/raid1/www/Hosts/bankrupt/TCRAP_Public/180215.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

          Thursday, February 15, 2018, Vol. 21, No. 033

                            Headlines


A U S T R A L I A

AUTO ZONE: Second Creditors' Meeting Set for Feb. 22
CATERING CONNECTION: Second Creditors' Meeting Set for Feb. 21
DEP WARRIEWOOD: First Creditors' Meeting Set for Feb. 21
DOSE INNOVATIONS: Second Creditors' Meeting Set for Feb. 22
MEL MASSAGE: First Creditors' Meeting Set for Feb. 19

NATIONAL SOLAR: Second Creditors' Meeting Set for Feb. 22
RENBEC PTY: First Creditors' Meeting Set for Feb. 22
TEXTILE TRADERS: To Close 11 Bricks-and-Mortar Stores


H O N G  K O N G

CONVOY GLOBAL: Hong Kong Anti-Graft Body Raids Clinic Operator


I N D I A

ASSOCIATE LUMBERS: CRISIL Moves D Rating to Not Cooperating Cat.
AVC MOTORS: CRISIL Moves B- Rating to Not Cooperating Category
CHOUDHARY GUMS: ICRA Reaffirms B Rating on INR14.50cr Cash Loan
DAX AGRI: ICRA Assigns B+ Rating to INR14.50cr Cash Loan
EEE AND CEE: CRISIL Migrates B Rating to Not Cooperating Category

EMERALD INDUSTRIES: CRISIL Moves BB- Rating to B+ Not Cooperating
ESS ESS: ICRA Assigns B+ Rating to INR38.53cr LT Loan
FAROUK SODAGAR: CRISIL Moves C Rating to Not Cooperating Category
G.N PAL: ICRA Assigns B+ Rating to INR13cr Cash Loan
GSR AND KKR: CRISIL Moves B Rating to Not Cooperating Category

JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
JAMKASH VEHICLEADES: CRISIL Moves B+ Rating to Not Cooperating
KCS PRIVATE: CRISIL Lowers Rating on INR4MM Cash Loan to D
KOTARKI CONSTRUCTIONS: ICRA Keeps B+ in Not Cooperating Category
LAXMI MEGAN: CRISIL Assigns B Rating to INR300MM LT Loan

MADHUVAN PRASAD: ICRA Keeps B+ in Not Cooperating Category
MANDEEP INDUSTRIES: ICRA Reaffirms B Rating on INR40cr Loan
MARTIN & BROWN: CRISIL Moves B Rating to Not Cooperating Category
MARUTHI COTTON: CRISIL Moves B Rating to Not Cooperating Category
NEEL KANTH: CRISIL Migrates B+ Rating to Not Cooperating Category

OASIS DISTILLERIES: CRISIL Withdraws B Rating on INR41.50MM Loan
OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.01cr Term Loan
PRIME HITECH: CRISIL Moves D Rating to Not Cooperating Category
RAVINDRA ENERGY: ICRA Hikes Rating on INR56.60cr Loan to B+
RIVERGROW VYAPAR: CRISIL Puts B Not Cooperating Cash Loan Rating

S.M. EDIBLES: CRISIL Moves B+ Rating to Not Cooperating Category
SARBAMANGALA AGRO: ICRA Moves D Rating to Not Cooperating Cat.
SHREE SATSANGI: CRISIL Moves C Rating to Not Cooperating Category
SWASTIK CHEMICALS: CRISIL Reaffirms B+ Rating on INR7MM Loan
SWE FASHIONS: CRISIL Lowers Rating on INR5MM Cash Loan to D

TURKI COLD: CRISIL Migrates B Rating to Not Cooperating Category
VIJAYA KRISHNA: ICRA Cuts Rating on INR7.50cr Term Loan to D


N E W  Z E A L A N D

SOUTHERN BOUNDARY: North Canterbury Wine Company in Liquidation


                            - - - - -


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


AUTO ZONE: Second Creditors' Meeting Set for Feb. 22
----------------------------------------------------
A second meeting of creditors in the proceedings of Auto Zone
Superior Vehicles (Aust) Pty Ltd has been set for Feb. 22, 2018,
at 11:00 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Suite 4, Level 3, Bryant House, 26 Duporth Avenue,
in Maroochydore QLD.

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. 21, 2018, at 4:00 p.m.

Dane Hammond and Lee Crosthwaite of Worrells Solvency were
appointed as administrators of Auto Zone Superior on Dec. 14,
2017.


CATERING CONNECTION: Second Creditors' Meeting Set for Feb. 21
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Catering
Connection Enterprises Pty Ltd, trading as Belair Park Country
Club, has been set for Feb. 21, 2018, at 11:00 a.m. at the
offices of Clifton Hall, Level 3, 431 King William Street, in
Adelaide, South Australia.

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. 20, 2018, at 4:00 p.m.

Daniel Lopresti and Timothy James Clifton of Clifton Hall were
appointed as administrators of Catering Connection on Jan. 16,
2018.


DEP WARRIEWOOD: First Creditors' Meeting Set for Feb. 21
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - DEP Warriewood Pty Ltd;
    - DEP Warriewood No.2 Pty Ltd;
    - DEP Warriewood No.3 Pty Ltd;
    - DEP Shepherds Bay Pty Ltd;
    - DEP (Gladesville) Pty Ltd;
    - DEP3 Meriton Pty Ltd;
    - DEP Turramurra Pty Ltd; and
    - Dragon Eye Holdings Pty Ltd;

will be held at Level 34, EY Building, 200 George Street, in
Sydney, NSW, on Feb. 21, 2018, at 4:00 p.m.

Brett Lord and Duncan Clubb of Ernst & Young were appointed as
administrators of DEP Warriewood on Feb. 9. 2018.


DOSE INNOVATIONS: Second Creditors' Meeting Set for Feb. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dose
Innovations Pty Ltd has been set for Feb. 22, 2018, at 11:00 a.m.
at Waterfront Place, 1 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2018, at 4:00 p.m.

Darryl Kirk of Cor Cordis was appointed as administrator of Dose
Innovations on Jan. 17, 2018.


MEL MASSAGE: First Creditors' Meeting Set for Feb. 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mel
Massage Pty Ltd, trading as Harmony Massage, Orchard Road Nail &
Beauty, Harmony Nails Centre, Harmony Massage Central, will be
held at 52/41-49 Norcal Road, in Nunawading, of Feb. 19, 2018, at
10:30 a.m.

Peter Goodin of Magnetic Insolvency was appointed as
administrator of Mel Massage on Feb. 7, 2018.


NATIONAL SOLAR: Second Creditors' Meeting Set for Feb. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of National
Solar Network Pty Ltd has been set for Feb. 22, 2018 at 2:30 p.m.
at the offices of Worrells Solvency & Forensic Accountants, Level
15, 114 William Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 21, 2018, at 5:00 p.m.

Matthew Kucianski of Worrells Solvency was appointed as
administrator of National Solar on Jan. 18, 2018.


RENBEC PTY: First Creditors' Meeting Set for Feb. 22
----------------------------------------------------
A first meeting of the creditors in the proceedings of Renbec Pty
Ltd will be held at the offices of Palisade Business Consulting,
22 Lindsay Street, in Perth, WA, on Feb. 22, 2018, at 10:00 a.m.

Jack James -- jjames@pbconsult.com.au -- and Paula Smith --
psmith@pbconsult.com.au -- of Palisade Business were appointed as
administrators of Renbec Pty on Feb. 12, 2018.


TEXTILE TRADERS: To Close 11 Bricks-and-Mortar Stores
-----------------------------------------------------
Emma Koehn at SmartCompany reports that Perth family business
Textile Traders said it is facing the sad reality of having to
close its 11 bricks-and-mortar stores in 2018 and instead only
sell online, after facing the "worst retail environment the
business has experienced" in three decades.

SmartCompany relates that the fabrics and homewares business,
which launched in 1985, told its 30,000 strong Facebook following
on Feb. 9 that the time had come to close its physical stores.

"The hardest part of the process will be saying goodbye to many
long-term and loyal team members that have become like family.
The business will work with and support team members during this
transition period," the company said, SmartCompany relays.

The business was founded by Benny Rueben, his wife Judy and her
parents in 1985, when the family saw an opportunity to bring a
discount fabrics retailer to Western Australia. According to the
company's Facebook page, Benny and Judy's son also joined the
business in 2005, SmartCompany discloses.

By 1998, the company had 14 stores across Western Australia. The
company's website currently lists 11 stores still in operation,
but the business says the best decision is to close up these
bricks-and-mortar sites by August 2018.

SmartCompany says customers described the decision as "a tragedy"
and "devastating".

"Fully understand the situation but extremely sad that we will
have no other choice than spotlight," one customer said in
response.

In a statement provided to SmartCompany, Textile Traders said the
decision came down to a need to move to a "more cost effective
and nimble online model" in order to keep ahead of the "retail
curve" in Western Australia.

"Customers are brand-focused - there's no bad channel"

According to SmartCompany, Textile Traders isn't the first
Australian retailer to mark online sales as a priority this year:
in January, footwear retailer Diana Ferrari announced it would
also close its bricks-and-mortar stores to focus on online and
third party distribution.

SmartCompany relates that Founder of the National Online Retail
Association (NORA), Paul Greenberg, said it's clear that an
online-focused model is attractive to retailers in this climate.

"However, I am a bit worried that it [moving online only] is
throwing the baby out with the bathwater. The quick answer is
that retail is never a channel play, it's a brand play," the
report quotes Mr. Greenberg as saying.

While bricks-and-mortar overheads are significant, Mr. Greenberg
said businesses should be careful to crunch the numbers and work
out which sales model works for them before they follow the trend
of other brands that are downsizing in order to focus on online
channels.

"If your brand proposition is strong, then it's strong. But if
it's week, one particular channel is not going to save you," Mr.
Greenberg, as cited by SmartCompany, said.  "Customers are brand
focused, so the channel solution is not going to save businesses.
There is no 'bad' channel."

However, Mr. Greenberg believes "inactivity" is the biggest
killer of brands. This means independent retailers should always
be reviewing how their sales channels are working for them, even
if they don't end up changing their strategy.

"I think the danger is that some businesses are just rabbits in
the headlights," Mr. Greenberg said, SmartCompany relays.



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


CONVOY GLOBAL: Hong Kong Anti-Graft Body Raids Clinic Operator
--------------------------------------------------------------
South China Morning Post reports that Hong Kong's anti-graft body
and market regulator have searched the offices of medical clinic
operator Town Health International Medical Group in the latest
move in their joint investigation into a web of wrongdoing
surrounding financial advisory firm Convoy Global Holdings.

The Independent Commission Against Corruption and the Securities
and Futures Commission executed a search warrant on February 9 at
the premises of the medical clinic group in the northern Sha Tin
area, Town Health International said in a filing to the stock
exchange late on Feb. 13, the Post relays.

According to the Post, the crackdown on Convoy and related
companies that began in December is Hong Kong's largest anti-
graft and market misconduct case, and has led to the arrests of
four people, including Convoy's former chairman, Quincy Wong Lee-
man, and Mark Mak Kwong-yiu, former chairman of a related
financial services firm, Lerado.

Town Health International's founder and executive deputy chairman
is Cho Kwai-chee, who is a former director of Convoy. Town
Health's chairwoman is Crystal Choi Ka-yee, daughter of Hong
Kong's "toy king", industrialist Choi Chee-ming. Choi Chee-ming
is also deputy chairman and a non-executive director of Town
Health, the Post discloses.

The report relates that Town Health said the ICAC action was
related to alleged offences under sections 9(1) and 9(2) of the
Prevention of Bribery Ordinance, which prohibits the offering of
a bribe to or its acceptance by employees of the company and to
the use of false document by an agent to deceive his principal.

It is also related to section 179(1) of the Securities and
Futures Ordinance, which gives the SFC powers to require the
production of documents and records in respect of criminal or
other misconduct involving a corporation that is or was listed,
the report discloses.

"To the best of the knowledge, information and belief of the
directors, the search has not affected the business and operation
of the group," Town Health, as cited by the Post, said.

Its shares have been suspended from trading by the SFC since
November 27 after the regulator found misleading information in
some of the company's earnings reports, the report notes.

The Post says the SFC had no comment on Feb. 13 on whether anyone
had been arrested in the latest action.

In a December 18 lawsuit, Convoy claimed that a HK$1.57 billion
(US$210 million) investment by the wealthy Tsai family of Taiwan
was diverted and stolen by company insiders. The company sued Cho
Kwai-chee for misuse of the funds, the Post says.



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


ASSOCIATE LUMBERS: CRISIL Moves D Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Associate
Lumbers Private Limited (ALPL) for obtaining information through
letters and emails dated October 16, 2017 and January 9, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Cash Credit           58        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 Associate Lumbers Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Associate Lumbers 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 Associate Lumbers Private Limited to CRISIL D
Issuer not cooperating'.

ALPL, incorporated in 1986, is a joint venture between Agicha and
Darvesh families. Based in Mumbai, it trades in timber.


AVC MOTORS: CRISIL Moves B- Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with AVC Motors
(Nissan) (AVC) for obtaining information through letters and
emails dated October 26, 2017 and December 13, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating 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 AVC Motors (Nissan) which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
AVC Motors (Nissan) 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 AVC Motors (Nissan) to 'CRISIL B-/Stable Issuer not
cooperating'.

Set up in 2011 as a partnership firm by members of Punjab-based
Makkar family, AVC is an authorised dealer of Nissan's vehicles
for Bhatinda. The firm has a showroom-cum-workshop.


CHOUDHARY GUMS: ICRA Reaffirms B Rating on INR14.50cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR14.50-crore fund-based working capital facility of Choudhary
Gums & Derivatives (CGD). The outlook on the long-term rating is
Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Cash credit
  Facilities           14.50      [ICRA]B(Stable); reaffirmed

Rationale:

ICRA's ratings reaffirmation factors in the 53% year-on-year
(YoY) growth in CGD's Operating Income (OI) in FY2017, owing to
an increase in the volumes sold. However, profitability continues
to remain thin owing to the low value-additive nature of the
business.

However, the rating continues to be constrained by the moderate
scale of operations and limited track record of the firm. The
rating further factors in the vulnerability of the firm's
profitability to adverse fluctuations in raw material prices due
to seasonality and crop harvest as well as exposure to agro-
climatic risks, which may impact guar seed production. It also
takes into consideration the highly competitive and fragmented
nature of the guar gum industry, which in turn, exerts pressure
on profitability margins. ICRA's rating also takes note of the
elongated working-capital cycle of the firm due to high debtor
days resulting in full utilisation of working-capital limits,
along with a highly leveraged capital structure and high
geographical concentration of the firm with entire sales
concentrated in Rajasthan.

Nevertheless, the rating draws comfort from an experienced
partners by virtue of their association with other agro-based
businesses, and the company's easy access to raw material as the
plant is located in Rajasthan, which has healthy guar trade owing
to its proximity to guar-cultivation centres.

Going forward, the firm's ability to scale up its operations in a
profitable manner and efficiently manage its working-capital
requirements will be the key rating sensitivities.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that CGD will
continue to benefit from its efforts to add new customers to its
overall profile. The outlook may be revised to Positive if
substantial growth in revenue and profitability, and better
working-capital management strengthen the financial risk profile.
The outlook may be revised to Negative if there is a decline in
the sales, or delay in payments from the customers stretch the
working-capital cycle, thereby weakening the overall liquidity
position of the firm.

Key rating drivers:

Credit strengths

* Favorable location of the company's manufacturing facility with
proximity to the main guar-growing belt in Rajasthan: The
company's manufacturing facility is located in Rajasthan in close
proximity to the main guar seed-growing region. As a result, it
enjoys locational advantage.

*Established relationships with customers and suppliers: The
firm sources its products from domestic suppliers. The firm
primarily sells its products to companies operating is
diversified industries and has a well-established customer base
which helps it in getting continuous orders.

Credit challenges

* Small scale of operations; moderate profitability indicators:
The firm's scale of operations has remained small and its
profitability margins have remained low due to the low value-
additive nature of business.

* Intense competition due to low entry barriers and complexity:
The firm faces stiff competition from its peers, which limits its
pricing flexibility and bargaining power with customers. This
puts pressure on its revenues and margins.

* Vulnerability of profitability to adverse fluctuation in raw
material prices: The company's margins are susceptible to raw
material price fluctuation, which in turn affects sales
realisations. Any adverse movement in the price of raw materials
may negatively impact the company's margins as it has limited
ability to pass on the price hike because of stiff competition.
The price fluctuations also impact realisation.

Incorporated in 2013, CGD is a partnership firm involved in the
processing of guar seeds to obtain guar gum refined splits and
by-products such as churi and korma. The firm operates from its
facility at Saudulsahar in Rajasthan, with an installed guar gum
seeds-processing capacity of 75,000 metric tonne per annum
(MTPA). It is primarily a family-run concern with Mr. Om Prakash
and Mr. Amandeep as partners. The firm sells its products in the
domestic market with its sales fully concentrated in Rajasthan.

In FY2017, the firm reported a net profit of INR0.29 crore on an
OI of INR118.10 crore compared with a net profit of INR0.14 crore
on an OI of INR76.78 crore in the previous year.


DAX AGRI: ICRA Assigns B+ Rating to INR14.50cr Cash Loan
--------------------------------------------------------
ICRA Ratings has assigned a long-term rating of [ICRA]B+ to the
INR1.50-crore term loan facility and to the INR14.50-crore
working capital facility of Dax Agri Impex. The outlook on the
long-term rating is Stable.

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

  Fund based-Cash
  Credit                 14.50      [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating is constrained by start-up nature of DAI's
operations and the risk associated with the stabilisation of the
plant, as per the expected operating parameters. The rating also
takes into account the weak financial profile reflected by low
profitability, adverse capital structure and weak debt coverage
indicators. The rating is further constrained by the intense
competition in the agro-commodity business resulting from low
entry barriers. The business operations are also exposed to any
adverse regulatory changes particularly those related to export
incentives and availability of agro-commodities as the same is
linked to seasonality and crop harvest. ICRA notes the potential
adverse impact on the net worth and the gearing levels in case of
any substantial withdrawal from capital accounts.

The rating, however, favorably considers the extensive experience
of the partners in the agro-commodities business and favorable
location of the plant in Gujarat, easing procurement.

Outlook: Stable

ICRA believes Dax Agri Impex will benefit from the extensive
experience of its partners in agro-commodities business and
established customer network of its associate concern. The
outlook may be revised to 'Positive' with timely stabilisation of
processing, scaling up of operations and profit margins and
generation of net cash accruals as expected. The outlook may be
revised to 'Negative' in case of any delay in commencement of
operations and lower than expected cash accrual to meet debt
repayments or any debt-funded capex, which weakens liquidity
position of the firm.

Key rating drivers

Credit strengths

* Extensive experience of partners in the agro commodities
business: DAI was established in May 2017 by Mr. Yogesh Desai who
has extensive experience in agro-commodities business through its
associate concern Varsha Industries Private Limited, which is
also involved in processing and trading of agro-commodities.
Further, the firm would leverage from the existing dealer network
and customer base of associate concerns.

* Favorable location of DAI benefits in terms of procurement of
agro products: DAI primarily focuses on processing of groundnut
and with Gujarat accounting for ~40% of the total groundnut
production in the country, the firm benefits in terms of
availability of superior quality groundnut and ease of
procurement with savings in transportation costs.

Credit challenges

* Limited track record of operations and below average financial
risk profile: The firm commenced commercial production from
February 2018 as against initial plan of October 2017, due to
delays in delivery of sortex machine. However, in the interim the
firm commenced trading of ground nut in November 2017. In the
current fiscal, the firm has recorded an operating income of
INR28.44 crore till January 10, 2018. The operating margin
remained low at 0.34% due to trading nature of operations. The
firm has capital of INR1.50 crore as on January 10, 2018 and has
planned to infuse INR1.50 crore before March 31, 2018. Hence, on
account of debt-funded capex and high working capital coupled
with low net worth base, the capital structure remained highly
leveraged with gearing of 6.19 times as on January 10, 2018. The
coverage indicator remained weak with an interest coverage ratio
of 1.82 times and NCA/Debt of 2% due to low profitability.

* Business exposed to agro-climatic changes, regulatory changes;
Intense competition due to low entry barriers: The agro commodity
business remains dependent on the performance of the agricultural
sector, which is further impacted by a combination of factors
like climatic conditions, prevailing demand-supply scenario, etc.
Further, the low value additive nature of operations, coupled
with intense competition in the industry, exert pressure on
profitability.

* Adverse impact on net-worth: DAI, being a partnership firm is
exposed to adverse capital structure risk in case of any
substantial withdrawal from its capital accounts.

Established in May 2017, Dax Agri Impex is involved in processing
of ground nut and other agro-commodities at its facility in
Junaghad district of Gujarat. The key partner of the firm, Mr.
Yogesh Desai has extensive experience in the agro-commodities
business by virtue of his association with Varsha Industries
Private Limited (VIPL) engaged in agro-commodities business.


EEE AND CEE: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Eee and
Cee Pressings Private Limited (ECPL) 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             4        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of credit
   & Bank Guarantee        0.9      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan          4.75     CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Working
   Capital Facility        .35      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 Eee and Cee Pressings Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Eee and Cee Pressings 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 Eee and Cee Pressings Private Limited to CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

ECPL, incorporated in 1987, manufactures rail coach front and end
parts, body bolsters, and bogie bolsters. The company is managed
by Mr Ajay Chabra and his father Mr Subhash Chandra Chabra.


EMERALD INDUSTRIES: CRISIL Moves BB- Rating to B+ Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Emerald
Industries (Emerald) 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
   ----------         ---------     -------
   Bank Guarantee         12.5      CRISIL A4 (Issuer Not
                                    Cooperating; Migrated
                                    from 'CRISIL A4+')

   Cash Credit             8.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Migrated from
                                    'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility      9.0      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Migrated from
                                    'CRISIL BB-/Stable')

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 Emerald Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Emerald Industries 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 Emerald Industries to CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

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

Set up in 1974 by managing partner Mr. Anil Bhansali and his
brothers, Emerald mines and extracts boulders, supplies crushed
stone aggregates, and undertakes site preparation and road
development activities. The firm has four leased stone quarries
and four stone-crushing units in Gwalior (Madhya Pradesh).


ESS ESS: ICRA Assigns B+ Rating to INR38.53cr LT Loan
-----------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the
enhancement portion of INR6.00-crore bank facilities of Ess Ess
Kay Engineering Company Private Limited. ICRA also has an
outstanding long-term rating of [ICRA]B+ and short-term rating of
[ICRA]A4 on the INR33.50-crore bank facilities of SSKE. The
outlook on the long-term rating is Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-term Fund-
  based                38.53      [ICRA]B+ (Stable); assigned/
                                  outstanding

  Long-term
  Unallocated           0.22      [ICRA]B+ (Stable); outstanding

  Short-term Fund-
  based                 0.25      [ICRA]A4; outstanding

  Short-term Non-
  fund Based            0.50      [ICRA]A4; outstanding

Rationale

ICRA's ratings takes into account SSKE's ~23% growth in operating
income in FY2017, resulting in higher operating profit and cash
accruals though the liquidity remains stretched due to
significant inventory and debtor build-up, which have been
financed through incremental borrowings. ICRA's ratings continue
to take into account the intensely competitive market together
with the limited value-added nature of the business. SSKE's
profit margins remain subdued due to its raw-material intensive
nature of operations and its low bargaining power. The ratings
are also constrained by the company's high working capital
intensity of operations due to high inventory levels and weak
debt coverage indicators, with thin DSCR and NCA/TD. However, the
ratings positively factor in the company's long association with
the Indian Railways, from which there is a regular order inflow.
The ratings also factor in the promoter's extensive experience in
the electric switchgear and control panel industry.

Going forward, the company's ability to diversify its revenue
base across clients and improve its working capital intensity of
the operations will be the key rating sensitivities.
Outlook: Stable

ICRA believes that the outlook for SSKE will continue to remain
Stable. The outlook may be revised to a Positive if substantial
growth in revenue and profitability, and better working-capital
management, strengthens the financial risk profile. The outlook
may be revised to a Negative if cash accrual is lower than
expected, or if any major capital expenditure, or stretch in the
working-capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

* Experienced promoters with established track record of
operations in the industry: Incorporated in 1964 by Mr. K.S.
Khosla, SSKE manufactures electrical switches, MCBs, DBs, LEDs,
switchgears, wire and cables and electrical enclosure system. Mr.
Khosla is a post graduate with over four decades of experience in
the manufacturing of electrical switches and allied products.

* Increased scale of operations: The company reported a healthy
revenue growth of ~23% along with improved net profit on the back
of healthy order book execution in FY2017. In 8M FY2018, SSKE
recorded sales of INR71.52 crore.

* Long association with Indian Railways reflect favourably on the
company's operational track-record: The company has been
supplying power and control cabinets for cabin car and heating
ventilation and air conditioning units to the Indian Railways'
coach factory at Kapurthala and Rae Bareilly for over two decades
with the majority of the orders being tender-based.

* Healthy order book provides revenue visibility: SSKE has an
order book of INR78.42 crore as on December 12, 2017, primarily
from the Indian Railways, which provides revenue visibility for
the near future. The company's ability to convert the order book
into sales within the stipulated time frame will be crucial.


Credit challenges

* Financial profile characterised by leveraged capital structure
and weak debt coverage indicators: The gearing remains high at
2.76 times as on March 31, 2017 on account of debt funding of
working capital requirements, resulting in leveraged capital
structure. The debt-coverage indicators remain weak as reflected
in Total Debt/OPBDITA of 4.19 times, TOL/TNW of 5.59 times and
NCA/Total Debt of 8% in FY2017.

* High working capital intensity resulting from high inventory
levels which impact liquidity: SSKE's working capital intensity
stands high as reflected by NWC/OI of 47.95% in FY2017, primarily
on account of high inventory holding period. The company is
required to maintain at least a three-month's inventory for
railways and due to diversified products the inventory period
remains high. The long working capital cycle (debtor + inventory
days of 345 in FY2017) has necessitated enhancement in working
capital facilities putting additional pressure on coverage
indicators. Also, ad-hoc limit is availed time to time in order
to suffice incremental working capital needs.

* Intense competition due to low complexity of work involved: The
company faces stiff competition owing to the low value-added
nature of the work, which limits pricing flexibility and
bargaining power with customers. Also, the mechanical and
electrical product segment is dominated by a number of large as
well as small-scale players. This in turn puts pressure on the
company's margins.

* Vulnerability of profitability to any adverse fluctuation in
raw material prices: The raw material-intensive business makes
profit margins vulnerable to adverse variations in raw material
prices.

SSKE was constituted in 1964 as a private limited company by Mr.
K.S. Khosla. The company manufactures modular switches, regular
switches, board mounting switches, miniature circuit breakers,
change over switches, distribution boards and panels, power
control panels, heating ventilation and air conditioning units
and LED lights. Its product range comprises around 600 types of
products, which it sells under the brand name 'SSK.' Its
manufacturing facilities are at Kapurthala and Jalandhar in
Punjab.

In FY2017, the company reported a profit after tax (PAT) of
INR1.83 crore on an operating income (OI) of INR94.18 crore
compared with a PAT of INR1.21 crore on an OI of INR76.64 crore
in the previous year.


FAROUK SODAGAR: CRISIL Moves C Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Farouk
Sodagar Darvesh and Co. Private Limited (FSD; part of the Darvesh
group) for obtaining information through letters and emails dated
October 23, 2017 and January 9, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Funded Interest
   Term Loan               17      CRISIL C (Issuer Not
                                   Cooperating; Rating Migrated)


   Letter of Credit        15      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Working Capital
   Term Loan               85      CRISIL C (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 Farouk Sodagar Darvesh and Co.
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Farouk Sodagar Darvesh and Co.
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 Farouk Sodagar Darvesh and Co. Private Limited to
CRISIL C/CRISIL A4 Issuer not cooperating'.

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Western Lumbers (WL) and FSD. The
entities, together referred to as the Darvesh group, are managed
by the same promoter family and trade in similar products. There
have been instances of financial transactions between them. They
share infrastructure, and procurement, finance, and management
teams.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).


G.N PAL: ICRA Assigns B+ Rating to INR13cr Cash Loan
----------------------------------------------------
ICRA Ratings has assigned rating of [ICRA]B+ on the INR14.00-
crore (enhanced from INR10.00 crore) bank facilities of G.N Pal
and Sons (GNPS). The outlook on the long-term rating is Stable.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund-based Cash
  Credit               13.00      [ICRA]B+ (Stable); Assigned/
                                  Outstanding

  Fund-based Term
  Loan                  1.00      [ICRA]B+ (stable); outstanding

Rationale:

ICRA's rating upgrade takes into account the first full year of
operations of GNPS, wherein the firm has been able to scale up
its revenues and achieve the estimated profitability in FY2017.
Furthermore, ICRA's rating takes into consideration the improved
scale of revenues in 7M FY2018 as well as moderation in the
regulatory environment. The rating also draws comfort from the
fact that the firm operates a franchise of Tanishq, a well-
established brand in the Indian markets. The favourable location
of the store at one of the prime locations in Haldwani also
results in higher footfall.

The rating, however, is constrained by the limited track record
of the firm and intense competition in the gold jewellery
retailing from other organised and unorganised players in the
Haldwani region. The rating is also constrained by the
susceptibility of the firm's profitability to the risks in gold
price fluctuation, although fast-moving inventory and return
policy of Tanishq helps manage inventory risk to some extent.

Going forward, the ability of the firm to further increase its
scale of operations, manage its working capital requirements and
improve its operating profitability will be the key rating
sensitivities. Any significant change in the regulatory
environment will be a key rating monitorable.

Outlook: Stable

ICRA believes that GNPS will continue to benefit from its
promoters' vast experience. However, strengthening order book
remains the key. The outlook may be revised to Positive if the
company is able to scale up operations and capital base and
improve its coverage indicators. The outlook may be revised to
Negative if the withdrawals from the partner increases and the
operating margin continue to decline.

Key rating drivers:

Credit strengths

* Ramp up of operations: The firm has been able to scale up its
revenues and achieve the estimated profitability in its first
full year of operations in FY2017. The firm has also been able to
book improved scale of revenues in 7M FY2018 on a YoY basis on
account of the growing reputation of the store and moderation in
regulatory environment in which the firm operates.

* Managing a franchise of the renowned Tanishq brand: The firm is
managing a franchise of Tanishq in Haldwani, Uttarakhand. Tanishq
is a prominent jewellery brand that has pioneered the concept of
branded jewellery and ornaments in India. It is a division of
Titan Company Limited, a company promoted by the Tata Group.

* Favorable location of the store: The firm's franchise store is
situated in Haldwani at one of the prime locations, Thandi Sarak.
This store is the first one in the Haldwani region. Earlier, the
nearest location for the Tanishq showroom was Bareilly, which is
around 100 km away.

Credit challenges

* Limited track record of operations: GNPS's operational track
record is limited as it commenced operations in October 2015.
However, the company has been able to scale up its revenues in
the last two years. Further, visible performance improvement is
yet to be seen.

* Intense competition in gems and jewellery industry: The firm
faces intense competition in the gold jewellery retailing from
other organised and unorganised players in the Haldwani region,
which restricts the operating profit margins of the firm.

* Susceptibility to fluctuations in gold prices: The firm
operates a franchise of Tanishq, wherein approximately 75-80% of
the sales are achieved through the sales of gold jewellery. This
exposes the firm's profitability to any adverse fluctuation in
the gold prices.

GNPS was established in 2015 as a partnership concern and started
operations in October 2015. The firm operates a franchise of
Tanishq in Haldwani. All the ornaments sold are manufactured and
supplied by Titan Industries Ltd. The showroom has been set up to
fulfil the norms and standards of Titan with respect to display,
stocking and selling.


GSR AND KKR: CRISIL Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with GSR and
KKR Educational Society (GSR) for obtaining information through
letters and emails dated December 20, 2017 and January 9, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             1        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan          6        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 GSR and KKR Educational
Society which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on GSR and KKR Educational Society 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 GSR and KKR Educational Society to 'CRISIL B/Stable
Issuer not cooperating'.

GSR located in Andhra Pradesh (AP), was established in 2007 under
the Society's Registration Act, 1861. The society operates an
education institute 'KKR & KSR Institute of Technology &
Sciences' in Vinjanampadu near Guntur in Andhra Pradesh. The
college offers undergraduate and post graduate courses in
engineering and business management.


JAINAM CABLES: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR10.45 crore fund-based bank facilities of Jainam Cables
(India) Private Limited. The outlook on the long-term rating is
Stable.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Fund-based Term
  Loan                   0.45       [ICRA]B+ (Stable); Reaffirmed

  Fund-based Cash
  Credit                10.00       [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating reaffirmation continues to reflect the company's
relatively modest scale of operations and its weak financial risk
profile, marked by weak return indicators, leveraged capital
structure owing to a relatively lower net-worth base and below
average debt-coverage indicators. The rating also factors in the
vulnerability of JCIPL's profitability to any fluctuations in
copper rod prices, low value-addition in the business and its
exposure to stiff competition in a fragmented industry, caused by
numerous small and unorganised players.

The rating, however, continues to draw comfort from the long
experience of the promoters in the copper wire manufacturing
business and established relationships with its customers.

Outlook: Stable

ICRA believes Jainam Cables (India) Private Limited will continue
to benefit from the extensive experience of its promoters. The
outlook may be revised to Positive if substantial growth in
revenue and profitability, and better working capital management,
strengthens the financial risk profile. The outlook may be
revised to Negative if cash accrual is lower than expected, or if
any major debt funded capital expenditure, or stretch in the
working capital cycle, weakens liquidity.

Key rating drivers

Credit strengths

* Experience of promoters in the copper wire manufacturing
business: JCIPL was incorporated in 2001 by Mr. Harisingh Rajput
for manufacturing copper wire and cables. The promoters have been
associated with the company since its inception and have
extensive experience in the copper wire manufacturing sector.

* Reputed customer base: The customer portfolio of the company
consists of reputed players from the cable manufacturing
industry. JCIPL has established strong relationships with its
customers over the years, resulting in repeat orders from them.

Credit challenges

* Relatively modest scale of operations: The company has a modest
scale of operations with operating income of INR50.1 crore in
FY2017; although it has witnessed healthy revenue growth of ~22%
in FY2017.

* Weak financial risk profile: The profit margins remained thin
with operating margin of 2.2% and net margin of 0.4% in FY2017 on
account of low value addition. The capital structure stood
leveraged with gearing of 1.9 times as on March 31, 2017, owing
to high debt levels and a relatively lower net-worth base. The
debt-coverage indicators also stood below average with interest
coverage of 1.6 times and Total Debt/OPBDITA of 5.8 times in
FY2017.

* Intense competition: The company faces stiff competition from
other unorganised players manufacturing copper wires, which
limits its pricing flexibility and bargaining power with
customers, thereby putting pressure on its revenues and margins.

* Vulnerability of profitability to any fluctuation in raw
material prices: The margins of the company are largely affected
by the copper price fluctuation that affects the sales
realisations. Any adverse movement in the price of raw materials
could have an adverse impact on the realisations and margins of
the company.

Incorporated in 2001, Jainam Cables (India) Private Limited
manufactures copper wires and cables. Its manufacturing unit is
located at Kathwada GIDC, Ahmedabad (Gujarat), with an annual
production capacity of 1,800 MT of 0.3 millimetre (mm) copper
wires. It manufactures wires in various sizes, ranging from 0.3
mm to 7.0 mm. The company is ISO 9001:2000 certified. It was
founded by Mr. Harisingh Rajput, who started the business as the
proprietorship concern, M/S Jainam Cable Industries, which was
subsequently converted into a private limited company in April
2012.

In FY2017, the company reported a net profit of INR0.2 crore on
an operating income of INR50.1 crore, as compared to a net profit
of INR0.2 crore on an operating income of INR40.9 crore in the
previous year.


JAMKASH VEHICLEADES: CRISIL Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jamkash
Vehicleades (Kashmir) Private Limited (JVPL) for obtaining
information through letters and emails dated November 23, 2017
and December 13, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.


                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee      12.60       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit         12.65       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Inventory Funding
   Facility             3.00       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


   Long Term Loan       3.75       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 Jamkash Vehicleades (Kashmir)
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Jamkash Vehicleades (Kashmir)
Private Limited 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 Jamkash Vehicleades (Kashmir) Private Limited to
CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 2009, JVPL is an authorised dealer for all
passenger cars of MSIL in five districts of Kashmir. The company
has five showrooms in 3S (sales, service. spares) format in its
dealership area.


KCS PRIVATE: CRISIL Lowers Rating on INR4MM Cash Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of KCS Private Limited (KCS) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'. The rating downgrade reflects
instances of delay in term loan repayment due to cash flow
mismatch. CRISIL has now received an updated feedback indicating
repayment delays.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.88      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            4.00      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Term Loan              1.12      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in repayment obligation: KCS has delayed in repayment of
its scheduled debt obligations due to weak liquidity primarily
driven by inadequate cash accruals (NCA). KCS's cash accruals for
fiscal 2018 is significantly lesser than repayment obligations of
INR62 lakh. Repayment was expected to be met through improved
working capital management. KCS's liquidity was similarly
stretched in fiscal 2017 with accrual falling short of repayment,
however repayments were timely and made from release of funds by
virtue of improved working capital management. Liquidity profile
is likely to remain constrained over the medium term.

* Weak financial risk profile: Financial risk profile of KCS is
very weak marked by modest networth of INR1.37 crore against
INR1.26 crore in last year. Gearing has been high at around 9.05-
12.20 in last three years through FY 17 due to extreme reliance
on external funds. Also debt protection metrics has remained
subdued due the above factors, in FY 17 interest coverage ratio
was 1.14 time and NCATD was 0.01 time. It is expected that
financial risk profile will remain weak with modest networth of
KCS.

* Modest scale of operation: KCS has a modest scale of
operations, marked by revenue of INR8.44 crore in FY 17. KCS's
turnover has been low over the past three years mainly due to
lack of new orders and delay in execution of existing orders. The
reduction in revenue can mainly be attributed to lack of inflow
of orders. Due to increased competition, the company is not able
to attract new tenders due to focus on profitability, which has
resulted in reduced revenue. Further the customers of KCS are
concentrated in a small geographical region. This posed a risk
with regards to any macroeconomic/regulation/economic change in
the region.

Strength

* Extensive experience of the promoter: KCS is promoted by Mr.
Kishore Chandra Sahu, has over four decades of experience in the
civil construction segment. The company is also managed by Mr.
Ranoj Sahu and Mr. Manoj Sahu who have around 16 years'
experience in executing turnkey projects. With established track
record and relationship with clients, KCS is expected to get some
repeat orders from existing clients, thereby supporting the
business risk profile.

KCS was originally established in 1971 by Mr. Kishore Chandra
Sahu as a proprietorship firm; the firm was reconstituted as a
private limited company in 1991. Based in Rourkela (Odisha), KCS
undertakes turnkey projects involving supplying, fabricating, and
erecting electrical and mechanical components, and also civil
construction.


KOTARKI CONSTRUCTIONS: ICRA Keeps B+ in Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said that the rating for the INR25.00 crore bank
facilities of Kotarki Constructions Private Limited (KCPL)
continues to remain in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING". ICRA had earlier moved the rating of KCPL 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-Fund          13.00     [ICRA]B+ (Stable); ISSUER NOT
  Based (Cash Credit)               COOPERATING; Rating continues
                                    to remain in the 'Issuer Not
                                    Cooperating' category

  Short Term-Non-         12.00     [ICRA]A4; ISSUER NOT
  Fund Based (Bank                  COOPERATING; Rating continues
  Guarantee)                        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.

Kotarki Constructions Private Limited (KCPL) was incorporated in
the year 2004. It is a family owned and closely held company led
by Mr. Kotarki Shanker who looks after the overall operations,
supported by Mr. Kotraki Prabhurao and Mr. Kotarki Sangamesh
handling project executions and Mr. Kotraki Anand handling
administration. The company was established as a proprietorship
firm in the year 1989, by Mr. Kotraki Shanker and was
reconstituted as private limited company in the year 2004. The
company undertakes contracts for construction of roads, bridges,
complex, and construction of irrigation canals in Karnataka. The
company has executed orders for various reputed clients like NHAI
(National Highways Authority of India), KRDCL (Karnataka Road
Development Corporation Limited), PWD (Public Works Department),
and KIADB (Karnataka Industrial Area Development Board) to name a
few.


LAXMI MEGAN: CRISIL Assigns B Rating to INR300MM LT Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
proposed long-term bank facility of Laxmi Megan Speciality Health
Care Private Limited (LMHCPL).

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility        300        CRISIL B/Stable

The rating reflects exposure to significant risks related to on-
going project, and to intense competition in the industry. These
weaknesses are partially offset by promoters' extensive
experience in industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Significant risks related to ongoing project: With nascent
stage of project, the company remains exposed to risks related to
time/cost overruns. Moreover, the company is yet to achieve
financial closure.  Timely completion of project and commensurate
ramp-up in operations will remain key rating sensitivity factor.

* Intense competition in the industry: LMHCPL is expected to face
competition from other hospitals in the nearby areas which along
with geographical concentration with restricts the hospital's
customer base, and renders it vulnerable to the dynamics of a
single market.

Strengths

* Extensive experience of promoters: Dr. M. V. Sasidharan has
extensive experience in the healthcare industry and have been
practicing medicine for the past three decades. The promoters'
established reputation and experience in operating hospital will
benefit LMHCPL over the medium term.

Outlook: Stable

CRISIL believes that LMHCPL's will benefit over the medium term
from the extensive experience of its management. The outlook may
be revised to 'Positive' if timely completion and stabilisation
of operations, leads to higher than expected cash accruals and
better financial risk profile.  The outlook may be revised to
'Negative' if time or costs overruns in the project
implementation leads to low cash accruals and impacts its debt
servicing ability.

LMHCPL, incorporated in 2011 by Dr. M. V. Sasidharan, is setting
up a medical college and hospital at Kasargod, Kerala. The
company is expected to commence operations from December 2018.


MADHUVAN PRASAD: ICRA Keeps B+ in Not Cooperating Category
----------------------------------------------------------
ICRA Ratings said that the rating for the INR7.50 crore bank
facilities of Madhuvan Prasad Infra Private Limited continues to
remain in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+ (Stable); ISSUER NOT COOPERATING". ICRA had
earlier moved the rating of MPIPL 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-Fund        7.50       [ICRA]B+ (Stable); ISSUER NOT
  Based                            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.

Incorporated in 2011, Madhuvan Prasad Infra Private Limited
(MPIPL) has been promoted by Mr. H. Damodar Nayak. MPIPL operates
a 3-star hotel by the name "Hotel Madhuvan Serai" at Upendra
Nagar in Manipal, which commenced operations on July 19, 2013.
The hotel has seven floors with a built-up area of around 55,000
sq.ft. It comprises a vegetarian and a non-vegetarian restaurant,
each having a seating capacity of 120 people, two banquet halls
with a combined seating capacity of 500 people, a conference hall
with a seating capacity of 100 people and 46 rooms. The company
has leased out 4,750 sq.ft. of space in the ground floor to State
Bank of India for opening its branch and ATM and to Axis Bank for
running an ATM for a total yearly rental of ~INR25 lakh.


MANDEEP INDUSTRIES: ICRA Reaffirms B Rating on INR40cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR45.94 crore (enhanced from INR34.88 crore) fund-based bank
facilities and the INR0.06 crore (reduced from INR0.12 crore)
unallocated limits of Mandeep Industries. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 to the INR3.00 crore
(reduced from INR5.00 crore) warehouse receipt financing facility
of MI. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash
  Credit                 40.00      [ICRA]B (Stable); Reaffirmed

  Fund-based Term
  Loan                    5.94      [ICRA]B (Stable); Reaffirmed

  Unallocated Limited     0.06      [ICRA]B (Stable); Reaffirmed

  Warehouse receipt
  financing               3.00      [ICRA]A4; Reaffirmed

Rationale

The ratings reaffirmation continues to reflect MI's thin profit
margins due to low value-added operations and intense competition
in a fragmented industry caused by numerous small and unorganised
players, highly leveraged capital structure and below average
debt protection metrics. The ratings also take into account the
high working capital intensity of the firm's operations due to
high inventory holdings and elongated receivables cycle and
vulnerability of profitability to volatility in raw material
prices, which are subject to seasonality and crop harvest.

The ratings, however, positively factor in the extensive
experience of its partners and logistical advantage enjoyed by
the firm from its location in a major groundnut-producing region,
giving it easy access to quality raw material.

Outlook: Stable

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

Key rating drivers

Credit strengths

* Extensive experience of promoters in the solvent extraction
business: Mandeep Industries was established in 1973 by the
Talaviya family for solvent extraction of groundnut oil cake.
Currently, it is managed by Mr. Ashish Talaviya and Mr. Pravin
Talaviya along with other partners, who have extensive experience
in this business. The rich experience of the promoters and
healthy relationships with its customers and suppliers have
helped the firm in scaling up operations over the last few years.

* Locational advantage: The firm benefits in terms of lower
transportation costs and easy access to quality raw material due
to its proximity to raw material suppliers because of its
presence in a groundnut producing region of India.

Credit challenges

* Below average financial risk profile: The profit margins
remained thin with operating margin of 4.7% and net margin of
1.5% in FY2017 on account of low value addition. Owing to high
debt levels, the capital structure stood aggressive with gearing
of 3.2 times as on March 31, 2017. Owing to low profitability and
high debt, coverage indicators also stood weak with interest
coverage of 1.8 times and Total Debt/OPBDITA of 6.3 times in
FY2017.

* Working capital intensive operations: Owing to an elongated
receivable cycle and high inventory holding requirements due to
seasonality associated with the business, working capital
requirements of the company remains high (NWC/OI of 31% in
FY2017) resulting in high debt levels.

* Intense competition: The firm faces stiff competition from
numerous other small and unorganised players in the solvent
extraction industry, which limits its pricing flexibility and
bargaining power with customers, thereby putting pressure on its
revenues and margins.

* Vulnerability of profitability to any fluctuation in groundnut
prices: The sales realisations of the firm are largely affected
by groundnut price fluctuations, which affects its profit
margins.

Established in 1973 as a partnership firm by the Talaviya family,
Mandeep Industries crushes groundnuts for the production of
groundnut oil and oil cake, and undertakes solvent extraction of
groundnut oil cakes to produce oil and de-oiled cake and further
refines groundnut oil as well. The manufacturing unit of the firm
is located at Upleta (Gujarat) with a daily input capacity of 310
metric tonnes (MT) of groundnut and 225 MT of oil cake.

In FY2017, the company reported a net profit of INR2.2 crore on
an operating income of INR149.7 crore, as compared to a net
profit of INR2.1 crore on an operating income of INR147.9 crore
in the previous year.


MARTIN & BROWN: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Martin &
Brown Bio-Sciences (MBBS) for obtaining information through
letters and emails dated December 18, 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           7.5       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 Martin & Brown Bio-Sciences,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Martin & Brown Bio-Sciences is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Martin & Brown Bio-Sciences to CRISIL B/Stable
Issuer not cooperating'.

Established in 2008, MBBS manufactures pharmaceutical products in
the form of tablets, capsules, injections, and cough syrups both
under its own brand as well as on job-work basis. Its
manufacturing unit is in Baddi, Himachal Pradesh. Operations are
managed by Mr. Vineet Maini and Mr. Puneet Maini.


MARUTHI COTTON: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maruthi
Cotton Mills Private Limited (MCMPL) for obtaining information
through letters and emails dated November 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           3        CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Long Term Loan        4        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 Maruthi Cotton Mills Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Maruthi Cotton Mills Private Limited 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 Maruthi Cotton Mills Private Limited to CRISIL
B/Stable Issuer not cooperating'.

Established in January, 2014 as a partnership firm, MCMPL is
engaged in the business of cotton ginning and pressing. Based in
Srikakulan, Andhra Pradesh, the firm is promoted and managed by
Mr.P Srinivasa Rao and Mrs. P Suneetha.


NEEL KANTH: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Neel Kanth
Herbs (NKH) for obtaining information through letters and emails
dated December 22, 2017 and January 9, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            6         CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       5         CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term     0.39      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 Neel Kanth Herbs, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Neel Kanth Herbs 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 Neel Kanth Herbs to CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Established in 2012, NKH is a partnership firm of Mr Kanhaiya
Goenka and Mrs Rita Goenka. The firm is engaged in the sorting,
grading and trading of imported almonds and other dry fruits. Its
unit is located in Jaipur, Rajasthan.


OASIS DISTILLERIES: CRISIL Withdraws B Rating on INR41.50MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Oasis
Distilleries limited (ODL) for obtaining information through
letters and emails dated January 20, 2017, and February 10, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        4.75     CRISIL A4 (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Cash Credit          41.50     CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Inland/Import         0.25     CRISIL A4 (Issuer Not
   Letter of Credit               Cooperating; Rating Withdrawal)

   Proposed Long Term    1.50     CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Standby Line          4.00     CRISIL B/Stable (Issuer Not
   of Credit                      Cooperating; Rating Withdrawal)

   Term Loan            19.00     CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ODL. 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 firm is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of NIIL
continues to be 'CRISIL B/Stable; Issuer not cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of ODL
based on the no-objection certificate received from the banker,
'State Bank of India' and a withdrawal request from the company.
The rating action is in line with CRISIL's policy on withdrawal
of bank loan ratings.

The Oasis combine was founded by the late Mr. Om Prakash
Malhotra. The combine manufactures and trades in rectified
spirits, country liquor, and Indian-made foreign liquor (IMFL) in
Punjab, MP, National Capital Region, and Haryana. The founder's
son Mr. Deiip Malhotra is the combine's current chairman and
managing director.


OYO CERAMIC: ICRA Reaffirms B+ Rating on INR3.01cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR5.51 crore fund-based bank facilities and the INR1.85 crore
unallocated limits of Oyo Ceramic Private Limited. ICRA has also
reaffirmed the short-term rating of [ICRA]A4 (pronounced ICRA A
four) to the INR1.80 crore non-fund based facility and the
INR1.25 crore fund based facility (sub-limit of cash credit) of
OCPL. The outlook on the long-term rating is Stable.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Cash Credit            2.50       [ICRA]B+ (Stable); Reaffirmed
  Term Loan              3.01       [ICRA]B+ (Stable); Reaffirmed
  Unallocated Limited    1.85       [ICRA]B+ (Stable); Reaffirmed
  Bank Guarantee         1.80       [ICRA]A4; Reaffirmed
  Bill discounting      (1.25)      [ICRA]A4; Reaffirmed

Rationale

The ratings reaffirmation continues to reflect OCPL's relatively
small scale of operations and its below average financial risk
profile as marked by volatile profitability, leveraged capital
structure and below average debt-coverage indicators. The ratings
also take into account the highly fragmented nature of the tiles
industry, resulting in intense competitive pressures, the
cyclical nature of the real estate industry, which is the main
consuming sector, and the exposure of the company's profitability
to fluctuations in raw material and fuel (natural gas and coal)
prices as well as to foreign currency exchange rates.

The ratings, however, favorably factors in the extensive
experience of the promoters in the ceramic industry by virtue of
their association with other group companies engaged in the same
business sector and the favorable location of its unit in Morbi
(Gujarat), which results in easy procurement of quality raw
material.

Outlook: Stable

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

Key rating drivers

Credit strengths

* Extensive experience of promoters in the ceramic industry: OCPL
was promoted by Mr. Dipak Fultariya and family, who have
extensive experience in the ceramic industry by virtue of their
association with other companies engaged in the same sector like
Lexo Ceramic, Blue Lake Ceramic, Wipro Marketing, Romex Tiles
Private Limited, Emboza Granito Private Limited, M-Bo Granito LLP
and Roqo Mineral LLP.

* Favourable location of the unit in Morbi (Gujarat): The company
benefits in terms of lower transportation costs and easy access
to quality raw material due to its presence in Morbi, India's
ceramic hub.

Credit challenges

* Small scale of operations amid intense competition: The company
has a small scale of operations with an operating income of
INR23.4 crore in FY2017; although it witnessed healthy revenue
growth of ~39% in FY2017. The company faces stiff competition
from other organised as well as unorganised players in the tile
manufacturing industry, which limits its pricing flexibility and
bargaining power with customers, thereby putting pressure on its
revenues and margins.

* Below average financial risk profile: The operating margin
remained volatile, which declined from 10.3% in FY2016 to 6.2% in
FY2017 with increasing transportation expenses; the net margin
also remained low at 1.1% in FY2017. The financial risk profile
of the company remained below average, backed by a small net-
worth base of INR5.4 crore as on March 31, 2017 and modest debt
coverage indicators, as reflected by interest coverage of 1.8
times, TOL/TNW of 4.1 times and Total Debt/OPBDITA of 4.1 times
in FY2017.

* Vulnerability of profitability to any fluctuation in raw
material and fuel prices: The sales price of the company are
largely affected by the raw material and fuel (natural gas and
coal) price fluctuations that affects its profit margins.

* Vulnerability of profitability and cash flows to cyclicality
inherent in the real estate industry: The real estate industry is
the main consuming sector for tiles, and hence, the demand for
tiles is exposed to cyclicality in the realty sector.

Incorporated in February 2014, Oyo Ceramic Private Limited
manufactures digital ceramic wall tiles in two sizes -- 12"X18"
and 12"X24". Its manufacturing facility is located at Morbi
(Gujarat), with an installed production capacity of ~60,000
Metric Tonnes Per Annum (MTPA). OCPL was promoted by Mr. Dipak
Fultariya and family, who have significant experience in the
ceramic business through their association with other entities
engaged in the same sector, such as Lexo Ceramic, Blue Lake
Ceramic, Wipro Marketing, Romex Tiles Private Limited, Emboza
Granito Private Limited, M-Bo Granito LLP and Roqo Mineral LLP.
The promoters are also associated with other concerns, namely
Captain PVC Industries, involved in the manufacturing of PVC
pipe-fitting, and Pari Industries, involved in manufacturing
corrugated boxes and sheets.

In FY2017, the company reported a net profit of INR0.3 crore on
an operating income of INR23.4 crore, as compared to a net profit
of INR0.2 crore on an operating income of INR16.9 crore in the
previous year.


PRIME HITECH: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Prime
Hitech Engineering Limited (PHEL) 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
   ----------         ---------     -------
   Bank Guarantee          9        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit            11.2      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       14        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan              73.3      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Prime Hitech Engineering
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Prime Hitech Engineering Limited 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 Prime Hitech Engineering Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.

Incorporated in April 2010 as a joint venture by Prime Chemfert
Industries Pvt. Ltd. (PCI) (51%), Keliburg Holding Ltd (Russian
company, 30%), and the promoters of PCI (19%), PHEL carries out
fabrication work for transformers and also manufactures turbine
parts and drill bits used in in oil exploration and mining
operations.


RAVINDRA ENERGY: ICRA Hikes Rating on INR56.60cr Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long-term rating assigned to the INR2.70
crore term loan facilities and INR56.60 crore unallocated
facilities of Ravindra Energy Limited (REL) to [ICRA]B+ from
[ICRA]B-. ICRA has also withdrawn the short-term rating of
[ICRA]A4 outstanding on the INR17.23 crore non-fund based
facilities of REL. The outlook on the long-term rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based limits      2.70       [ICRA]B+(Stable); upgraded
                                    from [ICRA]B-(Stable)

  Unallocated limits    56.60       [ICRA]B+(Stable); upgraded
                                    from [ICRA]B-(Stable)

Rationale

The rating upgrade considers the growing presence of REL in the
high margin solar segment (~52% of revenues during FY2017 and
~58% of revenues during H1, FY2018) leading to improvement in
operating margins by over 900bps to 8.1% in FY2017 accompanied
with its exit from the sugar trading operations which has thin
profitability margins. The rating also considers strong orderbook
position of INR87.30 crore in the solar segment from reputed
clientele including Karnataka Renewable Energy Development
Limited (KREDL), Maharashtra Energy Development Agency (MEDA) for
installation of over ~3000 water pumps under the farmers scheme;
and Solar Energy Corporation of India (SECI) order for
installation of 6MW capacity under the Renewable Energy Service
Company (RESCO) model in Karnataka and Maharashtra states. ICRA
also notes the commencement of operations of the 15 LLPs set up
by REL aggregating to a capacity of 34MW with tariff at INR8.40
per unit from various Distribution Companies (DISCOMs) in
Karnataka region; and favourable demand outlook for solar
industry, driven by the government's target of setting up 175
gigawatts (GW) of solar power generation capacity by 2022 under
the Jawaharlal Nehru National Solar Mission (JNNSM).

The rating is, however constrained by presence in the coal
trading segment (~42% of top line during H1, FY2018) which
continues to remain impacted by global economic slowdown that led
to surrendering its coal mining licenses in Indonesia; and
increased competitive intensity in the solar industry which has
restricted the profitability margins from organized and several
unorganized players. The domestic solar industry also faces
competition from China, US and European markets thereby exerting
pressure of margin expansion. REL's capital structure and
coverage metrics on a consolidated basis remain modest with
gearing of 1.1 times as on March 31, 2017, interest coverage of
0.04 times and NCA/Debt at -0.1% for FY2017 although bulk of the
debt is in the form of working capital for its trading
operations. ICRA also takes note of the high contingent liability
obligation of REL amounting to INR411.3 crore as on Sept 30, 2017
for the loans availed by its group entities.

Going forward, REL's ability to increase the orderbook position
and execute such orders profitably in a timely manner while
maintaining adequate liquidity would remain key rating
sensitivities.

Outlook: Stable

The stable outlook reflects ICRA belief that REL's revenues will
grow at a healthy rate given the current orderbook position. The
outlook may be revised to 'Positive' in case any substantial
orders are received. The outlook may be revised to 'Negative' in
case of any delays associated with orderbook execution.

Key rating drivers

Credit strengths

* Improvement in profitability indicators with foray into solar
segment: REL initially commenced operations as a trader in coal
and sugar segments. The company has forayed into solar space in
FY2016 (~10% of topline) and ~52% of top line during FY2017 which
led to improvement in profitability and return indicators with
operating margin improving to 8.1% in FY2017 from -0.9% in
FY2016.

* Reputed client portfolio: The client portfolio consists of
Government agencies such as Karnataka Renewable Energy
Development Limited (KREDL), Maharashtra Energy Development
Agency (MEDA), and SECI reducing counter-party credit risk.

* Strong orderbook position provides revenue visibility: REL has
strong orderbook of INR87.30 crore as on Sept 30, 2017 in the
solar segment to commission ~3000 solar water pumps, installation
of roof top solutions for 6MW providing revenue visibility in the
medium term.

* Favorable demand outlook for solar industry: The demand outlook
for solar industry is favorable driven by the government's target
of setting up 175 gigawatts (GW) of solar power generation
capacity by 2022 under the Jawaharlal Nehru National Solar
Mission (JNNSM).

Credit weaknesses

* Intense competition in the highly competitive solar business:
The solar industry is categorized by presence of many organized
and unorganized players. Stiff competition restricts its pricing
abilities and thereby exerts pressure on margins. The domestic
solar industry also faces competition from imports from China, US
and European markets.

* Coal trading activities restricted by economic slowdown: The
company is involved in coal mining activity through PT Jambi
Prima Coal, Indonesia. Owing to economic slowdown, the licenses
have been surrendered and currently REL undertakes only coal
trading activities.

* Large investments into group entities: The company invested
INR31.6 crore as on March 31, 2017 in 15 LLPs with an aggregate
solar capacity of 34 MW. The power generated is sold to various
DISCOMs in Karnataka region. The LLPs have PPA signed with
DISCOMs at an attractive tariff of INR8.40 per unit and the
ability of LLPs to self-sustain will be a key rating monitorable
in the near term.

* Consolidated revenues largely depend on trading operations:
REL's consolidated revenues largely depends on coal and sugar
trading activities. Volatility in prices exerts pressure on
margins and its ability to generate sufficient accruals. That
said, bulk of the debt is in the form of working capital
borrowings for trading activities.

Ravindra Energy Limited (REL) was setup in 1980 and is promoted
by Murkumbi family of Shree Renuka Group. REL has eleven foreign
subsidiaries (as on March 31, 2017) mostly into trading
operations although most of them are likely to be shut down given
low scale of operations and profitability. REL started as a
trader of coal and sugar and was involved in mining of coal
through its foreign arm PT Jambi Prima, Indonesia. Currently, the
coal mining licenses have been surrendered and sugar operation
have been discontinued owing to volatility associated with
trading operations. Coal Trading accounts for ~42% of top line
followed by the recent venture into the solar segment by REL in
FY2014 which constitutes the remaining.

REL is a solar module assembler in the water pump segment
catering to orders under KREDL and MEDA scheme. REL also
undertakes roof top solar power generation projects and has set
up a WOS under the name Rhibhu Rooftop Solar Private Limited to
cater to upcoming SECI order for installation of 6MW capacity.
REL has set up 15 LLPs with an aggregate capacity of 34MW for
power generation which are sold in full to various DISCOMs in
Karnataka region. REL hold 72% stake in the form of fixed capital
in the LLPs.


RIVERGROW VYAPAR: CRISIL Puts B Not Cooperating Cash Loan Rating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rivergrow
Vyapar Private Limited (RVPL) 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            1.4       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       8.0       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .6       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 Rivergrow Vyapar Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Rivergrow Vyapar 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 Rivergrow Vyapar Private Limited to CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

RVPL is a Gandhidham (Gujarat)-based company that trades in and
saws timber. The company started commercial operations in
February 2014. It deals in the pine variety of timber. Its
operations are managed by Mr. Ramesh Chinaria, who has about two
decades of experience in the timber trading industry.


S.M. EDIBLES: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with S.M.
Edibles Private Limited (SMEPL) for obtaining information through
letters and emails dated December 20, 2017 and January 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          20        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 S.M.Edibles Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on S.M.Edibles 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 S.M.Edibles Private Limited to 'CRISIL B+/Stable
Issuer not cooperating'.

SMEPL, incorporated in 2005, trades in sugar. It is the flagship
company of the SM group, which has interests in sugar trading,
rolling mills, cylinder manufacturing, electronics distribution,
and medical supplies. The company is promoted by Mr Rakesh Kumar
Agarwal and Mr Arvind Kumar Agarwal. It has offices in Noida,
Ghaziabad, and Muzaffarnagar in Uttar Pradesh, and in Delhi.


SARBAMANGALA AGRO: ICRA Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
ICRA has moved the long term and short term ratings for the bank
facilities of Sarbamangala Agro Products Private Limited (SAPPL)
to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based-Term        1.90       [ICRA]D ISSUER NOT
  Loans                             COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund based-Cash        3.80       [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund based-Untied      0.12       [ICRA]D ISSUER NOT
  Limits                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Non-Fundbased-         0.18       [ICRA]D ISSUER NOT
  Bank Guarantee                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

Incorporated in 2009, Sarbamangala Agro Products Private Limited
is primarily involved in milling of non basmati rice with an
annual paddy milling capacity of 18,000 MT. The manufacturing
unit of the company is located at Salar in the Murshidabad
district of West Bengal and has commenced operations from FY 12.
The promoter of the company, Mr. Sudip Roy was previously engaged
in the trading of paddy.


SHREE SATSANGI: CRISIL Moves C Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Satsangi Saket Dham Ram Ashram (SSSDRA) for obtaining information
through letters and emails dated October 30, 2017 and January 09,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Overdraft             2.66       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term    0.82       CRISIL C (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Rupee Term Loan       6.67       CRISIL C (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shree Satsangi Saket Dham Ram Ashram to CRISIL
C/CRISIL A4 Issuer not cooperating'.

SSSDRA was set up as a trust in 2001 by Mr. Bharatbhai Rao and
his family. It operates KJ College of Pharmacy, KJ Institute of
Management, and KJ Institute of Engineering and Technology,
offering bachelors and masters courses in pharmacy, management,
and engineering.


SWASTIK CHEMICALS: CRISIL Reaffirms B+ Rating on INR7MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Swastik Chemicals (SWC) at 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit           7.0        CRISIL B+/Stable (Reaffirmed)
   SME Gold Card         0.7        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest financial risk profile
and vulnerability of its operating margin to volatility in input
prices. These weaknesses are partially offset extensive industry
experience of the management and its comfortable return on
capital employed (RoCE).

Analytical Approach

CRISIL has treated unsecured loans from the proprietor of INR1.36
crore as on March 31, 2017, as neither debt nor equity as they
are subordinated to bank debt and are expected to remain in the
firm over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile: Total outside liabilities to
adjusted networth (TOLANW) ratio remained high at 4.3 times as on
March 31, 2017, against 4.4 times a year earlier. Interest
coverage remained stable at 1.5 times in fiscal 2017. Networth
was modest at INR1.6 crore as on March 31, 2017. However,
networth supported by unsecured loans from the proprietor.

* Vulnerability of operating margin to volatility in price: SWC
operates in an industry where the price of the key raw material
is volatile in nature. Any adverse movement in prices of mentha
oil can adversely could hit their profitability.

Strengths

* Extensive experience of the proprietor: The proprietor's
experience of over a decade has helped build relationships with
customers and suppliers along the value chain.

* Comfortable RoCE: RoCE was 12% over the three fiscals through
2017 and is expected to remain comfortable over the medium term.

Outlook: Stable

CRISIL believes SWC will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant improvement in
business risk profile due to considerable increase in revenue and
profitability without affecting working capital management, as
well as improvement in the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of lower
profitability or significant pressure on the firm's working
capital management due to larger-than-expected inventory or
delays in receivables.

SWC is a proprietorship firm set up by Ms Neeta Gupta in 2003.
The day-to-day business is managed by her husband, Mr Sanjay
Agarwal. The firm manufactures mentha crystals and DMO from
mentha oil at its unit in Rampur, Uttar Pradesh.


SWE FASHIONS: CRISIL Lowers Rating on INR5MM Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with SWE
Fashions Private Limited (SFPL) for obtaining information through
letters and emails dated November 11, 2016 and December 14, 2016
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         .02        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4)

   Cash Credit           5.00        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit      1.00        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility     .98        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan             7.00        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

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 SFPL. 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
SFPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' category
or lower. Based on the last available information, CRISIL has
downgraded the rating on the bank facilities of SFPL to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4' as there are delays
in the repayment of debt according to the banker.

SFPL was incorporated in October 2013. The company manufactures
jeans for various brands including Levi's, Mufti, Louis Philippe,
U.S. Polo, and Allen Solly. It also washes fabric for several
garment manufacturers. Its Bengaluru-based promoter director, Mr.
S Princeton, oversees the company's daily operations. The
promoter began operations through a proprietorship firm, Snow
White Enterprises, which was acquired by SFPL in April 2014.


TURKI COLD: CRISIL Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Turki Cold
Storage and General Mills (Turki) for obtaining information
through letters and emails dated December 21, 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            1.7       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan         4.6       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Overdraft               .12      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      .58      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 Turki Cold Storage and General
Mills, which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Turki Cold Storage and General 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 Turki Cold Storage and General Mills to CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

Established in May 2013, Turki is a partnership firm engaged in
providing services of cold storage to farmers and traders in
Farakhpur Village (Sambhal District, UP) and surrounding area.


VIJAYA KRISHNA: ICRA Cuts Rating on INR7.50cr Term Loan to D
------------------------------------------------------------
ICRA Ratings has revised the long-term rating for INR10.50 crore
bank facilities of Vijaya Krishna Agro Food Processing Private
Limited (VKAFPPL) from [ICRA]B(Stable); 'Issuer Not Cooperating'
to [ICRA]D and rating removed from non-cooperation category.

                     Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Term loan            7.50        [ICRA]D; Downgraded from
                                   [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING

  Cash Credit          3.00        [ICRA]D; Downgraded from
                                   [ICRA]B(Stable) ISSUER NOT
                                   COOPERATING

Rationale

The rating revision factors in the delays in interest payments by
Vijaya Krishna Agro Food Processing Private Limited (VKAFPPL) and
continuous overdrawals of the cash credit facility for more than
30 days on account of constrained liquidity position owing to
high working capital requirements with high inventory and debtor
days, and high repayment obligations. The rating considers small
scale of operations of the firm and slow ramp-up leading to lower
than estimated revenues. The rating takes into account highly
fragmented industry and weak financial profile of the firm
characterized by negative networth and stretched coverage
indicators. ICRA, however, takes note of the significant
experience of the promoters in fruit processing industry and
favorable location of the company in major raw material growing
area.

Going forward, the company's ability to meet debt servicing
obligations in a timely manner, increase its scale of operations,
while effectively managing working capital requirements, given
high repayments would be the key rating sensitivities.

Key rating drivers

Credit strengths

* Significant experience of the promoters in fruit processing
industry: The promoters have over fifteen years of experience in
the fruit processing industry leading to established relationship
with major customers.

* Favorable location of the firm: The firm is located in major
mango and guava growing area leading to better availability of
raw materials and reducing freight costs.

Credit weaknesses

* Delay in debt servicing: There have been delays in the interest
payments in the last two months, i.e., November 2017 and December
2017, owing to weak operational performance and high repayment
obligations. Moreover, cash credit facility has been continuously
overdrawn for more than 30 days in the last two months on account
of constrained liquidity given high inventory and higher debtor
days.

* Weak financial profile: VKAFPPL has a weak financial profile
characterized by negative net worth owing to net losses incurred
in the past and modest coverage indicators with an interest
coverage ratio of 2.04 times, NCA/total debt ratio of 12% for
FY2017.

* Small scale of operations in a highly competitive industry: The
company has small scale of operations with a revenue of Rs.11.61
crores for FY2017 in highly competitive and fragmented fruit pulp
processing industry characterised by presence of large number of
players limiting the VKAFPPL's pricing ability.

* Industry susceptible to agro-climatic risks: The fruit
processing industry is susceptible to agro-climatic risks, which
can affect the availability of the raw material in adverse
weather conditions

Vijaya Krishna Agro Food Processing Private Limited (VKAFPPL) was
incorporated in 2014 and is promoted by Mr. G. Vijay Kumar & his
family members. The company has a 7 MTPH (metric ton per hour)
fruit processing plant in Vijaywada, Andhra Pradesh for
processing of mango and guava.

VKAFPPL has reported an operating income of INR11.61 crore and
net profit of INR0.40 crore in FY2017(first full year of
operations).



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


SOUTHERN BOUNDARY: North Canterbury Wine Company in Liquidation
---------------------------------------------------------------
David Walker at Stuff.co.nz reports that a North Canterbury
company facing wine fraud charges has been placed in liquidation.

Stuff says the Waipara-based company, Southern Boundary Wines
Ltd, and three directors have filed not guilty pleas to all
charges and elected trial by jury in a case that will be
considered for transfer to the High Court.

According to the report, Judge Stephen O'Driscoll was told in the
Christchurch District Court that the company was placed into
voluntary liquidation on February 2 and the counsel for the
liquidator had said the liquidation placed a stay of proceedings
on the Ministry for Primary Industries' (MPI) prosecution of the
company.

Judge O'Driscoll on Feb. 14 adjourned the case for six weeks to
May 9, to give MPI a chance to decide whether to apply to
challenge the stay and continue with the prosecution, Stuff
relays.

Stuff says the charges are against the company and its directors:
Scott Charles Berry, 36, of Waipara; Rebecca Junell Cope, 42, of
Waipara; and Andrew Ronald Moore, 43, of Amberley.

Stuff relates that the charges against the company include making
a false statement about the vintage and area of origin of wine in
an application for an export eligibility statement, exporting
wine that did not comply with export eligibility requirements,
failing to deal with grapes, grape juice, and wine from a
customer as required, and selling wine that had not been made in
accordance with Wine Act requirements.

Broadly similar charges apply to the directors, the report notes.

The directors and the company also face charges of destroying or
concealing winemaking records, or attempting to do so. The
charges say the records are required to be kept under the Wine
Act, Stuff relays.

According to Stuff, Judge O'Driscoll said all the charges were
adjourned to May 9, to a Crown case review hearing, including
charges where the penalty was a fine, for which no election of
jury trial was available.

A decision will be made later about whether all the cases should
stay together as one trial, the report states.

He also asked the counsel involved to file written submissions
for consideration at the next hearing about whether the case
should remain in the District Court, or be transferred to the
High Court, adds Stuff.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***