TCRAP_Public/180202.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, February 2, 2018, Vol. 21, No. 024

                            Headlines


A U S T R A L I A

AUSTRALIA ABALONE: Second Creditors' Meeting Set for Feb. 7
CAXTON CO-OPERATIVE: First Creditors' Meeting Set for Feb. 8
CHOICELIVING HOMES: External Administrators Appointed
FAIRSALES PTY: First Creditors' Meeting Set for Feb. 12
PAPER RIOT: Rolling Stone Australia Publisher in Liquidation

RIVET EMPLOYEES: Second Creditors' Meeting Set for Feb. 7
SMES R US: Pre-Insolvency Adviser Goes Into Liquidation
SOUTH COAST MEDICAL: Second Creditors' Meeting Set for Feb. 7


C H I N A

HNA GROUP: Targets $16 Billion in Asset Sales in First Half
SHANDONG YUHUANG: S&P Affirms 'B+' CCR, Outlook Stable
WEST CHINA CEMENT: S&P Alters Outlook to Pos., Affirms B+ CCR


H O N G  K O N G

ASM PACIFIC: S&P Affirms 'BB+' Corp Credit Rating, Outlook Stable
NOBLE GROUP: S&P Cuts CCR to 'CC' on Distressed Exchange


I N D I A

ARYA TRADER: CRISIL Assigns B+ Rating to INR10MM Loan
AVINASH DODA: CRISIL Lowers Rating on INR8MM Cash Loan to B+
BABBOO RICE: CRISIL Removes "Issuer Not Cooperating" Designation
BRIJBASI HI-TECH: CARE Reaffirms B- Rating on INR8cr LT Loan
EAST END: CRISIL Reaffirms B+ Rating on INR7MM Loan

ETA POWERGEN: CRISIL Reaffirms D Rating on INR18.88MM LT Loan
GODAVARI PLASTO: CARE Hikes Rating on INR4.62cr Loan to BB-
GREEN VATIKA: CARE Assigns B+ Rating to INR6cr LT Loan
GRANITE ZONE: CRISIL Reaffirms B+ Rating on INR4MM LT Loan
I. V. N. MODERN: CRISIL Assigns B+ Rating to INR4MM Whse Loan

INDIA PISTONS: CRISIL Withdraws D Rating on INR57.25MM LT Loan
JADEJA INDUSTRIES: CARE Moves D Rating to Not Cooperating
K.R.R. ENGINEERING: CRISIL Lowers Rating on INR4.96MM Loan to D
KHANDELWAL POLYMERS: CARE Assigns B Rating to INR3.75cr LT Loan
KRITI PRINTERS: CRISIL Reaffirms B+ Rating on INR2MM Term Loan

MARVELOUS ENGINEERS: CARE Reaffirms B Rating on INR2.25cr Loan
MERCHEM LIMITED: Under Insolvency Process Over Unpaid Salary
MOBILE TELECOM: CRISIL Cuts Rating on INR14MM Overdraft to D
NANDAN BUILDCON: CARE Lowers Rating on INR82.76cr Loan to D
RADIANT POLYMERS: CARE Ups Rating on INR19cr LT Loan to B+

RICOH INDIA: Files for Insolvency Due to Inability to Pay Debts
SAI SUMUKHA: CARE Assigns B+ Rating to INR12.49cr LT Loan
SEKO BEC: CRISIL Reaffirms B Rating on INR4.5MM Cash Loan
SHREE GINGER: CARE Moves D Rating to Not Cooperating Category
SHREE SHAKTI: CARE Reaffirms B+ Rating on INR8.50cr LT Loan

SUMESH ENGINEERS: CRISIL Raises Rating on INR3MM Loan to B+
TEJA SEA: CARE Assigns B+ Rating to INR2.50cr LT Loan
TIRUMALA COMPRINTS: CRISIL Raises Rating on INR8.25MM Loan to B-
TUSHAR FABRICS: CRISIL Lowers Rating on INR4.5MM Loan to D


M A L A Y S I A

YFG BHD: Auditor Raises Going Concern Doubt


                            - - - - -


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A U S T R A L I A
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AUSTRALIA ABALONE: Second Creditors' Meeting Set for Feb. 7
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Australia
Abalone World Pty Ltd has been set for Feb. 7, 2018, at
10:00 a.m. at the offices of Artemis Insolvency, Level 1, 190
Edward Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2018, at 5:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Australia Abalone World on Dec. 21, 2017.


CAXTON CO-OPERATIVE: First Creditors' Meeting Set for Feb. 8
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Caxton Co-
operative Limited will be held at Melsom Robson, 75a Brewer
Street, in Perth, WA, on Feb. 8, 2018, at 10:30 a.m.

George Aubrey Lopez and Malcolm Field of Melsom Robson were
appointed as administrators of Caxton Co-operative on Jan. 31,
2018.


CHOICELIVING HOMES: External Administrators Appointed
-----------------------------------------------------
Helen Shield at The West Australian reports that Choiceliving
Homes WA has gone into administration, calling in insolvency and
business recovery specialists Cameron Shaw and Richard Albarran.

Choiceliving appointed external administrators Hall Chadwick on
Jan. 30, days after WA's building watchdog declared it had
suspended Choiceliving's registration, the report says.

According to the report, Building Commissioner Ken Bowron on
Jan. 22 declared the authority had suspended the registration of
Choice Living, registered as Choiceliving (WA) Pty Ltd, and was
taking action against it in the State Administrative Tribunal.

That added to a December wind-up action by a Choiceliving
creditor, Premier Ceilings, heard in the Supreme Court on Feb. 1,
the report relays.

The West Australian adds that Bricklayer Martin Neale, who said
he was owed AUD6,456.45 by Choiceliving Homes WA since September,
said it cost tradies impossible amounts to recover unpaid debts.

Once home indemnity insurers refused to write new contracts for
Choiceliving last November, the builder was prevented from being
able to write new contracts.

Choiceliving has 55 incomplete residential projects and an
unknown number of commercial projects.

A current credit watch report on the Australian Securities and
Investment Commission's database, shows more than 30 creditors
owed more than AUD750,000 have lodged actions against
Choiceliving since April, according to the West Australian.

The suspension prevents it from continuing with existing projects
and taking on any new clients, the report notes.

According to the report, Mr. Albarran and Mr. Shaw said in a
statement that "the director has expressed his interest in
proposing a deed of company arrangement with a view" to
continuing to trade.

The administrators would assess Choiceliving's financial position
including its projects under way and details of a creditors
meeting would follow, the report discloses.

Choiceliving owns trading names including Apartments by Choice,
Choiceliving Homes WA, Choiceliving New Homes, First Choice Homes
(WA), Units by Choice.


FAIRSALES PTY: First Creditors' Meeting Set for Feb. 12
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Fairsales
Pty. Limited will be held at the offices of Clifton Hall, Level
3, 431 King William Street, in Adelaide, South Australia, on
Feb. 12, 2018, at 10:30 a.m.

Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of Fairsales Pty on Jan. 31, 2018.


PAPER RIOT: Rolling Stone Australia Publisher in Liquidation
------------------------------------------------------------
Paul Wallbank at Mumbrella reports that the future of Rolling
Stone Australia is in doubt after Paper Riot, the company holding
the local rights to the iconic title, was placed into liquidation
on Jan. 31.

Paper Riot was founded by Rolling Stone Australia editor Matthew
Coyte who set up the company in 2013 to take over the title from
Bauer Media.

Mr. Coyte told Mumbrella: "Paper Riot is in liquidation and will
no longer be publishing Rolling Stone in Australia. The license
has reverted back to the owner, Rolling Stone International. I
can't tell you what their plans are moving forward or make any
further comment."

According to Mumbrella, the Emma print audience report for
November 2017 claimed Rolling Stone had an annual issue
readership of 230,000, while the Roy Morgan magazine readership
survey reported 190,000 readers in September, down 16% from the
previous year.

The report says the Australian site is Rolling Stone's longest
standing international title, having been founded in 1972 with
Bauer, then ACP, acquiring it in 2008 before selling it to Mr.
Coyte and Paper Riot.

At the time of Paper Riot taking over, Mr. Coyte told Mumbrella:
"While Bauer didn't necessarily see it as a viable business for a
small operation I thought it was a very viable business, and I
look forward to doing some of the things that being a smaller
business will allow me to pursue."

Mumbrella says the parent company has also being going through
difficulties in recent times with founder Jenn Wenner selling a
majority stake in the business to Penske Media, publisher of
Variety, Deadline, Robb Report, and IndieWire in late December,
this followed losing a high profile lawsuit bought by the
University of Virginia over a botched story alleging misconduct
by students.

Rolling Stone's Indonesian title was closed at the beginning of
this year, Mumbrella notes.


RIVET EMPLOYEES: Second Creditors' Meeting Set for Feb. 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Rivet
Employees Operational Pty Limited has been set for Feb. 7, 2018,
at 10:00 a.m. at the offices of Cor Cordis Chartered Accountants,
Level 29, 360 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2018 at 5:00 p.m.

Barry Wight and Daniel P Juratowitch of Cor Cordis were appointed
as administrators of Rivet Employees on Dec. 21, 2017.


SMES R US: Pre-Insolvency Adviser Goes Into Liquidation
-------------------------------------------------------
Dan Oakes at ABC Online reports that a firm of business advisers
accused of helping company directors hide cash and assets from
creditors and the tax office has gone into liquidation, raising
questions over whether the firm's activities will ever be
properly investigated by government agencies.

The firm, Melbourne-based SMEs R Us, was one of a number of "pre-
insolvency advisers" identified by the ABC last year as
facilitating the practice of "phoenixing", whereby cash and
assets are stripped out of a business, it goes into liquidation,
then restarts under a different name having avoided paying
creditors.

A report from several years ago estimated the practice costs the
Australian economy more than AUD3 billion a year, but the figure
is almost certainly greater than that, the ABC discloses.

According to the report, Federal government agencies are
struggling to stamp out the practice, which has boomed in recent
years.

The ABC relates that industry sources said the director of SMEs R
Us, Stephen O'Neill, is one of the most prolific pre-insolvency
advisers in the country.

He was convicted and jailed in 2001 for stealing from customers
of his mortgage-broking business.

The ABC reported that Mr. O'Neill -- also known as Steve Marks --
had siphoned more than AUD1.6 million out of a civil engineering
company, Global Contracting, before it went into liquidation in
2013 owing more than AUD8 million to hundreds of creditors, many
of them small businesses.

The ABC identified a number of other instances in which money
flowed out of struggling companies into accounts linked to
O'Neill in the lead up to liquidation.

Now Mr. O'Neill has placed SMEs R Us itself into liquidation,
raising questions over whether the company's activities will ever
be properly investigated by the Australian Taxation Office, which
is part of an anti-phoenixing task force, along with other
government agencies, the report says.

The ABC, citing documents filed with the Australian Securities
and Investments Commission, says the firm was placed into
liquidation in October and Glenn Franklin of the Melbourne firm
PKF Australia was appointed as liquidator by O'Neill.

The documents stated that the company has assets of AUD5,500, of
which AUD5,499 would be used to pay for the winding up process,
leaving a surplus of AUD1.

The ABC relates that a spokesman for PKF Australia said SMEs R Us
was in the process of calculating whether it owed the ATO any
money, and that any liabilities "are expected to be discharged in
due course".

Shortly before the ABC reported on Mr. O'Neill's activities, SMEs
R Us was rebadged as Solvecorp.

A company of that name was registered in 2016, at the same
address as SMEs R Us, and with one of Mr. O'Neill's associates as
a director, the ABC notes.

An ATO spokesperson declined to comment on the liquidation of
SMEs R Us, saying the agency could not comment on the tax affairs
of individuals or entities, the report adds.


SOUTH COAST MEDICAL: Second Creditors' Meeting Set for Feb. 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of South Coast
Medical Imaging Pty Ltd, trading as Southcoast X-Ray, has been
set for Feb. 7 at 12:00 p.m. at the offices of Pitcher Partners,
MLC Building, Level 22, 9 Martin Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2018, at 5:00 p.m.

Paul Gerard Weston of Address was appointed as administrator of
South Coast Medical on July 3, 2017.



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C H I N A
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HNA GROUP: Targets $16 Billion in Asset Sales in First Half
-----------------------------------------------------------
Bloomberg News reports that HNA Group Co., the indebted Chinese
aviation-to-hotels conglomerate, told creditors it will seek to
sell about CNY100 billion ($16 billion) in assets in the first
half of the year to repay debts and stave off a liquidity crunch,
according to people familiar with the matter, who asked not to be
identified because the discussions were private. Under the
proposal, about 80% of that would be executed in the second
quarter, according to the people.

Bloomberg says the move is the latest in a steady drumbeat of
news signaling the urgency of HNA's liquidity situation. It also
shows how after spending tens of billions of dollars gobbling up
large stakes in everything from Deutsche Bank AG to Hilton
Worldwide Holdings Inc., the company that once symbolized the
country's seemingly insatiable appetite for overseas assets is
reversing course as China clamps down on what it describes as
"irrational" investments, according to Bloomberg.

Bloomberg notes that HNA isn't alone in feeling the heat.
Billionaire Wang Jianlin, whose group controls AMC Entertainment
Holdings Inc. and was once China's richest man, is retreating
from previous ambitions to build an entertainment empire that
could challenge Walt Disney Co. China's government is also
seeking to broker the sale of a stake in Anbang Insurance Group
Co. -- the former serial acquirer that shot to fame through its
purchase of New York's Waldorf Astoria hotel.

As to HNA, it wasn't immediately clear what it's specifically
planning to sell but as of June, HNA had amassed $190 billion of
assets -- more than at American Express Co. The group also held
almost $30 billion of shareholdings, according to data compiled
by Bloomberg, and Real Capital Analytics estimates the
conglomerate owns more than $14 billion in real estate properties
worldwide.

According to Bloomberg, Chief Executive Officer Adam Tan first
flagged HNA's course reversal in November, when he said that the
group was looking to sell assets to conform with Chinese
government policies, which for the past year, have increasingly
scrutinized outbound investments.

The disposals have begun, notes the report. Last week, it agreed
to sell a Sydney office building to Blackstone Group for A$205
million ($165 million), Bloomberg discloses citing people
familiar with the matter, in the conglomerate's first known
disposal of an overseas property. In Hong Kong, HNA is taking the
rare step of inviting outside investors to buy into two land
plots it purchased for $1.8 billion just over a year ago,
Bloomberg says. The conglomerate is also said to have approached
brokers earlier about the possible sale of two office buildings
in London's Canary Wharf financial district and HNA has been
seeking to sell its stake in its 1180 Avenue of the Americas
building in New York for months.

It's not just property, the report says. On Jan. 26, one of the
group's units sold its stake in a U.S. shipping company for a
loss, Bloomberg says.

Bloomberg relates that behind the disposals are HNA's debts,
which have stood out in recent months. As of the end of June, it
had CNY185.2 billion of short-term debt -- more than its cash and
earnings can cover. HNA's earnings can't cover its interest
expenses, which according to data compiled by Bloomberg, have
surged to levels topping those of any non-financial Chinese
company and continue to rise.

Though the company expects pressure to ease in the second quarter
after asset sales accelerate, HNA is said to be CNY15 billion
short of the CNY65 billion in debt coming due during the first
quarter.

"When management blinks that it has liquidity problem, no one
technically will want to lend to them," Bloomberg quotes Warut
Promboon, managing partner at credit research firm Bondcritic
Ltd., as saying. "I do expect HNA's banks to come together to
inject liquidity if HNA needs. However, that will not come
lightly as banks could put in a lot more conditions."

HNA representatives didn't respond to a request for comment for
this story but the company has repeatedly said in recent months
that it's in good financial condition and that its debts are
manageable, Bloomberg says. In December, board director Zhao Quan
said that any tightness in funds would be temporary and that the
group wouldn't default on any borrowings in the coming year.

                             About HNA

HNA Group Co. Ltd. offers airlines services. The Company provides
domestic and international aviation transportation, air travel,
aviation maintenance, and aviation logistics services. HNA Group
also operates holding, capital, tourism, logistics, and other
business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


SHANDONG YUHUANG: S&P Affirms 'B+' CCR, Outlook Stable
------------------------------------------------------
S&P Global Ratings today affirmed its 'B+' long-term corporate
credit rating on Shandong Yuhuang Chemical Co. Ltd. (Yuhuang).
The outlook is stable. At the same time, S&P affirmed its 'B+'
long-term rating on the senior unsecured notes that Yuhuang
guarantees. Yuhuang is a China-based commodity chemical producer
and oil refiner.

S&P said, "We affirmed the ratings because we expect Yuhuang's
improving profitability to temper the impact of the company's
increasing debt over the next two years. We expect the company to
maintain its ratio of funds from operations (FFO) to debt
comfortably above 12% during the period.

In addition, the liquidation of Hongye Chemical Group Co. Ltd. is
unlikely to cause imminent liquidity pressure for Yuhuang, in our
view. This is because the Shandong Heze government has stepped
in, and all creditors have reached an agreement on May 12, 2017,
to not accelerate repayment of Hongye's loans or ask Yuhuang to
repay the guaranteed debt on behalf of Hongye.

As part of the liquidation process, Yuhuang will be required to
inject capital into a newly set up guarantee company over five
years. S&P said, "We expect the process to be gradual and not
cause abrupt material liquidity outflow for Yuhuang. However, we
will continue to factor in Yuhuang's full guarantee amount of
Chinese renminbi (RMB) 1.25 billion in our debt calculation until
the complete resolution of the event." The total external
guarantee to all third parties (including the amount on Hongye)
is RMB2.41 billion as of Sept. 30, 2017.

S&P said, "We expect Yuhuang's profitability to steadily improve
in the next one to two years. We attribute the stable
profitability to steady growth in China's petroleum market, which
the government closely manages, compared with such markets in
other countries. In addition, we expect product spreads in
China's chemical market to remain relatively favorable because of
more disciplined supply and demand growth amid an accelerating
global economy. However, Yuhuang's small scale, and limited
geographic and product diversity will continue to constrain its
business risk profile.

"We expect Yuhuang's debt to continue to rise over the next 12-24
months because of high capital expenditure for its US$1.2 billion
methanol project in the U.S. However, we expect the company to
keep its ratio of FFO to debt relatively stable at 15%-18% in
2017-2018, compared with 15.2% in 2016, because of the improving
profitability.

"We believe that material execution risk remains in Yuhuang's
plan to complete the U.S. methanol project in the second half of
2019. That said, the project's construction and Yuhuang's
collaboration with its potential joint-venture partner in the
U.S. are progressing as scheduled. Yuhuang lacks the experience
of operating a methanol plant and operating in the U.S. Cost
overruns caused by unexpected delays in construction, and price
and demand risk of methanol at the time of project commencement
are key risks.

"The stable outlook reflects our expectation that Yuhuang can
slightly expand its profitability and keep its ratio of FFO to
debt comfortably above 12% over the next 12 months despite its
high capital expenditure.

"We may lower the rating on Yuhuang if the company's liquidity
deteriorates materially. This could happen if Yuhuang's operating
cash flow weakens, its short-term debt increases, its banking
relationships worsen, or its access to the domestic bond market
becomes restricted."

Yuhuang's ratio of FFO to debt falling below 12% could also
trigger a downgrade. The likely scenarios for such deterioration
include: Yuhuang's profitability deteriorating because increased
competition, a halt in operations due to a major overhaul or
accident, or an inability to secure raw materials at reasonable
prices; or Yuhuang's debt rising more than our expectation
because of weak operations or higher capital expenditure than S&P
estimates for the U.S. methanol project due to project delays and
cost overruns.

S&P said, "We see limited possibility of an upgrade for Yuhuang
in the next 12 months, given that the company's high leverage is
unlikely to come down due to its investment in the U.S. methanol
project.

"We could raise the rating on Yuhuang if (1) the company's ratio
of FFO to debt rises above 20% on better-than-expected
profitability because of greater sale of high value-added
chemicals or lower material costs owing to a newly granted
permission to import crude oil; and (2) we assess its liquidity
as adequate."


WEST CHINA CEMENT: S&P Alters Outlook to Pos., Affirms B+ CCR
-------------------------------------------------------------
On Jan. 30, 2018, S&P Global Ratings revised the outlook on West
China Cement Ltd. (WCC) to positive from stable. S&P also
affirmed the 'B+' long-term corporate credit rating on WCC and
'B+' long-term issue rating on the company's outstanding senior
unsecured notes. WCC is a China-based cement producer.

S&P said, "We revised the outlook to positive from stable because
we expect the cement price recovery and robust cement demand in
western China to maintain WCC's financial leverage--debt-to-
EBITDA ratio--below 3x over the next 12 months. A sustainable
improvement in credit metrics and track record of prudent
financial policies will be important for an upgrade.

"In our view, WCC has maintained its market position in the
regional cement market. In addition, the company benefited from
stronger cement demand driven by infrastructure projects in
western China and a rationalization in cement supply. Rising
cement prices have lifted WCC's profitability. As a result, the
company expects both the average selling price and utilization
rate to be higher than those in 2016. WCC has managed cost
inflation due to higher coal prices and we expect its EBITDA
margin to be around 35% in 2017, up from 31% in 2016."

As a result, the company's credit metrics improved in 2017. Its
financial leverage -- ratio of debt-to-EBITDA -- is likely to
reduce to below 3x in 2017 from 3.5x in 2016. Its EBITDA interest
coverage increased to 6.5x in 2017 from 4.4x in 2016. However,
the company's cash flow is relatively volatile, which reflects
the fragmented nature of China's cement industry, prolonged
oversupply situation, and fierce price competition.

The company has US$400 million debt due in September 2019 and
plans to refinance the debt in the second half of 2018. Repayment
of the debt without refinancing and using internal cash flows
will pressure the company's liquidity position, in S&P's view.
Although the company's refinancing plans are uncertain, we expect
the company to successfully refinance the debt. Refinancing of
the debt could result in an upgrade.

S&P said, "The positive outlook reflects our expectation that the
recovery in cement prices is likely to sustain, mainly backed by
stronger demand driven by infrastructure projects in western
China and a disciplined rationalization in supply. The favorable
industry conditions would maintain WCC's ratio of debt to EBITDA
below 3x over the next 12 months.

"We could raise the rating if WCC refinances the US$400 million
debt due in September 2019 and maintains a debt-to-EBITDA ratio
below 3x. An upgrade would also depend on the company maintaining
its prudent financial policy, reducing its debt level, and
sustaining steady cash flows despite market volatility.

"We may revise the outlook back to stable or lower the rating if
WCC's operating performance deteriorates or market conditions
weaken, resulting in the company being unable to refinance the
US$400 million debt or its liquidity worsening to less than
adequate."



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ASM PACIFIC: S&P Affirms 'BB+' Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
On Jan. 31, 2018, S&P Global Ratings affirmed its 'BB+' long-term
corporate credit rating on ASM Pacific Technology Ltd. (ASMPT).
The outlook remains stable. ASMPT is a Hong Kong-listed
semiconductor equipment manufacturer.

S&P said, "We affirmed our ratings on ASMPT because we expect the
company will continue to maintain its good competitive position
in the volatile semiconductor industry and sustain its
profitability and low leverage, given still favorable
semiconductor market conditions. Additionally, we expect the
company to continue to benefit from growing demand for dual
cameras in smartphones, as well as semiconductors for auto and
industrial applications. In our view, ASMPT sales will expand on
a broader base as its business moves gradually into advanced
packaging and non-mobile application markets in the coming 12-24
months.

"We have revised our assessment of ASMPT's liquidity to adequate
from strong because we factor in the potential cash redemption of
the company's Hong Kong dollar (HK$) 2.2 billion convertible
bonds due in March 2019. We could reassess the liquidity
assessment of ASMPT in the next 12-18 months if we gain more
visibility on the conversation rate of the bonds into equity.

"The stable outlook reflects our expectation that ASMPT is likely
to maintain a good competitive position in the volatile
semiconductor backend equipment and surface-mount technology
businesses over the next 12 months. We also expect ASMPT to
maintain its low debt leverage. Moreover, the company is likely,
in our view, to improve its diversity with growing sales of
equipment for the packaging and camera image sensor and other
advanced semiconductor chips.

"We could lower the rating if ASMPT's debt-to-EBITDA increases
close to 2.0x. This could happen if there is a significant margin
erosion from a downturn in the industry or meaningful increase in
competitive pressure. Aggressive debt financed acquisition or
investments could also cause debt leverage to spike.

"We could raise the rating if ASMPT can increase its revenue
diversity by increasing its revenue contribution and market share
from advanced packaging and application markets (other than
mobility, communication and IT segment) so as to better sustain
its profitability during market volatility, while consistently
maintaining its debt leverage materially below 1.0x."


NOBLE GROUP: S&P Cuts CCR to 'CC' on Distressed Exchange
--------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Hong Kong-based commodity trader Noble Group Ltd. to 'CC' from
'CCC-'. The outlook is negative. S&P also lowered the long-term
issue rating on the company's outstanding senior unsecured notes
to 'CC' from 'CCC-'.

S&P said, "We lowered the ratings following Noble's announcement
of a debt restructuring plan on Jan. 29, 2018. We view the offer
as a distressed exchange tantamount to an immediate default on
conclusion because the offer price is materially lower than the
par value of the outstanding notes."

Under the restructuring plan, the senior notes due in 2018, 2020,
and 2022, and a revolving credit facility, totaling US$3,449
million, will be replaced with three bonds totaling US$1,655
million, preference shares worth US$200 million, and a 70% stake
in a newly set up company that will hold the assets of Noble. 90%
of the preference shares will be directly issued to senior
creditors and 10% will be issued to the new company.

The debt restructuring is subject to final documentation,
regulatory and shareholder approval, and implementation via
inter-conditional schemes of arrangement.

The sustainability of the capital structure after the
restructuring will be a key credit factor for Noble, in S&P's
view.

The negative outlook on Noble reflects the likelihood that S&P
will lower its rating on Noble and its senior unsecured notes to
'D' when the distressed exchange is complete.

Following the conclusion of the exchange, S&P will reassess
Noble's business, financial, and liquidity position before
arriving at the ratings.



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


ARYA TRADER: CRISIL Assigns B+ Rating to INR10MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term facilities of Arya Trader - Jhansi (ATJ).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                   10       CRISIL B+/Stable

   Proposed Inventory
   Funding                    5       CRISIL B+/Stable

The rating reflects ATJ's weak financial risk profile. This
weakness is partially offset by the extensive experience of ATJ's
proprietor, and the firm's healthy relationships with Patanjali
Ayurved Ltd (PAL).

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Low networth and high total
outside liabilities to tangible networth ratio-at INR79 lakh and
17.83 times as on March 31, 2017-have resulted in a weak
financial risk profile. Debt protection metrics are average, with
interest coverage at 1.6 times and net cash accrual to adjusted
debt ratio at 0.06 time in fiscal 2017, but should improve
marginally over the medium term.

Strength

* Extensive experience of the proprietor and healthy relationship
with PAL: Benefits from the proprietor's decade-long experience
in the industry and its super distributor status with PAL should
support business. Revenue grew at 190% in fiscal 2017 over the
previous year. The proprietor owned Patanjali Chikitsalya in
Jhansi since 2012. Based on its performance, the firm was made a
super distributor of Patanjali Ayurvedic Medicines and Patanjali
fast moving consumer goods products. However, with increase in
demand for Patanjali products, the business of the firm was
transferred to ATJ in November 2015.

Outlook: Stable

CRISIL expects ATJ to benefit from the extensive experience of
its proprietor and established relations with its principal. The
outlook may be revised to 'Positive' if expansion in sale of
operations and profitability, or equity infusion strengthens
financial risk profile and cash accruals. The outlook may be
revised to 'Negative' if increase in working capital requirement
weakens financial risk profile, especially liquidity or any
large, debt-funded capital expenditure weakens capital structure.

Set-up in 2014, AJI is a proprietorship concern of Ravikant
Dubey-it began operations only in November 2015. The firm is a
super distributor of Patanjali products in 7 districts of Uttar
Pradesh-Fatehpur, Mahoba, Banda, Jalaun, Hamirpur, Lalitpur and
Jhansi. In December 2017, the districts of Auraiya and Etawah
were also awarded.


AVINASH DODA: CRISIL Lowers Rating on INR8MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term facility of
Avinash Doda (AD) to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable.'

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

The downgrade reflects weakening of business risk profile, led by
a steady fall in revenue and cash accrual over the last two
fiscals due to decline in wholesale and retail licences awarded
to AD. Operating revenue reduced significantly to INR22.72 crore
in fiscal 2017 from INR279.82 crore in fiscal 2015, which led to
a decline in net cash accrual and hence affected debt protection
metrics. Turnover is expected to improve to INR45-48 crore,
backed by increase in retail licences awarded to the firm in
fiscal 2018.

The rating reflects the modest scale of operations,
susceptibility to successful bidding of tenders, and exposure to
changes in government regulations. These weaknesses are partially
offset by the extensive experience of the proprietor in the
alcohol industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations: Gross current assets
increased to 290 days as on March 31, 2017, from 191 days as on
March 31, 2016 because of rise in receivables to 205 days from
121 days, respectively. Moreover, a credit of 60-80 days is
offered to customers (small wine and beer shops, and permit
rooms) and deposits need to be made when 'L1' and 'L2' licenses
are applied for in March. An inventory of 45 days is maintained.
Working capital requirement is partially funded through supplier
credit of 60 days. Operations should remain working capital
intensive over the medium term.

* Dependence on successful bidding of tenders: The firm has to
bid for 'L-2' licences for retail outlets. Also, government
issues L-1 licences on the basis of revenue contributed by the
applicants in terms of L-2 licence fees for various districts. AD
is required to participate in the tender process and is hence
exposed to any unsuccessful bidding, which may affect business
risk profile. For instance, there was a 55% decline in operating
income in fiscal 2017 (to INR27.72 crore from INR60.99 crore in
fiscal 2016) on account of decrease in retail outlets and
wholesale licences.

* Moderate financial risk profile: Financial risk profile is
moderate marked by low total outside liabilities to adjusted
networth ratio at 1.12 times as on March 31, 2017 and average
networth of INR12.88 crore. However, debt protection metrics were
below-average with interest coverage ratio of 1.6 times and net
cash accrual to adjusted debt ratio of 0.04 time for fiscal 2017.

Strength

* Extensive experience of the proprietor: Benefits from the
proprietor's 18 years of experience in the industry through group
companies should support business. The firm has been able to
survive business cycles and stern regulatory changes in liquor
trade.

Outlook: Stable

CRISIL believes AD will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if revenue growth increases cash accrual, or if
working capital cycle improves considerably. The outlook may be
revised to 'Negative' if decline in revenue or margins, or any
adverse regulatory change or capital withdrawals leading to
higher reliance on debt weakens financial risk profile.

Set-up in 2009, AD is a proprietorship concern of Mr Avinash
Doda. The firm trades in, both wholesale and retail, Indian-made
foreign liquor and beer, in Punjab. It has 'L2' license for 47
retail liquor shops and the requisite 'L1' license for wholesale
vending of liquor in the state.


BABBOO RICE: CRISIL Removes "Issuer Not Cooperating" Designation
----------------------------------------------------------------
Due to inadequate information, and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated the
rating on the long-term bank facility of Babboo Rice and General
Mills (BRGM) to 'CRISIL B/Stable'; Issuer not cooperating'.
However, the company management has started sharing information
necessary for a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating from 'CRISIL B/Stable; Issuer not
cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            7        CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable; Issuer Not
                                   Cooperating')

   Export Packing         2.5      CRISIL B/Stable (Migrated from
   Credit & Export                 'CRISIL B/Stable; Issuer Not
   Bills Negotiation/              Cooperating')
   Foreign Bill
   discounting

   Bill discounting       2.5      CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable; Issuer Not
                                   Cooperating')

   Warehouse Financing    2.5      CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable; Issuer Not
                                   Cooperating')

The rating continues to reflect BRGM's below-average financial
risk profile. This weakness is partially offset by the experience
of the partners in the basmati rice industry.

Key Rating Drivers & Detailed Description

Weakness:

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio has been high at 10.6 times as on
March 31, 2017, while networth was modest at INR1.19 crore, due
to limited accretion to reserve and large working capital debt.
Adjusted interest coverage ratio was also weak at 1.31 times in
fiscal 2017.

Strength

* Experience of partners: Benefits derived from the partners'
experience of around four decades and healthy relations with
customers and suppliers should continue to support the business.
Hence, the firm easily procures paddy throughout the year, for
the PUSA 1121 variety, despite the seasonal availability of the
raw material.

Outlook: Stable

CRISIL believes BRGM will continue to benefit over the medium
term from the experience of the partners. The outlook may be
revised to 'Positive' if a substantial increase in the cash
accrual or equity infusion, or reduced debt levels strengthens
the capital structure. Conversely, the outlook may be revised to
'Negative' if a decline in profitability, a stretch in the
working capital cycle, or any large, debt-funded capital
expenditure weakens the capital structure.

BRGM was set up in 1978 as a partnership between two brothers, Mr
Vijay Kumar Sethi and Mr Surinder Sethi. The firm processes and
sells basmati rice, mainly the PUSA 1121 variety; it also deals
in non-basmati rice. Its plant at Amritsar (Punjab) has sorting
and milling capacities, each of 3 tonne per hour.


BRIJBASI HI-TECH: CARE Reaffirms B- Rating on INR8cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Brijbasi Hi-Tech Udhyog Limited (BHUL), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long Term Bank
  Facilities             8.00     CARE B-; Stable Reaffirmed

  Short Term Bank
  Facilities            10.50     CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of BHUL continue to
remain constrained by its small scale of operations, weak
financial risk profile marked by low profitability margins,
leveraged capital structure and weak coverage indicators. The
ratings also continue to remain constrained by working capital
nature of operations, competitive nature of industry, and tender
driven business of the company. However, the aforesaid ratings
continue to draw comfort by the long track record of the
operations and long experience of the management in the fire-
fighting equipment industry.

Going forward, the ability of the BHUL to increase its scale of
operations along with improvement in the profitability margins
and efficient management of the working capital shall remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations: The scale of
operations continue to remain small as marked by total operating
income of INR12.66 crore for FY17 and cash losses of INR0.78
crore (refers to the period April 1 to March 31). Besides, the
company's capital base also continues to remain relatively modest
at INR6.77 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Furthermore, company's total operating
income has been fluctuating over the past three years due to
tender driven nature of business The company has achieved
operating income of INR22.00 crore in 9MFY18 (refer to period
April 1, 2017 to December 31, 2017) based on provisional
financial results).

Weak financial risk profile: The business generation of the firm
is through bidding and tendering process and profitability
margins directly associated with the nature of contracts executed
by the firm. PBILDT margin of the company stood low at 3.49% in
FY17 and declined from 7.41% in FY16 on account of lower
absorption of fixed costs due to decline in total operating in
FY17 over FY16 coupled with contracts executed have lower
profitability due to aggressive bidding. Furthermore, the company
reported net losses during FY17. The capital structure of the
company stood leveraged for the past three financial years on
account of high dependence on bank borrowings to meet the working
capital requirements coupled with low capital base. The overall
gearing ratio stood above 1.80x for the past three balance sheet
dates (FY15-FY17). The coverage indicators also continue to be
stressed due to high debt levels and net losses in FY17.

Working capital intensive nature of operations: The liquidity
position of the company continues to remain stressed as reflected
by full utilization of bank borrowings. Furthermore, BHUL has
high operating cycle on account of high inventory holdings and
collection period of 305 days and 308 days in FY17. High
inventory days are on account of offering of varied range of
variants', for which they need to maintain stock of spare and
parts in order to meet the customer's demand, which also
necessitates maintaining of adequate inventory in form of raw
material and work-in-progress for smooth running of its
production process. BHUL's high collection period is owing to
long clearance process with the government departments with
regards to clearance of bills raised to customers. The company
procures raw material from traders and manufactures located in
overseas and domestic market and enjoys a credit period of 4-5
months resulting in an average creditor period of 166 days in
FY17.

Competitive nature of business and tender driven nature of
business: BHUL operates in a competitive market for fire-fighting
vehicles marked by the presence of number of players in the
unorganized sector and organized sector. The company majorly
supplies fire-fighting vehicles to government organizations,
which are awarded through tender-based system. The company is
exposed to the risk associated with tender-based business, which
is characterized by intense competition. The growth of business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder. Furthermore, any changes in the
procurement policy or government organization's spending on fire-
fighting are likely to affect the revenues of the company.

Key Rating Strengths

Experienced and resourceful promoters: Mr Mahesh Chandra Agarwal,
Mr. Suresh Chandra Agarwal and Mr Rajesh Kumar Agarwal are
directors of the company, have more than four decades of
experience in manufacturing industry. Company's overall
operations are managed by Mr Mahesh Chandra Agarwal. Mr Suresh
Chandra Agarwal and Mr Rajesh Kumar Agarwal looks over supply
chain and marketing division.

Mathura (Uttar Pradesh)-based Brijbasi Hi-Tech Udhyog Limited
(BHUL) incorporated in 1972 by Mr Mahesh Chandra Agarwal, Mr
Suresh Chandra Agrawal and his family members. The company is
engaged in the manufacturing and assembling of fire fighting
vehicles viz. fire vans, water tanks, water bourses, foam tender,
DCP tenders, crash fire tenders. BHUL is selling its product
under its own brand name i.e. "Brijbasi". Hot Rolled (HR), Cold
Roll (CR) coil, Aluminum sheet, diesel engine etc. are key raw
material for the manufacturing and assembling of fire fighting
vehicles. The company normally procures HR/CR coil from the
traders located in the Delhi-NCR. and imports other equipments.


EAST END: CRISIL Reaffirms B+ Rating on INR7MM Loan
---------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of East End Technologies Private Limited.

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

   Cash Credit           2         CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     7         CRISIL B+/Stable (Reaffirmed)

   Standby Fund-
   Based Limits          0.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect ETPL's modest scale of
operations, a large working capital requirement, and a below-
average financial risk profile. These weaknesses are partially
offset by the experience of the promoter in the steel fabrication
industry and a healthy order flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition may continue to
restrict the pricing power with suppliers and customers, and the
ability to bid for large projects, thereby constraining
profitability and growth. Hence, scale of operations is likely to
remain small over the medium term, with revenue of INR18.95 crore
in fiscal 2017.

* Large working capital requirement: Gross current assets were
304 days as on March 31, 2017, driven by large receivables and
sizeable inventory of 114 days and 194 days, respectively.

* Below-average financial risk profile: Networth was modest at
INR5.04 crore as on March 31, 2017, while gearing was 1.01 times.
Net cash accrual to total debt and interest coverage ratios were
average at around 21% and 2.2 times, respectively, in fiscal
2017.

Strengths

* Experience of promoter and healthy order flow: Benefits derived
from the promoter's experience of over two decades and, healthy
relations with customers and suppliers should continue to support
the business. Also, orders worth INR32 crore were reported as on
30th December 2017, to be executed over the next 6-15 months,
thus ensuring adequate revenue flow over the medium term.

Outlook: Stable

CRISIL believes ETPL will continue to benefit over the medium
term from the experience of the promoter and a healthy order
flow. The outlook may be revised to 'Positive' if a substantial
increase in scale of operations, profitability, and cash accrual
along with prudent working capital management strengthen the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if a decline in the operating income and cash accrual,
any large, debt-funded capital expenditure, or a stretched
working capital cycle weakens the financial risk profile and
liquidity.

ETPL, established in 1999, executes fabrication of mild steel and
stainless steel products such as ladders, industrial columns,
chimneys, heat exchangers, agitators, commercial fans, and
ladles. It also undertakes projects for laying of underground and
above-ground pipelines, and repair and maintenance jobs. The
manufacturing facility is at Choudwar, Odisha. Mr Sandeep Patnaik
is the promoter.


ETA POWERGEN: CRISIL Reaffirms D Rating on INR18.88MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of ETA
Powergen Private Limited's (ETA Powergen) at 'CRISIL D'. The
rating reflects instances of delay by ETA Powergen in servicing
its debt. The delays have been caused by the company's weak
liquidity due to shut down of its biomass power plant since July,
2015.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         18.88      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     11.34      CRISIL D (Reaffirmed)

   Working Capital
   Term Loan               1.78      CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in repayment of term loan because of weak liquidity: The
power plant has been non-operational since July, 2015 due to the
Tamil Nadu Electricity Board (TNEB) removing the restrictions on
power pricing during the peak wind season. This led to wind power
being supplied at lower rates than ETA Powergen could supply at.
Hence, the company has been unable to operate. Consequently,
there were loss of revenue and cash flows, resulting in inability
to meet debt repayment obligations.

* Limited revenue diversity in absence of long-term PPA with
industrial customers: ETA Powergen derived its entire revenues
from sale of power. ETA Powergen entered into monthly agreements
with customers for the sale of power, which resulted in limited
revenue visibility. The company was required to obtain approvals
from TNEB each month before entering into agreements with
customers. The company paid a nominal wheeling charge to TNEB for
use of the board's grid, and sold power to industrial customers
at INR7-8 per unit.

* Small scale of operations and exposure to risks relating to
volatile raw material prices: ETA Powergen operated on a small
scale with a 10-MW biomass power plant in Tamil Nadu; the power
plant used juliflora as biomass fuel. The company used to acquire
juliflora from several suppliers in the southern districts of
Tamil Nadu. However, in the absence of long-term agreements with
suppliers, timely availability of juliflora at reasonable prices
is a key operational risk; this is especially so because
alternate biomass fuels, including rice, wheat and corn strew are
very expensive in that region. When operational, ETA Powergen
will remain exposed to risks relating to timely availability of
raw material and small scale of operations.

Strength

* Experience of management in power sector: ETA Powergen benefits
from the experience and execution capabilities of the ETA-Ascon
group in the energy segment. The power plant is equipped with
modern technology.

ETA Powergen, a subsidiary of ETA Star Holdings Ltd, was
incorporated in 1999 and is part of the Dubai-based ETA group.
ETA Powergen owned and operated a 10-megawatt (MW) biomass power
plant in Tamil Nadu. The plant, which commenced operations in May
2009, used juliflora as biomass fuel. The company had short-term
agreements with industrial customers for sale of power. The plant
ceased operations in July 2015.


GODAVARI PLASTO: CARE Hikes Rating on INR4.62cr Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Godavari Plasto Containers Private Limited (GCPL), as:

                      Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Long-term Bank
  Facilities             4.62     CARE BB-; Stable Revised
                                  From CARE B+

  Short-term Bank
  Facilities             4.00     CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GCPL continue to
be tempered by small scale of operations, thin PAT margin and
moderate debt coverage indicators. The rating, however, derives
its strengths from vast experience of the promoters along with
long track record of the company, reputed clientele base
satisfactory working capital cycle and improving capital
structure. The ratings also factor in marginal increase in total
operating income in FY17 (refers to period April 1 to March 31).
Going forward, the ability of the company to effectively utilize
the installed capacity and increase the scale of operations, and
utilize the working capital facilities efficiently will be the
key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The company have small scale of
operations with total operating income of INR48.49 crore in FY17
with low net worth base of INR6.74 crore , is low as compared
with other peers in the industry. Decrease in PBILDT margin and
thin PAT margin during review period The PBILDT margin of the
company declined from 9.52% in FY16 to 8.46% in FY17 due to
increase in power and fuel costs due to recent installation of
machinery in Hyderabad plant along with increase in employee
costs.

PAT margin of the company has marginally increased from 0.21% to
0.33% in FY17 at the back of decrease in interest costs, though
remained thin.

Moderate debt coverage indicators during review period: The debt
coverage indicators of the company marginally increased during
review period. Total debt/GCA and PBILDT interest coverage ratio
improved from 11.90x and 1.32x as on march 31, 2016 to 11.34x and
1.34x as on March 31, 2017 due to decrease in debt levels
resulting in reduction in finance and interest charges.

Key Rating Strengths

Experienced promoters: The company is actively managed by Mr. C.
Chandra Prakash and Mr. M. Ramesh who are the directors of the
company.  Mr. C. Chandra Prakash has around 17 years of
experience in the same line of business and Mr. M. Ramesh, an MBA
graduate with around 20 years of business experience. GCPL is
further supported by other directors and key managerial team who
have significant experience in their line of business.

Established relation with reputed clientele of the company
The company's products; high-density polyethylene drums and other
containers are supplied majorly to manufacturing entities i.e.,
to pharmaceutical companies for packaging bulk drugs. GCPL's
clientele includes reputed entities which include Dr. Reddy
Laboratories, Matrix Laboratories Limited, SNF India Limited,
Lupin Limited, etc., the company is supplying to these customers
from around 10-15 years and has established relationships with
its clients. The company has continual orders from its existing
customers.

Marginal increase in total operating income during review period
The total operating income of the company increased from INRCrore
in FY16 to INRCrore in FY17 due to higher demand from the major
customers. During 8MFY18, the company achieved the revenue of
INR36.15 crore.

Satisfactory capital structure during review period: The capital
structure of the company remained satisfactory during review
period. Debt equity ratio of the company stood below unity. Debt
equity ratio and over all gearing ratio of the company improved
from 1.16x and 1.95x respectively as on March 31, 2016 to 0.88x
and 1.72x respectively as on March 31, 2017 due to repayment of
term loan and vehicle loan coupled with increase in tangible net
worth.

Godavari Plasto Containers Private Limited (GCPL) was
incorporated in 1997 and promoted by Mr. C. Chandra Prakash, Mr.
M. Ramesh and Mr. C. Janardhan Rao. The company is engaged in
manufacturing of High Destiny Polyethylene (HDPE) drums and
containers ranging from 20 litres to 270 litres. GCPL operates
from two manufacturing units; one located at Hyderabad with a
total capacity of around 4400 MTPA and the second unit being
located at Vishakhapatnam with a total capacity of around 3100
MTPA. The major raw materials being High Destiny Polyethylene
(HDPE) granules are procured from around 5-6 domestic suppliers
who in turn procure from Reliance Industries Limited (RIL) and
Indian Oil Corporation Limited (IOCL). The final products being
high-density polyethylene drums and containers are majorly sold
to Pharma industries which are used for bulk drug packaging.


GREEN VATIKA: CARE Assigns B+ Rating to INR6cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Green
Vatika Constructions Pvt. Ltd. (GVCPL), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GVCPL is
constrained by its limited track record with small scale of
operations, project implementation and salability risk, risk
associated with geographical and revenue concentration and
Industry risk as industry being cyclical in nature. The rating,
however, derives strength from experienced promoters and
favorable project location.

The ability to complete the ongoing projects as per project
schedule without any major cost overrun and ability to sale
out its current real estate project with increase its scale of
operations will remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Limited operational track record with small scale of operations:
Since its inception, the company has executed only one
residential real estate projects and thus has limited track
record of execution of real estate projects. Furthermore, the
scale of operations of the company remained small with total
operating income of INR2.08 crore (Rs. 4.52 crore in FY16) with a
net loss of INR0.10 crore (PAT of INR0.15 crore in FY16) in FY17.
Furthermore, the tangible net worth of the company also remained
low at INR0.22 crore as on March 31, 2017. The small size
restricts financial flexibility in times of stress.

Project implementation and salability risk: GVCPL is currently
developing three residential projects with an aggregate project
cost of INR47.62 crore with total saleable area of 3.31 lakh
square feet. Out of these three projects two projects will be
funded by promoters fund only. However, Earth Enclave project
will funded by term loan, customer advance and promoters fund. In
Earth Enclave project the company has already spent of INR14.34
crore till December 31, 2017 (96.76% of total project cost). In
Sudhalay project, the company has already spent around INR4.32
crore till December 31, 2017 (78.55% of total project cost).
However, in Green Heights project, the company spent only around
10.73% of total project cost till December 31, 2017 and hence
project implementation risk exits. Furthermore, out of total
saleable area of 3.31 lakh square feet, only 0.40 lakh square
feet area is booked till December 31, 2017. Going forward, the
ability of the company to bring the envisaged promoters fund for
funding the project, receives customer advance in time and sells
out the remaining flats is crucial for the company.

Risk associated with geographical and revenue concentration:
GVCPL's operations are restricted to Jharkhand since inception
indicating high geographical concentration risk. Being confined
only in the state of Jharkhand, GVCPL remains exposed to the risk
associated with slowdown in the real estate market in the region
resulting from demand supply mismatch. In recent times, many new
real estate projects have been launched in Jharkhand, by
organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market.

Competition from similar type of projects in the adjoining areas:
Real estate, while being one of the largest sectors of the
economy, is regional and fragmented in nature. In recent times,
many new real estate projects have been launched in Jharkhand, by
organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market.

Key Rating Strengths

Experienced promoters and favorable project location: GVCPL is
promoted by Mr. Rajesh Agarwal, Mr. Ajay Agarwal, Mrs. Sumita
Agarwal and Mrs. Sonam Agarwal. All the promoters are associated
with this company since its inception and they have seven years
of experience in real estate industry. The promoters have already
executed one residential project named Daffodil in this company
and currently developing three more residential projects in the
state. All the promoters look after the day to day operations of
the company. The project sites are strategically located at
Adityapur, Jamshedpur in Jharkhand. The selection of sites of the
project is done keeping in mind the ease of access of market,
railway station and hospital etc.

Jharkhand based GVCPL was incorporated in July 2012 by Mr. Rajesh
Agarwal, Mr. Ajay Agarwal, Mrs. Sumita Agarwal and Mrs. Sonam
Agarwal. The company is engaged in development of residential
projects. The company has executed only one residential project
'Daffodils' so far. However, the company is currently developing
three residential projects with an aggregate project cost of
INR47.63 crore.


GRANITE ZONE: CRISIL Reaffirms B+ Rating on INR4MM LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long
term bank loan facilities of Granite Zone India Private Limited.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            2        CRISIL B+/Stable (Reaffirmed)
   Long Term Loan         4        CRISIL B+/Stable (Reaffirmed)

The ratings reflect GZPL's modest scale of operations in the
intensely competitive granite business, working capital intensive
operations and susceptibility to volatility in foreign exchange
rates. These rating weaknesses are partially offset by the
extensive experience of the company's promoters in the granite
industry and moderate financial risk profile.

Analytical Approach

CRISIL has treated the unsecured loans for INR5.4 crore as on 31
March, 2017, as neither debt nor equity as these funds are likely
to remain in business over the medium term.

Key Rating Drivers & Detailed Description
Weakness

* Modest scale of operations: GZPL reported revenues of about
INR9.4 crore for fiscal 2017, reflecting modest scale of
operations.

* Working capital intensive operations: GZPL has intense working
capital nature of operations, reflected in gross current asset
(GCA) days of 311 days as on 31 March, 2017. High GCA is largely
on account of high inventory maintained by the company,
consisting of raw granite needed to service its orders.

Strengths

* Extensive experience of the promoters: The promoters have been
in granite processing and export business from about 25 years and
have an established relationships with the customers.

* Moderate financial risk profile: GZPL has moderate debt
protection metrics and comfortable gearing levels.

Outlook: Stable

CRISIL believes that GZPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to Positive if GZPL scales
up its operations while maintaining its comfortable
profitability, leading to further improvement in its financial
risk profile. Conversely, the outlook may be revised to Negative
if the company's financial risk profile deteriorates because of
reduced margins and revenues, or large, debt-funded capital
expenditure.

Set up in 2007, GZPL processes rough granite blocks into granite
slabs and tiles. The company is promoted by Mr Rameshwar Lal
Bhutra and Mr Devendra Kumar Soni.


I. V. N. MODERN: CRISIL Assigns B+ Rating to INR4MM Whse Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of I. V. N. Modern Rice Mill (IVN).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Warehouse Financing      4       CRISIL B+/Stable

   Cash Credit              1.5     CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       1.5     CRISIL B+/Stable

The ratings reflect the firm's below-average financial risk
profile and modest scale of operations in the intensely
competitive rice industry. These weaknesses are partially offset
by its promoter's extensive experience in the rice milling
business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: The financial risk
profile is constrained by high gearing (5.7 times as on March 31,
2017). The firm funds its working capital requirements majorly
through bank borrowings, leading to high gearing. Large debt and
limited profitability have led to modest debt protection metrics,
with interest coverage and net cash accrual to total debt ratios
at around 1.71 times and 5%, respectively, for fiscal 2017.

* Modest scale of operations in the intensely competitive rice
industry: Scale of operations is small, with revenue of INR23
crore in fiscal 2017. The rice milling industry is fragmented as
limited capital requirement has resulted in low entry barriers
and high competition

Strength:

* Promoter's industry experience: The experience of the promoter
and his family of three decades in the rice milling industry has
helped establish strong tie-ups with suppliers and customers.

Outlook: Stable

CRISIL believes IVN will benefit from the industry experience of
its management. The outlook may be revised to 'Positive' if
revenue and profitability increase substantially, leading to a
better financial risk profile, or if significant capital infusion
improves capital structure. The outlook may be revised to
'Negative' if IVN undertakes aggressive, debt-funded expansion,
or if profitability declines, weakening of financial risk
profile.

Set up in 2005, Tirunelveli (Tamil Nadu)-based IVN is a
proprietorship firm engaged in milling and processing of paddy
into rice. It has installed paddy milling capacity of 25 tonne
per day (tpd). The firm caters primarily to the open market and
sells raw and boiled rice under the IVN and Pura brand.
Operations are managed by Mr. J.V. Parthiban.


INDIA PISTONS: CRISIL Withdraws D Rating on INR57.25MM LT Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on INR 57.25 Cr bank loan
facility of India Pistons Limited (India Pistons) at the
company's request. This is in line with CRISIL's policy on
withdrawal of bank loan rating.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       57.25      CRISIL D (Withdrawal)

India Pistons was set up in 1949 as a joint venture (JV) with the
UK-based Associated Engineering Co (later renamed T&N Plc, which
was subsequently acquired by Federal Mogul Corporation [FMC]). In
2007-08, India Pistons became a wholly owned subsidiary of
Simpson (a leading company of the Amalgamations group) after FMC
divested its 30 percent stake.

India Pistons manufactures pistons, piston rings, cylinder
liners, and gudgeon pins at its unit in Sembiam, Chennai (Tamil
Nadu). Following an agreement with the Germany-based Mahle GmbH
to form a 50:50 JV for manufacturing pistons, India Pistons'
plant in Maraimalai Nagar near Chennai was demerged, effective
from January 31, 2008, into a new JV, Mahle-India Pistons Ltd.
During 2013-14, the company divested its stake in the JV. At
present, India Pistons largely supplies pistons and piston rings
for engines used by leading tractor OEMs, including Tractors and
Farm Equipment Ltd (rated 'CRISIL AA+/Stable/CRISIL A1+') and
Mahindra & Mahindra Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+').


JADEJA INDUSTRIES: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE has been seeking information from Jadeja Industries Private
Limited to monitor the ratings vide e-mail communications /
letters dated August 18, 2017, November 18, 2017, November 24,
2017, January 3, 2018 and numerous phone calls. However, despite
our repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The ratings on
Jadeja Industries Private Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank        9.90     CARE D; Issuer not cooperating;
  Facilities                     Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

Ongoing delay in debt servicing: The revision in the rating
assigned to the bank facilities of Jadeja Industries Private
Limited (JIPL) is primarily due to irregularity in servicing its
debt obligations.

Morbi (Gujarat) based JIPL was incorporated as a private limited
company during September, 2004 as Jadeja Refractories Private
Limited (JRPL). Subsequently, JRPL was converted into JIPL during
December 2013. JIPL is managed by three promoters namely Mr.
Keshrisinh Jadeja, Mr. Hitendrasinh Jadeja and Mr. Devendrasinh
Rana. Currently JIPL is engaged in to manufacturing of refractory
bricks which is used in lining furnaces, kilns, fireboxes, and
fireplaces. JIPL operates from its sole manufacturing facility
located in Morbi (Gujarat).


K.R.R. ENGINEERING: CRISIL Lowers Rating on INR4.96MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of K.R.R.
Engineering Private Limited (KRR) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.96      CRISIL D (Downgraded
                                     From 'CRISIL A4+')

   Cash Credit             2.25      CRISIL D (Downgraded
                                     from 'CRISIL BB-/Stable')

   Export Packing Credit   3         CRISIL D (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        2.5       CRISIL D (Downgraded
                                     from 'CRISIL BB-/Stable')


The rating action follows an instance of overdue bills for a
continuous period of over 30 days, driven by weak liquidity. The
rating also reflects a modest scale and working-capital-intensive
operations. These weaknesses are partially offset by the
extensive experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness

* Overdue bills: Overdue in the packing credit limit for over 30
days, owing to weak liquidity.

* Modest scale of operations in the highly fragmented industry:
Despite being operational for over 40 years, KRR's scale remains
modest, as reflected in topline of INR18.9 crore in fiscal 2017,
due to fluctuating demand and intense competition.

* Working-capital-intensive operations: Operations are working
capital intensive, as reflected in gross current assets of 275
days, driven by receivables and inventory of 110 and 102 days,
respectively, as on March 31, 2017.

Strengths

* Promoter's extensive experience: The promoter's experience of
around four decades in the engineering capital goods industry has
helped develop an understanding of the dynamics of the local
market and establish relationships with customers.

Based in Chennai, KRR was established as a proprietorship in 1976
and reconstituted as a private limited company in 1986. It
undertakes heavy fabrication and machining for a wide range of
process industries. Mr Sakthivel Ramaswamy manages the day-to-day
operations.


KHANDELWAL POLYMERS: CARE Assigns B Rating to INR3.75cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Khandelwal Polymers (KPS), as:

                       Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long-term Bank
  Facilities             3.75      CARE B; Stable Assigned

  Long-term/short-
  Term Bank Facilities   1.25      CARE B; Stable/CARE A4
                                   Assigned

  Short-term Bank
  Facilities             1.00     CARE A4 Assigned

Rating Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KPS are primarily
constrained on account of its modest scale of operations with
thin and fluctuating profitability, highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position. The ratings are, further, constrained on account of its
project implementation risk and presence in the highly fragmented
and competitive electrical goods industry and constitution as a
proprietorship concern.

The ratings, however, derive strength from the experienced and
qualified management, moderate order book position and favorable
demand outlook of the power industry.

The ability of the firm to increase its scale of operations along
with improvement in solvency position, better management of
working capital and timely completion of project would be key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest Scale of operations with thin and fluctuating
profitability: TOI of KPS has shown continuous growth and has
grown at a Compounded Annual Growth Rate (CAGR) of 22.91% in the
last four financial years ended FY17 but remained modest. The
profitability of the firm has witnessed fluctuating trend in
last four financial years ended FY17 and stood thin owing to
higher competition in the industry. Further, the PBILDT
margin has dipped in FY17 mainly due increase in material and
other manufacturing cost. As per provisional result of 8MFY18,
KPS has achieved TOI of around INR12.39 crore approximately.

Highly leveraged capital structure, weak debt coverage indicators
and stressed liquidity position: The capital structure of the
firm stood highly leveraged as on March 31, 2017, deteriorated y-
o-y attributed to higher utilization of working capital bank
borrowings. Further, debt service coverage indicators of the firm
also stood weak in FY17, deteriorated y-o-y, on the back of
higher proportionate increase in total debt than increase in GCA
level. The liquidity position of the firm stood stressed with
upto 90% utilization of its working capital borrowings during
last 12 months ended October 31, 2017. The operating cycle of the
company also stood elongated mainly due to higher collection
period.

Project implementation risk: KPS undertook a project to set up
plant for expansion of its capacity. The project is expected to
be completed by March, 2018.

Presence in the highly fragmented and competitive electrical
goods industry and constitution as a proprietorship concern: The
industry is highly competitive with presence of number of
players. Furthermore, KPS business is tender driven. However, the
firm is able to withstand the competition and procure orders
through its established track record and experience of the
promoters.

Further, its constitution as a proprietorship concern lead to
limited financial flexibility and risk of withdrawal of capital.

Key Rating Strengths

Experienced management: Mr. Vishambhar Dayal Khandelwal,
proprietor, is M.Sc by qualification and has around four decades
of experience in the industry. He looks after overall affairs of
the firm. Further, he is supported by his sons Mr. Aditya
Khandewal and Mr. Nitin Khandewal.

Moderate order book position: As on November 22, 2017, KPS has
three projects in hand reflecting moderate order book position in
near term. The ongoing projects of the firm are likely to be
executed within next 6 months, providing medium term revenue
visibility.

Favorable demand outlook of the power industry: With the
continuous increase in disposable income and the advancement of
technology, the need for varied consumer durable goods are
increasing. The growth in country's infrastructure coupled with
the growing number of industrial as well as residential units
requiring greater use of electrical appliances augurs well for
the demand of electrical appliances.

Jaipur (Rajasthan) based Khandelwal Polymers (KPS) was formed in
2001 as a proprietorship concern by Mr. Vishambhar Dayal
Khandelwal. KPS is engaged in the business of manufacturing of
electric equipment such as isolators, insulators and distribution
boxes etc. It executes electric contracts for Jaipur Vidhut
Vitaran Nigam Limited (JVVNL), Jodhpur Vidhut Vitaran Nigam
Limited (JdVVNL), MP Madhya Kshetra Vidhyat Vitaran Company
Limited.


KRITI PRINTERS: CRISIL Reaffirms B+ Rating on INR2MM Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facility of Kriti Printers And Publishers Private
Limited (Kriti Printers) and assigned its 'CRISIL A4' rating on
the short term bank facility.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft             8         CRISIL A4 (Reassigned)
   Term Loan             2         CRISIL B+/Stable (Reaffirmed)



The rating continues to reflect the company's modest scale and
high customer concentration in revenue profile, large working
capital requirement and high leverage. These rating weaknesses
are partially offset by the promoter's extensive experience in
the publishing industry and comfortable interest coverage ratio
and return on capital employed (RoCE).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and high customer concentration in
revenue profile: Operating income of INR36.4 crores in fiscal
2017 reflects modest scale of operations due to limited capacity
and high customer concentration as 100% of sales is to group
companies. Scale is expected to remain modest over the medium
term.

* Large working capital requirement: Operations are working
capital-intensive as reflected from gross current assets of 227-
326 days over the three fiscals ended March 31, 2017, driven by
high receivables (189-259 days) due to seasonal nature of
business as majority of sale is booked from November to March.
Operations are expected to remain working capital intensive over
the medium term.

* High leverage: Total outside liabilities to adjusted net worth
(TOLANW) ratio was 3.1-4.6 times over the three fiscals ended
March 31, 2017 and is expected to remain above 3 times over the
medium term due to working capital intensive operations.

Strengths

* Promoter's extensive experience in publishing industry: The
promoter, Mr Arvind Singh, has extensive industry experience.
This has resulted in a strong marketing network in North India.
Kriti Printers' operating income has increased with a compound
annual growth rate of over 20% over the four fiscals ended 2017.
Benefits from the extensive promoter's experience is expected to
continue over the medium term.

* Comfortable interest coverage ratio and RoCE: In fiscal 2017,
interest coverage ratio was 2.4 times while RoCE has ranged from
14-21% over the three fiscals ended fiscal 2017. Both are
expected to remain comfortable over the medium term.

Outlook: Stable

CRISIL believes that Kriti Printers will continue to benefit over
the medium term from the promoters' extensive industry experience
and from the assured off take from associate publishing
companies. The outlook may be revised to 'Positive' if
improvement in scale of operations and working capital management
leads to stronger capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' if financial risk
profile, particularly liquidity, deteriorates, because of low
cash accrual, sizeable working capital requirement, or any large
debt funded capital expenditure.

Incorporated in 2009 by Mr Arvind Singh, Kriti Printers prints
textbooks for schools affiliated to the Central Board of
Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and state boards. The books are printed mostly
for associate companies that are into publishing - Kriti
Prakashan Pvt Ltd, and Seagull Publishers Pvt Ltd.


MARVELOUS ENGINEERS: CARE Reaffirms B Rating on INR2.25cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Marvelous Engineers Private Limited (MEPL), as:

                       Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long-term Bank
  Facilities             2.25      CARE B; Stable Reaffirmed

  Short-term Bank
  Facilities             3.15      CARE A4 Reaffirmed

Detailed Rationale

The ratings assigned to the bank facilities of MEPL continues to
remain constrained on account of the small scale of operations,
low profit margins, leveraged capital structure, moderate debt
coverage indicators, weak liquidity position and susceptibility
of profit margins to volatility in raw material prices. The
ratings, however, continues to draw support from the experience
of the promoter of more than two decades, reputed and established
client base and synergies from operational linkages with group
entities. The ability of the company to improve profitability
along with improvement in capital structure is the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths:

Experienced promoters along with synergies from operational
linkages with group entities: the company is promoted by Mr.
Sangram Vishnu Patil. He has an average experience of more than
two decades in the same business through group entities, namely,
Marvelous Machinist Private Limited and Marvelous Vimercati
Foundry, which are engaged in manufacturing of machined
components and manufacturing castings. Furthermore, MEPL gains
support from the group companies in the form of easy and timely
availability of raw material (grey cast iron castings). The
purchase from the group company constituted around 60% of the
total purchases for FY17. Furthermore, the company also gets
benefit from the established network of the group entities.

Associated with a reputed clientele albeit customer concentration
risks: MEPL's clients are reputed entities in their respective
line of business such as John Deere India Private Limited,
Lombardini S.R.I, Fairfield Atlas Limited, Comet S.P.A, Hyva
India Private Limited amongst others. However, MEPL has high
concentration of its customers with the top five customers
contributing around 70% of the total income in FY17.

Key Rating Weaknesses

Small scale of operations with low profit margins: During FY17,
the company registered turnover of INR34.62 crore and PAT of
INR0.34 crore. The operating margin of the company remained
erratic during the past years, on account of volatility in raw
material cost and remained in the range of 5.5% to 7%. The PAT
margin though improved is low in FY17.

Leveraged capital structure and weak debt coverage indicators:
The high debt profile of the company as against the low net worth
base resulted in a leveraged capital structure for the company as
on March 31, 2017. Moreover, with low profitability and high
gearing levels, the debt coverage indicators of the company are
weak.

Working capital intensive nature of operations: The liquidity
position of the company remained stressed with funds mainly been
blocked in inventory and debtors as reflected by high gross
current asset days of over 120 days during last three years
ending FY17. The same resulted in high utilization of its working
capital limits.

Susceptibility of operating margin to volatility in raw material
prices: The major raw material is iron castings, the prices
of which are volatile in nature. Material cost accounted for
about 62% of the total cost of sales in FY17 making the
profitability of the company exposed to any sudden spurt in the
raw material prices.

MEPL is a Kolhapur-based (Maharashtra) company incorporated in
March 29, 1990. It is promoted by Mr. Sangram Vishnu Patil, Mr.
Vishnu Baburao Patil and is managed by Patil Family of Kolhapur.
Since inception, the company is engaged in manufacturing of
precision engineering and auto components namely bearing, chasis,
brackets, cover, drum, flywheel, hub, housing, pinion which are
used in earth moving equipment, trucks, tractors and allied
equipment.


MERCHEM LIMITED: Under Insolvency Process Over Unpaid Salary
------------------------------------------------------------
The Times of India reports that the Chennai bench of the National
Company Law Tribunal (NCLT) has initiated the corporate
insolvency resolution process under the Insolvency and Bankruptcy
Code (IBC) against a company based on a petition by an office
assistant for non-payment of salary dues amounting to INR3.2
lakh.

Pradeep M R, the office assistant, classified as an operational
creditor under the IBC, was appointed on July 1, 2011 by Merchem
Limited, a manufacturer of specialty chemicals. The last payment
of salary to him was made on February 22, 2016 for the month of
December 2015. "Thereafter, no payment has been made in the
account of the operational creditor," NCLT, as cited by TOI,
said.

"The operational creditor has fulfilled all the requirements of
law for admission of the application and has also proposed the
name of the IRP (interim resolution professional)," NCLT's
member, judicial, Ch. Mohd Sharief Tariq, said in his order, the
report relays.   "This bench is satisfied that the corporate
debtor has committed a default in making payment of the
outstanding debt claimed by the operational creditor."

"Therefore, (the petition) is admitted and the commencement of
corporate insolvency resolution process is ordered, which
ordinarily shall get completed within 180 days, reckoning from
the day this order is passed," NCLT ruled, TOI relays. Pradeep
claimed INR3,20,397 on account of services which he had rendered
to the company as an office assistant. Though a private notice
for service on the corporate debtor (Merchem) was ordered on
December 21, 2017, which was served, there was no representation
from the corporate debtor, the tribunal said.

"Therefore, the corporate debtor was proceeded ex-parte on
January 9, 2018," it said, notes the report.

Chennai-based C Ramasubramaniam has been appointed as IRP and has
been directed to take charge of the management of the company
immediately, TOI says. The NCLT said that the supply of essential
goods or services of the corporate debtor should not be
terminated, suspended or interrupted during the moratorium
period, the report says.


MOBILE TELECOM: CRISIL Cuts Rating on INR14MM Overdraft to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Mobile
Telecommunications Limited (MTL) to 'CRISIL D' from 'CRISIL B+';
CRISIL has also removed the rating from 'Rating Watch with
Negative Implications'. Overdraft facility has been continuous
overdrawn for more than 30 days and delays in servicing of
interest in overdraft facility. The overdrawals in the Overdraft
facilities have been caused due to weakening of the company's
liquidity arising from stretch in the working capital cycle.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft              14       CRISIL D (Downgraded from
                                   'CRISIL B+/Watch Negative';
                                   Removed from 'Rating Watch
                                   with Negative Implications')

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Debt protection metrics
are subdued, reflected in interest coverage an net cash accrual
to total debt ratios of 1.38 times and 0.04 time, respectively,
for fiscal 2017. The company has also incurred net losses in the
last two fiscals.

* Low operating margin: Profitability is estimated at 0.9 percent
in fiscal 2017 and has been in the 0.2-1.3 percent range in the
last three fiscals due to trading nature of business. Modest
margin constrains ability to generate cash flow.

Strength

* Extensive experience of promoters: Presence of around two
decades in the electronic equipment business has enabled the
promoter to establish strong relationship with customers.

Established in 1995 by Mr Anil Ved Mehta, MTL manufactures and
trades in electronic hardware. It is listed on the Bombay Stock
Exchange.

In fiscal 2017, net loss was INR53 lakh on total sales of
INR152.89 crore, against a net loss of INR134 lakh on total sales
of INR125.17 crore in fiscal 2016.


NANDAN BUILDCON: CARE Lowers Rating on INR82.76cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nandan Buildcon Private Limited (NBPL), as:

                       Amount
  Facilities        (INR crore)      Ratings
  ----------        -----------      -------
  Long Term/Short
  Term Bank
  Facilities            111.00       CARE D Revised from CARE B;
                                     Stable/CARE A4

  Long Term Bank
  Facilities             82.76       CARE D Revised from CARE B;
                                     Stable

  Short Term Bank
  Facilities             25.00       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
NBPL is on account of delays in servicing its debt obligation.
Going forward improvement in liquidity position and timely
servicing of debt obligation is key rating monitorable.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As per the feedback received from the
bankers of NBPL there are delays in servicing of debt obligation
on account of stretched liquidity.

NBPL is a part of 'NANDAN' Group, engaged in the construction of
residential and commercial properties. Till date, the group has
completed 34 projects in Pune through various group entities
(SPVs, Partnership firms & AoP) with total saleable area
admeasuring approximately 33.93 lakh square feet (lsf.). Nandan
group consists of Nandan Associates and Nandan VSP Developers.


RADIANT POLYMERS: CARE Ups Rating on INR19cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Radiant Polymers Private Limited (RPPL), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long term Bank         19      CARE B+; Stable Revised from
  Facilities                     CARE B; ISSUER NOT COOPERATING

  Short term Bank         7      CARE A4 Revised from CARE A4,
  Facilities                     ISSUER NOT CCOPERATING

  Long-term/Short-        3      CARE B+; Stable/CARE A4
  Term Bank Facilities           Revised from CARE B/A4;
                                 ISSUER NOT COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
RPPL and in line with the extant SEBI guidelines, CARE reaffirmed
the ratings of bank facilities of the company to 'CARE B; Stable,
ISSUER NOT COOPERATING' and 'CARE A4; ISSUER NOT COOPERATING'.
However, the company has now submitted the requisite information
to CARE. CARE has carried out a full review of the ratings and
the ratings are revised to 'CARE B+; Stable' and 'CARE A4'.

Detailed Rationale & Key Rating Drivers

The revision of the ratings takes into account improvement in
financial performance in H1FY18. The ratings continue to derive
strength from experienced promoters, reputed clientele and
diversified revenue streams in automotive segment and lighting.
However, the rating is constrained by working capital intensive
nature of operations, profitability being susceptible to
volatility in prices of finished goods and raw materials,
moderate scale of operations, highly competitive and fragmented
nature of the industry and leveraged capital structure with
moderate debt protection matrices.

Going forward, the ability of the company to sustain its scale of
operations with improvement in profit margins and managing its
working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: RPPL started its operation of
manufacturing of plastic engineering moulded components in 1988
and therefore, RPPL has 29 years of operational track record in
this segment of the industry. RPPL is jointly managed by Mr.
Nalin Bahl, Director,
who has more than two decades of experience in this industry and
Mr. Kumud Jayee (Director) who is also having over two decades of
experience in this industry.

Reputed clientele: RPPL's client list includes reputed automobile
OEMs and lighting companies like Honda Motorcycle & Scooter India
Pvt. Ltd and other reputed companies in the automotive and
lighting segment. RPPL has established long term relationship
with its clients leading to repeat orders. The top five customers
of RPPL contributed about 52.5% of net sales during FY17.
Diversified Revenue Streams in automotive segment and lighting
RPPL has diversified revenue streams with majority of their
revenue coming from the automotive segment (81% in FY17).

RPPL further has an established relationship with leading 4
wheeler and 2 wheeler players from which it has been getting
repeat orders. In FY17, 4 wheeler segment contributed 49% to the
overall revenue whereas 2 wheelers contributed 32%.

Apart from the automotive segment, RPPL has also ventured into
lighting segment and is a supplier to major players. The
lighting segment contributed 17% to the overall revenue in FY17.

Key Rating Weaknesses

Working capital intensive nature of operations: The business of
RPPL is marked by large working capital requirements in view of
its elongated operating cycle due to high inventory holding
period and moderate collection period. The working capital
intensity is high, as large amount of funds remained blocked in
inventory and debtors. Furthermore, the average working capital
utilization of RPPL has mostly been fully utilized during past 12
months. However, the working capital requirement is partially
backed by credit period availed from its supplier.

Raw material price volatility risk: Raw material is the major
cost driver for the company and formed around 63-66% of the cost
of sales during the last three years (FY15-FY17). The primary raw
material required by RPPL is plastic granules. The prices of
plastic granules are volatile and dependent on crude oil prices.
Although the company is safeguarded with respect to raw material
price fluctuation on account of a tri-party agreement between the
end customer, RPPL and the raw material supplier which allows
RPPL to reset prices. However, any sharp adverse movement in the
raw material prices might impact the profitability of the
company.

Moderate scale of operations: Though the company is in existence
for more than two decades, the operations of the company are
modest with a total operating income of INR168.49 crore in FY17.
Also, the capital employed and net worth was moderate at INR53.97
crore and 6.06 crore respectively as on March 31, 2017. The
modest size restricts the financial flexibility of the company in
times of stress and deprives it from scale benefits.

Highly competitive and fragmented nature of the industry: The
plastic components industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
moderate size of the company limits the scope for margin
expansion.

Leveraged capital structure with moderate debt protection
matrices: The capital structure of the company remained leveraged
marked by its high debt equity of 1.64x and overall gearing of
7.91x as on March 31, 2017. The overall gearing remained high on
account of low net worth base of INR6.06 crore as on March 31,
2017. Out of the total debt of INR47.91 crore, majority of the
debt (Rs.32 cr) was towards working capital facilities. The debt
protection metrics has remained moderate marked by interest
coverage ratio of 1.32 times in FY17.

Radiant Polymers Private Ltd (RPPL) was incorporated on Aug. 5,
1988 by Mr. Nalin Bahl and Mr. Kumud Jayee. Both the promoters
have over two decades of experience in same line of business.
RPPL has been engaged in manufacturing of plastic moulded
components and draws majority of revenue from automotive
components. However, the entity is also engaged in the production
of lighting components which majorly involves components for LED
lamps. RPPL has three manufacturing facilities: two in Ghaziabad
(Uttar Pradesh) and one in Uttarakhand. During FY17, RPPL has
earned 98.4% of its revenue from the domestic market and balance
from overseas market. RPPL exports its products in the countries
like Argentina, Dubai, Japan and China.


RICOH INDIA: Files for Insolvency Due to Inability to Pay Debts
---------------------------------------------------------------
Moneycontrol.com reports that Ricoh India has filed for
insolvency proceedings as it is unable to meet its liabilities.

Moneycontrol.com relates that the company has filed an
application under Section 10 of the IBC before the National
Company Law Tribunal, it said.

"The company has come to a position where it is unable to meet
its liabilities and this course of action has been decided in the
best interest of the company, its customers, employees and
minority shareholders and all other stakeholders," the company
said in a BSE filing, Moneycontrol.com relays.

According to the report, Ricoh India's board had on Jan. 25, 2018
resolved to inter alia file an application under Section 10 of
the Insolvency and Bankruptcy Code, 2016 (IBC) and relevant Rules
and Regulations thereunder to initiate Corporate Insolvency
Resolution Process.

Moneycontrol.com says the new IBC has provided a resolution
framework that will help corporates clean up their balance sheets
and reduce debts. IBC, which came into force in December,
provides for market determined resolution in a time bound manner.

In July 2016, indicating a possible accounting fraud, Ricoh India
admitted that its accounts appear to be have been "falsified" as
it estimated to have incurred a loss of INR1,123 crore for the
fiscal ended March 2016, Moneycontrol.com discloses.

Ricoh India specializes in office imaging equipment, production
print solutions, document management systems and IT services.
Ricoh India is a subsidiary of Tokyo-based Ricoh Group.


SAI SUMUKHA: CARE Assigns B+ Rating to INR12.49cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sai
Sumukha Properties Private Limited (SSPPL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank       12.49       CARE B+; Stable Assigned
  Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SSPPL is tempered
by small scale of operations with low networth base,
geographically concentrated revenue profile, nascent stage of
project development and fragmented nature of real estate sector.
The rating, however, derives its strengths from experienced
promoter in real estate business, registration with Real Estate
Regulation Act yet to be achieved, location advantage of the
project and satisfactory capital structure.

Going forward, the ability of the company to complete the project
in timely manner and sell the units and collect advances as
envisaged would be key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: Although having accomplished various
projects and a track record of 9 years, the firm's scale of
operations marked by the total operating income remained small at
INR38.21 crore in FY17 coupled with a low net worth base of
INR7.18 crore as on March 31, 2017 as compared to other peers in
the industry. The small scale of operation could restrict the
firm's financial flexibility and deprive it of scale benefits.

Not yet registered with RERA: The Real Estate (Regulation and
Development) Act, 2016 (RERA) is effective from May 01, 2017, and
covers all the residential and commercial projects in every
state. The company has registered with RERA, however, the same is
in pipeline.

Geographically concentrated revenue profile: SSPPL entirely
derives its revenue from orders executed in the state of
Karnataka, particularly from Bengaluru city, which exposes the
company to geographical concentration risk.

Fragmented nature of the real estate sector albeit improving
growth prospects: The real estate sector in India is highly
fragmented with a large number of small and mid-sized players.
Certain factors such as project execution challenges, delays in
land acquisition, regulatory clearances, long working capital
cycles as a result of longer gestation periods collectively place
pressure on the company's credit profile. Despite these
impediments, increasing growth in residential properties due to
lower interest rates, easy availability of housing finance and
various government initiatives in real estate sector are expected
to revive the industry in medium to long term.

Key Rating Strengths

Experienced promoters with more than two decade of experience in
the real estate industry: Mr. C. Rajani Kumar promoter and
Managing Director, has an experience of more than 20 years in
real estate industry, gained through family owned entity. The
administration department is led by Mr.Prasad, having 10 years of
experience in the relevant field. SSPPL is supported by an
skilled management team with experience of more than decade. The
day-today affairs are managed by Mr. C. Rajani Kumar. In the past
the company has executed several projects in Bengaluru.

Location advantage: The current ongoing project of SSPPL is
located at a residential and commercial area of Bengaluru.
Because of its close proximity to major residential areas like
Banashankari, Jayanagar, Bannerghatta Road and BTM Layout, this
area was developed by Bangalore Development Authority (BDA), for
convenience of growing population in the city. Further, the
locality houses many actors, politicians, singers, sportsmen and
other famous celebrities and is targeted by the affluent section
of people.

Satisfactory capital structure: The capital structure of the
company marked by overall gearing has been improving year-on-year
and remained satisfactory during the review period. The debt
profile of the company comprised of unsecured loans from the
promoters (24%) and working capital bank borrowings (76%), with
an average utilization of 60-70% for the last 12 months period
ended December 31st 2017. The debt equity ratio and overall
gearing ratio improved from 0.90x and 2.70x as on March 31, 2016
respectively to 0.36x and 1.55x as on March 31, 2017 respectively
on account of repayment of unsecured loans and accretion of
profits to the business.

Sai Sumukha Properties Private Limited (SSPPL) was incorporated
in the year 2008 promoted by Mr.C.Rajani Kumar and Ms.C.Triveni.
The company is engaged in construction of residential apartments
in and around Bengaluru. Currently, SSPPL is engaged in
construction of "Sai Sumukha Swiss Lights", a residential
apartment project located in J.P. Nagar Phase 7, Bangalore. All
statutory clearances/ NOCs for the project have been obtained by
the company. The project has an aggregate of 30 flats on a land
area of 9,900 square feet. The project is undertaken under a
Joint Development Agreement (JDA) between the land owner and
developer with a 70:30 sharing ratio. The developer's share
comprises of 22 flats and the land owners share comprises of 8
flats. Each party shall undertake marketing for their respective
share of flats. The total saleable area of the project is 37,083
square feet. As on January 8th, 2018, 3 slabs relating to two
floors were laid. The project commenced in the month of September
2016 and is expected to be completed by December 2019.


SEKO BEC: CRISIL Reaffirms B Rating on INR4.5MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Seko
Bec Private Limited (SBPL; formerly known as Borewell Equipment
Co Private Limited) at 'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL A4 (Reaffirmed)
   Cash Credit           4.5       CRISIL B/Stable (Reaffirmed)
   Letter of Credit      3         CRISIL A4 (Reaffirmed)

The ratings continue to reflect SBPL's modest scale of operations
in the intensely competitive drilling equipment industry and the
company's large working capital requirements. The ratings also
reflect a below-average financial risk profile marked by its
small net-worth, high gearing, and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of SBPL's promoters in the drilling equipment
manufacturing business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive
drilling equipment industry: SBPL's scale of operations was
modest as reflected in revenues of INR 14.34 crores in 2016-17.
The modest scale of operations limits the company's bargaining
power with its suppliers and customers. SBPL also remains exposed
to intense competition from a large number of organized and
unorganized players in the drilling equipment manufacturing
industry.

* Working capital intensive operations: SBPL's working capital
intensive nature of operations is reflected in gross current
assets (GCA) of around 851 days as on March 31, 2017 owing to
inventory of 225 days and debtors of 520 days.

* Weak financial risk profile: SBPL had high gearing of 3.12
times and low net worth and INR4.01 Cr respectively as on March
31, 2017. The interest coverage and net cash accruals to total
debt were at 0.68 times and negative 5 percent respectively in
2016-17.

Strengths

* Extensive experience of promoters: SBPL is promoted by Mr.
Kesava Rao, Mr. Ramachandra Rao, and their family members. The
promoters have over 30 years of experience in drilling equipment
industry. The company benefits from the promoters' industry
experience.

Outlook: Stable

CRISIL believes that SBPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is a sustained
improvement in its working capital cycle, while its net-worth and
gearing improve on the back of sizeable equity infusion.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in the company's profitability margins, or
significant deterioration in its capital structure caused most
likely by a stretch in its working capital cycle.

SBPL was set up in 1979 by Mr. Kesava Rao, Mr. Ramachandra Rao,
and their family members. The company manufactures drilling
equipment used for construction, quarrying, mining, and wells. It
is based in Hyderabad, Telangana.

During fiscal 2017, the company reported a profit after tax (PAT)
of negative INR0.85 Crores on operating income of INR14.34 Crores
against PAT of INR0.15 Crores on operating income of INR26.14
Crores in the previous fiscal.


SHREE GINGER: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE has been seeking information from Shree Ginger Enterprises
Limited (SGEL) to monitor the rating(s) vide e-mail
communications/letters dated September 7, 2017, October 17, 2017,
November 7, 2017, November 29, 2017, December 22, 2017,
January 8, 2017, January 9, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on SGEL's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

                      Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Long term Bank        34.50     CARE D; Issuer Not Cooperating
  Facilities                      Rating revised from CARE BBB-;
                                  Stable on the basis of best
                                  available information

  Short term Bank       27.00     CARE D; Issuer Not Cooperating
  Facilities                      Rating revised from CARE A3
                                  on the basis of best available
                                  information

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

The revision in rating takes in account delays in debt servicing,
overdrawals in cash credit account and instances of devolvement
of letters of credit.

Detailed description of the key rating drivers

At the time of last rating on March 21, 2017 the following were
the rating strengths and weaknesses.

Key Rating Strengths

Experienced promoters: SGEL formerly known as Ginger Clothing
Private Limited was promoted by Mr Sanjay Kumar Tayal. Mr Sanjay
Kumar Tayal has more than two decades of experience in the
textile industry. Mr Keshav Tayal has more than 8 years of
experience and is ably supported by a team of well-qualified and
experienced professionals. He has been instrumental in setting up
the company's garmenting business and has launched the company's
brand 'League'.

Diversified Customer Base: SGEL has a well-diversified customer
base and does not face customer concentration risk as its top 5
customers contributed only 8% to the total sales.

Moderate debt coverage indicators: Term debt at SGEL comprised
mainly of unsecured loans from promoters to the extent of INR18
crore as on March 31, 2016. During FY16 (refers to the period
April 1 to March 31), SGEL had raised INR105 crore to acquire a
mall in Nagpur for commercial purpose. This led to increase in
borrowings as of March 31, 2016 which resulted in the company's
debt to equity ratio, overall gearing and total debt to GCA
deteriorating to 1.02x, 1.43x and 11.71x as on March 31 2016 from
0.28x, 0.68x and 4.93x as on March 31 2015 respectively. On
account of higher interest outgo, the interest coverage ratio of
the company deteriorated to 2.71x in FY16 as compared to 3.28x in
FY15. The above deal however did not materialise and the loan was
repaid in FY17 out of the investments created from the said loan
pending finalization of the deal.

Key Rating Weaknesses

Stable operations; Low profitability margins: SGEL reported flat
sales in FY16 of INR426.98 crore as against INR420.39 crore in
FY15. The share of revenues from yarn and texturising segment,
fabric stood at 39% and 56% respectively. The company has no
expansion plans in the immediate future. During FY16, the PBILDT
margin remained stable at 5.91%, PAT margin however, deteriorated
to 0.04% mainly on account of write off of INR2.09 crore towards
insurance claim not settled relating to the fire in Dadra plant
in FY14.

Low bargaining power against large suppliers: SGEL has low
bargaining power against the large suppliers as the company
procures polyester chips from well-established domestic players
and gets credit of 15-20 days. The prices of polyester chips are
inherently volatile in nature being a derivative of crude oil.

Fragmented and competitive industry leading to low pricing power:
SGEL operates in a highly commoditized and fragmented polyester
yarn and garment industry marked by a large number of organised
as well as unorganised players coupled with low entry barriers.
Intense competition limits the pricing abilities of the players
in the industry.

Shree Ginger Enterprises Limited (SGEL) formerly known as Ginger
Enterprises Limited was incorporated in 2002 and promoted by Mr
Sanjay Kumar Tayal, presently managed by Mr Keshav Tayal. The
company is engaged in the manufacturing of Partially Oriented
Yarn (POY), Polyester Texturised Yarn (PTY), knitted fabric and
readymade garments. In March 2009 the company acquired assets of
a sick company viz. M/S Ramakrishna Filaments Ltd., at a
consideration of INR17.10 crore (including other expenses) from
Andhra Bank under SARFAESI Act, 2002. The company started its PTY
operations in FY10 (refers to the period April 1 to March 31).
The company started commercial production of POY, and FDY in the
last week of December 2010. The company has manufacturing
capacities of POY (50 TPD), FDY (15 TPD), DTY (70 TPD) and
knitting (1600 TPA) located at Silvassa. The two garment
manufacturing units of the company are located at Dombivli with a
combined capacity of 7 million pieces per annum.


SHREE SHAKTI: CARE Reaffirms B+ Rating on INR8.50cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Shakti Construction (SSC), as:

                      Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-term Bank
  Facilities            8.50     CARE B+; Stable Reaffirmed

  Short-term Bank
  Facilities            2.00     CARE A4 Reaffirmed

Detailed Rationale

The ratings assigned to the bank facilities of SSC continue to
remain constrained on account of small scale of operations,
moderate profitability, leveraged capital structure, weak debt
coverage indicators and moderate liquidity position coupled with
elongation in operating cycle and low order book position. The
ratings are also constrained on the back of competitive nature of
construction industry along with proprietorship nature of its
constitution.  The above constraints are, however, offset by
experienced proprietor in construction industry.

The ability of SSC to execute the existing orders on time and
successful bidding of new road construction contracts are the
key rating sensitivities. Further, improving its scale of
operations, solvency position and debt protection metrics will
also remain crucial.

Detailed description of key rating drivers

Key rating Weaknesses

Small scale of operations with moderate profitability: During
FY17, total operating income (TOI) of SSC improved to INR22.12
crore as compared to INR20.75 crore during FY16 on account of
increase in execution of orders. However, it stood at small
level. PBILDT margin and PAT margins stood at 9.20% and 2.21%
respectively during FY17 as against 10.45% and 2.16% respectively
during FY16.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm as marked by an overall gearing
ratio stood leveraged at 2.41 times as on March 31, 2017 which
improved from 2.61 times as on March 31, 2016 on the back of
increase in net worth base due to accretion of profits to
reserves. Total debt to GCA stood weak at 16.13 times as on
March 31, 2017 while the interest coverage ratio stood at
moderate level at 1.49 times during FY17.

Moderate liquidity position and elongation in operating cycle:
The liquidity position remained moderate marked by operating
cycle of 116 days during FY17 and current ratio of 1.21 times as
on March 31, 2017. The average working capital utilisation
remained at 95% during past 12 months ended December, 2017.

Low order book position: SSC has an outstanding order book size
of INR20 crore as on January 11, 2018. Till March, 2018 orders
worth INR15 crore will be executed out of the orders outstanding
as on January 11, 2018, while the balance orders would be
executed during FY19.

Competitive nature of construction industry: The construction
industry is fragmented in nature with a large number of medium
scale players present at the regional level coupled with the
tender driven nature of the construction contracts that poses
huge competition and puts pressure on the profitability margins
of the players.

Proprietorship nature of its constitution: SSC being a
proprietorship firm, is exposed to the risk of withdrawal of
capital by proprietor due to personal exigencies, dissolution of
firm due to retirement or death of proprietor which may affect
financial flexibility of the firm.

Key Rating Strengths

Experienced proprietor: SSC was established in the year 2008 by
Mr Merabhai Bharwad who is having more than two decades of
experience in the construction industry. The long standing
industry experience of the proprietor has led to strong
relationships with the customers and suppliers.

Ahmedabad (Gujarat) based SSC is a proprietorship firm
established by Mr Merabhai Bharwad in the year 2008. Mr Merabhai
Bharwad has an experience of 22 years in the construction
industry. SSC undertakes construction work of roads for the
Ahmedabad Municipal Corporation and Road and Buildings Department
(R&B), Government of Gujarat. SSC is 'AA' class rated contractor
with Road and Buildings Department, Government of Gujarat.


SUMESH ENGINEERS: CRISIL Raises Rating on INR3MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term facilities of
Sumesh Engineers Private Limited (SEPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming the short-term rating
at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)

   Cash Credit            3        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects the expectation of sustenance of improved
business profile and steady financial risk profile. During fiscal
2018, the company's turnover (though remaining modest) is
expected to grow by at least 50% over the previous fiscal's
INR10.5 crore leading to better than expected accruals.
Simultaneously, working capital cycle and profitability are
expected to remain moderate. Also, financial profile shall remain
steady in the absence of any capital expenditure (capex) plan and
no major incremental working capital requirement.

The ratings reflect SEPL's modest scale of operations in the
intensely competitive electrical industry, susceptibility of
profitability to volatility in raw material prices and tender-
based operations. These weaknesses are mitigated by the moderate
leverage and adequate debt protection metrics and the extensive
experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: Despite the sharp recovery in sales,
company remains a marginal player in the industry marked by high
competition.

* Exposure to volatility in raw material prices and tender-based
operations: The margins have been modest at 3.8-6.2% over the
four years ended fiscal 2017 and are susceptible to sharp
volatility in raw material prices. Also as operations are tender-
based, SEPL's revenue is dependent on its ability to win tenders.

Strengths

* Moderate leverage and adequate debt protection metrics: Gearing
was healthy at 0.33 time as on March 31, 2017, while networth was
modest at INR5.9 crore. Interest coverage and net cash accrual to
total debt were adequate at 6.1 times and 0.32 time,
respectively, for fiscal 2017.

* Extensive experience of the promoters: Benefits from the
promoters' 2 decades of experience in the industry and
established customer and supplier relationships should support
business.

Outlook: Stable

CRISIL believes SEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and stable
profitability results in sizeable accrual. The outlook may be
revised to 'Negative' if accrual is low or working capital
requirement is large or debt-funded capex is sizeable.

Incorporated in 1992, Vadodara (Gujarat)-based SEPL is promoted
by Mr Suresh Vyas. It manufactures distribution transformers of 5
kilovolt amperes to 5 megavolt amperes.


TEJA SEA: CARE Assigns B+ Rating to INR2.50cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Teja
Sea Foods (TSF), as:

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Long-term Bank
  Facility                2.50     CARE B+; Stable Assigned

  Short-term Bank
  Facility               11.50     CARE A4 Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of TSF are tempered
by short track record of the entity and small scale of operations
with fluctuating total operating income and low profitability
margins during review period, financial risk profile marked by
leveraged capital structure and weak debt coverage indicators,
competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry, profitability
margins are susceptible to fluctuation in foreign exchange
prices, constitution of the entity as proprietorship firm with
inherent risk of withdrawal of capital. However, ratings derive
strength from experience of the proprietor for two decades in sea
food industry, plant located in aquaculture zone, comfortable
operating cycle and stable outlook of sea food industry.

Going forward, ability of the firm to increase its scale of
operations and improve profitability margins in competitive
environment and improve its capital structure while managing its
working capital requirement efficiently would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of the entity and Small scale of operations
with fluctuating total operating income and low profitability
margins during review period: The firm has a track record of
around six years; however, the total operating income (TOI), of
the firm remained small at INR14.80 crore in FY17 with low net
worth base of INR0.69 crore as on March 31, 2017as compared to
other peers in the industry.

The total operating income of the firm fluctuating and increased
from INR8.40 crore in FY15 to INR14.80 crore in FY17 on
account of increase in repeat orders from existing customers
coupled with addition of new customers. The firm has achieved
total operating income of INR14.86 crore for the period April 01,
2017 to September 30, 2017 (Provisional, CA Certified).

TSF has low profitability margins during review period. The
PBILDT margin of the firm has improved from 1.66% in FY15 to
3.00% in FY17 due to decrease in other manufacturing expenses
like labour & packing charges, insurance and selling expenses. In
line with PBILDT level, the PAT margin of the firm improved from
0.50 % in FY15 to 0.62% in FY17, however, the margins of the firm
remained thin during review period.

Financial risk profile marked by leveraged capital structure and
weak debt coverage indicators: The debt to equity ratio of the
firm stood comfortable at zero as on March 31, 2017 on account of
repayment of long term loans in full during FY17. The overall
gearing ratio of the firm, though improved from 3.80x as on
March 31, 2016 to 2.89x as on March 31, 2017 due to increase in
proprietor's capital on account of accretion of profits along
with reduction in debt levels, still remained leveraged.

TSF has weak debt coverage indicators during review period. Total
debt/ GCA of the firm remained weak at 21.91x in FY17 due to high
debt and lower cash accruals. The PBILDT interest coverage ratio
of the firm deteriorated from 1.57x in FY16 to 1.32x in FY17 on
account of increase in interest and finance charges.

Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry: The company has to
stock shrimps for export during the off season, thus increasing
its inventory levels. Apart from seasonality, adverse climate
conditions, lack of quality feed, rampant diseases continue to
pose risk in the raw material procurement. Furthermore, due to
limited value addition nature of business and less technological
input entry barriers are low. As a result, processed sea food
industry is highly competitive with the presence of a large
number of Indian players as well as players from other
international market. Furthermore, exports of sea food is highly
regulated, as exporters of sea food have to meet various
regulations imposed by importing nations as well as imposed by
the Indian government.

Profitability margins are susceptible to fluctuation in foreign
exchange prices: In H1FY18 (Provisional, CA Certified), TSF's out
of total sales ,30% belongs to export sales, exposing the
profitability margins to susceptible in fluctuation of foreign
exchange prices. The firm receives payment from its customers at
current exchange rate. The firm does not have any hedging
mechanism to avoid fluctuation in foreign exchange prices.

Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital: Constitution as a proprietorship
has the inherent risk of possibility of withdrawal of the capital
at the time of personal contingency which can adversely affect
its capital structure. Furthermore, proprietorships have
restricted access to external borrowings as credit worthiness of
the proprietor would be key factors affecting credit decision for
the lenders. The proprietor has withdrawn capital of INR0.04
crore in FY16.

Key Rating Strengths

Experience of the proprietor for two decades in sea food
industry: TSF was established in the year 2011 and promoted by
Mr. Velaga Subbarao. The proprietor is an undergraduate and has
two decades of experience in sea food industry as he had worked
in same line of business. Business operations are supported by
key managerial personnels i.e. Mr. V. Venkata Ramana (Plant
Incharge), Mr. D. Surendra Kumar (Plant Supervisor), Mr. Antony
Roy (Selling Arrangements) and Mr. J. Eswara Rao (Production
Incharge). Due to long experience of the proprietor, he is able
to establish long term relationship with clientele which has
helped in developing business.

Plant located in aquaculture zone: The plant location of the firm
is located in aquaculture Zone near the coastal area of Andhra
Pradesh, which enables the firm to procure raw materials and send
the same for process immediately after harvest. This results in
better quality product as well as lowers the transportation cost.

Comfortable operating cycle: Operating cycle of the firm remained
zero for last three financial years because the firm receives the
payment on cash basis from its local customers and the firm does
not avail any credit from its farmers. Furthermore, the inventory
will be stored in its associate concern (Sri Teja Ice & Cold
Storage). Due to the aforementioned reasons, the operating cycle
of the firm remained nil during review period. There is no
debtor, creditor and inventory days due to perishable nature of
sea foods.

Stable outlook of sea food industry: India has vast potential for
fisheries in view of our long coastline spanning about 8,118 kms
in addition to inland water resources. India is the second
largest producer of fish and also second largest producer of
fresh water fish in the world. The sector plays an important role
in the overall socio-economic development of India. The sector
has gained importance as it contributes significantly to the
national food security, livelihood generation, agriculture
diversification and enhanced foreign exchange earnings. As a
result, starting from a purely traditional activity in the early
fifties, fisheries and aquaculture have now transformed into a
significant commercial enterprise. Revenue from the global shrimp
market stood at US$ 37 Bn in 2016 and is expected to reach about
US$ 39 Bn by the end of 2017. By 2027 end, the global shrimp
market is expected to reach a value of more than US$ 67 Bn,
growing at a CAGR of 5.6% over the forecast period. In terms of
volume, the global shrimp market is estimated to be pegged at
9,119 KT by 2017 end, and is expected to reach 14,259 KT by 2027
end at a CAGR of 4.6%.

Andhra Pradesh based, Teja Sea Foods (TSF) was established as a
proprietary firm in the year 2011 and promoted by Mr. Velaga
Subbarao. Initially, the firm was engaged in only trading of sea
food like fish and prawn. Later on from April 2017 onwards, the
firm started processing of sea food and expanded its geographical
reach from domestic market to international market (Vietnam and
China). Sea foods are procured from local markets of
Machilipatnam, Visakhapatnam, Kakinada and surrounding areas in
Andhra Pradesh. The clientele of the firm includes Huy Tuanjoint
stock company, Dai Thien Ha Joint Stock Company, Thanh Dat Joint
Stock Company, and Vilcom General Import Export Join Stock
Company among others.


TIRUMALA COMPRINTS: CRISIL Raises Rating on INR8.25MM Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Tirumala Comprints Limited (TCL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           8.25      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term    1.15      CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Term Loan             0.60      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The rating upgrade reflects track record of timely repayment of
term loan installment and improved liquidity management.

The rating continues to reflect working capital intensive and
modest scale of operations in an intensely competitive industry.
These weaknesses are partially offset by the extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: TCL has working-capital-
intensive operations, as reflected in the company's high gross
current assets (GCA) of around 133 days as on March 31, 2017.

* Modest scale of operations in intensely competitive industry
TCL has a modest scale of operation in the offset printing and
packaging industry (which is intensely competitive), as reflected
in its revenues of around INR37 crores in fiscal 2017. Modest
scale of operations limits company's ability to take advantages
associated with the economies of scale that other big players are
able to leverage upon.

Strengths

* Extensive industry experience of promoter: TCL derives
significant benefits from its promoter's extensive experience in
the printing industry. Its promoter, Mr. M Jayathirth, has domain
experience of more than two decades. Supported by its promoter's
experience, the company has developed established relations with
customers and suppliers over the years resulting in repeated
orders and uninterrupted supply of raw material.

Outlook: Stable

CRISIL believes that TCL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relationships with customers and suppliers. The
outlook may be revised to 'Positive' if TCL increases its scale
of operations substantially, while maintaining its profitability
and capital structure. Conversely, the outlook may be revised to
'Negative' if the company's profitability declines, or if its
capital structure weakens because of substantial debt-funded
capital expenditure, or if its liquidity weakens because of a
stretch in its working capital cycle.

TCL was originally incorporated as a private limited company in
1989, promoted by Mr. M Jayathirth; it was reconstituted as a
public limited company in 2008. TCL undertakes regular offset and
ultra-violet offset printing of packaging materials made of paper
and paperboards; its product portfolio mainly includes cartons
and leaflets. The company is based in Hyderabad (Telangana).


TUSHAR FABRICS: CRISIL Lowers Rating on INR4.5MM Loan to D
----------------------------------------------------------
CRISIL has been consistently following up with Tushar Fabrics for
obtaining information through letters and emails (dated
January 19, 2017, and February 9, 2017, among others), apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4.5       CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit      1.0       CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL A/Stable')

   Term Loan              .62      CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of Tushar Fabrics. This restricts
CRISIL's ability to take a forward-looking view on the credit
quality of the entity. CRISIL has downgraded its ratings on the
bank facilities of Tushar Fabrics to 'CRISIL D/CRISIL D/Issuer
Not Cooperating.

The downgrade reflects delays in repayment of debt obligations,
because of its stretched liquidity position.

Tushar Fabrics, formed in 2005 by Mr Jatinbhai Madrasi and Ms
Vandanaben Madrasi, weaves and knits grey fabric out of viscose
and cotton yarn at its facility at Surat (Gujarat). The fabric is
sold in the domestic market, and is primarily used for women's
dress material.



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


YFG BHD: Auditor Raises Going Concern Doubt
-------------------------------------------
The Sun Daily reports that YFG Bhd's external auditor, Messrs
UHY, has issued a statement of "material uncertainties related to
going concern" in respect of the group's financial statements
ended Sept 30, 2017.

According to the report, Messrs UHY said the financial statements
have been prepared on the historical cost basis and on the
assumption that the group and the company are going concern.

"The going concern assumption is highly dependent upon the
successful approval and implementation of the regularisation
plan, and the ability of the group and of the company to attain
profitable operations to generate sufficient cash flows to fulfil
their obligations as and when they fall due," UHY, as cited by
Sun Daily, said.

In the event that these are not forthcoming, Messrs UHY said the
group and the company may be unable to realise their assets and
discharge their liabilities in the normal course of business, the
report relates.

Accordingly, it said the financial statements may require
adjustments relating to the recoverability and classification of
recorded assets and liabilities should the group and company be
unable to continue as going concerns, the report adds.

During the financial year ended Sept 30, 2017, YFG incurred net
losses of MYR29 million and MYR7.3 million at the group and
company level respectively, the Sun Daily discloses.

As of that date, it had net current liabilities of MYR83.6
million and MYR5.08 million at the group and company
respectively, with a deficit of MYR80.4 million in shareholders'
equity, adds the Sun Daily.

YFG has submitted its proposed regularisation plan to Bursa
Malaysia Securities on Oct. 31, 2017 and still awaiting the
authority's approval, the report notes.

                         About YFG Berhad

YFG Berhad is engaged in construction of buildings, provision of
electrical and mechanical engineering services and maintenance
works.

YFG entered into the PN17 classification on Sept. 22, 2016. The
company posted a net loss of MYR46.1 million for the year
ended Sept. 30 2016.



                             *********

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

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

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


                            *********


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

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

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

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

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