/raid1/www/Hosts/bankrupt/TCRAP_Public/180122.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 22, 2018, Vol. 21, No. 015

                            Headlines


A U S T R A L I A

AUSTRALIAN BIGHT: CEO Convicted Over False & Misleading Info
DIVERSE TANK: First Creditors' Meeting Set for Jan. 30
DOSE INNOVATIONS: First Creditors' Meeting Set for Jan. 30
DTE ELECTRICAL: First Creditors' Meeting Set for Jan. 30
HUMMINGBIRD HOMES: Creditors Hand Back Control to Director

S & R MCCORMACK: First Creditors' Meeting Set for Jan. 29
SONICO PTY: First Creditors' Meeting Scheduled for Jan. 30


C H I N A

DALIAN WANDA: Sells London Towers to Guangzhou R&F
GCL NEW: Moody's Assigns Ba2 First-Time Corporate Family Rating
GOLDEN WHEEL: Fitch Assigns Final 'B' Rating to US$200MM Notes
LEECO: Listed Unit Warns Lenders Could Seize Control
SUNAC CHINA: Moody's Alters Outlook to Stable; Affirms B2 CFR

YUZHOU PROPERTIES: Purchase of Projects No Impact on Fitch Rating


H O N G  K O N G

CHINA SOUTH CITY: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
CHINA SOUTH CITY: S&P Assigns B- Rating to New USD Unsec. Notes


I N D I A

ALLWELD ENGINEERS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
ANANDA EXPORTS: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
ARM OVERSEAS: CRISIL Reaffirms B Rating on INR25MM Cash Loan
AVON TUBETECH: CRISIL Raises Rating on INR29.5MM Term Loan to B
BADEPALLY MUNICIPALITY: ICRA Assigns B+ Long-Term Issuer Rating

CABLE HOUSE: CRISIL Assigns B+ Rating to INR4MM Cash Loan
CAUVERY TIMBER: CRISIL Raises Rating on INR2MM Loan to B+
CHOUDHARY FASHIONS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
EMBEE FERRO: ICRA Moves B Rating to Not Cooperating Category
ENTERPRISING ENTERPRISES: ICRA Moves B Rating to Not Cooperating

ESQUIRE MACHINES: ICRA Reaffirms B+ Rating on INR6.5cr Loan
FUTURE VISION: CRISIL Withdraws B Rating on INR5MM Cash Loan
GARHWAL JEMS: CRISIL Assigns 'B' Rating to INR5MM LT Loan
JAIN SARVODAYA: Ind-Ra Affirms 'D' Rating on INR1,041MM Loan
JINDAL POLYWEAVES: Ind-Ra Assigns 'BB' Rating, Outlook Stable

K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR25MM Loan
KASA ANLAGEN: CRISIL Reaffirms B+ Rating on INR2.5MM Cash Loan
KHAYA SOLAR: ICRA Reaffirms B- Rating on INR54.20cr Term Loan
KHOKHAR INFRASTRUCTURE: Ind-Ra Affirms 'BB-' Issuer Rating
KIARA JEWELLERY: ICRA Moves B/A4 Rating to Not Cooperating

LAL BABA: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
MANGALAYATAN UNIV: Ind-Ra Moves B+ Rating to Non-Cooperating
MAULI FRESH: ICRA Moves B Rating to Not Cooperating Category
MITTAL FIBERS: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
MODTECH MATERIAL: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating

MULA AGRO: ICRA Moves B+ Rating to Not Cooperating Category
NAGARKURNOOL MUNICIPALITY: ICRA Assigns B+ Long-Term Issuer
NATIONAL POLYPLAST: ICRA Withdraws D Rating on INR30.51cr Loan
OM GRAM: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
OM SAI: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan

PARADIGM TUNNELING: CRISIL Hikes Rating on INR3MM Loan to B-
PCM CEMENT: Ind-Ra Cuts LT Issuer Rating to BB+, Outlook Stable
POLYSOL INDUSTRIES: ICRA Reaffirms B+ Rating on INR2cr Loan
PRAGATI MARINE: CRISIL Moves C Rating to Not Cooperating
RAJASTHAN COMMUNICATIONS: Ind-Ra Assigns 'B+' LT Issuer Rating

REGEN POWERTECH: ICRA Cuts Rating on US$10MM Loan to 'D'
RELIABLE EXPORTS: ICRA Withdraws 'B' Rating on INR575cr Loan
S.S. CONSTRUCTION: ICRA Removes B- Rating From Not Cooperating
SACHIN FINECOT: CRISIL Reaffirms B+ Rating on INR7.75MM Cash Loan
SAI POINT: CRISIL Reaffirms 'B' Rating on INR13.5MM Loan

SARA SPINTEX: Ind-Ra Assigns 'B-' Issuer Rating, Outlook Stable
SARGAM METALS: ICRA Lowers Rating on INR30cr LT Loan to D
SATYENDRA AGRO: CRISIL Lowers Rating on INR7MM Cash Loan to B
SHANKAR PARVATI: ICRA Moves B+ Rating to Not Cooperating
SHIV SHAKTI: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

SHREE RUPANADHAM: ICRA Withdraws B+ Rating on INR5cr Loan
SHRI JAGANNATH: CRISIL Assigns B+ Rating to INR10MM LT Loan
SRI VENKATESWARA: CRISIL Lowers Rating on INR10.5MM Loan to D
SRI LAKSHMI: CRISIL Hikes Rating on INR10MM Cash Loan to B
SRI VIJAYA: CRISIL Lowers Rating on INR5.0MM Loan to B+

ST. XAVIER'S: CRISIL Reaffirms D Rating on INR21.4MM Loan
SURESH EXPORTS: ICRA Reaffirms B Rating on INR0.9cr Cash Loan
SYNERGY REMEDIES: Ind-Ra Downgrades Issuer Rating to 'D'


J A P A N

SHOKO CHUKIN: Moody's Affirms ba1 Baseline Credit Assessment


S O U T H  K O R E A

DAEWOO ENGINEERING: Hoban Construction Submits Solo Bid



                            - - - - -


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


AUSTRALIAN BIGHT: CEO Convicted Over False & Misleading Info
------------------------------------------------------------
Mr. Andrew Ferguson, the former Chief Executive Officer of
abalone farmer, Australian Bight Abalone (ABA), was on Jan. 19,
2018, found guilty on 17 counts related to providing false or
misleading information to the ABA Board of Directors and
prospective investors following a jury trial in the District
Court of South Australia.

Following an Australian Securities and Investments Commission
investigation, Mr. Ferguson was charged with nine counts of
disseminating false or misleading information to prospective
investors, via grower reports, product disclosure statements and
a media release issued by ABA during 2007 and 2008. The jury
found that these documents contained false or misleading
information about survival rates of the abalone and harvest
prospects.

The remaining eight counts were related to providing false or
misleading information to the directors of ABA, in reports
submitted to the Board about operations at the ABA farm.

During the trial, the jury heard from a number of witnesses
involved in the farming operation including marine biologists,
operational staff, divers and former directors.

Acting ASIC Chair Peter Kell said, "Company officers are in a
position of critical responsibility and trust, and it is expected
that their behavior is beyond reproach. This verdict sends an
important signal that misleading investors will not be
tolerated."

The matter has been listed for sentencing submissions before the
District Court of South Australia on April 18, 2018.

Mr. Ferguson's bail was on Jan. 19 revoked and he has been
remanded in custody. Mr. Ferguson faces a maximum of five years'
imprisonment and/or a fine of AUD22,000 for each count.

The matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.

Australian Bight Abalone (ABA) was Australia's largest off-shore
abalone farmer, raising about AUD44 million from 1,400 investors
over four years.  ABA operated an abalone farm in off-shore cages
located near Elliston in South Australia between 2005 and 2009.
The company also operated managed investment schemes (MIS),
through which investors acquired interests in abalone grown at
the farm, entitling them to returns from the sale of harvested
abalone.

The initial MIS project was offered to wholesale investors only
in 2005, but a MIS was offered to retail investors in each
subsequent year between 2006 and 2009.

Administrators (McGrath Nicol) were appointed to ABA in July 2009
after the company had been able to undertake only a limited
harvest of the abalone stock. The Administrators reported that a
survey conducted of the abalone stock at the farm suggested
significantly higher mortality than had been expected.

Mr. Ferguson pleaded not guilty to the charges against him.


DIVERSE TANK: First Creditors' Meeting Set for Jan. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Diverse
Tank Engineering Pty Ltd will be held at the offices of Cor
Cordis, Mezzanine Level, BGC Centre, 28 The Esplanade, in Perth,
West Australia, on Jan. 30, 2018, at 11:00 a.m.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of Diverse Tank on Jan.
17, 2018.


DOSE INNOVATIONS: First Creditors' Meeting Set for Jan. 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Dose
Innovations Pty Ltd will be held at Level 31, Waterfront Place,
1 Eagle Street, in Brisbane, Queensland, on Jan. 30, 2018, at
Jan. 30, 2018, at 10:00 a.m.

Darryl Kirk and Matthew Joiner of Cor Cordis were appointed as
administrators of Dose Innovations on Jan. 17, 2018.


DTE ELECTRICAL: First Creditors' Meeting Set for Jan. 30
--------------------------------------------------------
A first meeting of the creditors in the proceedings of DTE
Electrical Pty Ltd and DTE Fluid Systems Pty Ltd will be held at
the offices of Cor Cordis, Mezzanine Level, BGC Centre, 28 The
Esplanade, in Perth, West Australia, on Jan. 30, 2018, at
10:00 a.m. and 10:30 a.m., respectively.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of DTE Electrical and DTE
Fluid on Jan. 17, 2018.


HUMMINGBIRD HOMES: Creditors Hand Back Control to Director
----------------------------------------------------------
Giuseppe Tauriello at The Advertiser reports that creditors of
failed home builder Hummingbird Homes SA have handed back control
to the company's director, who has denied suggestions the company
was trading insolvent before its collapse.

The Advertiser relates that Hummingbird director Daniel McOmish
will oversee the deed of company arrangement (DOCA) proposal put
forward by his father Ross.

Administrators predict it will recover up to 0.9 cents in the
dollar for unsecured creditors who are owed AUD1.3 million, the
report says.

Following vote by creditors on Jan. 17, Mr. McOmish told The
Advertiser he'd exhausted "every conceivable means" to avoid the
company from collapsing.

"That's involved significant input by me, from a financial and
time perspective, spending 18 hours a day to make it work," the
report quotes Mr. McOmish as saying.  "It (DOCA) provides a
significantly higher return to the vast majority of existing
creditors - that's why they voted for it."

According to the report, Mr. McOmish denied administrator Stephen
James' earlier claims that the company may have been trading
insolvent for at least a year before entering administration.

"If I thought it was insolvent I wouldn't have put any money in,
I would have walked away 18 months ago," he said, notes The
Advertiser.

Addressing creditors earlier, Ross said his son had injected
AUD1.15 million into the business since encountering cash-flow
problems in late 2016, topped up by a AUD250,000 contribution
from himself. He will contribute an additional AUD85,000 as part
of the DOCA, The Advertiser says.

"This is a story of a 25-year old who started this business 11 or
12 years ago," Ross told creditors, report The Advertiser.

"He enjoyed significant success. But it (Hummingbird) has in
recent years faced some issues, some major litigation . . . but
over and above that it's not a good market and Hummingbird has
encountered rough trading conditions.

"It's not a happy ending. His parents are proud of what he's
tried to do. We're disappointed with the way it's turned out. I'm
very disappointed, but I'm more disappointed for Daniel than I am
for myself. I'm disappointed that the expectations and the hopes
that he had have not been realised by him."

In his recent report to creditors, Mr. James had recommended the
company be liquidated, suggesting that scenario would recover up
to 6.7 cents in the dollar, according to The Advertiser.

However, liquidation would have also exposed 100 of the company's
145 creditors to a potential clawback of payments received from
Hummingbird in the six months leading up to the company's
collapse, The Advertiser notes.

The Advertiser says payments made to a creditor in the six months
prior to administration can be recovered where the company was
deemed to be insolvent at the time.

According to the Advertiser, the DOCA will allow Hummingbird to
proceed with a court case involving leaking cellars in a North
Adelaide townhouse development, for which it has already incurred
AUD300,000 in legal fees.

The Advertiser relates that the McOmishes said they were yet to
decide on whether to proceed with the litigation. Additional
legal costs will reduce the dividend to creditors.

"What I can say is that there is a general reluctance to allow
the engineer to avoid any responsibility to fix those cellars -
it's infuriating," The Advertiser quotes Ross as saying.

Daniel said all employees had been paid their entitlements, and
that his other business interests, including housing and mixed-
use developments at Kent Town and Marden, were unaffected by and
independent from Hummingbird's collapse, The Advertiser adds.

                      About Hummingbird Homes

Hummingbird Homes SA was established in 2006 building luxury
homes for clients largely in Adelaide's eastern suburbs.

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


S & R MCCORMACK: First Creditors' Meeting Set for Jan. 29
---------------------------------------------------------
A first meeting of the creditors in the proceedings of S & R
McCormack Pty Ltd, trading as Surefab Steel Fabrications &
Installations, will be held at Level 40, 140 William Street, in
Melbourne, Victoria, on Jan. 29, 2018, at 10:00 a.m.

Steve Naidenov and David Iannuzzi of Veritas Advisory were
appointed as administrators of S & R McCormack on Jan. 16, 2018.


SONICO PTY: First Creditors' Meeting Scheduled for Jan. 30
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sonico Pty
Ltd will be held at the offices of Cor Cordis, Mezzanine Level,
BGC Centre, 28 The Esplanade, in Perth, West Australia, on
Jan. 30, 2018, at 11:30 a.m.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of Sonico Pty on Jan. 17,
2018.




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C H I N A
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DALIAN WANDA: Sells London Towers to Guangzhou R&F
--------------------------------------------------
Bloomberg News reports that billionaire Wang Jianlin agreed to
sell one of the largest luxury residential projects under
development in London as his Dalian Wanda Group Co. continues to
shed assets acquired in a spree that once made the founder
China's richest man.

Two of the company's units sold their interests in the One Nine
Elms project on the south bank of London's River Thames for about
59 million pounds ($81.5 million), according to a filing on
Jan. 16 in Hong Kong, Bloomberg relates. Guangzhou R&F Properties
Co., is the buyer, Bloomberg relays citing two people with
knowledge of the matter who asked not to be identified discussing
private information.

According to Bloomberg, the sale of a project billed as worth
700 million pounds ($967 million) at completion adds to more than
$9 billion worth of disposals over the past 12 months as the real
estate-to-entertainment group responds to government pressure to
pare debt and focus overseas investments on assets considered
strategically important to China. Bloomberg relates that Mr.
Wang's Wanda Hotel Development Co. said in November that it was
doing a strategic review of its projects stretching from Sydney
to Chicago and would consider opportunities that create value for
shareholders.

Pressure has mounted on Mr. Wang to raise cash and cut debt after
Fitch, Standard & Poor's and Moody's Investors Service cut the
flagship property unit's credit rating to junk over the past few
months, Bloomberg notes.

Under the One Nine Elms sale agreement, the purchaser will also
assume a 159.5-million pound loan owed by Wanda Hotel, according
to the statement, Bloomberg relays.

                         About Dalian Wanda

Dalian Wanda Commercial Properties Co., Ltd. (DWCP) develops,
operates and sells integrated properties in China, including
shopping malls, offices, houses and hotels.

Wanda Commercial Properties (HK) Co. Limited is the core offshore
funding and investment platform for DWCP. It is also a wholly
owned subsidiary of DWCP. Its main assets include a 65% equity
interest in Hong Kong-listed Wanda Hotel Development Company
Limited, as well as investments in five overseas property and
hotel projects in the UK, Australia and the US.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 4, 2017, Moody's Investors Service has downgraded the
ratings of Dalian Wanda Commercial Properties Co., Ltd. (DWCP)
and Wanda Commercial Properties (HK) Co. Limited (Wanda HK).

The affected ratings are:

* DWCP's issuer rating of Baa3 has been downgraded to Ba1 and
  withdrawn, and the company has been assigned a Ba1 corporate
  family rating;

* Wanda HK's corporate family rating has been downgraded to Ba3
  from Ba1;

* The senior unsecured ratings for the bonds issued by Wanda
  Properties Overseas Limited and Wanda Properties International
  Co. Limited have been downgraded to Ba3 from Ba1. Both
  companies are wholly owned subsidiaries of Wanda HK.

The rated bonds are guaranteed by Wanda HK and supported by deeds
of equity interest purchase undertaking and keepwell deeds
between DWCP, Wanda HK and the bond trustee. The issuers of the
rated bonds have maintained - in interest reserve accounts - the
equivalent of two periods of interest payments on the bonds.  The
outlooks on all ratings are negative.

S&P Global Ratings lowered the its long-term corporate credit
rating on China-based property developer Dalian Wanda Commercial
Properties Co. Ltd. (Wanda Commercial) to 'BB' from 'BBB-'. S&P
said, "We also downgraded Wanda Commercial's 100% owned
subsidiary Wanda Commercial Properties (Hong Kong) Co. Ltd.
(Wanda HK) to 'BB-' from 'BB+'. The rating outlooks on the two
companies are negative. Further, we downgraded our rating on the
senior unsecured notes guaranteed by Wanda HK to B+ from BB. We
also removed all these ratings from CreditWatch, where they were
placed with negative implications on July 17, 2017."


GCL NEW: Moody's Assigns Ba2 First-Time Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating of Ba2 to GCL New Energy Holdings Limited (GCL New
Energy).

At the same time, Moody's has assigned a Ba3 rating to the
proposed issuance of USD senior unsecured notes issued by GCL New
Energy.

The proceeds from the bond will be primarily used for general
corporate purposes and refinancing.

The rating outlook is stable.

RATINGS RATIONALE

"The Ba2 rating reflects GCL New Energy's leading market position
as one of the largest solar farm operators in China, supported by
a diversified asset portfolio with recurring cash flows, and the
favorable industry and policy environments evident in China,"
says Ivy Poon, a Moody's Vice President and Senior Analyst.

"At the same time, the rating is constrained by the company's
relatively short operating track record under its current scale
and aggressive expansion strategy that results in a weak
financial profile," adds Poon.

"The parental support provided from GCL - Poly Energy Holdings
Limited, both operationally and financially, partly mitigates
these credit weaknesses," says Poon.

Moody's expects GCL Poly will commit to maintaining its absolute
management control over GCL New Energy, in view of the latter's
strategic importance.

As such, GCL Poly has a strong willingness and adequate financial
capacity to support GCL New Energy, in time of need. As a result,
the Ba2 rating incorporates two notches of uplift to reflect such
support.

GCL New Energy is the largest privately owned solar power company
in China. Its installed capacity reached 5.9GW, with grid-
connected capacity of 5.4GW, in China at the end of 2017.

Its market position is enhanced by the company's strong research
and development capabilities, competitive cost structure, and
diversified asset portfolio with limited on-grid power
curtailment.

The company is pursuing a new business strategy involving an
asset-light model through the partial disposal of new capacity.
The new strategy -- assuming it is implemented as planned -- will
improve the company's financial profile if the proceeds from the
disposal are used to reduce its high leverage.

Furthermore, GCL New Energy's growth prospects will be mainly
driven by the Chinese government's (A1 stable) ambitious targets
to increase the national capacity for renewable energy, including
solar power. As such, Moody's expects that China will maintain
its supportive policies for the development of renewable energy
in the next five years.

On the other hand, GCL New Energy's short track record under its
current scale and aggressive debt-funded expansion are key rating
constraints. It started with 616MW in 2014, then expanded to
1.6GW in 2015, and further to 5.9GW in 2017.

This aggressive and mainly debt-funded expansion results in a
weak financial profile. Furthermore, the company's partial
reliance on short-term debt to fund this expansion has pressured
liquidity.

Moody's understands that GCL New Energy is taking initiatives to
reduce leverage and lengthen its debt maturity profile, as
demonstrated by its recent introduction of a new strategic
investor, Taiping Financial Holdings.

Moody's expects the company's leverage will remain high in the
near term, given its target of adding 1GW annually on a net
basis. Such an outcome would translate into annual capex of over
RMB10 billion in 2017 and RMB7-9 billion during 2018-2019 under
Moody's estimations. Together with the ramp-up of operations,
FFO/debt will reach 5.0%-7.5% and FFO/interest coverage 2.0x-3.0x
in the next two years.

That said, the strong level of parental support from GCL Poly
will partly mitigate the business and financial risk of GCL New
Energy.

GCL New Energy is an extension of its parent in the downstream
industry, with a high level of management integration. The parent
also has a solid track record of providing financial support to
the company.

Moody's expects GCL Poly will maintain absolute management
control over GCL New Energy, irrespective of the potential
dilution in shareholding because of the presence of Taiping
Financial Holdings.

GCL Poly is the world's largest solar photovoltaic manufacturing
company with an established history.

The senior unsecured rating is lower than the Corporate Family
Rating by one notch because of the risk of structural and legal
subordination. This risk reflects Moody's expectation that the
majority of claims will be at the operating subsidiaries' level
or secured by collateral, which will have priority over claims at
the holding company in a bankruptcy scenario.

The stable outlook on GCL New Energy's rating reflects Moody's
expectation that the company will maintain its market position as
well as a fairly stable credit profile under a favorable
regulatory environment. The stable outlook also considers the
company's plan to lengthen its debt maturity profile, thereby
strengthening its liquidity position.

Upward momentum on the rating could emerge if: (1) the regulatory
framework for China's solar power industry improves materially;
(2) the company establishes a meaningful operating track record
and improves its financial profile significantly; and (3) a
material improvement occurs in GCL Poly's credit profile.

Financial metrics indicative of a review for upgrade include
FFO/interest coverage exceeding 3.5x and FFO/debt above 10% on a
sustained basis.

The rating could be downgraded if (1) the current supportive
regulatory environment for solar power generation shows material
adverse changes; and/or (2) the credit profiles of GCL New Energy
and/or GCL Poly weaken materially.

Financial indicators for a possible downgrade include
FFO/interest coverage below 1.8x and FFO/debt below 4.0% over a
prolonged period.

Any implication of weakening support from the parent to GCL New
Energy, including GCL Poly losing absolute management control
over the company, and/or losing its status as the single largest
shareholder, will trigger a review for downgrade.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

GCL New Energy Holdings Limited is a privately owned solar power
generation company in China. The company had a total installed
capacity of 5.9GW in 26 provinces in China and overseas at the
end of 2017.

The company was 62.28% owned by GCL Poly Energy Holdings Limited
at the end of June 2017. Found in 1996, GCL Poly is an integrated
solar photovoltaic company. GCL New Energy is the sole downstream
platform of the parent company.


GOLDEN WHEEL: Fitch Assigns Final 'B' Rating to US$200MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Golden Wheel
Tiandi Holdings Company Limited's (GWTH; B/Stable) US$200 million
7.0% senior unsecured notes due 2021 a final 'B' 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 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. 10, 2018.

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 support its ratings at 'B'.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch 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.


LEECO: Listed Unit Warns Lenders Could Seize Control
----------------------------------------------------
Nikkei Asian Review reports that Chinese technology group Leshi
Internet Information & Technology said on Jan. 19 there could be
a change in its controlling shareholder if the company's
Shenzhen-listed shares drop following a resumption of trading,
without saying when the trading might restart.

Leshi Internet's founder Jia Yueting currently owns 1.024 billion
shares, or a 25.67% stake in the company, out of which 1.020
billion shares are pledged, the company said in a filing with the
Shenzhen stock exchange on Jan. 19, Nikkei relays.

"If the company's stock price drops sharply and Jia Yueting
cannot pay the guarantee money in time, these financial
institutions reserve the right to take control of the
collaterized shares, causing a possible change in the ultimate
controller of the company," Leshi Internet, as cited by Nikkei,
said in the statement.

Shares of Leshi Internet have been on a trading halt since April
2017, pending the review of a restructuring plan, the report
notes.

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


SUNAC CHINA: Moody's Alters Outlook to Stable; Affirms B2 CFR
-------------------------------------------------------------
Moody's Investors Service has revised to stable from negative the
ratings outlook for Sunac China Holdings Limited.

At the same time, Moody's has affirmed the company's B2 corporate
family rating and the B3 senior unsecured rating on its existing
notes.

RATINGS RATIONALE

"The change in ratings outlook to stable from negative reflects
Sunac's demonstrated ability to deleverage through equity
issuances and strong contracted sales growth," says Franco Leung,
a Moody's Vice President and Senior Credit Officer.

On December 15, 2017, Sunac raised HK$7.82 billion ($1 billion)
through a share placement, improving the capital structure of the
company.

In addition, the company reported a 140% year-on-year increase in
contracted sales to RMB362 billion for the full year 2017. These
strong presales should support the company's ability to meet its
revenue growth targets over the next 2 years, and in turn improve
its debt leverage.

Accordingly, Moody's expects that Sunac's debt leverage - as
measured by revenue/adjusted debt (including adjustments for its
shares in joint ventures and associates) - will trend towards
40%-50% over the next 12-18 months from around 25% in the 12
months to June 2017.

The change in outlook to stable also factors in Moody's
expectation that Sunac will improve its profitability.
Specifically, Moody's expects Sunac's reported gross profit
margin will further improve to 22%-24% over the next 12-18 months
from 19.6% in 1H 2017 through the recognition of revenues in the
next 12-18 months from better quality projects presold in 2017.

Consequently, Moody's expects Sunac's adjusted EBIT/interest will
improve to 2.6x-3.0x over the next 12-18 months from around 1.6x
for the 12 months to June 2017.

In January 2017, Sunac invested in a 8.6% stake in Leshi
Internet, a 15% stake in Leshi Pictures, and a 33.5% stake in
Leshi Zhixin for a total consideration of about RMB15 billion. In
addition, in November 2017 it provided financial support --
including RMB1.79 billion in loans and RMB3 billion in guarantees
-- to Leshi Internet and Leshi Zhixin.

Given the financial difficulty faced by these Leshi companies,
they could request Sunac for more financial support. Moody's
considers Sunac's investments in these companies as credit
negative because Sunac does not have experience and expertise in
managing their businesses and may face further capital calls.

Nevertheless, Sunac has the financial resources to manage the
financial risk related to the Leshi investment, and Moody's
expects the company will cautiously manage the size of any
further investments in Leshi.

Sunac's B2 corporate family rating reflects the company's strong
sales execution, its leading brand and market position in tier 1
and tier 2 cities, as well as the good quality of its land bank.
The rating also considers the company's good liquidity profile,
driven by its rapid-asset-turnover business model.

However, the rating is constrained by the high debt leverage
associated with Sunac's rapid expansion plans and acquisitive
appetite. In addition, the adoption of a rapid-asset-turnover
business model has reduced the stability of its profitability and
interest coverage. But Moody's expects the company's credit
metrics to improve modestly over the next 12-18 months.

Sunac's cash position is strong. As of June 30, 2017 its cash
balance of RMB92.4 billion covered 133% of its short-term debt.

Upward rating pressure could emerge if Sunac (1) demonstrates its
ability to exercise restraint in its non-core business
investments; (2) lowers its debt deleverage, with adjusted
revenue/debt exceeding 55% and adjusted EBIT/interest above 2.5x-
3.0x on a sustained basis; and (3) maintains its solid liquidity
position.

Downward rating pressure could emerge if the company's (1)
liquidity position weakens or faces a large amounts due from
acquisitions or maturing debt in the next 12 months; or (2)
credit metrics deteriorate.

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

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
economic regions such as the Beijing region, North China region,
Shanghai region, Southwestern China region, Southeastern China
region, Guangzhou-Shenzhen region, Central China region and
Hainan region.

At the end of June 2017, its gross land bank totaled 99.5 million
square meters, and its attributable land bank totaled
approximately 68.4 million square meters.


YUZHOU PROPERTIES: Purchase of Projects No Impact on Fitch Rating
-----------------------------------------------------------------
The recent announcement by Yuzhou Properties Company Limited (BB-
/Stable) that it planned to acquire seven projects in China will
strengthen the Chinese property developer's business profile, but
will not have an immediate impact on the rating, Fitch Ratings
says.

Yuzhou on Jan. 15, 2018 said it agreed to acquire the company
that holds the projects from Coastal Greenland Limited for CNY3.8
billion. The projects will enhance Yuzhou's geographical
diversification as they include properties in three cities where
it does not yet operate, Beijing, Foshan and Shenyang. The
acquisition will also help Yuzhou expand in Tianjin and Wuhan.
The company, which is strongly positioned in the West Strait
Economic Zone, will be able to significantly expand in northern
China as 96% of the properties to be acquired are in Tianjin and
Shenyang.

Fitch does not expect the acquisition to put significant pressure
on Yuzhou's leverage as the price is less than 15% of Yuzhou's
land acquisition budget for 2018. The consideration is slightly
below the net asset value of the company to be acquired of
CNY4.04 billion at end-September 2017. Yuzhou plans to pay for
the acquisition in cash, with no external funding required as the
price made up only around 20% of Yuzhou's cash at end-June 2017.

The acquisition will add 3.1 million sq m of attributable gross
floor area (GFA), including land, properties and properties under
development, which will increase Yuzhou's land bank by around
30%. The company expects these seven projects to contribute as
much as CNY4 billion-10 billion to contracted sales in 2018 and
2019. The average land cost for the acquisition is low at around
CNY1,600 per sq m of attributable sellable GFA, compared to
Yuzhou's 2016 average land cost of CNY9,872 per sq m. The
acquisition will also contribute to Yuzhou's recurring income
over the next two to three years because parts of the properties
to be acquired can be developed for rental income.

Yuzhou's expansion in northern China is likely to be gradual,
with the development of the sites to be acquired in Tianjin and
Shenyang taking more than four years. Project concentration risk
is high, however, as the Tianjin and Shenyang projects have large
GFA of 3.3 million and 1.9 million sq m, respectively.
Furthermore, Yuzhou has yet to demonstrate a track record in
developing large projects in Tianjin and new market, Shenyang.



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


CHINA SOUTH CITY: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
----------------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; 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 CSC'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. CSC
intends to use the net proceeds from the proposed notes primarily
to refinance its existing debt related to the construction and
development of its projects, and for general corporate purposes.

CSC's ratings are supported by well-located property projects,
growing non-development income, close collaboration with local
governments, a long record in integrated trade centre development
and sufficient liquidity. The ratings are constrained by CSC's
rising leverage and weak industry outlook.

KEY RATING DRIVERS

Rising Non-Development Income: Income from CSC's non-development
business increased by 15% yoy in the last 12 months to September
2017 to HK$1.8 billion, driven mainly by growth in its outlet,
property management service, and logistics and warehousing
businesses. Fitch believes CSC's diversification will enhance
internal cash flow and smooth out sales volatility. Fitch expect
non-development income/interest coverage, which was almost at
1.0x in the 12 months to September 2017, to exceed 1.0x in the
next 12 months.

Higher Leverage: CSC's leverage, measured by net debt/adjusted
inventory, rose to 52.4% at end-September 2017 from 48.1% a year
earlier, which was in line with Fitch estimate. The increase in
leverage was mainly due to faster acquisitions during the year to
replenish the company's residential land bank, with land premium
making up around 80% of sales value during first half of the
financial year to 31 March 2018 (1HFY18).

Fitch expects leverage to remain between 50% and 60% for the next
two to three years if CSC continues with Fitch estimated capex of
HK$8.5 billion-10 billion a year, which will be used to build up
saleable residential resources, replenish its residential land
bank in Tier 2 cities, and invest in its non-development segment.
Fitch believes the developer's rising leverage is mitigated by
its growing recurring income. However, CSC's ratings will come
under pressure if the non-development segment fails to expand
despite continued investment.

Residential Sales Support Performance: Contracted sales rose 37%
yoy to HK$9.8 billion in the 12 months to September 2017, buoyed
by strong sales in four Tier 2 cities: Hefei, Zhengzhou, Nanchang
and Chongqing. The increase in contracted sales was mainly driven
by a 30% rise in gross floor area sold and a recovery of 5% in
average selling prices to HK$8,130 per sq m during the period.
Residential sales accounted for around 90% of total contracted
value during 1HFY18, of which residential sales in Hefei alone
made up 37% of total sales.

Fitch expects contracted sales to reach HK$10 billion-11 billion
in FY18 as residential markets in the Tier 2 cities where the
company operates remain strong.

Weak Demand for Trade Centres: Demand in the trade and logistics-
centre sector has been weak since late 2014 as small and medium-
sized enterprises have withheld investment amid weaker economic
growth, slower relocation demand, delays in completion of
transportation networks by local governments, and weaker investor
appetite. Fitch does not see any signs of recovery in demand for
trade centre space in the next 12-18 months.

Sustained EBITDA Margin: CSC's EBITDA margin narrowed to 29.0% in
the 12 months to September 2017 from above 30% in past years,
mainly due to shift towards lower-margin residential properties.
However, this is mitigated by the company's low weighted-average
land cost of CNY404 (HK$493) per sq m in 1HFY18, and a cut in
selling and general expenses (12 months to September 2017: -17%
yoy), and larger recurring EBITDA from the non-development
segment. Fitch expects CSC's EBITDA margin to remain at around
30% in the next year or two, providing a buffer to absorb average
selling price volatility.

DERIVATION SUMMARY

CSC's projects are located in Tier 1 and 2 cities in China, which
are better located than two other Fitch-rated trade centre
developers - Hydoo International Holding Limited (B-/Stable) and
Wuzhou International Holdings Limited (CCC), whose projects are
mainly in Tier 3 and 4 cities. This translates into larger scale
and better EBITDA margins for CSC compared with its peers in the
same industry. CSC's leverage is higher than that of Hydoo and
Wuzhou as part of its cash is tied up in the construction of
investment properties. Fitch expects its diversification into the
non-development segment to generate stable operational cash flow
for the company.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CSC include:
- Contracted sales at HK$10 billion-11 billion in FY18.
- Non-development income to increase to HK$1.8 billion-2 billion
   in FY18.
- Capital expenditure at HK$8.5 billion-10 billion in FY18.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:
- EBITDA margin sustained below 20%
- Net debt/adjusted inventory sustained above 50% if non-
   development income/interest is below 1.0x (FYE17: 0.9x) and
- Net debt/adjusted inventory sustained above 60% if non-
   development income/interest is above 1.0x.

No positive rating action is expected in the next 12-18 months
given persistent weak demand for trade and logistic centres.

LIQUIDITY

Adequate Liquidity: CSC had cash and cash equivalents, including
restricted cash, of around HK$9.3 billion and unutilised banking
facilities of HK$5.6 billion at end-September 2017, covering
short-term debt of HK$12.4 billion. CSC's successful issuance in
the offshore bond market has also alleviated refinancing pressure
and lowered its average borrowing cost to 6.2% at end-September
2017, from 6.3% at FYE16 and 6.8% at FYE15.


CHINA SOUTH CITY: S&P Assigns B- Rating to New USD Unsec. Notes
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by China South City Holdings Ltd. (CSC; B/Negative/--). The issue
rating is subject to our review of the final issuance
documentation.

S&P said, "We rate the senior unsecured notes one notch lower
than the issuer credit rating because of subordination risk. The
proposed notes will rank behind a material amount of secured debt
and subsidiary-level debt in CSC's capital structure. As of
Sept. 30, 2017, the China-based developer and trade-center
operator had around Hong Kong dollar (HK$) 29.9 billion in
unsecured debt at the subsidiary level and secured debt, out of
total debt of HK$35.3 billion.

"We expect CSC to refinance existing debt with most of the notes'
proceeds, including Chinese renminbi (RMB) 500 million domestic
short-term notes due in March. The rest will be used for general
corporate purposes. In our view, the new issuance will help the
company to meet debt repayments, lengthen its maturity profile,
and manage average funding costs."

CSC sales expanded by 24% in the first three quarters of fiscal
2018 (ending March 2018), to HK$8.4 billion, putting the company
on track to reach the HK$11 billion target S&P projects for the
full fiscal year, in line with S&P's base-case. Residential
properties will continue to contribute more than 70% of sales,
because market appetite for commercial properties in trade
centers remains weak. In the first half, recurring income rose
25%, driven by solid performances in the property management and
outlets operations segments.

S&P said, "By our estimates, the company's debt will surpass
HK$36 billion by the end of fiscal 2018, so its leverage will
remain elevated in the next 12-18 months.

"Our negative rating outlook on CSC reflects our view that the
company's operating environment will remain tough in the next 12
months amid weaknesses in trade center sales in China. We expect
the company to curb its capital expenditure and maintain stable
leverage in fiscals 2018 and 2019. Our base case anticipates that
CSC's debt-to-EBITDA ratio will be around 13x-14x for fiscal
2018."



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


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

-- INR45 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating;

-- INR10 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating;

-- INR16 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND B+(ISSUER
    NOT COOPERATING) rating; and

-- INR12.5 mil. Proposed non-fund-based working capital limit
    migrated to non-cooperating category with Provisional IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1993, Allweld Engineer is a Bangalore-based
entity, engaged in the design, manufacture and supply of
hydraulic cylinders and engineering assemblies.


ANANDA EXPORTS: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ananda Exports
(Ananda) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The instrument-wise rating action is:

-- INR70 mil. Fund-based limit assigned with IND B+/Stable/
    IND A4 rating.

KEY RATING DRIVERS

The ratings reflect Ananda's small scale of operations and
moderate-to-weak EBITDA margins, due to the fragmented nature of
the business and limited value addition to the final product. In
FY17, revenue surged to INR294.36 million in FY17 (FY16:
INR192.84 million) owing to the new customer additions. EBITDA
margins fell to 4.46% in FY17 (FY16: 5.82%), because of an
increase in raw material cost.

The ratings also reflect Ananda's weak credit metrics, owing to a
small operating profit and high working capital requirements. The
net leverage (adjusted net debt/operating EBITDA) improved to
5.23x in FY17 (FY16: 6.59x) and interest coverage (operating
EBITDA/gross interest expense) to 1.17x (0.96x) due to an
increase in operating profit to INR13.14 million (INR11.23
million) and a decline in debt level to INR68.85 million
(INR74.04 million).

The ratings are also constrained by the company's elongated net
working capital cycle of 106 days in FY17 (FY16: 155 days) and
tight liquidity position as evident from around 99% utilisation
of the fund-based limits during the12 months ended November 2017.

The ratings, however, are supported by Ananda's promoter's
experience of more than four decades in the multiple sectors.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and operating
profitability leading to an improvement in the credit metrics
could lead to a positive rating action.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Established in 2010, Ananda processes hair bundles at its
facility in Faridabad and exports them to the wig and hair
extension manufacturers in Europe, China, Tunisia and Hong Kong
etc.


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

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             25        CRISIL B/Stable (Reaffirmed)
   Pledge Loan              2.75     CRISIL B/Stable (Reaffirmed)
   Standby Line of
   Credit                   1.00     CRISIL B/Stable (Reaffirmed)

The ratings reflect the weak financial risk profile, and moderate
scale of operations and low profitability, amidst intense
competition in the rice industry. These rating weaknesses are
partially offset by extensive experience of ARM's promoters.

Analytical Approach

Unsecured loans outstanding at INR0.2 crore as on March 31, 2017,
have been treated as debt, as these loans have been withdrawn in
the past, and are also interest bearing.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Total debt of INR28.5 crore
(outstanding as on March 31, 2017), mainly constitutes short-term
debt, and along with modest networth of INR8.5 crore, reduces
financial flexibility. Gearing, though high at 3.4 times as on
March 31, 2017, has improved from 4.39 times in the previous
fiscal, due to small networth. The total outside liabilities to
adjusted networth ratio was also high at 4 times. Debt protection
metrics are below average, with interest coverage ratio of 1.14
times for fiscal 2017.

* Moderate scale of operations: Scale of operations remains
moderate, as reflected in revenue of INR203 crore for fiscal
2017. Revenue of INR125 crore has been reported till December
2017, with an expectation of around INR200 crore, to be reported
for the entire fiscal 2018.

* Modest operating margin: Operating margin was low at 1.63% in
fiscal 2017, and may remain constrained due to use of leased
processing facilities and limited value-addition to the end-
product.

Strength

* Extensive experience of the promoters: The decade-long
experience of the promoters in the basmati rice industry, through
their group entity, Aggarwal Trading Company, and their strong
relationships with customers and suppliers, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes ARM will continue to benefit from the extensive
experience of its promoters. Financial risk profile may remain
weak, because of large working capital requirement. The outlook
may be revised to 'Positive' if the firm reports significant
growth in revenue and operating margin, and maintains a stable
capital structure. The outlook may be revised to 'Negative' if
stretch in the working capital cycle, or any large capital
expenditure, weakens the financial risk profile.

ARM was set up in 2008 at New Delhi. The firm mills and processes
basmati rice, and caters to exporters in India. The New Delhi-
based firm has capacity to process 100-120 tonnes of rice per
day. Operations are managed by Mr Anand Goel and his family
members.

Net profit and net sales of INR0.45 crore and INR203 crore,
respectively, were reported in fiscal 2017, against INR0.28 crore
and INR195 crore, respectively, in fiscal 2016.


AVON TUBETECH: CRISIL Raises Rating on INR29.5MM Term Loan to B
---------------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Avon Tubetech Private Limited (ATPL) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D' owing to timely servicing of debt
obligation and improved liquidity.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL A4 (Upgraded from
                                   'CRISIL D')

   Bill Discounting       2        CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Buyer`s Credit        21.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Overdraft             19.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Term Loan             29.5      CRISIL B/Stable (Upgraded
                                   from 'CRISIL D')

   Working Capital        1.5      CRISIL B/Stable (Upgraded
   Demand Loan                     from 'CRISIL D')

The ratings reflect ATPL's large working capital requirement and
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Large working capital requirement: Gross current assets were
208 days as on March 31, 2017, driven by large inventory and
receivables of 110 days and 83 days, respectively. This trend may
continue over the medium term.

* Below-average financial risk profile: Networth and gearing were
weak at INR39.29 crore and 1.54 times, respectively, as on March
31, 2017. Net cash accrual to adjusted debt and interest coverage
ratios were modest at 0.11 time and 1.85 times, respectively, in
fiscal 2017.

Strength:

* Extensive experience of promoters: Benefits derived from the
promoters' experience of over 22 years in the cold-drawn welded
(CDW) tubes industry, their understanding of the local market
dynamics, and healthy relations with customers and suppliers
should continue to support the business.

Outlook: Stable

CRISIL believes ATPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in scale of
operations, profitability, and cash accrual strengthens financial
risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected revenue and profitability,
stretched working capital cycle, or large, debt-funded capital
expenditure weakens financial risk profile. Extent of financial
support from the promoters, via equity infusions or unsecured
loans, will remain a key monitorable over the medium term.

ATPL, set up in 1988 as a proprietorship, was reconstituted as a
private-limited company in 1997. The company manufactures
electric resistance welded, CDW, and cold-drawn seamless tubes
for diversified end-user industries such as cycles, automobiles,
earthmovers, and allied engineering. Its manufacturing facilities
are in Faridabad, Haryana. Mr Ashwani Mahajan and his brother are
the promoters.


BADEPALLY MUNICIPALITY: ICRA Assigns B+ Long-Term Issuer Rating
---------------------------------------------------------------
ICRA has assigned a long-term issuer rating of [ICRA]B+ to the
Badepally Municipality. The outlook on the long-term rating is
'Stable'.

Rationale

The assigned rating takes into account the strong support from
the Government of Telangana State (GoTS) to the BDM in the form
of grants and payment of salaries to the permanent staff of the
urban local body (ULB), which provides liquidity support to the
municipality. The rating is also supported by the healthy share
of the municipality's own revenue in the total revenue income,
and 100% collection efficiency of property tax, which has been
one of the major sources of revenue for the BDM.

The rating however, is constrained on account of the small size
of the municipality's revenue base though steadily increasing but
with a limited growth during the past years, and revenue deficit
in FY2017 leading to dependence on grants from the state
government. The rating considers revenue deficit of the BDM in
FY2017, weak information-management systems with instances of
inconsistency in data, and the BDM's inadequate service standards
in delivering critical civic amenities in the region with respect
to water supply, road, and sewerage treatment. Further weak
service delivery along with high proportion of slum dwellers in
the region restricts the revenue raising capability of the BDM.
This also implies that the BDM would require large investments in
the slum-dominated areas to bridge the service-level gaps in the
region. The ability of the municipality to improve its revenue
base by exercising various tax and non-tax avenues available to
it would be critical for sustaining its financial position going
forward.

Outlook: Stable

ICRA believes the BDM will continue to benefit from the strong
support of GoTS. The outlook may be revised to 'Positive' if the
revenue base of the municipality increases substantially leading
to growth in revenue receipts (primarily from own revenue
avenues) covering revenue expenditure and resulting in revenue
surplus position, thereby, strengthening the financial risk
profile. The outlook may be revised to 'Negative' if the revenue
deficit widens weakening liquidity position.

Key rating drivers

Credit strengths

* Strong support from the Government of Telangana State (GoTS):
The BDM receives support in terms of capital grants received and
payment of salaries to the permanent staff of the ULB by the
GoTS, which has an adequate credit quality, providing liquidity
support to the BDM.

* Healthy collection efficiency of property tax: The BDM had
healthy collection efficiency of 100% for property tax, which is
one of the key revenue generators of the BDM for the past two
years. Higher collection efficiency of property tax has supported
the high share of own revenues (over 70% in the past two years)
for the ULB. However, collection efficiency of water charges has
been modest at 33% for FY2017.

Credit challenges

* Small size of revenue base with revenue deficit in FY2017: The
BDM's revenue base is small with revenue receipts of INR2.6 crore
for FY2017. Moreover, he BDM had revenue deficit of INR1.4 crore
in FY2017 owing to high establishment, and operation &
maintenance expenditure. The BDM had to rely on grants from the
GoTS and existing cash to meet the revenue deficit.

* Weak information systems: The management information system
(MIS) of the ULB is weak with instances of inconsistency in data.

* Less-than-satisfactory service indicators: The BDM's
performance level in terms of delivering critical civic amenities
in the region has been unsatisfactory with respect to water
supply, road and sewerage treatment. The per-capita water
supplied is very low at 42 liters per-capita per day; however,
ICRA notes that the region has sufficient underground water to
meet the requirements. The road density stood low at 8.2 km road
per sq. Km with 21 street lights per kilometre which is
unsatisfactory. The municipality also does not have sewerage
network or solid-waste treatment plant. Moreover, the BDM does
not have storm water drains; however, road side drains coverage
is healthy at 82.4%.

* Presence of high slum population within the municipal limits:
The slums account for ~37% of the total population in the BDM.
Weak service delivery along with the high proportion of slum
dwellers in the region restricts the revenue raising capability
of the BDM. This also implies that the BDM would require large
investments in the slum-dominated areas to bridge the service-
level gaps in the region.

The BDM, being an ULB, provides civic services to the Badepally
town. The town is located in Mahbubnagar district of Telangana
and is at a distance of around 90 km from the state capital,
Hyderabad. Badepally covers an area of 10.37 sq. km. and has
population base of 32,598, of which, ~37% is accounted by slum
dwellers.

The major functions of the BDM involve water supply, solid-waste
management, repair and maintenance of roads, street lighting and
amenities such as shopping stalls, community hall, playgrounds,
parks/gardens, among other civic amenities. The council of the
BDM comprises 20 Ward Councillors. The executive wing is headed
by a Municipal Commissioner, who is appointed by the GoTS and is
supported by the heads of various departments.

As per the revised estimates of FY2017, the BDM generated a
revenue deficit of INR1.4 crore on a total revenue receipt of
INR2.6 crore compared to a revenue surplus of INR0.1 crore on a
revenue receipt of INR2.5 crore as per the audited results of
FY2016.


CABLE HOUSE: CRISIL Assigns B+ Rating to INR4MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
rating to the long-term bank facilities of Cable House (CH).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       3.12       CRISIL A4
   Cash Credit          4.00       CRISIL B+/Stable

The rating reflects modest scale of operations in the intensely
competitive industry, large working capital requirement, and weak
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the proprietors and healthy
order flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Revenue is
modest at INR21.32 crore in fiscal 2017, which restricts
bargaining power with customers and suppliers. Moreover, intense
industry competition will restrict and significant growth in
scale of operations.

* Large working capital requirement: Gross current assets were
sizeable at 194 days as on March 31, 2017, driven by moderate
inventory and large debtors of 57 days and 130 days,
respectively.

* Weak financial risk profile: Networth was modest at INR2.4
crore as on March 31, 2017, while total outside liabilities to
tangible networth ratio was high at 4.71 times. Interest coverage
and net cash accrual to total debt ratios were subdued at 1.26
times and 0.03 time, respectively, in fiscal 2017. Financial risk
profile may remain constrained over the medium term, by modest
cash accrual and large working capital debt.

Strengths

* Experience of proprietors and healthy order flow: Benefits
derived from the proprietors' experience of around 29 years and
healthy relations with customers and suppliers should continue to
support the business. Orders worth around INR20 crore were
reported as on December 31, 2017, to be executed over the next 18
months, thereby ensuring medium-term revenue visibility.

Outlook: Stable

CRISIL believes CH will continue to benefit from the experience
of the proprietors and healthy order flow. The outlook may be
revised to 'Positive' if substantial increase in scale of
operations and profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile and liquidity weaken due to sizeable working capital
requirement, lower-than-expected cash accrual, or large, debt-
funded capital expenditure.

CH was set up in 1988 as a partnership between Ms Meera Ahuja and
her husband, Mr Mukesh Ahuja, in Lucknow; it was reconstituted as
a proprietorship firm in 1994. The firm trades in cable wires and
electrical accessories, and constructs power transmission
substations in Uttar Pradesh.


CAUVERY TIMBER: CRISIL Raises Rating on INR2MM Loan to B+
---------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Cauvery Timber and Saw Mill (CT) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming the short-
term rating at 'CRISIL A4'.

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

   Letter of Credit       4        CRISIL A4 (Reaffirmed)

The upgrade reflects CRISIL's belief that CT will continue to
benefit from the established relationships with key customers,
and its entry into trading of plywood and glasses. Revenue of
around INR14 crore is likely to be reported in fiscal 2018, while
the operating margin will remain stable at 4.5-5%. Gradual
improvement in working capital management may strengthen the
financial risk profile. Cash accrual of INR0.25 crore is expected
in fiscal 2018, against zero term debt obligation.

The ratings continue to reflect the modest scale of operations
amidst intense competition, large working capital requirement,
and below-average financial risk profile. These weaknesses are
partially offset by extensive experience of promoters in the
timber trading industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition:
Operating income has been modest at INR9.2 crore in fiscal 2017,
with small networth and working capital intensity in operations
limiting the financial flexibility. This trend may continue over
the medium term, driven by intense competition and lack of
product differentiation.

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 3.01 times as on March 31,
2017, while networth was modest at INR2.0 crore. Debt protection
metrics were also weak in fiscal 2017, with net cash accrual to
total debt and interest coverage ratios, around 0.05 time and
1.40 times, respectively.

* Working capital intensity in operations: Operations are highly
working capital intensive, with gross current assets of 322 days,
as on March 31, 2017, led by inventory of 145 days, necessitated
by the stock-and-sell model of trading. Due to intense
competition and slowdown in the construction industry, the timber
trading industry is forced to provide credit of 150-200 days. The
firm sources nearly its entire timber requirement from traders
and wood cutters in Malaysia, Africa, and America, against letter
of credit with usance of 180 days.

Strength

* Extensive experience of the promoter: Benefits from the decade-
long experience of the promoters, and their healthy relationships
with suppliers and customers, should continue to support the
business risk profile.

Outlook: Stable

CRISIL believes CT will continue to benefit from the extensive
experience of its partners in the timber trading industry. The
outlook may be revised to 'Positive' if growth in revenue and
profitability, leads to higher-than-expected accrual, and
strengthens the financial risk profile. The outlook may be
revised to 'Negative', if a stretch in the working capital cycle,
any large capital expenditure, or unfavorable regulatory change,
weakens the financial risk profile.


Set up as a partnership concern in 2004, CT trades in timber,
mainly in Tamil Nadu. The firm has established relationships with
timber depots and saw mills spread across the region, and has a
stockyard in Toothukudi.


CHOUDHARY FASHIONS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Choudhary
Fashions (CF) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR23.31 mil. Long-term loans due on September 2021 assigned
    with IND BB+/Stable rating;

-- INR197.5 mil. Fund-based facilities assigned with IND
    BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect CF's moderate credit profile. For growth in
operations and thus credit profile, CF needs to increase its
installed capacity and thus capacity use. It has an installed
capacity of 450,000 units/month and utilises about 85% of it.

The revenue increased to INR1,132 million in FY17 (FY16: INR821
million), because of a continuous order inflow. The company has
already booked revenue of INR490 million in 8MFY18 and has an
order book in hand of INR614.42 million which will be executed by
end-FY18, providing near-term revenue visibility. EBITDA margin
fell to 8.3% in FY17 (FY16: 9.2%) due to raw material price
fluctuations and an increase in direct expenses. Consequently,
net leverage (adjusted net debt/operating EBITDAR) reduced to
2.5x in FY17 (FY16: 3.2x) due to improvement in operating EBITDA
to INR94 million (INR75 million) and gross coverage (operating
EBITDA/gross interest expenses) fell to 6.5x (8.3x) on account of
an increase in interest expenses.

The ratings are constrained by the partnership nature of business
and high customer concentration. CF's top three customers
accounted for 93% of its total revenue during FY17 (FY16: 85%).
Also, the company's liquidity position is tight, with 98% average
utilisation of the fund-based limits during the 12 months ended
December 2017.

The ratings, however, are supported by the four decades of
experience of the entity's partners in the textile industry that
has led to longstanding relations with customers and suppliers.

RATING SENSITIVITIES

Positive: Steady revenue growth along with an improvement in the
operating profitability, leading to an improvement in the credit
metrics, could result in a positive rating action.

Negative: A decline in the operating profitability resulting in
any weakening in the credit metrics could result in a negative
rating action.

COMPANY PROFILE

CF started in 1974 in Mumbai and established in 1999 as a
partnership firm. CF manufactures and exports ladies woven
garments across casual wear and beach wear as well as kids wear.
It has also started a new ladies knitwear division across the
same lines. Its head office is located in Mumbai and all the
manufacturing units are located in Jaipur.


EMBEE FERRO: ICRA Moves B Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Embee Ferro Alloy Private Limited (EFAPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Term
  Loan                    15.80      [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Fund based-Cash
  Credit                   4.50      [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Non-Fund based-
  Letter of Credit         1.50      [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Non-Fund based-Bank
  Guarantee                1.50      [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                      category

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

Incorporated in January 2005, Embee Ferro Alloy Private Limited
(EFAPL) manufactures silico manganese. The manufacturing facility
of the company is located at Bankura, West Bengal. The company
commenced commercial production in September, 2015 with a 9 MVA
submerged electric arc furnace (EAF) with an installed capacity
of 14,500 TPA.


ENTERPRISING ENTERPRISES: ICRA Moves B Rating to Not Cooperating
----------------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Enterprising Enterprises (EE) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable)/A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Term
  Loan                   29.50       [ICRA]B(Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Non-fund based-
  Short term              0.50       [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

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

Enterprising Enterprises (EE) was established as a partnership
firm in 1972 by its founder, Mr. K. Badrinarayanan, the Group
chairman of the Enterprising Group. The Group has an established
presence in the granite quarrying and trading business in India
through EE as well as group entities such as Pooshya Exports
Private Limited and Yak Granite Industries Private Limited. EE is
involved in quarrying, processing and exporting granite products
from its factory located at Chembarambakkam near Chennai. It
sources granite from its own quarry located at Kunnam in Tamil
Nadu, as well as from Group companies and other external
entities. The granite is dressed, cut, polished and exported as
dimensional blocks, monuments, slabs, tiles, counter-tops and
cut-to-size pieces, depending on the customers' specifications.
EE is a 100% export oriented unit (EOU), and its products are
exported to markets such as the USA, Germany, China, Japan, the
UK, and Taiwan.


ESQUIRE MACHINES: ICRA Reaffirms B+ Rating on INR6.5cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR8.00 crore (enhanced from INR6.50 crore) fund based facilities
of Esquire Machines Private Limited (EMPL). ICRA has also
reaffirmed the short term rating of [ICRA]A4 to the INR2.00 crore
non-fund based facilities of EMPL. The outlook on the long term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term
  Loan                    1.50      [ICRA]B+ (Stable); Reaffirmed

  Fund based-Working
  Capital Facilities      6.50      [ICRA]B+ (Stable); Reaffirmed

  Non-fund based-limits   2.00      [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of ratings takes in to account EMPL's weak
financial risk profile characterised by declining profitability,
high gearing and modest coverage indicators. ICRA notes the high
working capital intensity of operations due to high receivables
and inventory levels, which lead to a stretched liquidity
position as reflected by high utilisation of fund-based limits.
The ratings further take into account the fragmented nature of
the construction equipment industry, resulting in high
competition from organised as well as unorganised players in the
domestic market and the exposure of business operations to the
cyclicality associated with the real estate and infrastructure
sector.

The ratings also take into account the vulnerability of the
entity's profitability to adverse fluctuations in raw material
prices coupled with limited ability to pass on the same to
customers.

The ratings, however, continue to positively consider the
experience of the promoters and established presence of the
company in the construction equipment and machinery industry.
EMPL's R&D capabilities and its reputed and geographically
diversified client base are other comforts.

Outlook: Stable

ICRA believes Esquire Machines Private Limited will continue to
benefit from the extensive experience of its promoters and
reputed clientele. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability, and better
working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' in case of
lower than expected growth in scale coupled with further
deterioration in profit margins leading to lower than expected
cash accruals, or stretch in the working capital cycle.

Key rating drivers

Credit strengths

* Experience of the promoters and established presence of EMPL in
the construction machinery industry: EMPL launched its first
concrete mixer in 1975 and has an established track record of
almost four decades in the construction equipment industry.
Further, the promoters of EMPL were engaged in the construction
equipment industry even prior to the establishment of EMPL.

* Established relationship with reputed clientele, diversified
geographical presence:  EMPL's domestic customer profile
continues to include some of the leading players from the
construction and infrastructure industry with a history of repeat
orders from them. Moreover, the company also caters to the export
market, mainly to trading houses in West Asia, Africa and South
Asia.

* Established R&D capabilities, further supported through joint
venture with 'Stros': EMPL has developed a large product
portfolio with constant R&D efforts over the years. It has
developed new products with latest technology. Further, EMPL has
developed premium segment passenger and material (PM) hoist (with
higher speed and load pulling capacities) targeted at high-rise
residential projects in joint venture (JV) with the
Czechoslovakian entity, Stros.

Credit weaknesses

* Weak financial risk profile: Despite a growth of ~11% in
operating income in FY2017; EMPL's operating margin declined to
4.6% in FY2017 with increased input cost that resulted in a
decline in return indicators with RoCE of 6.6% for FY2017 against
7.6% in FY2016. Moreover, during 8M FY2018, EMPL has achieved low
sales of INR11.3 crore. Further, EMPL's total debt increased to
INR14.4 crore in FY2017 from INR10.7 crore in FY2016, because of
availing unsecured loans from promoters and financial
institutions to support liquidity constraints. Consequently, the
gearing increased significantly to 2.5 times as of March 31,
2017.

* High working capital intensity, stretched liquidity position
and high utilization of limits: The receivables increased to 146
days in FY2017 with huge receivables due from associate concerns.
Further, creditors have also been stretched, indicating liquidity
constraints. Accordingly, the working capital intensity has
increased, as reflected by NWC/OI of 42% in FY2017 as against 30%
in FY2016. On an overall basis, EMPL's liquidity profile remains
highly stretched, as suggested by the high utilisation of fund-
based limits.

* Profitability exposed to volatility in raw material prices and
adverse foreign exchange fluctuations: EMPL's major raw materials
include metals and steel components, and cast iron castings that
constitute almost ~60% of the operating income. Thus, EMPL's
ability to procure raw materials at a competitive cost and pass
on any adverse fluctuations in the same to its customers
continues to be a key determinant of profitability. Further, in
FY2017, EMPL derived ~40% of its revenue from export markets,
exposing its profitability to fluctuation in foreign exchange
rates.

* Intense competitive intensity coupled with exposure to the
cyclicality associated with the real estate and infrastructure
sector: The construction equipments industry is characterised by
intense competition both from un-organised players as well
organised and multi-national manufacturers. Moreover, the demand
for construction equipment and machinery depends primarily on the
fortunes of the real estate, construction and infrastructure
development activity which remains cyclical in nature.

Esquire Machines Private Limited (EMPL) was started in 1975 as a
proprietorship concern promoted by Mr. Mahesh Gohil and has been
a corporate entity since 1996. The company is based out of Por
(near Vadodara) and is engaged in manufacturing of wide range of
equipment and machines for the construction industry. The company
has an indigenous R&D and designing department, a team of
experienced employees and contract labours. EMPL is IS0 9001:2008
certified and has membership associations with Builders
Association of India (BAI), Vadodara Chambers of Commerce &
Industry (VCCI) and Baroda Management Association (BMA).

The company has recorded a net profit of INR0.47 crore on an
operating income of INR27.44 crore as per FY2017 provisional
statement against a net profit of INR0.33 crore on an operating
income of INR24.63 crore for FY2016. For 8M FY2018, on a
provisional basis, EMPL has recorded a net profit of INR0.30
crore on an operating income of INR11.33 crore.


FUTURE VISION: CRISIL Withdraws B Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Future
Vision Corporation (FVC) for obtaining information through
letters and emails dated April 10, 2017, and May 8, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term     1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility             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 FVC. 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
FVC is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, the
rating on the bank facilities of FVC continues to be 'CRISIL
B/Stable; Issuer not co-operating'.

CRISIL has withdrawn its rating on the bank facilities of FVC at
the firm's request and receipt of no dues certificate from Bank
of Maharashtra. The rating action is in line with CRISIL's policy
on withdrawal of its bank loan ratings.

FVC, set up in 2008, is a proprietorship firm of Mr. Deepak
Patel. It is a distributor of the Samsung brand of mobile
handsets and accessories in Indore, Madhya Pradesh. The firm is
part of the P Patel group, which has interests in varied sectors
such as automobile dealership, paint distribution, and financial
services, among others.


GARHWAL JEMS: CRISIL Assigns 'B' Rating to INR5MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Garhwal Jems And Jewellery Private
Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            1        CRISIL B/Stable
   Long Term Loan         5        CRISIL B/Stable

The rating reflects the nascent stage of operations, and risks
pertaining to timely execution and completion of the project.
Liquidity may also remain weak initially, against the maturing
debt. These weaknesses are partially offset by extensive
experience of the promoter in the gems and jewellery industry.

Analytical Approach

CRISIL has treated unsecured loans of INR3.75 crore, extended by
GJJPL's promoters in fiscal 2018, as debt. These loans bear a low
rate of interest, and the management has shared its intent to pay
them off, when cash accrual becomes adequate.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stages of operations: The nascent stage of operations
will continue to constrain the business risk profile as the
company was set up only in April 2017. However, the decade-long
presence of the group, through a sole proprietorship firm, should
help overcome risks encountered during the initial stages.

* Project risk: The project is still at the execution stage and
scheduled to be operational by January 2018. Project cost of INR8
crore is to be funded mainly via term debt of INR5 crore, and the
rest via contribution of promoters. Hence, timely start of
operations and demand will remain key sensitivity factors.

* Weak liquidity: Liquidity is likely to remain weak, with debt
servicing scheduled from November 2017, while revenue is expected
to be booked only from January 2018. In the absence of sufficient
cash accrual, bank limit utilisation may remain high. Funding
support from promoters, should however, provide comfort to the
liquidity.

Strength

* Extensive experience of the promoter: The promoter, Mr Jitendra
Panwar's family has been engaged in the jewellery business in
Rishikesh, for the past six decades. Established brand and
reputation, in Rishikesh, should support the business risk
profile.

Outlook: Stable

CRISIL believes GJJPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if healthy revenue and profitability booked in the
initial years, leads to substantial cash accrual, and strengthens
the financial risk profile. The outlook may be revised to
'Negative' in case of lower-than-expected accrual, or stretch in
working capital cycle, weakening the financial risk profile and
liquidity.

GJJPL was set up in April 2017 at Rishikesh (Uttarakhand). The
company is setting up a gold jewellery manufacturing plant, and
will undertake wholesaling and retailing of gold and diamond-
studded ornaments. The product portfolio will include rings,
necklaces, bangles, bracelets, and earrings.


JAIN SARVODAYA: Ind-Ra Affirms 'D' Rating on INR1,041MM Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Jain Sarvodaya Vidhya Gyanpith Samiti's (JSVGS)
bank facilities:

-- INR1,041 mil. Term loans (long-term) due on June 30, 2026
    affirmed with IND D rating.

KEY RATING DRIVERS

Positive: The rating could be upgraded if debt servicing
obligations are serviced in a timely manner for at least one
quarter.

RATING SENSITIVITIES

The rating could be upgraded if debt servicing obligations are
serviced in a timely manner for at least one quarter.

COMPANY PROFILE

In March 2005, JSVGS was registered as a society under Madhya
Pradesh Societies Registration Adhiniyam 1973. It runs a 300-bed
hospital in Bhopal, Madhya Pradesh, and a medical college at the
same location. The college is yet to commence operations. Once
operational, the medical college will offer MBBS courses in all
fields of medicine.


JINDAL POLYWEAVES: Ind-Ra Assigns 'BB' Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jindal
Polyweaves Private Limited (JPPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The instrument-wise rating
action is:

-- INR89 mil. Fund-based working capital facilities assigned
    with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect JPPL's small scale of operations, weak EBITDA
margins, and moderate credit metrics. Revenue grew to INR704.69
million in FY17 (FY16: INR485.94 million) owing to increased
orders from new and existing customers. JPPL derived around
47.51% and 44.27% of its revenue in FY17 (FY16: 42.59%, 47.41%)
from the trading of metalised polyester films and selling of
manufactured grey fabrics, respectively.

JPPL reported low EBITDA margin of 3.49% in FY17 (FY16: 3.52%)
due to increased revenue from trading income, where margins are
relatively low. Gross interest coverage (operating EBITDA/gross
interest expense) improved to 2.31x in FY17 (FY16: 1.89x) and net
leverage (total adjusted net debt/operating EBITDAR) to 3.75x
(5.47x) on the back of reduced debt levels.

The ratings are also constrained by the JPPL's elongated net
working capital cycle of 57 days in FY17 (FY16: 73 days) mainly
due to long receivable period.

The ratings also factor in the company's moderate liquidity
position as reflected by 78.1% average maximum utilisation of the
fund-based facilities during the 12 months ended December 2017.

The ratings are also constrained by the company's presence in a
highly competitive textile industry.

However, the ratings benefit from the promoters' more than a
decade of experience in the textile business.

RATING SENSITIVITIES

Negative: A further decline in the EBITDA margins or an
elongation of the net working capital cycle leading to
deterioration in the credit metrics will lead to a negative
rating action.

Positive: A sustained growth in revenue and EBITDA margins
leading to a sustained improvement in the credit metrics will
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2005, Gujarat-based JPPL manufactures grey
fabrics and texturised yarn. The company is also engaged in the
trading of metalised polyester films. It has an annual installed
production capacity of 15,750,000 metres of grey fabric and 1,200
metric tonnes of texturised yarn. JPPL is promoted and managed by
the Jindal family, and its group companies include Vikash
Polyweaves Pvt. Ltd. and Jindal Filaments Pvt. Ltd., among
others. All the group companies are engaged in the trading and
textile processing activities.

The company booked revenue of INR467 million of revenue and
EBITDA margin of 3.45% in 9MFY18.


K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR25MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank loan facility of K.S. Enterprises Private
Limited.

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

The ratings reflect the small scale of operations amidst intense
competition, and the weak financial risk profile. These
weaknesses are partially offset by extensive experience of the
promoter in the metal scrap trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, amidst intense competition in the
metal scrap segment: Intense competition from several unorganised
players catering to local demand, keeps the scale of operations
modest, with topline of INR120.05 crore in fiscal 2017. High
geographical concentration will continue to restrict revenue
growth.

* Weak financial risk profile: Total outside liabilities to
tangible networth ratio was high at 4.31 times as on March 31,
2017, due to high working capital debt and large receivables,
while networth was low at INR6.93 crore. Debt protection metrics
were muted, with interest coverage and net cash accrual to total
debt ratios of 1.2 time and 0.02 time, respectively, in fiscal
2017.

Strength

* Extensive experience of the promoters: The two decade-long
experience of the promoter, strong relationships with suppliers
and customers, and diversification into the packaged food
segment, will continue to support the business risk profile
However, it will remain constrained by the small scale of
operations and lower operating margin.

Outlook: Stable

CRISIL believes KSEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a significant growth in revenue and profitability,
leads to a substantial increase in cash accrual, and strengthens
the capital structure. The outlook may be revised to 'Negative'
if a stretch in the working capital cycle, or a decline in
profitability or revenue, weakens the financial risk profile.

KSEPL was set up by Mr Rajesh Kumar Singal in 1989. The New
Delhi-based company trades in ferrous and non-ferrous metal
scrap, including zinc, copper, brass, nickel, and steel scrap. It
has started trading in food products such as pasta and macaroni
under the Wheatley brand.


KASA ANLAGEN: CRISIL Reaffirms B+ Rating on INR2.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Kasa Anlagen India Private
Limited (KAIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        4.5       CRISIL A4 (Reaffirmed)

   Bill Discounting
   under Letter of
   Credit                1.0       CRISIL A4 (Reaffirmed)

   Cash Credit           2.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.0       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect KAIPL's modest scale of
operations amid intense competition, and exposure to risks
related to regulatory changes or cyclicality in the capital goods
industry. However, these weaknesses are partially offset by the
experience of the promoter in the electrical equipment industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Small scale
of operations, with revenue of INR25 crore in fiscal 2017, amid
intense competition limits the pricing power with customers and
suppliers, thereby constraining profitability.

* Exposure to regulatory changes or cyclicality in the capital
goods industry: KAIPL is highly dependent on capital goods
industries such as power, cement, steel and coal. Any negative
impact/slowdown or adverse regulatory changes in these industries
can drastically weaken KAIPL's business, as seen in fiscal 2014.

Strength

* Experience of promoter: The promoter, Mr M S Balaji, is a
graduate in electrical engineering, with 30 years of experience
in electrical and automation systems. Mr Pramod Balaji, son of Mr
M S Balaji, joined the business in 2009 and has been instrumental
in forming a joint venture with Kasa Companies Inc.

Outlook: Stable

CRISIL believes KAIPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in profitability
and scale of operations, and prudent working capital management
strengthens liquidity. Conversely, the outlook may be revised to
'Negative' if low profitability, or stretched working capital
cycle weakens liquidity.

KAIPL, formerly known as Elektro Anlagen (EA), manufactures power
and control panels as per customer specifications, and provides
solutions in application study and development, software
development, commissioning, training, after-sales service system
integration and start-up, and turnkey project management. In
January 2011, EA entered into a joint venture with Kasa Companies
Inc, USA, to incorporate KA. The promoter, Mr M S Balaji, is
based in Chennai.


KHAYA SOLAR: ICRA Reaffirms B- Rating on INR54.20cr Term Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- to the
INR54.20 crore bank debt facilities of Khaya Solar Projects Pvt.
Ltd (KSPL). The outlook on the rating is 'stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term
  Loan                   54.20      [ICRA]B-(stable); Reaffirmed

Rationale

The reaffirmed ratings favourably factor in the long operational
track record of the plant extending over the last six years and
timely receipt of payments from the counterparty viz. NTPC Vidyut
Vyapar Nigam Ltd (NVVN). The rating also continues to be
supported by availability of a high tariff of INR11.50/unit which
ensures project viability and enables timey debt servicing.
The rating is, however, constrained by the stretched liquidity
position of the parent. Further, the project has a relatively
high capital cost/MW which makes their power uncompetitive
vis-a-vis other conventional power sources and also vis-a-vis the
more recent renewable installations. Although the generation has
been satisfactory, ICRA notes the decline in generation over the
last three years. Finally, the rating factors in the seasonality
and possible variance in solar irradiance across years which can
impact year on year returns given revenues are linked to actual
generation.

Going forward, the credit profile of the parent, the capital
allocation plans of KSPL, the operational parameters of the solar
power plant and the schedule of receipt of payments from NVVN
will remain key rating sensitivities.

Outlook: Stable

ICRA believes KSPL will continue to benefit from the presence of
a strong counterparty, high preferential tariff and the long
operational history of the asset. The outlook may be revised to
'Positive' if the financial profile of the parent company (LSEPL)
improves and higher generation levels strengthen the
profitability of KSPL. The outlook may be revised to 'Negative'
in case of deterioration in liquidity of KSPL either on account
of delay in payments by NVVN or injudicious allocation of
capital.

Key rating drivers

Credit strengths

* Long operational track record of the plant lends comfort: Over
almost, the last six years, the generation track record of the
project has been satisfactory. The PLFs have remained strong for
all the completed financial years (except in FY2013 as there was
transmission connectivity constraint for first few months of the
year).

* High tariff and a strong counterparty enhance liquidity and
mitigate off-take risk: The company has tied up a Power Purchase
Agreement (PPA) with NVVN at an attractive tariff of
INR11.50/unit for a period of 25 years which assures project
viability and timely debt servicing. Presence of NVVN mitigates
counterparty related concerns and regular payments in the past
have improved liquidity of the company. It may, however, be noted
that despite the 1:1 bundling by NVVN, tariff remains
uncompetitive vis-Ö-vis other conventional power sources and also
vis-Ö-vis the more recent renewable installations.

Credit challenges

* Weak financial profile of the group remains a major rating
overhang: The Lanco group is in financial distress. The weak
liquidity profile of the group remains a key credit challenge and
creates an overhang on the company's credit rating.

* Seasonality and variance in solar irradiance can impact cash
flows: Given that revenues are linked to actual generation, any
variance in insulation levels would directly affect the revenues
of the company. However the same is mitigated to some extent as
the company had conducted site specific solar resource
assessment. More than five year of plant track record also lends
comfort.

KSPL is a special purpose vehicle (SPV), promoted by Lanco Solar
Energy Private Limited (LSEPL, subsidiary of Lanco Infratech
Limited) and Lanco Infratech Limited for setting up 5 MW solar
power plant in the state of Rajasthan. The project has been set
up under centre's Jawaharlal Nehru National Solar (JNNSM) Policy
with NVVN being the designated nodal agency to implement the
policy framework. The SPV has entered into a 25 year PPA with
NVVN. The feed in tariff is INR11.50 per unit for entire term of
the agreement of 25 years. The total project cost was INR82.2
crores which was funded in a debt- equity Ratio of 2:1.


KHOKHAR INFRASTRUCTURE: Ind-Ra Affirms 'BB-' Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Khokhar
Infrastructure Private Limited's (KIPL) Long-Term Issuer Rating
at 'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR50 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable rating; and

-- INR300 mil. Non fund-based working capital limits affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects KIPL's continued small scale of
operations and moderate credit metrics, along with a low revenue
visibility and a geographical concentration. In FY17, revenue
declined to INR335 million (FY16: INR551 million) due to a
slowdown in work order execution and lower order inflow. Interest
coverage deteriorated to 1.3x in FY17 from 1.4x in FY16 owing to
an increase in interest expenses due to a higher utilisation of
short-term debt during the year. On the other hand, leverage
improved to 3.4x in FY17 from 3.7x in FY16, driven by an increase
in absolute EBITDA. As of 8 January 2018, KIPL had an unexecuted
order book position of INR235.51 million (0.7x of FY17 revenue),
60% of which was concentrated in Jharkhand.

The ratings also reflect KIPL's tight liquidity, indicated by a
maximum utilisation of its fund-based facilities of 98.43% during
the 12 months ended December 2017.

The ratings, however, continue to be benefit from the promoters'
over two decades of experience in civil construction. Moreover,
the ratings are supported by a moderate EBITDA margin of 9.6% in
FY17 (FY16: 5.5%). The rise in EBITDA margin was due to a
decrease in overhead expenses.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained
basis could result in a negative rating action.

Positive: Any significant increase in revenue, along with the
maintenance of the credit metrics at the FY17 levels, could
result in a positive rating action.

COMPANY PROFILE

Incorporated in 2007, KIPL is a first-A class contractor
registered in Jharkhand and Bihar. The company is engaged in the
construction of roads and bridges. The company is manged by Mr
Sarjit Singh Khokhar, Mr Roshan Singh Khokhar and Mr Gurmukh
Singh Khokhar.


KIARA JEWELLERY: ICRA Moves B/A4 Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the long-term and short-term ratings for the bank
facilities of Kiara Jewellery Private Limited (KJPL) to the
'Issuer Not Cooperating' category. The ratings are now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Pre-        8.00       [ICRA]B(Stable)/[ICRA]A4
  shipment Limit                    ISSUER NOT COOPERATING;
                                    Rating moved to the
                                    'Issuer Not Cooperating'
                                    Category

  Fund based-Post        6.00       [ICRA]B(Stable)/[ICRA]A4
  shipment Limit                    ISSUER NOT COOPERATING;
                                    Rating moved to the
                                    'Issuer Not Cooperating'
                                    Category

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

As part of its process and in accordance with its rating
agreement with Kiara Jewellery Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Incorporated in 2004, KJPL is a joint venture between Shrenuj &
Company Limited and Saphir Products NA (an associate of the
Dalloz Group). The company manufactures diamond and stone-studded
gold and platinum jewellery, specifically for the French market.
The product portfolio includes rings, bracelets and pendants made
from 9, 10, 14 and 18 carat gold and platinum. The manufacturing
unit and registered office is located at Santacruz Electronics
Export Processing Zone (SEEPZ), Andheri, Mumbai. The promoters
have an experience of more than three decades in the gems and
jewellery business.


LAL BABA: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lal Baba
Industrial Corporation Private Limited's (LBIPL) Long-Term Issuer
Rating at 'IND BB'. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR114 mil. Fund-based limits affirmed with IND BB/Stable
    ratings; and

-- INR30 mil. Non-fund-based limits affirmed with IND A4+
    ratings.

KEY RATING DRIVERS

The affirmation reflects LBIPL's sustained moderate credit
profile. Revenue declined to INR496 million in FY17 (FY16: INR557
million) on account of slow order inflow. As of December 2017,
the company had an order book of INR178 million. Interest
coverage (operating EBITDAR/gross interest expense) was stable at
1.5x in FY17 (FY16: 1.4x). Despite a substantial improvement in
EBITDA margin to 9.2% on FY17 (FY16: 5.7%), net financial
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 4.6x (3.8x) owing to an increase in debt level to fund the
company's expansion plans. The improvement in the EBITDA margin
was due to better realisation of components.

The ratings are constrained by the company's tight liquidity
position. Cash flow from operations turned negative to INR44
million during FY17 (FY16: INR44 million), owing to an elongation
of working capital cycle to 56 days days (40 days), as a result
of an increase in inventory days to 173 days (118 days). LBIPL
fully utilised its working capital limits during the 12 months
ended December 2017.

However, the ratings remain supported by LBIPL's promoters' five
decades of experience in the casting and forging business.

The ratings also benefit from the company's a decade-long
association with large wagon manufacturers such as Cimmco Limited
('IND AA-'/Stable) and Texmaco Rail & Engineering Limited ('IND
AA-'/Stable), among others.

RATING SENSITIVITIES

Positive: A substantial improvement in the operating
profitability leading to an overall improvement in the credit
metrics will be positive for the ratings.

Negative: Any further deterioration in the scale of operations or
a decline in the operating profitability will be negative for the
ratings.

COMPANY PROFILE

LBIPL was established by Mr. Babu Lal Dhanuka and Mr. Murari Lal
Dhanuka as a partnership entity in 1961. In 2010, the firm was
converted into a private limited company under its current name.
The company manufactures components for wagons and bogies. It has
four production units in West Bengal.


MANGALAYATAN UNIV: Ind-Ra Moves B+ Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mangalayatan
University's term loan rating to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
B+(ISSUER NOT COOPERATING)' on the agency website. The detailed
rating actions are:

-- INR54.79 mil. Term loan I due on March 2020 migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating; and

-- INR260.46 mil. Term loan II due on July 2024 migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The Rating was last reviewed on
Jan. 4, 2017. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Mangalayatan University has been operating for nearly 10 years.
The university is located in Beswan, a village 30km away from
Aligarh. It offers undergraduate and postgraduate courses in
engineering, management, architecture, law, humanities and
others. All of its courses have been accredited by the University
Grants Commission.


MAULI FRESH: ICRA Moves B Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Mauli Fresh Agro Industries Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                         Amount
  Facilities          (INR crore)   Ratings
  ----------          -----------   -------
  Unallocated amount      25.00     [ICRA]B(Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

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

As part of its process and in accordance with its rating
agreement with Mauli, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Mauli Fresh Agro Industries Private Limited was established on
2nd September, 2015 with the objective of setting up a greenfield
project for the manufacturing of skimmed milk powder, whole milk
powder, butter, ghee and condensed milk. The company proposes to
set up its manufacturing facility with an annual installed
capacity of 2,50,000 litres per day (LPD) at Rahuri Ahmednagar on
land spanning 20,000 square meters.

Mauli has two group companies - Mula Agro Products Pvt Ltd (Mula,
rated at [ICRA]B+ ISSUER NOT COOPERATING") and Mauli Ice Pvt Ltd.
While the former processes milk and manufactures milk products
such as shrikhand, lassi, paneer, ghee etc, the latter
manufactures ice and caters exclusively to the requirements of
Mula.


MITTAL FIBERS: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s. Mittal
Fibers' (MF) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR60 mil. Fund-based working capital limits affirmed with
    IND B+/Stable rating; and

-- INR3.3 mil. (reduced from INR7.04 mil.) Long-term loans due
    on July 2021 affirmed with IND B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect MF's sustained weak credit metrics owing to
the firm's limited value-addition activity in the textile value
chain and the proprietorship nature of the business. Interest
coverage (operating EBITDAR/gross interest expense) improved to
1.9x in FY17 (FY16:1.7x) owing to stable financial cost, despite
a rise in debt. However, net financial leverage (total adjusted
net debt/operating EBITDAR) deteriorated to 7.8x in FY17 (FY16:
6.8x) on account of a decline in EBITDA margin to 2.4% (4.8%),
due to fluctuations in cotton price.

However, the ratings are supported by an increase in the
company's scale of operations to moderate from small, as
reflected by a 138.8% yoy growth in revenue to INR691million in
FY17 on account of a rise in sales volume.

The ratings also benefit from MF's comfortable liquidity position
with 53% utilisation of its fund-based limits during 12 months
ended December 2017.

The ratings remain supported by the promoter's a decade-long
experience in the cotton ginning and pressing industry.

RATING SENSITIVITIES

Negative: A further decline in the operating profitability
leading to deterioration in the overall credit metrics will be
negative for the ratings.

Positive: A rise in the operating profitability leading to an
improvement in the overall credit metrics will be positive for
the ratings.

COMPANY PROFILE

MF was established by Sanjay Agarwal in 2007. The firm is engaged
in the ginning and pressing of cotton at Shahada, Maharashtra. It
operates 36 ginning and one pressing machines. The firm also has
an oil mill. The proprietor has another firm, which is engaged in
similar kind of activities in Khetia, Madhya Pradesh


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

-- INR43.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 19, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MMHPPL was incorporated in 2006 by Mr AR Singh and Mr Sutikshan
Lai. The company is engaged in the design, engineering,
manufacturing and supply of bulk material handling
equipment/system. It has two manufacturing units, one in
Faridabad, Haryana, and the other in Alwar, Rajasthan. Its total
installed fabrication capacity is 3,000 million tonnes per annum.
The units are fully equipped to manufacture pulleys, idlers,
technological structures, gates and other material handling
equipment. MMHPPL mainly caters to companies that operate in the
mining, cement, coal, power, fertiliser and metallurgy sectors.


MULA AGRO: ICRA Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------
ICRA has moved the long term ratings for the bank facilities of
Mula Agro Products Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term
  Loans                    0.30     [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

   Unallocated Limits      0.70     [ICRA]B+(Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

As part of its process and in accordance with its rating
agreement with Mula, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Incorporated in 1993, Mula Agro Products Private Limited (Mula),
processes milk and manufactures milk products such as shrikhand,
lassi, paneer, ghee etc. Processed milk is the key revenue driver
and contributes to over 90% of the total operating income of the
company. The company also has a petrol pump, which is used to
refuel its own vehicles as well as the hired vehicles. The
operations of the company are collectively managed by its
directors who have an experience of over two decades in the dairy
industry. The company's manufacturing facility is located at
Rahuri, Ahmednagar and has a processing capacity of 1,45,000-
1,50,000 litres per day. The manufacturing facility is well
equipped with the requisite infrastructure of collection,
chilling, pasteurisation, grading, packaging and storage of milk
and milk-derived products.

Mula has two group companies - Mauli Fresh Agro Industries
Private Limited (rated at [ICRA]B ISSUER NOT COOPERATING") and
Mauli Ice Pvt Ltd. While the latter is engaged in the
manufacturing of ice and caters exclusively to the requirements
of Mula, the former has been established in 2015 with the
objective of manufacturing skimmed milk powder and other milk-
based products.


NAGARKURNOOL MUNICIPALITY: ICRA Assigns B+ Long-Term Issuer
-----------------------------------------------------------
ICRA has assigned a long-term issuer rating of [ICRA]B+ to the
Nagarkurnool Municipality (NKM). The outlook on the long-term
rating is 'Stable'.

Rationale

The assigned rating takes into account the strong support from
the Government of Telangana State (GoTS) to the NKM in the form
of grants and payment of salaries to the permanent staff of the
urban local body (ULB), which provides liquidity support to the
municipality. The rating is also supported by the healthy share
of the municipality's own revenue in the total revenue income,
and high collection efficiency of property tax in FY2017, which
has been one of the major sources of revenue for the NKM.

The rating, however, is constrained on account of the small size
of the municipality's revenue base with a limited growth during
the past two years, and revenue deficit in FY2016, leading to
dependence on grants from the state government. The rating
considers weak information-management systems with instances of
inconsistency in data and the NKM's inadequate service standards
in delivering critical civic amenities in the region with respect
to water supply, road and sewerage treatment. Further, weak
service delivery along with high proportion of slum dwellers in
the region restricts the revenue-raising capability of the NKM.
This also implies that the NKM would require large investments in
slum-dominated areas to bridge the service-level gaps in the
region. The ability of the municipality to improve its revenue
base by exercising various tax and non-tax avenues available to
it would be critical for sustaining its financial position, going
forward.

Outlook: Stable

ICRA believes the NKM will continue to benefit from the strong
support of GoTS. The outlook may be revised to 'Positive' if the
revenue base of the municipality increases substantially, leading
to growth in revenue receipts (primarily from own revenue
avenues), covering revenue expenditure and resulting in revenue
surplus position thereby, strengthening the financial risk
profile. The outlook may be revised to 'Negative' if there is
revenue deficit weakening liquidity.

Key rating drivers

Credit strengths

* Strong support from the GoTS: The NKM receives support in terms
of capital grants received and payment of salaries to the
permanent staff of the ULB by the GoTS, which has an adequate
credit quality, providing liquidity support to the NKM.

* Healthy collection efficiency of property tax: The NKM had
healthy collection efficiency of 92% for property tax in FY2017,
which is one of the key revenue generators of the NKM. Higher
collection efficiency of property tax has supported the high
share of own revenues (over 92% in FY2017) for the ULB.

Credit weaknesses

* Small size of revenue base with revenue deficit in FY2016: The
NKM's revenue base is small with revenue receipts of INR3.69
crore for FY2017. Moreover, the NKM had revenue deficit of
INR0.03 crore in FY2016 owing to high establishment expenditure.
NKM had to rely on grants from the GoTS and existing cash to meet
the revenue deficit.

* Weak information systems: The management information system
(MIS) of the ULB is weak with instances of inconsistency in data.

* Less-than-satisfactory service indicators: The NKM's
performance level in terms of delivering critical civic amenities
in the region has been unsatisfactory with respect to water
supply, road and sewerage treatment. The per-capita water
supplied is very low at 78 litre per capita day; however, ICRA
notes that the region has sufficient underground water supply to
meet the requirements. The road density stood low at 6.1 km road
per sq. km. The municipality does not have sewerage network or
solid-waste treatment plant.

* Presence of high slum population within the municipal limits:
The slums account for 18% of the total population in the NKM.
Weak service delivery along with high proportion of slum dwellers
in the region restricts the revenue raising capability of the
NKM. This also implies that the NKM would require large
investments in the slum-dominated areas to bridge the service-
level gaps in the region.

The NKM, being an ULB, provides civic services to the
Nagarkurnool town. Nagarkurnool is a new district formed in
October 2016 in Telangana. It was previously in Mahabubnagar
district. The town is located at a distance of around 134 km from
the state capital, Hyderabad. The major economic activity in the
region is agriculture. According to Census 2011, Nagarkurnool
covers an area of 5.74 sq. km. and has a population base of
26,801 of which 18% is accounted by slum dwellers.


NATIONAL POLYPLAST: ICRA Withdraws D Rating on INR30.51cr Loan
--------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]D on INR42.72
crore bank facilities of National Polyplast (India) Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term Loans              30.51       [ICRA]D; Withdrawn

  Long Term Fund
  Based                    7.30       [ICRA]D; Withdrawn

  Short Term Non
  Fund Based               1.50       [ICRA]D; Withdrawn

  Unallocated              3.41       [ICRA]D; Withdrawn

Rationale

The rating is withdrawn at the request of the firm, based on
account closure certificate and no objection letter provided by
the lenders.

National Polyplast (India) Limited (NPIL) is part of the National
Plastics Group of Chennai, which was started in 1951 by Mr
Bachhraj Parakh. The Group was among the first to enter the
plastics industry in South India and initially manufactured
household articles such as water containers and kitchen wares.
NPIL was established in 1992 to manufacture plastic household
items but presently makes PET preforms and HDPE crates for the
beverages industry; the company has also recently started
manufacturing plastic moulded auto components. NPIL has five
plants with two located in Tamil Nadu, one in Pondicherry, one in
Uttarakhand and one in Silvassa, with a sixth plant being set up
in Tamil Nadu. The primary customers of NPIL are Pepsico India
and its franchisees.


OM GRAM: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Om Gram Udyog
Samiti's (OGUS) bank facilities to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
D(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:

-- INR9.74 mil. Term loan (Long-term) due on July 2021 migrated
    to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR15 mil. Working capital facility (Long-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 11, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

OGUS was registered under the Registrar of Societies in May 2001.
The promoters are looking to set up a par boiled rice unit of two
tonne capacity at Village Ramgarh Sanduan, Punjab.


OM SAI: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Om Sai Cotton Industries (OSCI).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            9       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     6       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations, below-average financial risk profile, and
susceptibility to government regulations and to fluctuations in
raw material prices. These weaknesses are partially offset by the
extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: OSCI is a small player in the
fragmented cotton industry, with an operating income of INR66.2
crore in fiscal 2017.

* Below-average financial risk profile: OSCI has small networth
and high gearing of INR4.4 crore and 1.85 times on March 31,
2017. However the capital structure has been improving over the
past few years. Debt protection metrics are subdued with interest
coverage and net cash accrual to total debt ratios of 2.12 times
and 0.03 time respectively in fiscal 2017.

* Susceptibility to government regulations and to fluctuation in
raw material prices: Government fixes the minimum support price
for each crop every year which, along with demand-supply factors,
affects cotton prices. Hence, operating margin remains
susceptible to volatile raw material prices

Strength

* Extensive experience of promoter: The partners have extensive
experience of over two decades in the cotton ginning industry.

Outlook: Stable

CRISIL believes OSCI will continue to benefit over the medium
term from the experience of its partners in the cotton industry.
The outlook may be revised to 'Positive' if the firm reports
higher-than-expected revenue while improving its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if decline in revenue or profitability, significant
stretch in working capital cycle or any large, debt-funded
capital expenditure, weakens financial risk profile.

OSCI was set up in 2010 as a partnership firm by Mr B Parameswar,
Mr H J Reddy, Mr H V Reddy, Mrs C Aruna, and Mrs G Swathi. The
firm, based in Warangal District (Telangana), gins and presses
cotton.


PARADIGM TUNNELING: CRISIL Hikes Rating on INR3MM Loan to B-
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Paradigm
Tunneling Private Limited (PTPL) for obtaining information
through letters and emails dated April 18, 2017 and May 9, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         8        CRISIL A4 (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL A4' to 'CRISIL D'
                                   and Simultaneously Upgraded to
                                   'CRISIL A4')

   Cash Credit            3        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Downgraded from
                                   'CRISIL B/Stable' to
                                   'CRISIL D' and Simultaneously
                                   Upgraded to
                                   'CRISIL B-/Stable')

   Letter of Credit       3        CRISIL A4 (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL A4' to 'CRISIL D'
                                   and Simultaneously Upgraded to
                                   'CRISIL A4')

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 Paradigm Tunneling Private
Limited. 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 Paradigm Tunneling Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' rating category or lower. Based on the last available
information, CRISIL has downgraded its rating on the bank
facilities of PTPL from 'CRISIL B/Stable/CRISIL A4' to 'CRISIL
D/CRISIL D' and simultaneously upgraded the rating to 'CRISIL B-
/Stable/CRISIL A4'

The rating revision to 'CRISIL D', takes into account
overutilisation for more than 30 consecutive days in the cash
credit account in June-July 2017 as indicated by banker. The
simultaneous upgrade to 'CRISIL B-/Stable' reflects there are no
irregularities in any the last four months through December 2017.

Incorporated in 2013, PTPL commenced commercial operations in
2015-16 (refers to financial year, April 1 to March 31). 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.


PCM CEMENT: Ind-Ra Cuts LT Issuer Rating to BB+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded PCM Cement
Concrete Private Limited's (PCM Cement) Long-Term Issuer Rating
to 'IND BB+' from 'IND BBB-'. The Outlook is Stable. The
instrument-wise rating actions are:

-- INR80 mil. Fund-based limits downgraded with IND BB+/Stable
    rating;

-- INR920 mil. Non-fund-based limits downgraded with IND
    BB+/Stable/IND A4+ rating.

Earlier, Ind-Ra took a consolidated view of PCM Cement and all of
its subsidiaries (together referred to as the PCM group) to
arrive at the ratings on account of legal and operational
interlinkages. However, in view of lack of visibility on timely
support from its Germany-based subsidiary, PCM Rail One AG, Ind-
Ra has taken a standalone view to arrive at the ratings this
time.

KEY RATING DRIVERS

The downgrade reflects deterioration in PCM Cement's liquidity,
indicated by instances of overutilisation of the working capital
limits over the five months ended November 2017. Cash flow from
operations was positive over FY14-FY16 but turned negative in
FY17 due to an increase in working capital requirements, driven
by a rise in receivable period (FY17: 34 days; FY16: 23 days) and
a fall in payable period (54 days; 66 days).

The ratings are constrained by the weak performance of PCM Cement
in FY17 vis-a-vis FY17 provisional financials due to adjustments
at the time of the finalisation of accounts. In FY17, revenue was
INR697 million (FY17 provisional: INR786 million), EBITDA margin
was 8.6% (9.7%), EBITDA interest coverage was 3.1x (3.9x) and net
leverage was 1.8x (1.1x).

However, the ratings continue to be supported by the promoters'
over 25 years of experience in the manufacturing of sleepers.

RATING SENSITIVITIES

Negative: PCM Cement's inability to improve its liquidity
position and/or further deterioration in its credit metrics on a
sustained basis could lead to a negative rating action.

Positive: An improvement in the liquidity position, a rise in
revenue and an improvement in credit metrics on a sustained basis
could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1991, PCM Cement is engaged in sleeper
manufacturing, flash butt welding, infrastructure works, and
media and communications.


POLYSOL INDUSTRIES: ICRA Reaffirms B+ Rating on INR2cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR2.00-crore cash credit facility of Polysol Industries. ICRA
has also reaffirmed the short term rating of [ICRA]A4 to the
INR9.00-crore letter of credit facility and INR0.80-crore forward
contract facility of Polysol. The ratings are removed from non
cooperation category. The outlook on the long-term rating is
'Stable'.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund based-Cash       2.00       [ICRA]B+ (Stable); Reaffirmed,
  Credit Facility                  removed from non cooperation
                                   category

  Non-fund based-       9.00       [ICRA]A4; Reaffirmed,
  Letter of Credit                 removed from non cooperation
                                   Category

  Non-fund based-       0.80       [ICRA]A4; Reaffirmed,
  Forward Contract                 removed from non cooperation
  Exposure                         Category

Rationale

The ratings reaffirmation favorably factors in the extensive
experience of the partners in the chemical manufacturing as well
as edible oil trading business.

The ratings, however, remain constrained by the firm's stretched
liquidity position emanating from slow receivables levels leading
to high working capital intensity as indicated by NWC/OI of ~30%
in FY2017. Consequently, the firm's reliance on working capital
borrowings has remained high, leading to a leveraged capital
structure and weak coverage indicators as indicated by a gearing
of 1.63 times, TOL/TNW of 2.35 times and TD/OPBDITA of 4.53 times
as on March 31, 2017. The ratings also remain constrained by
firm's modest scale of operations and a highly concentrated
customer profile with top two customers accounting more than 56%
of the total sales. This coupled with exposure to the
fluctuations in the raw material prices and adverse movements in
foreign exchange results in stressed profitability indicators as
depicted by low PAT/OI of 1.02% in FY2017. The ratings further
take into account the risks associated with Polysol's status as a
partnership firm.

Outlook: Stable

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

Key rating drivers

Credit strengths

* Extensive experience of partners and the group in chemicals
manufacturing and edible oil trading industry: Polysol is a part
of Polysol Group which has been present into manufacturing
chemicals and oil trading business for more than three decades.
Incorporated in 1996 for manufacturing chemicals, the firm has
diversified into oil trading business in 2009 with the latter
accounting for 80-90% of the total revenue.

Credit challenges

* Stretched capital structure due to high borrowing level: The
gearing level for the company continues to remain elevated at
1.63 times as on March 31, 2017, due to high working capital
borrowing and business loans and marginal increase in net worth
owing to low net profitability in FY2017. In turn, the
capitalisation indicators remained stressed as indicated by the
TOL/TNW of 2.35 times and TD/OPBDITA of 4.53 times as on March
31, 2017.

* High working capital intensity resulting from slow moving
receivables thereby impacting liquidity: The working-capital
management of the firm remains an area of concern, with stretched
receivable position of 121 days as on March 31, 2017 and 173 days
as on September 30, 2017. This led to near to full utilisation of
the fund-based limits and high working-capital intensity as
reflected from its NWC/OI of 30% in FY2017 and 50% in H1 FY2018.

* Risks associated with the legal status of the entity as a
partnership firm: The legal status of the entity as a partnership
firm poses risk including risk of capital withdrawal by the
partners. Low profitability along with capital withdrawals has
resulted in slow build up in net worth over the past two years.

* Susceptibility of profit margins to fluctuations in raw
material prices and foreign exchange fluctuations: The firm's
profitability remains susceptible to volatility in raw material
and traded goods prices. Any adverse movement in the price of raw
materials can have an adverse impact on the firm's margins,
considering the limited ability to pass on the price hike owing
to high competitive intensity. Furthermore, with increased
reliance on imports in FY2018, the profitability remains
vulnerable to adverse fluctuations in foreign exchange.

* Intense competition, given the low complexity of work involved:
The oil trading and chemical industries are highly fragmented
with presence of large number of unorganized players in the
market due to low complexity of the work involved. Western India
alone accounts for a major portion of total Indian chemical
Industry. Competition from imports is also on the rise. Intensive
competitive pressure affects the pricing flexibility of the firm
to an extent.

Polysol was established on April 1, 1996 for manufacturing of
Poly Aluminum Chloride Solution and Alumina Sulphate (Ferric and
Non ferric). The firm is a part of the "Polysol Group", which was
earlier known as 'Nataraj Industries'. This group has been in the
business of chemicals and dyes for the past three decades and
also undertakes trading activities. The firm has diversifies into
edible oil trading business in 2009, which currently accounts for
~80-90% of the total revenue.

The firm has its registered office at Vapi, Gujarat and its
manufacturing unit is located in GIDC, Sarigam in the district of
Valsad, Gujarat. The manufacturing unit has an installed capacity
of 30000 MTPA and the unit is operating at ~20% utilisation level
at present.

In FY2017, the firm reported a net profit of INR0.70 crore on an
operating income of INR68.69 crore, as compared to a net profit
of INR0.19 crore on an operating income of INR53.94 crore in the
previous year.


PRAGATI MARINE: CRISIL Moves C Rating to Not Cooperating
--------------------------------------------------------
Due to inadequate information, and in line with guidelines of
Securities and Exchange Board of India (SEBI), CRISIL Ratings had
migrated its rating on the bank facilities of Pragati Marine
Services Private Limited (PMSPL) to 'CRISIL B/Stable/CRISIL
A4/Issuer Not cooperating'. However, the company has started
sharing the requisite information for a comprehensive review of
the ratings. Consequently, CRISIL is migrating the ratings from
'CRISIL B/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL
C/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL A4 (Migrated from
                                   'CRISIL A4' Issuer Not
                                   Cooperating')

   Cash Credit            3.5      CRISIL C (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Proposed Long Term      .82     CRISIL C (Migrated from
   Bank Loan Facility              'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Term Loan              1.68     CRISIL C (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

The downgrade reflects instances of delay by the company in
servicing term loans that are not rated by CRISIL. The delays
have been caused by stretch in liquidity because of stretched
working capital cycle leading to fully utilised bank limit.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility of cash flow to orders and realization of
receivables: PMSPL's debt repayment is linked to cash flow from
rented vessels. Growth in the dredging business is linked to flow
of orders and realisation of receivables.

* Working capital-intensive operations: Gross current assets were
at 120 days as on March 31, 2017, driven by inventory and credit
given to customers.

Strength

* Extensive experience of the promoter: PMSPL's promoter, Mr
Amrendra Kumar Singh, has experience of more than a decade in the
shipping industry through Pragati Marine Services, a proprietor
concern (set up in 2001).

Established in 2009 by Mr Amrendra Kumar Singh, PMSPL provides
crew and manning services for the shipping industry. It also
leases tugs and barges, and undertakes dredging contracts.
Operations are managed by the promoter with a team of
professionals.


RAJASTHAN COMMUNICATIONS: Ind-Ra Assigns 'B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rajasthan
Communications (RC) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limit assigned with IND
    B+/Stable/IND A4 rating; and

-- INR25 mil. Proposed non-fund based working capital limit*
    assigned with Provisional IND A4 rating.

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

KEY RATING DRIVERS

The ratings reflect RC's small scale of operations, volatile-but-
comfortable operating profitability and moderate credit metrics.
Revenue declined 48.33% yoy to INR77.54 million in FY17 due to a
fall in the number of tenders received from the Public Works
Department (PWD), Rajasthan. Operating profitability was 10.37%-
17.91% over FY15-FY17, with the FY17 level standing at 17.91%.
The operating profitability during FY15-FY17 was volatile mainly
due to a high fluctuation in direct expenses, while the
comfortable level of operating profitability during the period
was owing to a price escalation clause in PWD tenders.

In FY17, EBITDA interest coverage (operating EBITDA/gross
interest expense) was 2.12x (FY16: 3.26x). The deterioration in
EBITDA interest coverage was due to an increase in interest on
partners' capital. During the period, net financial leverage
(total adjusted net debt/operating EBITDAR) was 2.02x (2.61x).
The improvement in net financial leverage was driven by the
repayment of machinery loans in FY17.

The ratings, however, are supported by RC's comfortable
liquidity, indicated by an average utilisation of the fund-based
limits of 90.67%  for the 12 months ended December 2017, and
partners' more than two decades of experience in civil
construction.

RATING SENSITIVITIES

Negative: Any decline in revenue, along with any fall in
operating profitability leading to any deterioration in the
credit metrics, will lead to negative rating action.

Positive: Any substantial rise in revenue, along with any
increase in operating profitability, will lead to a positive
rating action.

COMPANY PROFILE

Formed in 2009, RC is a partnership firm engaged in the
construction of roads and flyovers, largely in Dholpur and
Bharatpur in Rajasthan and surrounding districts. In addition, it
is engaged in the construction of railway tracks, mainly in
Gwalior (Madhya Pradesh).


REGEN POWERTECH: ICRA Cuts Rating on US$10MM Loan to 'D'
--------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR25 crore
term loan limits, INR350 crore fund based limits and US$10
million external commercial borrowings of Regen Powertech Private
Limited (RPPL) from [ICRA]BB ISSUER NOT COOPERATING to [ICRA]D
ISSUER NOT COOPERATING. The short-term rating assigned to the
INR50 crore fund based limits and INR1530 crore non-fund based
bank limits of the company has been revised from [ICRA]A4 ISSUER
NOT COOPERATING to [ICRA]D ISSUER NOT COOPERATING. The rating
continues to remain in the 'Issuer Not Cooperating' category.


  Facilities          Amount      Ratings
  ----------          ------      -------
  Term Loan           INR25cr     [ICRA]D ISSUER NOT COOPERATING;
                                  Revised from [ICRA]BB (Stable)
                                  and continues to remain in
                                  'Issuer Not Cooperating'
                                  Category

  External            US$10MM     [ICRA]D ISSUER NOT COOPERATING;
  Commercial                      Revised from [ICRA]BB (Stable)
  borrowings                      and continues to remain in
                                  'Issuer Not Cooperating'
                                  Category


  Fund Based Bank    INR350cr     [ICRA]D ISSUER NOT COOPERATING;
  Limits (Long-term)              Revised from [ICRA]BB (Stable)
                                  and continues to remain in
                                  'Issuer Not Cooperating'
                                  Category


  Fund Based Bank     INR50cr     [ICRA]D ISSUER NOT COOPERATING;
  Limits (Short-term)             Revised from [ICRA]A4 and
                                  continues to remain in
                                  'Issuer Not Cooperating'
                                  category

   Non-Fund Based   INR1,530cr    [ICRA]D ISSUER NOT COOPERATING;
   Bank Limits                    Revised from [ICRA]A4 and
   (Short-term)                   continues to remain in
                                  'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade follows the delays in debt servicing by RPPL
to the lender(s). ICRA has limited information on the entity's
performance since the time it was last rated in October 2013. As
part of its process and in accordance with its rating agreement
with RPPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity, despite
the downgrade.

RPPL incorporated in December 2006 is a manufacturer of Wind
Turbine Generators (WTGs) and end-to-end service provider
including consulting, supply, erection, commissioning, and O&M of
WTGs. The company has been promoted by Mr. Madhusudan Khemka, Mr.
R Sundaresh and Mr. M Prabhakar Rao through the holding company
NSL Power Equipment Trading Private Limited.


RELIABLE EXPORTS: ICRA Withdraws 'B' Rating on INR575cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of "[ICRA]B(Stable)
ISSUER NOT COOPERATING" outstanding on the INR575.01-crore bank
facilities of Reliable Exports (India) Private Limited2 (REIPL)
in accordance with ICRA's policy on withdrawal and suspension.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              575.0      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; withdrawn

Rationale

The rating assigned to the bank facilities of Reliable Exports
(India) Private Limited has been withdrawn at the request of the
company and based on the no due certificates provided by the
bankers.

Mr. Raphael Sequeira was engaged in the export of readymade
garments since 1984 through his proprietorship concern, Reliable
Exports. In 2001, the Reliable Group diversified into the real
estate business with the excess funds from garments business. In
FY2016, Reliable Exports changed its constitution from a
proprietorship concern to a private limited entity - Reliable
Exports (India) Private Limited - after the sad demise of the
proprietor, Mr. Raphael Sequeira. Currently, the company is held
and managed by the Sequeira family.

REIPL has developed two residential towers - Reliable Tech Park
(leasable area- 0.79 million sq ft) and Reliable Empire Tower
(leasable area- 1.9 million sqft) - in Airoli, Navi Mumbai.


S.S. CONSTRUCTION: ICRA Removes B- Rating From Not Cooperating
-------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B- (Stable) from the
'ISSUER NOT COOPERATING' category as S.S. Construction has now
submitted its 'No Default Statement' which validates that the
company is regular in meeting its debt servicing obligations. The
company's rating was moved to the 'ISSUER NOT COOPERATING'
category in November, 2017.


SACHIN FINECOT: CRISIL Reaffirms B+ Rating on INR7.75MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Sachin Finecot Fibers (SFF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.75      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .08      CRISIL B+/Stable (Reaffirmed)

   Term Loan             2.11      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations in
highly fragmented industry and below average financial risk
profile. These rating weakness are partially offset by partners'
extensive experience in cotton industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented industry: The
cotton ginning and spinning industry is largely unorganised with
various players having small capacity. In addition, the entry
barriers are low on account of low capital and technology
intensity and low differentiation in end product. This has led to
a highly fragmented industry structure with intense competition
among players. Furthermore, due to fragmentation and intense
competition in the industry, the players have limited pricing and
bargaining power. SFF is a small player in the industry with
revenue of Rs.69.19 crore for 2016-17 (refers to financial year,
April 1 to March 31).

* Below average financial risk profile: Financial risk profile is
below average marked by modest net worth of Rs. 6.53 cr.,
moderate gearing of 1.4 times as on March 31, 2017. The firm has
moderate debt protection metrics with net cash accrual to total
debt (NCATD) and interest coverage ratios of 0.08 and 2 times,
respectively, for 2016-17. Financial risk profile may remain
below average over the medium term.

Strength

* Partners' extensive experience in cotton industry: Though SFF
started operations in 2012, the Tayal family has been in the
cotton ginning business since 1980s. Mr Navin Tayal had set up a
proprietorship concern, Sachin Agro Industries (SAI) in 1987 for
undertaking ginning activity in Madhya Pradesh. Over the years,
the partners developed good understanding of the local market
dynamics and established healthy relationships with
farmers/wholesalers and customers. Benefits derived from the
experience of partners will continue to support the business over
the medium term.

Outlook: Stable

CRISIL believes SFF will continue to benefit over the medium term
from experience of partners and steady demand for cotton ginning.
The outlook may be revised to 'Positive' if scale of operations
increases while improving profitability and capital structure and
sustaining working capital cycle. Conversely, the outlook may be
revised to 'Negative' if SFF's if low revenue or margins or
stretched working capital cycle weakens financial risk profile.

SFF, set up as a partnership firm in May 2012 by Mr Navin Tayal
and Mr Hitesh Tayal, started cotton ginning and pressing
operations in December 2012. The partners have been in the cotton
ginning business for over two decades through group entity,
Sachin Agro Industries (SAI). The manufacturing unit is in
Aurangabad (Maharashtra).

For fiscal 2017, SFF profit after tax (PAT) was INR0.49 crore on
net sales of INR69.19 crore, against a PAT of INR0.34 crore on
net sales of INR34.54 crore for fiscal 2016.


SAI POINT: CRISIL Reaffirms 'B' Rating on INR13.5MM Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Sai Point Cars Private Limited
(SCPL)

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL A4 (Reaffirmed)

   Cash Credit            0.5      CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility              13.5      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect SCPL's average financial risk
profile, marked by a small net worth, a high gearing, and weak
debt protection metrics, and small scale of operations. These
rating weaknesses are partially offset by the benefits that SCPL
derives from its promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: SCPL has a below average
financial risk profile, marked by low net worth, high gearing,
and weak debt protection metrics. The total outside liabilities
to tangible net worth (TOLTNW) ratio is high - estimated at
around 5 times as on March 31, 2017'on account of dependence on
bank lines to fund inventory requirements, as SCPL receives
limited credit period from its principal.

* Modest scale of operations and exposure to intense competition
in passenger car industry: SCPL generates revenue from sale of
vehicles and spare parts, and from the service station business.
On account of localised operations, turnover was modest at Rs.60
crs in 2016-17. Revenue also depends primarily on the prospects
and growth plans of the principal.

Strengths

* Promoters' extensive experience in automobile dealership
industry: SCPL was set up in 2008 by Mr. Dilip Patil, a first-
generation entrepreneur. The company commenced commercial
operations in 2010-11. Mr. Patil has been in the automobile
dealership industry for about a decade through Group Company.

Outlook: Stable

CRISIL believes that SCPL will continue to benefit over the
medium term from its promoter's extensive industry experience.
CRISIL, however, also believes that the company's financial risk
profile will remain weak during this period, marked by high
gearing and weak debt-protection metrics. The outlook may be
revised to 'Positive' if SCPL generates higher-than-expected cash
accruals, primarily led by increase in its scale of operations
and profitability. Conversely, the outlook may be revised to
'Negative' if the company's liquidity deteriorates significantly
because of inadequate support from its group concern, or decline
in its profitability.

SCPL was set up in 2008 by Mr. Dilip Patil. The company is an
authorized dealer for Maruti Suzuki India Ltd (MSIL) in Salcette
(Goa). SCPL also deals in MSIL's spare parts and provides
workshop facilities.


SARA SPINTEX: Ind-Ra Assigns 'B-' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sara Spintex
India Private Limited (SSIPL) a Long-Term Issuer Rating of 'IND
B-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR287.3 mil. Long-term loan due on December 2021 assigned
    with IND B-/Stable rating;

-- INR150 mil. Fund-based working capital limits assigned with
    IND B-/Stable rating; and

-- INR20 mil. Non-fund-based working capital limits assigned
    with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect SSIPL's moderate scale of operations and
credit metrics. Revenue increased to INR877 million in FY17 from
INR764 million in FY16 due to higher realisations. According to
interim financials for 8MFY17, revenue was INR546 million. In
FY17, interest coverage was 2.6x (FY16: 2.8x) and net leverage
was 4.4x (4.2x). The deterioration in the credit metrics was
owing to a decline in EBITDA margin (FY17: 13.2%; FY16: 17.6%)
due to a rise in the price of inputs.

The ratings also reflect a stretched liquidity and a volatile
EBITDA margin. The cash credits limits were almost fully utilised
during the 12 months ended December 2017. EBITDA margin
fluctuated between 13.1% and 17.6% over FY14-FY17 owing to a
fluctuation in raw material prices.

However, the ratings benefit from the promoters' experience of 22
years in the textile industry.

RATING SENSITIVITIES

Negative: A fall in EBITDA margin leading to deterioration in the
credit metrics on a sustained basis could be negative for the
ratings.

Positive: A substantial rise in the revenue and an improvement in
the EBITDA margin leading to an improvement in the credit metrics
on a sustained basis could be positive for the ratings.

COMPANY PROFILE

Formed in 2013, SSIPL is a private limited company that is
promoted by Jalal Gilani and Muniza Gilani. The company is
engaged in the manufacturing of cotton yarn. It has a total
installed capacity of 50,400 quintals per annum.


SARGAM METALS: ICRA Lowers Rating on INR30cr LT Loan to D
---------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR30.00
crore fund based facilities and INR2.50 crore term loan
facilities of Sargam Metals Private Limited from [ICRA]B- to
[ICRA]D. ICRA has also revised the short-term rating for the
INR8.50 crore non-fund based facilities of SMPL from [ICRA]A4 to
[ICRA]D.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: Fund
  Based facilities        30.00      Revised to [ICRA]D from
                                     [ICRA]B-

  Long term: Term
  Loan                     2.50      Revised to [ICRA]D from
                                     [ICRA]B-

  Short-term, Non-
  fund based facilities    8.50      Revised to [ICRA]D from
                                     [ICRA]A4

Rationale

The rating revision considers the delay in principal repayment
for the month of December on account of constrained liquidity
position. The ratings continue to be constrained by the the high
debt level and high interest cost which have resulted in
inadequate coverage indicators. The ratings further take into
account the weak demand scenario the fragmented and competitive
nature of the aluminium-ingot industry. ICRA, however, takes note
of the established track record of the company, the considerable
experience of SMPL's promoters, spanning over four decades, in
the aluminium ingots manufacturing industry and the established
relationship of the company with its customers.

Key rating drivers

Credit Weaknesses

* Delay in debt servicing on the back of high repayments and
interest cost: There has been delay in the principal repayment
for the month of December. Elevated debt levels along with high
interest cost associated resulted in delay in debt servicing.

* Weak liquidity position: The Company's liquidity position has
been constrained by moderate operating margins and high working-
capital intensity on account of high receivables.

* Intense competition from the highly fragmented and commoditised
Steel market keeps margins under pressure: Operating in a highly
fragmented industry, SMPL is exposed to intense competition from
a number of established and small aluminium ingot manufacturers
both domestically and from low cost exporting countries, thereby
limiting price flexibility.

Credit Strengths

* Long-standing experience of company in the aluminium industry;
established network of suppliers and customers: SMPL is engaged
in the manufacture of aluminium, zinc and manganese ingots,
largely catering to localised demand from foundries for producing
cast products in the region. Over the years, the company has
developed strong relationship with domestic suppliers and
customers which has supported the operations to a large extent.

Incorporated in 1970, Sargam Metals Private Limited is primarily
engaged in manufacture of aluminium, zinc and manganese ingots
(contributes to ~85% of total revenues), which are used as raw
materials in foundries for producing cast products. SMPL is also
engaged in manufacture of cathode protection products, which are
used in ships, off-shore structures such as platforms, sub-sea
pipelines and structures such as jetty, wharves and barges. The
company has an alloy production facility with an installed
capacity of 7800 MT in SIPCOT Industrial estate in Cheyyar (Tamil
Nadu) recently shifted from Manapakkam, Chennai. The company is
managed by Mr. S Arun and is closely held by the promoter group.


SATYENDRA AGRO: CRISIL Lowers Rating on INR7MM Cash Loan to B
-------------------------------------------------------------
CRISIL Ratings has downgraded the long term rating on bank
facility of Satyendra Agro Products (SAP) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            7        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that SAP's business risk
profile will remain subdued over the medium term. The firm
incurred operating losses in fiscal 2017 on account of sharp fall
in Toor Dal prices resulting in inventory loss. Further, the
scale of operations is expected to decline from about Rs. 69.52
crores in fiscal 2017, on account of ban on import of Toor Dal.
Consequently, the company's financial risk profile has weakened,
marked by erosion of net worth and weak debt protection metrics.

The rating continue to reflect weak financial risk profile and
modest scale of operations amidst intense completion. These
weaknesses are partially offset by the extensive experience of
promoter in the agriculture industry.

Key Rating Drivers & Detailed Description

Strengths

* Weak financial risk profile: The financial risk profile of the
company is weak marked by highly leveraged capital structure and
weak debt protection metrics.

* Modest scale of operations amidst intense competition: The
pulse processing business is highly fragmented, with numerous
small-scale unorganised players catering to local demands. The
fragmented nature of the business and SAP's modest scale of
operations limit the firm's ability to bargain with its suppliers
and customers, leading to pressure on its operating margin. Firm
has reported revenue of INR69.52 crore in fiscal 2017. On account
of ban on import of toor dal, firm's revenue is expected to
decline in fiscal 2018 resulting in lower cash accruals.

Weakness

* Extensive experience of the promoters: SAP's partners have
extensive experience of more than three decades in the agro
products industry. The partners' extensive experience has enabled
the firm to establish strong relationship with its customers and
suppliers.

Outlook: Stable

CRISIL believes SAP will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a significant and sustained improvement in
revenue and profitability or improved working capital management
leading to improved cash accruals or capital infusion leading to
improvement in capital structure. The outlook may be revised to
'Negative' in case of a further lower than expected cash accruals
or stretch in working capital cycle, or higher-than-expected,
debt-funded capital expenditure puts pressure on liquidity.

SAP, established in 2009, processes toor daal. The firm's day-to-
day operations are handled by Mr. Bijendra Shah, Mr. Pravinkumar
Shah, and Mr. Viralkumar Shah.


SHANKAR PARVATI: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the long term rating for the bank facilities of
Shankar Parvati Industries (SPI) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable) ISSUER
NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term
  Loan                    0.62      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund based-Cash
  Credit                  7.00      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Unallocated Limits      0.69      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

Shankar Parvati Industries (SPI) was established as a partnership
firm in 2005, and manufactures cotton bales and cottonseeds
through ginning and pressing of raw cotton. The firm markets
cotton bales to merchant traders and cottonseeds to local oil
mills. SPI operates from its plant located in Kadi, Mehsana and
is equipped with 39 ginning machines with a total installed input
capacity of processing 20,160 Metric Tonnes (MT) of cotton per
annum. The promoters of the firm have a long experience in the
cotton ginning industry.


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

-- INR20 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

-- INR59 mil. Term loan due on December 31, 2023 migrated to
    non-cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Shiv Shakti Thermo was incorporated in 2010 and manufactures
disposable expanded polystyrene foam plates, bowls, square plates
and round plates at its two manufacturing units in Sant Kabir
Nagar (Uttar Pradesh).


SHREE RUPANADHAM: ICRA Withdraws B+ Rating on INR5cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT
COOPERATING assigned to the INR5.00-crore cash credit facility of
Shree Rupanadham Steel Private Limited. ICRA has also withdrawn
the long-term rating of [ICRA]B+ ISSUER NOT COOPERATING and
short-term rating of [ICRA]A4 ISSUER NOT COOPERATING assigned to
the INR1.00-crore non fund-based limit. SRSPL's cash credit
facility has a sub-limit of INR1 crore non fund-based limit,
which is entirely interchangeable between long term and short
term.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund-based Limits        5.00      [ICRA]B+ (Stable) ISSUER NOT
                                      COOPERATING; Withdrawn

  Non Fund-based Limits   (1.00)     [ICRA]B+ (Stable)/[ICRA]A4
                                     ISSUER NOT COOPERATING;
                                     Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

Established in 2007 as a private limited company, SRSPL is
engaged in the manufacturing of MS ingot with an installed
capacity of 16,750 metric tonne per annum (MTPA). Besides that,
the company is also engaged in trading of scrap. The company is
also undertaking civil construction work from FY13 onwards. The
promoters have an experience of more than a decade in the MS
ingot manufacturing business through SRSPL and other group
companies.


SHRI JAGANNATH: CRISIL Assigns B+ Rating to INR10MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facilities of Shri Jagannath Educational
Health and Charitable Trust.

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

   Proposed Long Term
   Bank Loan Facility      10      CRISIL B+/Stable

The rating reflects the trust's exposure to intense competition
in the education sector, geographic concentration in its revenue,
and its susceptibility to regulatory changes. These weaknesses
are partially offset by its established track record and regional
presence, and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to regulatory changes: The education sector is
highly regulated, and institutes are required to obtain approvals
from central government departments and the affiliated
university. Furthermore, increasing competition from regional and
large medical colleges may affect occupancy and ability to
increase fees.

* Exposure to intense competition, and geographic concentration
in revenue: The trust's colleges are in Coimbatore, Tamil Nadu,
and it is vulnerable to local competition and geographic
concentration risk.

Strengths

* Established track record and regional presence: The trust has
been operating for over 10 years and has established its name in
Coimbatore. It manages engineering and polytechnic colleges.

* Moderate financial risk profile: Moderate gearing and
comfortable debt protection metrics support the financial risk
profile.

Outlook: Stable

CRISIL believes SJECT will benefit from its established tract
record and regional presence. The outlook may be revised to
'Positive' if revenue increases substantially backed by increase
in the number of courses offered or addition of institutes, while
profitability and capital structure remain stable. The outlook
may be revised to 'Negative' if larger-than-expected, debt-funded
capital expenditure, or adverse effect of any regulatory change,
weakens the financial risk profile.

Set up in 2008, SJECT runs two institutions, JCT College of
Engineering and JCT Polytechnic College, in the same campus near
Coimbatore. Mr S A Subramanian is the managing trustee.


SRI VENKATESWARA: CRISIL Lowers Rating on INR10.5MM Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sri Venkateswara Educational Trust (SVET) to
'CRISIL D' from 'CRISIL B-/Stable'. The rating downgrade reflects
instances of delay in servicing term debt; the delays were on
account of weak liquidity arising from cash flow mismatches

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft             1.5       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Proposed Long Term    1         CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B-/Stable')

   Term Loan            10.5       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The rating continues to factor in SVET's modest business risk
profile because of early stage of operations in the education
services industry and vulnerability to regulatory risks
associated with educational institutions. These weaknesses are
partially offset by benefits expected from healthy demand
prospects for education sector.

Key Rating Drivers & Detailed Description

Weakness

* Instances of delay in servicing term debt:  SVET has been
delaying servicing its term debt on account of weak liquidity.

* Early stage of operations: The trust recorded modest fee income
of 0.8 crore in fiscal 2017, on account of start-up phase of its
operations, coupled with geographical concentration in revenue
profile.

* Vulnerability to regulatory risks associated with educational
institutions: The courses offered by SVET have to comply with
specific operational and infrastructure norms set by regulatory
bodies. Also, setting up of new schools increases require
approvals. Any delay in the approval of CBSE Curriculum or any
noncompliance will result in the withdrawal of the acquired
status, and affiliation to various boards.

Strength

* Benefits expected from healthy demand prospects for education
sector: Demand prospects in India's education sector are healthy
with a growing preference for private schools. CRISIL believes
that private institutions, such as SVET, will have healthy
enrolment of students, over the medium term, owing to the
expected strong demand for education in India.

Set up in 2014, SVET has two schools, Sri Venkateswara
Matriculation School, and Sri Venkateswara Public (CBSE) School.
The operations are managed by Mr G Venkatesan. Fiscal 2017 was
the first year of operations.


SRI LAKSHMI: CRISIL Hikes Rating on INR10MM Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank loan
facilities of Sri lakshmi Mounica Rice Industries (SLMRI) to
'CRISIL B/Stable' from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL B/Stable (Upgraded from
                                   'CRISIL B-/Stable')

The rating upgrade reflects improvement in business risk profile
supported by sustainable revenue growth and stable operating
margins. SLMRI reported higher than expected revenue while
showing y-o-y growth of 24 per cent in fiscal 2017. Operating
margins improved y-o-y to 4 per cent from 3 per cent in previous
fiscal. CRISIL's belief that MDPL's business risk profile would
continue to witness sustained improvement over the medium term
due to capacity expansion. CRISIL believes that the improvement
in business risk profile would underpin higher net cash accruals
vis-a-vis its repayment obligations.

The ratings continue to reflect SLMRI's modest scale of
operations in intensely competitive rice milling industry,
susceptibility of its profitability margins to volatility in
paddy prices and unfavorable regulatory changes. The ratings also
factor in the firm's below-average financial risk profile, with
modest net worth, high gearing and modest debt protection
metrics. These weaknesses are partially offset by extensive
industry experience of the proprietor and it established supplier
and customer relationships.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented rice milling
industry and susceptibility of operating profitability to
volatility in raw material prices: SLMRI has a modest scale of
operations with revenues of around Rs.39 crores in 2016-17
(refers to financial year, April 1 to March 31). The modest scale
of operations restricts the firm from getting benefits accruing
from economies of scale. Also, SLMRI's operating profitability
would continue to remain low due to the low value addition in its
product and would remain susceptible to adverse government
regulations and raw material price volatility.

* Below-average financial risk profile: SLMRI's financial risk
profile is below-average marked by high gearing, modest debt
protection metrics and networth. The gearing was high at gearing
of 2.6 times and networth was modest at Rs.4.2 crores as on
March, 2017. Interest coverage and net cash accrual to total debt
ratios were modest at 1.7 times and 0.06 times in fiscal 2017.

Strengths

* Extensive industry experience of the proprietor and it
established supplier and customer relationships: SLMRI's business
risk profile benefits from the extensive experience of its
promoters in the rice milling industry. The firm is promoted by
by Mr.Bala Murali Reddy who have been associated with the rice
milling industry for more than one decades which has enabled the
firm to establish healthy linkages with farmers in the region
there by aiding the raw material (paddy) procurement.

Outlook: Stable

CRISIL believes SLMRI will continue to benefit over the medium
term from the proprietors' extensive experience. The outlook may
be revised to 'Positive' if substantial and sustainable
improvement in revenue and profitability, or a sizeable equity
infusion strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if a steep decline in
profitability, or stretch in working capital cycle weakens key
credit metrics.

Based in Nellore (Andhra Pradesh) and established in 2007 by Mr.
Balamurali Reddy, SLMRI is a proprietorship firm which process
paddy into rice; it also generates by-products such as broken
rice, bran, and husk.


SRI VIJAYA: CRISIL Lowers Rating on INR5.0MM Loan to B+
-------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
loan facilities of Sri Vijaya Durga Parboiled Rice Industries
(SVD) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable.'

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            5       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Proposed Long Term     4.7     CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

The downgrade reflects the weakening of the business risk
profile, led by a continuous decline in revenue over the last two
fiscals and low cash accrual. CRISIL's rating continues to
reflect the modest scale of operations amidst intense competition
in the rice milling industry, and susceptibility to changes in
government regulations and movemen12t in paddy prices. These
weaknesses are partially offset by extensive experience of the
promoters, and the above-average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to changes in government regulations and paddy
prices: Profitability remains susceptible to adverse government
regulations and fluctuation in raw material prices. Stringent
regulations, with regard to paddy prices, export/import policy
for rice, and rice release mechanism, affect the credit quality
of domestic rice millers. Minimum support price of paddy and
prevalent rice prices are key determinants of profitability.
Paddy alone accounts for about 85% of the cost of production. The
Government of India (GoI) also procures rice through a statutory
levy on rice millers, at prices fixed before every kharif and
rabi season.

Additionally, in response to market conditions, the GoI imposes
periodic restrictions on rice exports. Prices also depend on
supply, which is determined by the buffer stock position of rice
and availability of paddy, both of which are regulated by the
GoI. Furthermore, intense competition prevents millers from fully
passing on any increase in paddy prices to customers, or
retaining any benefit of lower price.

Availability of paddy is seasonal, and is dependent on the
monsoons/irrigation. This exposes the firm to the risk of
shortage in case of unfavorable climatic conditions. As a result,
paddy prices have been volatile in the past.

* Modest scale of operations amidst intense competition: Revenue
of around INR4 crore in fiscal 2017, reflects the modest scale of
operations, which restricts benefits from economies of scale, and
lowers the bargaining power against customers and suppliers.
Installed milling capacity of 4 tonnes per hour, is moderate in
comparison to other players with capacities of 50-70 tph in
Telangana. While large players enjoy better efficiencies and
pricing power, intense competition and low pricing flexibility,
constrain the profitability of smaller entities. Low milling
capacity of the plant, and absence of any capacity expansion
plan, may keep the scale of operations small in the medium term.

Strengths

* Extensive experience of the promoters: Promoters, Mr G
Sudarshan Reddy and his friends have been engaged in the rice
milling business since the 1990s. SVD was set up in 2009 to
undertake milling on a larger scale. The mill is strategically
located near the paddy-growing areas at Nalgonda. This, coupled
with established relationships with the Food Corporation of India
(FCI) and farmers in Telangana, assures a steady supply of paddy.
The promoters' family is prominent among the rice-growing and
milling communities of Nalgonda. Revenue was around INR4.00 crore
for fiscal 2017, lower than INR12.05 crore in the previous
fiscal, due to shortage of paddy, bad monsoon and a crop failure
in Adilabad (Telangana).

* Moderate financial risk profile: Financial risk profile is
marked by modest networth, low gearing and above-average debt
protection metrics. Networth and gearing stood around INR5.28
crore and 0.07 time, respectively, as on March 31, 2017. Debt
protection metrics were comfortable, as indicated by net cash
accrual to total debt and interest coverage ratios of around 1.04
times and 3.74 times respectively, for fiscal 2017.  In the
absence of any major capex plans, the financial risk profile will
remain above average, in the medium term.

Outlook: Stable

CRISIL believes SVD will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a substantial and sustained growth in
revenue and profitability, or a considerable increase in
networth, backed by sizeable capital infusions by promoters. The
outlook may be revised to 'Negative' in case of a steep decline
in operating margin, or any large, debt-funded capex or a stretch
in working capital cycle, weakening the capital structure.

Incorporated in 2009, SVD mills raw and parboiled rice in
Nalgonda (Telangana). The firm has been promoted by Mr G
Sudarshan Reddy and his friends.

Profit after tax of INR0.02 crore was reported on revenue of
INR3.99 crore in fiscal 2017, against Rs.0.18 crore and INR12.05
crore, respectively, in fiscal 2016.


ST. XAVIER'S: CRISIL Reaffirms D Rating on INR21.4MM Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-
term bank facility of St. Xavier's Educational Trust (SXET)

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/
   Overdraft facility        6.1      CRISIL D (Reaffirmed)

   Long Term Loan            2.5      CRISIL D (Reaffirmed)

   Proposed Working
   Capital Facility         21.4      CRISIL D (Reaffirmed)

The rating reflects current instances of delay in servicing debt,
and exposure to regulatory risks, associated with educational
institutions. These rating weaknesses are partially offset by the
trust's established market position in Tamil Nadu (TN).

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing of term debt: Payment of interest and
principal amount towards term debt, has been delayed by 10-20
days, owing to weak liquidity, arising from cash flow mismatches.

* Exposure to regulatory risk associated with educational
institutions: Various courses offered by SXET need to comply with
specific operational and infrastructure norms set by regulatory
bodies such as the All India Council for Technical Education
(AICTE), University Grants Commission (UGC) and state educational
authorities. Thus, the trust needs to regularly invest in its
workforce and infrastructure. Any change in regulations, for
instance a cap on increasing fees, could affect the cash flow.

Strength

* Established market position in TN: SXET, with a track record of
over 24 years, has established itself as one of the reputed
educational institutions in the state. The trust runs four
educational institutions, and caters to the entire spectrum from
kindergarten to post-graduation, with a total strength of more
than 5,000 students. The trust also benefits from increasing
growth prospects for higher education in India.

SXET was set up in 1989, in the Tirunelveli district of by Dr
Cletus Babu. The trust runs various institutes offering graduate
and post-graduate courses in TN.


SURESH EXPORTS: ICRA Reaffirms B Rating on INR0.9cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the a long-term rating of [ICRA]B to the
INR0.90 crore fund based limits of Suresh Exports. ICRA has also
reaffirmed the short-term rating of [ICRA] A4 to the INR8.50
crore fund based and Rs.4.40-crore non fund based facilities of
Suresh Exports. ICRA has also reaffirmedthe long term rating of
[ICRA]B and the short term rating of [ICRA]A4 to the Rs.6.20
crore unallocated limits of the firm. The outlook on the long-
term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             0.90      [ICRA]B (Stable); Reaffirmed

  Fund based              8.50      [ICRA]A4; Reaffirmed

  Non fund based          4.40      [ICRA]A4; Reaffirmed

  Unallocated Limits      6.20      [ICRA]B (Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The rating reaffirmation takes into account the long track record
and extensive experience of partners in the chili trading and
spice processing business; the firm's established relationship
with its clients and suppliers as evidenced by numerous repeat
orders; and favorable location of the firm's processing units in
proximity to major chili growing regions of the country giving it
easy access to quality raw material.

The ratings are however constrained by SE's weak financial
profile characterized by leveraged capital structure, weak debt
coverage indicators and modest profitability; and the highly
working capital intensive nature of operations which has kept the
liquidity under stress. The ratings are further constrained by
the highly competitive and fragmented nature of the spice
processing industry; and vulnerability of the firm's
profitability to fluctuations in raw material prices which are
subject to seasonality, crop harvest and agro climatic
conditions, and foreign exchange risks given the sizeable export
sales. ICRA also notes that SE is a partnership concern and any
significant withdrawals from the capital account would impact the
net worth and thereby the capital structure.

Outlook: Stable

ICRA believes Suresh Exports will continue to benefit from the
extensive experience of its partners, its established customer
base and favourable location. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
and better working capital management, strengthens the financial
risk profile. The outlook may be revised to 'Negative' if cash
accrual is lower than expected, or if any major capital
expenditure, or stretch in the working capital cycle weakens
liquidity.

Key rating drivers

Credit strengths

* Long track record and experience of the partners in chilli
processing business: The Wadhwani group has been in the spice
processing business since 1942. The group comprises of various
entities apart from Suresh Exports which deal across various
functions across the chili processing value chain. The group
entities provide services ranging from chili commission agent to
operating cold storage units specifically for storing chilies at
key domestic chili production centers like Nagpur, Guntur and
Warangal. The firm's proximity to major chili growing regions of
the country gives it easy access to quality raw material.

* Concentrated though established client base with several repeat
orders: The firm has an established customer base in domestic as
well as export markets and shares a strong relationship with all
key clients resulting in several repeat orders. The topmost
export client accounted for 41% of export sales in FY2017. In the
domestic market, the firm sells mainly to its group entities
which are engaged in trading activities. In FY2017, about 40% of
the domestic sales were from group company - Rajesh Spices. The
other domestic clients of the firm also include traders (largely
exporters) of spices.

Credit challenges

* Weak financial profile characterised by modest profitability,
high gearing and weak debt coverage indicators: The profitability
in the spice processing business is limited on account of
commoditized nature of the product, low value addition and low
entry barriers leading to high competitive intensity which limits
the pricing power of companies engaged in this business. The
operating margins of the firm have remained in the range of 5-6%
in the last four years. The same declined to 4.64% in FY2017 from
5.39% in FY2016. At net level, the profitability remains further
subdued on account of high interest charges. The firm reported
net profit margins of 0.82% in FY2017 compared to 1.38% in
FY2016. The capital structure of the firm continued to remain
leveraged with gearing of 3.02 times as on March 31, 2017 though
the same had declined from 3.67 times as on March 31, 2016 on
account of infusion of capital of INR3.24 crore by partners. The
debt coverage indicators continued to remain weak owing to low
accruals and high debt levels as reflected by interest coverage
of 1.32 times, NCA/Total Debt of 2% and Total Debt/OPBDITA of
7.85 times as on March 31,2017.

* Exposure to price fluctuation risks as inventory procurement is
not order backed: SE typically maintains inventory of ~60 days
for raw material. The inventory levels generally increases to 90-
120 days during peak season (October to March) in order to meet
customer requirement in timely manner. The procurements of the
firm are not order backed. Further, as the firm doesn't have any
fixed price agreements with its suppliers or customers, in the
case of wide fluctuations in prices, it faces the risk of buying
at high prices and selling at relatively lower levels.

* High working capital intensity on account of sizeable inventory
levels which impacts liquidity: The inventory levels of the firm
remain high as on the year end as the peak season for the
production of chili is October to March wherein the firm has to
maintain high levels of inventory in order to meet the demand
during the non-peak season. Most of the firm's export sales are
backed by Letter of Credit of 90 days usance period. Sales to
domestic clients are generally made against a 45-60 days credit
period. The creditor days declined substantially in FY2017 as
compared to FY2016 as the firm had to make immediate payments to
the suppliers following constrained chili availability in the key
producing belts of the country. Limited credit period from the
suppliers accentuated high working capital requirements in
FY2017.
The firm also stocked chili in larger quantities in a declining
price scenario in FY2017 as compared to the past fiscals. The
liquidity of the firm has remained tight as reflected by average
monthly utilization of 90% of fund based working capital limits
during the period from November 2016 to October 2017.

* Risks associated with constitution as a partnership firm: Given
SE's constitution as a partnership firm, it is exposed to
discrete risks including the possibility of withdrawal of capital
by the partners and the risk of dissolution of the firm upon the
death, retirement or insolvency of the partners. Moreover, the
partnership nature limits SE's flexibility to tap external
channels of financing.

Suresh Exports (SE) was incorporated in 1991 by the Nagpur based
Wadhwani family for undertaking processing of various spices,
mainly Chilli. The product profile of the firm consists of chilli
powder, Turmeric Powder, Coriander powder, cumin powder etc. It
has two processing units, one in Guntur (Andhra Pradesh) and the
other in Nagpur (Maharashtra) with a combined capacity of 8-10
Metric Tonnes per day. The Wadhwani family/group has been in the
business of chilly trading & spice processing since 1942. Apart
from this, the group also provides services such as chilli
commission agent and operates cold storage units specifically for
storing chillies at major chilli trading centres like Nagpur,
Guntur and Warangal.

In FY2017, the firm reported a net profit of INR0.47 crore on an
operating income of INR57.24 crore, as compared to a net profit
of INR0.50 crore on an operating income of INR36.48 crore in the
previous year.


SYNERGY REMEDIES: Ind-Ra Downgrades Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Synergy
Remedies Private Limited's (SRPL) Long-Term Issuer Rating to
'IND D' from 'IND B+(ISSUER NOT COOPERATING)'. The Outlook was
Stable. The instrument-wise rating actions are:

-- INR100 mil. (increased from INR47 mil.) downgraded with IND D
    rating;

-- INR40 mil. (increased from INR20 mil.) Non-fund-based working
    capital limit (short term) downgraded with IND D rating;

-- INR143.9 mil. (reduced from INR153 mil.) Term loans (long
    term) due on March 2024 downgraded with IND D rating;

-- INR177 mil. Proposed term loan limits withdrawn (the company
    did not proceed with the instrument as envisaged) with WD
    rating; and

-- INR133 mil. Proposed fund-based working capital limits
    Withdrawn (the company did not proceed with the instrument as
    envisaged) with WD rating.

KEY RATING DRIVERS

The downgrade reflects SRPL's continuous delays in debt servicing
during the 12 months ended December 2017 due to a stressed
liquidity position.

SRPL had expected to start its commercial operations in April
2016; however, due to some technical delays in product
development, the plant remained under trail run till December
2016 and started commercial operations in January 2017. As a
result, SRPL was unable to scale up its operations as envisaged
by the management, resulting delays in servicing of its debt
obligations.

RATING SENSITIVITIES

Positive:  Timely debt servicing for at least three consecutive
months could lead to a positive rating action.

COMPANY PROFILE

SRPL was incorporated in 2011 to manufacture active
pharmaceutical ingredients at a 413 tonnes/year plant in Chittoor
district, Andhra Pradesh.



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


SHOKO CHUKIN: Moody's Affirms ba1 Baseline Credit Assessment
------------------------------------------------------------
Moody's Japan K.K. has affirmed all the ratings of Shoko Chukin
Bank, Ltd.

At the same time, Moody's has changed to negative from stable its
outlook for the bank's long-term deposit ratings.

The affirmed ratings and inputs to ratings are:

- Baseline credit assessment (BCA): ba1

- Adjusted BCA: ba1

- Long-term bank deposit rating (foreign/domestic): A1

- Short-term bank deposit rating (foreign/domestic): P-1

- Counterparty Risk (CR) assessment: A1(cr) / P-1(cr)

RATINGS RATIONALE

Moody's affirmed Shoko Chukin's ba1 BCA based on its assessment
that the immediate financial impact of official findings that the
bank falsified documentations to facilitate crisis response
funding to customers will be limited.

However, the outlook on the A1 deposit ratings was changed to
negative from stable to reflect the potential for a reduction in
Moody's government support assumption for the bank, if it becomes
more likely that Shoko Chukin will successfully restructure and
develop a standalone business model over the next four years;
increasing the probability of future full-privatization.

An investigation ordered by the Japan Financial Services Agency,
Ministry of Finance, Ministry of Economy, Trade and Industry, and
the Ministry of Agriculture, Forestry and Fisheries found that
approximately 4,609 lending cases and 444 employees were involved
in document falsifications that facilitated funding to borrowers
who otherwise would be ineligible to receive crisis response
funding.

The Minister of Economy, Trade and Industry appointed a third-
party panel which released its mid-term assessment on January 11,
2018 recommending that the bank develop a standalone business
model over the next four years, and that the question of whether
or not Shoko Chukin should be fully privatized should be
considered in four years' time.

Moody's points out that Shoko Chukin's A1 long-term deposit
ratings incorporate a six-notch uplift from its BCA of ba1 to
reflect Moody's assumption that the bank will receive full
support from the Government of Japan (GoJ, A1 stable) in case of
need.

Moody's assessment of government support for the bank in times of
distress takes into account the close integration of the bank's
business with the GoJ's policy measures, and the government's
track record of providing support to government financial
institutions.

Shoko Chukin's ba1 BCA reflects its: (1) moderate level of asset
risk, based on the risks associated with lending to small- and
medium-sized enterprises; (2) modest capital cushion, including
JPY150 billion of crisis response reserves provided by the
government; (3) weak profitability resulting from its policy
role; and (4) weak liquidity, because of its high dependence on
confidence sensitive market funding.

Factors That Could Lead To An Upgrade

Upward ratings pressure is unlikely, given the negative outlook
and the fact that the bank's deposit ratings are at the same
level as the GoJ's sovereign rating.

On the other hand, Moody's would consider raising the bank's BCA
if:

* The bank lowers its nonperforming loan ratio without incurring
material losses;

* Its tangible common equity/risk-weighted assets (TCE ratio)
including the crisis response reserves improves to 13%; or

* The bank reduces its reliance on market funding to less than
40% of tangible banking assets, without offering deposit interest
rates that are materially higher than those offered by its
competitors.

Factors That Could Lead To A Downgrade

Factors that could move the ratings downwards include:

* A reduction in the policy importance of the bank and an
increase in the likelihood of a full-privatization;

* A downgrade of the GoJ's sovereign rating; or

* A bottom-line loss resulting from an increase in credit
expenses or funding costs.

The principal methodology used in these ratings was Banks
(Japanese) published in September 2017.

Shoko Chukin Bank, Ltd., headquartered in Tokyo, is a joint-stock
bank that operates in all Japanese prefectures. As of
September 30, 2017, it reported a consolidated asset base of
JPY12.6 trillion.



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


DAEWOO ENGINEERING: Hoban Construction Submits Solo Bid
-------------------------------------------------------
Yonhap News Agency reports that Hoban Construction Co., a mid-
sized South Korean builder, has made a solo bid for a controlling
stake in Daewoo Engineering & Construction Co., an industry
source said on Jan. 19.

Yonhap relates that state-run Korea Development Bank (KDB), which
plans to sell a 50.75-percent stake in Daewoo Engineering, will
decide on Jan. 26 whether it will choose Hoban as a preferred
bidder for the stake sale or not, according to the source.

KDB plans to complete the stake sale by July, the report says.

KDB, a key creditor of Kumho Asiana Group, purchased the stake in
Daewoo Engineering in 2010 to help the debt-ridden conglomerate
restructure its finances.

Kumho Asiana's two subsidiaries -- Kumho Tire and Kumho
Industrial -- have been under a debt restructuring program since
early 2010 due to a severe cash crunch sparked by the group's
purchase of Daewoo Engineering in 2006, according to Yonhap.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***