/raid1/www/Hosts/bankrupt/TCRAP_Public/180112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, January 12, 2018, Vol. 21, No. 009

                            Headlines


A U S T R A L I A

BULLIBUILT PTY: Second Creditors' Meeting Set for Jan. 22
DRICONEQ AUSTRALIA: Second Creditors' Meeting Set for Jan. 18
EQUITITRUST LTD: Insider Info a 'Crazy Stretch,' Ex-Director Says
OCEAN INFORMATICS: First Creditors' Meeting Set for Jan. 19
TURNFIRE PTY: First Creditors' Meeting Set for Jan. 18


I N D I A

BHATIA COLOUR: CRISIL Withdraws B Rating on INR11MM Cash Loan
BHUSHAN ENERGY: NCLT Admits SBI's Insolvency Plea v. Firm
CONTINENTAL MILKOSE: Ind-Ra Affirms 'BB-' Issuer Rating
CREATOR POLY: Ind-Ra Assigns 'B' LongTerm Issuer Rating
ELECTROSTEEL STEELS: Four Buyers Submit Resolution Plan

ETHOS POWER: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
GAJANAN MANTE: CRISIL Assigns B Rating to INR9MM Term Loan
HARNESS CABLE: CRISIL Assigns B+ Rating to INR3MM Term Loan
JAI GURUDEV: CRISIL Assigns B+ Rating to INR5MM Cash Loan
JAI RAVECHI: CRISIL Reaffirms B Rating on INR8.5MM LT Loan

JAYALAKSHMI CASHEW: CRISIL Assigns B+ Rating to INR5MM Cash Loan
JAYAPRIYA CHIT: CRISIL Reaffirms B+ Rating on INR12MM Overdraft
JIN PLAST: CRISIL Raises Rating on INR5MM Cash Loan to B-
KANDHAN KNITSS: CRISIL Reaffirms & Then Withdraws D Ratings
KIRUBHA EXPORTS: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan

KPT SPINNING: CRISIL Revokes Suspension on B Cash Credit Rating
MJ LOGISTICS: Ind-Ra Places 'BB+' Issuer Rating on RWE
MYSORE FRUIT: CRISIL Revokes Suspension on B Cash Credit Rating
NEERAJA TRADING: CRISIL Reaffirms B+ Rating on INR10MM Loan
NORTH EAST AGRO: CRISIL Assigns B+ Rating to INR5.5MM Term Loan

RACHHPAL AUTO: CRISIL Assigns B+ Rating to INR7.0MM Cash Loan
RAJIV PETROCHEMICALS: Ind-Ra Assigns 'BB-' Issuer Rating
RAMILA DIAM: CRISIL Assigns B- Rating to INR11MM Cash Loan
RATTAN STEEL: CRISIL Lowers Rating on INR11MM Cash Loan to B
RUDRAKSH PSYLLIUM: CRISIL Assigns B+ Rating to INR3.85MM Loan

S. PUSHP: CRISIL Assigns B+ Rating to INR7.3MM LT Loan
S.A. AANANDAN SPINNING: Ind-Ra Affirms BB Issuer Rating
SANAA DISTRIBUTORS: CRISIL Reaffirms B Rating on INR10MM Loan
SANTOSH ENTERPRISES: CRISIL Assigns B Rating to INR2.0MM Loan
SHASHWAT POWER: CRISIL Assigns B+ Rating to INR6MM Cash Loan

SHREE MAHAVIR: CRISIL Moves B+ Rating to Not Cooperating Category
SHREE SAI: CRISIL Assigns B+ Rating to INR5MM Cash Loan
SREE MARUTHI: CRISIL Assigns B Rating to INR6MM Term Loan
SRI LAKSHMI: CRISIL Reaffirms B Rating on INR17.25MM Cash Loan
SRI LAXMI: CRISIL Lowers Rating on INR8MM Cash Loan to D

TREND SETTERS: CRISIL Lowers Rating on INR7.5MM LT Loan to 'D'
TRIVITRON HEALTHCARE: NCLT Withdraws RNB Design's Insolvency Bid
VADHI STEELS: CRISIL Assigns B- Rating to INR4.60MM LT Loan
VAMSHADHARA PAPER: CRISIL Lowers Rating on INR25.75MM Cash Loan
VT DAIRY: CRISIL Assigns B+ Rating to INR12MM Proposed LT Loan

* INDIA: Insolvency Board to Consider Cross-Border Norms


J A P A N

TK HOLDINGS: New Plan Discloses $12.5MM Funding for Trust Reserve


S I N G A P O R E

GLOBAL A&T: Court OKs Disclosures & Confirms Reorganization Plan


                            - - - - -


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


BULLIBUILT PTY: Second Creditors' Meeting Set for Jan. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Bullibuilt Pty
Ltd has been set for Jan. 22, 2018 at 1:00 p.m. at Qantas Meeting
Rooms, level 1, Qantas Business Lounge, Melbourne Airport
(terminal no. 1), Airport Drive, in Tullamarine, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 19, 2018, at 4:30 p.m.

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


DRICONEQ AUSTRALIA: Second Creditors' Meeting Set for Jan. 18
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Driconeq
Australia Pty Ltd has been set for Jan. 18, 2018, at 10:30 a.m. at
QV1 Function Room, Level 2, 250 St George's Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 17, 2018 at 4:00 p.m.

Jimmy Trpcevski, David Ashley and Norman Hurt of WA Insolvency
Solutions were appointed as administrators of Driconeq Australia
on Dec. 4, 2017.


EQUITITRUST LTD: Insider Info a 'Crazy Stretch,' Ex-Director Says
-----------------------------------------------------------------
The Courier-Mail reports that a former director of Equititrust
Limited said any suggestion he used insider information to cut a
deal involving himself is a "crazy stretch", and the reality is he
obtained smart advice in the lucrative transaction.

According to the report, the comments from David Tucker came amid
a liquidator examination of the events before and after the 2012
collapse of Gold Coast-based Equititrust, which had several funds
owing investors almost AUD250 million.

The Courier-Mail relates that Mr. Tucker, also an insolvency law
expert, has tried to head off any potential lawsuit by outlining
from the stand a detailed defence of his actions with an
Equititrust fund.

His recent testimony came during a Federal Court public
examination, which can be revealed after The Courier-Mail obtained
a court transcript.

The Courier-Mail says the liquidators were examining how
Mr. Tucker, nine months after departing as an Equititrust
director, came to be involved in acquiring some loans once with
the Equititrust Premium Fund.

After outlaying AUD666,677, representing one-third the cost of the
debt for sale, Mr. Tucker earned AUD3.8 million. But Mr. Tucker,
as The Courier-Mail earlier reported, testified he had never
chased down the money.

Mr. Tucker maintained he never relied on any information, learned
as a director, in the subsequent loan acquisition. "Absolutely not
. . . it would have been madness to, because information would be
so old and so unreliable," he said, the report relays.

His examples of that unreliability included that in the time
between his departure and the acquisition, Equititrust issued
multiple public statements about having trouble signing off
accounts and detailing further bad-loan problems. "I don't see the
(level) of impairments," Mr. Tucker, as cited by The Courier-Mail,
said during the examination.

Board papers he had earlier seen was so voluminous to be
overwhelming and "you can't pretend to commit this stuff to
memory", he argued, The Courier-Mail relates.

He was quizzed about his knowledge of a special "risk fee", which
allowed debt to be increased. Mr. Tucker said he had not recalled
the risk fee, and it only made a AUD300,000 difference, the report
adds.

According to The Courier-Mail, Mr. Tucker said he helped finance
the deal, partly because discussions with receivers had offered
confidence that repayments were "going to be north of AUD2
million", the cost of buying the loan book.

He rejected as "absolute fiction" earlier claims from a developer
that Mr. Tucker had said in a conversation that Mr. Tucker and
former Equititrust chief executive officer David Kennedy, also in
the deal, would reap AUD26 million in the acquisition, the report
relays.

In a statement, Mr. Tucker told The Courier-Mail he would
strenuously defend any lawsuit and the liquidators had in 2012
consented to the transaction so no legal action could occur.

                         About Equititrust

Equititrust was incorporated on Aug. 18, 1993, and was placed
into voluntary administration on Feb. 15, 2012.  The creditors of
Equititrust resolved that the company should be placed into
liquidation on April 20, 2012.  The voluntary administrators of
Equititrust reported that as at the date of their appointment:

   -- EIF had about 1,620 unitholders who were owed approximately
      AUD203.6 mil;

   -- EPF had about 38 unitholders who were owed approximately
      AUF56.7 mil; and

   -- EPCIF had 5 unitholders and held no tangible assets.

On Dec. 19, 2011, ASIC suspended Equititrust's AFSL for 12
months, for failing to comply with a number of key obligations as
a financial services licensee. Equititrust's AFSL remains
suspended.

On Aug. 22, 2014, Mr. McIvor was convicted and fined AUD10,000 in
the Brisbane Magistrates Court of six charges of failing to
provide a Report as to Affairs and to deliver books and records
to the liquidators of Chevron Capital Pty Ltd, MHSM Holdings Pty
Ltd and SM Capital Pty Ltd.

Mr. McIvor was made bankrupt on Nov. 28, 2012. His bankruptcy
period has since expired.


OCEAN INFORMATICS: First Creditors' Meeting Set for Jan. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Ocean
Informatics Pty Limited, trading as Ocean Health Systems and
OceaneHR, will be held at the offices of BRI Ferrier (NSW) Pty
Ltd, Level 30, 264 George Street, in Sydney, NSW, on Jan. 19,
2018, at 3:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Ocean Informatics on Jan. 9, 2018.


TURNFIRE PTY: First Creditors' Meeting Set for Jan. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Turnfire
Pty. Ltd., trading as Trading as "Roper Bar Store", will be held
at the offices of Rodgers Reidy, Unit 22, 16 Charlton Court, in
Woolner, NT, on Jan. 18, 2018, at 11:00 a.m.

Stuart George Reid of Rodgers Reidy was appointed as administrator
of Turnfire Pty on Jan. 8, 2018.



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


BHATIA COLOUR: CRISIL Withdraws B Rating on INR11MM Cash Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Bhatia Colour Company (BCC)
to 'CRISIL B/Stable/CRISIL A4' and Withdrawn. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the ratings on bank facilities
of BCC from 'CRISIL B/Stable/CRISIL A4/Issuer not cooperating to
'CRISIL B/Stable/CRISIL A4' and has withdrawn the same at the
company's request and based on the no objection certificate
received from the banker. The rating action is in-line with
CRISIL's policy on withdrawal of bank loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable'
                                     Issuer Not Cooperating and
                                     Rating Withdrawn)

   Letter of Credit          5       CRISIL A4 (Migrated from
                                     'CRISIL A4' Issuer Not
                                     Cooperating and Rating
                                     Withdrawn)

   Proposed Long Term       10       CRISIL B/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B/Stable'
                                     Issuer Not Cooperating and
                                     Rating Withdrawn)

BCC was set up as a partnership firm in 1994, by Mr. Bhatia and
his family, based in Surat. The firm trades in textile dyes and
chemicals.


BHUSHAN ENERGY: NCLT Admits SBI's Insolvency Plea v. Firm
---------------------------------------------------------
The India Express reports that the National Company Law Tribunal
(NCLT) on Jan. 8 admitted the State Bank of India (SBI) filed a
plea to initiate insolvency proceedings against Bhushan Energy
(BEL).

According to the report, the principal bench comprising president
MM Kumar and member Deepa Krishnan appointed Navneet Kumar Gupta
the interim resolution professional (IRP) for BEL. BEL owes INR399
crore to SBI, the report discloses. The IRP, along with a
committee of creditors (CoC), will come up with a resolution plan.
If the committee is unable to find a solution within 180 days --
this can be extended to 270 days -- the company will be
liquidated, the report notes.

When contacted, BEL's counsel Ranaja Roy Gawai declined to comment
on whether the company would appeal at the appellate tribunal
challenging the NCLT order, the Indian Express says.

The India Express says SBI had earlier nominated Savan Godiawala,
from Deloitte, to act as the IRP for BEL. However, BEL had made a
plea to change the IRP from consultancy firm Deloitte as the IRP
for its already admitted parent, Bhushan Steel (BSL), is also from
the same firm.

On July 27, the principal bench had admitted the insolvency
petition filed by a consortium of lenders led by SBI against BSL
and approved the appointment of Vijay Kumar V Iyer from Deloitte
as the IRP, according to the report. BEL reported a gross debt of
INR2,336 crore in FY16 and posted a net loss of INR229 crore on
revenues of INR622 crore in the same period, the Indian Express
discloses citing Capitaline data.

Based in Dhenkanal, Odisha, Bhushan Energy Limited engages in
power generation and sets up power plants.


CONTINENTAL MILKOSE: Ind-Ra Affirms 'BB-' Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Continental
Milkose (India) Limited's (CMIL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR225 mil. Fund-based limit affirmed with IND BB-/Stable/
    IND A4+ rating;

-- INR125 mil. Non-fund-based limit affirmed with IND A4+
    rating; and

-- INR50 mil. Proposed non-fund-based limit withdrawn (the
    company did not proceed with the instrument as envisaged)
    with  WD rating.

KEY RATING DRIVERS

The affirmation reflects CMIL's continued moderate scale of
operations, low EBITDA margins and weak credit metrics. Revenue
grew at a CAGR of 11.7% to INR2,786.14 million during FY13-FY17
(FY17: up 2.6% yoy). However, EBITDA margin declined to 2.93% in
FY17 (FY16: 3.63%) due to an increase in selling and other
administrative expenses on account of additional transport costs
and delays in price increase from government authorities. A
decline in EBITDA along with an increase in unsecured loans led to
deterioration in net adjusted leverage (total adjusted net
debt/operating EBITDA) to 9.5x in FY17 (FY16: 7.2x) and gross
interest coverage (operating EBITDA/gross interest expense) to
1.2x (1.24x). Ind-Ra believes the EBITDA margin is unlikely to
improve in FY18 due to sustained high transportation and personnel
costs. Consequently, the agency expects the credit metrics to
remain weak.

During 1HFY18, the company executed orders worth INR1,315.7
million. The agency expects revenue to decline in FY18 due to
discontinuation of a tender from the Uttar Pradesh government's
Integrated Child Development Services Scheme following the change
in the government. However, management expects the same to
regularise post April 2018.

The ratings also remain constrained by CMIL's tight liquidity
position as reflected by negative cash flow from operations (FY17:
negative INR11.44 million, FY16: negative INR227.72 million) and
free cash flows (negative INR59.49 million, negative INR262.1
million). The company's average use of the working capital limits
was 64.05% during the 12 months ended November 2017. The promoters
had infused interest free unsecured loans of INR485 million in
FY17 to support the company's working capital requirements.

The ratings, however, continue to be supported by CMIL's
promoters' two-decade-long experience in the milk products
industry, leading to strong relationships with customers and
suppliers.

RATING SENSITIVITIES

Negative: A sustained deterioration in the credit profile or a
further stress on the liquidity position could lead to a negative
rating action.

Positive: A sustained improvement in the operating profitability
resulting in an improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Incorporated in 1992, CMIL manufactures and trades ready-to-eat
products, malted milk foods and dairy products. The company's
manufacturing facility is located in Village Habibpur, Greater
Noida (Uttar Pradesh) with an installed capacity of 1,40,000mtpa,
10,000mtpa and 17,000mtpa for ready-to-eat, malted milk foods and
dairy products, respectively.


CREATOR POLY: Ind-Ra Assigns 'B' LongTerm Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Creator Poly
Extrusions LLP (CPEL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR63.9 mil. Term loans due on January 2028 assigned with
    IND B/Stable rating;

-- INR37 mil. Fund-based working capital limits assigned with
    IND B/Stable/IND A4 rating; and

-- INR9.1 mil. Proposed fund-based working capital limits*
    assigned with Provisional IND B/Stable/Provisional IND A4
    rating.

* The ratings are provisional and shall be confirmed upon the
execution of sanction letter for the above facilities by CPEL to
the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect CPEL's lack of operational track record as the
company is expected to commence commercial production of high
quality high-density polyethylene pipes, and double wall
corrugated high-density polyethylene pipes and fittings in
February 2018. The total estimated project cost of INR100.09
million will be funded by promoter's contribution in the form of
share capital and unsecured loan (37%), and term loans (63%).

The ratings are also constrained by the fragmented nature of
operations of the polymer processing industry.

However, the ratings are supported by the locational advantage of
CEPL's manufacturing unit, which is being constructed near Greater
Noida with abundant availability of raw materials, electricity and
manpower, among others.

RATING SENSITIVITIES

Negative: Inability to stabilise business operations and/or any
additional debt-led capex impacting the credit metrics would be
negative for the ratings.

Positive: Stabilisation of business operations will be positive
for the ratings.

COMPANY PROFILE

Incorporated on April 29, 2016, CPEL is setting up an industrial
unit for manufacturing polymer items used in the telecom industry
and sewage applications, among others. The company's operations
are managed by Narendra Chaudhary and Keerat Chaudhary.


ELECTROSTEEL STEELS: Four Buyers Submit Resolution Plan
-------------------------------------------------------
Vishwanath Nair at BloombergQuint reports that four investors have
submitted a resolution plan to revive Electrosteel Steels Ltd.

Tata Steel Ltd., Vedanta Ltd., Abhishek Dalmia-promoted
Renaissance Steel India Pvt Ltd. and a fund backed by Edelweiss
Asset Reconstruction Company Ltd. submitted their respective
resolution plans, the company said in a stock exchange filing on
Jan. 9, BloombergQuint relays.

BloombergQuint relates that the company's lending consortium will
decide on the bids this week when they are scheduled to meet and
discuss their options, a banker close to the development said
requesting anonymity. The final decision on this account will set
the tone for how the India's banking system approaches insolvency
resolutions and the level of haircut they will be willing to take.

The Kolkata-based steelmaker owes more than INR13,000 crore to its
lenders- about INR5,000 crore to State Bank of India alone,
BloombergQuint discloses citing information available on
Electrosteel Steels' website.

The Vedanta Group has submitted a bid worth INR4,500 crore for
Electrosteel Steels, the highest among the four bidders, The
Economic Times first reported on Jan. 9 citing unnamed sources,
BloombergQuint relays.

                   About Electrosteel Steels

Electrosteel Steels Limited is an India-based company, which is
engaged in basic iron and steel business. The Company is engaged
in selling thermo mechanically treated (TMT) bars, billets,
ductile iron (DI) pipes, pig iron and wire rod. The Company is
engaged in setting up a 2.51 million ton per annum (MTPA)
capacity Greenfield Integrated Steel and DI Pipes Plant in the
district of Bokaro, Jharkhand. It produces TMT bars in Fe500,
Fe500D and Fe500D corrosion resistance steel (CRS) variants. It
manufactures DI pipes in sizes ranging from 100 millimeters (mm)
to 1,200 mm. Its billets offer applications, such as general
engineering, structural, rerolling and high tensile applications.
Its wire rods have applications in engineering, construction,
power and automobile sectors. It consists of a sinter plant,
pellet plant, coke oven, blast furnace, basic oxygen furnace,
billet caster, wire rod mill, bar mill and power plant.


ETHOS POWER: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ethos Power
Private Limited's (EPPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit affirmed with
    IND BB-/Stable/IND A4+ rating; and

-- INR240 mil. Non-fund based limit affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects an improvement in EPPL's scale of
operations and credit metrics in FY17, in line with Ind-Ra's
expectations. In FY17, the scale of operations improved to
moderate, given revenue increased to INR503.48 million (FY16:
INR237.85 million). Revenue growth was driven by timely project
execution. Credit metrics improved to moderate in FY17 from weak
in FY16, driven by an increase in revenue and operating margin. In
FY17, net financial leverage (total adjusted net debt/operating
EBITDAR) was 2.61x (FY16: 3.14x) and gross interest coverage
(operating EBITDAR/gross interest expense) was 2.33x (1.41x).

The ratings reflect a volatile operating margin (FY17: 8.26%;
FY16: 5.10%; FY15: 5.29%) owing to the tender-based  nature of the
business. The improvement in operating margin in FY17 was due to
the execution of higher margins projects.

The ratings, however, continue to be supported by EPPL's directors
over three decades of experience in various state electricity
boards.

The ratings are also supported by a moderate liquidity, indicated
by an average fund-based limit utilisation of about 70% for the 12
months ended December 2017.

RATING SENSITIVITIES

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

Positive: Any significant rise in revenue and operating margin
leading to any improvement in the credit metrics will be positive
for the ratings.

COMPANY PROFILE

Formed in 2012, EPPL is a private limited company with a
registered office in Gurugram (Haryana). The company is engaged in
project management. It undertakes turnkey projects for the
development of transmission and distribution infrastructure. It
provides procurement, installation/erection and testing services
to state electricity boards. Moreover, it provides energy-
efficient products and solutions for reducing transmission and
distribution losses, ensuring the viability of power distribution.


GAJANAN MANTE: CRISIL Assigns B Rating to INR9MM Term Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating on the
long-term bank facilities of Gajanan Mante and Sadanand Patil
(AOP; a part of Apratim Group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                9        CRISIL B/Stable

The rating continues to reflect susceptibility of revenue to
cyclicality in the real estate industry. The rating also factors
in exposure to risks related to implementation, funding and
saleability of the project. These rating weaknesses are partially
offset by the extensive industry experience of the proprietor and
the favourable location of the project.

Analytical Approach

CRISIL has combine AOP, Gajanan Uttamrao Mante (GUM) and Sadanand
Laxmanrao Patil (SLP) together referred as 'Apratim group' for
arriving at the rating since all three entities are executing a
single project namely Lake city in Pali and have common
management.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to implementation, funding, and
saleability of projects: The group is developing a project in Pali
at an estimated cost of INR64 crore. While the sale velocity of
the project has remained moderate, the customer advances remain
low. Timely completion and receipt of sales proceedings of the
projects will determine its liquidity over the medium term.

* Susceptibility to cyclicality in the real estate industry:
India's real estate industry is marked by cyclicality, opaque
transactions, and intense fragmentation because of the presence of
a large number of regional players.

Strengths

* Extensive experience of the proprietor: The proprietor has an
experience of over three decades in the real estate industry. He
has developed a track record of timely completion of residential
and commercial projects.

* Favourable location of the project: The project benefits from
the favourable location of the project. The project is situated
near tourist destinations, and has close proximity of highways
resulting in good connectivity.

Outlook: Stable

CRISIL believes AOP will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of more-than-expected sales realization from
the ongoing project, leading to substantially large cash inflows.
The outlook may be revised to 'Negative' if there are any delays
in the execution of the project or in the receipt of advances from
customers, or in case of a large, debt-funded project, impacting
the financial risk profile.

Gajanan Mante and Sadanand Patil is an association of person (AOP)
which was formed in 2016, fiscal 2017 being the first year of
operation, to undertake real estate project - Lake City in Pali,
Maharashtra. The AOP is promoted by Mr. Gajanan UttamRao Mante and
Sadanand Laxmanrao Patil.

SLP and GUM, established in 2007 by Pune-based entrepreneur, Mr.
Sadanand Laxmanrao and Mr. Gajanan Uttamrao Mante, has been
engaged in the real estate business since then.


HARNESS CABLE: CRISIL Assigns B+ Rating to INR3MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Harness Cable Connector Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2         CRISIL B+/Stable
   Proposed Term Loan      3         CRISIL B+/Stable

The rating reflects a modest scale of operations and below-average
financial risk profile because of a small net worth and low net
cash accruals. These rating weaknesses are partly offset by the
extensive experience of the promoters in the electrical components
industry and an established relationship with key customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in an intensely competitive industry:
Operating income was INR 13 crore in fiscal 2017 and is expected
to remain at a similar level in fiscal 2018 as operations of the
Rudrapur, Uttarakhand, unit have been closed. The electrical
components industry is highly fragmented with many players in the
organised and unorganised segments. This limits the bargaining
power of players, resulting in a low operating margin. The company
is planning capital expenditure to set up its own manufacturing
facility at Pune, Maharashtra, and to add new customers. The scale
may therefore increase gradually over medium term.

* Below-average financial risk profile: The networth was modest at
INR4 crore as at March 31, 2017, on account of limited accretion
to reserves. The gearing was comfortable at 0.17 time as on this
date. Debt protection metrics were moderate in fiscal 2017 because
a decline in revenue led to limited incremental working capital
requirement. Net cash accrual has been low at less than INR50 lakh
in each of the past three fiscals. Scaling up operations and
improving profitability, thus generating higher cash accrual,
remain critical and hence will be monitored.

Strength

* Extensive industry experience of the promoters and an
established relationship with customers: The promoters have an
experience of more than three decades in the wiring harness and
cables industry. This has enabled the company to sell its products
to reputed clients. It currently primarily supplies to Ashok
Leyland Ltd and John Deere Ltd. The experience and established
client relationship should help to improve performance over the
medium term.

Outlook: Stable

CRISIL believes HCCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant growth in revenue and net
cash accrual while a comfortable capital structure is maintained.
The outlook may be revised to 'Negative' in case of lower-than-
expected revenue, a delay in benefits accruing from the new plant,
or higher working capital requirement, resulting in weakening of
the financial risk profile, particularly liquidity.

HCCPL was established in 1973 as a proprietorship firm, Harness
Cable Corporation, which was reconstituted as a company with the
current name in 1998. Promoted by Mr. R Krishnan and Ms Kamla
Krishnan, the company manufactures wire harnesses and battery
cable assemblies. Its offices are at Mumbai and Pune and factory
at Pune.


JAI GURUDEV: CRISIL Assigns B+ Rating to INR5MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Jai Gurudev Ginning And Pressing
Industries.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B+/Stable
   Term Loan               3.21      CRISIL B+/Stable

The rating reflects JGGPI's below-average financial risk profile,
modest scale of operation, and susceptibility to cotton price
fluctuations and government regulations. These weaknesses are
partially offset by the experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest networth and high gearing: Networth was modest at INR3.49
crore as on March 31, 2017, while gearing was high at 2.11 times.

* Modest scale of operations and low margin: Revenue of INR64.14
crore in fiscal 2017 reflects small scale of operations, resulting
from intense competition. Operating margins, though improved to
3.5% in FY 2017 from 2.4% in FY 2016 due to operationalization of
oil mill unit, continue to remain low due to intense competition
in business and susceptibility of margins to cotton price movement
and government policy changes.

* Susceptibility to price fluctuations and to government
regulations: The central government fixes the minimum support
price for cotton every year. Along with cotton availability, any
adverse regulatory change may lead to distortion of market prices
and affect profitability of various players in the cotton value
chain, including ginners.

Strength

* Experience of partners: Benefits derived from the partners'
experience of 5 years and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes JGGPI will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability leads to higher-
than-expected cash accrual. Conversely, the outlook may be revised
to 'Negative' if lower-than-expected revenue and profitability,
stretch in working capital cycle, or any large capital expenditure
weakens liquidity and financial risk profile.

JGGPI was set up in 2015 as a partnership between Ms Sharda Thote,
Mr. Chandrashekhar Thote and Mr. Sachin Kawale. The firm is a
processer and trader of cotton bales, cotton seeds, cotton seed
cake, and cotton seed oil. Its unit is at Kalamb village in
Yavatmal (Maharashtra).


JAI RAVECHI: CRISIL Reaffirms B Rating on INR8.5MM LT Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jai Ravechi
Chemicals Private Limited (JRCPL) continue to reflect its modest
scale of operations and low operating margin. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the salt trading industry and their financial support
to the company.

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

   Proposed Long Term
   Bank Loan Facility      8.5      CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: JRCPL's scale of operations is
modest with revenue of INR59 Cr. for 2016-17. The industry is
marked by high fragmentation due to the commoditized nature of
product and low value addition, exposing the company to
competition. The intense competition in the industry limits the
bargaining power of individual players and also restricts their
ability to completely pass on the rise in raw material price to
customers. CRISIL believes that JRCPL's scale of operations will
remain modest over the medium term and its credit profile will
remain exposed to associated risks.

* Low operating margin: JRCPL is engaged in trading of salt and
due to low value addition and stiff competition, the company
operates on low operating margins. Furthermore, the margins are
vulnerable to the prices of raw salt due to the commodity nature
of the product. CRISIL believes that JRCPL's margins will remain
low due to trading nature of operations.

Strength

* Extensive experience of promoters in salt trading and their
funding support: The promoters of JRCPL have been in the industry
for close to four decades. Backed by the extensive experience of
the promoters, the company has been able to develop good relations
with suppliers and customers. CRISIL believes that JRCPL will
benefit from the extensive experience of the promoters for ramping
up of its scale of operations over the medium term.

Outlook: Stable

CRISIL believes that JRCPL will maintain its credit risk profile
over the medium term on the back of its promoters' extensive
experience in the salt industry and established relationships with
customers and suppliers. The outlook may be revised to 'Positive'
if the company registers healthy sales growth along with
improvement in its operating margin. Conversely, the outlook may
be revised to 'Negative' if the company's operating margin
declines leading to weakening of its overall financial risk
profile.

Incorporated in 2010, JRCPL trades in raw salt. It is promoted by
Mr. Jakha Bhima Humbal and his sister-in-law Mrs. Kuvarben
Babubhai Humbal. The company's operations are confined to Gujarat
and North India.


JAYALAKSHMI CASHEW: CRISIL Assigns B+ Rating to INR5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Jayalakshmi Cashew Exports (JCE). The ratings
reflect on AMCH's exposure to intense competition and its small
scale of operations combined with its below average financial risk
profile. These weaknesses are partially offset by industry
experience of the promoter in the cashew industry and well-
established relationships of the company for procurement of
cashew.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               .37      CRISIL B+/Stable
   Cash Credit            5         CRISIL B+/Stable
   Key Loan               2.63      CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Intense competition and small scale of operations: The cashew
processing business is highly fragmented, with numerous small-
scale unorganized players catering to local demands. The
fragmented nature of the business and JCE's small scale of
operations limit the company's ability to bargain with its
suppliers and customers, leading to pressure on its operating
margin. However, CRISIL believes that JCE's pricing power will
remain constrained by its small scale of operations in a
fragmented industry, thus impacting its operating margin over the
medium term.

* Below average financial risk profile: JCE had a modest net worth
of around INR2.3 cr as of March 31, 2017, on account of limited
accretion to reserves due to modest scale of operations. The
firm's gearing is high at 3.01 times as on March 31, 2017 due to
high reliance on short term bank lines. Firm's debt protection is
weak at Net Cash Accruals to Total Debt (NCATD) of 0.05 times and
interest coverage of 1.90 times in fiscal 17. CRISIL believes that
the firm's financial risk profile is expected to be at similar
levels, on account of high dependence of the firm on external debt
to fund its working capital requirements.

Strengths

* Industry experience of the promoter in the cashew industry:
JCE benefits from the extensive industry experience of over 2
decades of its promoter in the cashew processing industry. Over
the years, the promoters have developed healthy relationships with
its suppliers, thereby ensuring adequate and timely supply of raw
materials. CRISIL believes that JCE will continue to benefit over
the medium term from the extensive industry experience of its
promoters.

* Well-established relationships for procurement of cashew:
The firm sources around 90 per cent of its raw cashew requirement
through imports. The firm imports from various countries depending
on the availability of specific grades and the seasonality
involved with cashew farming. The firm imports its raw material
from West African countries on a cash against documents basis.

Outlook: Stable

CRISIL expects JCE's scale of operations to improve in the medium
term leveraging the benefit of the promoter's extensive experience
in the cashew industry. The outlook may be revised to 'Positive'
if the company significantly increases its scale of operations and
profitability resulting in increase in cash accruals. Conversely,
the outlook may be revised to 'Negative' if there is significant
decline in scale of operations and profitability or deterioration
in liquidity position due to high working capital requirement or
large debt funded capital expenditure.

Established in 2005, JCE is a proprietorship firm, established by
Mr. Pankajakshan Pillai and his son Mr. Manoj Pillai, and is
engaged in the processing of raw cashew nuts and sales of cashew
kernels. The total capacity is around 250 bags per day. The firm
is based out of Kollam, Kerala.


JAYAPRIYA CHIT: CRISIL Reaffirms B+ Rating on INR12MM Overdraft
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Jayapriya Chit Funds Private Limited
(Jayapriya) and assigned a rating 'CRISIL A4' on the short-term
bank loan facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft               12       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       5       CRISIL B+/Stable (Reaffirmed)

   Short Term Loan          5       CRISIL A4 (Assigned)

The rating reflects the company's modest capitalisation with small
networth compared to chit receivables and payables, and exposure
to risks inherent in the chit fund sector. These weaknesses are
partially offset by its promoter's extensive experience in the
business, and its long track record of operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest capitalization: Jayapriya has modest capitalisation given
the risk associated with the chit fund business, and compared to
chit receivables and payables. Networth was INR15.6 crore against
trade receivables and payables of INR666 crore and INR708 crore,
respectively, as on November 30, 2017. CRISIL had earlier adjusted
the networth for investment of INR7 crore in an office building,
which was sold to the promoter in fiscal 2018. Therefore, gearing
declined to 2.4 times as on November 30, 2017, from 4.1 times as
on March 31, 2017. The promoter also intends to infuse capital of
INR50 lakh by the end of fiscal 2018.

* Exposure to risk inherent in chit funds: Jayapriya will remain
exposed to risks inherent in the chit fund sector. Chit funds are
not subject to regulations or guidelines applicable to banks and
non-banking financial companies (NBFCs), but are regulated by
state registrars under the Chit Funds Act 1982. However, many
states do not have a mechanism to effectively regulate such firms.
Chit funds are also susceptible to high reputational risk on
account of the legacy of failed chit funds, and the general
misconceptions about them. Also, there have been several instances
of financial fraud by unregistered chit funds. The government had
set up an expert panel to review chit fund regulations. The panel
recommended a slew of reforms, including tightening regulatory
overview by creation of a common registrar for all states, making
rating mandatory for chit fund firms, creation of a self-
regulatory structure, and ensuring insurance protection for
customers. However, these recommendations are yet to be
implemented.

Strengths

* Experienced management: Mr. C R Jayasankar, the current promoter
and managing director, joined Jayapriya in 1992. Under his
management, the company has expanded across several districts in
Tamil Nadu and Puducherry. The company had 51 branches, over
60,000 members formed into 1,656 groups, and 9,355 agents as on
December 31, 2017. It has more than doubled its business over the
past four years, its trade receivables (advances in NBFC parlance)
increased to INR666 crore as on November 31, 2017, from INR337
crore as on March 31, 2015.

* Long track record of operations: The company has been in
business for more than two decades, and has been profitable for
more than seven years and is among the few large, registered chit
funds operating in India. Over the years, it has established sound
systems and processes with the help of information technology, and
developed a network of more than 9,355 agents to grow its
business. Trade receivables, which is the amount receivable from
the prize-winning subscriber (who wins the bid in auction), more
than doubled over the past four years.

Outlook: Stable

CRISIL believes Jayapriya will continue to benefit from its
experienced management and its established track record in the
chit fund business. The outlook may be revised to 'Positive' if
the group ramps up its scale of operations substantially, or
improves capitalisation. The outlook may be revised to 'Negative'
if asset quality or profitability weakens, affecting
capitalisation.

Jayapriya has been in the chit funds business since 1985, with
operations concentrated in Tamil Nadu. It is part of the Neyveli-
based Jayapriya group, promoted by Mr. C Rajagopalan. Jayapriya is
registered with the District Registrar of Chit Funds, Cuddalore
District, Tamil Nadu. Mr. C R Jayasankar, the current managing
director, has expanded the company's operations by opening
branches in more locations in Tamil Nadu and Pudduchery. It has 51
branches, more than 60,000 members, and 1,656 groups as on
December 31, 2017. It has a network of about 9,355 agents who
source members for the company. Jayapriya had receivables of
INR666 crore and net worth of INR15.6 crore as on November 30,
2017.

Till November 30, 2017, in fiscal 2018, the company had profit
after tax of INR3.5 crore and total income of INR50.4 crore
(provisional).


JIN PLAST: CRISIL Raises Rating on INR5MM Cash Loan to B-
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Jin Plast India Limited
(JPIL) to 'CRISIL D/CRISIL D Issuer not cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating and upgrading the rating on bank
facilities of JPIL from 'CRISIL D/CRISIL D Issuer Not Cooperating
to 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B-/Stable (Migrated
                                     from 'CRISIL D' Issuer Not
                                     Cooperating)

   Letter of Credit         1        CRISIL A4 (Migrated from
                                     'CRISIL D' Issuer Not
                                     Cooperating)

   Long Term Loan           2        CRISIL B-/Stable (Migrated
                                     from 'CRISIL D' Issuer Not
                                     Cooperating)

The rating upgrade reflects improvement in JPIL's business
profile, with improved operating margin. The operating margin has
improved to around 13% in fiscal 2017 as against 3% in fiscal
2015. Consequently the cash accrual improved to INR 0.7 crore from
INR0.1 crore in the said period. The financial risk also improved
marked by gearing of 2.4 times for fiscal 2017 as against 3.5
times for fiscal 2015.

The ratings also reflect JPIL's modest scale of operations in the
intensely competitive industry. The rating weaknesses are
partially offset by the extensive industry experience of JPIL's
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations remain modest as
indicated by the revenue of INR13 crores for fiscal 2017. The
industry is highly fragmented given the low entry barriers and
limited technology requirements.

Strength

* Extensive promoter experience: JPIL benefits from the extensive
experience of its promoter, Mr. Ranjit Chhalani and his well-
established customer relationship. Mr. Ranjit has been associated
with the plastic products business from over two decades. The
company has established relations with key customers and has been
associated with them for over ten years.

Outlook: Stable

CRISIL believes that JPIL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if the company scales up operations while
maintaining its operating profitability, leading to improved cash
accruals. Conversely the outlook may be revised to 'Negative' if
cash accruals are lower, or if the working capital cycle
elongates, leading to weaker financial profile.

Incorporated in 1995 as a closely held public limited company,
JPIL is engaged in manufacturing of plastic crates and furniture.


KANDHAN KNITSS: CRISIL Reaffirms & Then Withdraws D Ratings
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Kandhan Knitss (KK) and subsequently withdrawn the ratings at the
firm's request and on receipt of a no-objection certificate from
the banker. The withdrawal is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Discounting       11.5      CRISIL D (Rating reaffirmed
                                    and Withdrawal)

   Export Packing         15.0      CRISIL D (Rating reaffirmed
   Credit                           and Withdrawal)

   Long Term Loan          1.76     CRISIL D (Rating reaffirmed
                                    and Withdrawal)

   Proposed Long Term      6.62     CRISIL D (Rating reaffirmed
   Bank Loan Facility               and Withdrawal)

KK is a Tirupur (Tamil Nadu)-based firm established in 2002 and
managed by Mr. P Dhanapal. The firm stitches Tshirts, which it
exports to Europe.


KIRUBHA EXPORTS: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Kirubha Exports (KE) at 'CRISIL B+/Stable.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)

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

   Key Cash Credit          3       CRISIL B+/Stable (Reaffirmed)

The rating reaffirmation reflects the modest scale of operations
in the intensely competitive cashew industry, and below average
financial risk profile. These weaknesses are partially offset by
its promoter's extensive industry experience and established
relationships with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive cashew
industry: Business risk profile remains constrained on account of
small scale of operations - revenue was INR50.3 crore in fiscal
2017 on provisional basis. Furthermore, limited differentiation in
the technology involved in the processing of cashew nuts leads to
intense competition in both the organised and un-organised
segments.

* Below-average financial risk profile: Financial risk profile
remains below-average, owing to high total outside liabilities to
tangible net worth of 4.42 times as on March 31, 2017. Limited
operating profitability and high dependence on working capital
debt has resulted in modest debt protection metrics--interest
coverage ratio was at 1.75 times as on fiscal 2017.

Strength

* Extensive experience of the proprietor and established
relationships with customers: Benefits from the proprietor's two
decade-long experience in the industry and established
relationships with customers, resulting in steady order flow
should support business risk profile.

Outlook: Stable

CRISIL believes KE will continue to benefit over the medium term
from its promoter's extensive industry experience. The outlook may
be revised to 'Positive' in case of considerable increase in
revenue and profitability, leading to higher cash accrual and
better financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of low revenue or profitability, or
weakening of working capital management, or large, debt-funded
capital expenditure, weakening financial risk profile,
particularly liquidity.

Set up in 2011, KE processes raw cashew nuts and sells cashew
kernels. Its facility in Kanyakumari (Kerala) can process 12
metric tonne per day (TPD) of cashew kernels. Mr. Vimal Kumar
manages the operations.


KPT SPINNING: CRISIL Revokes Suspension on B Cash Credit Rating
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of KPT Spinning Mills Private Limited (KPT) and
assigned its 'CRISIL B/Stable' rating to the long term bank
facilities. CRISIL had, on June 1st, 2015, suspended the ratings
as KPT had not shared the information required for a rating
review.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B/Stable (Assigned,
                                     Suspension revoked)

    Long Term Loan         2.5       CRISIL B/Stable (Assigned,
                                     Suspension revoked)

The rating reflects its modest scale- and working capital
intensive nature- of operations in the intensely fragmented
textile industry. The rating also reflects its exposure of its
operating profitability to fluctuation in raw material prices and
its below-average financial risk profile, marked by a high
gearing, modest debt protection metrics and networth These rating
weaknesses are partially offset by the benefits it derives from
the extensive industry experience of partners in the textile
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: KPT has modest scale of operations
as reflected by its revenues of around INR14 crores during
2016-17 (refers to the financial year April 1 to March 31). KPT's
scale of operation has remained subdued on account of increasing
competition from other new players in the market.

* Large working capital management: KPT has large working capital
management as reflected in its gross current asset (GCA) days of
111 days as on March, 2017 due to high debtor and inventory days.

* Below-average financial risk profile: KPT's financial risk
profile is marked by high gearing, modest networth and debt
protection metrics. KPT has gearing of 1.8 times and networth of
INR3.7 crores as on March, 2017. The debt protection metrics are
weak with negative Net cash accruals to total debt (NCATD) and
interest coverage ratio at 0.01 times and 1.8 times, respectively
for 2016-17.

* Profitability is susceptible to volatility in raw material
prices and too fluctuation in forex rates: KPT is a relatively
smaller player in the fragmented market, leading to low bargaining
power with suppliers and customers. Raw material prices form 60-70
percent of the cost structure. Any significant increase in raw
material prices will affect the profitability due to intense
competition.

Strengths

* Promoter's extensive experience: KPT's partners have a long
standing experience in the textile industry. The promoter has been
in the business for more than one decade. The company is promoted
by Mr. K P Thangamuthu and Mr. Vetrivel.

Outlook: Stable

CRISIL believes that KPT shall continue to benefit over the medium
term from the extensive experience of its management. The outlook
may be revised to 'Positive' in case of significant improvement in
scale of operations and profitability, leading to better than
expected cash accrual. Conversely, the outlook may be revised to
'Negative' in case of decline in revenues or profitability or in
case of higher than expected capex resulting in weakening if its
financial risk profile.

KPT was promoted by Mr. K P Thangamuthu and Mr. Vetrivel in 2010
and began commercial production in 2011-2012. The company is
engaged in the manufacture of cotton yarn (40 counts) and has its
manufacturing facility situated in Erode Dist, Tamil Nadu.


MJ LOGISTICS: Ind-Ra Places 'BB+' Issuer Rating on RWE
------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed MJ Logistics
Services Limited's (MJLSL) Long-Term Issuer Rating of 'IND BB+' on
Rating Watch Evolving (RWE). The instrument-wise rating actions
are:

-- INR42.50 mil. Fund-based working capital limit placed on RWE
    with IND BB+/RWE/IND A4+/RWE rating; and

-- INR22 mil. (reduced from INR63.80 mil.) Term loans due on
    July 2018 placed on RWE with IND BB+/RWE rating.

KEY RATING DRIVERS

The RWE follows an announcement by Eredene Capital Limited (ECL),
a UK-based private equity fund managed by Ocean Dial Asset
Management Ltd, to divest its entire stake in wholly owned MJLSL.
MJLSL's management has informed Ind-Ra that ECL has entered into
advanced stages of discussions to monetise its holding in MJLSL.

The RWE reflects substantial uncertainty about the ownership of
the rated entity, the management strategy and capital structure in
the near to medium term. MJLSL is likely to undertake a capex of
about INR650 million over FY19-FY20. Ind Ra believes that the
funding mix for the planned capex is likely to be dependent on the
strategic investor's cash flows, risk appetite and resource
mobilisation.

RATING SENSITIVITIES

The RWE indicates that rating may be upgraded, affirmed or
downgraded. Ind-Ra will resolve the RWE once there is clarity
about the ownership/shareholding pattern of MJLSL, the details of
the future management strategy and the funding pattern for the
planned capex for FY19-FY20.

COMPANY PROFILE

Incorporated in 2005, MJLSL is engaged in third-party logistics,
with service offerings spanning across transportation, warehousing
and distribution businesses. It caters to various clients,
including Tata Motors Limited and ITC Limited. Its registered
office is in New Delhi.

In FY17, MJLSL's operating income was INR614.23 million (FY16:
INR544.13 million) and in line with Ind-Ra's expectations. During
the period, gross interest coverage was 4.93x (FY16: 3.50x) and
net leverage was 2.03x (2.95x). The improvement in credit metrics
was driven by significant deleveraging efforts of MJLSL.


MYSORE FRUIT: CRISIL Revokes Suspension on B Cash Credit Rating
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on long-
term bank facility of Mysore Fruit Products Private Limited
(MFPPL), and has assigned its 'CRISIL B/Stable' rating to the
facility. CRISIL had suspended the rating on July 24, 2014 as the
company had not provided information required for a rating review.
It has now shared this information, enabling CRISIL to assign a
rating to the facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              20       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

CRISIL's ratings on the bank facilities of MFPPL to reflect
MFPPL's below-average financial risk profile, marked by a high
gearing and average debt protection metrics, limited revenue
diversity, and susceptibility to volatility in raw material prices
and in foreign exchange rates. The impact of these rating
weaknesses is mitigated by the benefits that MFPPL derives from
its promoter's industry experience and its moderate operating
efficiency.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The firm's financial risk profile
is weak as reflected in estimated high gearing of 2.32 times and
low net worth of INR3 cr as respectively as on March 31, 2017. Due
to high reliance on external debt to fund its incremental working
capital requirements .CRISIL believes that the financial risk
profile of the firm is expected to weak going ahead as well.

* Limited revenue diversity and small scale of operations: Mysore
Fruit has limited revenue diversity. Nearly 60 per cent of its
revenues are only from Abuljadyal Beverages Inc, Dubai
(Abuljadyal). This exposes the company to revenue concentration
risks. CRISIL believes that Mysore Fruit's business risk profile
will continue to remain constrained by its revenue concentration
risks over the medium term.

* Susceptibility of margins to volatility in raw material prices
and forex rates: The fruit-processing industry in India is highly
fragmented due to low entry barriers; this is because of low
capital intensity and less dependence on technology. Hence, Mysore
Fruit faces intense competition from unorganised players as well
as large established players with high processing capacities,
resulting in limited pricing flexibility. CRISIL believes that
Mysore Fruit's small scale of operations increases its
vulnerability to competition.

Strengths

* Experienced management and moderate operating efficiencies
Mysore Fruit is an established player in the fruit-processing
industry with presence for the past five decades.It was formed by
GoK in 1957 and was taken over in 1987 by Mr. D Adikesavulu, who
has more than two decades of domain experience. CRISIL believes
that Mysore Fruit's experienced management, established presence
and moderate operations will drive its business growth over the
medium term.

Outlook: Stable

CRISIL believes that MFPPL will continue to benefit over the
medium term from its promoter's experience in the fruit processing
industry. The outlook may be revised to 'Positive' if the company
diversifies its customer base and considerably improves its
financial risk profile during this period. Conversely, the outlook
may be revised to 'Negative' if MFPPL undertakes a larger-than-
expected, debt-funded capital expenditure (capex) programme, or
faces decline in its profitability margins, thereby adversely
affecting its financial risk profile, or if its working capital
cycle lengthens significantly, thus impacting its debt servicing
ability.

MFPPL was set up in 1957 by the Government of Karnataka; it was
acquired by Mr. D Adikesavulu in 1987. The company was
reconstituted as private limited company in 2005. It manufactures
fruit juice and pulp from mangoes, guavas, grapes, pomegranates,
and tomatoes, at its two processing units in Bengaluru, with
capacity of 13,500 tpa. Around 60 per cent of the company's
revenues come from the sale of juice and pulp of mango, and the
rest from the sale of juice and pulp of other fruits. MFPPL
derives about 90 per cent of its revenues from exports to
manufacturers of juices and aerated drinks in France, Russia, the
Middle East, and European countries.

MFPPL reported a profit after tax (PAT) of INR2.4 million on net
sales of INR353 million for 2010-11, against a PAT of INR1.3
million on net sales of INR269 million for 2009-10.


NEERAJA TRADING: CRISIL Reaffirms B+ Rating on INR10MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facility of
Neeraja Trading Corporation (NTC) at 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL B+/Stable (Reaffirmed)

Rating continues to reflect the firm's below-average financial
risk profile because of modest net worth and average debt
protection metrics; modest scale of operations; susceptibility to
volatile cotton prices and to regulatory changes; and exposure to
intense competition in the cotton industry. These weaknesses are
partially offset by the extensive industry experience of its
partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The firm's financial risk
profile is below-average marked by modest net-worth, moderate
total outside liabilities to tangible net worth (TOLTNW) ratio and
average debt protection metrics. TOL/TNW and interest coverage
ratio was at 1.5 times and 1.85 times respectively for the fiscal
2017

* Modest scale of operations: NTC's modest of operations is
reflected in operating income of INR68.5 crore during 2016-17. The
scale of operations is modest on account of intense competition in
cotton industry, which restricts the firm's ability to scale up
significantly.

* Susceptibility to volatile cotton prices, and exposure to
regulatory changes and intense competition in the cotton industry
Cotton prices constitutes the large portion of the total cost of
sales (Above 90%) and cotton prices have been volatile in past
resulting in risk arising due to any adverse change in the same
which may negatively affect company's operating margins.
Furthermore Government of India (GoI) fixes the minimum support
price (MSP) for each crop every year to help cotton farmers sell
their produce under MSP operations and avoid distress sales. Which
coupled with intense competition in the industry exposes firm to
price risk and any adverse change in government policy.

Strength

* Extensive industry experience of partners: NTC, is into fifth
year of operations and in a short span of five year it has
developed established relationship with customers and suppliers.
NTC has more than 10 fixed customers in Guntur and more than 25
suppliers for cotton in Andhra Pradesh and Tamil Nadu. On account
of strong relationship with them, NTC has achieved turnover of
INR68.5 crore in 2016-17. CRISIL believes that NTC will continue
to benefit from established relationship with customers and
suppliers, over the medium term and register steady topline
growth.

Outlook: Stable

CRISIL believes NTC will continue to benefit over the medium term
from its partners' extensive industry experience. The outlook may
be revised to 'Positive' in case of a substantial and sustained
improvement in revenue and profitability, or a large equity
infusion by the partners. The outlook may be revised to 'Negative'
if there is a steep decline in profitability, or sizeable intake
of debt to fund capital expenditure or working capital
requirement.

NTC was set up by Mr. K Poleswara Rao as a proprietorship concern
in 2011, and was reconstituted as a partnership firm in fiscal
2013 with the founder and his wife, Ms. K Lakshmi Devi, as
partners. The firm trades in cotton bales and is based in Guntur,
Andhra Pradesh.


NORTH EAST AGRO: CRISIL Assigns B+ Rating to INR5.5MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its rating on the bank loan facilitates of
North East Agro Product (NEAP) to 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility         3.8      CRISIL B+/Stable

   Rupee Term Loan          5.5      CRISIL B+/Stable

The rating reflect the expected modest scale of operations,
moderate project risk associated with setting up of a new plant,
low expected cash accruals against debt obligations and moderate
financial risk profile marked by modest networth and moderate
gearing. The rating also reflect extensive experience of the
promoter and established relationship in the sector.

The company is setting up a modern rice mill unit at Sardarpara,
Jalpaiguri District, West Bengal, the project is expected to be
completed by end of March 2018 and commence operations from April,
2018.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: The scale of operations is expected
to be at around INR30 crores during the initial years and around
INR42 crores at peak utilisation. The modest scale of operations
and limited capacity which limit scalability will limit firm's
ability to negotiate better pricing with its suppliers.

* Moderate Project risk associated with installation of new plant:
The timely completion of the project and ability of its promoters
to generate adequate demand for its products is a major rating
sensitivity factor. While the project is under construction and
around 50% of the schedule is completed, successful completion of
the project with in fiscal 2018 without cost escalation is a
critical rating sensitivity factor.

* Moderately working capital intensive operations and pressure on
liquidity: The operations are expected to be moderately working
capital intensive with expected GCA of around 80 days. The ability
of the management to procure paddy throughout the year is critical
in managing the working capital cycle. The bank limits are
expected to be utilised fully over the medium term and considering
low cash accruals, any significant increase in working capital
requirement would tighten the liquidity profile of the company.

Strengths

* Modern plant and equipment and location leading to higher
operational efficiency: The plant is expected to have a conversion
efficiency of 60% to 65% leading to better operating margins at
around 7% to 8%. Margins would be susceptible to fluctuations in
input and output prices, However Crisil believes that the long
experience of the promoters in the industry will help them to
manage price volatility effectively.

The firm is located in rice producing area with direct access to
highway, and close to railway lines improving accessibility and
cost transportation

* Extensive experience of the promoters in the sector: The
promoters are in the rice grain business since 1980, they have
been successfully running a flour mill since 1990 and a rice mill
since 2004. They have established relationship with rice farmers,
middlemen and traders across the rice segment.

Outlook: Stable

CRISIL believes that NEAP will benefit from its promoters
experience in the rice mill segment, location advantage and modern
infrastructure in improving their business over the medium term.
The outlook may be revised to 'positive' in case of timely
completion of project, significantly higher scale of operations
above expectations leading to better accruals and improvement in
liquidity and financial risk profile. The outlook may be revised
to negative in case of significant delay in completion of project,
significantly lower than expected scale of operations or
significantly lower operating margins weak business and financial
risk profile.

NEAP is a partnership firm formed by Mr. Anup Kumar Agarwal, Mr.
Ayush Jain, Mrs. Shobha Agarwal and Mr. Saaket Agarwal. The
partnership is formed with an objective to set up a modern rice
mill unit at Sardarpara, Jalpaiguri District, West Bengal.


RACHHPAL AUTO: CRISIL Assigns B+ Rating to INR7.0MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Rachhpal Auto Alliance Private
Limited.

                        Amount
   Facilities          (INR Mln)   Ratings
   ----------          ---------   -------
   Term Loan              1.2      CRISIL B+/Stable
   Bank Guarantee         0.8      CRISIL A4
   Cash Credit            7.0      CRISIL B+/Stable

The ratings reflect RAAPL's modest scale of operations and intense
competition, and modest financial risk profile. These weaknesses
are partially offset by the experience of promoters in the
automotive dealership business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and intense competition: Intense
competition may continue to restrict scale of operations and
profitability over the medium term. Revenue was about INR62 crore
in fiscal 2017.

* Modest financial risk profile: Networth and total outside
liabilities to tangible networth were weak at INR1.43 crore and
9.7 times, respectively, as on March 31, 2017. Bank limit
utilisation was high at above 95% over the last 12 months through
November 2017. Further, current ratio is less than 1 at 0.97 time
as of March 31, 2017.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over 20 years and healthy relations with customers
and suppliers should continue to support the business.

Outlook: Stable

CRISIL believes RAAPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
substantial increase in scale of operations and operating
profitability strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if significant decline in
revenue and profitability, stretched working capital cycle, or
large, debt-funded capital expenditure weakens financial risk
profile.

RAAPL, founded by Mr. Rachhpal Singh in March 2015, executes
automobile trading business. The company is a dealer of Hyundai
Motors India at Khanna (Punjab), which is strategically located
adjacent to National Highway-44 and is hence well connected to all
surrounding areas. RAAPL also provides services such as sale of
spare parts, repair works and earns commission income from tie-ups
with banks and insurance firms. Operations are currently managed
by the promoter's sons, Mr. Shaminder Singh and Mr. Harpreet
Singh.


RAJIV PETROCHEMICALS: Ind-Ra Assigns 'BB-' Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajiv
Petrochemicals Private Limited (RPPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR210 mil. Fund-based limit assigned with IND BB-/Stable
    rating; and

-- INR336 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect RPPL's moderate scale of operations. Revenue
improved to INR966 million in FY17 (FY16: INR783 million), on
account of an improvement in the customer base with a rising
demand.

The ratings also reflect the company's moderate credit metrics due
high debt levels and volatile operating margins. In FY17, interest
coverage (operating EBITDA/gross interest coverage) was 1.5x
(FY16:1.3x), net financial leverage (adjusted net debt/operating
EBITDA) was 6.7x (6.2x) and margins were 7.8% (8.6%). Operating
margins are volatile due to fluctuations in other operating income
(commission income, discount receivables, etc).

Moreover, the net working capital cycle is long (FY17: 190 days;
FY16: 161 days) on account of high receivable days (247 days; 256
days) due to a large amount of outstanding consignment receivables
at year-end.

The ratings, however, are supported by the company's comfortable
liquidity position, as reflected by its around 67% average
utilisation of the working capital limit s during the 12 months
ended December 2017.

The ratings are also supported by RPPL's promoters' over 20 years
of experience in trading petrochemicals.

RATING SENSITIVITIES

Positive: A significant improvement in the working capital cycle
and credit profile will be positive for the ratings.

Negative: Any deterioration in the working capital cycle will be
negative for the ratings.

COMPANY PROFILE

Incorporated in October 1993 by Mr. Rajiv Vastupal Mehta, RPPL is
part of the Ahmedabad (Gujarat) based Rajiv group. It is engaged
in the trading of poly vinyl chloride resins, low-density
polyethylene and high density polyethylene polymers and polyester
films.


RAMILA DIAM: CRISIL Assigns B- Rating to INR11MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long term bank facility of Ramila Diam Pvt Ltd (RDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11        CRISIL B-/Stable

The rating reflects the company's stretched liquidity, modest
scale of operations, and customer concentration in revenue. These
weaknesses are partially offset by its promoters' extensive
experience in the diamond industry.

Analytical Approach

For arriving at its rating, CRISIL has considered RDPL's
standalone business and financial risk profiles, as the company
has no financial linkages with any other company.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity: The company's stretched liquidity is
reflected in near full utilisation of bank limit. Modest revenue
and profitability result in low cash accrual. Any significant
stretch in receivables could adversely impact working capital
management, and will be a key monitorable.

* Modest scale of operations and customer concentration:
RDPL's small scale is reflected in revenue of INR65.5 crore in
fiscal 2017 (at a similar level in the past few years). Intense
competition in the gems and jewelry industry will lead to modest
revenue growth over the medium term. Additionally, top five
customers accounted for nearly 55% of revenue in fiscal 2017, with
the largest client accounting for 30%.

Strength

* Promoters' extensive industry experience: The Sheth family has
been associated with the diamond business for more than four
decades and has longstanding relationships with many suppliers and
customers in all major cities.

Outlook: Stable

CRISIL believes RDPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is significant increase in revenue and
profitability, while financial risk profile remains stable. The
outlook may be revised to 'Negative' if there is a steep decline
in profitability, or significant deterioration in capital
structure because of a stretch in working capital cycle.

Incorporated in 2010, Mumbai-based RDPL is promoted by Mr.
Shreyans Sheth and Ms Ramila Sheth. The company manufactures and
trades in rough, cut, and polished diamonds and jewellery.


RATTAN STEEL: CRISIL Lowers Rating on INR11MM Cash Loan to B
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Rattan Steel Supply Co. (RSSC) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'. Rating on the short-term facility has
been reaffirmed at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        .25       CRISIL A4 (Reaffirmed)

   Cash Credit           11.00       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Bill
   Discounting Facility    .25       CRISIL A4 (Reaffirmed)

The downgrade reflects the stretch in liquidity, due to continuous
cash losses reported over fiscals FY15 to FY17. The cash loss was
primarily on account of consistent capital withdrawal by partners,
since fiscal 2013, and negative net cash accrual reported since
fiscal 2013, with the exception of fiscal 2014.

CRISIL's ratings continue to reflect the large working capital
requirement, below-average financial risk profile and exposure to
risks related to volatility in steel prices and intense
competition. These rating weaknesses are partially offset by
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensity in operations: Gross current assets
were around 206 days as on March 31, 2017, driven by high
receivables of 139 days. The company offers credit of around 120
days to its dealers, and therefore, receivables have been
stretched historically.

* Below-average financial risk profile: Financial risk profile is
marked by modest networth, moderately high total outstanding
liabilities to tangible networth (TOL/TNW) ratio, and below-
average debt protection metrics. With substantial capital being
withdrawn, networth declined to INR7.14 crore as on March 31,
2017, from INR9.58 crore a year before. The TOL/TNW ratio was high
around 3 times as on same date. While the interest coverage ratio
stood at 1.35 times for fiscal 2017, net cash accrual to total
debt was subdued due to negative cash accrual.

* Susceptibility to volatility in steel prices: Profitability is
linked to trends in the steel industry. The industry is cyclical,
leading to significant fluctuations in steel prices and hence
affecting profitability.

Strength

* Extensive experience of the partners: The two decade-long
experience of the partners in the steel industry, and their strong
business insights have helped the firm survive industry cycles,
and will continue to support the business risk profile.

Outlook: Stable

CRISIL believes RSSC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if sustained improvement in operating margin, or better
working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' in case of a
significant decline in revenue and profitability, stretch in the
working capital cycle, or capital withdrawn by the firm, weakens
the capital structure.

RSSC, set up as a proprietorship concern in 1967, was
reconstituted as a partnership firm in 1979, with Mr. Ajay Gupta
and his wife, Mrs Ritu Gupta, as partners. In fiscal 2011, Mrs.
Gupta retired from the business, and Rattan Loha Udyog Pvt Ltd
joined the firm as a partner. The Kolkata-based firm trades in
steel products and alloys.


RUDRAKSH PSYLLIUM: CRISIL Assigns B+ Rating to INR3.85MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Rudraksh Psyllium Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              0.5       CRISIL B+/Stable

   Cash Credit            3.85      CRISIL B+/Stable

   Proposed Cash
   Credit Limit           1.65      CRISIL B+/Stable

The rating reflects a modest scale of operations, average
financial risk profile, and vulnerability to fluctuations in raw
material prices. These weaknesses are partially offset by
proximity to the psyllium seed-growing belts in Rajasthan.

Key Rating Drivers & Detailed Description

Strengths

* Modest scale of operations amidst intense competition: Revenue
was modest at around INR21.35 crores in fiscal 2017, mainly due to
the limited size and highly fragmented nature of the industry,
which has a large number of unorganised players.

* Average financial risk profile: The gearing was high at 3.58
times as on March 31, 2017, and debt protection metrics moderate,
with interest coverage and net cash accrual to total debt ratios
at 1.52 times and 0.05 time, respectively, for fiscal 2017.

* Vulnerability to raw material price fluctuation: The company
procures 40-50% of the raw material (psyllium seeds) in the season
(March to June) based on the performance of the previous year and
expected demand. There is high inventory holding risks as any
decline in prices will negatively affect profitability.

Strength

* Advantageous location in terms of raw material supply: The plant
is located in Jodhpur, Rajasthan, which is among India's main
psyllium seeds producing region. The advantageous location ensures
adequate supply of raw materials at low transportation cost.

Outlook: Stable

CRISIL believes RPPL will continue to benefit from healthy demand
prospects for psyllium husk and a favorable location. The outlook
may be revised to 'Positive' if significant increase in scale of
operations results in higher-than-expected cash accrual and hence
an improvement in the overall financial risk profile. The outlook
may be revised to 'Negative' in case of larger-than-expected
working capital requirement or debt-funded capital expenditure,
leading to deterioration in the financial risk profile, especially
liquidity.

RPPL was established in 2011, promoted by Mr. Mukul Soni and his
family members, who have about six years of experience in the agro
industry. The company processes psyllium seed (popularly known as
isabgol). The major products include psyllium husk & powder,
organic psyllium, psyllium cattle feed and other products.The
manufacturing unit at Jodhpur has a capacity of 16 tonne per day,
which is currently utilised at 60%.


S. PUSHP: CRISIL Assigns B+ Rating to INR7.3MM LT Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4 '
ratings to the bank facilities of S. Pushp Steel Structural
Trading Company.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       7.3      CRISIL B+/Stable

   Letter of Credit         0.7      CRISIL A4

   Overdraft                3.5      CRISIL B+/Stable

The rating reflects SPS weak financial risk profile, marked by
high gearing and small net worth, modest scale and working capital
intensive operations. These rating weaknesses are partially offset
by SPS' established regional presence roofing systems aided by the
benefits derived from its promoters' extensive industry experience
and healthy relationships with its key customers.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: SPS' financial risk profile is
marked by high gearing, low net worth and moderate debt protection
metrics.

* Working-capital-intensive operations: SPS' operations are highly
working capital intensive marked by high debtor levels. The firm
normally has debtors of around 3 months.

Strengths

* Established market position in roofing industry and Promoters'
extensive industry experience: SPS has established regional
presence in Southern India supported by promoter's extensive
industry experience.

Outlook: Stable

CRISIL believes that SPS will continue to benefit over the medium
term from its established market position and the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case SPS' financial risk profile improves
significantly, most likely because of capital infusion by the
promoters and better-than-expected revenues and profitability.
Conversely, the outlook may be revised to 'Negative' in case the
firm's profitability or revenues decline or if there is a stretch
in the firm's working capital cycle, resulting in lower-than-
expected cash accruals, or if it undertakes any larger-than-
expected debt-funded capital expenditure (capex), leading to
deterioration of its financial risk profile.

Established in 2003, SPS is engaged in manufacturing of complete
range of metal building systems including pre-engineered buildings
on a turnkey basis, with design, engineering, manufacturing and
installation. The firm is promoted by Sandeeep Kumar Ptwari,Pankaj
Kumar Patwari,Anil Kumar Patwari and Rohit Patwari.

During fiscal 2017, the firm reported a profit after tax (PAT) of
INR0.04 crores on operating income of INR20.3 crores against PAT
of INR0.11 crores on operating income of INR15.5 crores in the
previous fiscal.


S.A. AANANDAN SPINNING: Ind-Ra Affirms BB Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.A. Aanandan
Spinning Mills Private Limited's (SASMPL) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR84.5 mil. (reduced from INR113.7 mil.) Long-term loans due
    on September 2022 affirmed with IND BB/Stable rating;

-- INR450 mil. Fund-based facilities affirmed with IND
    BB/Stable/IND A4+ rating; and

-- INR60 mil. (reduced from INR67 mil.) Non-fund-based
    facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SASMPL's sustained moderate credit
profile. As per FY17 financials, revenue was stable at INR1,392.81
million (FY16: INR1,391.8 million). The company achieved turnover
of INR659 million in 8MFY18. As of December 2017, it had an order
book of INR140 million. Interest coverage (operating EBITDA/gross
interest expense improved to 2.4x in FY17 (FY16: 1.4x) and net
leverage (total debt/operating EBTIDA) to 6.5x (7.6x) on account
of an improvement in operating EBITDA and partial repayment of
debt.

EBITDA margins fluctuated in the range of 5.1%-6.46% over FY14-
FY17 on account of fluctuations in cotton and yarn prices as per
the harvest.

The ratings also factor in SASMPL's moderate liquidity position
with 98% average utilisation of the fund-based working capital
limits for the 12 months ended December 2017.

However, the ratings are supported by the promoter's more than two
decades of experience in the cotton yarn manufacturing business.

RATING SENSITIVITIES

Positive: A substantial growth in top line and profitability
margins leading to a sustained improvement in the overall credit
metrics will lead to a positive rating action.

Negative: A substantial decline in the profitability margins
resulting in a sustained deterioration in the overall credit
metrics will lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1996, SASMPL manufactures cotton yarn in the count
range of 20s-100s, with an annual installed capacity of 21,264
spindles.


SANAA DISTRIBUTORS: CRISIL Reaffirms B Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Sanaa Distributors India Private
Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Channel Financing        10       CRISIL B/Stable (Reaffirmed)

   Drop Line Overdraft
   Facility                  2       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's below-average
financial risk profile, modest scale of operations in a fragmented
industry, and low operating margin. These weaknesses are partially
offset by the promoter's experience in the distribution business,
and established relationships with the principal supplier and
customers.


Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: SDIPL had a small networth
of about INR1.8 crore as on March 31, 2017, due to low accretion
to reserves. Consequently, total outside liabilities to tangible
networth ratio was high at 3.4 times as on March 31, 2017, due to
large working capital debt. Debt protection metrics were modest,
with interest coverage ratio at 1.0 time during fiscal 2017.

* Modest scale of operations in a fragmented industry, and low
operating margin: Small scale, indicated by revenue of INR97 crore
during fiscal 2017, limits bargaining power with supplier as well
as customers. Small scale and trading operations result in low
operating margin of 1.0-1.5%.

Strengths

* Extensive experience of the promoter, and established
relationships with suppliers and customers: Mr. Abdul Salam C M
has experience of over a decade in smartphone distributorship, and
has established strong relationships with the principal supplier
and customers.

Outlook: Stable

CRISIL believes SDIPL will continue to benefit from its promoter's
experience and established relationship with the principal
supplier. The outlook may be revised to 'Positive' if financial
risk profile and working capital management improve, and funding
support from the promoter increases. The outlook may be revised to
'Negative' if financial risk profile weakens due to large working
capital requirement or debt-funded capital expenditure.

SDIPL was set up as a proprietorship concern named Sanaa
Associates by Mr. Abdul Salam C M, and was reconstituted as a
private limited company with the present name in October 2013. The
company is an authorised distributor of Samsung smartphones and
accessories in Ernakulam (Kerala). It has a network of 72 dealers.


SANTOSH ENTERPRISES: CRISIL Assigns B Rating to INR2.0MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned a 'CRISIL B /Stable' rating to the
bank facilities of Santosh Enterprises (SE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Working
   Capital Facility        1.25      CRISIL B/Stable

   Cash Credit/
   Overdraft facility      1.50      CRISIL B/Stable

   Bill Discounting        2.00      CRISIL B/Stable

   Cash Credit             2.25      CRISIL B/Stable

The rating reflects the firm's small operating scale, high working
capital requirement and a weak financial risk profile. These
weaknesses are partially offset by the promoter's extensive
experience and their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Small operating scale: SE has a modest operating scale with an
operating income of INR8.68 crore in 2016-17. It is likely to
remain modest over the medium term.

* Working capital-intensive operations: Gross current assets were
high at 546 days as on March 31, 2017, due to high receivables and
inventory.

Strengths

* Promoter's extensive industry experience and funding support:
The promoters have been in fabrication industry for more than 20
years, which will help firm in bringing significant business
linkage over and above the financial support. Further, the
promoters have infused unsecured loans to support the business on
a regular basis.

* Average financial risk profile: The firm's net worth was a
moderate INR10.2 crore, while gearing remained 0.47 times, as on
March 31, 2017. However, its debt-protection metrics were modest
due to a subdued operating margin in 2016-17.

Outlook: Stable

CRISIL believes SE will benefit from its promoter's extensive
industry experience. Our outlook may be revised to 'Positive', if
the firm reports higher revenue growth and profitability, leading
to a higher cash accrual. Conversely, our outlook may be revised
to 'Negative', if the firm's financial risk profile, particularly
liquidity, weakens due to lower sales or profitability, leading to
lower cash accrual or a stretched working capital cycle.

Incorporated in 1990, Santosh Enterprises (SE) was promoted Mr.
Santosh Dalvi. The firm is engaged in the manufacturing of
fabricated structures used by the windmill industry. It has a
manufacturing facility in the Ambad industrial area of Nasik.


SHASHWAT POWER: CRISIL Assigns B+ Rating to INR6MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
Long Term bank facilities of Shashwat Power (I) LLP (Shashwat).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility       4        CRISIL B+/Stable

The rating reflect Shashwat's limited track record of operations
and exposure to customer concentration. These weaknesses are
partially offset by the extensive experience of Shashwat's
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Limited track record of operations and exposure to customer
concentration: The Firm has commenced operations in May 2017 with
2017-18 being first full year of operations. The Firm also has
order book of INR111 Cr from single customer

Strength

* Extensive experience of Shashwat's promoter: The Promoters of
Shashwat has extensive experience in diversified business line
like manufacturing of casting and real estate of more than 2
decades. The same has been instrumental in bagging orders in the
electric substation segment.

Outlook: Stable

CRISIL believes that Shashwat will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if the company reports
substantial growth in its scale of operations while improving its
capital structure and debt protection metrics. Conversely, the
outlook may be revised to 'Negative' in case there is slowdown in
Shashwat's revenue growth or significant deterioration in its
profitability.

Incorporated on July 29,2016 Shashwat Power(I) LLP (Shashwat) is
involved in Execution of Electrical Projects on 100% Turn Key
Basis for the Orders received from the Electricity Distribution &
Transmission Companies across India. The Entity is promoted by Mr.
Solipuram Venkat Reddy, Mr. Hanumanmal Nakhat and Mr. Yogesh
Nakhat.


SHREE MAHAVIR: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Shree Mahavir Oil Mills
(SMOM) to 'CRISIL B+/Stable Issuer not cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating and reaffirming the rating on
bank facilities of SMOM from 'CRISIL B+/Stable Issuer Not
Cooperating' to 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              12       CRISIL B+/Stable (Migrated
                                     from 'CRISIL B+/Stable'
                                     Issuer Not Cooperating*)

The rating continues to reflect SMOM's modest operating
profitability, and susceptibility to fluctuations in raw material
prices. These weaknesses are partially offset by established track
record of operations and experience of proprietor and prudent
working capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest operating profitability: Due to limited value addition,
SMOM reported modest operating profitability in the range of 1.8-
3.1% over the 3 fiscals through 2017 (1.8% in fiscal 2017). The
edible oil industry is highly fragmented, resulting in intense
competition. Due to presence in a highly fragment industry,
operating profit margins are expected to remain modest over the
medium term.

* Susceptibility to fluctuations in raw material prices: Operating
margin is vulnerable to adverse movements in the prices of its key
raw material, mustard seeds. Mustard seed, being an agricultural
commodity, is affected by changes in weather, epidemics, monsoon,
which may affect the yield, price, and availability in a
particular season.

Strengths

* Established track record of operations and experience of
proprietor: The firm is promoted by Mr. Daya Chand Jain and is
managed by its second generation, Mr. Rajendra Kumar Jain. The
family has been associated with the oil business for over 40 years
through this entity. Over the years, the proprietor have
established healthy relationships with their suppliers and
customers.

* Prudent working capital management: Gross current assets were 44
days as on March 31, 2017, driven by low receivables of 9 days and
moderate inventory of 32 days. GCAs are expected to remain below
70 days over the medium term.

Outlook: Stable

CRISIL believes SMOM will continue to benefit over the medium term
from the established track record of operations and experience of
proprietor. The outlook may be revised to 'Positive' if operating
profitability improves significantly leading to improved debt
protection metrics. Conversely, the outlook may be revised to
'Negative' if decline in revenue and margin, or large, debt-funded
capital expenditure weakens financial risk profile.

SMOM was set up in 1973 by the proprietor, Mr. Daya Chand Jain;
his son, Mr. Rajendra Kumar Jain currently manages the operations.
SMOM manufactures and sells mustard oil and oil cake under the
brand, Sunehri Kiran. The processing facility at Jagraon (Punjab)
and Sri Ganganagar (Rajasthan) has installed capacity of around 30
tonne per day (tpd) and 100 tpd, respectively.


SHREE SAI: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable' rating on the bank
facilities of Shree Sai Knittings Private Limited (SSKPL). The
rating reflects the extensive experience of promoters in the
textiles segment and the improving business profile of the
company. These strengths are partially offset by the average
financial risk profile and modest scale of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B+/Stable
   Term Loan               0.9       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Strengths

* Average financial risk profile: The financial risk profile is
average, with low networth of INR2.33 crore and high gearing of
3.05 time as on March 31, 2017. Debt protection metrics are
average marked by interest coverage ratio of 2.66 times and net
cash accrual to total debt of 0.06 time.

* Modest scale of operations: Scale of operations remains modest
with operating income of INR16.83 crore. The scale of operations
is constrained as the company has been in operation for only three
years and the regional nature of the customer base. However, the
company has been ramping up operations consistently and had a y-o-
y growth of 24% in operating income in fiscal 2017.

Strengths

* Extensive experience of promoters in textiles industry: SSKPL
benefits from the extensive experience of Mr. Sudama Arora of more
than four decades in the textiles industry. He also manages Vinit
Knittings Pvt Ltd ('CRISIL BB-/Stable/Issuer Not Cooperating'),
which is engaged in a similar line of business.

Outlook: Stable

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

Incorporated in 2014 and promoted by Mr. Sudama Arora and family
members, SSKPL manufactures industrial cloth at its unit in
Sonipat, Haryana. The industrial cloth manufactured is used as the
backing of rexine cloth by rexine manufacturers in Delhi and NCR.


SREE MARUTHI: CRISIL Assigns B Rating to INR6MM Term Loan
---------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B/Stable' ratings to the long
term bank facilities of Sree Maruthi Education Trust (SMET). The
rating reflects below-average financial risk profile because of a
modest networth, ongoing debt funded capital expendure (capex) and
small cash accruals and exposure to regulatory risks in education
sector. These rating weaknesses are partially offset by extensive
experience of trustee in operating school and colleges.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                 6       CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The financial risk profile
is expected to be below-average marked by estimated modest
networth, debt to be contracted to infrastructure capex and
expected low cash accruals over medium term. The trust is
incurring a capex of about INR10 crore for expansion of school and
is likely to avail debt of INR6 crore in near term. With initial
stage of operations, the cash accruals are also expected to be low
in near to medium term.

* Exposure to regulatory risks: SMET has to comply with specific
operational and infrastructure norms set by regulatory bodies.
Thus, the trust needs to regularly invest in its workforce and
infrastructure. Also, setting up of new schools and seat increases
require approvals. Any non-compliance will result in the
withdrawal of the acquired status, and affiliation to various
boards.

Strengths

* Extensive experience of the trustees in education sector: The
chairman of the trust, Mr. Gangaraju has over 30 years of
experience in the education sector and has been instrumental in
setting up SMET. The trust should benefit from experience of
promoters in running educational institutes.

Outlook: Stable

CRISIL believes that SMET will continue to benefit over the medium
term from the trustees extensive industry experience. The outlook
may be revised to 'Positive' in case of significant scale up in
operations backed by healthy student intake resulting in higher-
than-expected accruals thereby strengthening of its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower cash flows driven by limited ramp up in operation or any
adverse regulatory change adversely affects the financial risk
profile and liquidity.

Set up in 2002, SMET runs a school, a degree college and training
institue in Byrasettihalli (Karnataka) SMET is currently headed by
Mr. Gangaraju.

In fiscal 2017, profit after tax (PAT) was INR0.23 crore on total
sales of INR2.22 crore, as against PAT of INR0.05 crore on total
sales of INR0.91 crore in fiscal 2016.


SRI LAKSHMI: CRISIL Reaffirms B Rating on INR17.25MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Sri Lakshmi Narayana Rice Mill
(SLRM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            17.25      CRISIL B/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile because of a highly leveraged capital structure and modest
debt protection metrics, exposure to intense competition in the
fragmented rice milling industry, and susceptibility to changes in
government regulations. These weaknesses are mitigated by its
promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented rice milling
industry: With revenue of INR27.4 crore in 2016-17, scale of
operations is small in the highly competitive rice milling
industry. This restricts the firm from enjoying economies of scale
available to larger players. The scale of operation is expected to
remain modest over the medium term.

* Below-average financial risk profile: The financial risk profile
is below average due to stretched liquidity, aggressive gearing
and low net worth. The gearing was 6.27 times and net worth was
INR 2.6 cr. as on March 31, 2017. SLRM has moderate debt
protection metrics of interest cover and NCATD at 1.18 times and
0.01 times respectively for 2016-17. The debt protection metrics
is expected to be at the similar levels over the medium term.

Strength

* Partners' extensive industry experience: SLRM's partners have
been in the rice milling industry for over three decades,
resulting in strong relationship with suppliers and customers. The
firm also benefits from assured and steady sales to the Food
Corporation of India (FCI; accounts for 10 percent of total
revenue, while the remaining 90 percent comes from open-market
sales in Karnataka, Tamil Nadu, and Maharashtra), which is the
nodal agency for procurement of rice on behalf of the Government
of India (GoI). CRISIL believes SLRM will continue to benefit from
its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes SLRM will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' if long term fund infusion from the
partners shores up its liquidity. Conversely, the outlook may be
revised to 'Negative' in case of aggressive debt-funded capital
expenditure or sizeable capital withdrawal, leading to
deterioration in the financial risk profile.

Set up in 1984 as a partnership firm by Mr. Lakshmi Narayana Setty
and his son, Mr. Raghavendra Setty, SLRM mills and processes paddy
into rice.

For fiscal 2017, SLRM profit after tax (PAT) was INR0.14 crore on
net sales of INR27.33 crore, against a PAT of INR0.20 crore on net
sales of INR30.41 crore for fiscal 2016.


SRI LAXMI: CRISIL Lowers Rating on INR8MM Cash Loan to D
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sri Laxmi Narasimhaa Spinning Mill Private Limited
(SLN) to 'CRISIL D' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Long Term Loan           7        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term
   Bank Loan Facility       2        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')


   Working Capital
   Term Loan                3        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The downgrade reflects the company's delays in servicing debt
because of stretched liquidity.

SLN has small scale of operations in the intensely competitive
spinning industry, and below-average financial risk profile.
However, it benefits from the promoters' extensive experience in
the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Large debt and modest
networth of INR9.5 crore led to high gearing of 1.96 times as on
March 31, 2017, and below-average debt protection metrics, with
interest coverage and net cash accrual to total debt ratios of
1.95 times and 21%, respectively, for fiscal 2017.

* Small scale of operations in the intensely competitive spinning
industry: The cotton yarn segment is intensely competitive, and
has a few large players. Small players have limited bargaining
power with suppliers and customers. SLN is a small player with
capacity of 11,520 spindles and revenue of INR47.08 crore in
fiscal 2017. Furthermore, it manufactures only cotton yarn in
counts of 20s to 40s. The company is also susceptible to
geographical concentration risk, as it sells only in Tamil Nadu,
and faces competition from several large players in this segment
with a pan-India presence.

Strength

* Extensive industry experience of the promoters: The promoters
have experience of over 35 years in the textile segment. Managing
director Mr. R Palanisamy also owns Saravana Textiles, which
trades in cotton yarn and has been operational for three decades.
He was director in family-owned spinning unit Siva Ganapathi
Spinning Mill for five years before SLN was set up. The company
has established relationships of over 10 years with more than 15
regular customers, and has strong relationships with key suppliers
of cotton bales in Andhra Pradesh, Maharashtra, Madhya Pradesh,
Gujarat and Karnataka.

Set up in 2007 and based in Tiruppur, Tamil Nadu, SLN manufactures
cotton yarn.


TREND SETTERS: CRISIL Lowers Rating on INR7.5MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Trend Setters to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         4        CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Packing Credit           3.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       7.5      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects the firm's continuously overdrawn bank
limit because of weak liquidity.

The firm also has large working capital requirement and faces
intense competition. However, it benefits from its promoters'
extensive experience in the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Overdrawn bank limit: Working capital-intensive operations have
led to high reliance on debt and overdrawn bank limit for more
than 30 straight days.

* Working capital-intensive operations: The firm had gross current
assets of over 600 days on account of large receivables of 450
days as on March 31, 2017.

Strength

* Promoters' extensive experience in the home furnishings
industry: CRISIL believes the firm will continue to benefit from
the experience of over 30 years of key promoters Mr. Tushar
Ruparelia and Mr. Amit Ruparelia in the home furnishings industry.

Based in Mumbai and established in 1976 as a partnership firm by
Mr. Tushar Ruparelia and his brother Mr. Amit Ruparelia, Trend
Setters manufactures bed sheets, comforters, curtains, pillow
covers, and duvet covers. It gets most of the processing done on a
jobwork basis and does the final stitching and packaging in-house.


TRIVITRON HEALTHCARE: NCLT Withdraws RNB Design's Insolvency Bid
----------------------------------------------------------------
The Times of India reports that the Chennai bench of the NCLT
(National Company Law Tribunal) has dismissed as "withdrawn" the
corporate insolvency resolution process against Trivitron
Healthcare, a leading medical devices maker, under IBC (Insolvency
and Bankruptcy Code), following its compromise with RNB Design Arc
Systems.

According to the report, RNB initiated insolvency proceedings
against Trivitron in the fourth week of November over pending
dues. The principal amount of INR8,97,659 and interest amount of
INR2,35,000 is being paid by Trivitron to RNB. For the total
amount of INR11,32,659, four DDs (demand drafts) have been handed
over to the representative of RNB, TOI discloses.

"Since the IRP has not been appointed in the matter and both the
parties have settled the matter by the way of compromise under
which the corporate debtor (Trivitron) has paid the outstanding
debt as agreed by the petitioner (RNB), the order dated Nov. 24,
2017 is recalled and is dismissed as withdrawn," NCLT ruled, TOI
relays.

Trivitron Healthcare Private Limited manufactures medical devices
for customers in India and internationally.


VADHI STEELS: CRISIL Assigns B- Rating to INR4.60MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Vadhi Steels Pvt Ltd (VSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              2.65       CRISIL B-/Stable

   Proposed Long Term
   Bank Loan Facility     4.60       CRISIL B-/Stable

   Bank Guarantee          .25       CRISIL A4

   Cash Credit            2.50       CRISIL B-/Stable

The ratings reflect VSPL's below-average financial risk profile,
modest scale and geographical concentration in operations, and
volatility in operating margin due to fluctuation in steel prices.
These weaknesses are partially offset by the promoters' experience
in the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
weak on account of negative networth, following losses incurred in
fiscal 2015. The debt protection metrics are modest with interest
coverage of 2.3 times and net cash accrual to total debt ratio of
0.14 times for fiscal 2017.

* Volatility in operating margin due to fluctuation in raw
material prices: Operating margin may remain volatile'it was 1.9%
in fiscal 2016 and 5.5% in fiscal 2017'due to the commodity-like
nature of the product and volatility in raw material prices.

* Modest scale and geographical concentration in operations
Geographic concentration risks persist, with operations focused in
Kerala, limiting scalability: net sales were INR20 crore in fiscal
2017.

Strengths

* Extensive experience of the promoters: Mr. Palakkandy Usmankoya
Moideenkoya and his family have been in the steel industry for
nearly four decades. The family has 7 manufacturing plants, mostly
in Palakkad, Kerala. Benefits from the promoters' experience and
the established market position of the Kenza brand should continue
to support the business.

Outlook: Stable

CRISIL believes VSPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if significant growth in revenue, profitability and
accrual, or efficient working capital management strengthens
financial risk profile. Conversely the outlook may be revised to
'Negative' if decline in revenue or profitability, or any large
capital expenditure weakens financial risk profile.

VSPL, based in Kozhikode, Kerala, manufactures mild steel flats,
squares and rounds. The products are sold under the brand, Kenza.
The manufacturing unit is in Kozhikode.


VAMSHADHARA PAPER: CRISIL Lowers Rating on INR25.75MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Vamshadhara Paper Mills Limited (VPML) to 'CRISIL C/CRISIL A4'
from 'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.5        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit           25.75       CRISIL C (Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit      25          CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Bank
   Guarantee              0.5        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Cash
   Credit Limit          20          CRISIL C (Downgraded from
                                     'CRISIL BB+/Stable')


   Proposed Letter
   of Credit             20          CRISIL A4 (Downgraded from
                                     'CRISIL A4+')


   Proposed Term Loan     8.25       CRISIL C (Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan             20          CRISIL C (Downgraded from
                                     'CRISIL BB+/Stable')

The rating action follows an instance of delay in servicing of its
obligation on term loan facility from Andhra Pradesh State Finance
Corporation in October 2017.

The ratings continue to reflect VPML's moderate financial risk
profile, marked by high gearing, and the company's exposure to
volatility in input prices and to intense competition in the paper
industry. These rating weaknesses are partially offset by the
extensive experience of the VPML's promoters in the paper industry
and its moderate operating efficiencies.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate financial risk profile marked by high gearing: The
Company's gearing is high at around 1.7 times as on March 31, 2017
owing to sizeable debt funded capacity expansion undertaken in
fiscal 2013 and fiscal 2014. Nevertheless, VPML's debt protection
metrics are adequate with net cash accruals to total debt (NCATD)
and interest coverage at 0.11 and 2.75 times respectively for
fiscal 2017.

* Susceptibility to volatile input prices and to intense
competition in paper industry: VPML's key raw materials include
domestic and imported waste paper the prices of which are highly
volatile. Also the company operates in a highly fragmented
industry with low entry barriers, making it difficult to
immediately pass on any increase in waste paper price to
customers.

Strengths

* Promoters' experience in paper industry: VPML's promoters have
been in the paper manufacturing business for over 30 years with
their expertise ranging from the manufacture of kraft paper to
newsprint paper. The promoters have also astutely scaled up the
operations by way of acquisition and turnaround of a sick unit.

* Moderate operating efficiencies: Operating margins have remained
range bound at 7 to 10 per cent over the past 5 years on account
of adequate power management and low freight cost on raw material.
The capacity utilisation has also remained moderate.

VPML was incorporated in 1983 and promoted by Mr. S R Rabinder and
Mr. R Rajendran. The company manufactures kraft paper (used
predominantly in the packaging industry) and newsprint paper. Its
manufacturing units are in Srikakulam (Andhra Pradesh), Hyderabad
(Telangana) and in Chennai (Tamil Nadu). The company has in June
2014 commissioned additional 21,900 tpa capacity of kraft paper at
its Chennai unit. VPML has total kraft paper manufacturing
capacity of 70,050 tonnes per annum (tpa) and newsprint capacity
of 19,800 tpa.


VT DAIRY: CRISIL Assigns B+ Rating to INR12MM Proposed LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of VT Dairy Private Limited (VTDPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      12        CRISIL B+/Stable
   Cash Credit              6.2      CRISIL B+/Stable
   Long Term Loan           8.8      CRISIL B+/Stable

Rating reflects nascent stage of operations and susceptibility to
changes in government regulations, and exposure to the risk of
epidemics. Rating also factors below average financial risk
profile marked by modest net worth and high gearing, albeit
supported by moderate interest coverage ratio. These weaknesses
are partially offset by the extensive experience of the company's
promoter in the dairy products industry and established
relationship with the farmers.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations: VTDPL was established in 2014 and
commercial operations commenced from April 2016. Due to nascent
stage of operations revenues remain moderate as reflected in
revenues of INR120 crore for the Fiscal 2017. Revenues are
expected to increase however should remain moderate over the
medium term.

* Below average financial risk profile: The company's financial
risk profile is below average marked by its modest net worth and
high gearing, albeit supported by moderate interest coverage
ratio. Debt protection metrics were moderate as reflected in
interest coverage ratio and net cash accruals to total debt of
around 2.1 times and 10% in Fiscal 2017.

Furthermore liquidity is also stretched as reflected in fully
utilized cash credit limit and modest cash and bank balance
maintained by the company however expected cash accruals should be
adequate to repay maturing debt obligations over the medium term.

* Susceptibility to changes in government regulations, and
exposure to the risk of epidemics:  The price of milk, MDPPL's key
raw material, is sensitive to government policies and
environmental conditions; therefore, the company's profitability
is vulnerable to changes in government policies. Manufacturers are
also vulnerable to risks of failure in milk production due to
external factors like cattle diseases. CRISIL believes VTDPL's
revenue and profitability will remain exposed to changes in
government policies and regulations and to volatility in raw
material prices due to environmental conditions.

Strength:

* Extensive experience of the company's promoter in the dairy
products industry, established relationships with farmers
VTDPL leverages its promoter's extensive experience in the dairy
industry. Though VTDPL was incorporated in Fiscal 2014, the
promoters have been in the dairy industry for many years now
(through partnership firms Venkateswara Dairy Products and Sri
Venkateswara Dairy). Extensive experience of promoters is
reflected in moderate revenues of around INR120 crore in spite of
Fiscal 2017 being the first year of commercial operations. The
company procures from local farmers in Telangana and Andhra
Pradesh.

Extensive industry experience of promoters has helped the company
establishing strong relationship with farmers and establishing
strong distributor network of around 1500 dealers across different
districts in Telangana and A.P. CRISIL believes VTDPL will
continue to benefit from its promoter's extensive experience in
the dairy industry and its established procurement network.

Outlook: Stable

CRISIL believes VTDPL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability increase on a sustainable
basis, or if significant equity infusion improves the liquidity
and hence financial risk profile. The outlook may be revised to
'Negative' if an aggressive, debt-funded capacity expansion, or a
substantial decline in revenue and profitability or stretch in
working capital requirement weakens the financial risk profile.

VTDPL, incorporated in 2014 and commercial operations commenced in
April 2016, processes milk and milk products. It is based out of
Mirayalaguda, Telangana and managed by Mr.Ch. Nagaraju, Mr.Ch.
Satyanarayana and Mr.Ch. Venkateswara Rao.


* INDIA: Insolvency Board to Consider Cross-Border Norms
--------------------------------------------------------
The Economic Times reports that India is likely to consider
expanding its bankruptcy law to include cross-border insolvency,
which helps lenders tap defaulters' assets overseas, as a top
panel at the Insolvency and Bankruptcy Board of India (IBBI) met
Jan. 11 to help strengthen the framework dedicated toward
recovering bad loans.

"Cross-border insolvency is on top of the agenda. The authorities
are keen to make that happen as there is no provision under the
Insolvency and Bankruptcy Code (IBC) for it," an executive privy
to the matter told ET. The meeting of the Insolvency Law Committee
was chaired by the Corporate Affairs secretary.

MS Shahoo, chairman of IBBI, confirmed that the subject is on the
agenda, but declined to give further details, ET relays.

Any addition to the IBC must be approved by Parliament, the report
notes.

ET says the move is in line with the UNCITRAL Model Law, an
international governance legislation on cross-border bankruptcy
proceedings.

The UNCITRAL Model Law on Cross-Border Insolvency is the standard
law issued by the secretariat of the United Nations Commission on
International Trade Law about 20 years ago, according to the
report. It was aimed at assisting countries regulating corporate
insolvency and managing companies that have assets or creditors in
more than one country.

For example, if a company is admitted for insolvency, lenders
empowered with cross-border insolvency can move to tap the
company's overseas assets, the report states.

The 14-member panel, which was set up to suggest ways of improving
the implementation of the IBC, also discussed the bankruptcy
framework for small and medium companies (SMEs), ET says.

ET reported earlier that the government may consider giving SMEs
different treatment under the IBC since they usually have a
limited number of buyers and rely largely on promoters for a
resolution.

The committee will explore the possibility of any exemption for
such companies, allowing promoters to bid for their assets under
insolvency proceedings, ET adds.



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


TK HOLDINGS: New Plan Discloses $12.5MM Funding for Trust Reserve
-----------------------------------------------------------------
TK Holdings Inc. and affiliates filed with the U.S. Bankruptcy
Court for the District of Delaware a disclosure statement for its
second amended joint chapter 11 plan of reorganization dated
Jan. 2, 2018.

The second amended plan preserves the going-concern value of the
Debtors' businesses, maximizes creditor recoveries, provides for
an equitable distribution to all of the Debtors' stakeholders, and
protects the jobs of the Debtors' invaluable employees. To
evidence their support of the restructuring, the Debtors, the
Consenting OEMs, and the Plan Sponsor entered into a restructuring
support agreement, dated as of Nov. 16, 2017.

The latest plan's primary purposes include:

   -- providing for the sale of substantially all of the Debtors'
assets, other than the Excluded Assets, to the Plan Sponsor
pursuant to the U.S. Acquisition Agreement, with such sale to be
free and clear of all Claims, Interests, Liens, other
encumbrances, and liabilities of any kind or nature whatsoever,
other than the Assumed Liabilities and the Permitted Liens;

   -- carving out the PSAN Excluded Assets from the sale to the
Plan Sponsor and vesting such assets in TKH and certain of its
subsidiaries upon TKH's emergence from chapter 11;

   -- vesting the Warehoused PSAN Assets in a Delaware corporation
established under the Plan to comply with the Debtors' obligations
under the Preservation Order and to continue the maintenance,
shipping, and disposal of the Warehoused PSAN Assets after the
Effective Date;

   -- providing for the establishment of a limited liability
company organized under the laws of Delaware, which will be the
parent holding company of Reorganized TK Holdings and the
Warehousing Entity;

   -- settling the Consenting OEMs' Adequate Protection Claims,
Consenting OEM PSAN Cure Claims, and Consenting OEM PSAN
Administrative Expense Claims pursuant to Bankruptcy Rule 9019, in
exchange for certain consideration including (i) payment of the
DOJ Restitution Claim, (ii) the funding of the Warehousing Entity
Reserve and Post-Closing Reserve, and (iii) the Business Incentive
Plan Payment;

   -- paying all Administrative Expense Claims, Priority Claims,
and Other Secured Claims in full and distributing proceeds of the
Global Transaction allocable to the Debtors and other assets to
various reserves required to be established under the Plan;

   -- providing for the establishment of a trust to, among other
things, (i) resolve and make distributions on account of Allowed
Administrative Expense Claims until the Non-PSAN PI/WD Claims
Termination Date,5 (ii) hold the Other Excluded Assets belonging
to the Debtors' estates, the reserves necessary to pay certain
claims in full under the Plan, the recovery funds for each of the
Debtors to make distributions to holders of Allowed General
Unsecured Claims, other than the Recovery Funds relating to PSAN
PI/WD Claims and the Recovery Funds relating to OEM Claims, and
the disputed claims reserves established for benefit of holders of
subsequently Allowed Claims, and (iii) otherwise wind-down the
Debtors' Estates;

   -- merging the OEM Funds with the DOJ OEM Restitution Fund to
be administered by the Special Master; and

   -- providing for the establishment of a trust to administer the
PSAN PI/WD Funds and resolve Allowed PSAN PI/WD Claims against
IIM, SMX, TDM, and the TKH Debtors.

On the Effective Date, the Reorganized TK Holdings Trust will be
established in accordance with the Plan to, among other things,
(i) be the sole member of TK Global LLC, (ii) hold the Recovery
Funds established to make Distributions on account of Other
General Unsecured Claims against the Debtors, (iii) hold any
Excluded Assets other than the PSAN Assets, the Warehoused PSAN
Assets, and any contracts or leases that are rejected by the
Debtors or the Reorganized Debtors, and (iv) resolve Disputed
Claims and administer Claims, other than (a) PSAN PI/WD Claims,
(b) after the Non-PSAN PI/WD Claims Termination Date,
Administrative Expense PI/WD Claims and Administrative Expense
PSAN PI/WD Claims, and (c) the OEM Unsecured Claims, after the
Effective Date. The Reorganized TK Holdings Trust will also retain
all rights to commence and pursue all Causes of Action, including
Avoidance Actions, that are expressly preserved and not released
under the Plan.

The Debtors currently anticipate reserving approximately $12.5
million to fund the Reorganized TK Holdings Trust Reserve.

A full-text copy of the Latest Disclosure Statement is available
at:

      http://bankrupt.com/misc/deb17-11375-1551.pdf

A full-text copy of the Second Amended Plan is available at:

      http://bankrupt.com/misc/deb17-11375-1550.pdf

                         About TK Holdings

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets  and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



=================
S I N G A P O R E
=================


GLOBAL A&T: Court OKs Disclosures & Confirms Reorganization Plan
----------------------------------------------------------------
BankruptcyData.com reported that the U.S. Bankruptcy Court
approved Global A&T Electronics' Disclosure Statement and
concurrently confirmed its Joint Chapter 11 Plan of
Reorganization. According to documents filed with the Court, "The
Plan provides for a comprehensive restructuring of the Debtors'
obligations, preserves the going-concern value of the Debtors'
business, maximizes recoveries available to all constituents,
provides for an equitable distribution to the Debtors'
stakeholders, and protects the jobs of more than 10,000 employees.
More specifically, and as described in greater detail in the
Disclosure Statement, the Plan provides for, among other things,
the issuance of approximately $665 million in new 8.5% secured
notes due 2022 to holders of GATE's Initial Notes (i.e., 'Old'
Notes) and Additional Notes (i.e., 'New' Notes), the guarantee by
the 'UMS' business held by GATE's equity owner, UTAC
Holdings Ltd., of such new secured notes, the issuance of
approximately 31 percent of the common equity in UTAC Holdings
Ltd. to GATE's 'New' bondholders, the settlement of long-standing
litigation against the Debtors and their equity sponsors, and,
following the effective date, UMS and GATE will be operated by a
single management team and owned by UTAC Holdings Ltd."

                 About Global A&T Electronics

Global A&T Electronics Ltd. is a subsidiary of UTAC Holdings Ltd.
that provides semiconductor assembly and test services for
integrated circuits for use in analog, mixed-signal and logic, and
memory products in the United States, Japan, rest of Asia, Europe,
and internationally.

UTAC Holdings and its subsidiaries are independent providers of
assembly and test services for a broad range of semiconductor
chips with diversified end uses, including in-communications
devices (such as smartphones, Bluetooth and WiFi), consumer
devices, computing devices, automotive devices, security devices,
and devices for industrial and medical applications.  The company
offers its customers a full range of semiconductor assembly and
test services in these key product categories: analog, mixed-
signal and logic, and memory.  UTAC's customers are primarily
fables companies, integrated device manufacturers and wafer
foundries.

UTAC is headquartered in Singapore, with production facilities
located in Singapore, Thailand, Taiwan, China, Indonesia and
Malaysia.  The company's global sales network is broadly focused
on five regions: the United States, Europe, China and Taiwan,
Japan, and the rest of Asia.  The Debtors have 10,402 full-time
employees.

Global A&T and its affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D.N.Y. Case Nos. 17-23931 to
17-23943) on Dec. 17, 2017.  Michael E. Foreman, general counsel
and authorized officer, signed the petitions.

At the time of the filing, the Debtors estimated assets of $500
million to $1 billion and liabilities of $1 billion to $10
billion.

Judge Robert D. Drain presides over the cases.

The Debtors hired Kirkland & Ellis LLP as their bankruptcy
counsel; Moelis & Company Asia Limited and Moelis & Company LLC as
financial advisors; Alvarez & Marsal North America, LLC and
Alvarez & Marsal (SE Asia) Pte. Ltd. as restructuring advisors;
and Prime Clerk LLC as notice, claims and balloting agent.



                             *********

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

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

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


                            *********


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

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

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***