/raid1/www/Hosts/bankrupt/TCRAP_Public/180212.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, February 12, 2018, Vol. 21, No. 030

                            Headlines


A U S T R A L I A

ARGENTA ROSE: First Creditors' Meeting Set for Feb. 19
COOPER & OXLEY: Staff May Lose Jobs Following Collapse
COOPER & OXLEY: First Creditors' Meeting Set for Feb. 16
DECO EQUIPMENTS: ICRA Assigns B- Rating to INR8.19cr Term Loan
GIDGET RETRO: Second Creditors' Meeting Set for Feb. 16

KNIGHTMOVES BUSINESS: First Creditors' Meeting Set for Feb. 19
PALLAS BRIDE: Co-Founder Buys Back Luxury Bridal House
RESPONSE ELECTRICAL: First Creditors' Meeting Set for Feb. 19
VCS CIVIL: Lender Appoints McGrathNicol as Receivers


I N D I A

A S CHATTHA: CRISIL Lowers Rating on INR4MM LT Loan to B-
A.S. EMPORIUM: CRISIL Moves B+ Rating to Not Cooperating Category
ADITYA TRANSLINK: CRISIL Moves B Rating to Not Cooperating Cat.
ANDHRA BARYTE: CRISIL Withdraws D Rating on INR13.5MM LT Loan
ANNAPURNA SEEDS: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan

BABA BABA: CRISIL Assigns B+ Rating to INR9.0MM Cash Loan
BLUE STAR: CRISIL Moves D Rating to Not Cooperating Category
CHANDRA ENGINEERS: CRISIL Moves B+ Rating to Not Cooperating Cat.
CHANDRA PRABHU: CRISIL Moves B Rating to Not Cooperating Category
COMFORT SECURITIES: CRISIL Reaffirms B- Rating on INR15MM Loan

DHARMARATHINA TEXTILES: ICRA Removes Rating from Not cooperating
DINESH SEAMLESS: CRISIL Moves B- Rating to Not Cooperating Cat.
H AND J MALL: CRISIL Assigns B- Rating to INR9.03MM Term Loan
HANUMAN FOODS: ICRA Keeps B Rating in Not Cooperating Category
HEERA RICE: CRISIL Moves B+ Rating to Not Cooperating Category

JJ PV SOLAR: CRISIL Moves B+ Rating to Not Cooperating Category
K. REMASH: CRISIL Reaffirms B+ Rating on INR3.0MM Cash Loan
MUTNEJA RICE: CRISIL Moves B+ Rating to Not Cooperating Category
MY AUTO: ICRA Keeps B Rating in Issuer Not Cooperating Category
NARULA TOOLS: ICRA Keeps B Rating in Issuer Not Cooperating Cat.

P. RAJAGOPAL: CRISIL Assigns 'B' Rating to INR12MM Term Loan
PARA PRODUCTS: ICRA Keeps B Rating in Not Cooperating Category
PRIME CARGO: CRISIL Reaffirms B- Rating on INR7MM Cash Loan
S.L. GROUP: CRISIL Reaffirms B Rating on INR19.5MM Term Loan
SATYA SAI: CRISIL Assigns B+ Rating to INR22.5MM LT Loan

SAVIDHA MEDICAL: ICRA Keeps B Rating in Not Cooperating Category
SAINI ALLOYS: ICRA Keeps B+ Rating in Not Cooperating Category
SHA SHAMBHULAL: CRISIL Assigns B+ Rating to INR0.75MM Cash Loan
SRI PRAKASH: CRISIL Assigns B+ Rating to INR6MM LT Loan
STURDY INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Cat.

SUPER SEALS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
TOUGH BAGS: CRISIL Moves B+ Rating to Not Cooperating Category
VARDHAMAN PRESSURE: ICRA Moves B+ Rating to Not Cooperating Cat.
VIGNAN VIDYALAYAS: ICRA Reaffirms B+ Rating on INR13.06cr Loan
VIKAASA TRUST: CRISIL Moves B Rating to Not Cooperating Category

VIMAX CROP: CRISIL Lowers Rating on INR8.5MM Cash Loan to B+


J A P A N

SOFTBANK GROUP: Moody's Affirms Ba1 CFR on Possible Opco IPO


M A L A Y S I A

KINSTEEL BHD: Gets 5-Mo. Extension to Submit Regularisation Plan
STONE MASTER: Auditor Expresses Disclaimer Opinion


N E W  Z E A L A N D

HAMILTON AIRPORT: Waikato Regional Airport Buys Airport Hotel


P H I L I P P I N E S

RURAL BANK OF BAYAWAN: Deposit Claims Filing Deadline Set Feb. 26


S O U T H  K O R E A

KUMHO TIRE: Annual Net Loss Widens to KRW88.56BB in 2017


                            - - - - -


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


ARGENTA ROSE: First Creditors' Meeting Set for Feb. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Argenta
Rose Pty Ltd and Curnow Group Pty. Ltd. will be held at the
offices of KordaMentha, Level 10, 40 St Georges Terrace, in
Perth, WA, on Feb. 19, 2018, at 3:30 p.m.

John Bumbak, Scott Langdon, and Rahul Goyal of KordaMentha were
appointed as administrators of Argenta Rose on Feb. 7, 2018.


COOPER & OXLEY: Staff May Lose Jobs Following Collapse
------------------------------------------------------
Grant Taylor and Kim Macdonald at The West Australian report that
staff at embattled Perth building company Cooper & Oxley have
been told their employer has a 50-50 chance of surviving after
the company was placed in administration on February 7.

As the move was being announced, dozens of the company's
employees gathered at its Jolimont headquarters to be briefed by
representatives from insolvency firm Hall Chadwick, which is now
in control of the business, the report says.

It is understood no attempt was made to sugar-coat the challenges
the company is facing and staff were told they would be given
another briefing on February 13 once a clearer picture of the
financial position had been established, according to the West
Australian.

"They told us it was 50-50 at the moment," the report quotes one
worker as saying as he left the meeting. "We're crossing our
fingers."

The report says the staff are suspended without pay and it is
understood some have started looking for new jobs.

If the company goes into liquidation, they will have to queue
with other creditors to recover entitlements, the West Australian
notes.

The company trades under two names -- Cooper & Oxley Builders Pty
Ltd and Cooper & Oxley Builders WA Pty Ltd -- both of which are
now in administration.

The West Australian relates that in a written statement on
February 7, Hall Chadwick said Cooper & Oxley's director George
Hampel was determined to keep both businesses alive.

"The director has expressed his interest in proposing a deed of
company arrangement with a view to the companies continuing to
trade," Hall Chadwick, as cited by The West Australian, said.
"At this time the administrators are assessing the financial
position of the companies including the projects that it has
under way."

Anyone owed money by the builder, including subcontractors and
suppliers, has been told to contact Hall Chadwick to register as
a creditor, the report adds.


COOPER & OXLEY: First Creditors' Meeting Set for Feb. 16
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Cooper &
Oxley Builders WA Pty Ltd and Cooper & Oxley Builders Pty Ltd
will be held at the offices of Duxton Hotel Perth, 1 St Georges
Terrace, in Perth, WA, on Feb. 16, 2018, at 10:00 a.m. and
11:00 a.m.

Richard Albarran, Cameron Shaw & Brent Kijurina of Hall Chadwick
were appointed as administrators of Cooper & Oxley on Feb. 7,
2018.


DECO EQUIPMENTS: ICRA Assigns B- Rating to INR8.19cr Term Loan
--------------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B- for the
INR8.19-crore term loans and the INR4.00-crore fund-based
working-capital facilities of Deco Equipments Private Limited
(DEPL). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Term
  Loan                     8.19      [ICRA]B- (Stable); Assigned

  Fund-based-Working
  Capital Facilities       4.00      [ICRA]B- (Stable); Assigned

Rationale

The assigned rating takes into account the company's modest scale
of operations, restricting operational and financial flexibility
and weak financial profile, marked by net loss incurred in
FY2017. The rating is also constrained by the moderate capital
structure with a gearing of 1.7 times as on March 31, 2017 on
account of high working-capital requirements and recent debt-
funded capex and the moderate coverage indicators. The rating
factors in the working-capital intensive nature of operations on
account of high inventory holding requirements, resulting in high
utilisation of working-capital facilities. The rating also
factors in the highly competitive and fragmented nature of the
industry, which exerts pricing pressure. However, the established
relationship of DEPL with its key customers provides pricing
flexibility to some extent. The rating positively factors in the
extensive experience of the promoters in the engineering industry
and the favourable location of the company's manufacturing unit,
with proximity to its major customer, Automotive Axles Limited
(AAL). The rating also derives comfort from DEPL's established
relationship with its suppliers and customers as seen from repeat
orders, lending stability to the operations to some extent. Going
forward, DEPL's ability to achieve revenue growth and improve
profitability while effectively managing working-capital
requirements will be the key rating sensitivities.

Outlook: Stable

ICRA believes DEPL will continue to benefit from the extensive
experience of its promoters in the engineering industry. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, supported by improvement in demand
from the end-user industry, result in healthy cash accruals. The
outlook may be revised to 'Negative' if the company reports
lower-than-expected accruals, any stretch in working-capital
cycle or debt-funded capital expenditure weaken the liquidity.

Key rating drivers

Credit strengths

Long experience of the promoters in the engineering industry:
Incorporated in 1989, DEPL's promoters have over three decades of
experience in the industry. DEPL's manufacturing unit is located
at Hebbal Industrial Estate, Mysore with an installed production
capacity of 2,500 MT of products per annum. The company's key
products include cam-shaft, spider, anchor and roller, washer,
spindles and axle carriers, which together contribute to a major
portion (~95% in FY2017) of the revenues.

Established relationship with key customers: The promoters have
healthy relationship with customers, resulting in repeat orders,
which provide stability to revenues. However, the customer
concentration remains high with the top-five customers accounting
for the entire revenue in the last three years. DEPL has been
supplying various axle, brake assembly and engine transmission
part to AAL located in Mysore since more than two decades and AAL
has contributed to ~85-90% of the total revenues in the last
three years.

Credit challenges

Modest scale of operations: The scale of operations of DEPL
remains modest with operating income of INR14.1 crore in FY2017
(compared to INR14.6 crore in FY2016), restricting operational
and financial flexibility to a major extent.

Weak financial risk profile: The operating margins also declined
from 20.4% in FY2016 to 14.6% in FY2017 on account of higher
input costs. Consequently, the company incurred net losses in
FY2017 owing to under-absorption of depreciation and interest
expenses. The high working-capital borrowings, coupled with
recent debt-funded capex towards purchase of machinery and
construction of building, resulted in a gearing of 1.7 times as
on March 31, 2017 and moderate coverage indicators. The high
working-capital intensive nature of operations results in high
utilisation of working-capital facilities.

Intense competition and fragmented nature of the industry: Low
entry barriers and fragmented nature of the industry, coupled
with low value-additive nature of the business limit the
bargaining power of the company, and hence its profitability.
However, the company's established relationship with its major
customers and customer stickiness due to custom-made products
offers comfort to some extent.

Incorporated in 1989, Deco Equipments Private Limited
manufactures custom-made axle parts, brake assembly-related
parts, engine and transmission components etc., which find
application in commercial vehicles and construction equipment.
DEPL is a closely-held company, managed by Mr. Deric Fernandes,
Managing Director, who served as an engineer at Machinery
Manufactures Corporation, in the textile division for eight years
before starting DEPL. The company's manufacturing facility is
located in Mysore, Karnataka and employs ~160 workers (85
permanent employees and the rest on contractual basis). The
company's forging operations are supported by machining, heat
treatment and grinding facilities and the machining capabilities
of components range from 300 gm to 80 kg.

In FY2017, the company reported a net loss of INR0.9 crore on an
operating income of INR14.1 crore compared to a net profit of
INR0.3 crore on an operating income of INR14.6 crore in the
previous year.


GIDGET RETRO: Second Creditors' Meeting Set for Feb. 16
-------------------------------------------------------
A second meeting of creditors in the proceedings of Gidget Retro
Teardrop Camper Pty Ltd has been set for Feb. 16, 2018, at
10:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, 8th Floor 102 Adelaide St, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 15, 2018, at 5:00 p.m.

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


KNIGHTMOVES BUSINESS: First Creditors' Meeting Set for Feb. 19
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Knightmoves Business Relocations Pty Ltd will be held at the
offices of Cor Cordis, One Wharf Lane, Level 20, 161 Sussex
Street, in Sydney, New South Wales, on Feb. 19, 2018, at
11:00 a.m.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Knightmoves Business on Feb. 7, 2018.


PALLAS BRIDE: Co-Founder Buys Back Luxury Bridal House
------------------------------------------------------
Sean Smith at The West Australian reports that the co-founder of
luxury bridal house Pallas has bought back the business out of
administration, preserving most of its 30 jobs.

According to the report, Pallas' creditors on February 7 approved
a deed of company arrangement floated by Joy Morris, the designer
behind the business, saying it represented the best option for
employees.

The West Australian relates that under the deal, Ms. Morris will
pay AUD71,000 to recover the Pallas business and also reassume
responsibility for workers' accrued entitlements. However, there
will be no return for unsecured creditors owed more than
AUD900,000.

Pallas Bride and Fashion called in administrators from Cor Cordis
on November 20 after the Australian Taxation Office applied to
wind it up over an unpaid debt, the report discloses.

The business has remained opened during the administration,
completing all bridal orders, the report notes.

Pallas, with salubrious salons in Claremont and Paddington in
Sydney, has been the go-to for monied brides since 2002.

Ms. Morris told The West Australian in 2015 that her elaborate
frocks don't come cheap.

"The bride has to have a desire to spend in excess of AUD5000
and, for the haute couture, definitely AUD10,000 and over," the
report quotes Ms. Morris as saying.  "There are obviously girls
who don't wish to do that, so that's not our bride."

Suzanne Wyllie, who married cricket star Brendon Julian in 2002,
and another cricket wife, Candice Falzon, are among the high-
profile brides to wear Pallas on their big day, according to the
report.

It is also the only Australian label stocked in world-famous
bridal department store Kleinfelds in New York.

According to The West Australian, Cor Cordis backed the DOCA on
the basis that it offered the best prospect for most of the
staff, who will receive between 59 cents and 61 cents in the
dollar and keep their jobs.

The insolvency firm partially attributed the Pallas failure to
"inadequate cashflow management", noting that the business "was
likely insolvent from June 30, 2016, and possibly earlier and
remained insolvent at all times to the date of our appointment,"
the report adds.


RESPONSE ELECTRICAL: First Creditors' Meeting Set for Feb. 19
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Response
Electrical Pty Ltd will be held at the offices of BRI Ferrier
(SA), Level 4, 12 Pirie Street, in Adelaide, SA, on Feb. 19,
2018, at 11:00 a.m.

Stuart Otway and Alan Scott of BRI Ferrier were appointed as
administrators of Response Electrical on Feb. 7, 2018.


VCS CIVIL: Lender Appoints McGrathNicol as Receivers
----------------------------------------------------
Peter Williams at The West Australian reports that
contracting entrepreneur John Silverthorne has struck fresh
financial trouble, with a lender appointing receivers to his
latest mining services venture as well as family companies.

The West Australian relates that Mr. Silverthorne said the move
by Remagen Capital related to a AUD7.5 million loan it made to
VCS Civil & Mining to finance a mining contract at a gold project
near Kalgoorlie.

Remagen has appointed receivers from McGrathNicol to nine
companies, including the Silverthorne family trust, because of
securities provided for the loan, the report says.

Administrators were called in to six of those companies, and
Mr. Silverthorne is hopeful of regaining control through a deed
of company arrangement, the West Australian notes.

He said VCS was working to finalise a refinance of the loan with
a new lender so Remagen could be paid back.

"We're aiming to pay all creditors 100 cents in the dollar if
we're allowed to keep trading," the report quotes Mr.
Silverthorne as saying.

According to the report, the NRW Holdings co-founder said VCS -
which his family half owns with CarVal Investors - had defaulted
on the loan because of a hold-up in cashflow at the Rose Dam mine
caused by metallurgy problems.

"We had a partnership going there with Rose Dam (Resources),
we've got no problem with them," Mr. Silverthorne, as cited by
The West Australian, said. "Our contract's written that way that
we don't get paid till the gold gets processed."

The West Australian says the receiverships have also halted newly
started work at the Kalpini gold mine which VCS co-owns and
operates.

VCS and a syndicate of Kalgoorlie-Boulder and Perth-based
businessmen bought the project from ASX-listed KalNorth Gold
Mines last year for AUD3.2 million, the report recalls.

The West Australian relates that the contractor emerged in the
aftermath of the collapse in 2015 of mining services provider
Viento Group, of which Mr Silverthorne was a shareholder. The
following year the businessman and his wife Maureen Silverthorne
declared themselves bankrupt because of a dispute with the
Australian Taxation Office.

Most of the family assets were locked up in the trust, the report
notes.

The Silverthornes made more than AUD100 million from the 2007
float of NRW and subsequent sales of the contractor's shares, the
report notes.



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


A S CHATTHA: CRISIL Lowers Rating on INR4MM LT Loan to B-
---------------------------------------------------------
CRISIL Ratings has downgraded the long term bank loan facilities
of A S Chattha Exim Private Limited (ASCEPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable'.  The short term rating has been
reaffirmed at 'CRISIL A4'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    ------
   Cash Credit          3        CRISIL B-/Stable (Downgraded
                                 from 'CRISIL B/Stable')

   Letter of Credit     4        CRISIL A4 (Downgraded from
                                 'CRISIL B/Stable')

   Proposed Long Term   4        CRISIL B-/Stable (Downgraded
   Bank Loan Facility            from 'CRISIL B/Stable')

The downgrade reflects the stretch in liquidity, due to
continuous cash losses reported over fiscals 2016 and 2017. The
cash loss was primarily on account of low operating profitability
along with high interest and finance charges.

CRISIL's ratings on the bank loan facilities of ASCEPL continue
to reflect the below-average liquidity and financial risk profile
and large working capital requirement. These rating weaknesses
are partially offset by extensive experience of the promoters in
the leather chemicals trading business, and their established
relationships with customers and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Below-average liquidity and financial risk profile: Low
operating profitability along with high interest and finance
charges have led to continuous cash loss for the last two
fiscals. This has exerted pressure on the liquidity profile of
the company. The financial profile is also weak with networth
remaining small at INR10.4 million as on March 31, 2017, due to
low initial paid-up capital, and high total outside liabilities
to tangible networth ratio of 11.33 times. Low operating
profitability also resulted in weak debt protection metrics with
interest coverage and net cash accrual to total debt ratios were
0.74 and (0.04) time, respectively, in fiscal 2017.

* Working capital intensity in operations: Operations are highly
working capital intensive, with gross current assets of 368 days
as on March 31, 2017, due to stretched receivables (219 days) and
sizeable inventory (123 days, including shipment and transit
time). Working capital requirement is largely met with bank
limit, which was fully utilised over the 12 months ended December
2017. Management of working capital will remain a key credit
issue.

Strengths

* Extensive experience of promoters and established relationship
with customers and suppliers: Presence of over five decades in
the leather chemical trading business has enabled promoters to
establish healthy relationships with customers and suppliers, and
expand the product profile (which includes basic chemicals, fat
liquors, finishing chemicals, dyes, and pigments).

Outlook: Stable

CRISIL believes ASCEPL will continue to benefit from the
extensive experience of its promoters, and their established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if substantial growth in revenue and cash
accrual, or an improvement in working capital management and
capital structure, strengthens the business and financial risk
profiles. The outlook may be revised to 'Negative' if any large
capital expenditure programme, stretch in the working capital
cycle, or low cash accrual, weakens the financial risk profile,
particularly liquidity.

ASCEPL was set up by the late Mr Ajit Singh Chattha, as a
proprietorship concern in 1958, and reconstituted as a private
limited company in 1997. Operations are now managed by Mr
Tejvinder Singh Chattha and Mr Mayankjeet Singh Chattha. The
company trades in chemicals, specially used in the leather
industry, and earlier traded in drugs, spices, and jute. The
warehouse facility is located at Banathalla, West Bengal.


A.S. EMPORIUM: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with A.S.
Emporium (ASE) 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           5.5      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 A.S. Emporium which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on A.S.
Emporium 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 A.S. Emporium to ' CRISIL B+/Stable Issuer not
cooperating'.

Set up in 2001 as a partnership firm by Mr Selvaraj and his wife
Mrs Subhadra, ASE trades in knitted fabric. The firm is based in
Tirupur, Tamil Nadu.


ADITYA TRANSLINK: CRISIL Moves B Rating to Not Cooperating Cat.
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Aditya Translink Private
Limited (ATPL) to 'CRISIL B/Stable/CRISIL A4/Issuer Not
Coperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the ratings on bank facilities of ATPL from 'CRISIL
B/Stable/CRISIL A4/Issuer not cooperating to 'CRISIL
B/Stable/CRISIL A4' and has withdrawn the same at the company's
request and based on the no objection certificate received from
the banker. The rating action is in-line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       --------     ------
   Bank Guarantee       6.5       CRISIL A4 (Migrated from
                                  'CRISIL A4' Issuer Not
                                  Cooperating and Rating
                                  Withdrawal)

   Cash Credit          8.5       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating and Rating
                                  Withdrawal)

   Letter of Credit     7.5       CRISIL A4 (Migrated from
                                  'CRISIL A4' Issuer Not
                                  Cooperating and Rating
                                  Withdrawal)

   Term Loan            3.0       CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable' Issuer Not
                                  Cooperating and Rating
                                  Withdrawal)

ATPL, promoted by Mr Radhey Shyam Poddar and Mr Sunil Chand
Ostwal, was set up in January 1995. It manufactures jute yarn,
jute fabrics, jute bags, dyed and bleached hessian, and other
products as per customer specifications. Sale of sacking products
contributes 75-80% to revenue, while sale of hessian contributes
the remainder.


ANDHRA BARYTE: CRISIL Withdraws D Rating on INR13.5MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Andhra Baryte Corporation Private Limited (ABCPL) at the
company's request and receipt of no due certificate from the
bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loans.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------     ------
   Cash Credit             5        CRISIL D (Withdrawn)

   Proposed Long Term
   Bank Loan Facility     13.5      CRISIL D (Withdrawn)

   Term Loan               1.5      CRISIL D (Withdrawn)

ABCPL, incorporated in 2008, is involved in the beneficiation of
barytes. The company is a joint venture between IBC Ltd and
Andhra Pradesh Mineral Development Corporation Ltd. Its
operations are managed by Mr. Rajamohan Reddy.


ANNAPURNA SEEDS: CRISIL Assigns B+ Rating to INR6.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Annapurna Seeds and Farms (ASF)

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         --------      ------
   Cash Credit            6.5        CRISIL B+/Stable

The rating reflects modest scale of operations and operating
margins. Rating also reflects seasonality in business and high
dependence upon monsoon. These rating weaknesses are partially
offset by proprietor's extensive experience and established
relationship with suppliers and customers and moderate financial
risk profile constrained by modest net worth.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and operating margins: With a
turnover of INR26 crore in fiscal 2017, scale of operations
continues to remain modest. This limits bargaining power with
suppliers and distributors and same along with low value addition
has resulted in modest operating margin (in the range of around
1.5% to 2.3% over the past three years, through Fiscal 2017).

* Seasonal nature of operations and high dependence on monsoon
and crop health: ASF processes and conditions paddy seeds. As
farming is a seasonal activity, ASF's operations are seasonal.
The seeds it processes are sold to farmers mainly during sowing
season of 'Kharif' and 'Rabi' crop (May to November). As a
result, cash flows are highly skewed towards these months.
Furthermore, requirement of seeds is dependent on the monsoon and
health of crops. This exposes the company to the risk of limited
availability of raw material resulting from a weak monsoon or
diseasae, which may result in lower operating income and
depressed profitability.

Strengths

* Proprietor's extensive experience and established relationship
with suppliers and customers: Past 25 years of experience in the
seed industry and agricultural activities has led the proprietor
to establish strong relationship with farmers, who grow seeds for
the firm under the contract farming model. Customers comprise
distributers and traders in Andhra Pradesh, Telangana, Orrisa,
Tamil Nadu and Uttar Pradesh. Over the years the proprietor has
been able to establish strong distribution network with around
200 small and large distributors supporting the business risk
profile of the company.

* Moderate financial risk profile constrained by modest net worth
Modest net worth: Net worth was INR2.7 crore as on March 31,
2017, because of low accretion to reserves and is expected to
remain modest over the medium term in the absence of equity
infusion.

* Moderate interest coverage ratio: Interest coverage ratio was
moderate at around 2.5 times for the Fiscal 2017.

Outlook: Stable

CRISIL believes that ASF will continue to benefit over the medium
term from the extensive experience of the proprietor. The outlook
maybe revised to 'Positive' if ramp-up in scale of operations and
improved profitability substantially strengthen financial risk
profile. Conversely, the outlook maybe revised to 'Negative' if
low cash accrual, or large working capital requirements or
capital expenditure weakens the financial risk profile.

Based out of Warangal (Andhra Pradesh), Annapurna seeds and farms
(ASF) is a sole proprietorship firm established in 1991 by Mr.
Venugopal Reddy. The firm is engaged in the grading, processing
and packaging of paddy seeds and has a processing plant in
Warangal.


BABA BABA: CRISIL Assigns B+ Rating to INR9.0MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Baba Baba Bhuman Shah Ji Industries.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------     ------
   Warehouse Receipts     .7       CRISIL B+/Stable
   Cash Credit           9.0       CRISIL B+/Stable
   Term Loan             1.3       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations in the
intensely competitive rice industry, a weak financial risk
profile, and large working capital requirement. These weaknesses
are partially offset by the advantageous location in terms of raw
material supply.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amid intense competition: Scale of
operations remains restricted by intense competition in the rice
industry, modest milling capacity in comparison to large players,
and limited value addition. Hence, revenue has been modest at
INR33.56 crore in fiscal 2017.

* Large working capital requirement: Operations are working
capital intensive, as reflected in high gross current assets of
295 days as on March 31, 2017, mainly led by large inventory, as
paddy, the key raw material, is available mainly during the crop
season (October-February).

* Weak financial risk profile: Gearing was high at 5.18 times as
on March 31, 2017, while interest coverage and net cash accrual
to total debt ratios were average at 1.33 times and 0.03 time,
respectively, in fiscal 2017.

Strength

* Advantageous location in terms of raw material supply: BBSJI's
plant is located at Ladhuka, Fazilka (Punjab), which is one the
main rice-producing regions of India. This ensures the firm
procures adequate supply of raw materials at low transportation
cost.

Outlook: Stable

CRISIL believes BBSJI will benefit from its proprietor's
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial improvement in its financial
risk profile driven by higher-than-expected growth in revenue
leading to high cash accrual, or capital infusion along with
efficient working capital management. The outlook may be revised
to 'Negative' if cash accrual is lower than expected, or if
working capital requirement is larger than expected, or if the
firm undertakes large, debt funded capital expenditure, leading
to pressure on its liquidity.

BBSJI was established as a partnership firm in 2014 by Mr. Rakesh
Kumar and family. The firm is engaged in the milling, processing
and packaging of basmati and non-basmati rice. The production
facilities are situated in Ladhuka, Fazilka, Punjab with a
milling and sorting capacity of around 3 tonnes per hour utilizes
at around 80% capacity.


BLUE STAR: CRISIL Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Blue Star
Building Materials Private Limited (BSBMPL; part of the Blue Star
group) 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            12.5      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 Blue Star Building Materials
Private Limited which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Blue Star Building Materials
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 Blue Star Building Materials Private Limited to
'CRISIL D Issuer not cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Blue Star Construction Co (BSCC) and
BSBMPL. This is because the two entities, together referred to as
the Blue Star group, have strong financial and operational
linkages and a common management.

The Blue star group is promoted by Navi Mumbai-based Thakur
family. Established as a partnership firm in 1978, BSCC
constructs and maintains roads. BSBMPL, incorporated in 1996,
manufactures and lays paver blocks


CHANDRA ENGINEERS: CRISIL Moves B+ Rating to Not Cooperating Cat.
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Chandra
Engineers (CE) for obtaining information through letters and
emails dated November 6, 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/         4.45      CRISIL B+/Stable (Issuer Not
   Overdraft                      Cooperating; Rating Migrated)
   facility

   Rupee Term Loan      7.55      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 Chandra Engineers which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Chandra Engineers 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 Chandra Engineers to 'CRISIL B+/Stable Issuer not
cooperating'.

Set up as a proprietorship firm in 1967, CE is promoted by Mr
Satish Chandra. The firm manufactures various electrical and
metal sheet stamping components, which majorly find application
in the automotive, engineering and electronics industries. CE has
manufacturing facilities at Manesar, Haryana and Alwar,
Rajasthan.


CHANDRA PRABHU: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Chandra
Prabhu International Limited (CPIL) for obtaining information
through letters dated November 6th 2017, and January 5th 2018.
However, the issuer has remained non-cooperative.

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

   Letter of credit       12      CRISIL A4 (Issuer Not
   & Bank Guarantee               Cooperating; Rating Migrated)

   Proposed Long Term      6      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 CPIL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
the company is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower.'

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

Incorporated in 1984 and based in New Delhi, CPIL is promoted by
Mr Gajraj Jain. The company trades in coal and rubber, which
contribute 50% each to the turnover. It procures coal from Coal
India Ltd's subsidiaries based in North-East India and from
traders, and supplies to brick manufacturers. It imports rubber
for catering to footwear and tyre manufacturers. Operations are
managed by Mr Akash Jain, son of Mr Gajraj Jain.


COMFORT SECURITIES: CRISIL Reaffirms B- Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Comfort Securities Ltd (CSL; part of the Comfort group) at
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     ------
   Bank Guarantee          30       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15       CRISIL B-/Stable (Reaffirmed)

The ratings reflect modest risk management systems and a small
scale of operations. These weaknesses are partially offset by
adequate capitalisation.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CSL, Comfort Fincap Ltd (CFL), and
Comfort Commotrade Ltd (CCL). That's because all these companies,
collectively referred to as the Comfort group, have high
management and operational integration.

Key Rating Drivers & Detailed Description

Weakness

* Modest risk management systems and practices: Regulatory
actions initiated against the group company, Comfort Intech Ltd
(CIL; a non-banking financial company [NBFC]), reflects group's
modest risk management systems and practices. The Reserve Bank of
India (RBI) had cancelled the license of CIL for violating the
provisions of RBI directives for NBFCs, as well as Foreign
Exchange Management Regulations, for opening of a subsidiary and
transfer of money outside India. The company also used a forged
no-objection certificate from RBI for this. In September 2017,
the Enforcement Directorate also imposed a penalty for violation
under the Foreign Exchange Management Act (FEMA) 1999. However,
the group monitors the client margins and exposures on real time
basis and has not suffered any major losses from its broking and
funding activities.

* Small scale of operations: Market share has remained very low
at around 0.3% in the equity broking segment during the three
fiscals through 2017. However, the group has been expanding its
franchisee network to increase market share. Over the past two
years it has expanded its fund base activities through CFL. The
assets under management (AUM) of CFL increased to INR46 crore as
on September 30, 2017, from INR21 crore as on March 31, 2016.
With the expected increase in AUM, the contribution of fund-based
revenue will increase significantly over the medium term.
However, the group is likely to remain a small player in the
capital market over the medium term.

Strength

* Adequate capitalization: Capitalisation is adequate for the
existing and planned scale of operations. The consolidated
networth was INR62 crore and the gearing 0.4 time, as on
September 30, 2017. The gearing is expected to increase with the
expansion of fund-based activities, but remain comfortable. The
limited exposure to proprietary trading also supports
capitalisation.

Outlook: Stable

CRISIL believes the scale of operations will remain small over
the medium term. The outlook may be revised to 'Positive' in case
of significant improvement in risk management systems, an
increase in the scale of operations, and diversification in
revenue. The outlook may be revised to 'Negative' if
capitalisation and earnings decline considerably.

The Comfort group, founded in 1994 by Mr Anil Agarwal, operates
in the capital market. Its services include equity broking,
commodity broking, loans against shares, merchant banking, and
margin funding. The group is headquartered in Mumbai. CSL is
engaged in equity broking, and is a member of National Stock
Exchange and Bombay Stock Exchange. It is a category I merchant
banker. CFL is an NBFC that provides loans against shares, loans
against property, and margin funding and bill discounting
services. CCL undertakes commodity broking.


DHARMARATHINA TEXTILES: ICRA Removes Rating from Not cooperating
----------------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to the
INR5.50 crore fund based facilities and INR11.50 crore term loan
facilities of Dharmarathina Textiles Private Limited from
[ICRA]B+ Issuer not cooperating to [ICRA]D. ICRA has also removed
the rating from Issuer not Cooperating Category.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term: Fund
  Based facilities        5.50      Revised to [ICRA]D from
                                    [ICRA]B+(Stable) and removed
                                    from 'issuer not cooperating
                                    category'

  Long term: Term
  Loan                   11.50      Revised to [ICRA]D from
                                    [ICRA]B+(Stable) and removed
                                    from 'issuer not cooperating
                                    category'

Rationale

The rating revision considers the delay in principal repayment
for the month of January on account of constrained liquidity
position. The ratings continue to be constrained by the the high
debt level and high interest cost which have resulted in
inadequate coverage indicators. ICRA, however, takes note of the
established track record of the company, the considerable
experience of DTPL's promoters, spanning over a decades, in the
cotton yarn manufacturing industry and the robust growth in
revenue during FY2017.

Key rating drivers

Credit Weaknesses

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

Weak liquidity position: The Company's liquidity position has
been constrained by high working-capital intensity on account of
high receivables. Further, during FY2017, the company witnessed
considerable reduction in oeprating margins to 10.0% from 16.5%
in the preceeding fiscal.

Credit Strengths

Established track record of the company in the cotton yarn
manufacturing industry over a decades: DTPL is an established
player in the yarn manufacturing industry with over 10 years of
experience and the significant experience of the promoters in the
textile industry supports the operations to a large extent.

Robust growth in operating income: The revenues of the company
witnessed robust growth of over 55% in FY2017 on the back of
increase in sales volumes driven by healthy order flows during
the period.

Dharmarathina Textile Private Limited was established in the year
2005 as a private limited company and is engaged in the business
of manufacturing of cotton yarn. The Company manufactures medium
counts to finer counts yarn and mainly caters to domestic market.
The Company's manufacturing facility is located in Aruppukkottai
(Tamilnadu) and operates with an installed capacity of 21,600
spindles. Mr. Raj Naveen is the director of the company and looks
after entire operations.


DINESH SEAMLESS: CRISIL Moves B- Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dinesh
Seamless Tubes Private Limited (DSTPL) 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           6       CRISIL B-/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Proposed Long Term    1       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 Dinesh Seamless Tubes Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Dinesh Seamless Tubes 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 Dinesh Seamless Tubes Private Limited to ' CRISIL
B-/Stable Issuer not cooperating'.

DSTPL, incorporated in 2009, is managed by Mr Champaklal K Shah.
The company trades in carbon steel seamless pipes and alloy steel
seamless pipes. It is based in Mumbai.


H AND J MALL: CRISIL Assigns B- Rating to INR9.03MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' ratings on the
bank facilities of H and J Mall (H&J Mall).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           --------    -------
   Proposed Long Term
   Bank Loan Facility      0.97      CRISIL B-/Stable

   Term Loan               9.03      CRISIL B-/Stable

The rating reflects H&J Mall's below average financial risk
profile characterized by very low accruals to fund debt
obligations, revenue concentration risk and cyclical business
trends driven by underlying trends in consumer spending and the
real estate industry. These are partially offset by strong
promoter experience and his financial backing for the project,
strategic first mover advantages, favourable demographic profile
and state of the art facilities in the mall.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average financial risk profile: Below-average financial
risk profile marked by negative cash accruals of INR0.25 Cr and
low debt service coverage ratio of 0.4 times for fiscal 2017. The
debt protection metrics with interest coverage ratio at 0.8 times
for fiscal 2017 also remains subdued. This will necessitate part
re-financing of debt obligations in the medium term, despite
improvement in cash accruals following stabilization of
operations.

* Limited geographical and revenue diversity with exposure to
cyclical industry trends: Company derives all its revenues from
operations in the single mall and is dependent on mall footfalls,
exposing it to geographical concentration risk. Company also
faces continued competition from both unorganized and organized
retail showrooms in the vicinity. Additionally, company is also
exposed to cyclicality in consumer spending trends and underlying
demand supply trends in real estate industry.

Strengths

* Strong promoter backing for the project: Company benefits from
the promoter's background with more than two decades of
experience in the industry, strong commitment in the business,
along with ability to provide financial support in times of
exigencies.

* Favorable demographic profile with state of the art facilities:
H & J Mall enjoys the first mover advantage, strategically
located on the National Highway 47 with state of the art
facilities for shopping and entertainment. Company also benefits
from the favourable demographic profile in the region driven by
rising income levels and changing lifestyles of the people.

Outlook: Stable

CRISIL believes H&J Mall will stabilize its business risk profile
over the medium term, driven by improved rent collection and
supported by income from other rental sources. However the
financial risk profile will continue to remain under pressure due
to low debt service coverage ratio (DSCR) during this period.

Upside scenario

* Significant and sustained growth in revenue driven by improved
rent collection and income from other rental resources, resulting
in higher cash accruals and improvement in debt service coverage
metrics.

Downside scenario

* Lower than expected accruals in fiscal 2019 due to higher
vacancy rates or decline in average realised rental rates.
* Any sizable debt funded capex that can further weaken the
capital structure and debt protection metrics.

H&J Mall is the first ever shopping mall in Karungapally, Kollam
District, Kerala with 10 floors encompassing a total area of 1.2
lakhs square feet. The project construction started in 2011 and
was operational in 2015. The firm is promoted by Mr. Hameed Kunju
who has a successful track record of managing business in
Botswana, Africa, with more than 25 years of business experience.


HANUMAN FOODS: ICRA Keeps B Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings says the rating for the INR15.00 crore bank
facilities of Hanuman Foods (HF) continues to remain in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA] B (Stable)/A4 ISSUER NOT COOPERATING.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long Term Fund
  Based Limits          12.00      [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

  Short Term Fund
  Based Limits           3.00      [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

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

Hanuman Foods was established in 1998 as a partnership firm with
Mr. Sanjeev Kumar and Mr. Surender Kumar as partners. Hanuman
Foods is engaged in the business of processing and trading of
rice in domestic as well as overseas markets, primarily to Saudi
Arabia, Dubai, Europe and Kuwait. The firm has a milling capacity
of 6 tonnes/hour for paddy at its manufacturing unit at Nadana
Road, Taraori, Karnal. The firm sells its product under the brand
name 'Good luck'.


HEERA RICE: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Heera Rice
Mills (HRM) for obtaining information through letters and emails
dated December 6, 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            17.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Fund-
   Based Bank Limits        .22     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan               1.28     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Warehouse Receipts      7.50     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 Heera Rice Mills which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Heera Rice Mills is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.

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

HRM, set up in 2008, mills and sorts rice. It produces polished
and unpolished rice, and sells to exporters. The firm has milling
capacity of 12 tonne per hour (tph) and sorting capacity of 20
tph in Assand, Haryana. It is managed by Mr Satish Goel and his
family members.


JJ PV SOLAR: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with JJ PV
Solar Private Limited (JJPV) for obtaining information through
letters and emails dated November 29, 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             9.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term       .5      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 JJ PV Solar Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on JJ PV Solar 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 JJ PV Solar Private Limited to CRISIL B+/Stable
Issuer not cooperating'.

Incorporated in 2011, JJPV manufactures solar PV panels. The
company's product portfolio comprises of solar crystalline
modules (panels), solar power plant (wherein the company offers
end-to end services ranging from concept to commissioning of
rooftop solar power plants), solar lighting systems, and solar
water pumping systems The company has its manufacturing facility
in Rajkot (Gujarat). JPSPL is promoted by Mr. Dhamjibhai Patel,
Mr. Prashantbhai Patel, Mr. Rajendra Rawal and Mr Pushkarbhai
Rawal.


K. REMASH: CRISIL Reaffirms B+ Rating on INR3.0MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of K. Remash Babu (KRB).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------     ------
   Bank Guarantee         3.1       CRISIL A4 (Reaffirmed)
   Cash Credit            3.0       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoters in the construction segment.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: With revenue of INR8.0 crore in
fiscal 2017, scale remains modest in an intensely competitive
industry.

* Large Working Capital Requirements: The operations of the
company were working capital intensive in nature as indicated by
the Gross Current Asset (GCA) days of 171 during fiscal 2017. The
GCA days were high due to rise in inventory levels.

Strength

* Extensive experience of promoters: The promoters have been in
the construction segment for more than 30 years and have
successfully completed projects for the Government of Kerala.
This has led to repeat orders.

Outlook: Stable

CRISIL believes KRB will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if revenue, profitability, and financial
risk profile improve. The outlook may be revised to 'Negative' if
lower-than-expected accrual or sizeable debt-funded capital
expenditure weakens financial risk profile.

Set up in 2008 as a partnership firm by Mr Remash Babu and
family, KRB constructs engineering colleges, schools, hospitals,
and civil stations for the Government of Kerala. It also
undertakes contracts from state Public Works Department.


MUTNEJA RICE: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mutneja
Rice Mills (MRM) for obtaining information through letters and
emails dated November 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             18       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)


   Proposed Long Term       2       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 Mutneja Rice Mills which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Mutneja Rice 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 Mutneja Rice Mills to 'CRISIL B+/Stable Issuer not
cooperating'.

MRM processes basmati rice. Its facility in Jalalabad, Punjab,
has milling and sorting capacity of 5 tonne per hour.


MY AUTO: ICRA Keeps B Rating in Issuer Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings says the rating for INR9.25-crore bank facility of
My Auto World (Kanpur) Private Limited (MAPL) continues to remain
in the 'Issuer Not Cooperating' category. The rating is now
denoted as [ICRA]BB- (Stable) ISSUER NOT COOPERATING.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Working
  Capital                 9.25      [ICRA]B(Stable) ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

Incorporated in 2012, My Auto World (Kanpur) Pvt Ltd (MAWPL) is
an authorised dealer of Ashok Leyland Limited's (ALL's)
commercial vehicles and spare parts, Suzuki Two-wheelers and is
also a distributor of Samsung Mobile Phones in Uttar Pradesh. The
company has the sole dealership of Ashok Leyland in nine
districts of Uttar Pradesh.


NARULA TOOLS: ICRA Keeps B Rating in Issuer Not Cooperating Cat.
----------------------------------------------------------------
ICRA Ratings says the rating for INR6.00-crore bank facility of
Narula Tools International (NTI) continues to remain in the
'Issuer Not Cooperating' category. The rating is now denoted as
[ICRA]B (Stable)/ISSUER NOT COOPERATING.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based-            6.00        [ICRA]B(Stable)/ISSUER NOT
  Working Capital                    COOPERATING; Rating
                                     continues to remain in the
                                     'Issuer Not Cooperating'
                                     Category

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

Narula Tools International (NTI) was established in 1995 as a
proprietorship firm, to be later converted into a partnership
firm in 2012. The firm is engaged in manufacturing scaffolding
products. NTI's facility is located at Jalandhar, Punjab, with an
installed manufacturing capacity of 3,143 Tonnes Per Annum (TPA).


P. RAJAGOPAL: CRISIL Assigns 'B' Rating to INR12MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of P. Rajagopal and R. Saravanan (PRRS).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     ------
   Cash Term Loan         12        CRISIL B/Stable

The rating reflects the firm's exposure to implementation and
demand risks, and expected modest scale of operations. These
weaknesses are partially offset by advantageous location of its
hotel and extensive experience of proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposed to implementation risk: Since the hotel is yet to be
completed, it will remain exposed to risk of implementation.

* Expected modest scale of operations: Turnover is likely to be
muted in the firm's first year of operations.

Strengths:

* Locational advantage and extensive experience of proprietor:
The hotel project is located near Tiruchendur railway station,
which ensures steady flow of clients. Also, proprietor has
longstanding experience in the restaurant business, which will
support operations over the medium term.

Outlook: Stable

CRISIL believes PRRS will continue to benefit over the medium
term from the advantageous location of its hotel. The outlook may
be revised to 'Positive' if timely commencement of project and
higher-than-expected occupancy level lead to higher revenue and
profitability. The outlook may be revised to 'Negative' if
financial risk profile, especially liquidity, weakens due to
delay in completion of project or lower-than-expected occupancy
rates.

PRRS was set up as a proprietorship firm by Mr P Rajagopal in
December 2016 and is setting up a hotel, Hotel Chendur Murugan,
in Tiruchendur, Tamil Nadu.


PARA PRODUCTS: ICRA Keeps B Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings says the rating for the INR19.20 crore bank
facilities of Para Products Private Limited (PPPL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+ (Stable)/A4 ISSUER NOT COOPERATING.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Cash Credit             9.20     [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

  Cash Credit             10.00    [ICRA]B+ (Stable)/[ICRA]A4
  cum Letter of                    ISSUER NOT COOPERATING;
  Credit                           Rating continues to remain
                                   in the 'Issuer Not
                                   Cooperating' category

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

PPPL is a part of the Globus Pharmachem Group, based in
Ghaziabad, Uttar Pradesh. The company is engaged in manufacturing
of bulk drugs. The company has manufacturing capacities for 4,800
Tonnes Per Annum (TPA) of Paracetamol. Globus Pharmachem,
formerly known as Goyal Group of Industries, is engaged in
manufacturing of dye intermediates, plasticizers, industrial
chemicals and pharmaceuticals (Paracetamol, Diclofenac,
Chlorzoxazone, Chlorinated Paraffin Wax, Vinyl Sulphone Ester,
Acetanilide Anhydride, Aceclofenac and Nimesulide).


PRIME CARGO: CRISIL Reaffirms B- Rating on INR7MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Prime Cargo Movers & Logistics Private Limited
(PCMLPL; a part of the Prime group) at 'CRISIL B-/Stable'

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        --------     ------
   Cash Credit            7       CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the group's constrained financial
risk profile because of high gearing and stretched liquidity
driven by modest cash accrual against high scheduled debt
repayments. The rating also factors in the group's modest scale
and working-capital-intensive operations in the competitive
logistics industry. These weaknesses are partially offset by the
extensive experience of the Prime group's promoters in the
logistics industry and the group's established relationship with
key customers.

Analytical Approach

For arriving at the rating, CRISIL has consolidated the business
and financial risk profiles of PCMLPL and Prime Cargo Movers
(PCM). This is because both entities, together referred to as the
Prime group, have a common management, are in the same line of
business, and have shared resources.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average financial risk profile: The Prime group has
constrained financial flexibility with low networth of INR7 cr
and high gearing of 2.5 times as on March 31, 2017.Weak debt
protection with interest coverage and NCATD of 1.2 and 0.07
ratio. CRISIL believes that the financial risk profile of the
firm is expected to remain below average going ahead as well.

* Modest scale along with working capital intensive operations
The Prime group operates on a small scale as indicated by its
operating income of around INR44cr in 2016-17. The Prime group
operates in the highly fragmented logistics industry, marked by
the presence of numerous small players, leading to intense
competition. CRISIL believes that the Prime group's scale of
operations will remain small; the group will continue to face
intense competition from organised as well as unorganised
players.

Strengths

* Promoters' extensive industry experience along with established
relationship with key customers: The promoters have been engaged
in the logistics business for over 2 decades. Over the years,
they have developed insights into the road transport services
segment. The group has also established relationships with large
and small fleet owners, which enable smooth sourcing of vehicles.
CRISIL believes the group would continue to benefit from the
promoters experience and established relationship with customers
and fleet owners.

Outlook: Stable

CRISIL believes the Prime group will continue to benefit over the
medium term from the extensive industry experience of its
promoters and its reputed clientele. The outlook may be revised
to 'Positive' in case of significant increase in its scale of
operations and profitability leading to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' in case of
further deterioration in the Prime group's financial risk
profile, particularly liquidity, due to lower cash accrual,
stretch in the working capital cycle, or large unanticipated
debt-funded capital expenditure (capex). Timely fund support from
promoters in order to meet term debt obligations will remain a
key rating sensitivity factor over the medium term.

The Prime group primarily provides logistics and transportation
services to FMCG players. The promoters commenced its business as
a carry and forward agent in 1988 through another firm. PCM and
PCMLPL were set up in 2003 and 2013, respectively, to provide
transportation services to its clients.

For fiscal 2017, loss was INR1.8 crore on net sales of INR44
crore, against a PAT of INR2.1 crore on net sales of INR37 crore
for fiscal 2016.


S.L. GROUP: CRISIL Reaffirms B Rating on INR19.5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of S.L. Group and Associates (SLGA).

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       --------     ------
   Term Loan            19.5     CRISIL B/Stable (Reaffirmed)

The rating continues to reflect SLGA's exposure to demand,
funding, and completion risks associated with the ongoing project
and susceptibility to cyclicality inherent in the real estate
industry. These rating weaknesses are partially offset by
extensive experience of partners in the real estate business and
moderate bookings and realization.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to demand, funding, and completion risks associated
with the ongoing project: Till December 2017, 40% units were
booked. Also, total 5 towers (122 units) have to be constructed.
The structure work has been completed for all the units; however,
entire finishing work is pending. Entire project is expected to
get completed by December 2018. Hence, exposure to demand,
funding, and completion risk is expected to continue over the
medium term.

* Susceptibility to cyclicality inherent in the real estate
industry: The firm is susceptible to risks pertaining to inherent
cyclicality in the real estate sector. The residential real
estate industry is characterized by the presence of a large
number of regional players due to lower entry barriers. Despite
stiff competition, past track record, quality and goodwill help
large players to command premium pricing for their projects.
However, there is severe competition among the small regional
players. Moreover, the industry is inherently cyclical in nature
as evidenced during the 2008 economic slowdown.

Strengths

* Extensive experience of partners in the real estate business:
SLGA's partners have over a decade of industry experience and
have executed various projects in the past in Delhi and Uttar
Pradesh.

* Moderate bookings and realization: Bookings and advances
received will remain rating sensitivity factors over the medium
term. Till December 2017, 40% of the units had been booked for
which INR13.5 crores of booking advance was received.

Outlook: Stable

CRISIL believes that SLGA will benefit over the medium term from
its partners' extensive experience in the real estate industry.
The outlook may be revised to 'Positive' if the firm exhibits
significant progress in bookings and flow of advances for the
project. Conversely, the outlook may be revised to 'Negative' in
case of time or cost overrun or in case of lower than anticipated
advances from customers.

SLGA is currently executing a residential project 'Green Orchid'
of a 3,99,456.6 sq. ft at Plot 1 Sector 13, New Moradabad, Uttar
Pradesh (UP) on land of 1,02,537.3 sq. ft. SLGA is a joint
venture between Sunil Gupta, Mr Anil Tomar, and Mr. Chandra Bhan
Singh.


SATYA SAI: CRISIL Assigns B+ Rating to INR22.5MM LT Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facility of Satya Sai Hydel Projects Private
Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------    -------
   Long Term Loan        22.5      CRISIL B+/Stable

The rating reflects the company's subdued financial risk profile
because of small networth and high gearing, and exposure to
hydrology risks. These weaknesses are partially offset by
extensive entrepreneurial experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Subdued financial risk profile: Networth was INR8 crore as on
March 31, 2017, because of nascent stage of operation and is
expected to increase over the medium term. Gearing was high at
3.63 times as on March 31, 2017.

* Exposure to hydrology risks: The project is on river Beas. Any
event beyond the company's control, such as significantly low
water flow because of natural disaster, can adversely affect
business.

Strength

* Extensive entrepreneurial experience of promoters: SSHPPL is a
special purpose vehicle promoted by Mr S Sankaran to set up and
operate hydropower projects in Kangra, Himachal Pradesh. The
promoters have entrepreneurial experience of over 20 years. They
have successfully commissioned a 3-megawatt hydropower project in
Dalhousie, Himachal Pradesh. The promoters' technical expertise
has helped SSHPPL establish healthy business relationships.

Outlook: Stable

CRISIL believes SSHPPL will benefit over the medium term from the
favourable industry prospects and steady demand for power. The
outlook may be revised to 'Positive' if revenue and profitability
increase more than expected. The outlook may be revised to
'Negative' if unprecedented delays in realisation of receivables
or low plant load factor (PLF) leads to tightly matched
liquidity, or if large, debt-funded capital expenditure weakens
liquidity.

Established in 2010, SSHPPL is a special purpose vehicle, which
operates a 3.8-MW hydel power project in Kangra. The project is a
run-of-the river project on a tributary of River Beas (Perennial
River) and has both snow-fed and rain-fed catchment. The project
commenced commercial operations in October 2017. The company is
promoted by Mr S Sankaran.


SAVIDHA MEDICAL: ICRA Keeps B Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings says the rating for the INR10.00 crore bank
facilities Savidha Medical Centre and Hospital ("SMCH") continues
to remain in the 'Issuer Not Cooperating' category. The long term
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING.
ICRA had earlier moved the rating of SMCH to the 'ISSUER NOT
COOPERATING' category due to non submission of monthly 'No
Default Statement' ("NDS") by the entity.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term-Term
  Loans                   5.00      [ICRA]B(Stable); ISSUER NOT
                                    COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

  Long term-              5.00      [ICRA]B(Stable); ISSUER NOT
  Unallocated Limits                COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

Savidha Medical Center and Hospital has been established by Dr.
Sasithra and Mr. Dhamod haran as a partnership firm in the year
2015. The firm had proposed establish a multi - speciality
hospital under the name Savidha Medical Center and Hospital in
Mettupalayam, Coimbatore with specialties including Paediatrics,
Orthopaedics, Dermatology, Obstetrics, Gynaecology and General
medicine.


SAINI ALLOYS: ICRA Keeps B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings says the rating for the INR24.00 crore bank
facilities of Saini Alloys Private Limited (SAPL) continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA] B+ (Stable) ISSUER NOT COOPERATING.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term Fund         24.00      [ICRA]B+ (Stable) ISSUER NOT
  Based Limits                      COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

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

Saini Alloys Private Limited is engaged in the manufacturing of
steel pipes and trading of HR coils. The company was promoted by
Mr. Ratan Singh Saini and Mr. Ram Niwas Saini in 1999. The
company's manufacturing facility is located in Sikandrabad (Uttar
Pradesh) with an installed capacity of 36,000 MT per annum
(increased from 10,000 MT per annum) of Steel tubes and pipes.
SAPL discontinued production of mild steel ingots in November
2015.


SHA SHAMBHULAL: CRISIL Assigns B+ Rating to INR0.75MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
rating on the bank facilities of Sha Shambhulal Nathalal and Co
Timber Merchants.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      ------
   Proposed Letter
   of Credit             3.10        CRISIL A4

   Overdraft             0.15        CRISIL A4

   Cash Credit            .75        CRISIL B+/Stable

   Letter of Credit      6.00        CRISIL A4

The rating continues to reflect small scale of operations in the
highly fragmented timber industry. These rating weakness have
been partially offset by promoters' extensive industry experience
and average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented industry:
SSNACT has modest scale of operations, indicated by revenue at
INR15 crore in 2016-17. The modest scale is owing to intense
competition in the highly fragmented timber trading industry. The
intense industry competition limits the pricing power of players
such as SSNACT.

Strength

* Promoters' extensive industry experience: SSNACT's key
promoter, Mr. Kiran Sanghvi, has been associated with the timber
industry for nearly three decades. His extensive experience in
the timber trading business enabled the firm maintain healthy
relationships with key suppliers in the local market as well as
overseas market such as Burma, Indonesia and other.

* Average financial risk SSNACT has comfortable gearing of 0.37
times and modest net worth of INR3 cr as on March 31,2017. The
company has moderate debt protection metrics with net cash
accrual to Total debt (NCATD) and interest coverage ratios of
over 0.33 and 2.3 times, respectively, for 2016-17. Financial
risk profile may remain below average over the medium term.

Outlook: Stable

CRISIL believes that the SSNACT's business risk profile will
benefit from promoter's long standing experience in timber
trading operations. The outlook may be revised to 'Positive' in
case of a significant improvement in the firm's cash accruals and
liquidity on account of better working capital management.
Conversely, the outlook may be revised to 'Negative' in case the
firm's lower than expected cash accruals or larger than expected
working capital requirements leading to pressure on liquidity and
financial risk profile.

Established in 1975, by Mr. Kiran Sanghavi, SSNACT is engaged in
the trading of timber.  The firm mainly imports teakwood and
hardwood from Myanmar and Latin America through traders located
in Singapore. It also imports teak wood from Africa. The firm
sales to the various saw mill manufacturer.

For fiscal 2017, ABWI profit after tax (PAT) was INR0.4 crore on
net sales of INR15 crore, against a PAT of INR0 crore on net
sales of INR11 crore for fiscal 2016.


SRI PRAKASH: CRISIL Assigns B+ Rating to INR6MM LT Loan
-------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Sri Prakash Enterprises (SPE).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         --------      ------
   Cash Credit             6         CRISIL B+/Stable

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

The rating reflects modest scale of operations and exposure to
intense competition, weak financial risk profile and large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of its
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: The financial risk
profile of the company is marked by modest networth, moderate
gearing and below average debt protection metrics. The company
has networth of around INR4.66 crores as on March 31, 2017.
Consequently, the gearing stood at around 1.33 times as on the
same date. Majority of the total debt includes working capital
borrowings. The company has below average debt protection metrics
as indicated by its NCATD of around 5 percent and interest
coverage ratio of around 1.52 times as on March 31, 2017.

* Modest scale of operations and exposure to intense competition:
The business risk profile of SPE is constrained by its modest
scale of operations. Though the revenues of the company increased
by around 37 percent per cent in 2016-17; the same remained
modest at INR41.6 crore in 2016-17. The modest scale of
operations limits the bargaining power of the company with its
customers and suppliers.

The agro chemicals trading business is highly fragmented because
of low entry barriers on account of low capital and technology
requirements, attracting numerous unorganised players across the
country. Trading nature of business with very limited value
addition has led to low operating profitability for the company.
CRISIL believes that SPE's profitability will remain low over the
medium term because of the company's modest scale of operations,
and its exposure to intense competition in the agro chemicals
business.

* Large working capital requirements: SPE's business is
moderately working capital intensive, as reflected in gross
current asset (GCA) days of 107 days as on March 31, 2017; the
GCA days have been higher in the past. The high GCA days emanates
from the company's high receivables cycle of 47 days and
inventory cycle of 57 days.

The company maintains around 60-80 days of inventory. The working
capital requirements are large because of high credit offered to
customers. The company provides credit of around 90 days, as it
has moderate bargaining power. Furthermore, the company's bank
limit utilisation has been high, averaging 99 per cent over the 9
months through December 2017. CRISIL believes that SPE's GCAs
will remain high, resulting in large working capital requirements
over the medium term.

Strengths

* Extensive experience of the promoters in the industry: The
business risk profile of the company is aided by the extensive
experience of its promoters in trading of agro chemicals-
Pesticides for more than a decade. SPE's promoter Mr. M. Surya
Prakash Reddy also have over 15 years of experience in the Agro
chemicals industry. The promoter, over a period of time,
established long-standing relationships with its suppliers and
customers. This has translated into strong improvement in the
firm's scale of operations. However revenue was modest at
INR41.62 crore in fiscal 2017, given the highly fragmented nature
of the trading business and moderate operating profitability of
2.8% in fiscal 2017. CRISIL believes that the company will
benefit from extensive industry experience of the promoters.

Outlook: Stable

CRISIL believes that Sri Prakash enterprises (SPE) will benefit
over the medium term from the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' if the
company records higher revenues and profitability, leading to
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if there is decline in
profitability resulting in weakening of its financial risk
profile.

Sri Prakash Enterprises (SPE) was established in 2005 as a
partnership firm and is promoted by Mr. M. Surya Prakash Reddy
and his wife Mrs. M.N.B.V Lakshmi Kumari. Firm is engaged in
trading of agro chemicals-Pesticides in west Godavari, Andhra
Pradesh.  Firm is a sole distributor of Syngenta Limited which is
Switzerland based company in west Godavari Andhra Pradesh.

Profit after tax was INR0.26 crore on revenue of INR41.62 crore
in fiscal 2017, against INR0.27 crore on revenue of INR30.40
crore in fiscal 2016.


STURDY INDUSTRIES: CRISIL Moves D Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sturdy
Industries Limited (SIL) for obtaining information through
letters dated November 6th 2017, and January 8th 2018. However,
the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     ------
   Cash Credit          70        CRISIL D (Issuer Not
                                  Cooperating; Rating migrated)

   Funded Interest      26.21     CRISIL D (Issuer Not
   Term Loan                      Cooperating; Rating migrated)

   Letter of credit &   141.90    CRISIL D (Issuer Not
   Bank Guarantee                 Cooperating; Rating migrated)

   Proposed Cash          .13     CRISIL D (Issuer Not
   Credit Limit                   Cooperating; Rating migrated)

   Term Loan            18.60     CRISIL D (Issuer Not
                                  Cooperating; Rating migrated)

   Working Capital      75.09     CRISIL D (Issuer Not
   Term Loan                      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 CPIL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
the company is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB category or lower.'

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

Established in 1995, SIL, promoted by Mr. Ramesh
Guptamanufactures polyvinyl chloride pipes and irrigation
systems, aluminium composite panels, and aluminium cables and
conductors, and trades in aluminium products. The company also
has a plant for manufacturing asbestos cement roofing sheets.


SUPER SEALS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Super Seals India Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         --------    -------
   Cash Credit            8        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       0.5      CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits      1.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SSIL's small scale of operations,
a large working capital requirement, and an average financial
risk profile. These weaknesses are partially offset by the
experience of the promoter in the automotive components industry,
and sufficient cash accruals to meet repayment obligations.

Analytical Approach

Unsecured loans (outstanding at INR1.3 crore as on March 31,
2017) extended to SSIL by the promoter have been treated as
neither debt nor equity. That's because these loans are low
interest bearing and are likely to remain in the business over
the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining the
profitability. Revenue has been modest at INR22 crore in fiscal
2017.

* Large working capital requirement: Gross current assets have
been sizeable at 220-230 days over the three years ended
March 31, 2017, driven by large inventory of 170 days. This trend
may continue over the medium term due to the ad hoc demand by the
dealers and quarterly production schedules shared by original
equipment manufacturers.

* Average financial risk profile: Networth has been small at
INR5.8 crore as on March 31, 2017, while gearing was 2.3 times.
Interest coverage and net cash accrual to total debt ratios were
1.6 times and 0.08 times, respectively, in fiscal 2017 due to
average profitability and large working capital debt.

Strengths

* Experience of promoter: Benefits derived from the promoter's
experience of over five decades and, healthy relations with
customers (Mahindra & Mahindra Ltd, Maruti Suzuki India Ltd and
Ashok Leyland Ltd) and suppliers, should continue to support the
business.

* Sufficient cash accruals against repayments: Cash accrual of
INR0.95 crore and INR1.2 crore are projected in fiscals 2018 and
2019, respectively, against debt repayment of INR0.8 crore each
year. Moreover, the promoter is expected to continue extending
timely, need-based unsecured loans to support liquidity.

Outlook: Stable

CRISIL believes SSIL will continue to benefit over the medium
term from the experience of the promoter. The outlook may be
revised to 'Positive' if a substantial increase in scale of
operations, profitability and cash accrual along with a prudent
working capital management strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile and liquidity weaken due to a
significant decline in revenue and profitability, any large,
debt-funded capital expenditure, or sizeable working capital
requirement.

SSIL was incorporated in 1960 as a private-limited entity, and
was reconstituted as a public-limited company in 2002. It
manufactures oil seals and wiper blades, used in automobiles, at
its facility in Faridabad (Haryana). Mr Kamal Talwar manages the
operations


TOUGH BAGS: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tough Bags
(TB) for obtaining information through letters and emails dated
October 30, 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 B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Proposed Cash
   Credit Limit          1       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 Tough Bags which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Tough
Bags 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 Tough Bags to 'CRISIL B+/Stable Issuer not
cooperating'.

Set-up in 1992 as a proprietorship firm, TB manufactures
complementary gifts items such as bags, pouches, shaving kits in
rexene. The firm is based in Pykara, Tamil Nadu and promoted by
Mrs Lalitha Ramalingam. Her son Mr Palanniappan manages
operations.


VARDHAMAN PRESSURE: ICRA Moves B+ Rating to Not Cooperating Cat.
----------------------------------------------------------------
ICRA Ratings has moved the long-term rating for the bank
facilities of Vardhaman Pressure Die Casting (VPDC) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                    Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Fund based-Term
  Loan                4.50       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

  Fund based-Cash
  Credit              1.50       [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

The rating is based on limited cooperation from the entity since
the time it was last rated in July 2016. As part of its process
and in accordance with its rating agreement with Vardhaman
Pressure Die Casting, ICRA has been sending repeated reminders to
the entity for payment of surveillance fee that became due.
However, despite multiple requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite cooperation and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating has been moved to the 'Issuer Not Cooperating'
category.

Vardhaman Pressure Die Casting (VPDC) was incorporated in 2006 as
a proprietorship firm by Mr. Vikram Pomani Vardhaman. The firm is
currently managed by Mr. Vikram and his wife Ms. Sobha Pomani.
The firm is engaged in manufacturing of aluminium castings which
finds applications in a wide range of industries including
automotive, home appliances and lighting industry. The
manufacturing facility is located in Bommasandra Industrial Area,
Bangalore with a capacity of 3.5 MT per day. The company is in
the process of expanding the capacity to 6 MT per day and the
same is expected commence operations from April 2018.


VIGNAN VIDYALAYAS: ICRA Reaffirms B+ Rating on INR13.06cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ to
the INR3.97-crore cash credit and INR13.06-crore unallocated
limits of Vignan Vidyalayas Limited. The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based              3.97      [ICRA]B+ (Stable); Reaffirmed
  Unallocated            13.06      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating continues to be constrained by modest scale of
operations with revenues of Rs 14.04 crore in FY2017 with
marginal revenue growth on account of decline in student
enrolments for hostel and mess facilities during the past three
years owing to increased competition in the high school and
intermediate education. The company has high customer
concentration as it offers services only to Vignan Group of
Institutions limiting its revenue growth prospects. The rating,
however, derives comfort from long experience of promoters of
about four decades in the field of education and diversified
courses offered by Vignan group of institutions which is run by
Lavu Educational Society (LES) in the states of Andhra Pradesh
and Telangana.

Outlook: Stable

ICRA believes Vignan Vidyalayas Ltd will continue to benefit from
the extensive experience of its promoters and diversified
presence of Vignan group in the education industry. The outlook
may be revised to 'Positive' if substantial growth in revenue and
profitability strengthens the financial risk profile. The outlook
may be revised to 'Negative' if cash accrual is lower than
expected, or if any major capital expenditure, or stretch in the
working-capital cycle, weakens liquidity.

Credit strengths

Significant experience of the promoters in the field of
education: The promoter has four decades of experience in the
education industry through the establishment of schools, junior
colleges, engineering colleges and pharmacy colleges which are
run by Lavu Educational Society(LES). The institutions run by the
society are commonly known by Vignan Group of Educational
Institutions.

Diversified portfolio of courses offered by Vignan Group of
Institutions: With the group offering courses from kindergarten
to post graduation in science, technology and engineering and
presence in three districts of Andhra Pradesh, namely Guntur,
Rajahmundry and Visakhapatnam, and one district- Hyderabad - in
Telangana, partially mitigating the risk of lower demand for any
particular segment or region.

Credit challenges

Modest scale of operations: VVL has small scale of operations
with revenues of INR14.04 crore in FY2017, limiting the financial
flexibility. Moreover, the operating income has remained stagnant
over the last few years on account of decline in student
enrollments mainly in schools and intermediate colleges.

Decline in student enrolments owing to increased competition:
Given the increased competition from other schools and junior
colleges in the region, the student enrolment of LES has declined
by 13% from 16,145 students in FY2016 to 14,078 students in
FY2017. The number of students availing hostel facilities has
also dropped by 13% from 2,011 students in FY2016 to 1,751
students in FY2017 limiting VVL's revenue growth. However,
increase in average fee per student has supported revenues.

High customer concentration and limited growth prospects: The
company has a high customer concentration as it provides hostel
and mess services only to students of Vignan Group of
Institutions in Visakhapatnam and Hyderabad, thereby limiting its
growth prospects.

Vignan Vidyalayas Limited (VVL), incorporated in 1993 by Dr.Lavu
Rathaiah and his family, provides hostel and mess facilities for
the students of Lavu Educational Society (LES). The company also
leases out buildings for schools and junior colleges of LES. VVL
collects establishment charges from the students of LES for the
facilities leased out to high school and junior colleges.
In FY2017, the company reported a net profit of INR2.87 crore on
an operating income of INR14.04 crore, as compared to a net
profit of INR0.19 crore on an operating income of INR13.69 crore
in the previous year.


VIKAASA TRUST: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with The
Vikaasa Trust (TVT) for obtaining information through letters and
emails dated October 30, 2017 and January 8,2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        --------    -------
   Cash Term Loan         10      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 The Vikaasa Trust which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
The Vikaasa Trust 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 The Vikaasa Trust to 'CRISIL B/Stable Issuer not
cooperating'.

TVT was set up in 2009 and is currently runs two schools: Vikaasa
World School and Vikaasa Public School. Both the schools are
located in prime areas of Madurai and are currently managed by
its trustees, Mr Biju Nayar Sudarsan and Mrs Saija Sudarsan.


VIMAX CROP: CRISIL Lowers Rating on INR8.5MM Cash Loan to B+
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Vimax Crop Science Ltd (VCSL) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         --------     ------
   Cash Credit             8.5      CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term      6.5      CRISIL B+/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL BB-/Stable')

The downgrade reflects expected pressure on liquidity due to
decline in operating efficiencies. Operating margin fell to 5.60%
in fiscal 2017 from 9.39% in the previous fiscal because of
discontinuation of higher-margin products following change in the
requirement of farmers; and increase in trading of goods that
fetch lower margin. This led to lower cash accrual amid working
capital-intensive operations. Muted accrual also led to stretched
liquidity. Hence, debt obligation had to be met through unsecured
loans from promoters. Large working capital requirement led to
high bank limit utilization of 98% for the 12 months ended
November 2017.

The rating reflects VCSL's modest scale of and working capital-
intensive operations, volatility in operating margin, and average
financial risk profile. These weakness are partially offset by
extensive experience of promoters in the agrochemical industry
and established relationship with dealers and suppliers.

Analytical Approach

Unsecured loans from promoters have been treated as neither debt
nor equity as these are interest-free and are expected to remain
in business over the medium term. Also, there have been fewer
withdrawals in the past three years.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets were
280 days as on March 31, 2017, due to sizeable inventory and high
credit given to customers.

* Modest scale of operations: Topline has remained volatile as
agriculture depends on rainfall and change in the crop pattern of
farmers. Operating margin has also fluctuated on account of
change in product mix. Margin was 5.60% in fiscal 2017, 9.39% in
fiscal 2016, and 6.95% in fiscal 2015.

* Average financial risk profile: Total outside liabilities to
tangible networth ratio has remained high at 3-4 times and is
expected to be at a similar level over the medium term. Debt
protection metrics were also muted, with interest coverage and
net cash accrual to total debt ratios of 1.4 times and 0.07 time
for fiscal 2017.

Strengths

* Extensive experience of promoters and established relationship
with customers and suppliers: Presence of around a decade in the
agrochemical industry has enabled the promoters to innovate
products as per customer requirement and set up a distribution
network of over 1700 dealers across eight states.

Outlook: Stable

CRISIL believes VCSL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if higher-than-expected sales or improving
profitability leads to better accrual, or if working capital
management gets better. The outlook may be revised to 'Negative'
if further decline in profitability margins or significant
deterioration in capital structure on account of sizeable working
capital requirement affects liquidity.

Incorporated in 2010, VCSL manufactures insecticides, fungicides,
herbicides, and organic products at its facility in Rajkot,
Gujarat.



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


SOFTBANK GROUP: Moody's Affirms Ba1 CFR on Possible Opco IPO
-------------------------------------------------------------
Moody's Japan K.K. affirmed SoftBank Group Corp.'s ratings
(SoftBank Ba1 corporate family rating) and maintained stable
outlook following the company's announcement that it has begun
preparing for a potential IPO of its domestic mobile
telecommunication subsidiary, SoftBank Corp. (Opco). There is
limited information at this time, as SoftBank has yet to
determine any terms or whether it will proceed with an IPO.

RATINGS RATIONALE

Opco is the principal source of cash flow upstreamed to the
SoftBank holding company. If the IPO proceeds, it would reduce
SoftBank's full access to the nearly JPY400 billion of Opco's
earnings.

"An IPO would be credit-negative because it would result in a
partial loss of dividends from SoftBank's principal subsidiary,"
says Motoki Yanase, a Moody's Vice President and Senior Credit
Officer.

Moody's noted that any rating impact from an IPO, however, would
depend on some key terms that are still undecided, such as the
percentage stake offered to the public and the target dividend
payout ratio.

"Larger the listing and higher the dividend payout, the more
negative the credit impact," added Yanase.

On the other hand, Moody's recognizes SoftBank has as a mitigant
a highly valued investment portfolio, currently worth about 80%
of its reported assets, that provides the SoftBank holding
company with substantial financial flexibility to meet its debt
commitments. An IPO would also provide SoftBank with another
marketable security and a new source of capital. In addition, the
holding company owns a 29% stake in Alibaba Group Holding Limited
(A1 stable), currently valued around JPY15 trillion, which more
than covers about JPY8 trillion of holding company debt,
estimated as of September 30, 2017.

The stable outlook assumes that, with any decision on an IPO,
SoftBank will maintain a balanced financial policy that preserves
its financial health as it alters its business model. It is also
based on SoftBank's investment portfolio continuing to have
substantial value that provides sufficient financial flexibility
and liquidity.

Moody's said that an upgrade was unlikely in the foreseeable
future, with all the changes afoot at the company, including a
potential IPO and transactions related to the SoftBank Vision
Fund.

Factors that could lead to a downgrade include: 1) a more
aggressive financial policy, 2) a deterioration in financial
flexibility from a sustained fall in the value of its
investments, 3) a prolonged reduction in access to the capital
markets that impairs liquidity.

Following Ratings Affected

- Corporate Family Rating, affirmed Ba1

- Backed Senior Unsecured Rating, affirmed Ba1

- Subordinate, affirmed Ba3

- Outlook maintained at stable

The principal methodology used in these ratings was
Telecommunications Service Providers (Japanese) published in
April 2017.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese
holding company with subsidiaries engaged in telecommunications
and other businesses.



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


KINSTEEL BHD: Gets 5-Mo. Extension to Submit Regularisation Plan
----------------------------------------------------------------
theedgemarkets.com reports that Kinsteel Bhd said Bursa
Securities has granted it an extension of time until June 30 this
year to submit its regularisation plan to the relevant
authorities for approval, provided that Kinsteel makes the
requisite announcement by March 31.

According to the report, the requisite announcement has to
contain the details of the regularisation and sufficient
information to demonstrate that it is able to turn around its
operations along with a timeline for the completion of the plan.

However, Bursa will proceed with delisting the securities of
Kinsteel in the event that the company either fails to make the
requisite announcement by March 31, to submit the regularisation
plan by June 30, to obtain approval for the implementation of the
plan or if the company does not succeed in its appeal, says
theedgemarkets.com.

If the company triggers any of the events, its securities will be
removed from the official list of Bursa Securities after two
market days from the date the company is notified by the bourse,
the report notes.

Kinsteel had been classified as a PN17 company since Oct 27,
2016, after its auditors expressed a disclaimer of opinion in its
audited financial statements for the financial year ended
June 30, 2016, when its current liabilities exceeded current
assets, while it continued to incur losses.


STONE MASTER: Auditor Expresses Disclaimer Opinion
--------------------------------------------------
The Sun Daily reports that Stone Master Corp Bhd's external
auditor Messrs PKF said it was unable to determine whether there
were misstatements in the opening balances of the company's
audited financial statements for the year ended Sept. 30, 2017
that may materially affect the company's financial performance,
cash flows and financial position.

This led it to express a disclaimer of opinion on the company's
audited financial statements, the report says.

During the financial year, Stone Master incurred a net loss of
about MYR4.66 million at the group level, while current
liabilities and accumulated losses stood at MYR17.3 million and
MYR27.91 million, according to Sun Daily.

Sun Daily says PKF highlighted that there is material uncertainty
on the outcome of the company's legal suits with Quantum March
Sdn Bhd, that carries a potential financial impact to Stone
Master of up to MYR20 million together with a yet to be
ascertained sum.

The Sun Daily meanwhile reports that Starfield Capital Sdn Bhd is
also demanding from Stone Master a repayment of loans in default
amounting to MYR18 million together with interest.

This however, would be potentially mitigated by the recovery of
monies held in former deputy managing director Datin Chan Chui
Mei's bank account amounting to MYR11.54 million, arising from
the Securities Commission's (SC) legal suit against Chan for
causing wrongful loss to the company. In the suit, the SC applied
for an injunction to restrain Chan from dealing with these
monies, the report states.

Stone Master has been granted an extension till June 5, 2018 to
submit its regularisation plan, the Sun Daily notes.

According to the report, PKF said the company's ability to
operate as a going concern is dependent upon the outcome of the
legal suits, implementation of its revamp plan and the
sustainability of its operations.

                         About Stone Master

Stone Master Corporation Berhad is a Malaysia-based company,
which is principally engaged in investment holding and the
provision of management services. The Company's subsidiaries
include S.P. Granite Sdn. Bhd., Rainbow Marble & Tiling Sdn.
Bhd., Stone Master Marketing Sdn. Bhd. and Stone Design House
Sdn. Bhd. S.P. Granite Sdn. Bhd. is engaged in manufacturing and
trading in marble, granite and ceramic tiles. Rainbow Marble &
Tiling Sdn. Bhd. is engaged in trading in marble, granite,
ceramic tiles and sanitary ware. Stone Master Marketing Sdn. Bhd.
is engaged in trading in marble, granite, sanitary ware and all
other related products. Stone Design House Sdn. Bhd. specializes
in the designing, architectural, interior designing works,
constructions designing and refurbishment works. Stone Master
(Malaysia) Sdn. Bhd. is the subsidiary of S.P. Granite Sdn. Bhd,
which is engaged in trading in marble, granite, ceramic tiles,
and sanitary ware and contract works.

Stone Master Corporation Berhad in December 2016 triggered the
prescribed criteria pursuant to Paragraph 8.04 and Paragraph 2.1
(e) of Practice Note 17 ("PN17") under the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad.

The PN17 criteria was triggered as the Auditors have expressed an
emphasis of matter on the Company's ability to continue as a
going concern in the Company's latest audited financial
statements for the financial year ended Sept. 30, 2015 which was
announced on Jan. 29, 2016 and based on the Company's fourth
quarterly results for the period ended Sept. 30, 2016, announced
on Nov. 30, 2016, the Company's shareholders' equity on a
consolidated basis is less than 50% of the Company's issued and
paid-up capital (excluding treasury shares).



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


HAMILTON AIRPORT: Waikato Regional Airport Buys Airport Hotel
-------------------------------------------------------------
Paul McBeth at BusinessDesk reports that Waikato Regional
Airport, which operates Hamilton airport, bought the Hamilton
Airport Hotel and Conference Centre out of messy receivership for
NZ$3 million as it seeks to cut its reliance on regulated
transport revenue.

BusinessDesk relates that the airport operator, owned by five
local councils, announced the purchase on January 31, saying it
was in line with the company's goal of expanding non-aeronautical
revenue and included a leaseback arrangement with the current
operator Hamilton Airport Hotel to run the facility until at
least January next year.

"Ownership of the hotel provides an opportunity to further
develop and enhance the range of services offered within the
airport precinct," the report quotes chair John Spencer as saying
in a statement.  "With a number of new businesses in the area and
record numbers attending events such as Equidays and Fieldays at
nearby Mystery Creek Events Centre, demand for accommodation near
the airport has grown."

According to BusinessDesk, the airport's wholly owned subsidiary
Titanium Park Ltd developed a 10-year property strategy last year
which seeks to generate NZ$1 million of pre-tax earnings from a
property portfolio, which saw it buy 98-hectare farm next to the
hub.

As at June 30, 2017, Waikato Regional Airport's development
property was valued at NZ$8.5 million and investment property at
NZ$15.3 million, the report discloses.

The hotel lease and chattels were owned by Bolton Properties, but
transferred to a related entity Hamilton Airport Hotel Ltd in
December last year "when it became clear that the IRD proposed to
wind up Bolton Properties," receivers Thomas Rodewald --
tomr@rodewaldconsulting.co.nz -- and Kim Thompson of Rodewald
Consulting said in their first report, BusinessDesk relays. The
tax department looks set to be left out of pocket with the sale
proceeds largely exhausted by existing creditors.

The airport operator had signed a conditional deal to buy the
buildings from Bolton and the business and chattels from Hamilton
Airport Hotel ahead of the Inland Revenue Department's
application to liquidate the business, prompting former director
and creditor Kevin Parker to appoint receivers "to take control
of the sales process," Messrs. Rodewald and Thompson's report
said.

At the time of receivership, ASB Bank topped the list of secured
creditors owed NZ$2.4 million, followed by the van der Hulst
family trust owed about NZ$807,000 in a second mortgage, and
Kevin Parker owed NZ$150,000 on a general security agreement.

IRD filed a preferential claim of about NZ$208,000 and an
unsecured claim of NZ$74,000.

Shareholder advances totalled NZ$206,000 as at March 31, 2017,
the report, as cited by BusinessDesk, said.

Negotiations broke down between the airport operator and the
Bolton receiver, with Waikato Regional Airport threatening to
file court proceedings if a sale was not completed, the report
showed, according to BusinessDesk.

"Following extensive discussions, taking into account the
potential legal costs and also taking into account the building
report indicated substantial repair costs existed, the receivers
offered to complete the sale contract," Rodewald and Thompson
said.

"The receivers accepted that Hamilton Airport Hotel Ltd had a
valid lease, but did not accept that the chattels had been
effectively transferred to Hamilton Airport Hotel Ltd. Settlement
was reached."

The property was sold for NZ$2.85 million and the assets for
NZ$140,000. Of that, NZ$2.4 million was paid to ASB, NZ$140,000
to Kevin Parker and NZ$470,000 to the van der Hulst family trust,
BusinessDesk discloses.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF BAYAWAN: Deposit Claims Filing Deadline Set Feb. 26
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Rural Bank of Bayawan (Negros Oriental),
Inc. to file their deposit insurance claims on or before the last
day of filing claims for insured deposits on Feb. 26, 2018 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City, or personally during business hours at the
PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Rural
Bank of Bayawan was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on Feb. 24, 2016.

According to PDIC, deposit insurance claims for 167 deposit
accounts with aggregate insured deposits amounting to
PHP186,566.37 have yet to be filed by depositors. Data showed
that as of December 31, 2017, PDIC had paid depositors of the
closed Rural Bank of Bayawan the total amount of PHP7.4 million,
corresponding to 96.9% of the bank's total insured deposits
amounting to PHP7.7 million.

After February 26, 2018, PDIC shall no longer accept any deposit
insurance claims from depositors of Rural Bank of Bayawan. Their
recourse is to file claims against the assets of the closed bank
through PDIC as liquidator. Payment of claims shall depend on
available assets of the bank for distribution to creditors and
the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney
may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements
indicated in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

PDIC, as Deposit Insurer, requires personal data from depositors
to be able to process their claims and protects these data in
compliance with the Data Privacy Act of 2012.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



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


KUMHO TIRE: Annual Net Loss Widens to KRW88.56BB in 2017
--------------------------------------------------------
Yonhap News Agency reports that Kumho Tire Co., on February 9
said its net losses deepened last year on one-off provisions.

Net losses reached KRW88.56 billion (US$81 million) for the whole
of 2017, up significantly from KRW37.9 billion a year earlier,
the company said in a regulatory filing, Yonhap relays.

"The widened net loss came after the company put aside about 90
billion won in provisions in the fourth quarter for additional
wages to be paid to employees whose position turned into regular
workers from non-regular ones in accordance with a court ruling
in December," a company spokesman told Yonhap over the phone.

The company didn't clarify when the provisions will be paid in
the form of wages to the workers, the report relates.

Kumho Tire shifted to an operating loss of KRW156.9 billion won
last year from an operating profit of KRW 120.05 billion won in
2016, Yonhap discloses. Sales fell 2.4 percent to KRW2.88
trillion from KRW2.95 trillion during the same period, it said.

Higher raw material prices and the won's strength against the
dollar drove down operating profit, the company said, Yonhap ads.

In September, KDB and other creditors terminated their
$872 million deal to sell a stake in Kumho Tire to China's
Qingdao Doublestar Co after Qingdao Doublestar demanded a
reduction in the price of the stake, citing a deterioration in
the tyremaker's profits, Reuters recalls. An over-ambitious
acquisition strategy run by Kumho Tire's former parent company
before the global financial crisis left the conglomerate saddled
with debt, leading to Kumho Tire being put under a creditor-led
debt restructuring in late 2009.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars,
various sizes of trucks and buses and racing cars.  In addition,
the company provides batteries for automobiles.  The company is
part of the Kumho Asiana Group.



                             *********

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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