TCRAP_Public/180207.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

          Wednesday, February 7, 2018, Vol. 21, No. 027


                            Headlines


A U S T R A L I A

AUS STREAMING: First Creditors' Meeting Set for Feb. 14
BUSBY PLANT: First Creditors' Meeting Slated for Feb. 15
CLAIM IT: First Creditors' Meeting Set for Feb. 15
COOPER & OXLEY: Halts Trading as it Reviews 'Financial Viability'
HARTS CORPORATION: First Creditors' Meeting Set for Feb. 12

PNA DEVELOPMENTS: First Creditors' Meeting Set for Feb. 14
PROIMEX PTY: First Creditors' Meeting Slated for Feb. 14
WESTPAC BANKING: S&P Assigns 'BB+' ICR on Proposed WCN5


C H I N A

GUORUI PROPERTIES: S&P Rates Proposed USD Sr. Unsec. Notes 'B-'
HC INTERNATIONAL: S&P Assigns 'B' CCR, Outlook Stable
JIANGYIN CHENGXING: Fitch Assigns B IDR and Sr. Unsecured Rating
MAOYE INT'L: Positive Earnings Alert Supports Moody's B3 CFR
PARKSON RETAIL: Moody's Affirms B3 CFR; Revises Outlook to Stable

SUNRIVER HOLDINGS: Fitch Assigns 'B' IDR; Outlook Stable


H O N G  K O N G

FWD LIMITED: Fitch Affirms 'BB+' Ratings on 2 Tranches


I N D I A

A.P. INTERNATIONAL: CARE Assigns B+ Rating to INR5.91cr Loan
AA AGRO: CRISIL Migrates D Rating to Not Cooperating Category
ABHIGNA RICE: CRISIL Migrates B Rating to Not Cooperating Cat.
AERON EXPORTS: CRISIL Migrates B- Rating to Not Cooperating Cat.
AGARWAL CORPORATION: CRISIL Moves D Rating to Not Cooperating

AXLEO INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Cat.
C.A. VEGE: CARE Reaffirms B+ Rating on INR8.29cr LT Loan
C. P. ISPAT: CARE Raises Rating on INR14.50cr LT Loan to B
DOLCE PHARMACEUTICAL: CARE Assigns B+ Rating to INR11.75cr Loan
ESVEEAAR DISTILLERIES: CRISIL Moves B- Rating to Not Cooperating

GOKUL GINNING: CARE Assigns B+ Rating to INR5.0cr LT Loan
HARLEY CARMBEL: CRISIL Moves B Rating to Not Cooperating Category
HYT INOVATIVE: CRISIL Moves B Rating to Not Cooperating Category
J.R.R. CONSTRUCTION: CARE Reaffirms B Rating on INR7.90cr Loan
KASIM COAL: CRISIL Moves D Rating to Not Cooperating Category

KATARE COTTON: CRISIL Moves D Rating to Not Cooperating Category
KUFRI FUN: CRISIL Moves D Rating to Not Cooperating Category
LAKSHMI ENTERPRISES: CRISIL Lowers Rating on INR13MM Loan to B+
M.P. AGARWALA: CARE Assigns B+ Rating to INR4.0cr LT Bank Loan
MAKHWAN METAL: CRISIL Moves D Rating to Not Cooperating Category

MANDHANA INDUSTRIES: CARE Moves D Rating to Not Cooperating Cat.
MANTRI TEA: CRISIL Reaffirms C Rating on INR4MM Cash Loan
NIRBAN INFRASTRUCTURE: CRISIL Moves B+ Rating to Not Cooperating
OMKAMAL STEEL: CARE Hikes Rating on INR4.62cr LT Loan to BB-
PARAGON KNITS: CRISIL Raises Rating on INR17.56MM Loan to B+

PREM INDUSTRIES: CARE Reaffirms B+ Rating on INR7.61cr Loan
RAJAT DEVELOPERS: CARE Assigns B+ Rating to INR8.50cr LT Loan
RAJESWARI AUTO: CRISIL Moves B+ Rating to Not Cooperating Cat.
RAMKA SILK: CRISIL Moves D Rating to Not Cooperating Category
RESOURCE FOODS: CRISIL Moves B+ Rating to Not Cooperating Cat.

S S AGROZONE: CRISIL Assigns B Rating to INR6.95MM Term Loan
SAI POINT: CRISIL Raises Rating on INR41.5MM Loan to B-
SATYA EXPORTS: CRISIL Lowers Rating on INR7MM Loan to B+
SHREE NAMOKAR: CRISIL Moves B+ Rating to Not Cooperating Category
SHREE OM: CARE Assigns B+ Rating to INR9.0cr LT Loan

SHRISHTI ELECTROMECH: CRISIL Reaffirms B Rating on INR10.10M Loan
SUPER SEAL: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
SVN AGRO: CRISIL Moves B Rating to Not Cooperating Category Cat.
SWAROOP PHARMACEUTICALS: CRISIL Cuts Rating on INR6.5MM Loan to C
TAURUS COMMERCIALS: CARE Moves B+ Rating to Not Cooperating Cat.

UTTAM GALVA: CARE Moves D Rating to Not Cooperating Category
UTTAM VALUE: CARE Moves D Rating to Not Cooperating Category
V3 ENGINEERS: CRISIL Moves B- Rating to Not Cooperating Category


I N D O N E S I A

MNC INVESTAMA: S&P Cuts CCR to 'CCC-', Put on CreditWatch Neg.


S I N G A P O R E

KTL GLOBAL: Net Loss Narrows to SGD2.17MM in Q2 Ended Dec. 31
KTL GLOBAL: Considers Options to Exit Mainboard Watch List
PINE CAPITAL: Posts SGD926K Net Loss for 3Mos. Ended Dec. 31


                            - - - - -


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


AUS STREAMING: First Creditors' Meeting Set for Feb. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Aus
Streaming Limited will be held at the offices of DW Advisory
Level 2, 32 Martin Place, in Sydney, NSW, on Feb. 14, 2018, at
4:30 p.m.

Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of Aus Streaming on Feb. 3,
2018.


BUSBY PLANT: First Creditors' Meeting Slated for Feb. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Busby
Plant Hire Pty Ltd will be held at the offices of FTI Consulting
22 Market Street, in Brisbane, Queensland, on Feb. 15, 2018, at
9:30 a.m.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Busby Plant on Feb. 5, 2018.


CLAIM IT: First Creditors' Meeting Set for Feb. 15
--------------------------------------------------
A first meeting of the creditors in the proceedings of Claim It
SA Pty Ltd will be held at the offices of BRI Ferrier, Level 4,
12 Pirie Street, in Adelaide, SA, on Feb. 15, 2018, at 11:00 a.m.

Alan Geoffrey Scott of BRI Ferrier was appointed as administrator
of Claim It on Feb. 5, 2018.


COOPER & OXLEY: Halts Trading as it Reviews 'Financial Viability'
-----------------------------------------------------------------
Emily Piesse and Rebecca Trigger at ABC News report that one of
Western Australia's largest commercial builders has suspended
trading as it reviews its "financial viability".

The ABC relates that Jolimont-based Cooper & Oxley sent a letter
via email to its subcontractors on Feb. 5 instructing them to
stop work, saying it was not in a position to pay any accounts at
present.

According to the report, the company later put out a statement
confirming that all works on its seven active building sites
around Perth had been suspended as of Sunday February 4.

"This step has been taken while the company continues to conduct
an urgent review of its financial position," Cooper & Oxley said.
"The company has been working with its stakeholders, including
financiers and key clients, to undertake a restructure and
refinance process."

The ABC has been told at least one subcontractor is owed
AUD800,000.

The ABC relates that WA Building Commissioner Ken Bowron said the
Department of Mines, Industry Regulation and Safety was
investigating reports Cooper & Oxley had entered voluntary
administration.   However, the Building Commissioner had not
received any notification that the company is unable to meet its
financial obligations.

Mr. Bowron added there was "no previous information" to indicate
Cooper & Oxley may have been in financial distress, the report
relays.

Cooper & Oxley has traded for more than 60 years, completing
projects across WA for government and private clients.  The
builder has seven major projects currently underway, including
the 500 Hay Street hotel and cinema complex in the Perth CBD and
the David Jones store at the Mandurah Forum shopping centre, the
ABC discloses.


HARTS CORPORATION: First Creditors' Meeting Set for Feb. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Harts
Corporation (Aust) Pty Ltd will be held at the offices of BDO
Level 18, 727 Collins Street, Melbourne VIC 3001 on Feb. 12,
2018, at 3:00 p.m.

Andrew Peter Fielding and Nicholas Martin of BDO were appointed
as administrators of Harts Corporation on Jan. 31, 2018.


PNA DEVELOPMENTS: First Creditors' Meeting Set for Feb. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of PNA
Developments Pty Ltd will be held at the offices of Levi
Consulting, Level 1, 84 Pitt Street, in Sydney, NSW, on Feb. 14,
2018, at 1:45 p.m.

David Joseph Levi of Levi Consulting was appointed as
administrator of PNA Developments on Feb. 2, 2018.


PROIMEX PTY: First Creditors' Meeting Slated for Feb. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Proimex
Pty Ltd will be held at the offices of BPS Reconstruction and
Recovery, Level 5, Suite 6, 350 Collins Street, in Melbourne, on
Feb. 14, 2018, at 11:00 a.m.

Simon Patrick Nelson of BPS Reconstruction was appointed as
administrator of Proimex Pty on Feb. 2, 2018.


WESTPAC BANKING: S&P Assigns 'BB+' ICR on Proposed WCN5
-------------------------------------------------------
S&P Global Ratings said that it has assigned its 'BB+' issue
credit rating to Westpac Banking Corp.'s (WBC; AA-/Negative/A-1+)
proposed Westpac Capital Notes 5 (WCN5).

S&P said, "We rate the WCN5 four notches below WBC's stand-alone
credit profile (SACP) of 'a-'. The starting point of the SACP
reflects our view that it is unlikely that the Australian
government's support for WBC and other Australian banks--if
needed--would extend to the hybrid capital instruments issued by
the banks."

To arrive at the rating on the WCN5, S&P deducts four notches off
WBC's SACP reflecting the following factors:

-- S&P deducts one notch for the WCN5's subordinated status;
-- Two notches for the risk of partial or untimely payment; and
-- One notch for a nonviability contingent capital feature that
    would require WBC to convert all or a proportion of the WCN5
    into ordinary shares or write them off, if a nonviability
    trigger event occurred.

In S&P's capital analysis of WBC, the proposed WCN5 will qualify
for intermediate equity content, reflecting its view that WCN5
would be able to absorb losses, if needed, on a going-concern
basis through nonpayment of coupons, principal write-down, or
conversion into common equity. S&P's assessment takes into
consideration that the WCN5 will qualify as fully compliant Basel
III Additional Tier 1 regulatory capital under Australian
Prudential Regulation Authority standards.



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C H I N A
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GUORUI PROPERTIES: S&P Rates Proposed USD Sr. Unsec. Notes 'B-'
---------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Guorui Properties Ltd. (B/Negative/--). The issue rating is
subject to S&P's review of the final issuance documentation.

S&P said, "We rate the notes one notch below the corporate credit
rating on Guorui to reflect subordination risk because the notes
rank behind a significant amount of secured debt in the capital
structure.

"We do not expect the notes issuance to have a material effect on
Guorui's credit profile because the company intends to use the
proceeds mainly to refinance some of its existing debt. The
issuance could reduce the company's refinancing risk arising from
its low cash to short-term debt ratio, and enhance its liquidity
profile. As of June 30, 2017, Guorui's ratio of unrestricted cash
to short-term debt was 20%."

The corporate credit rating on Guorui reflects S&P's expectation
that the company will moderately deleverage over the next two
years, supported by a large level of unrecognized revenue and
estimated slowdown in land acquisitions. S&P believes Guorui's
leverage peaked in 2017 after the company accelerated debt-funded
land acquisitions. In S&P's view, such large spending was
opportunistic, given Guorui's large land reserve of around 8
million square meters.

The negative outlook on Guorui reflects S&P's view that the
company's liquidity and leverage could worsen over the next 12
months unless it improves its sales performance and adopts a more
prudent approach to debt-funded expansion.


HC INTERNATIONAL: S&P Assigns 'B' CCR, Outlook Stable
-----------------------------------------------------
S&P Global Ratings said it has assigned its 'B' corporate credit
rating to China-based HC International Inc. The outlook is
stable. At the same time, S&P assigned its 'B' issue rating to
the company's proposed senior unsecured notes to be issued via
its wholly owned subsidiary, HC Innovest Holdings Ltd. The issue
rating is subject to S&P's review of the final issuance
documentation. S&P expects HC International to use the issuance
proceeds for general purposes, including refinance existing
borrowings.

The 'B' corporate credit rating reflects S&P's expectation that
HC International's financial policy will remain aggressive amid
fast growth in nearly all of its business lines. S&P expects the
company will be able to build on the strong competitive position
of ZOL (zol.com.cn), and maintain and possibly grow the market
share of HC360 (hc360.com), a B2B e-commerce platform. One
exception is the exhibition segment, which contributed
significant revenue and EBITDA in 2016 and 2017 through the one-
time sales of property-use rights. While HC International will
continue to receive management fees on exhibit centers, the size
of the revenue stream will be markedly smaller. S&P estimates
this will contribute to a big jump in adjusted debt leverage to
more than 7x in 2018 before dropping to mid-4x when the other
segments eventually make up for the absence of sales in property
usage rights.

HC International's stand-alone credit profile (SACP) is primarily
driven by its online services business. S&P applies a weight of
80% to its online services and non micro-credit businesses and a
weight of 20% for the Chongqing Digital China Huicong Micro-
Credit Co. Ltd. (Micro-Credit) to arrive at a combined SACP of
'b' for HC International. The figures in this research update
refer specifically to online services and non-micro-credit
businesses.

HC International's ZOL is the largest web publisher of
technology-related news and content with a significant number of
online followers and monthly active users well above 150 million.
S&P said, "While we expect ZOL to experience good growth in 2018
and 2019 from heightened consumer interest in mobile technology
and other technology developments, its longer-term growth
potential may be more limited and more closely tied to the
overall health of the media market in China. At least over the
near term, we don't expect the Chinese media market to cool."

HC360 is the second-largest B2B marketplace in China with an
overall market share of about 5% in 2016. Alibaba's 1688.com is
the dominant player in B2B with a market share of about 45%. S&P
said, "We expect HC International to gain some market share in
2018 and 2019 as other B2B players consolidate and through new
product rollouts and consolidation of more B2B industry
verticals. For example, over the past two years, the company
introduced micro-financing and vendor financing to increase the
liquidity of its marketplace and help meet the working capital
needs of its buyers and sellers. HC360 currently operates in more
than 50 verticals with the most important being iBUYCHEM.COM and
China Apparel Network, in our view. We currently don't expect
HC360 to catch up with 1688.com."

In addition, a vast majority of HC360's clients are small and
midsize enterprises (SMEs). If the macroeconomic environment
turns difficult for these SMEs, as happened in 2014 and 2015,
HC360 could be affected. However, S&P believes the magnitude of
any such impact would be less. This is because many smaller,
weaker, and unprofitable companies exited HC360's marketplace in
the last downturn. S&P believes the client base is now healthier,
and the extent of potential client loss should be lower in future
stress events.

S&P said, "We estimate HC International's adjusted EBITDA margin
will decrease to 7.5%-8.0% by the end of 2018, from 13%-13.5% in
2017, due mainly to a shift in revenue mix toward the B2B trading
platform and margin declines in the online services business
resulting from a change in HC360's search-product segment.
However, we then assume EBITDA margin will expand by 100-150
basis points in 2019 when the adjustment to the new model is
complete.

"We estimate that HC International's adjusted debt leverage will
be 7x-7.5x in 2018 -- due to falling revenue after one-off sales
in exhibition-center property rights -- before dropping to mid-4x
in 2019 when revenue grows in other segments. We expect
discretionary cash flow deficits in 2017 and 2018 primarily due
to significant working capital usage, resulting from cash
outflows for the company's financial services business. We
project modest discretionary cash flow in 2019, stemming from
improving profitability."

S&P related, "The stable outlook is based our expectation that
ZOL will maintain its market position as the leading web
publisher of technology-related news and content and that growth
at HC360 should resume in 2019 after a product transition period
in 2018. We also expect the company will maintain adequate
liquidity over that period.

"We could lower our rating if the company's debt-to-EBITDA ratio
exceeds 7.5x in 2018 or 5.5x in 2019. This could result from a
steeper-than-anticipated 2018 EBITDA decline, a slower-than-
expected 2019 EBITDA growth, or a higher-than-expected debt
level.

"We could raise our rating if the company can sustain a debt-to-
EBITDA ratio of less than 4.5x. This would likely be achieved
with a significant increase in EBITDA contribution from HC360 as
well as some EBITDA expansion from off-line businesses."


JIANGYIN CHENGXING: Fitch Assigns B IDR and Sr. Unsecured Rating
----------------------------------------------------------------
Fitch Ratings has assigned China-based chemical company Jiangyin
Chengxing Industrial Group Co., Ltd., a Long-Term Issuer Default
Rating (IDR) of 'B'. The Outlook is Stable. Fitch has also
assigned a 'B' senior unsecured rating with Recovery Rating of
'RR4' to Jiangyin Chengxing and assigned a 'B(EXP)' expected
rating with Recovery Rating of 'RR4' to its proposed US dollar-
denominated senior notes.

The proposed notes are issued by Red Cloud Capital Limited, a
wholly owned subsidiary of Jiangyin Chengxing, and are rated at
the same level as Jiangyin Chengxing's senior unsecured rating as
they represent the company's unconditional and irrevocable
obligations. The final rating is subject to the receipt of final
documentation conforming to the information already received.

Jiangyin Chengxing's ratings are supported by its vertically
integrated phosphorous business, established market position in
the chemical industry, diverse portfolio of customers and stable
margins. The ratings are constrained by the company's limited
financial flexibility and high financial leverage.

KEY RATING DRIVERS

Vertically Integrated Phosphorous Business: Jiangyin Chengxing is
the world's largest producer of yellow phosphorus and refined
thermal phosphoric acid. The company has capacity to produce
160,000 tonnes of yellow phosphorus, 750,000 tonnes of phosphoric
acid and 320,000 tonnes of phosphate salts. The company's
phosphorous business is vertically integrated with its own
phosphate and coal mines, power plants, phosphorus production
facilities and the logistical and distribution network. The
company's size and vertical integration give it economies of
scale, a cost advantage compared with smaller peers and security
of supply.

Portion of Phosphorous Business Pledged: Jiangyin Chengxing's
higher margin and more stable phosphorous production process are
held through Jiangsu Chengxing Phoph-Chemicals Co., Ltd (JSCX),
in which the company holds a 25.8% equity stake. Jiangyin
Chengxing's shares in JSCX have been pledged as collateral for a
bank loan and Fitch have deconsolidated the JSCX from Jiangyin
Chengxing in Fitch analysis. The impact on the deconsolidated
company's financial profile and credit metrics is limited given
JSCX's small size and more levered balance sheet; JSCX accounted
for 22% of the consolidated company's EBITDA but 33% of the
company's total borrowings.

Commerce and Logistics Significant Contributor: The company's
trading, mining, logistics and power production components of the
vertically integrated value chain are held within the parent
company and are the foundation for the company's commerce and
logistics division and other businesses. The commerce and
logistics division focuses on phosphorus chemicals (phosphorus
ore, yellow phosphorus, phosphoric acid, and phosphate salts) and
chemical trading (PX, styrene, ethylene glycol, and quartz). The
earnings from other businesses are largely driven by company's
coal-fired and hydropower power plants. The segments combined
accounted for 49% of the company's gross profits in 2016.

Diverse Portfolio of Customers: Jiangyin Chengxing's customers
include many established domestic and global consumer staple
companies. The company is the exclusive supplier to Colgate
(APAC), Nestle (Southeast Asia) and Procter & Gamble. In
addition, the company enters into long-term supply agreements
with its customers. Fitch believe the company's stable working
relationships with customers and focus on non-cyclical end
markets improves the revenue predictability and limits the level
of cyclicality.

Financial Flexibility Constrained: Jiangyin Chengxing's liquidity
ratio was below 1.0x at end-2016. The company had short-term debt
of CNY8.0 billion due in 2017 compared with total liquidity of
CNY5.5 billion. The company's debt structure is overly reliant on
short-term financing, which accounted for 67% of its total
borrowings. In addition, the company has CNY900 million of notes
coming due in 2018. The company does have CNY4.5 billion in
credit facilities but just CNY1.6 billion is available to be
drawn.

DERIVATION SUMMARY

Jiangyin Chengxing's credit profile may be compared with that of
Shandong Yuhuang Chemical Co., Ltd. (B/Positive). The two are
vertically integrated chemical companies with similar business
profiles that are characterised by low, but stable EBITDA
margins, and comparable coverage and leverage ratios. Jiangyin
Chengxing has a stronger financial profile and more stable
profitability than Grupo IDESA, S.A. de C.V. (B-/Negative).
Jiangyin Chengxing's deconsolidated financial profile is weaker
than that of Yingde Gases Group Company Limited (B+/Stable),
which has higher EBITDA margin and coverage ratios.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- 2017 revenues and EBITDA to have increased by 21% and 26%,
   respectively, driven primarily by the phosphorus chemical and
   petrochemical segments.
- 2018 revenue to increase by 17%, driven primarily by the
   petrochemical segment, and EBITDA to increase by 4% as Fitch
   expect margins to normalise and the contribution from the
   petrochemical segment, which has lower margin.
- 2019 revenue and EBITDA to increase by 2% each

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Net debt to EBITDA sustained below 2.0x, after deconsolidating
   JSCX (2016: 3.5x)
- EBITDA margin sustained at or above 8.25%, after
   deconsolidating JSCX (2016: 7.7%)
- Progress in paying back loan for which shares of JSCX has been
   pledged

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA to interest paid sustained below 2.0x, after
   deconsolidating JSCX (2016: 2.1x)
- EBITDA margin sustained at 5.75% or below, after
   deconsolidating JSCX
- Capex exceeds expectations on a sustained basis

LIQUIDITY

Flexibility Constrained: The company has short-term debt of
CNY8.0 billion compared with liquidity of CNY5.5 billion. The
company's debt structure is reliant on short-term financing,
which accounted for 67% of its total borrowings at end-2016.


MAOYE INT'L: Positive Earnings Alert Supports Moody's B3 CFR
------------------------------------------------------------
Moody's Investors Service says that Maoye International Holdings
Ltd.'s (Maoye) positive earnings alert is credit positive and
supports its B3 corporate family rating (CFR).

The outlook on the rating remains stable.

On January 31, 2018, Maoye released a positive earnings alert,
detailing that, based on a preliminary review of the consolidated
management accounts, its net profit in 2017 - excluding one-off
net investment gains of approximately RMB460 million related to
the disposal of its equity interests in Maoye Communication and
Network Co., Ltd - increased between RMB528 million and RMB728
million, from its 2016 net profit of RMB112 million, which is in
line with Moody's expectations.

"Maoye's strong performance is driven by increased contributions
from its property sales, recovering retail operations,
particularly in the southern China region, and efforts to turn
around its newly acquired subsidiaries -- Renhe Chuntian
Department Store Ltd., Chengdu Qingyang District Renhe Chuntian
Department Store Ltd., as well as Inner Mongolia Victory
Commercial (Group) Co., Ltd.," says Danny Chan, a Moody's
Analyst, and also the Lead Analyst for Maoye.

Moody's expects Maoye will continue to generate free cash flow
from its operations that it plans to use to reduce debt in 2018,
thus lowering its leverage levels. This strong cash flow will be
driven by continued improvements in consumer sentiment in China,
steady growth in its property sales, and the accelerated disposal
of non-core assets and loss-making stores.

Moody's estimates that Maoye's debt leverage -- as measured by
debt/EBITDA -- will improve to around 5.5x- 6.5x over the next
12-18 months from 7.9x for the 12 months ended June 2017. Such
credit metrics would support the company's B3 CFR rating.

The rating is constrained by Maoye's weak liquidity position. Its
unpledged cash/short-term debt ratio was low at 13.9% at the end
of June 2017, after it reduced its short-term debt to RMB8.1
billion at the end of June 2017 from RMB10.7 billion at the end
of 2016.

The stable outlook reflects Moody's expectation that the company
will be able to refinance its short-term debt and slow its
acquisitions.

Maoye's B3 CFR takes into account its (1) strong market position
in its home market, as well as its self-owned-store strategy and
concessionaire business model; (2) ability to manage the
challenges in China's evolving retail market; (3) track record of
growth through acquisitions; (4) exposure to property development
risk until it fully disposes of its current inventory; and (5)
weak credit metrics.

Rating upgrade pressure could arise if the company can further
improve its liquidity and debt leverage while remaining prudent
in its expansion. Indicators for an upgrade include debt/EBITDA
below 6.0x-6.5x and EBITDA/interest above 2.5x.

On the other hand, Maoye's ratings could come under downgrade
pressure if (1) its liquidity position deteriorates, for example
if it is unable to refinance its short-term debt or it materially
increases its short-term debt; or (2) if undertakes significant
debt-funded acquisitions.

The principal methodology used in this rating was Retail Industry
published in October 2015.

Maoye International Holdings Ltd. is a leading department store
operator in China (A1 stable). Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in
its home market, while strategically expanding elsewhere in the
country. The company had 64 stores in 18 cities across China's
four main regions at the end of June 2017.


PARKSON RETAIL: Moody's Affirms B3 CFR; Revises Outlook to Stable
-----------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on Parkson Retail Group Limited's B3 corporate family and
senior unsecured ratings.

At the same time, Moody's has affirmed all ratings.

RATINGS RATIONALE

"Moody's has changed the outlook on Parkson's ratings to stable
to reflect the company's reduced refinancing risk, following the
repurchase of about half of its USD500 million notes due May
2018, through a cash tender offer," says Danny Chan, a Moody's
Analyst.

"The change in the ratings outlook is also because of its
stabilizing operating performance in 2017, despite the persistent
structural challenges in China's retail market," adds Chan.

Parkson's repurchase of its maturing USD notes - which was funded
by long-term onshore bank borrowing - has extended its debt
maturity profile; thereby alleviating near-term refinancing
pressure.

According to the company's announcement on January 22, 2018,
approximately USD258.9 million of the principal amount of the
notes - representing 53.44% of the total notes outstanding - had
been validly tendered. Following the settlement of the offer,
USD225.6 million of the notes will remain outstanding and be paid
down upon maturity in May 2018.

Moody's points out that the change in ratings outlook also
incorporates Moody's expectation that Parkson will: (1) be able
to pay down the remaining portion of its outstanding notes,
provided that it continues to have access to bank funding; (2)
continue to rationalize its store network and product mix,
leading to a sustained improvement in its operating performance
and credit metrics; and (3) pursue a balanced financial policy,
maintain healthy liquidity and continue to address its
refinancing needs in advance.

Parkson's revenue and operating profit started showing some
stabilization over the past 12 months, due to the company's
transformation efforts. Same-store sales for 1H 2017 rose 0.1%
year-on-year, an improvement from the -6.7% and -8.0% decline in
2016 and 2015, respectively.

The company also reported operating profit totaling RMB72 million
during the first three quarters of 2017 versus an operating
losses of RMB131 million in the same period in 2016.

However, these improvements in store performance have yet to make
a significant impact on its financial performance. Moody's
estimates that Parkson's adjusted debt/EBITDA will stay around
7.0x-7.5x, and retained cash flow/net debt - including principal
guaranteed deposits - will register around 7%-8% over the next
12-18 months. These ratios will remain consistent with its B3
ratings level.

Parkson's corporate family rating continues to reflect its long
operating history in China's highly fragmented department store
industry, its well-recognized brand name and national presence,
and the low level of collection risk in its concessionaire sales
business model.

On the other hand, its corporate family rating also reflects the
company's weak profitability and cash flow, as a result of
intense competition, and rising operating costs.

The ratings outlook is stable, reflecting Moody's expectation of
a moderate improvement in Parkson's credit metrics over the next
year, with operating margins enhanced by stable to positive
trends in retail sales and continued progress in achieving cost
and restructuring efficiencies.

The stable ratings outlook is further supported by Moody's
expectation that Parkson will maintain adequate liquidity.

Upward ratings pressure is limited, given the challenging
conditions in China's retail market and uncertainty over the
company's ability to turn around its weak revenue and
profitability.

Nevertheless, positive ratings momentum on the company's
standalone credit profile could emerge over time if: (1)
EBIT/interest exceeds 1.0x-1.5x; and (2) debt/EBITDA falls below
6.0x-6.5x on a sustained basis.

Downward ratings pressure could emerge if: (1) Parkson cannot
refinance the remaining US-dollar bond in the near team; and/or
(2) its revenue, profitability, liquidity or financial metrics
deteriorate further.

Any sign that the company is extending financial support to its
indirect owner, the Lion Group, could also pressure Parkson's
corporate family rating.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Parkson Retail Group Limited, listed on the Hong Kong Stock
Exchange, is one of the largest operators of department store
chains in China. The company focuses on the middle- and middle-
upper end of the Chinese retail market.

At the end of 2017, Parkson was 54.97%-owned by Parkson Holdings
Berhad, a member of Malaysia's Lion Group.


SUNRIVER HOLDINGS: Fitch Assigns 'B' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has assigned to China-based tourism real estate
developer Sunriver Holdings Group Co., Ltd. a Long-Term Issuer
Default Rating (IDR) of 'B' with a Stable Outlook. Fitch has also
assigned the company a senior unsecured rating of 'B' with a
Recovery Rating of 'RR4'.

Sunriver's ratings are supported by the company's competitive
position as a real estate developer in Anhui Province with
earnings diversification via the tourism and infrastructure
construction businesses. Its improving sales and profit margin
provide support to its ratings, which are constrained by its
current small business scale, regional concentration, and high
leverage, as measured by net debt-to-adjusted inventory, of 71%
that Fitch expect for 2017. Sunriver's financial profile will
remain under pressure over the next two years as the company
plans to rapidly expand its tourism business, which is margin-
accretive, well-diversified geographically and contributes to
expanding its property development business scale.

KEY RATING DRIVERS

Less Urgency to Acquire Land: Sunriver's land bank of 2.3 million
sq m at end-2016 is low relative to the company's annual
contracted sales of over CNY15 billion that Fitch expect in 2018-
2021. At this rate, the land bank is only sufficient to support
two years of sales. Sunriver is able to hold a smaller land bank
because it can acquire land as part of its agreements to develop
tourism projects. Its access to reasonably priced land for
development is more secure than for peers that purchase on the
market as it is subject to less intense competition.

The residential complexes with leisure elements, such as the
Fuyang and He Fei Flower World projects, are examples of such
projects. This, however, means that Sunriver's asset base
available to support debt is much more limited than that of other
homebuilders.

Investment Property Small, but Growing: Investment properties
generated only CNY89 million in rental revenue in 2016. The
company's rental revenue may double by 2020 following completion
of new investment properties between 2018 and 2021. These
properties are mainly neighbourhood malls within its residential
development projects. The average occupancy rate for its existing
malls is 100%. This, together with the tourism business,
generates a growing non-development operating cash flow that will
become more material in servicing its debt obligation.

Growing Track Record in Tourism: Sunriver has been acquiring or
developing tourism sites to attract more visitors to the scenic
sites it operates. The company had been developing the Mount
Qiyun Ecological & Cultural tourist site since 2011 and the
traffic has doubled between 2014 and 2016. Sunriver intends to
keep expanding its tourism portfolio by acquiring brownfield
projects instead of developing entirely new sites, which can
reduce capex spending and immediately increase in operating cash
flow. Fitch expect the tourism business make a bigger
contribution to EBITDA from 2019, which will, together with
rental EBITDA, drive non-development EBITDA/ interest paid higher
to 1x by 2020, from 0.12x in 2016.

Higher Development Sales and Margin: Fitch estimate Sunriver's
contracted sales will triple between 2017 and 2019, from CNY6.5
billion in 2016, with four more projects being launched over this
period. Sunriver's gross profit margin will remain at 30% or
above because it is able to tap lower cost land from its tourism
projects. Such projects' land costs are often below CNY3,000 per
sq m and they represent around 30% of the company's future
contracted sales. Fitch expect Sunriver's overall EBITDA margin
to gradually pick up to above 20% in 2019 from 15% in 2016,
because of more high-margin projects being launched and a larger
share of tourism revenue, which has an EBITDA margin of 30%.

DERIVATION SUMMARY

Compared to the Chinese homebuilders rated at 'B+', such as
Modern Land (China) Co., Limited (B+/Negative), Sunriver has
better EBITDA margin and is less reliant on the residential
property market as it has two other revenue sources, namely
tourism and infrastructure. However, its rating is constrained by
its smaller operating scale and lack of geographical
diversification.

Sunriver's ratings are well-positioned among 'B' category peers
as its business profile is more diversified and much stronger. It
has better EBITDA margin and size than peers with comparable
contracted sales and leverage ratios.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
- Consolidated contracted sales at CNY7 billion-17 billion a
   year in 2017-2020 (2016: CNY6 billion), driven by new projects
   launched mainly in Tier 2 or below cities following its land
   bank replenishment in 2016 and 1H17
- Cash collection rate of over 95% from its property contracted
   sales (2016: 97%)
- Gross profit margin from sale of properties at 34%-39% in
   2017-2020 (2016: 39%) as the land costs will account for below
   30% of ASP
- Contracted average selling price at about CNY10,000 per sq m
   in 2017-2020 (2016: CNY8,275)
- Company continues to acquire land for development
   conservatively through its development of tourism projects,
   even though it has locked-in 10.6 million sq m of GFA for
   development.
- Construction cost inflation at 3% per year per sq m for 2018-
   19.
- Tourism revenue is forecast based on the tourist arrivals at
   each tourist spot and ticket price.
- Infrastructure revenue is estimated by the stage of completion
   and each project's contracted value

Key Recovery Rating Assumptions:
- Sunriver would be liquidated in a bankruptcy rather than
   continue as a going-concern
- A haircut of 25% for CNY3.8 billion of receivables, 35% for
   CNY12 billion of net inventory, 35% for all property, plant
   and equipment
- 10% administrative claims applied on the liquidation value
- Offshore secured debt of Chinese operating entities rank ahead
   of offshore unsecured debt in the distribution waterfall
- This results in a 42% recovery estimate for Sunriver's
   offshore unsecured debt, which corresponds to a Recovery
   Rating of 'RR4'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Tourism segment, which is margin accretive, accounts for
   larger share of revenue, which will improve margins (2016
   EBITDA margin: 20%)
- Contracted sales/ total debt improves to 1.3x (2016: 0.7x)
- Non-development EBITDA / gross interest expense improves to
   over 1x (2016: 0.12x)
- Net debt/ adjusted inventory improves to 0.4x (2016: 0.53x)

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Slow land replenishment that leads to shrinking land bank and
   poses a threat on sustainability of property sales
- Margin on property sales is worse than expected, resulting in
   EBITDA margin sustained below 15%
- Company fails to deleverage to below 0.55x at a sustained
   basis after 2017 (2016: 0.53x)

LIQUIDITY

Adequate Liquidity: Sunriver had unrestricted cash of CNY3.1
billion and undrawn committed bank credit facilities of CNY1.8
billion at mid-2017, enough to cover short-term borrowings CNY657
million. The average borrowing cost remained at about 7%.



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


FWD LIMITED: Fitch Affirms 'BB+' Ratings on 2 Tranches
------------------------------------------------------
Fitch Ratings has affirmed the Insurer Financial Strength (IFS)
Ratings of Hong Kong-based FWD Life Insurance Company (Bermuda)
Limited (FWD Life HK) and FWD General Insurance Company Limited
(FWD GI) at 'A' (Strong). Fitch has also affirmed parent FWD
Limited's Long-Term Issuer Default Rating (IDR) at 'BBB+'. The
Outlook on the ratings is Stable.

KEY RATING DRIVERS

The rating affirmation reflects FWD Life HK's strong
capitalisation, good profitability, limited investment risk, and
strong liquidity position. The IFS rating of FWD GI benefits from
a two-notch uplift above its standalone credit profile because
Fitch views FWD GI as a very important subsidiary within the
group. The ratings also consider the moderate operating scale and
sound asset-liability management of FWD Life HK and FWD GI.

FWD Limited's risk-based capital score on a consolidated basis,
measured by Fitch's Prism Factor-Based Model (FBM), was
'Adequate' at end-1H17, with a financial leverage ratio of 29.8%.
The FBM score improved to 'Strong' and its financial leverage
decreased to 26.9% on a pro-forma basis after the calculations
factored in the USD200 million in subordinated perpetual
securities issued in January 2018 with 100% equity credit.

The solvency ratio of FWD Life HK improved to 255% at end-1H17
(end-2016: 249%). New business growth and interest rate
volatility can weaken FWD Life HK's solvency position, although
the risks are mitigated by coinsurance treaties and continued
capital infusion from its parent, FWD Limited. Fitch expects FWD
Limited to maintain adequate capital buffers within its operating
subsidiaries to support their business expansion and safeguard
against potential asset volatility.

FWD Life HK has continued to focus on selling more profitable
health, protection, and participating products, in line with its
value creation strategy. The company reported strong growth in
its value of new business (VNB) of 44% in 2016 with an improving
VNB margin. Top-line sales and VNB, however, slowed in 1H17 due
to a drop in business from mainland China customers due to
tighter foreign exchange controls, similar with its peers in the
Hong Kong life insurance market.

FWD GI's underwriting profitability improved in 1H17 with a
combined ratio of 92.9% (1H16: 93.4%). Results of its medical
business, which accounted for about 46% of FWD GI's gross written
premiums, turned around with a combined ratio of 96% in 1H17
while the company reduced its unprofitable employee compensation
and motor insurance business. FWD Limited's annualised pretax
operating return on asset averaged 0.7% and return on adjusted
equity averaged 0.4% from 2015 to 1H17.

FWD Limited's fixed charge increased to around USD18 million in
1H17 including the interest payment on USD250 million in
perpetual subordinated debt issued in January 2017, which led to
a fixed-charge coverage ratio of 3.2x in 1H17 (2016: 2.7x), lower
than the ratio guidelines for an IFS 'A' rated insurer. Its fixed
charge will increase further after the issuance of the USD200
million in perpetual subordinated debt in January 2018.

FWD Limited's exposure to risky assets remained acceptable. Total
risky assets, including listed and unlisted equities, investment
funds, below-investment-grade and non-rated bonds, and investment
in associates, increased to about 44.1% of FWD Limited's
shareholders' equity on a consolidated basis at end-1H17 (end-
2016: 35.3%), below the ratio guidelines for an IFS 'A' rated
insurer.

FWD Life HK has been operating for about three decades in Hong
Kong and had a moderate market share in terms of new business
annualised premiums equivalent to about 2.2% in 9M17, ranking
10th among all the life insurers in Hong Kong. FWD GI captured a
market share of about 1.1% in 2016 in terms of gross written
premiums.

RATING SENSITIVITIES

Downgrade rating triggers for FWD Limited and its insurance
subsidiaries include:

- a decline in FWD Limited's consolidated capital strength, with
   its capital score persistently below the 'Strong' category as
   measured by Prism FBM and the solvency ratio of its main
   operating entity, FWD Life HK, consistently below 225%;
- an increase in FWD Limited's financial leverage to above 30%
   for a prolonged period;
- a decrease in FWD Limited's fixed-charge coverage ratio to
   below 2.5x on a sustained basis; or
- a significant deterioration in the operating result of its
   insurance subsidiaries in terms of lapse rates, the mortality
   profits of its life business or the underwriting result of its
   general insurance, with its combined ratio persistently in
   excess of 105%.

An upgrade of FWD Limited's IDR and its insurance subsidiaries'
IFS ratings is unlikely in the near term. However, over the
medium term, upgrade rating triggers include:

- broader distribution coverage;
- an improvement in FWD Limited's operating profitability, with
   pretax operating return on assets higher than 1.2% and return
   on adjusted equity higher than 8% consistently; and
- further strengthening in FWD Life HK's operating stability as
   measured by new business margin and growth of value of in-
   force business.

FULL LIST OF RATING ACTIONS

FWD Life HK
- IFS Rating affirmed at 'A'; Outlook Stable

FWD GI
- IFS Rating affirmed at 'A'; Outlook Stable

FWD Limited
- IDR affirmed at 'BBB+'; Outlook Stable
- USD325 million 5.00% senior unsecured notes due 2024 affirmed
   at 'BBB'
- USD100 million 4.15% senior unsecured notes due 2023 affirmed
   at 'BBB'
- USD250 million 6.25% subordinated perpetual securities
   affirmed at 'BB+'
- USD200 million 5.50% subordinated perpetual securities
   affirmed at 'BB+'



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


A.P. INTERNATIONAL: CARE Assigns B+ Rating to INR5.91cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of A.P.
International (API), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities            5.91      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of API is constrained
by its short track and small scale of operations with low net-
worth base & profitability margins, leveraged capital structure
and susceptibility of margins to raw material price volatility.
The rating is further constrained by fragmented nature of textile
industry and partnership nature of its constitution. The rating,
however, derives strength from experienced partners and favorable
location of operations.

Going forward, the ability of the firm to increase the scale of
operations while improving its profitability margins and overall
solvency position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track and small scale of operations with low net worth base
and profitability margins: Owing to limited track record of
operations, the scale of operations of the firm stood low marked
by total operating income (TOI) of INR17.15 crore in FY17 (refers
to the period from April 1 to March 31) and net-worth base of
INR0.81 crore as on March 31, 2017. Furthermore, the
profitability margins of the firm stood low as reflected by
PBILDT and PAT margin of 4.89% and 0.21% respectively in FY17.

Leveraged capital structure: API has a leveraged capital
structure marked by overall gearing ratio of 5.49x as on
March 31, 2017 mainly on account of firm's reliance upon
borrowings to fund various requirements of business. Further, the
total debt to GCA also stood weak at 8.54x for FY17. However,
interest coverage ratio stood moderate at 2.62x in FY17.

Exposure to raw material price volatility: The entities in
textile industry are susceptible to fluctuations in raw material
prices. Cotton (one of the main raw material) being an
agricultural product, its demand supply situation depends on
various natural conditions like monsoons, drought and floods. The
price of other raw material, i.e. polyester & synthetic fabric is
linked to that of crude oil. The general volatility in the crude
oil prices also has an impact on the price of this product.

Partnership nature of constitution: API's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner(s). Moreover,
partnership firms have restricted access to external borrowing as
credit worthiness of partners would be the key factors affecting
credit decision of the lenders.

Highly fragmented industry segment with competition from local
and overseas players: The company operates in the textile
manufacturing and processing industry which is highly fragmented
industry with presence of numerous independent small-scale
enterprises owing to low entry barriers leading to high level of
competition in the processing segment. Furthermore, the Indian
textile industry also faces competition from the low cost
countries like China and Bangladesh.

Key Rating Strengths

Experienced partners in the textile industry: API is into
manufacturing of home furnishing products. The firm is currently
being managed by Mr. Sunny Arora, Mr. Bal Krishna Ramdev, Mr.
Harjinder Singh and Mrs. Mandeep Kaur. The partners have an
industry experience ranging from 10-30 years in the textile
industry which they have gained through their association with
API and Ashoka Textiles which is also into similar business.

Favorable location of operations: Panipat, Haryana is a well-
established hub of manufacturing of textiles. The firm benefits
from the location advantage in terms of easy accessibility to
large customer base located in Panipat and near-by areas.
Additionally, various raw materials required in manufacturing of
textiles are readily available owing to established supplier base
in the same location as well.

A.P. International (API) was established in May 2015 as a
partnership firm having Mr. Sunny Arora, Mr. Bal Krishna Ramdev,
Mr. Harjinder Singh and Mrs. Mandeep Kaur as its partners sharing
profit and loss equally. API is engaged in the manufacturing of
home furnishing products such as bed sheets, blankets and
curtains at its manufacturing facility located in Panipat,
Haryana with a total installed capacity of manufacturing 120 lakh
meters of textile products per annum as on October 31, 2017.


AA AGRO: CRISIL Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with AA Agro
Energy Private Limited (AAE) for obtaining information through
letters and emails dated October 16, 2017 and January 5, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            15       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

  Long Term Loan           9       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AA Agro Energy Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on AA Agro Energy Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of AA Agro Energy Private Limited to 'CRISIL D Issuer
not cooperating'.

AAE, incorporated in 1983 by Mr Ashok Kumar Agarwal, was earlier
a manufacturer of sewage pipe and bricks, and subsequently set up
its rice unit in fiscal 2014. The plant at Banur, Mohali (Punjab)
processes basmati rice, with total milling and sorting capacity
of 12 tonnes per hour.


ABHIGNA RICE: CRISIL Migrates B Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Abhigna
Rice and Parboiled Industries (ARPI) for obtaining information
through letters and emails dated October 16, 2017 and January 9,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   Long Term Loan         2.3      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term       .7     CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Abhigna Rice and Parboiled
Industries which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Abhigna Rice and Parboiled Industries is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Abhigna Rice and Parboiled Industries to 'CRISIL
B/Stable Issuer not cooperating'.

Set up in 2012, ARPI mills and processes paddy into rice, rice
bran, broken rice and husk. Its milling unit is in Mahbubnagar
(Telangana). The firm has four partners: Mr. Kondaiah, Mr.
Venkataiah, Mr. Narasimhulu and Mr. Bhaskar.


AERON EXPORTS: CRISIL Migrates B- Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aeron
Exports Private Limited (AEPL) for obtaining information through
letters and emails dated October 16, 2017 and January 9, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           15        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Aeron Exports Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Aeron Exports Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Aeron Exports Private Limited to 'CRISIL B-/Stable
Issuer not cooperating'.

AEPL was incorporated in 2012 by promoter, by Mr Jainam Shah and
his family members. The Vadodara-based company trades in products
such as iron dust and steel scrap.


AGARWAL CORPORATION: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Agarwal
Corporation (AC) for obtaining information through letters and
emails dated October 16, 2017 and January 12, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            7        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     3        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Agarwal Corporation, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Agarwal Corporation is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Agarwal Corporation to CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

AC, set up in 2001, is a proprietorship concern owned by Ms.
Manjula Agarwal. It trades in iron and steel products, including
cold-rolled and hot-rolled coils, steel sheets, steel beams,
steel plates, and thermo-mechanically treated bars, ingots, and
billets. Mr. Ashwini Agarwal (husband of Mrs. Manjula Agarwal)
manages the firm's operations.


AXLEO INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Axleo
Industries (Axleo) for obtaining information through letters and
emails dated October 16, 2017 and January 12, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           2.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility    3.27      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             2.90      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital
   Demand Loan           4.33      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Axleo Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Axleo Industries is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'. Therefore, on account of
inadequate information and lack of management cooperation, CRISIL
has migrated the rating on bank facilities of Axleo Industries to
CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Axleo manufactures tractor components, primary for Mahindra &
Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'). The firm was
established by Mr R S Kamble in Mumbai.


C.A. VEGE: CARE Reaffirms B+ Rating on INR8.29cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
C.A. Vege Fruit Stores (CAVS), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities            8.29      CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of CAVS continue to be
constrained by its limited track record & small scale of
operations and working capital intensive nature of operations.
The rating is further constrained by seasonality of business with
susceptibility of margins to vagaries of nature, CAVS's presence
in a highly competitive and fragmented nature of industry with
high level of government regulation as well as the constitution
of the entity being a proprietorship firm. The rating, however,
derives strength from the experience of the promoter along with
healthy profitability margins, comfortable capital structure and
positive outlook for the cold storage industry. Going forward,
the ability of the firm to profitably scale-up its operations
while efficiently managing its working capital cycle would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Weaknesses

Limited track record and small scale of operations: CAVS was
established in the year 2010. The operations of integrated cold
storage unit commenced in April 2016 only. The scale of
operations thus remained small marked by total operating income
of INR4.63 crore in FY17 (refers to the period April 1 to
March 31). The same increased from INR0.66 crore in FY16.
Furthermore, the gross cash accruals of the firm stood low at
INR0.88 crore in FY17. The small scale limits the firm's
financial flexibility in times of stress and deprives it of scale
benefits.

Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature. Being
seasonal products, the company maintains adequate inventory of
raw material during its harvest season (March-September) and
stores it mostly for 6-8 months to be sold during the off season.
The goods are sold to various wholesalers and traders on credit
period of around two months. The firm procures fruits and
vegetables directly from farm owners on credit period of around
three months. The average utilization of working capital limits
remained high at ~95% for last 12 months period ended December
2017.

Seasonality of business with susceptibility of margins to
vagaries of nature: CAVS's operations are seasonal in nature as
the firm is in agro-based business which is further dependent on
the vagaries of nature. Lower agricultural output may have an
adverse impact on the available raw material and leads to
volatility in prices that may have adverse impact on the firm's
profitability margins.

Highly competitive and fragmented nature of the industry with
high level of government regulation: The cold storage industry is
a highly fragmented industry wherein there is presence of a large
number of players in the unorganized and organized sectors. Also,
the government intervenes in the market to keep a check on the
prices to safeguard the interest of farmers, which in turn limits
the bargaining power of the buyers.

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

Strengths

Experienced proprietor: Mr. Rajiv Malhotra has more than two
decades of industry experience through his association with
group concern namely NAFCO (National Agri Food Consultants).
NAFCO is a partnership firm established in 1994 and is engaged in
providing consultancy services mainly pertaining to setting up
of different types of cold chains. Besides NAFCO, Mr Rajiv
Malhotra is also one of the promoters in Him Infratech Private
Limited which got established in 2015.

Healthy profitability margins: The PBILDT margins stood moderate
at 33.26% in FY17 as the firm uses Controlled Atmosphere (CA)
technology. The automated and technology driven system ensures
that the fruits and vegetables are of high quality standards and
helps the firm in commanding higher margins. PBILDT margin
improved from 10.93% in FY16 due to commencement of operations of
integrated cold storage unit. Consequently, PAT margins improved
from 2.46% in FY16 to 4.71% in FY17.

Comfortable solvency position: The capital structure of the
company is comfortable as reflected by overall gearing ratio of
0.73x as on March 31, 2017. The same deteriorated marginally from
0.64x as on March 31, 2016 due to higher utilization of the
working capital limits as on last balance sheet date.

The debt coverage indicators improved characterized by interest
coverage ratio of 2.32x in FY17 and total debt to GCA of 15.18x
for FY17 as compared to interest coverage ratio of 1.29x in FY16
and total debt to GCA of 557.09x for FY16.

Positive outlook for the cold storage industry: The cold chain
segment has huge opportunities for growth, given the market
potential in the country. On an economic level, as income levels
rise, food production and consumption patterns change and often
lead to an increase in demand for easier to obtain, processed
food. Along with the growth of the processed food market, will
come the need for a better cold chain industry.

Mohali-based (Punjab), C.A. Vegefruit Stores (CAVS), is a
proprietorship concern established in June, 2010 by Mr. Rajiv
Malhotra. However, the firm commenced its commercial operations
in January, 2015 by letting the cold storage unit on rental
basis. Currently, the firm is running an integrated cold chain
storage facility by engaging in procurement, cold storage and
distribution of fruits and vegetables at its warehouse located in
Mohali, Punjab. The warehouse of the firm consists of 31 rooms of
which 28 are controlled automated rooms having installed storage
capacity of 5,300 metric tonnes per annum as on March 31, 2017.
The firm caters to various traders of fruits and vegetables
located in nearby region of Mohali, Punjab. CAVS provides cold
storage facility for agricultural products like cabbage, lemon,
pomegranate, apples etc. For this, the firm purchases the fruits
and vegetables directly from the farmers wherein apples are
procured from Himachal Pradesh & Jammu & Kashmir, pomegranate
from Maharashtra, lemon, carrot and ginger from Andhra Pradesh,
Uttar Pradesh and Karnataka respectively.


C. P. ISPAT: CARE Raises Rating on INR14.50cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
C. P. Ispat Private Limited. (CPIPL), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long term Bank        14.50     CARE B; Stable Revised from
  Facilities                      CARE D; ISSUER NOT COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of
CPIPL and in line with the extant SEBI guidelines, CARE revised
the rating of bank facilities of the company to 'CARE D; 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 rating stands at 'CARE B; Stable '.

Detailed Rationale & Key Rating Drivers

Detailed description of the key rating drivers: The revision in
the long term rating assigned to the bank facilities of CPIPL
factors in the regular debt servicing of the account over the
past three months. Although, the rating continues to be
constrained by its small scale of operation, lack of backward
integration vis-a-vis volatility in raw material prices, stiff
competition due to fragmented nature of the industry with
presence of many unorganized players and working capital
intensive nature of its operations. However, the aforesaid
constraints are partially offset by its experienced promoter with
long track record of operation of the company, comfortable
capital structure and strategic location of the plant.

Going forward, the ability of the company to increase its scale
of operations, improve profitability margins and manage working
capital effectively will be the key rating sensitivities.

Key Rating Strengths

Experienced promoter with long track record of operations: The
current promoters of CPIPL are Shri N K Sharma (CA) aged 56 years
and Shri Anil Agarwal (MBA) aged 41 years. Shri NK Sharma is the
Managing Director of CPIPL (having an experience of about twenty
five years in existing line of business) and is involved in the
strategic planning and running the day to day operations of the
company. He is being duly supported by the other director coupled
with a team of experienced personnel. Further, CPIPL commenced
commercial operation since 2006 and accordingly has a long track
record of commercial operations.

Strategic location of the plant: CPIPL's plant is located in the
Durgapur industrial belt of West Bengal where the raw materials
are available in abundance. Further, the coal and iron-ore rich
states of Jharkhand and Orissa are also located nearby. The
proximity to the raw material sources reduces the transportation
cost to the company. Besides, the region has large number of
steel manufacturers as well as end users. Hence, the company has
a large ready market to sell its products.

Comfortable capital structure: Long term debt equity ratio
remained comfortable at below unity as on the last three accounts
closing dates. The overall gearing ratio which remained
satisfactory at 0.45x as on Mar.31, 2017 improved continuously on
the back of scheduled repayment of term loans, , accretion of
profits to reserve .

Key Rating Weaknesses

Small scale of operation: CPIPL is a small player in the iron and
steel industry having total operating income and PAT of INR79.18
crore and INR0.23 crore respectively in FY17. The moderate scale
of operation restricts the financial risk profile of the company
limiting its ability to absorb losses or financial exigencies in
adverse economic scenario. During 9MFY18, the company has
achieved turnover of around INR25 crore.

Lack of backward integration vis-a-vis volatility in raw material
prices coupled with low capacity utilization: The degree of
backward integration defines the ability of the company to
minimize price volatility risk and withstand cyclical downturns
generally witnessed in the steel industry. Since, raw material is
the major cost driver for CPIPL accounting for about 84% of the
total cost of sales in FY17, any southward movement of finished
goods price with no decline in raw material price result in
adverse performance of the company. CPIPL does not have any
backward integration for its raw materials and procures the same
from outside, exposing the company to price volatility risk.

Stiff competition due to fragmented nature of the industry with
presence of many unorganized players: The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, CPIPL's products being
steel related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Working capital intensive nature of business: CPIPL's business,
being manufacturing of sponge iron is working capital intensive
marked by high average collection period. The average collection
period has been increasing continuously and remained high in the
range of 141-308 days during FY15-FY17 primarily on the back of
the company's strategy to provide higher credit period to the
customers to attract them and retain them on the back of
increased competition. The average utilization of cash credit was
about 98% during last 12 months ended in December, 2017.

C. P. Ispat Pvt. Limited (CPIPL) incorporated in the year 2006,
was initially promoted by the Kolkata-based Chawla family and was
earlier managed by Mr. Amarjeet Chawla. CPIPL commenced
commercial production in July 2009 at its facility in Bankura,
West Bengal. However, in September 2013, the Chawla family leased
out the plant to the Durgapur-based Jayshree group owned by Mr.
Amit Agarwal and his family. Since September 15, 2013, operations
of the plant have been managed by the Jayshree group. In February
2014, the Jayshree group entered into an agreement with the
Chawla family to purchase CPIPL with effect from April 2014.
Currently, Mr. NK Sharma and Mr. Anil Agarwal of Jayashree group
are the promoters of CPIPL. Mr. NK Sharma is the Managing
Director of CPIPL. CPIPL is engaged in the manufacturing of
sponge iron at its plant located at Barjora, Bankura with a
current installed capacity of 60,000 metric tonne per annum
(MTPA).


DOLCE PHARMACEUTICAL: CARE Assigns B+ Rating to INR11.75cr Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Dolce
Pharmaceutical Private Limited (DPPL), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities           11.75      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DPPL is constrained
by execution and stabilization risk associated with the project.
The rating is further constrained by its presence in competitive
and fragmented pharmaceutical industry and susceptibility of
margins to fluctuating raw material prices.

The aforesaid constraints are partially offset by the strengths
derived from vast experience of the promoters in pharmaceutical
and locational advantage of the unit.

The ability of DPPL to timely complete the project within
envisaged cost and achieve the revenue and profitability as
envisaged in light of competition are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project completion and stabilization risk: DPPL is setting up a
manufacturing plant of sugar based pellets and capsules at
Boisar, Palghar. The total project cost is estimated at INR14.70
crore which is being financed through term loan of INR9.75 crore
from Andhra Bank and remaining INR4.96 crore from promoter's
contribution. The trial run of the project is expected to start
in April, 2018. The commencement of operations will be starting
from June, 2018. As on January 9, 2017, the company has incurred
23.54% of the total project cost and hence timely completion and
stabilization of the project without any cost overrun remains
critical.

Presence in fragmented & competitive pharmaceutical industry: The
company operates in pharmaceutical industry which is fragmented
with predominantly unorganized and small players catering to
market. Also being domestic player currently, it could face
threat from imports in future if unable to cater to this upcoming
demand. Increased accessibility to medicines at affordable prices
increases the competition in the market and thus put pressure on
the profit margins.

Susceptibility of margins to volatile raw material prices: The
profit margins are susceptible to the volatile prices of raw
material required for manufacturing of pellets and capsules. The
profit margin may get affected, due to fluctuation in material
prices and lower price realization due to intense competition in
the market.

Key Rating Strengths

Experienced promoters in the pharmaceutical industry: DPPL is
managed by Mr. Gopakumar P. Nair, Mrs. Rakhi Gopakumar Nair and
Mr. Milind Gadkari who are technically qualified and has an
average experience of around 2 decades in the pharmaceutical
industry. Further, the promoters are also supported by
experienced and qualified second line of management.

Locational Advantage of the unit: The company's unit is located
at Boisar which has locational advantage as there are several
units of pharmaceuticals manufactures which requires pellets as a
raw material for consumption. Furthermore, there are very few
pallets manufacturing units in the nearby vicinity which may
provide better business opportunities to the company.

Dolce Pharmaceutical Private Limited (DPPL) was incorporated in
1994 and was taken over in 2010 by Mr. Gopakumar P. Nair and Mrs.
Rakhi Gopakumar Nair who are currently the directors of the
company. DPPL is setting up a manufacturing plant of sugar based
pelletisation and capsulation with facility of Product
Development and Quality Control Laboratory which has installed
capacity of 420 tonnes pellets per annum and 54 crore capsules
per annum. The company primarily manufactures medicines for
cardiovascular diseases, pain killers, vitamins, anti-alergic,
etc. The proposed unit of the company is to be set up at Tarapur,
Boisar.


ESVEEAAR DISTILLERIES: CRISIL Moves B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Esveeaar
Distilleries Private Limited (EDPL) for obtaining information
through letters and emails dated October 23, 2017 and
January 9, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

   Letter of Credit       1        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Esveeaar Distilleries Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Esveeaar Distilleries Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Esveeaar Distilleries Private Limited to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

EDPL was incorporated in 1970 as a proprietorship firm and was
later converted into a private limited company in 2007. The
company is engaged in distilling and blending of IFML.


GOKUL GINNING: CARE Assigns B+ Rating to INR5.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gokul
Ginning Factory (GGF), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities            5.00      CARE B+; Stable Assigned

Detailed rationale and key rating drivers

The rating assigned to the bank facilities of GGF is primarily
constrained on account of its modest scale of operations with
constitution as a partnership firm, thin profitability margins,
leveraged capital structure and moderate liquidity position. The
rating is, further, constrained on account of operating margins
susceptible to cotton price fluctuation along with seasonality
associated with the cotton industry, its presence in the lowest
segment of the textile value chain and in a highly fragmented
cotton ginning industry.

The rating, however, derive strength from experienced management
in the cotton ginning industry and established relations with
customers and suppliers, continuous growth in Total Operating
Income (TOI) and strategically located in the cotton growing
region.

The ability of the firm to increase its scale of operations along
with speedy execution of existing contracts and better management
of working capital would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with constitution as a partnership
firm, thin profitability margins, leveraged capital structure and
moderate liquidity position: The scale of operations of the firm
stood modest with Total Operating Income (TOI) of INR23.02 crore
and PAT of INR0.04 crore in FY17 and tangible net-worth of
INR2.78 crore as on March 31, 2017. Further, its constitution as
a partnership firm restricts its overall financial flexibility in
terms of limited access to external funds for any future
expansion plans. During FY17, the firm registered PBILDT and PAT
margin of 1.96% and 0.18% respectively.

The capital structure of the firm stood leveraged marked with an
overall gearing of 1.89 times as on March 31, 2017, deteriorated
from 1.72 times as on March 31, 2016. The debt service coverage
indicators of the firm stood weak with total debt to GCA at 44.32
times as on March 31 2017, deteriorated significantly from 31.99
times as on March 31 2016. However, the interest coverage
indicators stood moderate at 1.36 times in FY17.

The firm has utilized its 80% working capital bank borrowings in
peak season i.e. November to February and 5-10% of its limit in
non-seasonal duration i.e. July to September. The current ratio
stood comfortable at 1.43 times as on March 31, 2017 however,
quick ratio stood below unity at 0.10 times as on March 31, 2016.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the
year, international demand supply scenario, export policy decided
by government and inventory carried forward of the last year.

Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry: High proportion of
small scale units operating in cotton ginning and pressing
industry has resulted in fragmented nature of industry leading to
intense competition amongst the players. As GGF operates in this
highly fragmented industry wherein large numbers of un-organised
players are also present, it has very low bargaining power
against both its customers as well as its suppliers. This coupled
with limited value addition in cotton ginning process results in
the firm operating at very thin profitability (PAT) margins.

Key Rating Strengths

Experienced management in the cotton ginning industry and
established relations with customers and suppliers: Mr. Praveen
Shah, has more than three decades of experience in the cotton
ginning industry and looks after overall affairs of the firm.
Being present in the industry since long period of time, the
proprietor has established relationship with the customers and
suppliers.

Continuous growth in Total Operating Income: Total Operating
Income (TOI) of the firm has improved on y-o-y basis reflected
compounded annual growth rate (CAGR) of 29.30% in FY15-FY17.
During FY17, Total Operating Income (TOI) of the firm has
improved by 25.77% over FY16 (32.92% in FY16 over FY15).

Strategically located in the cotton growing region: Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil
Nadu are the major cotton producer's states in India. The plant
of GGF is located in one of the cotton producing belt of Barwani
(Madhya Pradesh) in India. The presence of GGF in cotton
producing region results in benefit derived from lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price.

Barwani (Madhya Pradesh) based Gokul Ginning Factory (GGF) was
formed in 2007 as a partnership firm by Mr. Parveen Shah, Ms
Nirupama Shah, Mr Sharmila Shah and Mr Abhishek Shah in the ratio
of 20:14:33:33. The firm is engaged in the business of cotton
ginning and pressing along with the production of cotton seed and
cake. The manufacturing unit of the firm has installed capacity
to manufacture cotton bales of 120 Bales per Day (BPD) as on
March 31, 2017. GGF procures raw cotton directly from farmers and
local mandis and sells its finished products mainly in Madhya
Pradesh, Maharastra, Gujarat and South India.


HARLEY CARMBEL: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Harley
Carmbel (India) Pvt. Ltd. (HCIPL) for obtaining information
through letters and emails dated October 23, 2017 and January 5,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

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

   Bill Discounting      12        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit         8        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Harley Carmbel (India) Pvt.
Ltd. which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Harley Carmbel (India) Pvt. Ltd. is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Harley Carmbel (India) Pvt. Ltd. to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Established in 1990 as a proprietorship firm and later converted
into private limited company in 1995, HCIPL is engaged in trading
of rice, coffee, foodstuffs, vegetable oils, soaps, incense
sticks, etc. Based out of Kochi (Kerala), the company is promoted
by Mr. K. Ajaykumar, Mr. M. P. Mathew and Mr. A. B.
Sankarankutty.


HYT INOVATIVE: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with HYT
Inovative Projects Private Limited (HIPPL) for obtaining
information through letters and emails dated October 23, 2017,
and January 9, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         11       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit             3       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      1.56    CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan               3.50    CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HYT Inovative Projects Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on HYT Inovative Projects Private Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of HYT Inovative Projects Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

HIPPL manufactures precision tubes, which are used in a wide
range of defence systems such as missiles and nuclear reactors.


J.R.R. CONSTRUCTION: CARE Reaffirms B Rating on INR7.90cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
J.R.R. Construction Private Limited (JRR), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities            7.90      CARE B; Stable Reaffirmed;
                                  Removed from non-cooperation

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of JRR continues to be
constrained by its small scale of operations, low profitability
margins and working capital intensive nature of operations. The
rating is also constrained by the geographically concentrated
revenue stream, limited order book position and fragmented nature
of the construction sector. The rating, however, derives support
from the experienced promoters, moderate capital structure and
positive demand outlook for construction sector.  Going forward,
the ability of the company to profitably scale-up its operations,
improve the overall solvency position and manage the working
capital requirements efficiently will remain the key rating
sensitivities.

Detailed description of the key rating drivers

Weaknesses

Small scale of operations: The total operating income (TOI) of
the company stood small at INR11.81 crore in FY17 (refers to the
period April 1 to March 31). The same remained stable at INR11.81
crore in FY17 as against INR12.06 crore in FY16 owing to
execution of limited number of contracts. The small scale limits
the company's financial flexibility in times of stress and
deprives it of scale benefits.

Low profitability margins: The PBILDT and PAT margin of JRR stood
low at 7.15% and 2.11% respectively in FY17 due to company's
presence in a highly fragmented and competitive industry.
However, the PBILDT margin improved from 5.36% in FY16 to 7.15%
in FY17 owing to execution of contracts with better margins.
Consequently, PAT margin also improved from 2.03% in FY16 to
2.11% in FY17.

The operations of the company are working capital intensive in
nature as reflected by full utilization: of working capital
limits for 12 months period ended December 2017. The average
operating cycle of the company stood at (-) 10 days for FY17 (PY:
-48 days). The company receives payment from the client on
percentage of completion basis. Nearly 90% of the bill amount
raised by the company is received in a month. Furthermore, the
company procures raw material on back to back policy and raises
bill twice or thrice in a month which led to low inventory days
for the company. The company receives average credit period of
around two months from its suppliers of raw materials.

Geographically concentrated revenue profile: JRR derives its
revenue entirely from the orders in the Haryana state which
exposes the company to geographical concentration risk and
closely ties its fortunes to the incremental development of
infrastructure projects in the state. Although the state offers a
relatively conducive and stable environment for construction
companies.

Limited order book in hand: The company has a limited order book
position with outstanding order book of INR7.72 crore as on
December 27, 2017, to be executed by March, 2018. The current
order book of the company is ~0.65x times of the revenue for
FY17.

Fragmented nature of the construction sector albeit improving
growth prospects: The construction sector in India is highly
fragmented with a large number of small and mid-sized players.
This coupled with tendering process in order procurement results
into intense competition within the industry. Despite these road
blocks faced by the industry, the sector is expected to grow,
given huge economic significance associated with it and rising
investor interest.

Strengths

Experienced promoter: JRR is engaged in the civil construction
work and is managed by Mr. Rakesh Malik. Mr. Rakesh Malik has
work experience of around one and a half decades in construction
industry and has gained this experience primarily through his
association with JRR only.

Moderate capital structure: Capital structure of the company
remained moderate with overall gearing ratio of 1.43x as on
March 31, 2017. The same deteriorated from 0.38x as on March 31,
2016 owing to higher utilization of Working capital intensive
nature of operations working capital limits as on last balance
sheet date as compared to previous year. The total debt to GCA
stood weak at 10.55x for FY17. However, the interest coverage
ratio stood moderate at 1.75x in FY17.

JRR Constructions Private Limited (JRR) was incorporated as a
private limited company in Dec, 2004 and is currently being
managed by Mr. Rakesh Malik and Mr. Bijender Singh. JRR is
engaged in civil construction work in Haryana which mainly
includes road work involving construction, up-gradation,
resurfacing and widening of roads, bridges and minor engineering
work. The company is registered as a class 'A' contractor with
Public Works Department (PWD) of Haryana and Haryana State Road &
Bridge Development Corporation.


KASIM COAL: CRISIL Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kasim Coal
and Logistics Private Limited (KCL) for obtaining information
through letters and emails dated October 23, 2017 and January 5,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit        5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kasim Coal and Logistics
Private Limited which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Kasim Coal and Logistics
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Kasim Coal and Logistics Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in 2007, KCL trades in non-coking coal. The
company's operations are managed by Mr Syed Abuthahir and Mr
Sikkanthar Ali.


KATARE COTTON: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Katare
Cotton Waste Spinning Mills (KCWSM) for obtaining information
through letters and emails dated October 23, 2017 and January 9,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           3        CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             4.21     CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Katare Cotton Waste Spinning
Mills which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Katare Cotton Waste Spinning Mills is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Katare Cotton Waste Spinning Mills to 'CRISIL D
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Set up in 1974 as a partnership firm by Mr. Kishore Katare and
his family members, KCWSM manufactures cotton yarn at its unit in
Solapur, Maharashtra, which has capacity of 5520 spindles.


KUFRI FUN: CRISIL Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kufri Fun
Campus Private Limited (KFCPL) for obtaining information through
letters and emails dated December 20, 2017 and January 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              12       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kufri Fun Campus Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Kufri Fun Campus Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Kufri Fun Campus Private Limited to CRISIL D Issuer
not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Shimla-based KFCPL was established and promoted by Mr. Baldev
Thakur. It runs an amusement park with amenities such as
amusement rides, adventure sports and a restaurant.


LAKSHMI ENTERPRISES: CRISIL Lowers Rating on INR13MM Loan to B+
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Lakshmi Enterprises - Prakasam (LE) to 'CRISIL
B+/Stable' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           13       CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Long Term Loan         1.3     CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Proposed Long Term      .7     CRISIL B+/Stable (Downgraded
   Bank Loan Facility             from 'CRISIL BB-/Stable')

The rating downgrade reflects CRISIL's belief that PE's business
and financial risk profile would weaken over the medium term
because of lower revenues and cash accruals. The firm's revenues
are expected to decline year on year by around 25% in fiscal 2018
from INR63.5 crore in fiscal 2017. The decline in revenues is
because of weaker demand and unfavorable market conditions. Lower
revenues would in turn result in lower cash accruals. The firm is
expected to generate cash accruals of INR35-48 lacs per annum
over the medium term which would be tightly matched with
repayment obligations of INR31 lacs per annum. Moreover, a
stretch in working capital has resulted in extensive utilisation
of bank lines and hence stretched liquidity.

The rating continues to reflect the extensive experience of LE's
promoters in the tobacco industry and its established customer
relationships. These rating strengths are partially offset by a
below-average financial risk profile, with a modest net worth and
debt protection metrics, and modest scale of operations in the
highly fragmented and competitive tobacco industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented and
competitive tobacco industry: LE's scale of operations are
modest, as indicated by revenues of INR63.47 Cr during 2016-17.
Also, the firm operates in the highly competitive and fragmented
tobacco trading business. Hence, it is likely to remain
susceptible to intense competition from large established
players.

* Weak financial risk profile: The firm had modest net worth of
about INR4.8 Cr and high TOL/TNW ratio  at around 3.7 times as on
March 31, 2017.The low profitability constrains the firm's debt
protection metrics; interest coverage ratio and net cash accrual
to total debt (NCATD) were around 1.5 times and 5 percent in
2016-17.

Strength

* Promoter's extensive experience in tobacco industry and
established customer relationships: The firm is promoted by Mr.
Sri Hari Rao, Mr. Kishore Kumar who have experience of around
three decades in the tobacco business. Over the years they have
developed strong relationships with major suppliers and
customers.

Outlook: Stable

CRISIL believes LE will continue to benefit over the medium term
from its promoters extensive industry experience. The outlook may
be revised to 'Positive' in case of substantial and sustained
improvement in revenue and profitability margins, leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
revenues or profitability margins, or significant deterioration
in the capital structure caused most likely by large, debt-funded
capital expenditure or a stretch in the working capital cycle.

LE was incorporated in 1989 as a partnership firm trading in
processed tobacco leaf. The firm is based in Prakasam, Andhra
Pradesh. Presently the partners are Mr Sri Hari Rao his son Mr
Kishore Kumar who manage the operations.


M.P. AGARWALA: CARE Assigns B+ Rating to INR4.0cr LT Bank Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M.P.
Agarwala Private Limited (MPA), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities            4.00      CARE B+; Stable Assigned

  Short-term Bank
  Facilities            3.00      CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of M.P. Agarwala
Private Limited (MPA) are primarily constrained by its small
scale of operation with moderate profitability margins,
susceptibility of operating margin to volatility in input
material prices and labour charges, moderate order book position
coupled with exposure to tender driven process risk and intense
competition within the industry owing to low entry barrier and
working capital intensive nature of operation. The ratings,
however, derive strength from its experienced promoters with long
track record of operation, reputed clientele resulting in minimal
default risk and moderate financial risk profile marked by
satisfactory leverage ratio and liquidity ratio. Going forward,
the ability of the company to improve its scale of operation
along with profitability margins and efficient management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderate profitability: MPA is a
relatively small player in the construction business with total
operating income and PAT of INR7.16 crore and INR0.24 crore
respectively in FY17. The small size restricts the financial
flexibility of the company in times of stress. Further, the total
capital employed was also low at INR5,42 crore as on March 31,
2017. During 8MY18 the company has earned an operating income of
approximately INR6.00 crore. Furthermore, probability margin has
been moderately low. Though the PBILDT margin is hovering around
13% during last two financial years, the PAT margin has been low
and hovering around 3% during the same period.

Susceptibility of operating margin due to volatility in input
material prices and labour charges: The basic input materials for
execution of construction projects and works contracts are steel,
stone chips, bitumen, cement etc. The prices of which are highly
volatile. However, currently government agencies' works contract
have price escalation clause which mitigate price volatility risk
to some extent. Furthermore, the operating margin of the company
is exposed to any sudden spurt in the input material prices along
with increase in labour prices being in labour intensive
industry.

Moderate order book position coupled with exposure to tender
driven process risk and intense competition within the industry
owing to low entry barrier: The company has a moderately low
order book (balance of work) of INR7.25 crore as on Nov 30, 2017
[i.e. about 1.01x of FY17 revenue] to be executed within next six
months indicating a short term revenue visibility. The civil
construction space is highly competitive with many players
operating in the sector affecting the profitability of the
participants. Furthermore, the company is largely dependent on
government authorities for orders and mainly procures its orders
through tender bidding and in a highly competitive scenario risk
of non-receiving of contract in tender bidding is also high.

Working capital intensive nature of operation: MPA's business,
being execution of construction projects, is working capital
intensive. The operating cycle was of 213 days during FY17 on
account of elongated inventory period caused by higher inventory
maintain by the company to reduce price volatility risk coupled
with delayed works certification. Average utilization of its bank
limit was high at about 80% during the last 12 months ended on
Nov 2017.

Key Rating Strengths

Experienced promoters with long track record of operation: MPA
has been in operation since 2000, accordingly has a long track
record of operation. Further, the company is managed by Mr.
Sanjay More, director, along with other Mrs. Sangita More and a
team of experienced personnel. The directors are having over two
decades of experience in construction business.

Reputed clientele resulting in minimal default risk: The company,
being Government registered Classs A contractor, receives order
from reputed organizations like PWD Assam, RCD Assam, Tezpur
University etc.

Moderate financial risk profile marked by satisfactory leverage
ratio and liquidity ratio: Financial risk profile of the company
is moderate. The capital structure of the company is comfortable
marked by below unity overall gearing ratio at 0.73x (improved
from 0.74x as on March 31, 2016) as on March 31, 2017. The same
has improved on the back of accretion of profits to capital and
repayment of term loan. Interest coverage ratio was comfortable
at 2.73x during FY17. Liquidity ratio marked by current ratio was
satisfactory at 1.95x as on March 31, 2017.

M.P. Agarwala Private Limited (MPA) was incorporated during
December 2000 at Guwahati in Assam. MPA is relatively a small
sized Assam based company engaged in providing different types of
construction services, which include construction of roads,
bridges and building for government entities like Public Works
Department, Road Construction Department etc. The day to day
operations are looked after by Mr. Sanjay More with the help of
other director Mrs Sangita More and a team of experienced
personnel.


MAKHWAN METAL: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Makhwan
Metal Trading Company Private Limited (MMTCPL) for obtaining
information through letters and emails dated October 23, 2017 and
January 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            20       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Makhwan Metal Trading Company
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Makhwan Metal Trading Company
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Makhwan Metal Trading Company Private Limited to
CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

MMTCPL was incorporated in Thane, Maharashtra, in 2012 for
trading in steel products such as steel scraps, thermo-
mechanically treated bars, hot-rolled and cold-rolled coils,
steel sheets, steel beams, and steel plates. The promoters are Mr
Nipun Agarwal and Mr Punit Agarwal.


MANDHANA INDUSTRIES: CARE Moves D Rating to Not Cooperating Cat.
----------------------------------------------------------------
CARE Ratings has been seeking information from Mandhana
Industries Limited (MIL) to monitor the ratings vide e-mail
communications dated January 4, 2018, January 9, 2018 &
January 11, 2018, etc. and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, Mandhana Industries Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Mandhana Industries Limited's
bank facilities will now be denoted as CARE D/CARE D; Issuer Not
Cooperating.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank     (879.63)     CARE D; ISSUER NOT COOPERATING;
  Facilities                      Based on best available
                                  Information

  Short-term Bank     (87.50)     CARE D; ISSUER NOT COOPERATING;
  Facilities                      Based on best available
                                  Information

  Non-Convertible     (57.00)     CARE D; ISSUER NOT COOPERATING;
  Debentures                      Based on best available
                                  Information

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

Detailed Rationale & Key Rating Drivers

At the time of last rating on Feb. 3, 2017 the following were the
rating weaknesses.

Key Rating Weaknesses

The rating assigned to the bank facilities of Mandhana Industries
Limited factors in continued delays in servicing debt obligation
on account of stretched liquidity position. MIL's ability to
improve its cash flows and regularize its debt servicing are the
key monitorables.

Mandhana Industries ltd (MIL) is engaged primarily in
manufacturing of textile fabric (grey and finished fabric). MIL
had a yarn dyeing capacity of 4.3 mn kg per annum, weaving
capacity of 36 mn mtrs of grey fabric per annum, fabric
processing capacity of 72.60 mn mtrs per annum and garmenting
capacity of 6.60 mn pieces per annum. The garmenting facility is
located at Bangalore while all other facilities are located at
MIDC, Tarapur. Apart from this, MIL has a 1 mn piece garmenting
facility at Baramati.


MANTRI TEA: CRISIL Reaffirms C Rating on INR4MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on long-term bank
facilities of Mantri Tea Company Private Limited (MTCPL; part of
Mantri Group) at 'CRISIL C'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4        CRISIL C (Reaffirmed)

   Proposed Cash
   Credit Limit           3.53     CRISIL C (Reaffirmed)

   Term Loan              2.21     CRISIL C (Reaffirmed)

The rating continues to reflect the exposure to seasonality of
tea production and high operating leverage of the group and also
weak liquidity and financial risk profile of the group. These
weaknesses are partially offset by extensive experience of
promoters in the tea industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Manipur Tea, MTCPL, Ruttonpore
Plantations Pvt Ltd (RPPL) and Derby Plantations Pvt Ltd (DPPL).
This is because these entities, collectively referred to as the
Mantri group, have a common management and line of business, with
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to seasonality of tea production and high operating
leverage: Tea is a seasonal product, and its production depends
on the monsoon and weather conditions. Of a tea plantation's
fixed costs, labour alone accounts for nearly 40%. If tea
production is low, the group could incur operating losses as in
the past. Limited pricing power also constrains operating margin.

* Weak liquidity and financial risk profile: The scale of
operation for the Mantri Group has remained range bound between
36Cr to 44 Cr for the last four fiscals. Low operating
profitability along with high interest and finance charges have
led to continuous cash loss for the last four fiscals. This has
exerted pressure on the liquidity profile of the company. As a
result of weak liquidity profile, financial risk profile has also
been weak, with moderate gearing and networth (1.90 times and
INR20 crore, respectively, as of March 2017). Debt protection
metrics are below average: interest coverage was 0.14 time, while
net cash accrual to total debt ratio was (0.10) time in fiscal
2017.

Strengths

* Extensive experience of the promoters: The five-decade long
experience of the promoters in the tea plantation business has
helped the group maintain its position, despite volatility in
prices, and report stable revenue growth in the four years
through March 2017.

The Mantri group was set up in 1948 by Mr Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was its first
acquisition in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate in 2006. Daily operations
are now overseen by the second and third-generations of the
promoter family, along with a professional management team.


NIRBAN INFRASTRUCTURE: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nirban
Infrastructure Private Limited (NIPL) for obtaining information
through emails and letters dated Dec. 14, 2017 and Jan. 9, 2018,
among others, apart from telephonic communication. The issuer,
however, remains non-cooperative.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      1.32      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Migrated)

   Term Loan              11.18      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB category or
lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of NIPL to 'CRISIL B+/Issuer Not Cooperating'.

NIPL, incorporated in 2010 and promoted by Mr Mohd Akram Nirban
and Ms Tarannum Nirban, redevelops residential buildings in
Mumbai. It is currently undertaking a redevelopment residential
project at Sir J J Road, Mumbai.


OMKAMAL STEEL: CARE Hikes Rating on INR4.62cr LT Loan to BB-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Omkamal Steel Private Limited (OKSPL), as:

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

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of OKSPL factors in the improvement in its profit
levels & margins, improvement in leverage ratios and debt
coverage indicators during FY17. Although, the rating continues
to be constrained by its relatively small scale of operation with
low profitability margin, highly competitive and fragmented
industry, susceptibility to raw material price volatility and
cyclical nature of the iron and steel industry. However, the
aforesaid constraints are partially offset by its experienced
promoters with long track record of operation, strategic location
of the plant, moderately leveraged capital structure with
satisfactory debt protection metrics.

Going forward, the ability of the company to increase its scale
of operations, improve profitability margins and manage working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters with long track record of operation: OKSPL
is managed by Mr. Mahesh Bansal (Promoter and CEO), having close
to two decades of experience in the steel industry. Further, the
company started its operation since 2010 and accordingly has a
moderate track record of operation.

Strategic location of the plant: OKSPL's plant is located at
Bhilai, Chhattisgarh which is in the vicinity of steel
manufacturing companies of Chhattisgarh; from where OKSPL
procures its raw materials. The proximity to the raw material
sources reduces the transportation cost to the company.

Moderately leveraged capital structure with satisfactory debt
protection metrics: Leverage ratios have improved as on Mar.31,
2017 vis-a-vis as on Mar.31, 2016, however remained moderately
leveraged due to scheduled repayment of term loan, lower
utilization of cash credit limit and accretion of profit to
reserve during the period. Moreover, total debt to GCA remained
moderate at 5.48x in FY17 as against 11.11x in FY16. The interest
coverage ratio has improved in FY17 over FY16 with the same
remaining comfortable at 2.18x in FY17.The average working
capital utilization for last twelve months ending December 31,
2017 was around 80%.

Key Rating Weaknesses

Relatively small scale of operation with low profitability
margin: The scale of operation of the company continues to remain
relatively small with a PAT of INR0.25 on TOI of INR58.54.
However, the TOI have shown CAGR growth of 16.95% for the period
FY15-FY17. PBILDT margin have grown by 37% in FY17 over FY16 on
account of higher absorption of fixed overheads. PAT level has
also shown significant growth in FY17 on account of relatively
higher increase of total operating income vis-a-vis increase in
fixed capital charges. This apart, the company has achieved a
turnover of INR79.46 crore for 9MFY18.

Highly competitive & fragmented industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in
India owing to relatively low entry barriers. Hence, the players
in the industry do not have pricing power and are exposed to
competition induced pressures on profitability.

Susceptibility to raw material price volatility: OKSPL does not
have its own captive mine and neither does it have any long-term
tie-up for supply of raw materials with any company. Since, raw
material is the major cost driver for the company, any
unfavorable downward movement of finished goods price, with no
decline in raw material price result in adverse performance of
the company.

OKSPL does not have any backward integration for its raw
materials and procures the same from outside, exposing the
company to price volatility risk.

Cyclical nature of the iron & steel industry: The steel industry
is cyclical in nature. Steel consumption and, in turn, production
mainly depends upon the economic activities in the country.
Construction and infrastructure sectors drive the consumption of
steel. Slowdown in these sectors leads to decline in demand for
steel.

OmKamal Steel Private Limited (OKSPL), incorporated in August
2010, was set up to carry on manufacturing of HB Wire, MS Wire,
Binding Wire, G.I Wire, Barbed Wire, Stay wire etc. The
manufacturing facility is located 16-G, Heavy Industrial
Area, Hathkhoj, Bhilai, Durg, Chhattisgarh. The commercial
operation started from October 2010 with an installed capacity of
around 29,200 MTPA. The day to day affairs of the company are
looked after by Mr. Mahesh Bansal, with adequate support from
other directors and a team of experienced personnel.


PARAGON KNITS: CRISIL Raises Rating on INR17.56MM Loan to B+
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Paragon Knits Limited (PKL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', and reaffirmed the short-term rating at
'CRISIL A4'.

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

   Letter of credit
   & Bank Guarantee       2        CRISIL A4 (Reaffirmed)

   Proposed Long Term     8.44     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan             17.56     CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects an improvement in revenue and operating
margin. Operating revenue has grown at a compound annual rate of
58% in the three fiscals through March 2017. This has led to
higher cash accrual, which sufficed to cover the maturing debt
and thus, supported liquidity.

The ratings continue to reflect the average financial risk
profile and working capital-intensive operations. These
weaknesses are partially offset by extensive experience of, and
funding support received from, the promoter, and assured sales
offtake from group concern - Paragon Apparel Pvt Ltd ('CRISIL
BB/Stable/CRISIL A4+').

Key Rating Drivers & Detailed Description

Weaknesses:

* Average financial risk profile: Financial risk profile is
marked by a moderate networth of INR14.03 crore and high gearing
of 2.59 time as on March 31, 2017, compared with INR14.01 and
2.78 times, respectively, a year ago. High reliance on external
debt to fund the fixed assets led to high gearing. Debt
protection metrics are modest, marked by interest coverage and
net cash accrual to adjusted debt ratios of 1.6 times and 0.007
time, respectively, in fiscal 2017.

* Working capital-intensive nature of operations: Gross current
assets stood at 129 days as on March 31, 2017, mainly led by
sizeable inventory of 76 days, as against 129 and 50 days,
respectively, a year before.

Strength

* Extensive experience of the promoter, and support from sister
company: The two decade-long experience of the promoter in the
readymade knitted garments industry, and unsecured loans extended
by the sister concern (INR8.98 crore as on March 31, 2017), will
continue to support the business risk profile.

Outlook: Stable

CRISIL believes PKL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company reports substantial net cash accrual,
most likely driven by higher operating income and margin. The
outlook may be revised to 'Negative' if large working capital
requirement or debt-funded capital expenditure, weakens the
financial risk profile.

PKL was set up by Mr Roshan Baid in 2008, and began operations
from October 2014. The company knits and processes yarn into
fabric, and has a manufacturing unit at Una (Himachal Pradesh).
It has a total installed capacity of 12 tonnes/day.


PREM INDUSTRIES: CARE Reaffirms B+ Rating on INR7.61cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Prem Industries (PID), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities           7.61       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PID continue to be
constrained by small scale of operations with low profitability
margins and leveraged capital structure.

The rating is further constrained by susceptibility to
fluctuation in raw material prices, firm's presence in fragmented
nature of industry and partnership nature of its constitution.
The rating, however, continues to take comfort from the
experienced partners, favorable manufacturing location and
moderate operating cycle.

Going forward, the ability of PID to scale up its operations
while improving margins and solvency position would remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: The
total operating income (TOI) of PID increased from INR39.06 crore
in FY16 (refers to the period of April 1 to March 31) to INR43.38
crore in FY17 at a rate of ~11.07% owing to higher quantity sold
owing to higher orders received from existing as well as new
customers. However, the scale continues to remain small. The
small scale limits the firm's financial flexibility in times of
stress and deprives it of scale benefits. The PBILDT margin
declined from 5.68% in FY16 to 4.61% in FY17 on account of
increase in raw material and employee costs that could not be
passed onto to the customers. However, the PAT margin stood in
line with previous year at 0.18% in FY17 (PY: 0.19%) owing to
decline in interest and depreciation costs. The firm has reported
total operating income of INR42.00 crore in 8MFY18 (Provisional).

Leveraged capital structure: The capital structure reflected by
overall gearing ratio stood at 3.91x as on March 31, 2017,
the same has improved from 5.05x as on March 31, 2016 owing to
infusion of funds by partners amounting to INR0.25 crore in FY17
along with gradual repayment of term loans and unsecured loans in
FY17.

Susceptibility to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. The price of rice moves in tandem
with the prices of paddy. Adverse climatic condition can affect
the availability of paddy and thus its prices. Any sudden spurt
in the raw material prices may not be passed on to customers.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product.

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

Key rating strengths

Experienced promoters: Ram Lal has an experience of two decades
through his association with this entity. He is well supported by
his brother; Mr Sham Lal, in managing the overall operations of
the firm who has an experience of two and half decades through
family run rice milling entity.

Favorable manufacturing location: The firm's processing facility
is situated at Karnal, Haryana which is one of the highest
producers of paddy in India. Its presence in the region gives
additional advantage over the competitors in terms of easy
availability of the raw material as well as favorable pricing
terms.

Moderate Operating Cycle: The average operating cycle stood
moderate at 41 days for FY17 (PY: 48 days). The average
utilization of the working capital limit remained at ~80% for the
last 12 months period ended December, 2017.

Karnal-based (Haryana) Prem Industries (PID) was established in
April 2013 as a partnership concern and is currently being
managed by Mr. Prem Lal and Mr. Sham Lal, sharing profit and
losses equally. The firm has succeeded an erstwhile
proprietorship firm M/S Prem Industries established in 1995 by
Mr. Prem Lal. The firm is engaged in milling of rice, processing
of paddy and trading of basmati and non-basmati rice. The
processing unit is located at Karnal, Haryana with an installed
capacity of 150 tonnes per annum as on December 31, 2017.


RAJAT DEVELOPERS: CARE Assigns B+ Rating to INR8.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rajat
Developers (RDS), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RDS remained
constrained on account of its project implementation risk
associated with its on-going real estate residential project and
saleability risk associated with the remaining flats and shops in
the highly cyclical real estate industry which is witnessing
downturn along with the risk related to timely receipt of the
advances. Furthermore, the rating remained constrained on account
of its constitution as a partnership firm and its presence in a
cyclical and highly fragmented real estate industry.  The rating
however, rating derives strength from experienced partners in the
real estate industry.

The ability of RDS to complete its on-going project and sale of
its units at envisaged prices along with timely realization of
sales proceeds is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Constitution as a partnership firm: RDS being a partnership firm
is exposed to inherent risk of the partners capital being
withdrawn at the time of contingency and also limits the ability
to raise the capital.

Project implementation risk: RDS started construction activities
of its project in June 2017 and till December 2017, the firm has
incurred cost of INR11.15 crore forming 44% of envisaged project
cost and thereby 56% cost is to be incurred by March 2019
reflecting project implementation risk.

Risk related to timely receipt of advances: RDS has received
booking for 35% for Toral Residency and has received the booking
advance of 17% of sales value of booked units against 44% of cost
incurred of Toral Residency reflecting lower receipt of advances
against cost incurred and thereby high risk associated with
timely receipt of remaining booking advances remains crucial.

Presence in a cyclical and highly fragmented real estate
industry: The life cycle of a real estate project is long and the
state of the economy at every point in time, right from land
acquisition to construction to actual delivery, has an impact on
the project. This capital intensive sector is extremely
vulnerable to the economic cycles.

Key Rating Strengths

Experienced partners: RDS is promoted by two partners namely Mr
Vikrambhai Baldha and Mr Dakhubhai Baldha. Both the partners are
holding more than a decade of experience in the real estate
industry.

Surat (Gujarat) based, RDS was established as a partnership firm
in 2013. RDS is currently executing a residential cum commercial
projects namely Toral Residency with 188 2 BHK flats and 33 shops
at Surat consisting total area under development of 207,560
square feet which comprise 10 apartment with 5 floors each.


RAJESWARI AUTO: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rajeswari
Automotives Private Limited (RAPL) for obtaining information
through letters and emails dated October 23, 2017 and
January 8, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Inventory Funding
   Facility                4       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      2.64    CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rajeswari Automotives Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Rajeswari Automotives Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Rajeswari Automotives Private Limited to 'CRISIL
B+/Stable Issuer not cooperating'.

RAPL, incorporated in 2012, is an authorised dealer and service
provider for NISSAN Motors India Pvt Ltd. Its day-to-day
operations are managed by Mr. Sreenaath Baskaran.


RAMKA SILK: CRISIL Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ramka Silk
House Private Limited (RSHPL) for obtaining information through
letters and emails dated October 23, 2017 and January 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Packing Credit      25       CRISIL D (Issuer Not Cooperating;
                                Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ramka Silk House Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Ramka Silk House Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Ramka Silk House Private Limited to CRISIL D Issuer
not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

Established in 2002, RSHPL, promoted by Mr Sharad Rochlaney and
Mr Kiran Rochlaney, manufactures and exports embroidered fabric
and garments. The company procures fabric or yarn depending upon
requirement, provides the designs, and gets the processing and
embroidery done on a jobwork basis.


RESOURCE FOODS: CRISIL Moves B+ Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Resource
Foods Private Limited (RFPL) for obtaining information through
letters and emails dated October 16, 2017 and January 8, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           5.81      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             5.42      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Resource Foods Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Resource Foods Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Resource Foods Private Limited to 'CRISIL B+/Stable
Issuer not cooperating'.

RFPL, incorporated by Mr Lawrence WJ Peris and Ms Jyoti Peris in
2009, processes and packages frozen peas, fruit pulp, and
vegetables. Its processing plant is in Nalagarh, Himachal
Pradesh, and has capacity of 500 tonnes per annum. The company is
setting up a controlled-atmosphere cold storage facility at
Rajpura in Himachal Pradesh.


S S AGROZONE: CRISIL Assigns B Rating to INR6.95MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating on the
long-term bank facilities of S S Agrozone Private Limited
(SSAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             6.95      CRISIL B/Stable
   Cash Credit           4.00      CRISIL B/Stable
   Proposed Fund-
   Based Bank Limits     3.57      CRISIL B/Stable

The rating reflects SSAPL's weak liquidity. These factors are
partially offset by the promoter's extensive experience and
funding support, and moderate operating margin.

Key Rating Drivers & Detailed Description

Weakness:

* Weak liquidity: Liquidity will remain constrained by sizeable
debt obligation vis-a-vis net cash accrual. However, promoters
are likely to provide support when necessary.

Strengths:

* Promoter's extensive experience and funding support: The
promoter's experience of over 6 years has helped establish strong
relationships with suppliers, ensuring timely supply. Further,
regular infusion of unsecured loans (INR4.22 crore as on
March 31, 2017) by the promoter has supported the business; this
is expected to continue in the near term.

* Moderate operating margin: Operating margin improved from 10.7%
in fiscal 2016 to 14.6% in fiscal 2017 on account of stocking up
of inventory during the harvesting season and commencement of job
work. Around 60% of total revenue is now generated through job
work, which will continue going forward.

Outlook: Stable

CRISIL believes SSAPL will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if healthy margin, better accrual, or
substantial infusion of capital strengthens credit metrics. The
outlook may be revised to 'Negative' if low operating income or
margin, weak accrual, or stretch in working capital cycle
constrains financial risk profile, especially liquidity.

Incorporated on October 20, 2012, by Mr. Sanjay Pandey (promoter
and managing director), SSAPL manufactures poultry feed.


SAI POINT: CRISIL Raises Rating on INR41.5MM Loan to B-
-------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the long term bank
facilities of Sai Point Automobiles Private Limited (SPAPL) to
'CRISIL B-/Stable' from 'CRISIL D'.

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

   Inventory Funding     41.5     CRISIL B-/Stable (Upgraded
   Facility                       from 'CRISIL D')

   Proposed Long Term     2.5     CRISIL B-/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL D')

The upgrade reflects the regularization of its working capital
limit over the past three months period through Dec 2017 on
account of improved debtor/sales realization.

The rating continues to reflect its exposure to intense
competition in automobile (auto) dealership segment and it's
below average financial risk profile. These weaknesses are
partially offset by the extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to intense competition in auto dealership segment;
limited bargaining power with principal: SPAPL generates revenues
from the sale of vehicles and spare parts, and from its service
station business. Its principal, Honda Motorcycle And Scooter
India (HMSI) faces competitive pressures from other brands such
as Hero Honda Motors Limited (HHML) and Bajaj Auto Ltd.

* Below average financial risk profile: The net worth is
estimated to be moderate at INR8.57 crores and the gearing high
at 4.26 times, as on March 31, 2017.

Strength

* Extensive experience of promoters: The company is promoted by
Mr. Vikas Kakad, a first generation entrepreneur and has been in
this industry for around 2 decades. CRISIL believes that the
business risk profile would continue to benefit over the medium
term on account of the promoter's extensive experience in the
industry.

Outlook: Stable

CRISIL believes SPAPL will continue to benefit over the medium
term from promoter's extensive experience, established
relationship with HMSI and regular funding support from
promoters. The outlook may be revised to 'Positive' in case of
steady ramp-up in operations, while improving total outside
liabilities to net worth (TOLTNW) ratio. Conversely, the outlook
may be revised to 'Negative' if slowdown in volume growth
significantly impacts revenue and profitability, or if stretch in
working capital cycle adversely affects financial risk profile.

Incorporated in 2002 and promoted by Mr. Dilip Patil (director),
SPAPL is an authorized dealer of two-wheelers and spare parts
manufactured by HMSI.


SATYA EXPORTS: CRISIL Lowers Rating on INR7MM Loan to B+
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Satya Exports (SE) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit             5       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL A4+')

   Export Packing
   Credit                  7       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Letter of Credit        1       CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term      0.5     CRISIL B+/Stable (Downgraded
   Bank Loan Facility              from 'CRISIL BB-/Stable')

   Standby Line of         0.5     CRISIL B+/Stable (Downgraded
   Credit                          from 'CRISIL BB-/Stable')

The downgrade reflects the firm's tight liquidity, large working
capital requirement, and modest scale of operations in the
intensely competitive granite processing industry. These
weaknesses are partially offset by the extensive industry
experience of its promoters, and its moderate financial risk
profile because of comfortable networth and debt protection
metrics.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Revenue was INR60.58 crore during
fiscal 2017, and dipped from INR97.3 crore in fiscal 2015
primarily due to slowdown in the international market. While
large players have better efficiency and pricing power because of
their scale of operations, small players face intense competition
and have low pricing flexibility, which constrain their
profitability. CRISIL believes SE's business risk profile will
remain constrained by its small scale of operations over the
medium term.

* Large working capital requirements: Gross current assets were
at 194 days of sales as on March 31, 2017, and are expected to
remain large on account of substantial inventory and receivables.
The firm maintains inventory of 45-60 days and extends credit of
3 months to most customers. It funds part of its working capital
requirement through credit of around 3 months from suppliers. Its
working capital limit was fully utilised over the 7 months
through December 2017, constraining liquidity.

Strengths

* Promoters' extensive experience in the granite processing
industry: The promoters have been in the granite processing
business for more than two decades, and have established strong
relationships with suppliers and customers. Before setting up SE,
they were involved in various businesses, including rice milling.

* Moderate financial risk profile: The financial risk profile
marked is supported by comfortable networth and above-average
debt protection metrics, despite a high gearing. Networth was
INR12.09 crore and debt was at INR24.07 crore as on March 31,
2017, leading to gearing of 1.99 times. The networth is expected
to rise over the medium term supported by steady accretion to
reserves and repayment of term debt. Above-average debt
protection metrics are indicated by net cash accrual to total
debt ratio of 20% and interest coverage of 3.41 times in fiscal
2017. The debt protection metrics are expected to remain stable,
and financial risk profile will stay adequate over the medium
term.

Outlook: Stable

CRISIL believes SE will continue to benefit from its promoters'
extensive experience in the granite industry. The outlook may be
revised to 'Positive' if there is a significant increase in
revenue and profitability, and improvement in working capital
management. The outlook may be revised to 'Negative' if revenue
and profitability are lower than expected, resulting in
insufficient cash accrual to meet debt obligation, or if working
capital management weakens, thereby negatively impacting
liquidity.

SE was set up in 2000 as a partnership firm by Mr Nunna Venkata
Sudhakar and his family. Based in Prakasam in Andhra Pradesh, SE
processes and exports granite.


SHREE NAMOKAR: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Namokar International Private Limited (SNIPL) for obtaining
information through letters and emails dated October 23, 2017 and
January 8, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           8.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Namokar International
Private Limited which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Shree Namokar International
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'. Therefore, on account of
inadequate information and lack of management cooperation, CRISIL
has migrated the rating on bank facilities of Shree Namokar
International Private Limited to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up in August 2015, SNIPL is an agri-commodities trading
company. It commenced operations in October 2015. The promoters
have extensive experience in procurement, primary processing,
warehousing and supply chain of agro-commodities, and healthy
relationships with customers and suppliers in the UAE, US, China
and South East Asia. The company trades in cumin seed, methi, and
maze, and imports dry fruit.


SHREE OM: CARE Assigns B+ Rating to INR9.0cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Om Metals Private Ltd. (SMPL), as:

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank
  Facilities             9.0      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SMPL is constrained
by small scale of operations with thin profit margins,
susceptibility to volatility in raw material prices, working
capital intensive nature of operations, moderate capital
structure with weak debt coverage indicators and intensely
competitive industry with sluggish growth in end user industries
and cyclical nature of the industry. The rating, however, derives
strength from its long track record of operations with extensive
experience of promoters in the iron and steel industry.

Going forward, the company's ability to grow its scale of
operations, improve its profit margins and efficient management
of its working capital shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with thin profit margins: The total
operating income (TOI) of the company has registered degrowth
of 4.8% during FY16 as compare to FY15 (Rs.34.71 crore in FY16 as
against INR36.46 crore in FY15). Moreover during FY17, SMPL has
reported further de-growth and booked turnover of INR33.67 crore.
The PBILDT margin of the company remained on the lower side over
the past three years ended FY16 in the range of 1.07% to 3.47%.
PAT margin also remained thin over the past years ended FY16 and
the same remained at 0.29% in FY16.

Susceptibility to volatility in raw material prices: SMPL does
not have any backward integration for its basic raw material
(primarily sponge iron) and purchases the same from the open
market at spot rates. Since, the raw material is the major
cost driver and the prices of which are volatile in nature, the
profitability of the company is susceptible to fluctuation in raw
material prices.

Working capital intensive nature of operations: The business of
the company is working capital intensive in nature marked by its
high average collection period. The company allows long credit
period to its customers to boot up its scale of operations and
accordingly the average collection period remained of the higher
side in the range of 101 days to 177 days. Further it also
maintains inventory of raw material as well as traded goods for
smooth functioning of production process and timely execution of
client's orders respectively. However the average inventory
period improved during FY16.  The average creditor's period has
also increased to 76 days in FY16 due to sluggish demand. However
the average utilization of working capital limit was around 90%
during last 12 months ended in Dec. 31 2017.

Moderate capital structure with weak debt coverage indicators:
The capital structure of SMPL was remained moderate as on
March 31, 2016 marked by overall gearing of 1.83x. The interest
coverage ratio was also moderate at 1.22x in FY16. Furthermore
the total debt to GCA has deteriorated to 54.96x in FY16 from
45.76x in FY15.

Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: SMPL is engaged in the
manufacturing of M.S. ingots, trading of minerals and logistics
services. These sectors are primarily dominated by large players
and characterized by high fragmentation and competition due to
the presence of numerous players in India owing to relatively low
entry barriers. High competitive pressure limits the pricing
flexibility of the industry participants which induces pressure
on profitability.

The fortunes of companies like SMPL from the iron & steel
industry are heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel. Furthermore, all these industries are
susceptible to economic scenarios and are cyclical in nature.

Key Rating Strengths

Long track record with extensive experience of promoters in the
iron and steel industry: SMPL has a track record of more than two
decades. The company was promoted by Mr. Ramesh Kumar Agarwal and
Mr. Jawahar Lal Agarwal acting as the directors in the company.
Mr. Ramesh Agarwal is having more than two decades of experience
in the steel industry. Mr. Jawahar Lal Agarwal is also having
more than two decades of experience in the steel industry. Both
the directors look after the day to day operations of the
company. The experience of the promoters in the steel industry
supports the business risk profile of the company.

SMPL was incorporated in November 1995 by Mr. Ramesh Kumar
Agarwal and Mr. Jawahar Lal Agarwal. Since its inception, the
company has been engaged in manufacturing of MS ingots, trading
of minerals, fabrics and providing logistics and cargo handling
services. The manufacturing unit of SMPL is located at Saraikela
in Jharkhand with aggregate installed capacity of 9000 metric ton
per annum. The company earns major revenue from manufacturing
activities accounting for around 48.67% of total operating income
in FY16 (the same was 64.96% of FY15 total operating income),
around 46.08% from trading activities (35.04% in FY15 total
operating income) and rest 5.25% from logistics & other
activities.


SHRISHTI ELECTROMECH: CRISIL Reaffirms B Rating on INR10.10M Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank loan
facilities of Shrishti Electromech Pvt Ltd (SEPL) at 'CRISIL
B/Stable/CRISIL A4.'

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       3        CRISIL B/Stable (Reaffirmed)

   Cash Credit            5.15     CRISIL B/Stable (Reaffirmed)

   Letter of Credit       1        CRISIL A4 (Reaffirmed)

   Long Term Loan         0.75     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    10.10     CRISIL B/Stable (Reaffirmed)

CRISIL ratings continue to reflect the weak financial risk
profile, modest scale of operations in the fragmented fan
manufacturing industry, and large working capital management.
These weaknesses are partially offset by established
relationships with key customers, and extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the fragmented fan manufacturing
segment: Intense competition from several micro, small and mid-
sized players, ready to cater to large electrical appliance
manufacturers, keeps the scale of operations modest, also
reflected in revenue of INR44.24 crore in fiscal 2017. Low
technological intensity, seasonal nature of demand and minimal
differentiation in end-product have attracted a large number of
small players.

* Large working capital requirement: Operations are highly
working capital intensive, with gross current assets of around
206 days of sales as on March 31, 2017, led by inventory and
stretched receivables of 90 days, each. Hence, bank limit tends
to be fully utilised during peak seasons. However, working
capital management is partly eased by credit of 90-100 days
extended by suppliers.

* Weak financial risk profile: Financial risk profile is marked
by a low networth of INR1.46 crore against total debt of INR14.78
crore, and gearing of around 10.15 times as on March 31 2017.
Debt protection metrics were also below-average, with interest
coverage and net cash accrual to adjusted debt ratios negative,
at -1.45 times and -0.04 time, respectively, in fiscal 2017.

Strength

* Extensive experience of the promoters: The promoter, Mr Suresh
Tibrewala and his family members, have been associated with the
electrical appliances manufacturing industry for over two
decades. Their longstanding presence, and healthy relationships
with large players such as Luminous Power Technologies Pvt Ltd,
V-Guard Industries Ltd and Electroloux India Ltd, will continue
to support the business risk profile.

Outlook: Stable

CRISIL believes SEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of a substantial and sustained growth in
revenue and profitability, or better working capital management.
The outlook may be revised to 'Negative' in case of steep decline
in profitability, or significant deterioration in capital
structure because of a large debt-funded capital expenditure or
stretch in working capital cycle.

SEPL was set up in 2002, by Mr Suresh Tibrewala and his family.
The Hyderabad-based company manufactures various types of fans.

Profit after tax was INR0.16 crore on revenue of INR44.24 crore
in fiscal 2017, against INR0.12 crore and INR50.95 crore,
respectively, in fiscal 2016.


SUPER SEAL: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Super Seal Flexible Hose Limited at 'CRISIL B+/Stable/CRISIL
A4'.

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

   Inland/Import
   Letter of Credit       1        CRISIL A4 (Reaffirmed)

The ratings continue to reflect the company's low operating
margin in the intensely competitive hose manufacturing industry,
and its large working capital requirement. These weaknesses are
partially offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating profitability: Operating margin declined to 4.8%
in fiscal 2017 from 8.7% in fiscal 2016 due to fluctuations in
raw material prices. The prices of nitrile rubber and wire - the
key raw materials - are highly volatile as they are linked to
crude oil prices and dollar rate.

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets of 208
days as on March 31, 2017 driven by high debtors and inventory of
111 days and 95 days, respectively. Further, of the total
inventory, 70% were in the form of raw material and work in
progress.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' two decades of experience and established relationship
with customers and suppliers should support the business. Some of
the leading customers include Action Construction Equipment,
Bharat Earthmovers, Caterpillar, Escorts Group, Indian Tractors,
Indian Railways and others.

Outlook: Stable

CRISIL believes SSFHL will continue to benefit from the extensive
experience of its promoters and its established customer
relationships. The outlook may be revised to 'Positive' if cash
accrual increases and working capital cycle is efficient and
operating profitability is stable. The outlook may be revised to
'Negative' if decline in revenue or operating profitability, or
stretch in working capital cycle exerts pressure on liquidity.

Established in 1995, Noida-based SSFHL manufactures hydraulic and
industrial hoses with an inner diameter of 2 inches and also
undertakes assembling of hoses. It is promoted by Mr Sanjay Kumar
Das and family. The company has a manufacturing capacity of 30
lakh metres per annum.


SVN AGRO: CRISIL Moves B Rating to Not Cooperating Category Cat.
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of SVN Agro Refineries (SVN)
to 'CRISIL B/Stable/CRISIL A4' Issuer not cooperating. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on bank
facilities of SVN from 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating' to 'CRISIL B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           1.5       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Letter of Credit     33.0       CRISIL A4 (Migrated from
                                   'CRISIL A4' Issuer Not
                                   Cooperating)

   Term Loan             0.5       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

The ratings continue to reflect SVN's moderate scale of
operations, exposure to competition and vulnerability to
fluctuations in raw material prices and foreign exchange (forex)
rates. These weaknesses are partially offset by the experience of
the partners in the edible oil industry.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations and exposure to competition: Scale
of operations is moderate as reflected in revenue of INR 131.9
crores in fiscal 2017. The firm has reported strong growth in
revenues in the last 3 years. However, it remains exposed to
intense competition from other players in the industry.

* Susceptibility to fluctuations in raw material prices and forex
rates: The prices of unrefined sunflower oil are volatile and are
prone to fluctuations in supply of sunflower seeds. Any
unforeseen and significant increase in raw material prices can
adversely impact SVN's operating margin. Also, the firm will
remain exposed to variations in forex rates because its entire
unrefined sunflower oil and deodorized palmolein oil requirement
is imported.

Strength

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

Outlook: Stable

CRISIL believes SVN 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 cash accrual and
profitability strengthens the financial risk profile. Conversely,
the outlook may be revised to 'Negative' if a lower-than-expected
revenue or profitability, a stretched working capital cycle, any
large, debt-funded capital expenditure, or a sizeable withdrawal
weakens the capital structure.

SVN, set up in 2000 at Vengaivasal (Tamil Nadu) as a partnership
between Mr S V Natesan and family, refines sunflower oil and
trades in refined palmolein oil. Mr SVN Ravi Varma manages the
operations.


SWAROOP PHARMACEUTICALS: CRISIL Cuts Rating on INR6.5MM Loan to C
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Swaroop Pharmaceuticals Private Limited (SPPL) to
'CRISIL C' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           6.5       CRISIL C (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects a recent instance of delay in debt
repayment obligation on a vehicle loan (not rated by CRISIL). The
same was caused by stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt repayment obligation on unrated facility: There
has been a recent instance of delay in debt repayment obligation
on a vehicle loan (not rated by CRISIL). The same was caused by
stretched liquidity.

* Modest scale of business marked by working capital intensive
operations: Company's product, intravenous (IV) fluid sets, is of
low value leading to modest revenue, as evident from operating
income of INR26 crore in fiscal 2017.

Strength

* Extensive experience of promoters in niche industry: The key
promoters have an experience of over three decades in supplying
healthcare equipment. This has resulted in establishment of a
network of regular distributors and suppliers.

SPPL was incorporated in fiscal 2009, promoted by. The company
manufactures IV fluid containers and solutions at its facility in
Aligarh, Uttar Pradesh.


TAURUS COMMERCIALS: CARE Moves B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CARE Ratings has been seeking information from Taurus Commercials
Private Limited (TCPL) to monitor the ratings vide e-mail
communications/letters dated May 11, 2017, July 3, 2017, July 24,
2017, August 21, 2017, September 5, 2017, September 12, 2017,
October 3, 2017 and November 27, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Taurus Commercials Private Limited's bank
facilities will now be denoted as CARE B+/CARE A4; ISSUER NOT
COOPERATING.

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank        2.96     CARE B+; Issuer not cooperating;
  Facilities                     Based on best available
                                 information

  Long-term/Short-      6.50      CARE B+/CARE A4; Issuer not
  Term Bank                       cooperating; Based on best
  Facilities                      available information

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

The ratings take into account moderate scale of operations, thin
profit margins, leveraged capital structure, weak debt coverage
indicators and modest liquidity position during FY17 (refers to
the period April 1 to March 31). Further, the ratings also take
into account risk associated with raw material price volatility
and supplier concentration risk. The aforementioned constraints
far outweigh the benefits derived from the wide experience of
promoters and location benefit. The ability of TCPL to increase
its scale of operations along with improving its profitability
and solvency position amidst competitive nature of industry are
the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on October 3, 2016 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

Moderate scale of operations and thin profit margins: The scale
of operations improved to INR114.10 crore during FY17 as against
INR49.73 crore during FY16. However the PBILDT margin reduced by
106 bps and stood at 1.39% during FY17 as against 2.46% during
FY16. The PAT margin improved marginally by 12 bps and stood thin
at 0.28% during FY17 as against 0.16% during FY16.

Leveraged capital structure and weak debt coverage indicators:
The capital structure continued to remain leveraged as indicated
by an overall gearing of 2.58 times as on March 31, 2017 as
against 3.19 times as on March 31, 2016. The debt coverage
indicators though improved, remained weak as marked by total debt
to GCA of 23.41 years as on March 31, 2017 [March 31, 2016: 85.63
years] and interest coverage of 1.43 times during FY17 as against
1.20 times during FY16.

Modest liquidity position: As on March 31, 2017, TCPL's current
ratio improved and remained at 1.50 times as against 1.24 times
as on March 31, 2016. Also, working capital cycle remained
comfortable to 36 days in FY17 as against 105 days in FY16.

Raw material price volatility and supplier concentration risk:
The profit margins of TCPL are exposed to risk of price
volatility as manufacturing of steel and steel products depend on
availability of the raw materials, domestic as well as
international demand supply condition and fluctuations in market.
Hence the company's profit margins are exposed to volatility in
the raw material prices. Also, top three suppliers constituted
around 80% of the total raw material procured during FY16
denoting high supplier concentration risk and limited bargaining
power against the suppliers.

Key Rating Strengths

Experienced promoters: TCPL is promoted by Mr Sunilkumar Kamalia
and Mrs. Binita Kamalia who have an experience of more than two
decades in trading of steel commodities. Mr. Sunilkumar Kamalia
is a graduate and handles the overall operations of the company.

Location benefit: The unit of TCPL is located in Ahmedabad and
the company procures materials from its suppliers in Ahmedabad,
Baroda, Bokaro, Bellary, Dolvi etc. Along with that there is an
added benefit of rail road connectivity and proximity to port.
Hence this easy availability of raw materials leads to lower
inventory holding and savings in transportation and logistics
costs.

Taurus Commercials Private Limited [TCPL] is a private limited
company, incorporated on August 5, 1993 and promoted by Mr
Sunilkumar Kamalia and Mrs. Binita Kamalia. The company is
engaged into the trading of steel products in domestic markets
based on the orders given by customers. Its main products include
TMT (Thermo-Mechanical Treatment) Bars, (forming 43% of turnover
in FY16), steel plates (forming 39% of turnover in FY16), sheets,
channels, angles, beam. TCPL has set up its unit in Ahmedabad and
has three warehouses in Naroda and one in Kalol. The steel
products are procured from suppliers spread across India. The
suppliers of TCPL include some of the large corporates like Steel
Authority of India Limited and JSW Steel Limited.


UTTAM GALVA: CARE Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CARE has been seeking information from Uttam Galva Metallics
Limited (UGML) to monitor the rating vide e-mail communications/
letters dated December 12, 2017; December 21, 2017 and
January 10, 2018. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines, CARE's rating on
debt instruments of UGML will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Bank     (3933.94)    CARE D; ISSUER NOT COOPERATING;
  Facilities-                     Based on best available
  (Term Loans)                    Information

  Long-term Bank      (170.00)    CARE D; ISSUER NOT COOPERATING;
  Facilities                      Based on best available
  (Fund Based)                    Information

  Short-term Bank     (910.00)    CARE D; ISSUER NOT COOPERATING;
  Facilities-                     Based on best available
  (Non- fund based)               Information

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

The rating takes into account the ongoing delays in debt
servicing by the company.

Detailed description of the key rating drivers

Delays in Debt Servicing: The heavy losses incurred during FY16
have constrained the company's ability to service its debt in a
timely manner and there have been continuing delays in servicing
of debt obligations to the lenders. Furthermore, there were
overdrawals of more than 30 days in the Cash Credit account.

Promoted by Mr. Rajinder Miglani in 2007, UGML is engaged in the
manufacturing of Hot Metal/Pig Iron from iron ore, which are
intermediate products for manufacturing of value added steel.
These products are sold to foundries and secondary steel/ HRC
manufacturers. UGML had commenced the trial production of the
plant in June 2010 and achieved the stabilization of operation in
March 2011. The company has a capacity to manufacture sinter
(802,000 tpa), a Coke oven plant (500,000 tpa), Top Gas Recovery
Turbine (TGRT) (3MW) and a Captive Power Plant (CPP) (15 MW) (Gas
based power plant, which uses Blast Furnace (BF) gas as input) as
on March 31, 2014.The entire hot metal (which constitutes around
60% of the total sales in FY15) is supplied to group company
Uttam Value Steels Limited (UVSL), which is located near to the
factory site on the same day. Coke is produced from the coke oven
of which major portion is utilized for the production of hot
metal and pig iron, the balance if any is sold in the outside
market. The company is 100% self-sufficient in terms of power
consumption.

UVSL directly feeds hot iron (liquid metal) produced by UGML in
its steel making units leading to significant energy savings.


UTTAM VALUE: CARE Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CARE has been seeking information from Uttam Value Steels Limited
(UVSL) to monitor the rating vide e-mail communications/ letters
dated December 12, 2017; December 21, 2017 and January 10, 2018.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on debt
instruments of UVSL will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Long-term Bank      (640.07)    CARE D; ISSUER NOT COOPERATING;
  Facilities                      Based on best available
                                  Information

  Short-term Bank   (13,90.00)    CARE D; ISSUER NOT COOPERATING;
  Facilities                      Based on best available
                                  Information

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

The rating takes into account the ongoing delays in debt
servicing by the company.

Detailed description of the key rating drivers

Delays in Debt Servicing: There are delays in servicing of debt
obligations attributable to its stressed liquidity position.

Uttam Value Steels Limited (UVSL), previously known as Lloyds
Steel Industries Ltd (LSIL), was incorporated on April 27,
1970 under the name of Gupta Tubes and Pipes. LSIL's steel plant
was commissioned in 1995 in Wardha, Maharashtra.

LSIL set up a rolling mill with an installed capacity of 1.00
Million Tonnes Per Annum (MTPA) of Hot Rolled (HR) coil along
with Steel Melting Shop (SMS) to produce 1.08 MTPA of steel
through Electric Arc Furnace (EAF) route. The downstream
facilities include Cold Rolled (CR) coil mill (0.38 MTPA
capacity) and Galvanized Plain (GP)/Galvanized Corrugated (GC)
sheets/coil line (0.25 MTPA capacity). The engineering division
located in Murbad, Thane, Maharashtra, is engaged in steel
fabrication, design and manufacturing of heavy equipment for
hydrocarbon, oil & gas, steel and power plants as well as
executing projects on turnkey basis.


V3 ENGINEERS: CRISIL Moves B- Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with V3
Engineers Private Limited (V3 Engineers) for obtaining
information through letters and emails dated July 13, 2017 and
January 12, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

   Cash Credit            8        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit       2        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     9.28     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of V3 Engineers Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on V3 Engineers Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of V3 Engineers Private Limited to CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 1990, V3 Engineers manufactures and installs
modular furniture for corporate and domestic uses. The company
derives 70% of its revenue from corporate (office) furnishings.



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


MNC INVESTAMA: S&P Cuts CCR to 'CCC-', Put on CreditWatch Neg.
--------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on PT MNC Investama Tbk. to 'CCC-' from 'CCC'. S&P said, "In
addition, we lowered our long-term issue rating on the US$365
million senior secured notes that Ottawa Holdings Pte. Ltd.
issued to 'CCC-' from 'CCC'. MNC Investama guarantees the notes.
We have placed all the ratings on CreditWatch with negative
implications."

MNC Investama is an Indonesia-based holding company with sizable
media interests and growing operations in financial services.

S&P said, "The downgrade reflects our view of a growing
likelihood that MNC Investama could take a corporate action that
we construe as a distressed exchange over the next few months.
This is due to the lack of progress on refinancing the company's
US$365 million notes maturing in May 2018.

"We have observed limited progress on the refinancing initiative
that MNC Investama outlined in a press release in December 2017.
In that press release, the company indicated that it planned to
repay US$215 million of the notes and refinance the remaining
US$150 million due in May 2018. To our knowledge, the company has
not yet sold assets highlighted in the release as a source of
funds to partly repay the maturing notes.

"We are also not aware of other funding sources, including bank
loans, that MNC Investama might have secured as back-up. With the
looming maturity, and barring the receipt of sizable proceeds
from asset sales, we believe MNC Investama has little time to get
sufficient funding for repayment.

"The CreditWatch placement indicates a one-in-two likelihood that
we will lower the rating to 'CC', indicating an imminent default,
in the next few weeks unless the company refinances its maturing
notes.

"We may lower the rating to 'CC' if we expect default to be
virtually certain. In our opinion, this would most likely be
driven by MNC Investama taking an action that we construe as a
distressed exchange and tantamount to default. This could include
capital market repurchases below par, or an offer to bondholders
that we would consider as below the original promise.

"We could raise the rating if the company fully refinances its
notes in the next few weeks and lengthens its debt maturity
profile."



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


KTL GLOBAL: Net Loss Narrows to SGD2.17MM in Q2 Ended Dec. 31
-------------------------------------------------------------
Rachel Mui at The Strait Times reports that KTL Global narrowed
its net loss to SGD2.17 million, or 0.9 cents per share, for the
second quarter ended Dec. 31, 2017, from a net loss of SGD2.78
million, or 1.16 cents per share, a year ago.

This was attributed to a "decrease in operating expenses, other
operating income and share of results of an associate, partly
offset by increase in revenue, other operating expenses and
finance costs", KTL Global said, the report relays.

The Strait Times relates that for the three months ended Dec. 31,
the group's revenue was SGD9.3 million, 15 per cent higher than
the SGD8.1 million in the year-ago period.

However, finance costs for the second quarter also rose 8 per
cent to SGD345,000, mainly due to an increase in the cost of
borrowings from fixed rate loans and bills payables, as well as
the increase in the Singapore Interbank Offered Rate (Sibor), the
group said.

No dividend has been recommended for the half year ended Dec. 31,
the Strait Times notes.

In an extraordinary general meeting held on Feb. 1, 56.38 per
cent of the voting shares present approved the issuance of 26
million new shares to executive chairman Tan Tock Han. This was
done to repay a SGD1 million loan from Mr Tan to meet working
capital requirements, the report notes. The company and Mr Tan
have agreed that the allotment of new shares will be "full and
final repayment of the debt excluding any interest".

                        About KTL Global

KTL Global Limited (SGX:EB7)-- http://www.ktlgroup.com/-- is an
investment holding company. The Company operates through three
segments: offshore oil and gas, marine and others. The offshore
oil and gas segment relates to sales of goods and services to
customers in the oil and gas industry. The marine segment relates
to sales of goods and services to customers in the marine
industry. The others business segment relates to sales to
customers in other industry sectors, mainly in the offshore
construction and engineering industries. The Company also
provides testing, certification and maintenance services to the
oil and gas market. The Company, through its subsidiaries, offers
various products, including high performance compacted wire rope;
standard wire rope; heavy lift slings and grommets; blocks,
swivels and sheaves; shackles; rov shackles and hooks; synthetic
slings and synthetic ropes; links and hooks, towing equipment,
chasers and grapnels; drill lines; kimloft rigging loft, and
rigging accessories, hooks and fittings.


KTL GLOBAL: Considers Options to Exit Mainboard Watch List
----------------------------------------------------------
The Strait Times reports that the mainboard-listed KTL Global
said its directors are considering the options of either
undertaking a share consolidation or transferring to a Catalist
in order to resolve its breach of the Mainboard's minimum trading
price requirements.

According to the report, KTL Global is currently on the Singapore
Exchange's (SGX) watch list because its shares have been trading
below 20 Singapore cents and its market capitalisation is below
SGD40 million. If the company does not transfer to the Catalist
board, it must raise its stock price and market cap above those
thresholds within 36 months from June 5, 2017 or it will be
delisted from the Mainboard, the report says.

Shares of KTL Global traded 10.7 per cent, or 0.3 Singapore cent
higher to close at 3.1 Singapore cents on Feb. 1, the report
discloses. The company currently has a market cap of SGD7.5
million.

                        About KTL Global
KTL Global Limited (SGX:EB7)-- http://www.ktlgroup.com/-- is an
investment holding company. The Company operates through three
segments: offshore oil and gas, marine and others. The offshore
oil and gas segment relates to sales of goods and services to
customers in the oil and gas industry. The marine segment relates
to sales of goods and services to customers in the marine
industry. The others business segment relates to sales to
customers in other industry sectors, mainly in the offshore
construction and engineering industries. The Company also
provides testing, certification and maintenance services to the
oil and gas market. The Company, through its subsidiaries, offers
various products, including high performance compacted wire rope;
standard wire rope; heavy lift slings and grommets; blocks,
swivels and sheaves; shackles; rov shackles and hooks; synthetic
slings and synthetic ropes; links and hooks, towing equipment,
chasers and grapnels; drill lines; kimloft rigging loft, and
rigging accessories, hooks and fittings.


PINE CAPITAL: Posts SGD926K Net Loss for 3Mos. Ended Dec. 31
------------------------------------------------------------
Kenneth Lim at The Strait Times reports that Pine Capital Group
reported a narrower loss in its fiscal third quarter and a
negative working capital position, and said that it's looking at
fund-raising options.

Pine, which was formerly called OLS Enterprise, posted a net loss
of S$926,000 for the three months ended Dec 31, 2017 compared to
a year-ago S$1.5 million loss, the report discloses. With about 3
billion issued shares during the period, that represented a per-
share loss of about 0.03 Singapore cent for the quarter. For the
nine months to December, loss attributable to shareholders was
S$1.8 million from a loss of S$2.1 million a year earlier.

The Strait Times says the company, which had no revenue a year
ago, recorded S$452,000 of revenue during the quarter. All of
that came from newly acquired 51 per cent subsidiary Advance
Capital Partners Asset Management, the investment firm that
specialises in convertible financing for high-risk companies, the
report relates. Advance Capital has provided financing for a
number of companies via so-called "toxic convertibles", a
structure that can be highly dilutive for shareholders of the
borrowers.

According to the report, the company has net current liabilities
of S$1.9 million as at end-December, from net current assets of
S$3.1 million on March 31, 2017.

"The group is exploring various fund raising options in order to
strengthen and improve the group's financial position," the
company, as cited by the Strait Times, said in its report. "An
announcement on the funds raising matter will be made as and when
appropriate."

Looking ahead, Pine said that it plans to grow and expand its
financial services sector to bolster the group's financial
performance, the report adds.




                             *********

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

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

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


                            *********


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

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

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

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

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



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