TCRAP_Public/180115.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, January 15, 2018, Vol. 21, No. 010

                            Headlines


A U S T R A L I A

ALLMINE HOLDINGS: First Creditors' Meeting Set for Jan. 24
FLEX-ABILITY PTY: Second Creditors' Meeting Set for Jan. 23
GIDGET RETRO: First Creditors' Meeting Set for Jan. 23
ELSTON JV: First Creditors' Meeting Set for Jan. 23
KPR RECRUITMENT: Second Creditors' Meeting Set for Jan. 22

MOTHER NATURES: Second Creditors' Meeting Set for Jan. 23
RESIMAC TRIOMPHE 2017-3: S&P Gives BB(sf) Rating on Class D Notes


C H I N A

GOLDEN WHEEL: Fitch Rates Proposed USD Notes 'B(EXP)'
HILONG HOLDING: Tap Bond Issue No Impact on B1 CFR, Moody's Says
TIMES PROPERTY: Fitch Gives B+ Rating to US$500MM Notes Due 2021


I N D I A

AASHIRWAD INDUSTRIES: CARE Moves B Rating to Not Cooperating
AMCL MACHINERY: CARE Raises Rating on INR6cr LT Loan to B
AMCON CONSTRUCTION: CARE Reaffirms B+ Rating on INR2cr LT Loan
AMR INDIA: CARE Assigns D Rating to INR654.13cr LT Loan
ESHWARNATH CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR5M Loan

CHAMPARAN COLD: CRISIL Assigns B- Rating to INR10MM LT Loan
CHURIWAL TECHNOPACK: CRISIL Moves B Rating on INR9.61MM Loan
GUJARAT NRE: NCLT Orders Liquidation After Debt Plan Fails
HARAPARBATI POTATO: CARE Assigns B+ Rating to INR7.59cr LT Loan
HARIKRIPA BUSINESS: CARE Assigns B+ Rating to INR27.81cr Loan

IDASA INDIA: CARE Cuts INR7.9cr Loan Rating to B; Not Cooperating
IVRCL LTD: SBI Initiates Insolvency Process Against Firm
KANKANI ENTERPRISES: CARE Reaffirms B+ Rating on INR9.76cr Loan
KTEX NONWOVENS: CRISIL Reaffirms B+ Rating on INR23.81MM Loan
LOKESH MACHINES: CARE Hikes Rating on INR70.96cr LT Loan to B-

MADHAV GINNING: CARE Reaffirms B+ Rating on INR19.95cr LT Loan
MAYA BUILDERS: CRISIL Assigns B+ Rating to INR30MM LT Loan
MITTAL AGRO: CARE Moves B+ Rating to Not Cooperating Category
MUBASA ELECTRICALS: CARE Moves B+ Rating to Not Cooperating
PARADIGM TUNNELING: Ind-Ra Lowers Issuer Rating to 'D'

POLYCHEM EXPORTS: CRISIL Withdraws B Rating on INR11MM Cash Loan
PREMIER COTSPIN: CARE Moves B Rating to Not Cooperating Category
PREMIERWORLD TECHNOLOGY: CARE Raises Long Term Rating to B+
R.S. GREEN: CARE Reaffirms D Rating on INR12.47cr LT Loan
RATHI FEED: CARE Reaffirms B+ Rating on INR13.10cr LT Loan

RAYS POWER: CARE Lowers Rating INR10cr Loan to D; Not Cooperating
SAIKRUPA COTTONS: CRISIL Assigns D Rating to INR14MM Cash Loan
SHREE GAUTAM: CRISIL Withdraws B Rating on INR8MM Cash Loan
SHREE SAIKRISHNA: CRISIL Withdraws B Rating on INR2.48MM Loan
SHRI RAM: CARE Assigns B+ Rating to INR6.0cr LT Loan

SRI ADHIKARI: CARE Moves D Rating to Not Cooperating Category
SRI MOULI: Ind-Ra Hikes Issuer Rating to 'BB-', Outlook Stable
SWISS GARNIER: CRISIL Withdraws B- Rating on INR77.58MM Loan
THREE SEASONS: CRISIL Assigns B- Rating to INR10MM LT Loan
TV VISION: CARE Moves D Rating to Not Cooperating Category

VOORA SHREERAM: CRISIL Withdraws B Rating on INR8MM Cash Loan
VSK LABORATORIES: Ind-Ra Moves D Issuer Rating to Not Cooperating


I N D O N E S I A

TUNAS BARU: Fitch Rates Proposed USD Sr Unsec. Notes 'BB-(EXP)'


M A L A Y S I A

CHINA AUTOMOBILE: Slips Into PN17; Going Concern Doubt Raised


N E W  Z E A L A N D

WAITANGI NATIONAL: Financial Irregularities Probe Ongoing
S I N G A P O R E
GLOBAL A&T: Court Confirms Ch. 11 Plan
S O U T H  K O R E A
CAFFE BENE: Files for Court-Led Restructuring After Losses


                            - - - - -


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A U S T R A L I A
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ALLMINE HOLDINGS: First Creditors' Meeting Set for Jan. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Allmine
Holdings (NT) Pty Ltd will be held at the offices of HLB Mann
Judd (Insolvency WA), Level 3, 35 Outram Street, in West Perth,
WA, on Jan. 24, 2018, at 11:00 a.m.

Kimberley Stuart Wallman of HLB Mann Judd (Insolvency WA) was
appointed as administrator of Allmine Holdings (NT) Pty Ltd on
Jan. 12, 2018.


FLEX-ABILITY PTY: Second Creditors' Meeting Set for Jan. 23
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Flex-Ability
Pty Ltd, trading as Flex Medical Training Services, has been set
for Jan. 23, 2018, at 11:30 a.m. at the offices of AMB
Insolvency, Level 1, 6 Allison Street, in Bowen Hills,
Queensland.

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. 22, 2018, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as
administrator of Flex-Ability Pty on Dec. 7, 2017.


GIDGET RETRO: First Creditors' Meeting Set for Jan. 23
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gidget
Retro Teardrop Camper Pty. Ltd will be held at the offices of
Worrells Solvency & Forensic Accountants, Level 8, 102 Adelaide
Street, in Brisbane, Queensland, on Jan. 23, 2018, at 10:30 a.m.

Lee Crosthwaite & Chris Cook of Worrells Solvency were appointed
as administrators of Gidget Retro on Jan. 11, 2018.


ELSTON JV: First Creditors' Meeting Set for Jan. 23
---------------------------------------------------
A first meeting of the creditors in the proceedings of Elston JV
Pty Ltd will be held at the offices of Artemis Insolvency
Level 1, 190 Edward Street, in Brisbane, Queensland, on Jan. 23,
2018, at 2:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Elston JV on Jan. 11, 2018.


KPR RECRUITMENT: Second Creditors' Meeting Set for Jan. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of KPR
Recruitment Aust Pty Ltd has been set for Jan. 22, 2018, at 3:00
p.m. at the offices of Hilton Sydney Hotel, Level 1, Rooms 5 & 6,
488 George Street, in Sydney, NSW.

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 4:00 p.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of KPR Recruitment on Dec. 20, 2017.


MOTHER NATURES: Second Creditors' Meeting Set for Jan. 23
----------------------------------------------------------
A second meeting of creditors in the proceedings of Mother
Natures Coffs Harbour Pty Ltd has been set for Jan. 23, 2018, at
12:00 p.m. at the offices of Deloitte Financial Advisory Pty Ltd
Eclipse Tower, Level 19, 60 Station Street, in Parramatta, New
South Wales.

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. 22, 2018, at 4:00 p.m.

Neil Robert Cussen of Deloitte Financial was appointed as
administrator of Mother Natures on Dec. 8, 2017.


RESIMAC TRIOMPHE 2017-3: S&P Gives BB(sf) Rating on Class D Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to five classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for RESIMAC Triomphe Trust - RESIMAC
Premier Series 2017-3. RESIMAC Triomphe Trust - RESIMAC Premier
Series 2017-3 is a securitization of prime residential mortgages
originated by RESIMAC Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including that this is a closed portfolio, which
    means no further loans will be assigned to the trust after
    the closing date.

-- S&P's view that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination and lenders' mortgage insurance to 11.0% of the
    portfolio, which covers 100% of the face value of these
    loans, accrued interest, and reasonable costs of enforcement.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 0.75% of the outstanding balance of the
    notes, and principal draws, are sufficient under our stress a
    assumptions to ensure timely payment of interest.

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

-- The management of interest-rate risk. Interest-rate risk
    between any fixed-rate mortgage loans and the floating-rate
    obligations on the notes are appropriately hedged via
    interest-rate swaps to be provided National Australia Bank
    Ltd.

  RATINGS ASSIGNED
  Class      Rating        Amount (A$ mil.)
  A          AAA (sf)      880.0
  AB         AAA (sf)       66.0
  B          AA (sf)        28.0
  C          A (sf)         11.0
  D          BB (sf)        10.5
  E          NR              4.5

  NR--Not rated.



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GOLDEN WHEEL: Fitch Rates Proposed USD Notes 'B(EXP)'
-----------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH; B/Stable) proposed US
dollar senior notes a 'B(EXP)' expected rating and a Recovery
Rating of 'RR4'.

The notes are rated at the same level as GWTH's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received. GWTH
intends to use the net proceeds to refinance existing debt, fund
new property projects and for general corporate purposes.

KEY RATING DRIVERS

Niche Positioning: GWTH is focused on developing small commercial
and residential projects linked to metro stations. The company
had eight projects under development as of end-2017, including a
33%-owned project in Nanjing city. Its projects usually fetch
higher average selling prices because of their convenient
locations and better foot traffic for the commercial-property
components. Potential competition from large national developers
for metro-linked projects may squeeze GWTH's margin over the
longer term, although volume-driven developers are less likely to
participate in small niche projects.

Leverage to Rise: Fitch expects GWTH's leverage, as measured by
net debt/adjusted inventory, to trend towards 40% in the next one
to three years, due to faster land acquisitions. The company did
not acquire any land between February 2014 and October 2016,
resulting in land bank life dropping to less than four years at
end-2017, from 11 years at end-2015. GWTH is starting a new
expansion phase and Fitch estimates that it has paid at least
CNY1.2 billion for land in 2017, driving up leverage to above 35%
(2016: 29%; 2015: 27%).

Margin Recovery: Fitch expects GWTH's margins to stay at around
25% in the medium term, supported by existing integrated projects
connected to metro stations, which have gross margins of around
40%, especially those in Nanjing. The company's margin recovered
to above 35% as of June 2017, compared with 28% in 2016 and -4%
in 2015. This followed higher sales revenue from property
development via completion and delivery of more projects during
the year. GWTH may face margin pressure from 2019 as well-located
metro-linked land sites are usually expensive.

Rising Recurring Income: Fitch expects GWTH's investment property
and metro-leasing divisions to expand steadily over the medium
term, with new investment properties coming into operation each
year and the business of leasing out spaces in metro stations
contributing profit. These divisions will provide recurring
income for interest servicing, which will mitigate cash flow
volatility in the property development business. GWTH had
completed investment property with total gross floor area of
136,719 square metres as of June 2017. Most of its investment
properties enjoy prime locations with convenient transportation
access, translating into a high average occupancy rate of around
90% in the previous five years and stable annual recurring income
of around CNY100 million.

Metro Leasing Turned Profitable: The metro-leasing division's
gross profit margin rose to 27% in June 2017 (2016: 14%; 2015: -
19%; 2014: 27%; 2013: 44%), beating Fitch's expectation of
breakeven. Fitch think the company's metro leasing business will
expand more slowly than the company's initial plan to open four
to five metro malls annually, given limited supply of metro
stations that are suitable for malls and the slower-than-expected
construction of metro stations where the company has secured
leases to operate malls. However, profitability will improve as
existing malls mature and are able to achieve occupancy rates of
above 90% after two years of operation.

DERIVATION SUMMARY

GWTH's contracted sales of CNY2.5 billion in 2017 were below
those of most 'B' rated peers, such as Xinyuan Real Estate Co.,
Ltd. (B/Stable) and Redco Properties Group Ltd (B/Stable), which
generate around CNY10.0 billion in contracted sales annually.
GWTH's land bank of 0.5 million square metres for development and
sale as of June 2017 is also smaller than that of peers. However,
its low leverage, healthy margins and substantial interest
coverage from recurring income supports its ratings at 'B'.

KEY ASSUMPTIONS

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

- annual contracted sales, excluding joint ventures and
   associates, of around CNY1 billion-2 billion during 2017-2019;

- construction expenditure accounting for 50% of contracted
   sales in 2017 and around 20% in 2018-2019;

- land replenishment ratio, measured by gross floor area
   acquired/gross floor area presold in the same year, at 1.0x-
   1.7x during 2017-2019; and

- cash collection ratio of 85% during 2017-2019

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action include:

- net debt/adjusted inventory rising above 40% for a sustained
   period (end-2016: 29%; end-2015: 27%);

- deviation from the current focus on metro-linked projects; and

- EBITDA margin falling below 25% for a sustained period (2016:
   28%; 2015: -4%).

No positive rating action is expected over the next 12-18 months
given the company's small scale. However, in the longer term,
positive rating action may result from:

- investment properties' value exceeding CNY5 billion (2016 and
   2015: CNY5 billion) and annual development property sales
   sustained above CNY3 billion (2016: CNY2 billion; 2015: CNY1
   billion); and

- recurring gross profit/interest coverage rising over 1.0x on a
   sustained basis (2016: 0.5x; 2015: 0.6x).

LIQUIDITY

Adequate Liquidity: GWTH had CNY1.4 billion in cash on hand,
including restricted cash, as of June 2017 and unused bank
facilities of CNY0.8 billion; adequate to cover short-term debt
of CNY1.3 billion.


HILONG HOLDING: Tap Bond Issue No Impact on B1 CFR, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Hilong Holding Limited's B1
corporate family and senior unsecured ratings are unaffected by
its proposed tap bond offering on the existing USD250 million
senior unsecured notes due June 22, 2020.

The ratings outlook remains stable.

"The tap issuance will not materially affect the company's credit
metrics, as the proceeds will be used mainly to refinance
existing debt," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

Moody's expects Hilong's adjusted debt/EBITDA will improve to
3.5x-4.0x over the next 12-18 months from 5.0x for the 12 months
ended June 2017. The improvement will be driven by continued
earnings improvements from stronger revenue growth and stable to
lower debt levels, in turn stemming from (1) limited capital
expenditure to support its operations; (2) better working capital
management; and (3) higher earnings. This level of leverage
solidly positions the company at the B1 rating level.

Moody's projects Hilong's revenue to increase by 17.5% in 2018
and 12% in 2019 after 28.0% growth in 2017, as upstream oil and
gas companies will increase their capital spending. Moreover,
Moody's expects a relatively stable oilfield services and
drilling market over the next 12-18 months will improve demand
for Hilong's products and services.

Moody's also projects Hilong's adjusted EBITDA margin to stay
relatively stable at about 26.5% over the next 12-18 months as
the company focuses on expense and cost control measures and
growing product and service diversifications to mitigate margin
volatility.

Hilong's liquidity profile is adequate. At end-June 2017, the
company had cash and cash equivalents of RMB736 million and
restricted cash of RMB234 million. These liquidity sources, its
expected operating cash flows of around RMB400 million over the
next 12 months, as well as the proceeds from its proposed tap
bond issuance can cover its RMB1.0 billion of short-term debt,
RMB165 million of bills payable, and estimated RMB200 million of
maintenance capital expenditure over the next 12 months.

Hilong's corporate family rating reflects its strong global
market positions in the drill pipe and oil country tubular goods
(OCTG) coating materials and services sectors. This strength is
based on the company's well-regarded products, technological
capabilities and close, long-term relationships with its major
customers.

Hilong's rating also reflects its product, service and geographic
diversification, which enable resilience against its industry
peers and partly offset the challenges of a cyclical industry and
high customer concentration.

Hilong's rating is constrained by its relatively small size, high
customer concentration and performance volatility caused by the
cyclical nature of the drill pipe and oilfield services
businesses, which are exposed to the unpredictability of global
oil prices.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: (1) oilfield
equipment manufacturing and services; (2) line pipe technology
and services; (3) oilfield services; and (4) offshore engineering
services.

The company listed on the Hong Kong Stock Exchange in 2011. Mr.
Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 58.6% equity interest at end-
2016.


TIMES PROPERTY: Fitch Gives B+ Rating to US$500MM Notes Due 2021
----------------------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(B+/Positive) US$500 million 6.25% senior notes due 2021 a final
rating of 'B+' and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Times Property's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. The assignment of the final
rating follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on Jan. 8, 2018.

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

KEY RATING DRIVERS

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

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

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

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

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

DERIVATION SUMMARY

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

KEY ASSUMPTIONS

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

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

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

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

RATING SENSITIVITIES

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

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

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

- Failure to maintain the positive guidelines

LIQUIDITY

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



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AASHIRWAD INDUSTRIES: CARE Moves B Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has been seeking information from Aashirwad
Industries Private Limited (AIPL) to monitor the rating vide
e-mail communications/letters dated September 13, 2017,
September 12, 2017, September 8, 2017, August 11, 2017 and
July 27, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
required for the purpose of rating, CARE is unable to express an
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on MFL's bank facilities will now be denoted as
"CARE B; ISSUER NOT COOPERATING".

CARE gave these ratings:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           13.80      CARE B; ISSUER NOT COOPERATING

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

The rating takes into account the small scale of operations, net
losses registered by the company, leveraged capital structure,
and susceptibility of margins to volatile raw material prices.
The rating is further constrained by working capital intensive
nature of operations and exchange rate fluctuation risk along
with threats of restrictions on the usage of asbestos. The rating
however derives strength from experienced promoters in similar
industry and diversified customer base.

Detailed Description of the Key Rating Drivers

At the time of last rating on March 10, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Modest scale of operations with low profitability and leveraged
capital structure: Despite being in existence for more than half
decade, the scale of operations of company remained small with
low net worth base thus depriving it of scale benefits. Further,
the company registered net losses in FY16. High dependence of
company on external borrowings resulted in weak debt coverage
indicators and leveraged capital structure.

Working capital intensive nature of operations: The operations of
company remained working capital intensive in nature with high
amount of funds being blocked in inventory and debtors. The same
resulted in high utilization of working capital limits.

Susceptibility of margins to fluctuating input prices and foreign
exchange fluctuation risk: Raw material is the largest cost
component, which contributed more than 35% towards total cost in
FY16.The raw material cost has been fluctuates owing to scarcity
and hazardous nature of asbestos (mining already banned in
India). AIPL imports asbestos fibre from Russia, Brazil, Canada
while fly ash (sourced from power companies) and cement is
procured locally. Volatile prices of these inputs coupled with
fluctuation in the exchange rates continue to impact the margins
of the company.

Threats of restrictions on the usage of asbestos: Due to its
hazardous nature Asbestos mining continues to remain banned in
India on account of its hazardous nature, and as a result the
major input material (asbestos fibre) is being imported,
resulting in limited availability of raw material.

Key Rating Strengths

Experienced promoters along with rising demand in rural market:
AIPL's promoters have an average experience of around half decade
in manufacturing of asbestos sheet and are ably supported by
experienced personnel in second tier management.

Diversified customer base: The company targets customers in
Maharashtra, Madhya Pradesh, Chhattisgarh etc. through
distribution network of around 100 dealers across India leading
to diversification of sales and higher negotiation power.

Aashirwad Industries Pvt Ltd (AIPL) is a Nagpur-based company,
incorporated in June 2012. Promoted by Mr. Shiv kumar Agarwal and
Mr. Sanjay Agarwal, AIPL is engaged in the manufacturing of
Asbestos Cement (AC) roofing sheets and accessories. Located in
Butibori Industrial area of Nagpur, the unit has an installed
capacity of manufacturing 54,000 Metric Tonne Per Annum (MTPA) of
asbestos cement.


AMCL MACHINERY: CARE Raises Rating on INR6cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
AMCL Machinery Limited (AMCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.00       CARE B; Stable Revised
   Facilities                        from CARE B+ (SO); Stable

   Short term Bank       12.00       CARE A4 Revised from
   Facilities                        CARE A4 (SO)

The ratings were earlier based on credit enhancement in the form
of unconditional and irrevocable corporate guarantee extended by
Hindusthan National Glass & Industries Limited.

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AMCL take into
account the company's small scale of operations, deterioration in
financial performance during FY17 (refers to the period April 1
to March 31) and working capital intensive nature of operations.
However, the ratings draw strength from the experience of the
promoters and reputed clientele of the company.

The ability of the company to increase its scale of operations
with improvement in profitability and effective management of
working capital are the key rating sensitivities.

CARE had earlier assigned ratings to AMCL based on credit
enhancement in the form of corporate guarantee extended by
Hindusthan National Glass & Industries Ltd (HNG). However, a
standalone rating has now been assigned.

Detailed Description of key rating drivers

Key Rating Weaknesses

Small scale of operations with deterioration in financial
performance during FY17: The scale of operations of the company
remain small with total operating income of INR7.39 crore in FY17
(reduced from INR29.54 crore in FY16). The total operating income
declined in FY17 on account of decrease in sales volume and
realisation of tyre and rubber machinery and spares and bought
outs of cement machinery. The decline in volume was on account of
subdued demand in the industry. The profitability margins of the
company have been low due to low margin product segment and lack
of economies of scale. PBILDT margin and PAT margin declined from
5.21% and 1.84% respectively in FY15 to 3.57% and 1.54% in FY16
primarily on account of increase in prices of raw materials.
However, during FY17, the company reported cash loss on account
of significant dip in total operating income, which led to under
absorption of fixed overheads.  In H1FY18, AMCL achieved total
operating income of INR5.06 crore and incurred cash loss of
INR1.09 crore.

AMCL has moderate capital structure with low networth. The
company had term debt obligations in form of sales tax deferment
loan and working capital borrowings as on March 31, 2017. Overall
gearing increased from 1.03x as on March 31, 2016 to 1.76x as on
March 31, 2017 due to decrease in networth with net losses in
FY17. The debt coverage indicators are also weak with operational
and cash losses in FY17 and H1FY18.

Working capital intensive nature of operations: The operations of
the company are working capital intensive due to high inventory
period and collection period. The inventories majorly consist of
raw material inventory. The operating cycle increased from 198
days for FY16 to 414 days for FY17 on account of increase in
inventory days and collection period in FY17. Though in value
terms inventories remained stable and trade receivables reduced
as on March 31, 2017; the increase in inventory and collection
period was due to effect of decline in sales in FY17.

Key Rating Strengths

Experienced promoters: AMCL was taken over by the HNG group in
March'2008 with a vision of entering in the engineering business.
The board of AMCL is headed by Mr. Sanjay Somany and Mr. Mukul
Somany, the present promoters of HNG who have significant
business experience. The day-to-day affairs of the company are
looked after by Mr. Rakesh Sharma (Director) having vast
experience in the field of cement industry.

Reputed Clientele: AMCL by virtue of its long track record in the
business has reputed clientele from cement, rubber and tyre
industry.

AMCL was incorporated in October 1973 as ACC Machinery Company
Limited; a joint venture between ACC Limited and Leonh Herbert
Machinfabrik, Germany. In March 2008, HNG group purchased the
entire stake and renamed it to its present name. AMCL is in the
business of design, manufacturing, supply & installation of
vertical roller pre-grinding mill and tri-lobe blowers used in
cement manufacturing. AMCL also manufactures rubber & tyre
machinery like Banbury Mixers, Mixing Mills, Tyre Building
Machines, Tyre Curing press, Calenders, Extruders, Tube Splicers
etc. The manufacturing facility of AMCL is located in Nagpur,
Maharashtra.


AMCON CONSTRUCTION: CARE Reaffirms B+ Rating on INR2cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Amcon Construction Company (ACC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             2.00       CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities             4.00       CARE A4; Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ACC are primarily
constrained on account of decline in scale of operations coupled
with low profit margins and moderate liquidity position during
FY17 (refers to the period April 1 to March 31). Furthermore, the
ratings are also constrained on account of partnership nature of
its constitution, geographical concentration risk with limited
revenue diversity, volatility in input prices and absence of
price escalation clause and presence in a highly fragmented and
competitive industry.

The ratings, however, derives comfort from experience of the
promoters, comfortable order book position, comfortable capital
structure and debt coverage indicators.

The ability of ACC to improve its scale of operations along with
profit margins and efficient management of working capital are
the key rating sensitivities. Furthermore, improvement in capital
structure and debt coverage indicators would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in scale of operations along with low profit margins:
During FY17, TOI of ACC declined by 38.63% and stood low at
INR13.71 crore as against INR22.34 crore in FY16 primarily on
account of lower execution of orders mainly due to adverse
effects of demonetization in the industry.

PBIDLT margin stood low at 3.73% during FY17 as against 3.44%
while PAT margin remained in line as compared to previous year
and stood at 1.36% during FY17.

Moderate liquidity: Liquidity position of ACC remained moderate
marked by current ratio of 2.31 times as against 2.01 times in
FY16. Operating cycle stood negative at 13 days during FY17 as
against positive 18 days during FY16.

Key Rating Strengths

Experienced promoters: ACC has been promoted by four partners
namely Mr. Pravinbhai Patel, Mr. Jeminkumar Patel, Mrs
Bhagvatiben Patel and Mr. Bhavik kumar Patel. Mr. Pravinbhai
Patel holds healthy experience of three decades in the road
construction business. All other promoters hold moderate
experience in same line of business.

Established track record of operations: ACC has been in the
business of construction from three decades. With its established
operations and regional presence, it has been able to establish
strong relationship with the government agencies. ACC is
registered in the highest category as an 'AA' class contractor
with GoG which enables the firm to bid for the contracts of all
sizes floated by the concerned authorities.

Comfortable order book: ACC has an outstanding order book
position worth INR74.10 crore as on November 30, 2017 (which is
5.40xthe TOI of FY17) out of which INR40 crore will be executed
by March, 2018 providing good revenue visibility for the firm.

Comfortable capital structure and debt coverage indicators: The
capital structure of the firm continued to remain comfortable
marked by an overall gearing ratio of 0.35 times as on March 31,
2017 as against 0.41 times as on March 31, 2016. Marginal
improvement was due to decrease in total debt level.

Debt coverage indicators of the firm deteriorated marked by total
debt to GCA of 4.00 times as on March 31, 2017 as against 3.27
times as on March 31, 2016 on account of decrease in GCA level.
Interest coverage ratio stood at 1.89 times during FY17 as
against 2.79 times during FY16 due to lower PBILDT level.

Palanpur (Gujarat) based, ACC is a partnership firm established
in 1997 and is promoted by Mr. Pravinbhai Patel, Mr. Jeminkumar
Patel, Mrs. Bhagvatiben Patel and Mr. Bhavikkumar Patel. ACC is a
turnkey civil contractor engaged into Road Construction. ACC is a
registered "AA" Class contractor with Road & Building (R&B)
department, Government of Gujarat. The firm sublets upto 70% of
its work orders to other local sub-contractors. Brief Financials


AMR INDIA: CARE Assigns D Rating to INR654.13cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of AMR
India Limited (AMRL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           654.13       CARE D Assigned

   Short-term Bank
   Facilities           577.48       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the AMRL are tempered by stretched
liquidity position with ongoing delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stretched liquidity position with delays in debt servicing: The
collection period of the company has remained elongated during
FY17 to about 236 days (183 days during FY16) resulting in
liquidity strain leading to ongoing delays in meeting its debt
obligation.

AMR India Limited (AMRL) was incorporated as a partnership firm
in 1992 and had been undertaking small civil works in mining and
industrial infrastructure activities and later in FY 2001 AMR
Constructions was converted to a Public limited company as "AMR
Constructions Limited" (AMRCL). AMRL is currently undertaking
construction activities in Mining, Irrigation, civil Construction
and industrial infrastructure. AMR India Limited is promoted by
Mr. A. Adinarayana Reddy and his two sons namely Mr. A. Mahesh
Reddy, Mr. A. Girish Reddy and other family members. AMRCL is an
ISO 9001:2000 certified company. AMRL is a total solution partner
bringing design, construction, mining, irrigation and maintenance
solutions to clients throughout India. The company in the past
has executed large number of projects under the current
management successfully in various segments.


ESHWARNATH CONSTRUCTIONS: CRISIL Reaffirms B Rating on INR5M Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Eshwarnath
Constructions (ECS) continue to reflect ECS's exposure to intense
competition and large working capital requirement. These
weaknesses are partially offset by the experience of the promoter
in the civil construction industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          5         CRISIL A4 (Reaffirmed)
   Cash Credit             5         CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to intense industry competition: The firm
operated in a tender based industry which deems it susceptible to
intense competition due to the tender based nature of operations.

* Large working capital requirements: The firm has large working
capital requirement marked by high gross current asset days of
834 as on March 31, 2017.

Strength

* Experience of the promoters: The promoters have an experience
of more than 20 years in the construction industry. This should
continue to benefit ECS over the medium term.

Outlook: Stable

CRISIL believes that ECS will continue to benefit over the medium
term from its promoters' extensive experience in the civil
construction industry. The outlook may be revised to 'Positive'
if the firm scales up its operations significantly, while
improving its profitability, leading to better-than-expected cash
accruals and improvement in its liquidity. Conversely, the
outlook may be revised to 'Negative' if it registers lower-than-
expected revenue or profitability or deterioration in its working
capital management, resulting in weakening of its overall
financial risk profile.

ECS, set up in 1997, executes civil construction work for the
Southern Railways and private players in Tamil Nadu. The day-
today operations of the firm are managed by Mr. M Athmanathan.


CHAMPARAN COLD: CRISIL Assigns B- Rating to INR10MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating on
long-term bank facility of Champaran Cold Storage Private
Limited.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        10        CRISIL B-/Stable

The ratings reflect stretched liquidity, a weak financial risk
profile, and exposure to risks related to the highly regulated
and fragmented nature of the Bihar cold storage industry. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the cold storage industry and
need-based funding support as and when required.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: A small networth and high gearing
of INR3.6 crore and 2.84 times, respectively, as on March 31,
2017'constrain the financial risk profile. The net worth is
expected to remain small over the medium term due to muted
accretion to reserves.

* Stretched liquidity: Sizeable debt contracted to fund
installation of the cold storage has resulted in large annual
repayment. Liquidity may, therefore, remain stretched over the
medium term. Timeliness in funding support from the promoters in
the event of cash flow mismatches will be a key monitorable.

* Highly regulated and competitive nature of the cold storage
industry in Bihar: The cold storage unit is in Bihar, where the
industry is highly regulated. Furthermore, the industry is highly
fragmented which limits the bargaining power, and forces players
to offer discounts to ensure healthy utilisation of capacity

Strengths

* Extensive experience of the promoters: Business risk profile is
augmented by over four decade-long experience of the promoters in
the cold storage business, which ensures healthy utilisation of
storage capacity.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the
medium term from the extensive experience of its promoters in the
cold storage business.The outlook may be revised to 'Positive' in
case of better than expected accruals along with improved working
capital management leading to an improvement in its overall
financial risk profile, particularly its liquidity. Conversely,
the outlook may be revised to 'Negative' in case of pressure on
its liquidity on account of delays in repayments by farmers,
considerably low cash accruals, or significant debt-funded
capital expenditure (capex).

Incorporated in March 1974, CCPL is engaged in providing cold
storage facility to the potato and fruit farmers and traders in
Motirari ,Birpur  (Bihar). The company has installed capacity of
100000 Quintal as on date. The day to day operations are managed
by Mr. Rajendra Gupta.


CHURIWAL TECHNOPACK: CRISIL Moves B Rating on INR9.61MM Loan
------------------------------------------------------------
Due to inadequate information, and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated the
rating on the long-term bank facility of Churiwal Technopack Pvt
Ltd (CTPL) to 'CRISIL B/Stable/Issuer not cooperating'. However,
the company management has started sharing information necessary
for a comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B/Stable/Issuer not
cooperating' to 'CRISIL B/Stable'.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            9.61      CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable'
                                    Issuer Not Cooperating)

   Term Loan              4.14      CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable'
                                    Issuer Not Cooperating)

The rating reflects the company's average financial risk profile,
large working capital requirement, and exposure to intense
competition in the highly fragmented polypropylene (PP) woven
sacks industry. These weaknesses are partially offset by the
extensive industry experience of its promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: The financial risk profile is
constrained by small networth of INR6.67 crore and high gearing
of 3.6 times as on March 31, 2017, and weak debt protection
metrics indicated by interest coverage and net cash accrual to
total debt ratio of 1.5 times and 0.04 time, respectively, in
fiscal 2017.

* Large working capital requirement: Although gross current
assets reduced to 137 days as on March 31, 2017, from 172 days a
year earlier, working capital requirement remains large, driven
by substantial inventory.

* Exposure to intense competition: The PP bags industry has
several unorganised players with small capacity, which mainly
cater to regional demand to save on transportation cost and to
meet short-period service requirements of customers. This
restricts opportunities for players to expand in new geographies
and consolidate business.

Strength

* Extensive industry experience of the promoter: Although CTPL
commenced operations in December 2008, the promoter has
experience of over three decades through group companies that
manufacture and trade jute sacking bags. As the customer profile
for PP bags is largely the same as that for jute sacking, the
company has established a clientele across diverse end-user
industries.

Outlook: Stable

CRISIL believes CTPL will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if higher-than-expected revenue and cash accrual
result in better financial risk profile and liquidity. The
outlook may be revised to 'Negative' if large, debt-funded capex
weakens capital structure, or if a fall in cash accrual because
of lower revenue or profitability, or increase in working capital
requirement leads to pressure on liquidity.

CTPL (formerly, Abhisek Projects Pvt Ltd) was acquired by its
current promoter, Mr. Vishnu Kumar Churiwal, in 2006. The company
began manufacturing PP bags in December 2008.


GUJARAT NRE: NCLT Orders Liquidation After Debt Plan Fails
----------------------------------------------------------
Reuters reports that the National Company Law Tribunal (NCLT) has
ordered liquidation of Gujarat NRE Coke Ltd after the company's
debt resolution plans failed.

The Kolkata bench of the NCLT, the designated court for
bankruptcy cases, on Jan. 11 passed the order, which was filed
with the stock exchanges on Jan. 12, Reuters relates.

NCLT-appointed liquidator will first try to dispose off the
company as a "going concern" in a bid to save jobs of the 1,178
employees, according to the order, Reuters relays. If the plan
does not succeed within three months, then other modes of asset
sales will be explored, the NCLT, as cited by Reutrs, said.

Under India's bankruptcy rules, a company goes into liquidation
if no other debt resolution plan works out even after 270 days of
the insolvency case getting admitted, Reuters notes.

Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/
-- is an India-based company engaged manufacturing metallurgical
coke. The Company operates in two segments: coal & coke and
steel. The Company together with its subsidiaries owns and
operates two coal mines: NRE No.1 Colliery and NRE Wongawilli
colliery (Avondale and Elouera colliery) having about 652 million
tons insitu resources of metallurgical coal with coking
properties. Coke segment is at the core of the operations of the
Company and contributed approximately 75% of the total turnover
during the fiscal year ended March 31, 2012 (fiscal 2012). Steel
segment contributed around 25% to the total turnover in fiscal
2012.


HARAPARBATI POTATO: CARE Assigns B+ Rating to INR7.59cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Haraparbati Potato Cold Storage Private Limited (HPCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility              7.59        CARE B+; Stable Assigned

   Short-term Bank
   Facility              0.12        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HPCSPL are
constrained by its post project stabilization risk, regulated
nature of business, seasonality of business and susceptibility to
vagaries of nature, risk of delinquency in loans extended to
farmers, competition from local players and working capital
intensive nature of business. However, the aforesaid constraints
are partially offset by its experienced promoters and proximity
to potato growing area.

Going forward, ability to stabilize operations post project
implementation and fetch revenue and profitability as envisaged
and to manage working capital effectively.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: Though, HPCSPL started its operation from
May 2017, the promoters of the company have long experience in
potato trading business. Mr. MonoranjanMandal (aged 52 years),
having more than a decade of experience in potato trading
business along with Mr. Biswajit Bhakta (aged 55 years) and Mr.
Srimanta Banerjee(aged 51 years) having around two decades of
experience in potato trading business looks after the overall
management of the company along with adequate support from a team
of experienced personnel.

Proximity to potato growing area: HPCSPL's storing facility is
situated in the Hooghly district of West Bengal which is one of
the major potato growing regions of the state. The favorable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Key Rating Weaknesses

Post project stabilization risk: Haraparbati Potato Cold Storage
Private Limited (HPCSPL) has set up a cold storage facility in
Hooghly (West Bengal). The project was completed and the company
has started its commercial operation from May 2017.The company
achieved a turnover of around INR1.55 crore for the period May
2017 to November 2017.The seasonality nature of the potato crop
and regulation of rental rent by the government are few of the
factors on which cold storage business depends. Hence, there is
post project stabilization risk involved with respect to which
the ability of revenue generation of the company on a sustainable
basis as envisaged in the project scope needs to be seen.

Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: HPCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, HPCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Working capital intensive nature of business: HPCSPL is engaged
in the cold storage business, accordingly its operation is
working capital intensive. The same is reflected by the higher
working capital requirement for the company and the average
utilization for the same remained at about 95% during the last
seven months ending November 30, 2017.

Hara Parbati Potato Cold Storage Private Limited., incorporated
in the year 2016, is a Hooghly (West Bengal) based company. It is
engaged in the business of providing cold storage services to
potato growing farmers and potato traders, having an installed
storage capacity of 120,000 quintals in Vill- Pursurah, Hoogh ly
district of West Bengal. The directors have taken over the cold
storage facility of "Hara Parbati Potato Cold Storage Private
Limited" and started commercial operation from May, 2017 under
the name "Hara Parbati Potato Cold Storage Private Limited".

Mr. Monoranjan Mandal (aged 52 years), having more than a decade
of experience in potato trading business along with Mr. Biswajit
Bhakta (aged 55 years) and Mr. Srimanta Banerjee (aged 51 years)
having around two decades of experience in potato trading
business looks after the overall management of the company along
with adequate support from a team of experienced personnel.


HARIKRIPA BUSINESS: CARE Assigns B+ Rating to INR27.81cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Harikripa Business Venture Private Limited (HBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            27.81       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             3.00       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HBPL are primarily
constrained on account of its financial risk profile marked by
fluctuating Total Operating Income (TOI) along with moderate
profitability, weak solvency position and stressed liquidity
position. The ratings are, further, constrained on account of
susceptibility of profitability margins to volatile raw material
prices coupled with foreign exchange fluctuation risk in highly
fragmented and competitive iron and steel industry.

The ratings, however, drive strength from experienced management
coupled with continuous infusion of funds by the promoters. The
ability of the company to increase its scale of operations with
improvement in profitability margins and efficient management of
working capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Fluctuating Total Operating Income (TOI) along with moderate
profitability: TOI of HBPL has shown a fluctuating trend over the
past two financial years ended FY17 in a highly competitive and
fragmented industry. However, the profitability of the company
stood moderate marked by PBILDT and PAT margin of 8.15% and 0.16%
respectively in FY17. The profitability of the company is exposed
to volatile raw material prices and foreign exchange rate, which
is market driven in nature.

Weak solvency position and stressed liquidity position: The
capital structure of the company stood leveraged marked by
overall gearing at 3.45 times as on March 31, 2017. Further, the
debt coverage indicators stood weak with total debt to GCA stood
at 11.15 times in FY17 and interest coverage ratio stood at 2.00
times in FY17.

The business of the company is working capital intensive nature
marked by full utilization of its working capital bank borrowings
during last 12 months ended September, 2017. The company gets the
payment from customers around 35-40 days and makes the payment to
its suppliers within 40-45 days. The company maintains inventory
of 85-90 days due to higher value addition in the product leads
to maintains inventory for raw material, work in progress and
finished goods attributing elongated operating cycle at 82 days
in FY17.

Key Rating Strengths

Experienced management coupled with continuous infusion of funds
by the promoters: HBPL was incorporated in 2008, hence has track
record of a decade in the iron and steel industry. Due to
longstanding presence in the industry, the promoters of the
company have established better relations with customers and
suppliers.

The promoters of the company have continuously infused funds of
INR0.07 crore in FY16 and INR4.02 crore in FY17 to support its
growing scale of operations.

Jaipur (Rajasthan) based, HBPL was incorporated in 2008 by Mr.
Mahendra Kumar Agrawal along with his family members. AGPL is
engaged in the business of manufacturing of MS ingots/billets,
flats and pipes. The company is also engaged in trading of MS
billets and ingots. The manufacturing unit of the company is
located at Kaladera Industrial Area, Jaipur with combined total
installed capacity of 60000 Metric Tons Per Annum (MTPA) as on
March 31, 2017. The company mainly procure raw material i.e.
sponge iron from Jharkhand and Bihar and imports scrap iron from
South Africa, Europe, Dubai and South America. HBPL sells its
products in Rajasthan and Uttar Pradesh.


IDASA INDIA: CARE Cuts INR7.9cr Loan Rating to B; Not Cooperating
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Idasa India Limited (IIL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank         7.90      CARE B; ISSUER NOT
   Facilities                       COOPERATING (Revised
                                    from CARE B+ on the
                                    basis of best available
                                    information)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IIL to monitor the
rating(s) vide e-mail communications/letters dated December 27,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Idasa
India Limited's bank facilities will now be denoted as CARE B;
ISSUER NOT COOPERATING.

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

The rating has been revised on account of decline in scale of
operations, deterioration in capital structure, debt coverage
indicators and elongation of operating cycle

Detailed description of the key rating drivers

The revision in the rating takes into consideration the following
weaknessess:

Decline in total operating income: Despite being in operations
for around three decades, the company's scale of operations has
remained small marked by Total Operating Income (TOI) of INR10.07
crore in FY17 (refers to the period April 1 to March 31) and net-
worth base of INR3.90 crore as on March 31, 2017. The small scale
of operations limits the company's financial flexibility in times
of stress and deprives it of scale benefits. Furthermore, the
scale of operations witnessed a declining trend during FY15 to
FY17 period as Total Operating Income (TOI) of the company
decreased from INR18.69 crore in FY15 to INR10.07 crore in FY17.

Deterioration of solvency position: The capital structure of the
company is leveraged with overall gearing ratio of 2.55x as on
March 31, 2017. The same deteriorated from 1.62x as on March 31,
2016 due to an increase in the debt levels of the company. The
debt coverage indicators of IIL stood weak marked by interest
coverage ratio of 1.30x in FY17 total debt to GCA of 45.10x for
FY17 as compared to interest coverage ratio of 1.46x in FY16 and
total debt to GCA of 21.39x for FY16.

Elongation of operating cycle: The operating cycle of the company
stood elongated at 284 days for FY17 as compared to 242 days for
FY16. The elongation was mainly due to increase in average
inventory period and collection period.

Idasa India Limited (IIL) was incorporated in July 1985 as a
public limited company. The operations, however, commenced from
October, 1986. The company is closely held and is currently being
managed by Sh. Suresh Kumar Aggarwal, Sh. Satish Kumar Aggarwal,
Mr. AnuragGoel, Mr. Manish Goel and Mr. LokeshGoel collectively.
IIL is engaged in the manufacturing of ghee and skimmed milk
powder (SMP) at its manufacturing facility of 6000 sq. yards
located in Sangrur, Punjab. The company has an installed capacity
of 1800 Metric Tonnes per annum for ghee and 2520 MT per annum
for SMP as on March 31, 2016. The product line of IIL comprises
of ghee and skimmed milk powder only. The company is also engaged
in trading of milk.


IVRCL LTD: SBI Initiates Insolvency Process Against Firm
---------------------------------------------------------
BloombergQuint reports that the State Bank of India, one of the
lenders to the debt-ridden IVRCL Ltd., has initiated insolvency
proceedings against the construction and engineering company,
according to a notification filed by the firm with stock
exchanges. The National Company Law Tribunal has reserved its
order in the matter as of now, the company said, the report
relates.

According to BloombergQuint, IVRCL is part of a second list of
stressed accounts that bankers are trying to resolve under the
Insolvency and Bankruptcy Code (IBC), following directions from
the regulator. The first list, released in June, consisted of 12
large companies. The second list, released in August, included
close to 30 companies including IVRCL, BloombergQuint says.
Together the accounts included in the two lists make up roughly
half of the bankĀ°ng system's gross nonperforming assets of INR8.4
lakh crore as of September 2017, BloombergQuint discloses.

For the quarter ended September 30, 2017, IVRCL reported a net
loss of INR280 crore compared to a loss of INR354 crore in the
same quarter last year, BloombergQuint says. On December 21, the
company informed stock exchanges that it was selling two road
assets to Singapore based Cube Highways and Infrastructure for
INR725 crore, adds BloombergQuint.

IVRCL Limited develops and executes engineering, procurement,
construction, and commissioning (EPCC) projects in India.


KANKANI ENTERPRISES: CARE Reaffirms B+ Rating on INR9.76cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kankani Enterprises Private Limited (KEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.76       CARE B+; Stable Reaffirmed

Detailed Rationale & Key rating Drivers

The rating of KEPL continues to remain constrained on account of
its leveraged capital structure and vulnerability of margins to
fluctuation in raw material prices coupled with presence in
highly fragmented and competitive industry. The rating is,
further, constrained on account of project implementation risk.
The rating, however, favorably takes into account the experience
of the promoters in the textile industry, improvement in total
operating income (TOI) with moderate profitability margins and
moderate liquidity position. The rating, further, considers
proximity to textile cluster of Bhilwara with ease access of raw
material and labour.

The ability of the company to increase scale of operation along
with improvement in capital structure would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Leveraged capital structure: The capital structure of the company
has deteriorated in FY17 and stood leveraged with an overall
gearing of 1.52 times as on March 31, 2017, deteriorated from
0.28 times as on March 31, 2016. The debt coverage indicators of
the company also stood moderate with total debt to GCA of 13.55
times as on March 31, 2017, declined from 9.13 times as on
March 31, 2016. Further, interest coverage stood moderate at 2.48
times during FY17.

Vulnerability of margins to fluctuation in raw material prices
coupled with presence in highly fragmented and competitive
industry: The main raw material of KEPL is cotton and synthetics
yarn which it mainly procures from Bhilwara and Ahmadabad. The
price of key raw material has been volatile in nature in the
past. Further, KEPL operates in the textile weaving industry,
which is highly fragmented with the presence of numerous
independent small scale enterprises owing to low entry barriers,
which makes this market highly competitive and players like KEPL
have to operate with low margins in order to sustain in the
competitive market.

Project Implementation risk: During November 2017, KEPL has
undertaken project for expansion of the unit and has given order
for 6 looms. The total cost of project is envisaged at
INR2.30crore which shall be funded through term loan of INR1.60
crore and remaining through unsecured loans. Till December 27,
2017, the company has incurred total cost of INR8 lakhs from
unsecured loan by the promoters. The project shall be completed
by March 2018.

Key Rating Strengths

Experienced promoters in the textile industry: The overall
operations of the company are managed by Mr. Om Prakash Kankani,
has more than four decades of experience in the textile industry.
Being present in the industry since long period of the time, the
management has established relationship with agents and dealers
and has appointed five dealers and agents for supplying fabrics
in various states of India.

Improvement in TOI with moderate profitability margins: During
FY17, TOI of KEPL has improved significantly by 17.28% over FY16
mainly on account of increase in sale of finished fabric although
stood modest at INR7.27crore in FY17. The profitability of the
company remained healthy with PBILDT and PAT margin of 11.17% and
3.01% respectively in FY17.

Moderate liquidity position: The liquidity of the company stood
comfortable as utilization of working capital bank borrowings is
around 60& during last 12 months ended November, 2017. Further,
the working capital cycle of the company stood moderate at 82
days in FY17, increased from 116 days in FY16. The current ratio
stood moderate at 1.76 times as on March 31, 2017, and quick
ratio stood at 1.32 times as on March 31, 2016.

Proximity to textile cluster of Bhilwara with ease access of raw
material and labor: The main raw material of the company is
polyester yarn. The manufacturing facility of the company is
located in Bhilwara (Rajasthan) which is one of the largest
textile clusters in India and majority of these industries are
engaged in the manufacturing synthetic yarn accounting for nearly
40% of India's total synthetic yarn production and nearly 50% of
India's total polyester fabrics and suiting production. SKSPL
presence nearer textile manufacturing region results in benefit
derived from continuous business from the textile manufacturers,
low transportation cost both on transportation and storage, easy
availability of raw materials as well as skilled/unskilled labour
and procurement of raw materials (yarn) at effective prices.

Bhilwara (Rajasthan) based, KEPL was incorporated in September,
1992 by Mr. Om Prakash Kankani along with his family members with
an objective of trading of yarns in Mumbai. Later, KEPL changed
its business of trading yarn to trading of synthetic and cotton
fabrics. The company procures yarn from local market and gets
manufactured finished fabrics on job work basis from weaving and
processing units located in local market. The company sells
fabrics in the states of Rajasthan, Maharashtra, Madhya Pradesh,
Andhra Pradesh and Gujarat through dealers and agents.

Further, in July 2015 the company undertook a project for setting
up a weaving unit at Bhilwara (Rajasthan) with installed capacity
of 34.53 Lakh Meters Per Annum (LMPA). It has completed its
project in November 2016 with commercial operations will start
from February 2017.


KTEX NONWOVENS: CRISIL Reaffirms B+ Rating on INR23.81MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Ktex NonWovens Private Limited (KNPL) at 'CRISIL B+/Stable/
CRISIL A4'. The ratings reflect the nascent stage of operations,
susceptibility to off-take risk, and high debt funding of the
project. These weaknesses are partially offset by the extensive
experience of promoters in the non-woven fabric industry and
their funding support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.19      CRISIL A4 (Reaffirmed)

   Cash Credit            3.50      CRISIL B+/Stable (Reaffirmed)

   Term Loan             23.81      CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Facility               6         CRISIL B+/Stable (Reaffirmed)

CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of KNPL on October 25, 2017.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations and susceptibility to offtake risk:
The company's unit for manufacturing of non-woven fabrics is
expected to commence operations from January 31, 2017. It could
face initial challenges especially in attracting customers who
are already buying from established players. Timely stabilisation
of capacities and commensurate ramp up will remain key
monitorables.

* High debt funding of the project: The project is being funded
in a debt-to-equity mix of 1.6:1, resulting in a highly leveraged
capital structure. The gearing is expected to be more than 2.9
times as on March 31, 2018. This arrests future borrowing
capacity and will constrain debt protection metrics, especially
in the initial stages of operations.

Strength

* Extensive industry experience of the promoters and their fund
support: The promoters have an experience of two decades in the
non-woven fabric industry through associate concerns and group
companies. This has led to established associations with
suppliers and customers. The promoters infused equity of INR15
crore and extended unsecured loans of INR4.11 crore for
implementation of the project.

Outlook: Stable

CRISIL believes KNPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if timely and successful commissioning of the plant
leads to higher-than-expected accrual and hence to a better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected revenue or profitability, or large working
capital requirement results in weakening of the financial risk
profile, especially liquidity.

KNPL, incorporated in 2016, is promoted by Mr. Vallabh Bhima
Godhani, Mr. Himanshu Dipak Patel, Mr. Dhilan Dolatrai Kanakia,
and Mr. Nimesh Kiran Sanghrajka. The company is setting up a unit
at Jamnagar, Gujarat, for manufacturing non-woven fabrics used in
hygiene products such as diapers and medical bed linen.
Operations are expected to commence from December 2017.


LOKESH MACHINES: CARE Hikes Rating on INR70.96cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lokesh Machines Limited (LML), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        70.96       CARE B-; Stable Revised
   Facilities                        from CARE D; ISSUER NOT
                                     COOPERATING

   Short-term Bank       23.50       CARE A4; Revised from
   Facilities                        CARE D; ISSUER NOT
                                     COOPERATING

Detailed Rationale

The revision in ratings assigned to the bank facilities of LML
takes into account infusion of funds in the form of equity and
unsecured loans, improvement in scale of operations and capital
structure in FY17 (refers to the period April 1 to March 31) and
recent technical tie-ups entered by the company during FY17. The
ratings are however tempered by stretched liquidity position on
account of cyclical and working capital intensive nature of
business with elongated operating cycle, small scale of
operations and moderate order book position. The ratings derive
strength from experienced promoters, long track record of
operations and relationship with key clients, comfortable
operating margins albeit low PAT margins and positive outlook on
auto ancillary industry. Ability of the company to improve its
scale of operations and liquidity position without any decline in
operating margins are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strength

Infusion of funds: In order to improve the liquidity position of
the company, there has been regular infusion of funds in the form
of equity shares and share warrants. During FY17, there has been
fund infusion of around INR16.38 crore. Further, during H1FY18,
the promoters have infused INR1.00 crore in the form of money
received against share warrants and subsequently another INR0.53
crore to support operations and debt servicing.

Improvement in scale of operations during FY17: During FY17,
Total Operating Income (TOI) increased by 8.95% to INR132.00
crore. The increase in TOI was on account of increase in sales of
General Purpose Machines (GPM) and connecting rods. TOI for
H1FY18 was INR85.90 crore as against INR76.36 crore in H1FY17 on
account increased orders.

Technical tie-ups entered during FY17: During FY17, the company
has entered into strategic alliance with Tongtai Machine & Tool
Company Ltd. Taiwan (One of the leading machine tool
manufacturing companies in the world). Further, during the year
company entered an agreement with EMCO GmbH. These technical tie-
ups are expected to help LML to manufacture next generation
multitasking machines for Indian markets as well as exports.

Improved comfortable capital structure: The overall gearing ratio
improved from 1.03x as on March 31, 2016 to 0.76x as on March 31,
2017. Overall gearing ratio has been improving in the last two
years on account of equity infusion, repayment of long term debt
and profit accretion to reserves.

Experienced promoters: Lokesh Machines Limited (LML) is promoted
by Mr. M. Lokeswara Rao, who has four decades of experience in
Machines Tools industry. He was earlier associated with KCP
limited and HMT. He worked for 11 years in HMT before starting
LML. The company also derives strength and managerial
capabilities from the experience of the other promoters i.e. Mr.
Kishore Babu, Mr. M Srikrishna and Mr. M Srinivas who also have
rich experience in the Machine Tools design and manufacturing
segment.

Long track record of operations and relationship with key
clients: LML has long term relationship with Mahindra & Mahindra
and Ashok Leyland. The company has set up a dedicated component
division at Pune for supply of cylinder blocks and cylinder heads
for meeting the demand from Mahindra & Mahindra (M & M). Since
2006, LML is supplying cylinder blocks and cylinder heads to
Ashok Leyland (ALL). Apart from these two clients, LML has also
supplied its products to many reputed clients like TATA Motors,
John Deere, Hindustan Motors, Volvo.

Comfortable PBILDT margins: During FY17, PBILDT margin improved
marginally by 13 bps to 21.32% on account of lower contribution
from material costs. PBILDT margins for H1FY18 (15.17%)
deteriorated vis-a-vis H1FY17 (17.60%) on account of increased
focus on GPM (General Purpose Machines).

Positive outlook on auto ancillary industry: The auto component
industry is expected to witness growth in FY18, which will be
largely driven by the buoyancy witnessed in automobile sales.
Lower cost of ownership of auto vehicles triggered by series of
interest rate cuts, push on manufacturing and infrastructure
segment by the government combined with lower fuel prices have
resulted in recovery of auto sector. Auto component industry
stands to benefit from this turnaround in OEM demand and stable
replacement demand.

Key Rating Weaknesses

Stretched liquidity position on account of working capital-
intensive nature of operations: Due to high inventory holding at
around 343 days for FY17, the liquidity position of the company
continues to remain constrained and the average working capital
utilization was on higher side with the company completely
utilizing the working capital limits.

Small scale of operations: Even though scale of operations have
been increasing over the years, the scale of operations of LML
continues to remain small with Total Operating Income of
INR132.00 crore for FY17(INR121.15 crore in FY16) and net worth
base of INR133.30 crore as on March 31, 2017 (INR114.75 crore as
on March 31, 2016).

Moderate order book position: The Company has moderate order book
of INR63.62 crore as on September 30, 2017.

Cyclical nature of business: The demand for automobiles expands
in times of economic prosperity and contracts in times of
economic downturn, as the company caters primarily to automobile
industry its revenues also increase during economic prosperity
and decrease during economic downturns.

Lokesh Machines Ltd (LML) incorporated in December 1983 is
promoted by Mr. M Lokeswara Rao and company started commercial
production from 1986. The company has five manufacturing
locations with four in Hyderabad and one in Pune with an
installed capacity of 600 Machines per annum. The company's
operations can be segregated into two divisions namely Machines
and Components division. The company initially started the
operations by doing job works for Hindustan Machine Tools Limited
(HMT) later on moved to manufacturing of machines. Under
machinery division, LML manufactures Special Purpose Machines
(SPM) and General Purpose Machines (GPM). Under component
division, the company manufactures automobile components viz.,
cylinder heads, and cylinder blocks and also executes job work
for automobile manufacturers like Mahindra & Mahindra (M&M) and
Ashok Leyland. During 2017, the company has entered into
strategic alliance with Tongtai Machine & Tool Company Ltd.
Taiwan (one of the leading machine tool manufacturing companies
in the world) to manufacture Hi-Speed Vertical Machining center
model EZ5 for the Indian Market. Further, during FY17, the
company entered an agreement with EMCO GmbH for manufacturing and
selling their machines in India.


MADHAV GINNING: CARE Reaffirms B+ Rating on INR19.95cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Madhav Ginning and Pressing Private Limited (MGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            19.95       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MGPL continues to
remain constrained on account of its modest scale of operations,
thin profitability, high leverage and modest debt protection
indicators. The rating is further constrained by the
susceptibility of its operating margins to volatile cotton prices
and its presence in a highly fragmented and working capital
intensive cotton ginning industry.

The rating, however, continues to favorably factor in the vast
experience of the promoters in the cotton ginning business and
benefits derived from its favorable location of being situated in
the cotton-growing belt of Gujarat.

The ability of MGPL to increase its scale of operations and
improve its profitability by moving up in the cotton value chain;
along with an improvement in its capital structure and efficient
management of its working capital would be the key rating
sensitivities.

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

Modest scale of operations along with thin profitability: MGPL
reported a Total Operating Income (TOI) of INR100.40 crore during
FY17 (FY refers to the period April 1 to March 31), which
remained largely in line with the TOI of FY16 (Rs.100.28 crore).
PBILDT margin also continued to remain modest at 2.05% during
FY17 (2.49% in FY16) on account of low value addition inherent in
ginning industry. PBILDT margin declined by 44 bps as the company
also commenced cotton trading during FY17, earning thin markup on
cost. PAT margin also continued to remain modest at 0.14% during
FY17 (0.13% during FY16). As per provisional results of 8MFY18,
the company reported TOI of INR57.62 crore till November 30,
2017.

High leverage and modest debt coverage indicators: During FY17,
the promoters infused equity amounting to 0.52 crore during FY17
(0.02 crore equity shares of INR10 each issued at a premium of
INR16 per share). However, the overall gearing deteriorated to
2.65 times as on March 31, 2017 as compared to 1.79 times as on
March 31, 2016 mainly on account of treating unsecured loans from
promoters of INR4.50 crore as debt, which were earlier
subordinated to bank debt and considered a part of net worth.
Debt coverage indicators remained modest in FY17.

Working capital intensive operations: The operations of MGPPL has
high working capital intensity. The funds are required for
stocking of inventory as procurement is generally made directly
from farmers on cash basis. However, the operating cycle reduced
to 97 days in FY17 as compared to 103 days in FY16 with
corresponding decline in average inventory period from 100 days
to 93 days. The current and quick ratio also improved to 1.65x
and 0.27x respectively as on March 31, 2017.

Presence in a highly fragmented cotton ginning industry with
susceptibility of profitability to fluctuation in cotton prices:
Cotton ginning business involves very limited value addition and
is dominated by small and medium scale units, resulting in high
fragmentation and limited pricing power by the players.
Furthermore, price of raw cotton is highly volatile in nature and
depends upon factors such as area under production, yield for the
year, international demand supply scenario, export quota decided
by the government and inventory carried forward from last year.
Thus, restricted pricing power, along with volatile cotton
prices, results in restricted profitability of the players.

Key Rating Strength

Experienced promoters with location advantage being present in
the cotton producing belt of Gujarat: The promoters of MGPPL have
presence in the cotton industry for more than a decade. MGPPL has
its manufacturing facility located at Rajkot, Gujarat is one of
the top producers of cotton in India and it produced about 27% of
the national production of cotton during FY17. MGPPL majorly
procures cotton from farmers in surrounding locality. Hence,
MGPPL's presence in the cotton producing region results in
benefit derived from lower logistic expenditure (both on
transportation and storage) along with easy availability and
procurement of raw materials at effective prices.

Rajkot-based MGPPL was incorporated in 2005 by Mr. Chhaganbhai
Kakadiya. The company is engaged in the business of cotton
ginning and pressing. As on March 31, 2017, MGPPL had a total
installed processing capacity of 12,000 bales of cotton and
24,000 Metric Tonne Per Annum (MTPA) of cotton seeds per annum.


MAYA BUILDERS: CRISIL Assigns B+ Rating to INR30MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Maya Builders (MB). The rating
reflects the firm's exposure to risks related to project
implementation, and booking and flow of customer advances, and to
inherent risks and cyclicality in the real estate business. These
weaknesses are partially offset by the promoters' strong track
record and experience in the real estate industry.

                            Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Proposed Long Term
   Bank Loan Facility          30       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to project implementation and timely
flow of customer advances: The project cost is estimated at
INR203 crore, and the firm had spent INR16 crore till
December 31, 2017. The nascent stage exposes the project to
implementation-related risks. The project depends on customer
advances, and adequate bookings and flow of customer advances
remain critical for project completion.

* Exposure to inherent risks and cyclicality in the real estate
industry: The recent slowdown in the real estate sector has
adversely delayed the execution and saleability of several
projects. With increased supply and attractive prices offered by
builders, and regulatory changes, the profitability of real
estate players is expected to come under pressure over the medium
term.

Strengths

* Established track record and experience of the promoters in the
real estate industry: The partners have experience of around two
decades and have completed and sold 20 residential and commercial
projects.

Outlook: Stable

CRISIL believes MB will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
healthy bookings and timely receipt of customer advances and
project implementation lead to healthy cash inflow. The outlook
may be revised to 'Negative' if time and cost overruns in project
or delays in receipt of customer advances lead to low cash
inflow, impacting liquidity.

Set up in 2016, MB develops real estate in Mohali (Punjab). The
firm is a partnership of Mr. Amit Mittal, Mr. Vivek Sawal, and
Mr. Neeraj Mittal. It is building a residential and commercial
project, Green Lotus Saksham, at Zirakpur in Mohali.


MITTAL AGRO: CARE Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Mittal Agro Oil
Industries to monitor the rating(s) vide e-mail communications/
letters dated December 27, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Mittal Agro Oil Industries's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.00       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

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

The rating takes into account experienced partners, moderate
operating cycle, small scale of operations along with low
profitability margins, weak solvency position, vulnerability of
profit margins to fluctuations in the prices of raw material,
Presence in a highly fragmented and competitive industry and
partnership constitution of business.

Detailed description of the key rating drivers

At the time of last rating on November 26, 2016, the following
were the rating strengths and weaknesses (updated for the
information available)

Strengths

Experienced partners: MAO is a partnership firm being managed by
Mr. Vijay Mittal, Mr. Deepak Mittal and Mr. Sunil Mittal. Mr.
Vijay Mittal has total work experience of around three decades in
agro processing industry and has accumulated this experience
through his association with MAO only while Mr. Deepak Mittal and
Mr. Sunil Mittal have gained work experience ranging from 7-8
years as partners of MAO only.

Moderate operating cycle: The average operating cycle of the firm
stood moderate at 39 days for FY17 (refers to the period April 01
to March 31). The firm is required to maintain inventory mainly
in the form of raw material (raw cotton) to ensure smooth
execution of production process as well as maintain finished
goods inventory to meet uncertain demand of customers which
resulted in average inventory period of 43 days for FY17. The
firm generally offers credit period of upto 20 days to its
customers while the firm procures raw material mainly on cash
basis. The average utilisation of cash credit limit stood around
80% for last 12 months period ended November 2017.

Weaknesses

Small scale of operations along with low profitability margins:
Despite being in operations for around three decades, the firm's
scale of operations has remained low marked by TOI of INR64.74
crore in FY17. Furthermore, the firm's GCA was relatively small
at INR0.58 crore in FY17.

Furthermore, the profitability margins of the firm stood low
marked by PBILDT margin and PAT margin of 2.04% and 0.14%
respectively. MAO's profitability margins have been on the lower
side owing to intense market competition given the highly
fragmented nature of the industry.

Weak solvency position: MAO has leveraged capital structure
marked by overall gearing ratio of 1.90x as on March 31, 2017.
Furthermore, debt coverage indicators stood weak reflected by
interest coverage ratio of 1.79x in FY17 and total debt to GCA
ratio of 13.84x for FY17.

Vulnerability of profit margins to fluctuations in the prices of
raw material: The main raw material for production of cotton oil,
cotton bales and cotton seed cake is raw cotton. The cotton
prices are volatile on account of various factors like government
policies viz. minimum support price, irregularity of monsoon
leading to unpredictable yields etc. Since, the product
manufactured by MAO faces high degree of competition from other
small and unorganized players which restricts MAO's ability to
fully pass on the volatile material cost to its customers. Thus,
MAO's profitability remains susceptible to risk associated with
volatility in prices of raw material.

Presence in a highly fragmented and competitive industry: MAO
operates in a highly fragmented and unorganized market for agro-
commodities with the presence of large number of small players.
The industry is characterized by low entry barriers due to
minimal capital required and easy access to clients and
suppliers. Players in the industry face high competition on
largely due to the presence of small job/contract manufacturer
and fragmented nature of the industry.

Constitution of the entity being a partnership firm: MAO's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

The entity was established as 'Mittal Cotton Factory', a
proprietorship firm in 1989 by Mr. Vijay Mittal. In 2011, the
constitution got converted to a partnership firm with Mr. Vijay
Mittal, Mr. Deepak Mittal and Mr. Sunil Mittal as its partners
sharing profit and loss equally. Furthermore, in July 2015, the
name of the entity was changed to Mittal Agro Oil Industries. The
firm is engaged in cotton ginning, pressing and crushing at its
manufacturing facility located at Rohtak, Haryana, to produce
cotton seed cake, cotton oil and cotton bales. Furthermore, the
firm also commenced operations of oil refinery unit w.e.f April
2016.


MUBASA ELECTRICALS: CARE Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has been seeking information from Mubasa Electricals
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated December 5, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines, CARE's ratings
on Mubasa Electricals Private Limited's bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING/ CARE A4; ISSUER
NOT COOPERATING.

CARE gave these ratings:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities          5.00       CARE B+; ISSUER NOT COOPERATING

   Short term Bank
   Facilities          3.00       CARE A4; ISSUER NOT COOPERATING


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

Detailed description of the key rating drivers

At the time of last rating on October 24, 2016, the following
were the rating strengths and weaknesses

Key Rating Strengths

Experienced directors: MEP has been in the industrial equipment
industry for around two decades, which aids in establishing
relationship with both suppliers and customers. The company is
currently being managed by Mr. Sanjeev Kumar and Mr. Charanjit
Singh. Mr. Sanjeev Kumar has an industry experience of more than
two decades, gained through his association with MEP and other
regional entities engaged in manufacturing of industrial
equipment. Mr. Charanjit Singh has an experience of more than
three decades which he has accumulated through his association
with MEP and other entities engaged in real estate business.

Association with reputed clients, though, concentrated revenue
stream: The company has business operations with reputed customer
base like Punjab State Electricity Board [CARE BBB (SO)], Dakshin
Haryana BijliVitran Nigam Limited and Uttar Haryana BijliVitran
Nigam. However, the customer base is concentrated with top 3
customers contributing ~ 84% of the total sales in FY16. However,
the company has been getting the repetitive orders from its
clients which reflect its demonstrated ability to provide quality
products.

Moderate order book in hand: The company has a moderate order
book position with outstanding order book of INR72.17 crore as on
September 24, 2016, to be executed within next 2 years. The
current order book of the company is ~27.32x times of the revenue
for FY16. The order book of the company comprises orders in
relatively early stages of execution, which provides sufficient
visibility on the revenue stream.

Key Rating Weaknesses

Weak financial risk profile: The financial risk profile of the
company is weak as marked by small scale of operations coupled
with low net worth base, low profitability margins, leveraged
capital structure and weak debt coverage indicators. Despite
being in operations for around two decades, the company's scale
of operations has remained small marked by a Total Operating
Income (TOI) of INR19.73 crore in FY16 (refers to the period of
April01 to March 31)and net-worth base of INR1.58 core as on
March 31, 2016. The profitability margins of the company
continued to remain low marked by PBILIDT margin and PAT margin
of 3.92% and 0.75% respectively in FY16. The company's
profitability margins have historically been on the lower side
owing to intense market competition given the highly fragmented
nature of the industry.
The capital structure of the company remained leveraged with
overall gearing ratio of 2.98x, as on March 31, 2016. The ratio
deteriorated from 3.05x, as on March31, 2015 mainly on account of
higher utilization of working capital limits as on last balance
sheet date as compared to previous year. Additionally, the debt
coverage indicators of the company remained weak with the
interest coverage ratio of 1.46x, in FY16 and total debt to GCA
ratio of 18.27x for FY16.

Exposed to raw material price volatility: Raw material is the
single largest cost of the company which contributed more than
80% of the total cost of production over the last three years.
The key raw materials for transformer manufacturing are copper
wire/rod, aluminum wire/rod, brass fittings, press board, ceramic
insulators, craft paper and transformer oil, etc. Prices for
these products are mainly driven by demand and supply conditions
with strong linkage to the global market. MEP's operating margins
are susceptible to volatility associated with its raw material
prices which fluctuate widely with global demand and supply
scenario.

Presence in highly competitive transformer industry: Transformer
industry especially distribution transformer segment is highly
competitive with presence of many organized and unorganized
players. The competition in the domestic transformer industry has
been increasing since the last two-three years due to factors
like diversion of export focused production capacity to cater to
domestic market on the back of upheavals in the advanced
economies, import of cheaper equipment, especially from China and
large number of smaller players with limited capacity entering in
the industry due to its high profitability and easy availability
of technology.

MEP was incorporated in 1997 and is currently being managed Mr.
Sanjeev Kumar and Mr. Charanjit Singh. The company is engaged in
the manufacturing of distribution transformers with capacities
ranging from 6.3 KVA to 1,000 KVA at its manufacturing facility
located at Patiala, Punjab. The company receives the orders
through tenders and bidding process. MEP is ISO 9001:2008
certified for its quality management systems.


PARADIGM TUNNELING: Ind-Ra Lowers Issuer Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Paradigm
Tunneling Private Limited's (PTPL) Long-Term Issuer Rating to
'IND D' from 'IND BB (ISSUER NOT COOPERATING)'. Simultaneously,
Ind-Ra has reassigned PTPL a Long-Term Issuer Rating of 'IND B'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limits downgraded and
    reassigned with IND B/Stable* rating; and

-- INR110 mil. Non-fund-based working capital limits downgraded
    and reassigned with IND A4# rating.

* Reassigned 'IND B'/Stable after being downgraded to IND D
# Reassigned 'IND A4' after being downgraded to IND D

KEY RATING DRIVERS

The downgrade reflects PTPL's overutilisation of the fund-based
limits during June-July 2017 for more than 30 days due to tight
liquidity.

The reassignment of an 'IND B' Long-Term Issuer Rating reflects
the company's use of the fund-based facilities within the
sanctioned limits over the three months ended December 2017. This
was due to the implementation of proper control over the business
activities and better receivable management. However, the
company's liquidity is still tight due to its high working
capital requirements, as reflected in its near-full use of the
fund-based limits during October-December 2017.

The ratings also factor in the deterioration in PTPL's overall
credit metrics in FY17, as reflected in the EBITDA gross interest
coverage (operating EBITDA/gross interest expense) of 1.4x (FY16:
2.1x) and net leverage (total adjusted net debt/operating
EBITDAR) of 2.1x (1.4x). FY17 financials are provisional in
nature. The deterioration in credit metrics was primarily due to
a rise in debt to INR57 million (FY16: INR20 million) to meet the
working capital requirements and a decline in EBITDA margin to
8.4% (9.8%) due to an increase in raw material prices and
variable expenses.

The ratings, however, are supported by the increase in PTPL's
revenue to INR250 million (FY16: INR116 million) on account of
completion of a major portion of orders. However, the scale of
operations remains small. The company has orders of around
INR1,199 million which will be completed by end-FY19.

The ratings are also supported by the company's promoters' two
decades of experience in executing water pipeline and tunnelling
projects.

RATING SENSITIVITIES

Negative: Continued tight liquidity along with a decline in the
profitability could lead to a negative rating action.

Positive: An improvement in the liquidity position would lead to
a positive rating action.

COMPANY PROFILE

Incorporated in 2013, PTPL commenced commercial operations during
FY16. It undertakes contracts for water drainages, tunnelling,
and water pipelining projects. It is jointly promoted by Mr.
Sydney Kairanna, Mr. Vinay Shetty, and Indel Corporation Pvt Ltd.


POLYCHEM EXPORTS: CRISIL Withdraws B Rating on INR11MM Cash Loan
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in-line with
Securities and Exchange Board of India guidelines, had migrated
the ratings of Polychem Exports (PE) to 'CRISIL B/Stable/CRISIL
A4/Issuer not cooperating. However, The management has
subsequently requested to withdraw the firm's ratings and has
shared a no-objection certificate from Indusind Bank.
Consequently, CRISIL is migrating the ratings on the bank
facilities of PE from 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating to 'CRISIL B/Stable/CRISIL A4' and has withdrawn the
same. The rating action is in-line with CRISIL's policy on
withdrawal of bank loan ratings.

CRISIL gave these ratings:

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

   Inland/Import         13       CRISIL A4 (Migrated
   Letter of Credit               from 'CRISIL A4' Issuer
                                  Not Cooperating and Rating
                                  Withdrawal)

PE was established in 1994 as a partnership firm by Mr. Brijlal
Bhatia and family. The firm trades in textile dyes and chemicals
and its administrative office is located in Surat, Gujarat.


PREMIER COTSPIN: CARE Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Premier Cotspin
Limited to monitor the rating(s) vide e-mail communications/
letters dated December 18, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Premier Cotspin Limited's bank facilities
will now be denoted as CARE B; Stable ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         9.26       CARE B; Stable ISSUER NOT
   Facilities                        COOPERATING

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

The ratings take into account small scale of operations coupled
with low PAT margins, working capital intensive nature of
operations, susceptibility of operating margins due to raw
materials price fluctuations risk, and highly competitive and
fragmented industry with susceptibility to government
regulations. The rating, however, derives strength from
experienced promoters and moderate solvency position.

Detailed description of the key rating drivers

At the time of last rating on February 22, 2016 the following
were the rating strengths and weaknesses (up-dated for the
information available from Registrar of Companies):

Key Rating Strengths

Experienced promoters: PCL was incorporated in March, 2006 as a
public limited company and commenced operations in March, 2008.
The company is engaged in the manufacturing of cotton yarn and is
currently being managed by Mr. Virender Kumar Garg, Mrs. Shalini
Garg and Ms. Nitika. Mr. Virender Kumar Garg has an experience of
two and a half decades in the manufacturing industry. Prior to
PCL, he was engaged in another concern from 1993-2008, namely
Premier Steel Tubes; which is involved in manufacturing of steel
tubes and pipes. Furthermore, the directors are supported by a
team of qualified and experienced professionals having varied
experience in technical, finance and marketing fields.

Moderately solvency position: The capital structure of the
company stood moderate with overall gearing ratio of 1.11x as on
March 31, 2017. The same improved from 1.58x as on March 31, 2016
due to repayment of term loan and accretion of profits into
reserves. Furthermore, the total debt to GCA ratio stood moderate
at 5.03x for FY17 and the interest coverage ratio stood moderate
at 4.56x in FY17 which improved from 3.56x in FY16 on the back of
decrease in interest expenses.

Key Rating Weaknesses

Small scale of operations coupled with low PAT margins: The
company's scale of operations has remained small marked by Total
Operating Income (TOI) of INR35.97 crore in FY17 (refers to the
period April 01 to March 31). Furthermore, gross cash accruals of
PCL stood relatively low at INR1.82 crore in FY17. The small
scale limits the company's financial flexibility in times of
stress and deprives it of scale benefits. The PBILDT margin of
the company is moderate and stood at 6.86% in FY17. However, the
PAT margins stood low at 1.28% in FY17.

Working capital intensive nature of operations: The operating
cycle of the company remained elongated at 89 days for FY17.
Owing to the highly competitive and fragmented nature of
industry, the company extends a credit period of around one and a
half months to its customers, however, delay in realization from
some of the customers resulted in average collection period of 82
days for FY17. PCL is required to maintain adequate inventory of
raw materials for smooth production process and finished goods to
meet the immediate demand of the customers which led to an
average inventory holding period of 34 days for FY17. On the
supplier side, the company gets a credit period of around 30-40
days. The cash credit limit remained fully utilised for the past
12 month period ended November, 2017.

Susceptibility of operating margins due to raw-material price
fluctuation risk: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can
affect their availability and leads to volatility in raw material
prices. Any sudden spurt in the raw material prices may not be
passed on to customers completely owing to the company's presence
in a highly competitive industry.

Highly competitive and fragmented industry with susceptibility to
government regulations: Cotton yarn business in India is highly
fragmented with the presence of a large number of small and
medium scale units. Due to high degree of fragmentation, small
players hold very low bargaining power against both its customers
as well as its suppliers resulting in such companies operating at
low profit margins. Furthermore, the yarn prices are regulated by
demand-supply market position, which in turn limits the
bargaining power of the yarn manufactures.

Premier Cotspin Limited (PCL), based in Samana (Punjab), was
incorporated in March 2006 as a public limited company. It
commenced operations in March 2008. The company is currently
being managed by Mr. Virender Kumar Garg, Mrs Shalini Garg and Ms
Nitika. PCL is engaged in manufacturing of cotton yarn at its
manufacturing plant located in Samana, Punjab, with total
installed capacity of manufacturing 3,960 Metric Tonne of cotton
yarn per annum, as on December 31, 2016.


PREMIERWORLD TECHNOLOGY: CARE Raises Long Term Rating to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Premierworld Technology Limited (PTL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.51       CARE B+; Stable Revised
   Facilities                        from CARE D

   Short term Bank
   Facilities            13.21       CARE A4 Revised from CARE D

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
PTL takes into account satisfactory conduct of the account in the
current financial year (i.e. 9MFY18) due to improvement in
liquidity position on the back of fund infusion by the promoters
in the form of unsecured loan. The ratings, however, remain
constrained by small scale of operations, moderation in financial
performance in FY17 (refer to period April 1 to March 31) and
working capital intensive nature of operations. The ratings also
continue to derive strength from experienced promoters,
diversified product portfolio and comfortable capital structure.
Going forward, the ability of the company to increase its scale
operations, improve operating margin and efficient management of
working capital would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: PTL is a relatively small player in
the manufacturing & installation of fountains. The small size
deprives from the benefits of economies of scale and restricts
the financial flexibility of the company in times of stress.

Working capital intensive nature of operations: PTL's business is
working capital intensive on account of high collection period
due to disbursement of payment by the client on achievement of
certain milestones and blockage of retention money, which gets
released after the successful completion of performance guarantee
test period. Majority of the sales are made to central and state
governments, where payments are generally delayed due to
budgetary allocation issues.

Moderation in financial performance in FY17: PTL's total
operating income grew by 2.98% y-o-y to INR35.52 crore in FY17.
The company reported operating loss of INR0.06 crore in FY16 as
against operating profit of INR4.68 crore in FY17 due to increase
in project cost on account of inaccurate estimate made by the
company. Interest cost increased from INR2.13 crore in FY16 to
INR2.56 crore in FY17 due to increased reliance on interest-
bearing unsecured loan to fund its operations on the back of
delayed payment from customers. While the company reported cash
loss of INR2.53 crore in FY17, the interest cost was mainly
serviced out of unsecured loan brought into the company.

Key Rating Strengths

Experienced promoters: The promoters of PTL are engaged in the
manufacturing & installation of fountains since 1989 and
hydraulic & pneumatic ride simulators since 1999. Mr. K. K.
Goenka, Chairman & MD, looks after the day-to-day operations of
PTL along with the support from his son- Mr. Shrikant Goenka.

Diversified product portfolio: PTL has a well-diversified product
profile. The variety of products include simple and complex
fountains, virtual reality theatres, creative lighting of
monuments, adventure mirror mazes, dark rides and landscape and
sports field irrigation.

Comfortable capital structure: PTL's overall gearing ratio
deteriorated from 0.70x as on March 31, 2016 to 1.05x as on 31st
March, 2017 due to depletion of net worth on account of loss
incurred by the company and increased reliance on unsecured loans
to fund its operation. However, the capital structure remained at
comfortable level due to nil term debt and low reliance on bank
borrowings.

Premierworld Technology Ltd [PTL: erstwhile Premier Irrigation
Equipment Ltd (PIEL)] was incorporated by Late Mr. Kedar Nath
Goenka. PTL is engaged in production of fountains and
installation of fountains for beautification purpose (mainly for
government agencies) since 1989. The company also manufactures
hydraulic and pneumatic ride simulators since 1999.


R.S. GREEN: CARE Reaffirms D Rating on INR12.47cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
R.S. Green Foods Private Limited (RSG), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             12.47      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RSG continues to be
constrained by delays in debt servicing due to stretched
liquidity. Going forward, the ability of RSG to timely service
its debt obligation would be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
servicing the debt obligations. The delays are on account of weak
liquidity position as the company has incurred net losses in the
past leading to erosion of net worth base.

R.S. Green Foods Private Limited (RGF) was incorporated in
December 2011 and the operations of the company are currently
being managed by Ms. Balwant Kaur and Mr. Taman Raj. The company
is engaged in processing as well as trading of paddy at its
manufacturing unit located at Patiala, Punjab with total
installed capacity of 36,000 metric ton per annum (MTPA), as on
September 30, 2017. The company also undertakes milling of rice
for government and other private entities.


RATHI FEED: CARE Reaffirms B+ Rating on INR13.10cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rathi Feed India Private Limited (RFI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             13.10      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RFI continue to be
constrained by company's small scale of operations, leveraged
capital structure and working capital intensive nature of
operations. The rating is further constrained by net loss in FY17
(refers to the period April 1 to March 31), raw material price
volatility risk and high competition from local players. These
rating constraints are partially offset by experienced promoters,
long track record of operations and positive demand outlook for
the poultry sector.

Going forward, the ability of the company to increase its scale
of operations while improving its probability margins and
managing its working capital requirements efficiently would
remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with net loss in FY17: The total
operating income (TOI) of RFI decreased from INR61.04 crore in
FY16 to INR47.21 crore in FY17 at a rate of ~23% mainly on
account of lower quantity sold owing to lower orders received
from customers. The small scale limits the company's financial
flexibility in times of stress and deprives it of scale benefits.
However, the company's PBILDT margin improved from 5.11% in FY16
to 6.05% in FY17 on account of decline in raw material costs.
However, the company incurred net loss of INR0.10 crore in FY17
due to payment of deferred tax.

Leveraged capital structure: The capital structure of the company
stood leveraged as reflected by overall gearing ratio of 1.86x as
on March 31, 2017, the same has improved from 2.08x as on
March 31, 2016 mainly owing to repayment of term loans.

Working capital intensive nature of operations: The average
operating cycle of the company stood elongated at 138 days
for FY17 [PY: 106 days] due to delay in realization from its
debtors (major revenue being generated from group entities).
The working capital requirements were largely met through bank
borrowings which resulted into full utilization of its sanctioned
limits for 12 months period ended November, 2017.

Risk associated with the raw material availability: The key raw
materials of the company are agro products like Bajra, maize,
soya (De oiled cake), de oiled rice bran, and other poultry
supplements, etc. The prices of these commodities are affected by
factors such as changes in weather conditions, monsoon,
production levels, etc, exposing the company to raw material
price volatility risk.

High competition from local players: Low capital intensity and
low entry barriers facilitate easy entry of unorganized players,
leading to high competition and fragmentation. The poultry
industry is also vulnerable to outbreaks of diseases, which may
lead to reduction in demand, thus affecting the poultry feed
manufacturers adversely.

Key rating strengths

Experienced promoters and long track record of operations: RFI is
engaged in the business of manufacturing of poultry feed for
around one decade and is currently being managed by Mr. Vinod
Kumar, Mr. Krishan Kumar, Mr. Ramesh Kumar and Mr. Rameshwaram
collectively. The directors have adequate acumen about various
aspects of business, which is likely to benefit RFI in the long
run.

Positive demand outlook for the poultry feed sector: As per
Agricultural and Processed Food Products Export Development
Authority (APEDA) research report, poultry is one of the fastest
growing segments of the agricultural sector in India today. While
the production of agricultural crops has been rising at a rate of
1.5% to 2% per annum, the production of eggs and broilers has
been rising at a rate of 8% to 10% per annum. The increase in
demand of poultry products will lead to increase in demand of
poultry feed. The potential in poultry sector is increasing due
to a combination of factors-growth in per capita income, growing
urban population and falling real poultry prices.

Rathi Feeds India Private Limited (RFI) was incorporated in 2008
as a private limited company. The promoters include Mr. Vinod
Kumar, Mr. Krishan Kumar, Mr. Ramesh Kumar and Mr. Rameshwaram.
RFI is engaged in manufacturing of poultry feed at its
manufacturing facility located in Jind, Haryana, with total
installed capacity of 24000 tonnes per annum as on September 30,
2017. Apart from RFI, the directors are associated with its two
associate concerns, namely, Rathi Hatcheries Private Limited and
Gourav Poultry India Private Limited (major sales revenue being
generated from group entities). Both the entities are engaged in
poultry farming business since 2002 and 2011, respectively.


RAYS POWER: CARE Lowers Rating INR10cr Loan to D; Not Cooperating
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rays Power Experts Private Limited (RPEPL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long term Bank     10.00       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE BB; Stable
                                  on the basis of best available
                                  information

   Short term Bank    43.75       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

CARE has been seeking information from RPEPL to monitor the
ratings vide e-mail communications/ letters dated December 22,
2017, December 20, 2017, December 14, 2017, December 6, 2017,
December 5, 2017, December 4, 2017, December 1, 2017,
November 30, 2017, November 17, 2017, November 7, 2017,
November 4, 2017, November 2, 2017, October 30, 2017, October 23,
2017, October 6, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Rays Power Experts Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The revision in the ratings assigned to the bank facilities of
RPEPL takes into account ongoing delays in debt servicing by the
company.

RPEPL, promoted by Mr. Rahul Gupta (an alumnus of IIT Roorkee) in
March 2011, is engaged in design, engineering, turnkey EPC, O&M,
liaisoning and consultancy services for grid-connected as well as
roof top solar photo voltaic (PV) power projects. The company has
commissioned about 146 MW of ground-mounted capacity and about 17
MW of roof-top capacity as an EPC contractor till March 31, 2017.
The company has also forayed into the development of solar
projects as an Independent Power Producer (IPP).


SAIKRUPA COTTONS: CRISIL Assigns D Rating to INR14MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D' rating on the bank
facilities of Saikrupa Cottons Private Limited (SCPL)

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              5.7       CRISIL D

   Cash Credit           14         CRISIL D

   Proposed Fund-
   Based Bank Limits      0.3       CRISIL D

The rating reflects recent delays by SCPL in servicing its term
loan obligations because of sluggish operating performance
resulting in cash loss. Besides, working capital limits have
remained overdrawn for over 30 days during the period March-
August 2017 on account of weak liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: SCPL started commercial operations
from January 7, 2016. Fiscal 2017 was the first full year of
operations for the company. The scale of operations of the firm
is expected to be limited given the highly competitive nature of
the industry.

* Weak financial risk profile: SCPL's financial risk profile is
constrained by weak debt protection metrics and capital
structure. Gearing weakened to 2.27 times as on March 31, 2017,
from 1.76 time a year earlier, while interest coverage ratio
declined to 0.31 times for fiscal 2017 from 1.78 times in the
previous fiscal. The company had a cash loss in fiscal 2017 due
to muted operations, leading to large working capital debt.

* Working capital-intensive operations: The company had gross
current assets of 163 days as on March 31, 2017. Receivables
increased to 72 days from 6 days a year earlier due to delayed
payments from customers. Additionally, inventory days increased
to 87 days in fiscal 2017 from 20 days in fiscal 2016 on account
of sharp increase in raw material cost. Liquidity is stretched,
reflected by overdrawn working capital lines of credit between
March and August 2017.

Strengths

* Extensive experience of promoter: The promoters have been in
the ginning industry for over a decade, resulting in established
relationship with a wide clientele

SCPL is engaged in ginning and pressing of raw cotton to make
cotton bales. The unit is located at Yavatmal (Maharashtra) with
an installed capacity of producing 200 bales per day. It also has
a seed crushing unit of 300 quintals per day.


SHREE GAUTAM: CRISIL Withdraws B Rating on INR8MM Cash Loan
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Shree Gautam Labdhi Trade
Links (SGLTL) to 'CRISIL B/Stable'. However, the management has
subsequently started sharing requisite information, necessary for
carrying out withdrawal process of the rating. Consequently,
CRISIL is migrating the rating on bank facilities of SGLTL from
'CRISIL B/Stable' Issuer not cooperating to 'CRISIL B/Stable' 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.

CRISIL gave these ratings:

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

SGLTL, established in September 2012, is a partnership firm of
Mr. Tejas Gosalia and his cousin Mr. Bhavin Gosalia. The firm
trades in iron and steel products, mainly thermo-mechanically
treated (TMT) bars. The promoters have experience of over a
decade in the industry through family-owned entities. SGLTL's
main office is in Mumbai.

For fiscal 2016, SGLTL profit after tax (PAT) was INR0.99 crore
on net sales of INR54.6 crore, against a PAT of INR0.61 crore on
net sales of INR54.83 crore, for fiscal 2015.


SHREE SAIKRISHNA: CRISIL Withdraws B Rating on INR2.48MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Saikrishna Cotton Industries (SSCI) for obtaining information
through letters dated May 24, 2017, and June 09, 2017, apart from
telephonic communication. However, the issuer remained non-
cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Withdrawal)

   Proposed Long Term       1.52     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Withdrawal)

   Term Loan                2.48     CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSCI. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SSCI is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information, the
rating on long-term bank facilities of SSCI continues to be at
'CRISIL B/Stable '; Issuer not cooperating.

CRISIL has withdrawn its rating on the long-term bank facility of
SSCI at the entity's request and after receiving a no-objection
certificate from Bank of Baroda. The rating action is in line
with CRISIL's policy on withdrawal of its ratings on bank loan
facilities.

SSCI, a Vijapur (Gujarat) based company, is involved in cotton
ginning. The company has manufacturing facility based in Vijapur.


SHRI RAM: CARE Assigns B+ Rating to INR6.0cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Ram Comtrade Private Limited (SRMCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            7.50        CARE A4; Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SRMCPL are
constrained by its small scale of operations with low profit
margins, volatility in the prices of traded materials, working
capital intensive nature of operations, moderate capital
structure with moderate debt coverage indicators and its presence
in an intensely competitive industry. The aforesaid constraints
are partially offset by the experienced promoters and
satisfactory track record of operations.

Ability of the company to increase its scale of operations,
improvement in profitability margins and to manage its working
capital effectively would be the key rating sensitivities going
forward.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the company remained small marked by total
operating income of INR56.83 crore (Rs.57.77 crore in FY16) with
a PAT of INR0.13 crore in FY17. Furthermore, the profit margins
of the company also remained low marked by PBILDT margin of 1.81%
and PAT margin of 0.23% in FY17 mainly due to its trading nature
of operations. During 8MFY18, the company has booked revenue of
INR38.00 crore.

Volatility in prices of traded goods: SRCPL procures its traded
goods (i.e. sand, cement, iron, steel, pipes and fittings etc.)
from domestic market for stock & sale basis at spot prices. Since
the prices of the traded goods are volatile in nature, the
profitability margins of the company are exposed to price
volatility in the traded goods.

Working capital intensive nature of business: The operations of
SRCPL remained working capital intensive marked by its moderate
collection and inventory period in FY17. The company allows
credit of around two months to its customers to boost up its
revenue in an intensely competitive industry. Further the company
maintains stock of traded goods for timely supply of its clients
demand. Accordingly the average utilization of fund based limit
remained on the higher side at about 90% during last twelve
months ending on November 30, 2017. Moreover, the company
stretches its creditors due to its long relationship with them
which mitigates its working capital intensity to a certain
extent.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the company remained
moderate marked by overall gearing ratio at 0.99x as on March 31,
2017. Furthermore, the debt coverage indicators of the company
also remained moderate in the last three years. The interest
coverage ratio although deteriorated marginally in FY17 due to
increase in interest expenses but the same stood satisfactory at
1.27x in FY17. Total debt to GCA remained weak at 37.74x in FY17
due to high debt levels as on account closing date.

Intensely competitive industry: SRCPL is engaged in the trading
of building construction materials which is primarily dominated
by large players and characterized by high fragmentation and
competition due to the presence of numerous players in India
owing to relatively low entry barriers. High competitive pressure
limits the pricing flexibility of the industry participants which
induces pressure on profitability.

Key Rating Strengths

Satisfactory track record of operations and experienced
promoters: SCMPL is into trading of building construction
materials since 2012 and thus has satisfactory track record of
operations. Mr. Mr. Abhishek Agarwal is associated with the
company since its inception and has two decades of experience in
civil construction industry along with trading of clothes,
fabrics, textiles, dress materials. He is supported by other
director Ms. Pinkey Agrawal who also has more than a decade of
experience in the same industry along with business experience in
trading of clothes, fabrics, textiles, dress materials etc.

Incorporated in July 2012, SRCPL was promoted by Mr. Abhishek
Agarwal and Mr. Pinky Agrawal of Ranchi, Jharkhand. Since its
inception, SRCPL has been engaged in trading of construction
materials like cement, iron & steel, different types of pipes and
pipe fittings.


SRI ADHIKARI: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Sri Adhikari
Brothers Television Network Ltd to monitor the rating(s) vide e-
mail communications/letters dated November 27, 2017, December 15,
2017, December 20, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the Company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Sri Adhikari Brothers Television Network Ltd's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Bank Facilities-     86.15     CARE D; ISSUER NOT COOPERATING;
   Rupee Term Loan                Based on best available
                                  Information

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

The ratings take into account the ongoing delay in servicing debt
obligations primarily on account of slowdown in business
performance and stretched working capital cycle resulting in
deterioration of liquidity position of the company. The company
also withheld information regarding delay in servicing of bank
facilities and continued to provide No Default Statements
confirming timely repayment of dues with the banks.

Detailed description of the key rating drivers

At the time of last rating on September 21, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weakness

Ongoing Delay in debt servicing: There has been ongoing delay in
meeting the principal and interest obligations. The same is on
account of stretched working capital cycle resulting from high
debtors days. The low business performance combined with
elongated working capital cycle has led to weak liquidity
position. The cash generation from the business has not been up
to the level to meet with the repayment of interest and the
principal amount of the huge debt taken for the business
primarily for content acquisition. The company withheld
information regarding delay in servicing of bank facilities and
continued to provide No Default Statements confirming timely
repayment of dues with the banks.

Deterioration in the capital structure of the group: The Company
has term loans outstanding resulting in high debt repayment
obligations. The group has substantial debt a repayment starting
from FY17. This is because of the skewed debt profile with
significant repayment obligations in the initial years compared
to the uneven revenue generation. The revenue generated from the
content produced/acquired happen over a longer time horizon
compared to the repayment tenure of the debt facilities taken by
the company.

Key Rating Strengths

Established track record of the promoters: The promoters, Sri
Adhikari Brothers- considered amongst the pioneers in India's
television-based entertainment industry, have an experience of
more than 30 years in media and entertainment industry (M&E). The
promoters of SABTNL were involved in the content production for
the channels such as 'Doordarshan', 'ZEE TV' for popular shows in
the comedy and thriller genre. The promoters launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of "Sony" in 2005. Sri
Adhikari Brothers are involved in the strategic and business
development for SABTNL and launched five channels over FY10-FY14
through wholly owned subsidiaries and step-down subsidiaries (now
Group Company). Besides, the promoters are supported by a
management team, possessing an experience of more than a decade
in the M&E industry.

Sri Adhikari Brothers Television Network Limited, incorporated in
1994, was promoted by Mr. Gautam Adhikari and Mr. Markand
Adhikari (Sri Adhikari Brothers). The company was listed on
bourses in 1995. It is in the business of content production and
syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005.
TV Vision Ltd: (TVVL; earlier a wos of SABTNL) is engaged in the
business of broadcasting. The company has channels like Mastiii,
Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music channel
for pan India. Dabangg and Dhamaal are R-GECs catering to the
Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and
Gujarat respectively. Maiboli is a regional Marathi channel for
Maharashtra while Dillagi is a dedicated TV channel for small
towns and villages of India.

At present, the group operates in two major segments i.e. (i)
content production and distribution/syndication and (ii)
broadcasting.


SRI MOULI: Ind-Ra Hikes Issuer Rating to 'BB-', Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sri Mouli
Textiles Private Limited's (SMTPL) Long-Term Issuer Rating to
'IND BB-' from IND B+. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR196.9 mil. (reduced from INR206.8 mil.) with March 2024-
    October 2025 maturity dates upgraded with IND BB-/Stable
    rating;

-- INR120 mil. Fund-based working capital facility upgraded with
    IND BB-/Stable/IND A4+ rating; and

-- INR43.1 mil. (increased from INR33.2 mil.) Non-fund-based
    working capital facility upgraded with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in SMTPL's scale
of operations leading to an improvement in the credit metrics. In
FY17, revenues surged to INR578 million (FY16: INR262 million) on
account of stabilisation of operations; however, the scale of
operations remained small. Operating margins improved to 10.2% in
FY17 (FY16: 9.5%) due to benign cotton prices. As per 1HFY18
provisional financials, the company achieved revenue of about
INR359 million and operating margins of 9.9%.

Interest coverage (EBITDA/interest) and net leverage (total
adjusted net debt/EBITDAR) improved to 1.7x in FY17 (FY16: 0.9x)
and 6.8x (15.8x), respectively, owing to the improvement in the
scale of operations. The improvement in net leverage can also be
attributed to conversion of INR49.5 million of unsecured loans
into equity.

However, the ratings are constrained by SMTPL's weak liquidity
position as reflected by near full utilisation of its fund-based
limits during the 12 months ended November 2017. However, the
promoters have proposed to infuse unsecured loans of about INR27
million in FY18 to fund the company's working capital
requirements, which would ease the company's tight liquidity
position.

The ratings remain constrained by the company's presence in a
highly competitive cotton yarn manufacturing industry.

The ratings, however, continue to benefit from the promoters'
experience of over 10 years in the manufacturing of cotton yarn.

RATING SENSITIVITIES

Negative: Significant deterioration in scale of operations and/or
liquidity position and/or credit profile will be negative for the
ratings.

Positive: Significant improvement in scale of operations and/or
liquidity position and/or credit profile will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2011, SMTPL commenced commercial operations in
2014. The company is engaged in the manufacturing of cotton yarn.
It has an open-ended spinning unit with an installed capacity of
2,688 rotors. The company manufactures cotton yarn in the count
range of 10s-22s using open-ended machines.


SWISS GARNIER: CRISIL Withdraws B- Rating on INR77.58MM Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Swiss Garnier Genexiaa
Sciences (SGGD) to 'CRISIL B-/Stable/CRISIL A4/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 the ratings on bank facilities of SGGD 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.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.3       CRISIL A4 (Migrated from
                                     'CRISIL A4' Issuer Not
                                     Cooperating and Rating
                                     Withdrawal)

   Cash Credit             7         CRISIL B-/Stable (Migrated
                                     from 'CRISIL B-/Stable'
                                     Issuer Not Cooperating
                                     and Rating Withdrawal)

   Letter of Credit        0.7       CRISIL A4 (Migrated from
                                     'CRISIL A4' Issuer Not
                                     Cooperating and Rating
                                     Withdrawal)

   Proposed Long Term     28.92      CRISIL B-/Stable (Migrated
   Bank Loan Facility                from 'CRISIL B-/Stable'
                                     Issuer Not Cooperating
                                     and Rating Withdrawal)

   Term Loan              77.58      CRISIL B-/Stable (Migrated
                                     from 'CRISIL B-/Stable'
                                     Issuer Not Cooperating
                                     and Rating Withdrawal)

SGGS is a Chennai-based partnership firm set up by Mr. M
Theivendran and Ms. T Rethinavalli in 2011. It manufactures
tablets, capsules, liquid-orals, and food supplements, began
commercial operations in August 2013. Its manufacturing unit is
in Sikkim.


THREE SEASONS: CRISIL Assigns B- Rating to INR10MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to the bank facilities of Three Seasons Logistics Private
Limited (TSLPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan              1.3       CRISIL B-/Stable
   Proposed Term Loan      .2       CRISIL B-/Stable
   Bank Guarantee          .5       CRISIL A4
   Long Term Loan        10.0       CRISIL B-/Stable

The rating reflects weak financial risk profile marked by modest
net worth, high gearing and weak debt protection measures and
weak liquidity profile.  Ratings also factors risks associated
with timely completion of its project and ramp up in operations.
These rating weaknesses are partly offset by promoters' extensive
entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile: Networth has been weak at
INR1.19 crore as on March 31, 2017, with high gearing of 6.61
times. Debt protection metrics have also been average as
operations are yet to commence.

* Weak liquidity: Liquidity is constrained by the ongoing capital
expenditure. With the interest servicing to start from January
2018, while operations may only commence in April 2018, liquidity
is likely to remain weak.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over 12 years and healthy relations with suppliers
and customers should continue to support the business.

Outlook: Stable

CRISIL believes TSLPL will continue to benefit from the
experience of promoters. The outlook may be revised to 'Positive'
if substantial increase in scale of operations and capital
structure strengthens financial risk profile and liquidity.
Conversely, the outlook may be revised to 'Negative' if delay in
completion of project or slower-than-expected ramp up of
operations weakens financial risk profile and liquidity.

Incorporated in 2012, Kakinada TSLPL constructs railway line
siding and earns lease rental from its godowns in the vicinity.
Mr. Bala Gandhi Raju Jampana and Mr. Sai Raj Jampana are the
promoters.


TV VISION: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------
CARE Ratings has been seeking information from TV Vision Ltd to
monitor the rating(s) vide e-mail communications/letters dated
November 27, 2017, December 15, 2017, December 20, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the Company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on TV Vision
Ltd's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Bank Facilities-     24.39     CARE D; ISSUER NOT COOPERATING;
   Rupee Term Loan                Based on best available
                                  Information

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

The ratings take into account the ongoing delay in servicing debt
obligations of TVL along with deterioration credit profile of the
guarantor Sri Adhikari Brothers Television Network Limited
(SABTNL; rated CARE D). The delays are primarily on account of
slowdown in business performance and stretched receivable days
resulting in deterioration of liquidity position of the company.
The companies also withheld information regarding delay in
servicing of bank facilities and continued to provide No Default
Statements confirming timely repayment of dues with the banks.

Detailed description of the key rating drivers
At the time of last rating on September 21, 2017 the following
were the rating strengths and weaknesses:

Key Rating Weakness

Ongoing Delay in debt servicing: There has been ongoing delay in
servicing the principal and interest obligations of TVL and its
guarantor, SABTNL. The same is on account of stretched debtors
days. The low business performance combined with elongated
working capital cycle has led to weak liquidity position. The
cash generation from the business has not been up to the level to
meet with the repayment of interest and the principal amount of
the huge debt taken for the business primarily for content
acquisition.

Deterioration in the capital structure of the group: The Company
has term loans outstanding resulting in high debt repayment
obligations. The group has substantial debt a repayment starting
from FY17. This is because of the skewed debt profile with
significant repayment obligations in the initial years compared
to the uneven revenue generation. The revenue generated from the
content produced/acquired happen over a longer time horizon
compared to the repayment tenure of the debt facilities taken by
the company.

Key Rating Strengths

Established track record of the promoters: The promoters, Sri
Adhikari Brothers-considered amongst the pioneers in India's
television-based entertainment industry, have an experience of
more than 30 years in media and entertainment industry (M&E). The
promoters of SABTNL were involved in the content production for
the channels such as 'Doordarshan', 'ZEE TV' for popular shows in
the comedy and thriller genre. The promoters launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of "Sony" in 2005. Sri
Adhikari Brothers are involved in the strategic and business
development for SABTNL and launched five channels over FY10-FY14
through wholly owned subsidiaries and step-down subsidiaries (now
Group Company). Besides, the promoters are supported by a
management team, possessing an experience of more than a decade
in the M&E industry.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed
on bourses in 1995. It is in the business of content production
and syndication in India since 1990s. The company launched a
Hindi general entertainment channel (GEC) "SAB TV" in 2000 which
was subsequently sold to a group company of Sony TV in 2005.
TV Vision Ltd (TVVL; earlier a wholly owned subsidiary of SABTNL)
is engaged in the business of broadcasting. The company has
channels like Mastiii, Dabangg, Maiboli, Dhamaal and Dillagi.
Mastiii is music channel for pan India. Dabangg and Dhamaal are
R-GECs catering to the Hindi speaking belt of Bihar, Uttar
Pradesh and Jharkhand and Gujarat respectively. Maiboli is a
regional Marathi channel for Maharashtra while Dillagi is a
dedicated TV channel for small towns and villages of India.

At present, the group operates in two major segments i.e. (i)
content production and distribution/syndication and (ii)
broadcasting.


VOORA SHREERAM: CRISIL Withdraws B Rating on INR8MM Cash Loan
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Voora Shreeram
Constructions Private Limited (VSCPL) to 'CRISIL B/Stable' 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 VSCPL from 'CRISIL
B/Stable/Issuer Not Cooperating' to 'CRISIL B/Stable' 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.

CRISIL gave these ratings:

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

VSCPL, incorporated in 2000, undertakes civil construction work
for commercial, industrial, and residential projects. It is
promoted and managed by Mr. A Shankar and Mr. Pavan Voora.


VSK LABORATORIES: Ind-Ra Moves D Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded VSK
Laboratories Private Limited's (VSK) Long-Term Issuer Rating to
'IND D' from 'IND B' while simultaneously migrating the ratings
to the non-cooperating category. The issuer did not participate
in the surveillance exercise, despite continuous requests and
follow-ups by the agency. Thus, the rating is on the basis of
best available information. Investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as 'IND D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limits (Long-
    term/Short-term) downgraded and migrated to non-cooperating
    category with IND D(ISSUER NOT COOPERATING) rating;

-- INR25 mil. Non-fund based working capital limits (Short-term)
    with IND D(ISSUER NOT COOPERATING) rating; and

-- INR161.5 mil. Term loan (Long-term) downgraded and migrated
    to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by VSK,
details of which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

VSK was incorporated in 2006 to manufacture and sell active
pharmaceutical ingredients and intermediaries to generic drug
manufacturers.



=================
I N D O N E S I A
=================


TUNAS BARU: Fitch Rates Proposed USD Sr Unsec. Notes 'BB-(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based palm oil and sugar
producer PT Tunas Baru Lampung Tbk's (TBLA, BB-/Negative)
proposed US dollar senior unsecured notes an expected rating of
'BB-(EXP)'. The notes will be issued through its wholly owned
subsidiary, TBLA International Pte. Ltd.

The notes will be guaranteed by TBLA and all its majority-owned
operating subsidiaries and the proceeds will be used mainly for
refinancing existing debt. Out of TBLA's consolidated debt at
end-9M17, 77% was secured, implying a secured debt/annualised
EBITDA ratio of 2.2x, which Fitch estimate will drop to below
2.0x by 2018, aided by the use of the proposed unsecured notes'
proceeds to refinance debt. Fitch therefore rate the notes at the
same level as TBLA's Long-Term Foreign-Currency Issuer Default
Rating (IDR). The final rating is subject to the receipt of final
documentation conforming to information already received.

TBLA's leverage, measured by net debt to annualised EBITDA, in
9M17 was relatively high at 2.9x, with negative free cash flow as
capex was above Fitch's expectation. Fitch forecast TBLA's
leverage to decline to a level consistent with its rating by
2018. However, capex that is higher than Fitch expectation and
volatile working capital movements could delay deleveraging and
indicate weak control over operations. The Negative Outlook
reflects these risks to TBLA's credit profile and rating.

TBLA's rating is driven by its position as one of the few players
in Indonesia whose integrated sugar business operations span the
entire sugar value chain. The regulatory environment for sugar in
Indonesia is beneficial to TBLA due to its efficient operations,
and increased sugar sales have boosted TBLA's EBITDA and provided
benefits of diversification from its small, albeit diversified,
palm oil operations. However, domestic sugar prices have fallen
in 2017 and Fitch think the government will take steps to prevent
a material increase.

KEY RATING DRIVERS

Sugar Output Grows; Prices Lower: TBLA started sugarcane
plantations in 2012 and its refinery began operations in 2013.
Its sugar mill near its plantations in Lampung in southern
Sumatra started operations in April 2017. TBLA's sugar output
increased by around 30% qoq each in 2Q17 and 3Q17, indicating a
quick ramp up of operations at the mill. However, TBLA's average
price realisation fell 8% in 9M17 compared with 2016, due to
lower international sugar prices and higher supply in Indonesia
following an increase in government import quotas. While
profitability for TBLA's refinery, which processes imported raw
sugar, is unlikely to be affected, lower sugar prices will reduce
margins for its sugar mill.

Significant State Role in Pricing: Indonesia's domestic mills
produce less than half of the country's sugar demand. The
government regulates the sugar industry in Indonesia, and sets a
floor for sugar prices to encourage output. Domestic sugar prices
were much higher than the floor price in 2016 due to the supply
deficit, with TBLA's average realisation 18% higher than the
floor price. Indonesia kept the floor price unchanged in 2017,
according to TBLA, after several years of regular increases.

The government in April 2017 also set a price ceiling on retail
sugar sales, which make up about 50% of the total that includes
sales to industrial users. Fitch think the government will
continue to monitor domestic prices and take steps to prevent a
rapid increase.

Small, Well-Diversified Palm Operations: TBLA owned around 41,500
hectares of planted oil palm acreage at end-September 2017, and
is one of the smallest palm oil companies in Fitch's rating
universe in terms of planted area. Around 80% of its acreage is
in southern Sumatra (Lampung and Palembang), with the rest in
Kalimantan (Pontianak). Its fresh fruit bunch (FFB) yield in 2016
of 12 tonnes per hectare of mature acreage was below the industry
average, but yields improved in 2017 with better weather
conditions. Over the longer term, yield should improve further
due to TBLA's relatively young plantation profile; around 50% of
planted acreage comprised mature and young trees (0-8 years old).

Despite TBLA's small scale, its operations are well-diversified
in terms of products and distribution channels. Over 50% of its
palm oil product sales are downstream products, mainly cooking
oil. The diversification provides TBLA flexibility to produce the
more profitable products, and also lowers the earnings
volatility.

Risks to Leverage Improvement: Fitch forecast TBLA's net adjusted
debt to EBITDAR leverage to fall to 3.0x by end-2017 and decline
to 2.5x by 2018, from 4.0x in 2016. Higher EBITDA, supported by
increasing sugar sales volumes and healthy crude palm oil prices,
and a reduction in capex after completion of spending on the
sugar mill should help TBLA deleverage in 2018. However, TBLA's
capex in 9M17 was significantly higher than Fitch expectation. In
addition, its working capital flows have been volatile, with a
large outflow in 2016 to build up raw sugar inventories following
the grant of import quotas. If TBLA's cash flows remain volatile,
its financial metrics and credit profile would be negatively
affected.

DERIVATION SUMMARY

A close peer for TBLA is PT Japfa Comfeed Indonesia Tbk (Japfa,
BB-/Stable), whose rating is supported by the earnings stability
provided by its animal-feed segment, which accounts for around
35% of overall revenue. TBLA and Japfa are comparable as the
sugar segment lends stability to TBLA and significantly offsets
the volatility of its palm oil segment. Fitch expect the sugar
segment to contribute more than 35% of TBLA's revenue from 2017.
However, Japfa's leverage is lower and the Negative Outlook for
TBLA reflects the risk of negative rating action if it is unable
to deleverage to a similar level.

TBLA's ratings can also be compared with that of PT Sawit
Sumbermas Sarana Tbk (SSMS, B+/Positive). SSMS has a larger
plantation area and superior palm oil operating performance
compared with TBLA. However, TBLA's sugar business lends
stability and it has more diversified products and distribution
channels than SSMS. Fitch also forecast lower leverage for TBLA
in 2017-18, although SSMS is expected to deleverage faster
thereafter. These factors justify TBLA being rated one notch
higher, but with a Negative Outlook.

KEY ASSUMPTIONS

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

- Malaysian benchmark crude palm oil price of USD675/tonne over
   the long term

- Revenue growth of around 30% in 2017 and around 15% in 2018

- EBITDA margin to improve to 24% on average in 2017-18, from
   22% in 2016

- Capex of IDR1.5 trillion in 2017 and around IDR800 billion
   annually thereafter

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Negative Rating Action Include:

- Inability to reduce leverage (net adjusted debt/EBITDAR) to
   2.5x or lower by 2018. Fitch could take negative rating action
   if TBLA is not on track to achieve the leverage sensitivity by
   2018, potentially due to material deviation from Fitch
   assumptions.

- Inability to generate neutral to positive free cash flows by
   2018

- A material weakening of regulatory protection for the sugar
   industry in Indonesia that results in weaker EBITDA margin

TBLA's Outlook may be revised to Stable if it does not meet the
above sensitivities for a negative rating action.

LIQUIDITY

Adequate Liquidity: TBLA reported a cash balance of IDR107
billion and had undrawn credit facilities of around IDR2.1
trillion at 30 September 2017. By comparison, there were short-
term bank loans of IDR1.6 trillion in the total and current
portion of long-term debt of IDR0.7 trillion. The majority of
TBLA's short-term bank loans are for its working capital needs
and are likely to be rolled over. The company also has robust
banking relationships. Therefore, liquidity risk is limited, in
Fitch view.



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


CHINA AUTOMOBILE: Slips Into PN17; Going Concern Doubt Raised
-------------------------------------------------------------
Billy Toh at The Edge Financial Daily reports that China
Automobile Parts Holdings Ltd is now a Practice Note 17 (PN17)
company after its external auditor Messrs PFK expressed an audit
disclaimer of opinion in the company's latest audited financial
statements for financial year ended Dec. 31, 2015 (FY15) on
undisclosed material liabilities.

According to the report filed with Bursa Malaysia on Jan. 11, it
said that they had discovered various material litigation
involving the company's main subsidiary Quanzhou Fensun
Automobile Parts Co Ltd and its directors, in China, the report
relays.

In addition to that, the auditor also discovered various other
litigation involving Fensun, whether at trial or enforcement
stage, carrying potential liabilities amounting to a sum not less
than CNY263 million, The Edge Financial Daily discloses.

The Edge Financial Daily relates that while the directors were
obliged to disclose and account for these matters in China
Automotive's financial statement, its auditor said that the
directors have not fulfilled these obligations and the financial
effects of these undisclosed events have not been determined and
accounted for by the directors in the financial statement of the
group for FY15.

The Edge Financial Daily says the auditor mentioned in its basis
for disclaimer opinion of a discovery that a financial
institution exercised its security on bank credit facilities
granted to Fensun and placed under auction of the group's
building and land use rights on March 31, 2017, with carrying
values of CNY129.2 million and CNY12.08 million respectively, due
to the default of repayment by Fensun.

"These events indicate the existence of a material uncertainty
which casts significant doubt about the group's ability to
continue as a going concern," it said.

In the filing with Bursa, the group said that it is looking into
formulating a plan to regularise its financial condition, and the
announcement on the same will be made in due course, the report
adds.

China Automobile Parts Holdings Limited is a Malaysia-based
investment holding company. The Company, through its
subsidiaries, is principally engaged in the manufacturing of
chassis components used in automobiles for transporting goods.
Its product portfolio consists of five categories: wheel-hub
bolts, wheel axles, steel pins, u-bolts and torque-rod bushings.
The Company's products are supplied for aftermarket repair,
maintenance and modification segment, with an emphasis towards
catering for replacement components in heavy commercial vehicles.
The Company's subsidiaries include CAP-HK, an investment holding
company, and FenSun, a manufacturer, marketer and trader of
automobile chassis components.



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


WAITANGI NATIONAL: Financial Irregularities Probe Ongoing
---------------------------------------------------------
Stuff.co.nz reports that Waitangi National Trust, the
organisation that administers the Waitangi Treaty Grounds, said
an inquiry is under way into financial irregularities in its
accounts.

According to the report, Dennis McBrearty, acting chairman of the
Waitangi National Trust Board, confirmed that an investigation
was conducted as soon as the irregularity was discovered by the
organisation.

That had now been passed to the Serious Fraud Office to make its
own inquiries, the report says.

"The matter is now with the SFO and we will await the findings of
their official inquiry.  We are unable to comment any further
pending the outcome of the SFO inquiry."

Stuff relates that Mr. McBrearty said he believed the
"irregularities" were relatively recent and had only become
apparent in the last month. It is thought the transactions were
in a 12-month period starting in 2016. The problem was picked up
during routine analysis.

The SFO usually deals with frauds of more than NZ$5 million or
with significant public interest, Stuff says. The sum involved in
this case is believed to be less than NZ$5 million but the SFO
became involved because of the high-profile nature of the
organisation.

Mr. McBrearty said there had been no indication how long the SFO
inquiry might take, Stuff relays.

The SFO would only say it had picked up the matter, the report
adds.

"We will not be making any further comment at this time."

In the year to June 2016, the trust earned NZ$11.5 million in
revenue and had NZ$28.5 million in net assets, Stuff discloses.



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


GLOBAL A&T: Court Confirms Ch. 11 Plan
--------------------------------------
On December 21, 2017, the United States Bankruptcy Court for the
Southern District of New York approved the disclosure statement
disclosure statement explaining Global A&T Electronics, Ltd.'s
Chapter 11 Plan of Reorganization and confirmed the Joint Plan.

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.

The Debtor entered into prepetition Restructuring Transactions,
which provide, among other things, that on the Effective Date:

   * the Debtors will issue $665 million in 8.5% New Secured
Notes due 2022, and the Debtors will distribute approximately
$517.64 million of the New Secured Notes to the Initial
Noteholders and approximately $84.9 million of the New Secured
Notes to the Additional Noteholders;

   * the Debtors will also distribute $8.89 million of Cash to
the Initial Noteholders;

   * the Debtors will distribute an additional $11.11 million of
the New Secured Notes and $1.11 million of Cash to the 2014
Plaintiff Initial Noteholders;

   * included in the $517.64 million of New Secured Notes that
the Debtors will distribute to Initial Noteholders are $5 million
of New Secured Notes that would otherwise be distributed to the
Holder of the Affiliate Noteholder Notes;

   * UTAC, the Debtors' ultimate equity owner, will issue common
equity to the Additional Noteholders in such amount as to
constitute 31% of the outstanding common equity of UTAC on a
post-emergence basis, subject to dilution by any post-emergence
management incentive plan adopted by UTAC, with the Affinity
Entities (other than the Affiliate Noteholder) and TPG
collectively holding, directly or indirectly, the other 69% of
the outstanding common equity of UTAC on a post-emergence basis;

   * all outstanding and undisputed General Unsecured Claims
against the Debtors will be Unimpaired and unaffected by the
Chapter 11 Cases, and will be paid in full in Cash;

   * all Priority Tax Claims, Other Priority Claims, and Other
Secured Claims will be paid in full in Cash, or receive such
other customary treatment that renders such Claims Unimpaired
under the Bankruptcy Code;

   * all Administrative Claims shall be paid in full in Cash, or
receive such other customary treatment that renders such Claims
Unimpaired under the Bankruptcy Code; provided that the Debtors
will distribute $31.25 million in New Secured Notes to the
Initial Noteholders that are Consenting Noteholders under the
Restructuring Support Agreement and $25.1 million in New Secured
Notes to the Additional Noteholders that are Consenting
Noteholders under the Restructuring Support Agreement in full
satisfaction of all Claims arising on account of the Forbearance
Fee; and

   * UTAC will cause UMS -- which provides semiconductor testing
and assembly services similar to GATE to its sole customer,
Panasonic -- to guarantee the New Secured Notes, and UMS and GATE
will be operated by a single management team, owned by UTAC.

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

      http://bankrupt.com/misc/nysb17-23931-11.pdf

                 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.



====================
S O U T H  K O R E A
====================


CAFFE BENE: Files for Court-Led Restructuring After Losses
----------------------------------------------------------
Yonhap News Agency reports that Caffe Bene, a local coffee
franchise, filed for a court-led restructuring scheme on Jan. 12
after suffering from a protracted slump and mounting losses, the
company said.

The court will soon decide whether to put the ailing coffee chain
under its receivership or on path to liquidation.

Launched in 2008, Caffe Bene expanded to become one of South
Korea's largest coffee franchises, opening more than 1,000 stores
in five years, but lost ground in the saturated coffee market.

Rapid growth in consumption of brewed coffee drove up the
industry's overall expansion in South Korea. The local brewed
coffee market was estimated at around KRW8.8 trillion (US$8.3
billion) last year, Yonhap discloses citing industry data.



                             *********

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 ***