.


TIKU RAM: CRISIL Reaffirms B+ Rating on INR27MM Export Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Tiku Ram Gum and Chemicals Private
Limited.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit               3      CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit    27      CRISIL B+/Stable (Reaffirmed)
   Foreign Bill Purchase    20      CRISIL B+/Stable (Reaffirmed)
   Standby Line of Credit    3      CRISIL B+/Stable (Reaffirmed)

Operating income and profitability grew to INR126.87 crore and
3.56%, respectively, in fiscal 2017, from INR120.33 crore and
3.17% in fiscal 2016; this trend may continue over the medium
term.

Liquidity is sufficient owing to moderate bank limit utilisation
of 82% over the 12 months through November 2017. Net cash accrual
may remain low but adequate at INR80-85 lakh per annum over the
medium term, against minimal yearly debt repayment obligation of
INR5-10 lakh. Current ratio was moderate at 1.65 times as on
March 31, 2017, and is expected to remain so going forward.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak debt protection metrics: Adjusted interest coverage and net
cash accrual to adjusted debt ratios were modest at 1.24 times and
0.02 time, respectively, in fiscal 2017 due to low profitability.
The metrics are expected to remain stable over the medium term.

* Working capital-intensive operations: Gross current assets were
180 days as on March 31, 2017, driven by high inventory of 155
days. The debtor level was low at 28 days as on March 31 2017.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of 30 years and healthy relations with customers and
suppliers should continue to support the business. Prior to the
establishment of TRGC, Mr. Pawan Agarwal was a director at Jai
Bharat Gum and Chemicals Pvt Ltd ('CRISIL BBB+/Stable/CRISIL
A2+').

Outlook: Stable

CRISIL believes TRGC will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
better-than-expected cash accrual and efficient working capital
management strengthen financial risk profile. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, stretched working capital cycle, or large, debt-funded
capital expenditure weakens financial risk profile and liquidity.

TRGC, set up by Mr. Pawan Agarwal in 2006, is managed by its
founder and his son, Mr. Vipin Agarwal. The company manufactures
guar gum splits.


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

-- INR100 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 5, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, VSMPL is engaged in the trading of pig iron,
cast iron and scrap iron. The company started its commercial
operations in FY13 by obtaining an authorised dealership of Tata
Metallic Limited and Vedanta Limited ('IND AA'/Positive) in Delhi.
VSMPL's customer base comprises auto parts manufacturers and
consumer durables manufacturers, located mainly in Delhi, Haryana
and Uttar Pradesh.


VELKAR ENGINEERING: CRISIL Assigns B- Rating to INR5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' ratings to the
bank facilities of Velkar Engineering And Industries Private
Limited (VEI). The ratings reflect the company's risks related to
the company's nascent stage and modest scale of operations and
exposure to intense competition in engineering fabrication
industry. These weaknesses are partially offset by the promoter's
extensive experience in the engineering industry.

                               Amount
   Facilities                 (INR Mln)    Ratings
   ----------                 ---------    -------
   Proposed Cash Credit Limit      5       CRISIL B-/Stable
   Proposed Overdraft Facility     5       CRISIL B-/Stable

Key Rating Drivers & Detailed Description

Weaknesses:

* Nascent stage and modest scale of operations: The company
commenced operations in April,2017 and has a modest scale of
operations and stabilization of the company's operations needs to
be seen.

* Exposure to intense competition in the engineering fabrication
industry: VEI is exposed to intense competition in the engineering
fabrication industry from established players

Strengths:

* Extensive experience of the promoters in the engineering
industry: The promoters have an experience of over 10 years in the
engineering industries. CRISIL believes that the extensive
experience of the company's promoters should benefit it over the
medium term.

Outlook: Stable

CRISIL believes that VEI will maintain a stable business risk
profile supported by the extensive experience in the engineering
industry. The outlook may be revised to 'Positive' if the company
shows sustainable growth in revenues and profitability, thereby
enhancing its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if its revenues and operating margins
decline due to delay in execution of orders or if the company's
working capital management deteriorates.

VEI was established in April 2017 by Mr.Sanjeevan and Mr. Benedict
in Trichy, Tamil Nadu. The company is involved in design and
manufacturing processes for the engineering and fabrication
industry. The company performs orders based on their clientele's
requirements. The company is involved in the construction of
boilers, roofing, duct systems, etc and plans to enter the
renewable energy segment to construct solar panels.


VREON TECH: CRISIL Assigns B Rating to INR60MM LT Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Vreon Tech India Private Limited (VReon).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility       60      CRISIL B/Stable

The ratings reflect the risks related to VReon's successful
implementation, stabilisation and ramp up in operations. These
weaknesses are partially offset by the extensive experience of
VReon's promoters in the software industry and the benefit of
synergies derived from the joint venture with EON Reality Limited,
Singapore.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to successful implementation,
stabilisation and ramp up of operations: VReon is exposed to
Exposure to risks related to successful implementation,
stabilisation and ramp up of operations. The company has been
incorporated in May 2017 and fiscal 2019 shall be the first full
year of commercial operations.

Strength

* Extensive industry experience of the promoters: VReon is a joint
venture between VReon and EON Reality Limited, Singapore in the
ratio of 51:49. VReon has been promoted by Dr.Ramasubramani, Ms.
Banusivasamy and Mr.Ravi who have a combined experience of more
than 4 decades in the information technology industry. VReon is
also expected to benefit from the healthy synergy of its joint
venture with EON Reality Limited, Singapore (100 percent
subsidiary of EON Reality Limited California) one of the larger
players globally in the virtual reality and augmented reality
platform.

Outlook: Stable

CRISIL believes that VReon shall continue to benefit over the
medium term from the extensive experience of its promoters and the
synergies derived from its joint venture with EON Reality. The
outlook may be revised to "Positive" in case of successful
implementation, stabilisation and ramp up in operations.
Conversely, the outlook may be revised to "Negative" in case of
time or cost over runs in the implementation of the project,
resulting in weaker than expected financial risk profile,
particularly liquidity.

VReon was incorporated in May 2017 has entered into a joint
venture with EON Reality Limited Singapore (a 100 percent
subsidiary of EON Reality Limited California). The company
proposes to venture into providing services in the virtual and
augmented reality platform for delivering projects for domestic
global and customer clients, and EON Reality's captive development
across various industries like education, medicine, travel,
tourism and manufacturing industries. Fiscal 2019 shall be the
first full year of operations.


VSRK CONSTRUCTIONS: ICRA Assigns B+ Rating to INR2cr Loan
---------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B+ to the
INR12.00 crore (revised from INR8.00 crore) non fund based limits
of VSRK Constructions. ICRA also has [ICRA]B+ rating outstanding
for the INR2.00 crore fund based limits of company. The outlook on
the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Secured
  Overdraft              2.00      [ICRA]B+ (Stable); Outstanding

  Non-fund based-       12.00      [ICRA]B+ (Stable);
  Bank Guarantee                   Assigned/Outstanding

Rationale

The assigned rating continues to be constrained by the small scale
of operations in the construction industry with revenues of
INR44.91 crore in FY2017; high geographic concentration risk with
work order execution limited to Andhra Pradesh and Telangana
states; and high sectoral concentration risk with more than 90% of
the order book consisting of road construction and maintenance
works. The rating is further constrained by the increased working
capital intensity due to higher work in progress position as of
FY2017 end; increase in leverage with gearing at 2.48 times as on
March 31, 2017 due to debt funded capex; and risks arising from
partnership nature of the firm. ICRA also notes that the liquidity
position of the firm remains tight due to delay in receipt of the
payments from the departments. The assigned rating, however,
positively takes into consideration improved order book to
INR95.60 crore (2.13 times FY2017 turnover) as on November 30,
2017 providing revenue visibility in the medium term; longstanding
experience of the partners in the construction industry; and
comfortable coverage metrics with interest cover of 3.38 times and
NCA/Debt of 15% for FY2017.

Going forward, the company's ability to diversify the order book,
increase scale of operations and, and efficiently manage its
working capital requirements would be the key credit rating
sensitivities.

Outlook: Stable

ICRA believes that the firm would continue to benefit from the
extensive experience of the partners in construction industry. The
outlook on the long term rating may be revised to positive if
there is a significant increase in firm's scale of operations,
sizeable improvement in leverage and coverage metrics and
diversification of order book. The outlook may be revised to
'Negative' if there is higher than expected debt funded capex, or
significant decrease in order book size, or significant build up
in the receivables.

Key rating drivers

Credit strengths

* Longstanding experience of promoters: The main promoters of the
firm, Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao have
more than two decades of experience in executing civil contracts
in Andhra Pradesh and Telangana states.

* Increased operating profitability in FY2017: The firm's
operating profitability has increased to 10.3% in FY2017 compared
to 8-9% levels over the previous three years on the back of lower
sub-contract charges. Further, given the presence of price
escalation clause in all the projects, the profitability is
protected to an extent from volatility in raw material prices.

* Increased order book size: The order book of the firm has
improved to INR95.60 crore as on November 30, 2017 from INR23.08
crore as on December 31, 2015 as the firm was able to participate
in more number of orders after the enhancement in Bank Guarantee
limits in October 2016. Further, the order book to operating
income ratio is healthy at 2.13 times which provides revenue
visibility in the medium term.

Credit weaknesses

* Small scale of operations and high competitive intensity in
construction industry: Though the revenues have improved from
INR38.16 crore in FY2016 to INR44.91 crore in FY2017 owing to
higher receipt of payments from departments in March 2017, the
revenues of the firm are relatively small in the construction
industry. The industry is characterised by numerous other players
where work orders, largely tender based, are awarded to the lowest
bidder by value. Hence the scope for growth in profit margins is
limited in this line of business.

* Significant debt funded capex undertaken in FY2017 has affected
the capital structure: The firm had made additions of ~Rs. 5.26
crore to its gross block which included purchase of hot mix plant,
equipment, machinery and vehicles used in execution of work
orders. These were largely funded by debt availed from various
financial institutions which has impacted the gearing and coverage
metrics to a certain extent.

* High geographic and sectoral concentration risk: The geographic
concentration risk of the order book is high since the works are
primarily limited to Khammam district in Telangana and Krishna
district in Andhra Pradesh. Further, the firm's work orders are
mostly confined to road construction and maintenance works.

* Increased working capital intensity in FY2017: The working
capital intensity of the firm increased substantially in FY2017
due to higher work in progress position at the end of the year.
The bills were raised for these works during the subsequent
quarter. The stretched liquidity position of the firm was bridged
by increase in interest free unsecured loans brought in by the
promoters.

VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao.
The firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is
engaged in the business of constructing roads, bridges, etc.
primarily in Telangana and Andhra Pradesh.



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


BERJAYA MEDIA: Yet to Formulate a Regularisation Plan
-----------------------------------------------------
Tan Xue Ying at The Edge Financial Daily reports that Berjaya
Media Bhd said it is still looking into formulating a plan to
regularise its financial condition, after being classified as an
affected listed issued under Practice Note 17 (PN17) last June.

At this juncture, no suitable or viable proposal has been
shortlisted for consideration, the company said in a filing with
Bursa Malaysia on Jan. 2, the report says.

BMedia now has about five and a half months left to submit its
regularisation plan to the authorities for approval, according to
the Edge Financial Daily.

"The company will make the necessary announcement on its feasible
regularisation plan in accordance with the requirements under PN17
in due course," BMedia said.

In the second financial quarter ended Oct. 31, 2017 (2QFY18),
BMedia's net loss widened to MYR2.54 million from MYR497,000 in
the corresponding quarter a year ago, as revenue fell 31% year-on-
year (y-o-y) to MYR8.35 million from MYR12.10 million, the report
discloses.

The company attributed the drop in earnings to lower advertising
income from its principal operating subsidiary, Sun Media Corp Sdn
Bhd, which publishes TheSun newspaper, the Edge Financial Daily
notes.

For the first half of FY18 (1HFY18), BMedia's net loss grew to
MYR4.02 million from MYR2.62 million in 1HFY17, the report add.

                         Berjaya Media Bhd

Berjaya Media Berhad is an investment holding company. The
Company, through its subsidiaries, is engaged in publication,
printing and distribution of daily newspaper. The Company's
segments include investment holding, publishing and others. The
Company's publication, theSun, is read in the market centers of
the Klang Valley, Penang and Johor Bharu, as well as in cities
and towns of Peninsular Malaysia. The Company's publication
publishes news on politics and business, human interest and
governance, entertainment and lifestyle, and sports. theSun also
has an online presence at www.thesundaily.my, where top news of
the day is updated and presented to its readers. The Company
offers theSun through approximately 3,200 sunspots or pick-up
points along morning routes to the workplace, gym, college or
breakfast. The Company's subsidiaries include Sun Media
Corporation Sdn. Bhd. and Gemtech (M) Sdn. Bhd.

Berjaya Media slipped into PN17 (Practice Note 17) status in
June 2017 as its shareholders' equity fell short of listing
requirements.



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


ANDREA MOORE: Kiwi Fashion Label Goes Into Liquidation
------------------------------------------------------
Anuja Nadkarni, Chloe Winter and Ellen Read at Stuff.co.nz reports
that iconic Kiwi fashion brand Andrea Moore has gone into
liquidation after nearly 20 years in business.

Stuff relates that the label's managing director, Brian Molloy,
said "highly damaging" late deliveries, crippling creditor payment
defaults and extensive roadworks outside both its Auckland and
Christchurch stores constrained trade for months.

The company hit a "perfect storm" in 2017, Mr. Molloy said on Jan.
9, Stuff relays.

"Though we have a loyal customer base of over 30,000 our problems
will be familiar to anyone conversant with the hugely capital-
intensive nature of the industry which has become very discount
driven affecting valuable margins," the report quotes Mr. Molloy
as saying.

Andrea Moore has seven stores across Auckland, Wellington and
Christchurch and employs 22 staff.

According to the report, Mr. Molloy said missteps in part of the
brand's strategies of undercapitalised bricks and mortar store
expansion also contributed to the outcome of the company.

Both liquidators and receivers were appointed on Jan. 8, Stuff
notes.

Stuff says the main reason of liquidation is to collect the assets
of the company to distribute to all creditors (including
employees, secured creditors and IRD), while receivership is when
assets are realised for the benefit of one secured creditor.

Receiver Andrew Grenfell of McGrathNicol said stores would
continue to trade while they worked with the directors to assess
options for the company, the report relates.

They hope to sell the company, Stuff adds.


PROPERTY VENTURES: No Deal Yet w/Directors, Says Allied Farmers
---------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Allied Farmers said a
deal hasn't yet been reached with the directors of property
developer Dave Henderson's Property Ventures Ltd (PVL), contrary
to reports on Jan. 9.

BusinessDesk says the Hawera-based rural services firm is a
beneficiary of the litigation against PVL after selling various
loans to a unit of the action's funder in 2013. While a deal has
been reached with the developer's auditor PwC, the liquidator was
still pursuing PVL's former directors Austin Forbes, Alister
Johnston, Gordon Hansen, Adolf de Roos, Daniel Godden and their
insurer Vero Liability Insurance, the report relates.

According to BusinessDesk, Fairfax Media on Jan. 9 reported
liquidator Robert Walker settled the claim with the directors
ahead of a High Court hearing in February, however Allied Farmers
on Jan. 10 said the report jumped the gun.

"The liquidators have advised Allied that the media article is
premature and that the liquidators are not aware of a final
settlement having been formally reached," BusinessDesk quotes
chair Garry Bluett as saying in a statement to NZX.

BusinessDesk relates that Mr. Bluett said he didn't know the
amount of the PwC settlement or have any further insight into the
suit against the directors, and "therefore is not able to provide
any further guidance on the proportion of the net proceeds, if
any, payable to Allied."

BusinessDesk notes that the company took on the loans in its ill-
fated 2009 acquisition of the Hanover and United finance group's
loan book that wasn't worth as much as initially thought. It sold
them for NZ$100,000, and at the time said that could rise to
NZ$500,000, but has since said if the litigation is successful it
could be in for a larger return.

Allied shares last traded at 11.5 cents and have gained about 64
percent over the past 12 months, BusinessDesk adds.

Property Ventures Limited (PVL), the central company of the
David Henderson property development ventures, was put into
receivership in March 2010. The company was placed into
liquidation in July 2010 owing about NZ$70 million mostly to
finance companies.

                           *********

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