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        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, March 22, 2018, Vol. 21, No. 058

                            Headlines


A U S T R A L I A

BAKERS 8: First Creditors' Meeting Set for March 28
OROTONGROUP LTD: Administrators Back Vicars AUD25MM Rescue Plan
OROTONGROUP LTD: Second Creditors' Meeting Set for March 29
PHARMACARE PLUS: Second Creditors' Meeting Set for March 28
SUMMER PHARMA: Second Creditors' Meeting Set for March 28

WDS OPERATIONS: First Creditors' Meeting Set for March 28


H O N G  K O N G

NOBLE GROUP: Hit by Lawsuit From Top Shareholder Goldilocks
NOBLE GROUP: Restructuring Cost Likely to Top $100 Million


I N D I A

A KUMAR: CRISIL Assigns 'B' Rating to INR10MM Long Term Loan
ABM CIVIL: CRISIL Reaffirms B+ Rating on INR4MM Overdraft
ARUNODAYA PRINT: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
ASK HOME: Ind-Ra Lowers Long Term Issuer Rating to 'D'
B. S. INNOVATIONS: CRISIL Lowers Rating on INR3MM Loan to D

BAY DATACOM: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
BHAGWATI LACTO: CRISIL Withdraws B Rating on INR300MM Cash Loan
BHARUCH JILLA: CRISIL Lowers Rating on INR8.74MM Term Loan to D
COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR17MM Loan
DIVINE INFRACON: CRISIL Moves D to Not Cooperating Category

DURABLE CERAMICS: CRISIL Lowers Rating on INR13MM Cash Loan to D
DURABLE TRANSFORMERS: CRISIL Cuts Rating on INR14MM Loan to D
ELASTOCHEMIE IMPEX: Ind-Ra Migrates B Rating to Non-Cooperating
ELECTROSTEEL STEELS: NCLT Summons Reasons on Bidders' Eligibility
EMBARK LIFE: CRISIL Assigns B+ Rating to INR10.50MM Cash Loan

EXOTIC HOSPITALITY: CARE Reaffirms B Rating on INR7MM LT Loan
FUTECH PROJECTS: CRISIL Cuts Rating on INR5MM Proposed Loan to B-
GEETANJALI GRAPHICS: Ind-Ra Affirms BB- LT Rating, Outlook Stable
GRANDWAY INCORPORATED: Ind-Ra Assigns B+ Rating to INR80MM Limits
HIM ALLOYS: CARE Moves 'D' Rating to Not Cooperating Category

HIM CYLINDERS: CARE Moves D Rating to Not Cooperating Category
HIM STEEL: CARE Migrates D Rating to Not Cooperating Category
HIM VALVES: CARE Migrates D Rating to Not Cooperating Category
KAMAL TRADING: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
LR AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR15MM Loan

MGM INFRA: CARE Moves 'D' Rating to Not Cooperating Category
NARMADA AGROBASE: Ind-Ra Assigns BB- Issuer Rating
RAJ NATURAL: CRISIL Assigns 'B' Rating to INR3MM Cash Loan
RATTANINDIA NASIK: CARE Reaffirms D Rating on INR4,240cr Loan
RL CONSTRUCTION: Ind-Ra Affirms BB Issuer Rating, Outlook Stable

S C ENTERPRISES: CARE Lowers Rating on INR5cr LT Loan to D
SIMBHAOLI SUGARS: CRISIL Reaffirms D Rating on INR308.75MM Loan
SIMPLEX CASTINGS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SINGH CYCLE: CRISIL Lowers Rating on INR10MM Loan to D
SHLOGAM AGRO: CARE Moves D Rating to Not Cooperating Category

SHRI LAXMI: CARE Removes B+ Rating From Not Cooperating Category
SRI VARALAKSHMI: CRISIL Removes B Rating from Not Cooperating
SRI SHREESHA: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
STARWING PLASTIC: CRISIL Withdraws B Rating on INR4MM Loan
TERRA INFRA: CARE Reaffirms B- LT Rating on INR9.28cr Loan

TRANCITY FINANCE: CARE Reaffirms B+(FD) Rating on INR1.47cr Loan
TRIVENI KRIPA: CRISIL Assigns B+ Rating to INR20MM LT Loan
TURBO ENGINEERS: CRISIL Lowers Rating on INR3.8MM Loan to B+
UNICCA EMPORIS: CRISIL Assigns B+ Rating to INR40MM LT Loan
UNIWORLD SUGARS: CARE Moves D Rating to Not Cooperating Category

UTTAM GALVA: SBI to Consider 50% Haircut on Loans by March-end
VVV CONSTRUCTION: CRISIL Removes B+ Rating From Not Cooperating


I N D O N E S I A

BERJAYA MEDIA: Posts MYR2.45MM Net Loss in 3Q Ended Jan. 31
YFG BHD: To be Delisted from Bursa Malaysia on March 26


N E W  Z E A L A N D

BELLA VISTA: Liquidator Investigates Company's Transactions


S O U T H  K O R E A

INDUSTRIAL BANK: Moody's Affirms (P)Ba2 FC Unsecured MTN Rating
* Korean Shipbuilders May See More Casualties, SC Lowy Says


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


BAKERS 8: First Creditors' Meeting Set for March 28
---------------------------------------------------
A first meeting of the creditors in the proceedings of Bakers 8
Pty Ltd will be held at Level 7, 114 William Street, in Melbourne,
Victoria, on March 28, 2018, at 9:30 a.m.

Andrew Schwarz and Jon Howarth of AS Advisory were appointed as
administrators of Bakers 8 on March 19, 2018.


OROTONGROUP LTD: Administrators Back Vicars AUD25MM Rescue Plan
---------------------------------------------------------------
The Australian Financial Review reports that after months of
negotiations, a rescue plan put forward by fund manager Will
Vicars to save accessories brand OrotonGroup Limited has been
recommended to creditors by administrators.

AFR relates that Mr. Vicars, who was Oroton's second largest
shareholder and a major creditor, has been working on the Deed of
Company Arrangement (DOCA) since being named the preferred bidder
by Deloitte director Vaughan Strawbridge and Glen Kanevsky on
December 23.

Under the proposed DOCA, Mr. Vicars will acquire the 80-year-old
company for nearly AUD25 million, under which it is estimated that
the return to creditors is around 36 cents to 58 cents on the
dollar. All 350-odd staff entitlements will be paid for and no
further store closures are expected immediately, the report says.

According to the report, Mr. Vicars and his advisers have been in
negotiations with almost 20 landlords seeking rent reductions of
as much as 40 per cent to avoid having to close more of Oroton's
50-odd remaining stores.

Deloitte is backing the DOCA, saying Mr. Vicar's plan was superior
to other plans received, noting that other offers put forward
outlined staff cuts and more store closures, including shuttering
Oroton's head office, AFR says.

"The Vicars proposal is superior to other offers received, and
ensures the best possible return for creditors via a recapitalised
business that will provide ongoing roles for employees, and
continuing relationships with this iconic Australian brand for
suppliers, landlords and other stakeholders," AFR quotes Mr.
Strawbridge as saying.  "If the DOCA is approved by creditors, we
then expect the Court process will take up to two months to
complete."

The report says the 186-page report outlined that 39 possible
buyers were contacted as part of a recapitalisation plan last
year. By December, Deloitte had 7 non-binding indicative offers in
hand. Days before Christmas, an Implementation Deed was signed
with a preferred party, Mr. Vicar's group Manderrah, providing
them a period of exclusivity. The AUD24.45 million bid includes
AUD1.5 million to pay employee entitlements and AUD5.25 million
for unsecured creditors.

As part of the recapitalisation, Oroton shareholders will not
receive any consideration for their shares in the retailer, the
report notes.

AFR says Deloitte found that none of the Oroton directors acted
negligently, dishonestly or fraudulently in the exercise of their
powers and discharge of their duties. The administrator also said
the financial records were all maintained.

The Australian Financial Review revealed last week that former Cue
Clothing Company chief executive David Kesby could be appointed to
the new board of the troubled accessories retailer under Mr.
Vicar's plan, which will take the retailer private.

Mr. Kesby has been advising Oroton on its retail and property
strategy since it collapsed last November owing about AUD40
million to creditors, the report notes.

Mr. Vicars owned 18 per cent of Oroton and had been under pressure
from shareholders to privatise the company. He made a last-minute
offer after a six-month sale process run by the company's adviser
Moelis failed to generate firm bids, AFR adds.

OrotonGroup Limited (ASX:ORL) -- http://www.orotongroup.com.au/
-- is an Australia-based retail company. The Company's segments
include Oroton and Gap brands. The Company is engaged in
retailing and wholesaling of leather goods, fashion apparel and
related accessories under the OROTON brand. It is engaged in
retailing of fashion apparel under the GAP label. It is also
engaged in licensing of the OROTON brand name. The Company
operates over 80 stores across Australia, New Zealand, Singapore,
Malaysia and China. Its Gap brand includes GapKids and babyGap,
and offers wardrobe essentials. Its Oroton sells a range of
products for men and women. Oroton's offerings for women include
bags, wallets, jewelry, beauty, gifts, sunglasses and
accessories. Its offerings for men include bags, wallets,
accessories, apparel, sunglasses and gifts. The Company has a
presence as a multi-channel retailer, including online, first
retail stores, concessions, factory outlets and wholesale for
both owned brand and licensed partnerships.


OROTONGROUP LTD: Second Creditors' Meeting Set for March 29
-----------------------------------------------------------
A second meeting of creditors in the proceedings of OrotonGroup
Limited, OrotonGroup (Australia) Pty Limited, and OrotonGroup
(Licence Company) Pty Ltd, has been set for March 29, 2018 at
11:00 a.m. at Chartered Accountants Australia and New Zealand
Level 1, 33 Erskine Street, in Sydney, NSW.

The purpose of the meeting are (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 March 28, 2018, at 5:00 p.m.

Vaughan Neil Strawbridge of Deloitte was appointed as
administrators of OrotonGroup on Nov. 30, 2017.


PHARMACARE PLUS: Second Creditors' Meeting Set for March 28
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Pharmacare
Plus Pty Ltd, trading as Potts Point Discount Drug Store, has been
set for March 28, 2018, at 11:00 a.m. at the offices of Cor
Cordis, One Wharf Lane, Level 20, 161 Sussex Street, in Sydney,
NSW.

The purpose of the meeting are (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 March 27, 2018, at 4:00 p.m.

Alan Walker and Jason Tang of Cor Cordis were appointed as
administrators of Pharmacare Plus on Feb. 21, 2018.


SUMMER PHARMA: Second Creditors' Meeting Set for March 28
---------------------------------------------------------
A second meeting of creditors in the proceedings of Summer Pharma
Pty Ltd, trading as Priceless Compounding Chemist Darlinghurst,
has been set for March 28, 2018, at 11:30 a.m. at the offices of
Cor Cordis, One Wharf Lane, Level 20, 161 Sussex Street, in
Sydney, NSW.

The purpose of the meeting are (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 March 27, 2018, at 4:00 p.m.

Alan Walker and Jason Tang of Cor Cordis were appointed as
administrators of Summer Pharma on Feb. 21, 2018.


WDS OPERATIONS: First Creditors' Meeting Set for March 28
---------------------------------------------------------
A first meeting of the creditors in the proceedings of WDS
Operations Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on March 28, 2018, at 2:30 p.m.

Matthew Kucianski & Nathan Deppeler of Worrells Solvency were
appointed as administrators of WDS Operations on March 16, 2018.



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


NOBLE GROUP: Hit by Lawsuit From Top Shareholder Goldilocks
-----------------------------------------------------------
Bloomberg News reports that Noble Group is being sued by one of
its top shareholders in a fresh blow to the embattled commodities
trader as it defaults on debt obligations.

Goldilocks Investment filed a lawsuit on March 20 in the Singapore
High Court against the company and executives, including founder
Richard Elman, alleging the trader inflated profits to raise
money, according to a copy of the writ of summons seen by
Bloomberg.

Separately, S&P Global Ratings cut Noble's credit score to a level
signifying default after it said the trader missed principal and
interest payments on dollar-denominated bonds due March 20,
Bloomberg says.

Bloomberg notes that once Asia's largest commodity trader, Noble
is teetering on the brink of collapse following a crisis that
started three years ago when Iceberg Research began publishing
critiques of its accounting. Executives led by chairman Paul
Brough are now trying to push through a restructuring plan that
will hand control to a group of senior creditors, but they are
facing opposition from shareholders and some creditors, Bloomberg
says.

"If anything, this will likely drag out the debt restructuring
process and increases the uncertainty on the outcome," Bloomberg
quots credit analyst Ang Chung Yuh of iFast Corp as saying. "It is
not good news for Noble for sure."

The suit alleges management staff paid themselves inflated
salaries, and then tried a cover-up when the accounts came under
increased scrutiny, according to a copy of the case filed by
Morgan Lewis Stamford and seen by Bloomberg. As well as Mr. Elman,
the defendants include Mr Brough, chief executive officer Will
Randall and chief financial officer Paul Jackaman.

"We confirm that our client has commenced proceedings in the
Singapore High Court," Bloomberg quotes Mr Daniel Chia, a Morgan
Lewis Stamford lawyer acting for Goldilocks, as saying.

Goldilocks is seeking relief from Hong Kong-based Noble Group on
behalf of shareholders, including about US$169 million (S$223
million) paid to executives between 2011 and last year, as well as
any interest and damages assessed by the court, according to the
lawsuit, Bloomberg relays. Goldilocks also wants a declaration
from the court that the defendants breached their fiduciary
duties.

Goldilocks is seeking relief from Hong Kong-based Noble on behalf
of shareholders, including about US$169 million (S$223 million)
paid to executives between 2011 and last year, as well as any
interest and damages assessed by the court, according to the
lawsuit. The 72-page filing cites allegations made by long-time
critic Iceberg, Bloomberg states. Goldilocks also wants a
declaration from the court that the defendants breached their
fiduciary duties.

According to Bloomberg, Goldilocks began building up its equity
holding in Noble last year, ploughing in funds even after the
trader had faced criticism. In January, Goldilocks urged the
Singapore regulator to probe Noble's actions, saying there were
grounds for an investigation into the company, its directors and
management. It has also been vocal in opposing the restructuring
proposal.

The lawsuit may be another significant hurdle for the
restructuring process, which needs approval from bond holders as
well as shareholders, Bloomberg states.

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2018, Fitch Ratings has downgraded Noble Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) and the
ratings on all its outstanding senior unsecured notes to 'C' from
'CC'. The Recovery Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group to
'CC' from 'CCC-'. The outlook is negative. S&P also lowered the
long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.


NOBLE GROUP: Restructuring Cost Likely to Top $100 Million
----------------------------------------------------------
Bloomberg News reports that the cost of Noble Group Ltd.'s
restructuring is likely to top $100 million, another financial
burden for the cash-strapped commodities trader that has defaulted
on its bonds.

According to the report, the estimated price tag for advisers and
other expenses, based on disclosures in regulatory filings, is
approaching the company's entire market value of $114 million as
Noble pays fees to the company's creditors and foots much of the
bill for the 11 law firms, investment banks and public relations
consultants working on the restructuring.

Bloomberg relates that despite having defaulted on its debt this
week, Noble has agreed to pay some of the multi-million dollar
fees by March 21 as part of a binding deal with a group of senior
creditors.

In the deal, published last week, Noble agreed that it was now
"responsible for paying all costs and expenses" incurred by the
ad-hoc committee of creditors, which includes hedge funds such as
Och Ziff Capital Management LLC and Davidson Kempner Capital
Management LLC, plus the two banks supporting the deal -- Deutsche
Bank AG and ING Bank NV, according to Bloomberg. In addition, the
trader will also pay the costs and expenses incurred by its own
senior management negotiating their own deal within the
restructuring.

According to the agreement, Noble has to pay a chunk of the fees
by today. On March 14 it agreed to "pay all outstanding invoices"
incurred by the advisers working on behalf of its senior creditors
and banks providing trade finance "within five business days,"
Bloomberg relays.

Noble hasn't disclosed the total amount in fees covered by the
agreement and a spokesperson declined to comment, Bloomberg notes.
All the company has said is that its "restructuring costs and
expenses" would be "in-line" with the "business separation and
disposal costs and expenses" it incurred last year. Noble declined
to say how much it spent on those items in 2017, Bloomberg states.

According to Bloomberg, the advisers' fees come on top of several
other payments that Noble has publicly disclosed in its debt-
restructuring deal.

First, the trader has agreed to pay the members of the ad-hoc
creditors committee the equivalent to 2 percent of the face value
of the debt they hold, with a cap on $2 billion in debt, to
compensate them for their work on the restructuring, Bloomberg
discloses citing a regulatory filling in January. Based on the
company's latest disclosure that the ad-hoc group holds 46 percent
of its debt, that bill would equal $31.7 million. If the creditors
increase their debt holdings to the cap, the bill would rise to
$40 million.

Second, Noble has also agreed to pay ING a total of $15 million in
fees for signing the restructuring deal and for not withdrawing an
existing credit line, Bloomberg says. (As of last week's
announcement, ING hadn't yet signed the restructuring agreement.)
And thirdly, Deutsche Bank and other senior creditors will receive
up to $35 million for providing another credit line that will keep
the company running after the restructuring, Bloomberg notes.

Bloomberg says the total sum comprising fees and expenses publicly
disclosed is now in excess of $80 million, and could reach $90
million, making it likely that the total bill for the
restructuring will come in around $100 million or more.

That calculation doesn't include any retention bonuses that Noble
Group has paid to senior staff to avoid mass walk-outs during the
debt restructuring talks, the report states. Last year, Noble paid
$20 million to its senior energy traders to keep them working for
a few extra months while it was trying to sell its oil trading
unit, the company said in a regulatory filing last week, Bloomberg
relays.

The advisers involved in the restructuring deal include Moelis &
Co., PJT Partners Ltd., Comprador Ltd., Houlihan Lokey Inc. and
Rothschild & Cie., according to regulatory filings cited by
Bloomberg. Law firms on the deal include Kirkland & Ellis LLP,
Akin, Gump, Strauss, Hauer & Feld LLP, Allen & Overy LLP, Clifford
Chance LLP, and White & Case LLP. The public relations firm RLM
Finsbury LLC is also advising the company on its debt
restructuring, Bloomberg adds.

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2018, Fitch Ratings has downgraded Noble Group Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) and the
ratings on all its outstanding senior unsecured notes to 'C' from
'CC'. The Recovery Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group to
'CC' from 'CCC-'. The outlook is negative. S&P also lowered the
long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.



=========
I N D I A
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A KUMAR: CRISIL Assigns 'B' Rating to INR10MM Long Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of A Kumar Reality Developers (AKRD).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         10       CRISIL B/Stable (Assigned)

The rating factors in extensive experience of the proprietor in
the real estate business. This rating strength is partially offset
by exposure to moderately high demand risk, accentuated by
cyclicality inherent in the real estate industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to demand risk: The ongoing project, Vastu Pinnacle,
faces demand risk, due to modest sale velocity, till date. Sales
momentum would be a key rating sensitivity factor, going forward.

* Exposure to risks and cyclicality inherent in the Indian real
estate industry: The highly fragmented market structure and
presence of a large number of regional players accentuate the
risks associated with the real estate industry, which tends to be
cyclical and vulnerable to changing regulations.

Strength:

* Extensive experience of the proprietor: The decade-long
experience of the proprietor, Mr Sanwar M Khandelwal in the real
estate industry, and his established track record will continue to
support the business risk profile. Mr Khandelwal has successfully
completing two residential and commercial projects as a developer,
and 2-3 projects as an investor in Mumbai and surrounding areas.
The firm has also undertaken infrastructure development and
maintenance work in the past for government as well as private
entities.

Outlook: Stable

CRISIL believes AKRD will continue to benefit from the extensive
experience of its proprietor in the real estate industry. The
outlook may be revised to 'Positive' in case of higher-than-
expected sales realisations from ongoing projects, leads to
substantially large cash inflow. The outlook may be revised to
'Negative' if there are any delays in execution of the project or
in receipt of customer advances, or if any other large, debt-
funded project, weakens the financial risk profile.

AKRD was set up as a proprietorship firm of Mr Sanwar M Khandelwal
in 2005, to undertake residential and commercial real estate
projects in Mumbai.  region. The firm is a part of the Mumbai-
based Kumar Associates group.


ABM CIVIL: CRISIL Reaffirms B+ Rating on INR4MM Overdraft
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of ABM Civil Ventures Pvt Ltd.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         5        CRISIL A4 (Reaffirmed)
   Overdraft              4        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect ABM's large working capital
requirement and susceptibility of operating performance to intense
competition. These weaknesses are partially offset by extensive
experience of the promoter in the construction industry.


Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: ABM's working capital-
intensive operations are reflected in gross current assets (GCAs)
of 207 days as on March 31, 2017. ABM has a long operating cycle
because of large receivables collection period of 109 days. While
it gets moderate credit of 90 days from suppliers, it is reliant
on debt.

* Susceptibility of operating performance to intense competition.
ABM, with turnover of INR22 crore for fiscal 2017, is a relatively
small player in the highly competitive construction industry. A
substantial proportion of the market is captured by large
companies such as Larsen & Toubro Ltd and Gammon India Ltd.
Furthermore, the industry is fragmented, with local, small players
holding market share.

Strength

* Extensive experience of the promoters in the construction
industry: The promoter family has been in the construction
industry for over a decade. Mr M K Abraham is ABM's promoter, but
operations are managed by his son Mr Vinu Koshy Abraham. Mr M K
Abraham has experience of more than two decades in executing civil
contracts.

Outlook: Stable

CRISIL believes ABM will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' if there is a sustainable improvement in revenue and
profitability, while maintaining capital structure. The outlook
may be revised to 'Negative' if stretch in working capital cycle
or decline in revenue or operating profitability weakening its
financial risk profile.

Set up in 1995 as ABM Towers by Mr M K Abraham, the company got
its present name in 2003.


ARUNODAYA PRINT: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Arunodaya Print
Pack Private Limited (APPPL) a Long-Term Issuer Rating of 'IND
BB'. The Outlook is Stable. Instrument-wise rating actions are:

-- INR38.95 mil.Long-term loans due on May 2021 assigned with
    IND BB/Stable rating;

-- INR29.50 mil.Fund-based limits assigned with IND BB/Stable/
    IND A4+ rating;

-- INR2.80 mil.Non-fund-based limits assigned with IND A4+
    rating;

-- INR20.00 mil.Proposed term loan* assigned with Provisional
    IND BB/Stable rating;

-- INR15.00 mil.Proposed fund-based limits* assigned with
    Provisional IND BB/Stable/Provisional IND A4+ rating; and

-- INR1.20 mil.Proposed non-fund-based limits* assigned with
    Provisional IND A4+ rating.

*The ratings are provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facilities by APPPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect APPPL's low revenue base due to small scale of
operations. Revenue was stable at INR247 million in FY17 (FY16:
INR246 million). The company achieved revenue of INR186 million as
of 9MFY18.

The ratings also factor in the company's modest credit metrics on
account of strong EBITDA margins of 18.1% in FY17 (FY16: 15.7%).
The improvement in the margins was on account of a decline in raw
material price and an improvement in realization. Ind-Ra expects
the EBITDA margin to remain in the range of 16%-18% due to
fluctuation in raw material prices.

Net leverage (total Ind-Ra adjusted net debt/operating EBITDAR)
was almost stable at 2.0x in FY17 (FY16: 2.1x). However, EBITDA
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 2.3x in FY17 (FY16: 2.9x) owing to an increase in
interest-bearing debt for purchase of printing machineries. The
company's debt is likely to rise as the company would incur capex
to increase its total installed capacity. However, the agency
expects the credit metrics to remain modest in the near term on
account of a likely growth in revenue as well as scheduled debt
repayments.

The ratings are also constrained by APPPL's tight liquidity
position as indicated by 93% average maximum use of its fund-based
limits during 12 months ended January 2018.

However, the ratings are supported by the promoters' experience of
more than a decade in the printing business.

RATING SENSITIVITIES

Negative: A decline in revenue leading to deterioration in the
credit metrics would be negative for the ratings.

Positive: An increase in revenue along with an improvement in the
credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2004, APPPL is involved in multicolor printing and
packaging. The company caters to pharma (70%-75% of revenue), and
FMCG and distillery (25%-30%) industries. The company's registered
office is in Delhi.


ASK HOME: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ask Home
Furnishing Private Limited's (AHFPL) Long-Term Issuer Rating to
'IND D' from 'IND BB+(ISSUER NOT COOPERATING)'. The instrument-
wise rating actions are as follows:

-- INR175 mil. (increased from INR160 mil.)Fund-based working
    capital limit (long- and short-term) downgraded with IND D
    rating;

-- INR5 mil.Non-fund-based working capital limit (short-term)
    downgraded with IND D rating; and

-- INR45.50 mil. (reduced from INR60.80 mil.) Term loan (long-
    term) due on March 2022 downgraded with IND D rating.

KEY RATING DRIVERS

The ratings reflect consistent delays in debt servicing by AHFPL
during the six months ended February 2018 due to a tight
liquidity.

RATING SENSITIVITIES

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

COMPANY PROFILE

AHFPL was incorporated in 2005 by Mr. Sandeep Singh Kochar and his
wife Mrs. Amita Kochar. The company manufactures mink blankets and
mink blanket fabrics at its facility in Gurugram, Haryana. The
company sells its products nationwide under the brand Home Jewels.


B. S. INNOVATIONS: CRISIL Lowers Rating on INR3MM Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
B. S. Innovations (BSI) to 'CRISIL D' from 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      2.5       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Cash Credit           2.0       CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Export Packing        3.0       CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

   Proposed Working      0.5       CRISIL D (Downgraded from
   Capital Facility                'CRISIL B+/Stable')

   Standby Line of       1.0       CRISIL D (Downgraded from
   Credit                          'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by BSI in
servicing its debt obligations; the delays have been on account of
weak operating performance and stretched working capital cycle
owing to large receivables.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented industry: BSI
recorded revenues of INR17 crores during 2016-17, indicating its
modest scale of operations in the fragmented textile industry.

Strength

* Promoters' extensive industry experience and established
customer relationship: The business risk profile of BSI benefits
from the industry experience of its promoters, who have been in
the RMG segment for over a decade.

BSI, incorporated in 2008 and based in Tirupur, Tamil Nadu,
manufactures and exports ready-made garments. The operations are
managed by the partners, Ms S Kalpana, Ms. B Anuradha, and their
families.


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

-- INR80 mil.Fund-based working capital migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
    rating; and

-- INR150 mil.Non-fund working capital migrated to Non-
    Cooperating Category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Bay Datacom Solutions, incorporated in 1998, provides enterprise
IT infrastructure solutions.


BHAGWATI LACTO: CRISIL Withdraws B Rating on INR300MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhagwati
Lacto Vegetarian Exports Private Limited (Bhagwati) for obtaining
information through letters and emails dated January 24, 2017, and
February 13, 2017, among others; apart from telephonic
communication. However, the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           300      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Corporate Loan         40      CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Letter of Credit        1.5    CRISIL A4 (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term      1.5    CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Term Loan               7      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 Bhagwati. 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 Bhagwati is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
'CRISIL BB rating category or lower.' Based on the last available
information, CRISIL has continues the rating to 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of
Bhagwati at the company's request and after receiving no-objection
certificates from its bankers. The rating action is in line with
CRISIL's policy on withdrawal of ratings on bank facilities.

Incorporated in 2007 and promoted by Mr Sameer Mittal and his
family members, Bhagwati has a rice milling, grading, and sorting
unit in Ferozepur, Punjab, with capacity of 32 tonne per hour,
which commenced commercial production in January 2009. It sells in
the domestic market under its Kasturika, Garima, Radhika, and
Kirpa Sagar brands.


BHARUCH JILLA: CRISIL Lowers Rating on INR8.74MM Term Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Bharuch Jilla Kaival Kelavani Mandal (BJKKM) to
'CRISIL D' from 'CRISIL B-/Stable' because of the principal
repayments of term loan has been overdue for the month of January
and February, 2018 and has not been paid till date. Also Interest
payment of term loan is also overdue for the month of February,
2018 and has not been paid till date.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             8.74      CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity profile: A weak liquidity profile due to initial
phase of operations has led to principal repayments of term loan
for the month of January and February, 2018 overdue till date.
Also interest payment of term loan is also overdue for the month
of February, 2018.

Strength

* Extensive experience of trustees in the education industry
through other schools: BJKKM's trustees are having significant
experience of around 30 years in schooling industry. All the
institutions are State Government approved. The educational
institutions provide secondary school, primary and nursery.

BJKKM is an Kheda, Gujarat based trust which is establishing a
non-granted school named ' 'My Shannen School' and is promoted by
Mr. Kaushik Somabhai Patel, Mr. Shirish Naginbhai Patel, Mr.
Dharmesh Jashubhai Patel, Mr. Bhupendrabhai Patel, Mr.
Mahendrabhai Maganbhai Patel, Mrs. Lataben Naginbhai Patel and
Mrs. Ushabahen Patel with the capacity of approximately 3138
students in both English and Gujarati Medium in the general and
science stream from K.G. to Std. 12.


COASTAL CONSOLIDATED: CRISIL Reaffirms B- Rating on INR17MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Coastal Consolidated Structures Private Limited (CCSPL) at
'CRISIL B-/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        29        CRISIL A4 (Reaffirmed)
   Cash Credit           17        CRISIL B-/Stable (Reaffirmed)

Rating continues to reflect its modest scale of operations, large
working capital requirement and exposure to intense competition in
the civil construction industry. The ratings also factor in the.
These weaknesses are partially offset by the extensive experience
of promoters in the civil construction industry and average
financial risk profile, marked by moderate net worth, low gearing
and average debt protection metrics

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Despite a long presence of over 33
years, CCSPL's scale of operations has remained modest. During
2016-17, the company had modest revenues of around INR7.5 crore.
The revenues declined from last year from INR23.5 crore in 2015-16
owing to low orders and stretched receivables leading to paucity
of working capital funds.

* Large working capital requirements: CCSPL's business is highly
working capital intensive, as reflected in gross current asset
(GCA) days of 1554 days as on March 31, 2017. The high GCA days
emanates from the company's high receivables of 566 days as on
March 31 2017.

* Exposure to intense competition in the civil construction
industry: The construction and civil works sector is highly
fragmented with the presence of very large companies such as L&T
Ltd and Gammon India Ltd as well as smaller local players. While
large players operate in several sectors including roads, hydel
projects, irrigation, thermal plants, and urban infrastructure,
smaller players specialise in one or two business segments.

Strength:

* Extensive experience of the promoters in civil construction
industry: CCSPL's main promoter, Mr. Ranga Prasad, has extensive
experience of over 33 years as a contractor for civil works for
various projects. In the 1980s, he started as a contractor,
undertaking small construction works for various low-value works.
Over the years, the company has started undertaking specialised
works and niche civil construction works.

* Average financial risk profile: Financial risk profile is
average as reflected in average debt protection metrics with
interest coverage ratio of around 1.6 times for the fiscal 2017.
The same is expected to remain average over the medium term given
the working capital intensive operations. Financial risk profile
is supported by moderate net worth of around INR15.0 crore and low
gearing of around 1.25 times as on March 31 2017. Gearing should
remain low with no major debt funded capex planned over the medium
term.

Outlook: Stable

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

CCSPL, established in 1996 by Mr M V Ranga Prasad and family,
undertakes civil works such as excavation works, dredging, road
and ports work. It is headquartered in Vijayawada (Andhra
Pradesh).


DIVINE INFRACON: CRISIL Moves D to Not Cooperating Category
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Divine
Infracon Private Limited (DIPL) for obtaining information required
for credit rating through letter and emails dated December 29,
2017 and February 1, 2018 among others, apart from telephonic
communications. However, the issuer has remained non cooperative.

                   Amount
   Facilities     (INR Mln)     Ratings
   ----------     ---------     -------
   Term Loan          373       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 DIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. Therefore, on account of inadequate information and lack
of management cooperation, CRISIL has migrated the rating on the
bank facilities of DIPL to 'CRISIL D/Issuer Not Cooperating'.

The rating reflects delay in payment of interest and principal
obligations as per account feedback received from DIPL`s banker.
DIPL`s account has also been classified as NPA by its bankers. The
delay in servicing of debt obligations in on account of weak
liquidity position.

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by its
O&M partner, Carlson. DIPL commenced operations in April 2011 and
recorded revenue of INR23.8 crore for the first half of fiscal
2013. The company incurred an operating loss of INR42.4 crore in
the first half of fiscal 2013, mainly because of low occupancy
rate resulting in low cash generation. The company is promoted by
Mr. Sant Lal Aggarwal and Mr. Satish Kumar Pahwa, who have
experience in the real estate industry.


DURABLE CERAMICS: CRISIL Lowers Rating on INR13MM Cash Loan to D
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Durable
Ceramics Private Limited (DCPL) for obtaining information through
letters and emails, dated November 09, 2017, January 17, 2018,
February 14, 2018, and February 19, 2018, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee       5       CRISIL D (Issuer Not Cooperating;
                                Downgraded from 'CRISIL A4')

   Cash Credit         13       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 DCPL which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Consequently CRISIL has downgraded its rating
on the bank facilities of DCPL to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects delays in servicing debt.
CRISIL has held discussions with the bankers, who have confirmed
the ongoing delay.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DCPL and Durable Transformers Pvt Ltd
(DTPL). The two companies, together referred to as the Durable
group, have common teams managing key functions, such as finance,
marketing, and procurement, at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000
kilovolt ampere, and sells 10% of the output to DCPL.


DURABLE TRANSFORMERS: CRISIL Cuts Rating on INR14MM Loan to D
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Durable
Transformers Private Limited (DTPL) for obtaining information
through letters and emails, dated November 09, 2017, January 17,
2018, February 14, 2018, and February 19, 2018, apart from
telephonic communication. However, the issuer has remained non-
cooperative.

                   Amount
   Facilities     (INR Mln)     Ratings
   ----------     ---------     -------
   Cash Credit        14        CRISIL D (Issuer Not Cooperating;
                                Downgraded from
                                'CRISIL B+/Stable')

   Letter of Credit    4        CRISIL D (Issuer Not Cooperating;
                                Downgraded from 'CRISIL A4')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DTPL which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DTPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Consequently CRISIL has downgraded its ratings
on the bank facilities of DTPL to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. The downgrade reflects delays in servicing debt.
CRISIL has held discussions with the bankers, who have confirmed
the ongoing delay.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DTPL and Durable Ceramics Pvt Ltd
(DCPL). The two companies, together referred to as the Durable
group, have common teams managing key functions, such as finance,
marketing, and procurement, at the head office. Also, they have
inter-company transactions and have extended corporate guarantees
for each other's credit facilities.

DCPL, incorporated in July 2005, commenced commercial production
in April 2006. It manufactures bushings (used in transformers),
insulators (pin, disc, post, high-tension, and low-tension), and
plain cement concrete poles.

DTPL, incorporated in April 2008, commenced commercial operations
in December 2008. It manufactures transformers up to 1,000
kilovolt ampere, and sells 10% of the output to DCPL.


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

-- INR150 mil.Fund-based working capital facility migrated to
    Non-Cooperating Category with IND B(ISSUER NOT COOPERATING)
    /IND A4(ISSUER NOT COOPERATING) ratings; and

-- INR4 mil.Non-fund-based working capital facility migrated to
    Non-Cooperating Category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 1988, Elasto is engaged in the distribution of rubber
products. The company is a distributor of silicone rubber for US-
based Dow Corning and ethylene propylene dyne monomer 1 rubber for
Germany-based Lanxess AG in the western India.

The company distributes around 171 products, of which 138 are
silicone rubber, 18 are nitrile rubber and 15 are peroxides, used
in the automotive and non-automotive industries.


ELECTROSTEEL STEELS: NCLT Summons Reasons on Bidders' Eligibility
-----------------------------------------------------------------
The Times of India reports that adding a fresh dimension to the
ongoing insolvency cases, the National Company Law Tribunal (NCLT)
on March 20 ordered the resolution professional dealing with
Electrosteel Steels to communicate the reasons for deciding the
eligibility of two bidders - Tata Steel and Vedanta - in three
days to Renaissance Steel India, which had challenged the
decision.

TOI relates that NCLT's Kolkata bench also said the resolution
professional should record the reasons for deciding on any issue
during the course of the process to select a resolution applicant
for a company facing insolvency. It then went on to pull up the
resolution professional for not providing proof in support of his
decisions. Resolution professionals and bankers said that this
will set a precedent for other cases and make the documentation
more robust.

According to the report, Renaissance Steel was among the four
bidders for Electrosteel and had challenged the eligibility of the
other bidders under section 29(A) of the Insolvency and Bankruptcy
Code, arguing that Vedanta and Tata Steel had been found to be
guilty in cases related to their operations in Zambia and the UK,
respectively. The insolvency court has given Renaissance three
days to file its objections after it receives the information from
the resolution professional, TOI notes.

Provisions of the Insolvency and Bankruptcy Code, which came into
force a little over a year ago, are being tested and the law,
which has already been amended once and an expert committee is
looking into the possibility of further amendments, is seen to be
evolving, the report states.

In August 2017, NCLT's Kolkata bench admitted the State Bank of
India's (SBI's) insolvency petition against Electrosteel Steels.

Electrosteel Steels Limited is an India-based company, which is
engaged in basic iron and steel business. The Company is engaged
in selling thermo mechanically treated (TMT) bars, billets,
ductile iron (DI) pipes, pig iron and wire rod. The Company is
engaged in setting up a 2.51 million ton per annum (MTPA)
capacity Greenfield Integrated Steel and DI Pipes Plant in the
district of Bokaro, Jharkhand. It produces TMT bars in Fe500,
Fe500D and Fe500D corrosion resistance steel (CRS) variants. It
manufactures DI pipes in sizes ranging from 100 millimeters (mm)
to 1,200 mm. Its billets offer applications, such as general
engineering, structural, rerolling and high tensile applications.
Its wire rods have applications in engineering, construction,
power and automobile sectors. It consists of a sinter plant,
pellet plant, coke oven, blast furnace, basic oxygen furnace,
billet caster, wire rod mill, bar mill and power plant.


EMBARK LIFE: CRISIL Assigns B+ Rating to INR10.50MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Embark Life Science Private
Limited (ELS).

                          Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Short Term
   Bank Loan Facility       .29       CRISIL A4 (Assigned)

   Cash Credit            10.50       CRISIL B+/Stable (Assigned)

   Long Term Loan          1.21       CRISIL B+/Stable (Assigned)

The ratings reflect the company's below-average financial risk
profile, working-capital-intensive operations, and exposure to
regulatory risks. These weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Networth was modest at
INR4.1 crore, and gearing was high at 2.6 times as on March 31,
2017. Interest coverage and net cash accrual to total debt ratios
were 1.5 times and 0.05 time, respectively, for fiscal 2017.

* Working-capital-intensive operations: Gross current assets were
sizeable at 154 days as on March 31, 2017, resulted into fully
utilised bank limit.

* Exposure to regulatory risks: ELS has to continuously comply
with the stringent norms of several government regulatory
authorities.

Strength:

* Extensive experience of the promoters in the pharmaceutical
industry: Promoters' experience of three decades should continue
to support the business risk profile.

Outlook: Stable

CRISIL believes ELS will benefit over the medium term from its
promoters' longstanding experience in the pharmaceutical industry.
The outlook may be revised to 'Positive' if improvement in working
capital cycle or significant capital infusion strengthens
liquidity. The outlook may be revised to 'Negative' if a sizeable
debt-funded capital expenditure or stretch in working capital
cycle weakens financial risk profile.

Incorporated on April 05, 2005, ELS manufactures formulations,
including basic and dry injections, eye and ear-nose-throat drops,
tablets, oral powders, liquid syrup, and so on.


EXOTIC HOSPITALITY: CARE Reaffirms B Rating on INR7MM LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Exotic Hospitality Nagpur Private Limited (EHPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            7.46       CARE B; Stable Reaffirmed

Detailed Rationale

The rating assigned to the bank facilities of EHPL continues to be
constrained on account of small scale of operation, net loss
registered by the company, nascent stage of operations, seasonal
nature of operations with susceptibility to economic downturns,
highly leveraged capital structure and weak debt coverage
indicators.

The above weaknesses are partially offset by established group
with presence in diverse sectors, and strategic location of the
resort.

The ability of the company to increase its scale of operations
with increase in occupancy rate and improvement in profitability
and capital structure is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating weakness

Small scale of operations with losses: EHPL registered a total
operating income of INR5.13 crore in FY17 and total capital
employed of INR30.52 crore as on March 31, 2017. Small scale of
operations limits the financial flexibility of the company.
Further, the company registered net losses in past three financial
years ended FY17.

Nascent stage of operations: The project 'Tathastu' commenced
operations in April 2014 and has therefore been in operations for
only three years. Thus, the operations are still in nascent stage
and the resort has to develop and strengthen its market position.

Seasonal nature of operations susceptible to economic downturn:
Inflow of customers is high during the month of December (year
ending period) and March to May (vacation period). Thus, the
revenue generation will be dependent on the 8 months of the year
that it is operational. Further, there is high dependence on the
tourism industry in Madhya Pradesh and in Pench National Park.
Tourism industry is highly susceptible to economic downturn which
also poses a risk to EHPL.

Highly leveraged capital structure and weak debt coverage
indicators: The capital structure is leveraged owing to high
dependence on external borrowings. Furthermore, EHPL's debt
coverage indicators were also weak due to high gearing level and
low profitability.

Key Rating Strengths

Established group with presence in diverse sectors: EHPL is a part
of Nagpur based Agarwal Group which is engaged in diverse
businesses such as real estate development, interior designing,
hospitality, and bee-hive coke production. Being in the industry
for over two and a half decades has helped the promoters in
gaining adequate acumen about diverse industries and has helped in
the smooth operations of the EHPL.

Strategic location of the resort: EHPL's facility is located at
Pench National Park which is well connected by air, rail and
road ways and has satisfactory infrastructure facilities to reach
the park. Pench National Park has many tourist destinations in the
vicinity that include wildlife reserves or nature tourism
destinations.

Incorporated in 1994, EHPL belongs to the Agarwal Group of Nagpur.
The group has its presence in diverse businesses such as real
estate development, interior designing, hospitality, and bee-hive
coke production. EHPL commenced its commercial operations from
April 2014 and is engaged in the business of managing and running
a tourist resort at Pench National Park, Madhya Pradesh.


FUTECH PROJECTS: CRISIL Cuts Rating on INR5MM Proposed Loan to B-
-----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Futech Projects India Private Limited (FPPL) to
'CRISIL B-/Stable' from 'CRISIL B/Stable', and reaffirmed the
short-term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Clean Bill
   Discounting             1        CRISIL A4 (Reaffirmed)

   Letter of credit
   & Bank Guarantee       12        CRISIL A4 (Reaffirmed)

   Proposed Working        5        CRISIL B-/Stable (Downgraded
   Capital Facility                 from 'CRISIL B/Stable')

   Secured Overdraft       2        CRISIL B-/Stable (Downgraded
   Facility                         from 'CRISIL B/Stable')

The downgrade reflects deterioration in business risk profile,
reflected in decline in revenue to INR14.7 crore in fiscal 2017
from INR24.5 crore in fiscal 2016 due to slow order execution.
This also affected profitability, which fell to -1.5% from 5.1%.
Subsequently, financial risk profile was affected, with gearing
having weakened to 1.7 times as on March 31, 2017, from 1.3 times
in the previous year, led by decline in networth to INR3.7 crore
from INR5 crore.

The ratings reflect FPPL's modest scale and working capital-
intensive operations and weak financial risk profile because of
low networth. These weaknesses are partially offset by the
extensive experience of its promoters and sufficient accrual in
the absence of term debt obligation.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With revenue of INR14.5 crore in
2017 and INR13.5 crore till January 2018, scale remains small due
to tender-based business. This limits cost efficiencies and
ability to bid for large orders.

* Working capital-intensive operations: Gross current assets
deteriorated to 417 days as on March 31, 2017, from 264 days in
the previous year due to stretched receivables of 270 days. Since
business is tender-based, majority of revenue is derived in the
last quarter of the fiscal. The company also has to deposit
earnest and margin money against bank guarantees, leading to
further pressure on receivables.

* Weak financial risk profile: Negative profitability in fiscal
2017 (due to delayed execution) led to deterioration in financial
risk profile: networth declined to INR3.7 crore as on March 31,
2017, from INR5 crore in the previous year. As a result, gearing
weakened to 1.7 times from 1.3 times.

Strengths

* Extensive experience of promoters and established customer
relationship: Presence of more than 20 years in setting up fire
protection systems has enabled the promoters to receive new
orders, maintain healthy relationship with customers, and take
advantage of increasing demand for supply and erection of fire-
fighting equipment across sectors.

Outlook: Stable

CRISIL believes FPPL will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if high cash accrual due to substantial ramp
up in operations results in a better financial risk profile, while
efficiently managing working capital cycle. The outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, deteriorates because of stretch in working capital
cycle or large, debt-funded capital expenditure.

Incorporated in New Delhi in 1995 and promoted by Mr Narshiman and
Mr S Ahmed, FPPL undertakes engineering, procurement, and
construction of fire protection systems for turnkey projects from
concept to commissioning. It also undertakes piping and fuel oil
storage systems in few projects.


GEETANJALI GRAPHICS: Ind-Ra Affirms BB- LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Geetanjali
Graphics' (GG) Long-Term Issuer Rating at 'IND BB-'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR20.71 mil.Term loan due on December 2021 affirmed with
    IND BB-/Stable rating;

-- INR34 mil. (increased from INR30 mil.)Fund-based facilities
    affirmed with IND BB-/Stable rating; and

-- INR11 mil. (reduced from INR15 mil.)Non-fund-based facilities
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GG's continued small scale of operations,
volatile operating profitability and modest credit metrics owing
to its presence in a fragmented stationary printing business.
Revenue declined to INR257 million in FY17 (FY16: INR214 million)
on account of lower orders. However, EBITDA margin improved to
16.9% in FY17 (FY16: 14.3%) due to a decrease in raw material
price as the firm entered into fixed price contracts with
counterparties. In addition, introduction of valued-added
machineries, which improved the print quality, led to an
improvement in the margins. GG achieved revenue of INR175 million
in 9MFY18. As of February 2018, it had an order book of INR50
million, which will be completed within a month.

Despite a marginal increase in EBITDA to INR35 million in FY17
(FY16: INR31 million), gross interest coverage (operating
EBITDA/gross interest expense) deteriorated to 2.7x (3.0x) due to
an increase in interest expense. Net leverage (total adjusted net
debt/operating EBITDAR) was almost stable at 2.8x in FY17 (FY16:
2.9x).

The ratings are also constrained by the firm's tight liquidity
position as indicated by 99% average use of its fund-based
facilities over the 12 months ended February 2018. The ratings are
further constrained by unlimited liability due to the sole
proprietorship nature of the business.

However, the ratings are supported by the promoters' more than
three decades of experience in the stationary printing business.

RATING SENSITIVITIES

Positive: Any substantial growth in revenue along with an
improvement in the profitability margin, leading to a sustained
improvement in the credit metrics could be positive for the
ratings.

Negative: Any decline in the profitability margin leading to a
sustained deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

GG was established as a partnership firm in 1979 and was
reconstituted as a sole proprietorship in April 2000. The firm is
promoted by Mr. Nagsunder. It has an installed printing capacity
of 20 tons of paper per day.


GRANDWAY INCORPORATED: Ind-Ra Assigns B+ Rating to INR80MM Limits
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Grandway
Incorporated (GI) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR80 mil.Fund-based working capital limit assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect GI's modest scale of operations, weak credit
metrics and low EBITDA margin owing to intense competition in the
textile industry. Revenue grew to INR355 million in FY17 (FY16:
INR290.43 million) because of an increase in demand from existing
customers. Interest coverage (operating EBITDAR/gross interest
expense + rents) improved to 1.32x in FY17 (FY16: 1.24x) and net
leverage (total adjusted net debt/operating EBITDAR) to 6.37x
(6.85x) on account of a reduction in debt and the consequent
decline in interest expense. However, the EBITDA margin contracted
to 4.57% in FY17 (FY16: 5.52%) on account of an increase in raw
material and manufacturing costs.

The ratings are also constrained by the partnership structure of
the firm.

The ratings also factor in GI's tight liquidity position as
indicated by 93.4% average utilization of its cash credit limits
during the 12 months ended February 2018.

However, the ratings are supported by the firm's promoters' more
than two decades of experience in the textile business.

RATING SENSITIVITIES

Negative: A decline in revenue or operating profitability leading
to deterioration in the credit metrics could be negative for the
ratings.

Positive: A substantial growth in the top line while maintaining
the credit metrics could lead to a positive rating action.

COMPANY PROFILE

Established as a partnership firm in 2006, GI manufactures and
exports hosiery garments, and sells knitted fabric in the domestic
market. Mr. Ishpaul Singh, Mr. Kanwardeep Singh and Mr. Pavneet
Singh are the partners.


HIM ALLOYS: CARE Moves 'D' Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Him Alloys and
Steel Private Limited (HASPL) to monitor the rating vide e-mail
communications/letters dated February 16, 2018; February 2, 2018;
January 17, 2018; January 05, 2018; December 21, 2017, and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on HASPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING/
CARE D; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           56.19      CARE D; Issuer not cooperating

   Short Term Bank
   Facilities            3.50      CARE D; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating on March 29, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: There have been instances of delays by
the company w.r.t. its debt service obligations. The same was
attributable to tight liquidity position owing to lower than
expected cash accruals on account of subdued market condition.

Below average financial risk profile: During FY16, HASPL
registered a total operating income of INR241.64 as against the
operating income of INR264.01 crore during FY15. Although the
company's operating income has moderated by 8.47% during FY16 in
value terms but in volume terms it has actually grown The
company's PBILDT margins and PAT margins remained low and in range
of 3.75%-4.85% and 0.40%-0.75% respectively. The capital structure
remain leveraged as exhibited by overall gearing ratio of 3.34x as
on March 31, 2016.

Low profitability margins and product concentration risk: The
company undertakes conversion of scrap to TMT bars, resulting in
low profitability margins. The PBILDT margin although improved and
stood at 4.81% during FY16 as against 3.79% in FY15. The
manufacturing of a single product results in product concentration
risk.

Exposure to fluctuation in raw material prices: Raw material
consumption is the single largest cost component for the secondary
players in iron and steel industry. The same constituted 74% of
the total operating income of during FY16. However, the company
does not have backward integration for its basic raw materials
(i.e. steel scrap) and the same is purchased from traders located
in Delhi, Punjab and Gujarat.

Cyclicality of steel industry: The steel industry is sensitive to
the shifting business cycles including changes in the general
economy, interest rates and seasonal changes in the demand and
supply conditions in the market. Apart from the demand side
fluctuations, the highly capital intensive nature of steel
projects along-with the inordinate delays in the completion
hinders the responsiveness of supply side to demand movements.
This results in several steel projects bunching-up and coming on
stream simultaneously leading to demand supply mismatch.
Furthermore, the value addition in steel products like TMT bars is
also low resulting into low product differentiation in the market.
Furthermore, the producers of such steel products are essentially
price-takers in the market, which directly exposes their cash
flows and profitability to volatility in the input prices.

Key Rating Strengths

Experienced promoter group with diverse operations: The day to day
operations of HASPL are managed by its directors Mr. Ashok Raja
and Mr. S.S. Raja, who have an experience of more than a decade in
the steel industry. Mr. Ashok Raja looks after the purchase and
production functions of the company and Mr. S.S. Raja looks after
the finance function of the company.

Strong brand name and established marketing channel: HASPL sells
its products under the brand name of "Kamdhenu" which is a well
known brand in Northern India. The said brand is owned by Kamdhenu
Ispat Limited and HASPL pays a royalty for usage of brand. The
company sells its products to distributors of Kamdhenu Ispat in
Himachal Pradesh who further sell the same to their dealers in the
adjoining areas.

HASPL was incorporated by Mr Ashok Raja and his brother Mr S.S.
Raja on October 27, 2004. The company is engaged in the
manufacturing of TMT bars with an installed capacity of 88,000
Metric Tonnes Per Annum (MTPA). The company sources steel scrap
from Delhi, Gujarat and Punjab whereas it sells its finished
product viz TMT bars under the brand name of "Kamdhenu", a well
known brand for TMT bars in Northern India owned by Kamdhenu Ispat
Limited.


HIM CYLINDERS: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Him Cylinders
Limited (HCL) to monitor the rating vide e-mail communications/
letters dated February 16, 2018; February 2, 2018; January 17,
2018; January 5, 2018; December 21, 2017, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on HCL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities             18       CARE D; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating on November 24, 2017, the following
were the rating strengths and weaknesses:

Delays in debt servicing

There have been instances of delays by the company w.r.t. its debt
service obligations. The same was attributable to tight liquidity
position owing to lower than expected cash accruals on account of
subdued market condition.

Him Cylinders Ltd (HCL), incorporated on August 19, 1983 as a
private limited company, belongs to the Him Group of Companies of
New Delhi and is engaged in manufacturing of LPG Cylinders.
Subsequently, it was converted into a public limited company in
July 1999. The manufacturing facility of the company is located in
Una district of Himachal Pradesh having an installed capacity to
manufacture 15.56 lakh cylinders per annum as on March 31, 2017.
The company manufactures the products according to the clients
specifications and sells its entire output to the public sector
oil marketing companies (OMC).


HIM STEEL: CARE Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Him Steel Private
Limited (HSPL) to monitor the rating vide e-mail communications/
letters dated February 16, 2018; February 02, 2018; January 17,
2018; January 05, 2018; December 21, 2017, and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on HSPL's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING/ CARE D; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities             50       CARE D; Issuer not cooperating

   Short-term
   Bank Facilities         5       CARE D; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating on November 24, 2017, the following
were the rating strengths and weaknesses:

Delays in debt servicing: There have been on-going delays by HSPL
in servicing of its debt obligations, resulting from stressed
liquidity.

Him Steel Pvt. Ltd. (HSPL) was incorporated by Mr. Ashok Raja and
his brother Mr. S.S. Raja on May 3, 2011 for the purpose of
trading in gold, silver and precious stones etc with the name M/s.
Shree Bullion Pvt Ltd. Thereafter in FY15, the management decided
to carry on the steel business and taken over an automatic steel
plant situated at Bilaspur, Himachal Pradesh, with installed
capacity of 1,26,667 Metric Tonnes Per Annum (MTPA) in e-auction
arranged by the Allahabad Bank dated August 31, 2015 and
subsequently in September 2015, the company amended its name and
objects clause under the name and style of Him Steel Pvt. Ltd. to
carry on the business of manufacturing and sale of TMT bars and
wire rods. The total expense incurred was INR71.15 crore.

The company sources its raw material i.e. steel scrap and MS ingot
(based upon requirement) from Delhi, Gujarat and Punjab whereas it
sells its finished product viz. TMT bars under the brand name of
"Kamdhenu", a well known brand for TMT bars in Northern India
owned by Kamdhenu Ispat Limited.


HIM VALVES: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Him Valves And
Regulators Private Limited (HVRPL) to monitor the rating vide
email communications/letters dated February 16, 2018; February 2,
2018; January 17, 2018; January 5, 2018; December 21, 2017, and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requiste information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on HCL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities          18.14      CARE D; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating on November 24, 2017, the following
were the rating strengths and weaknesses:

Delays in debt servicing: There have been on-going delays by HVRPL
in servicing of its debt obligations, resulting from stressed
liquidity.

Him Valves and Regulators Private Limited (HVRPL), incorporated on
June 10, 1997, is promoted by Shri Ashok Prakash Raja and Shri
Shanti Swarup Raja. The company is engaged in manufacturing of
valves and regulators with an installed capacity of 17 lakh units
and 12 lakh units per annum respectively. The manufacturing
facility of HVR is located in Himachal Pradesh and is accredited
with ISO 9002:1994. The main raw materials used for manufacturing
are zinc alloys and brass rods which are mainly procured
domestically from local agents. The company manufactures the
products according to the client's specifications and sells its
output to the public sector oil marketing companies (OMC).


KAMAL TRADING: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kamal Trading
Corporation (KTC) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR299.3 mil.Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect KTC's modest albeit growing scale of
operations, thin EBITDA margins and modest credit metrics due to
the trading nature of business and intense competition in the
highly fragmented steel industry. Revenue grew at a CAGR of 24% to
INR2,094.8 million over FY15-FY17 (FY16: INR2,083.4 million)
driven by expansion into new geographies such as Goa, Mumbai and
Raipur, in addition to Karnataka. During 9MFY18, KTC achieved
revenue of INR1,709.4 million on the back of repeat orders from
existing customers. Ind-Ra expects revenue to improve with new
customer additions and a further expansion in its dealership
network.

The EBITDA margins ranged between 2% and 3% over FY15-FY17 (FY17:
3.2%, FY16: 2.2%). The intense competition in the steel trading
business restricts the scope for any significant margin expansion.
Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 2.7x in FY17 (FY16: 4.8x) and net leverage (net
adjusted debt/operating EBITDAR) to 2.8x (3.1x) owing to an
increase in the working capital borrowings to support the
increasing scale of operations.

The ratings are also constrained by KTC's tight liquidity position
with almost 95% utilization of the fund-based facilities over the
12 months ended February 2018. Net working capital cycle elongated
to 59 days in FY17 (FY16: 50 days) attributed to a reduction in
payables days to 8 days (17 days). The firm extends a credit
period of 30-45 days to its customers.

The ratings also factor in the firm's partnership form of the
organization.

However, the ratings benefit from KTC's diversified customer base
including steel dealers, original equipment manufacturers and
infrastructure project companies. The top 10 customers contribute
about 20% to the firm's revenue, mitigating revenue concentration
risk.

The ratings are also supported by KTC's promoters' more than five
decades of experience in the steel trading business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with an improvement in operating profitability resulting in an
improvement in credit metrics on a sustained basis will be
positive for rating.

Negative: A decline in revenue and/or profitability, leading to
deterioration in credit metrics, will result in a negative rating
action.

COMPANY PROFILE

Incorporated in 2012 as a partnership concern, KTC is primarily
involved in trading of steel products such as thermo-mechanically
treated bars, chequered plates, hot-rolled sheets, angles, joist,
as well as cement. The firm is an authorized distributor of JSW
Steel Limited ('IND AA-'/Negative) in seven districts of
Karnataka. It derives about 95% of its revenue from steel
products.


LR AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR15MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term facilities of L R Automobiles (LRA).

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

   Electronic Dealer
   Financing Scheme
   (e-DFS)               15        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations (expected to grow gradually) and exposure to intense
competition. Revenue of INR88 crore in fiscal 2017 is expected to
grow 5-10% over the medium term, backed by the extensive
experience of its partners and established relationship with
customers.

Liquidity is supported by unsecured loans of INR2.2 crore as on
March 31, 2017 from partners and sufficient net cash accrual to
service debt over the medium term. However, bank limit was
utilised at 86% over the 12 months ended January, 2017.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition: LRA operates five showrooms-
cum-workshops at Kaithal, Jind, Nirvana and Rewari (all in
Haryana). The firm holds exclusive distributorship rights for
Hyundai's vehicles in these regions, but faces competition from
other Hyundai dealers in nearby areas, such as Karnal, Ambala,
Patiala, and Kurukshetra (Punjab). Dealers for other automobile
companies also pose stiff competition. Principals too encourage
more dealerships to improve their penetration and sales, thereby
intensifying competition between dealers.

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 4.34 times as on March 31,
2017, and is expected to remain at 4 times over the medium term.
Debt protection metrics are likely to be average, with interest
coverage ratio of 1.50 times in fiscal 2017, which will remain at
1.45-1.55 times.

Strength

* Extensive experience of the partners: The firm operates as an
exclusive dealer for Hyundai in Kaithal and Jind districts, and
deals with all major passenger car models introduced in India. It
has maintained a healthy relationship with the principal since
2008, and has been recognised as one of the best performing
dealers in North India. The showroom at Kaithal is owned by the
firm, while the other five are on lease. Apart from these, the
firm also operates sales points in rural and remote areas in the
Nirvana and Rewari districts. HFMPL  has booked revenue of INR88
crore in fiscal 2017, and is expected to grow moderately at 5-10%
backed by the extensive experience of the promoters and
established relationships with customers over medium term.

Outlook: Stable

CRISIL believes LRA will continue to benefit from its established
position in the automobile dealership business and strong
relationship with Hyundai. The outlook may be revised to
'Positive' if financial risk profile improves because of more-
than-expected cash accrual. The outlook may be revised to
'Negative' if low operating margin or revenue, or large, debt-
funded capital expenditure further weakens financial risk profile.

LRA has been set up by Mr Krishan Kumar Miglani and Renuka
Miglani. The firm is an authorised dealer of Hyundai's vehicles in
Haryana.


MGM INFRA: CARE Moves 'D' Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has been seeking information from MGM Infra
Development Solution Private Limited to monitor the rating(s) vide
e-mail communications/ letters dated February 5, 2018 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. In line with the extant SEBI guidelines
CARE's rating on MGM Infra Development Solution Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     5.69       CARE D; Issuer not cooperating,
   Facilities                    Based on best available
                                 information

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

The ratings take into account ongoing delays in debt servicing.
Detailed description of the key rating drivers At the time of last
rating in January 20, 2017 the following were the rating
weaknesses (Updated for the information available from Ministry of
Corporate Affairs):

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in debt
servicing on account of weak liquidity position as the
company is unable to generate sufficient funds in a time manner.

MGM, incorporated in 2009, is a private limited company being
managed by Mr. Gurpreet Singh and Mr. Manpreet Singh. The company
is setting up a unit to manufacture concrete blocks, bricks,
pavers etc at Roopnagar, Punjab. The commercial operations
commenced from December, 2015 with substantial completion of
project. The main raw materials required by the company include
fly ash, cement and ash. The fly ash is mainly procured from Ropar
Thermal Power Plant of PSPCL. The final products are sold to
builders and developers situated in Punjab. The commercial
operations were expected to commence from May 2015, however, the
same commenced from December 2015 due to time overrun.


NARMADA AGROBASE: Ind-Ra Assigns BB- Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Narmada Agrobase
Private Limited (NAPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR2.32 mil.Long-term loan due on March 2019 assigned with
    IND BB-/Stable rating; and

-- INR60 mil.Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect NAPL's modest scale of operations and volatile
profitability margins because of the company's presence in the
highly fragmented and competitive cotton seed de-linters and
cattle feed business, raw material price fluctuations due to the
seasonal nature of availability of cotton seeds and changes in the
government policies.. Revenues grew at a CAGR of 101.33% during
FY14-FY17. Revenue was INR344 million (307 million). The company
has achieved INR200 million (provisional) during 7MFY18. EBITDA
margin was in the range of 3.8%-5.7% during FY14-FY17. The margin
improved to 4.2% in FY17 (FY16: 3.8%, FY15: 3.8%) on account of
lower variable expenses.

Moreover, NAPL's interest coverage (operating EBITDA/gross
interest expense) was low at 1.9x in FY17 (FY16: 1.7x) and net
financial leverage (adjusted net debt/operating EBITDA) was high
at 7.1x (6.6x). The weak metrics are the result of high debt
levels. The deterioration in net leverage in FY17 was mainly due
to the higher use of the fund-based limits. However, Ind-Ra
expects an improvement in NAPL's credit metrics, as the management
expects to convert the unsecured loans of INR36 million raised in
FY17 into equity in FY18.

NAPL's liquidity position is tight with its average utilization of
the fund-based working capital facilities being 98.5% over the 12
months ended February 2018.

The ratings however are supported by the company's promoters over
10 years of experience in manufacturing cattle feeds and de-
linters.

RATING SENSITIVITIES

Positive: An improvement in the top line and profitability and
thus credit metrics on a sustained basis could be positive for the
ratings.

Negative: Any decline in revenues and profitability or any further
stress in the liquidity leading to the inability to improve the
credit metrics could lead to a negative rating action.

COMPANY PROFILE

NAPL manufactures de-linted cotton seed and cattle feed. Linters
are the by-products. The company was converted into a private
limited from a partnership firm in 2013. The company is promoted
by Mr. Suresh Chandra Gupta, and Mr. Neeraj Agrawalalong. The
company has a total installed production capacity of 36,000 metric
tons per annum and utilizes 75% of its total capacity.


RAJ NATURAL: CRISIL Assigns 'B' Rating to INR3MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Raj Natural Food Pvt Ltd.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Term Loan             1        CRISIL B/Stable (Assigned)
   Cash Credit           3        CRISIL B/Stable (Assigned)
   Foreign Bill
   Negotiation           3        CRISIL A4 (Assigned)

The ratings reflect the company's nascent stage of operations and
leveraged capital structure. These weaknesses are partially offset
by the extensive experience of its promoters in the agro
commodities industry.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stages of operations: Since operations began from
October 2017, demand and ramp up in operations remain key rating
sensitivity factors.

* Leveraged capital structure: With gearing of more than 2 times,
capital structure remains leveraged. Gearing remains high account
of low networth which is expected to improve with gradual
accretion to reserves. Due to low value addition and trading
nature of business margins are expected to remain low at 3-5%.
Accordingly, networth of the company is expected to remain low at
1.5-2.00 Cr in the medium term.

Strength

* Extensive experience of promoters: Presence of more than a
decade in the agro commodities segment has enabled the promoters
to procure raw materials at competitive prices and establish
strong relationship with customers.

Outlook: Stable

CRISIL believes RNFPL will benefit over the medium term from the
extensive experience of its promoters in the agro commodities
industry. The outlook may be revised to 'Positive' if higher-than-
expected sales and profitability leads to better cash accrual. The
outlook may be revised to 'Negative' if substantially low
profitability further weakens financial risk profile, especially
liquidity.

Incorporated in 2014 and promoted by Mr. Bharatkumar Jagdish Patel
and Mr. Manish Kantilal Patel, RNFPL manufactures soybean oil and
soybean cake at its plant in Unjha, Gujarat. Operations of the
company commenced in October 2017.


RATTANINDIA NASIK: CARE Reaffirms D Rating on INR4,240cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
RattanIndia Nasik Power Limited (RNPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
  Facilities           4,240.00     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RNPL takes into
consideration the continued delays in servicing of its debt
obligations.  Going forward, the ability of the company to improve
its liquidity position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays: There are ongoing delays in repayment of RNPL's
debt obligations to the financial institutions and banks on
account of stretched liquidity position.

Delay in Project implementation: Owing to delays in project
execution primarily on account of non-sequential Boiler Turbine
Generator (BTG) supplies and slow resource deployment by the civil
contractor, there has been an increase in the project cost leading
to delays in the project implementation schedule.

Key Rating Strengths

Experienced Promoters: RNPL is promoted by Mr. Rajiv Rattan. Mr.
Rattan, an electrical engineer from IIT Delhi, has more than 15
years of experience in the field of financial services, real
estate, and power and infrastructure sector. Post restructuring of
Indiabulls Group, he has taken charge of RattanIndia Power group
as Chairman.

Incorporated in January 2007 as a Special Purpose Vehicle (SPV),
RattanIndia Nasik Power Limited (RNPL) formerly known as
Indiabulls Realtech Limited (IRL); is a wholly-owned subsidiary of
RattanIndia Power Limited (RPL; rated CARE D and Withdrawn) to
develop two thermal power plants (TPPs) each with capacity of
1,350 MW (5 units of 270MW) in Nashik district, Maharashtra named
as Nashik Power Project-I (NPP-I) and Nashik Power Project-II
(NPP-II).


RL CONSTRUCTION: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed R L
Construction's (RLC) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are given
below:

-- INR80 mil. (increased from INR60 mil.)Fund-based limits
    affirmed with IND BB/Stable rating;

-- INR130 mil. (increased from INR80 mil.)Non-fund-based limits
    affirmed with IND A4+ rating; and

-- INR35 mil.Proposed fund-based limits withdrawn (the company
    did not proceed with the instrument as envisaged) and the
    rating is withdrawn.

KEY RATING DRIVERS

The affirmation reflects RLC's continued modest scale of
operations and business concentration as the company carries out
construction activities primarily in and around Northeast India.
Net revenue grew to INR844 million in FY17 (FY16: INR689 million)
owing to higher order execution. As of January 2018, the firm had
an order book of INR133.82 million (1.58x of FY17 revenue).

The ratings are also constrained by RLC's tight liquidity position
as reflected by 96% average use of its working capital limits
during the 12 months ended February 2018.

The ratings continue to factor in the firm's partnership nature of
the business.

However, the ratings continue to be supported by RLC's strong
credit metrics. Interest coverage (operating EBITDA/gross interest
expense) improved to 5.3x in FY17 (FY16: 4.8x) and net financial
leverage (total adjusted net debt/operating EBITDA) to 0.7x (1.3x)
due to an increase in EBITDA margin to 7.2% (6.2%). The
improvement in the margin was attributed to execution of high
margin orders.

The ratings also continue to benefit from the promoters'
experience of over two decades in the construction business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations along with
maintenance of the credit metrics, or a change in the
organizational constitution, will be positive for the ratings.

Negative: Any deterioration in the operating profitability along
with the credit metrics will be negative for the ratings.
COMPANY PROFILE

Assam-based RLC executes earthwork and construction work for north
eastern railway. The firm is managed by Gouranga Paul and Mukul
Paul.


S C ENTERPRISES: CARE Lowers Rating on INR5cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S C Enterprises, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term Bank      5.00      CARE D; Issuer Not Cooperating;
   Facilities                    Revised from CARE B+; based on
                                 best available information

CARE has been seeking information from S C Enterprises, to monitor
the rating(s) vide e-mail communications/ letters dated
February 14, 2018, February 10, 2018, February 7, 2018,
January 23, 2018 etc. and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In-line with the
SEBI guidelines, CARE has reviewed the rating on the basis of
publicly available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The ratings of S C
Enterprises will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of ongoing delays in
meeting the debt obligations.

Haryana-based S C Enterprises was established in 1995 as a
proprietorship entity by Mr Subhash Chand. The firm is engaged in
trading of textile products viz. Fabrics of ladies and gents
suits, mattress cover, blankets, sofa covers, slip covers, cushion
covers etc. SCE sales its products to retailers mainly located in
Delhi, Gurgaon and Faridabad. SCE procure the traded products
directly from manufacturing industries located in Delhi through
various dealers.


SIMBHAOLI SUGARS: CRISIL Reaffirms D Rating on INR308.75MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Simbhaoli Sugars
Limited (SSL) continue to reflect instances of delay by the
company in meeting its debt obligations. SSL's financial risk
profile is weak because of a highly leveraged capital structure
and weak debt protection metrics. Also, the company is exposed to
regulatory risks and cyclicality in the sugar industry. However,
it has an established market position in the sugar industry.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit           308.75       CRISIL D (Reaffirmed)

   Letter of credit
   & Bank Guarantee       83.50       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    129.32       CRISIL D (Reaffirmed)

   Term Loan             222.06       CRISIL D (Reaffirmed)

   Working Capital
   Term Loan              49.99       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

*Weak Financial risk profile: Sharp decline in sugar prices and
high interest costs have led to substantial deterioration in
financial risk profile in the past few years resulting in cash
losses. Accumulated losses have been INR235 crores as on
March 31, 2017. Large debt funded capital expenditure incurred to
setup distillery and cogeneration facilities led to highly
leveraged capital structure with gearing of 4.92 times as on March
31,2017. High debt level resulted in weak debt protection metrics
with low interest coverage and net cash accruals to total debt
ratios.

*Exposure to regulatory risk and cyclical demand in sugar industry
The sugar industry is susceptible to movements in sugar prices
which results in volatile profitability. Regulatory mechanisms and
dependence on monsoons have also rendered the sugar industry
cyclical. The government regulates the domestic demand-supply
through restrictions on imports and exports. While the input
prices are driven by the government, sugar prices are volatile and
based on open market prices which are dependent on the production
levels. High regulatory risks and cyclical demand in the sugar
industry will continue to constrain SSL's business risk profile.

Strengths

*Established market position: SSL's plants are integrated sugar
complexes comprising cogeneration and distillery along with sugar
mills to ensure value addition through by products. SSL has a
crushing capacity of 20,100 tonnes along with a cogeneration
capacity of 100 MW. SSL has three sugar plants, one each in
Simbhaoli and Brijnathpur in western Uttar Pradesh, and in
Chilwaria in eastern Uttar Pradesh In fiscal 2017, the company had
revenue of INR1,191 crores and for the 9 months ended December 31,
2017, SSL had revenues of INR620 crores.

CRISIL has also noted the recent development of Central Bureau of
Investigation (CBI) registering Rs109 crores loan default case
against the CMD of SSL and will continue to monitor any
developments in this regard.

SSL (formerly, The Simbhaoli Sugar Mills Ltd) was originally
established as a partnership firm in 1933 in Simbhaoli, Uttar
Pradesh; the firm was reconstituted as a private limited company
in 1936 and then as a public limited company with the current name
in 1989.In 1992, SSL acquired a distillery and transformed its
Simbhaoli sugar plant into a sugar complex. The company now has an
integrated sugar unit and operates under the sugar-alcohol-power
business model. It is among the top 10 integrated sugar companies
in India.

SSL has three sugar plants, one each in Simbhaoli and Brijnathpur
in western Uttar Pradesh, and in Chilwaria in eastern Uttar
Pradesh; the company has a combined crushing capacity of 20,100
tonnes of sugarcane per day. It produces a range of sugar
products, such as white crystal refined sugar, pharmaceutical-
grade sugar, superfine sugar, sugar cubes, icing sugar, table
sugar, candy sugar, and sugar sachets. SSL hived off its power and
alcohol division into two wholly owned subsidiaries, Simbhaoli
Power Ltd and Simbhaoli Spirits Ltd, in 2012. In November 2015,
SSL was merged into Simbhaoli Spirits Ltd. (w.e.f. April 01, 2015)
and the newly formed entity was named SSL.

SSL had a net loss of INR58.8 crores on net sales of INR1,191
crores for 2016-17 (refers to financial year, April 1 to March
31), as against a net loss of INR111.98 crores on net sales of
INR1124.1 crores for 2015-16. On a standalone basis, for the 9
months ended December 31, 2017, SSL had a net loss of INR32.55
crores on net sales of INR606.3 crores as against a net loss of
INR147.4 crores on net sales of INR620.97 crores for the same
period in fiscal 2016.


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

-- INR500 mil. Fund-based limit migrated to Non-Cooperating
    Category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR550 mil.Non-fund-based limits Migrated to Non-Cooperating
    Category with IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR146.4 mil. Term loan due on February 2020-April 2021
    migrated to Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
September 26, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SCL was established in 1970 and was reconstituted as a private
limited company in 1980. In 1993, the company SCL became a public
limited company and got listed on the Bombay Stock Exchange. SCL
manufactures iron and steel casting products, which are used in
various industries such as railways, steel and defense.


SINGH CYCLE: CRISIL Lowers Rating on INR10MM Loan to D
------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Singh Cycle And Motor Co. Private Limited (SCMCPL) to
'CRISIL D' from 'CRISIL B+/Stable.  The downgrade indicates recent
instances of delay in debt obligations.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            1         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Drop Line              5         CRISIL D (Downgraded from
   Overdraft Facility               'CRISIL B+/Stable')

   Inventory Funding     10         CRISIL D (Downgraded from
   Facility                         'CRISIL B+/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: SCMCPL has below average
financial risk profile marked by below average capital structure
(gearing of -5.68 times as on March 2017) and below average debt
protection metrics (interest coverage ratio and NCATD ratio of -
0.1 times and -0.14 times respectively as on March 2017.)

Strength

* Promoter's extensive experience in industry: the company
benefits from extensive experience of promoters of over 5 decades
in automobile industry.

Established market position of Hyundai Motor India Ltd (HMIL;rated
'CRISIL A1+'): HMIL is the one of the largest car manufacturer in
India with a diverse product portfolio and a strong distribution
network. Benefits of association with HMIL will continue to
support the business risk profile over the medium term.

SCMCPL was incorporated in fiscal 2013, promoted by Mr P S Bedi
and family. The company is the authorized dealer for HMIL's
passenger cars in Pune, Maharashtra. It commenced operations in
January 2016 and currently has one showroom and two workshops in
Pune.


SHLOGAM AGRO: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings moved ratings on certain bank facilities of
Trancity Finance Limited (TFL), to not cooperating category, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Short-term Bank     30.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
   (fund based)                   information

Detailed Rationale & Key Rating Drivers

Shlogam Agro Private Limited has not paid the surveillance fees
for the rating exercise agreed to in its Rating Agreement. In line
with the extant SEBI guidelines, CARE's rating on Shlogam Agro
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.  The rating factors in the delays in servicing of
debt obligation owing to liquidity constraint in the company.

Detailed description of the key rating drivers

Delay in debt servicing: Due to liquidity constraint in the
company, there is on-going overdrawals in fund based limits.

Shlogam Agro Private Limited (SAPL), incorporated in May 2008 is a
closely held family business engaged in trading of rice, millet,
maize, groundnut meal, soya bean meal, millet, barley and chick
peas among other agro commodities since inception. SAPL is managed
by Mr. Rahul Bakliwal and Mr. Nikhil Bakliwal. The company is non-
operational since April 2017.


SHRI LAXMI: CARE Removes B+ Rating From Not Cooperating Category
----------------------------------------------------------------
CARE Ratings moved ratings on certain bank facilities of
Shri Laxmi Narayan Real Ispat Private Limited (SLNRI), from not
cooperating category, as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       10.00      CARE B+; Stable Revised from
   Facilities                      CARE B+; Stable; Issuer Not
                                   Cooperating

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Shri Laxmi Narayan
Real Ispat Private Limited (SLNRI) is constrained by its small
scale of operations with low profitability margin, lack of
backward integration vis-a-vis volatility in raw material prices,
working capital intensive nature of operation, moderate capital
structure with moderate debt coverage indicators and presence in
an highly competitive and fragmented industry. The rating,
however, derives strength from extensive experience of the
promoters and its close proximity to raw material sources. Going
forward, the ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margin: The scale
of operations of the company remained small marked by total
operating income of INR41.47 crore (Rs.42.22 crore in FY16) with a
PAT of INR0.04 crore (Rs.0.26 crore in FY16) in FY17. Furthermore,
the profitability margins of the company also remained low marked
by PBILDT margin of 2.68% (2.46% in FY16) and PAT margins of 0.10%
(0.61% in FY16) in FY17.

Lack of backward integration vis-a-vis volatility in raw material
prices: Since, the raw material is the major cost driver (92.12%
of total costs during FY17) and its prices are volatile in nature,
the profitability margin of the company is susceptible to
fluctuation in raw material prices.

Working capital intensive nature of operation: SLNRI's business,
being manufacturing of MS channels and angles, is working capital
intensive marked by moderately high average inventory period due
to slow movement of finished goods on account of lower demand. The
aforesaid reason led to high utilization of its bank limit at
around 98% during the last 12 months ended on January 31, 2018.

Moderate capital structure and moderate debt coverage indicators:
The capital structure of the company remained moderate owing to
its working capital intensive nature of operations resulting in
higher dependence on bank borrowings. The overall gearing ratio
stood at 1.31x as on March 31, 2017. The debt coverage indicators
remained moderate marked by interest coverage of 1.57x and total
debt to GCA of 16.28x in FY17.

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

Key Rating Strengths:

Extensive experience of the promoters: SLNRI is managed by Mr.
Daya Lal Patel (Director) supported with other director Mr.
Ratanshi Bhai Patel. Both the promoters have around two decades of
experience in the iron and steel industry.

Proximity to raw material sources: SLNRI plant is located at
Raipur in Chhattisgarh, which is in proximity to the steel and
mining areas of Odisha, West Bengal and Jharkhand. Hence, its
presence in the steel and mining region results in benefits
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices

SLNRI was incorporated in January 2010 by Mr. Daya Lal Patel and
Mr. Ratanshi Bhai Patel of Raipur to initiate an iron and steel
product manufacturing business. SLNRI setup its manufacturing
facility at Tendua in Raipur with an installed capacity of 25,000
MTPA. The company manufactures mild steel (MS) angles and
channels.


SRI VARALAKSHMI: CRISIL Removes B Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated
the rating on the long-term bank facilities of Sri Varalakshmi
Solvent Oils Private Limited (SVSOPL) to 'CRISIL B/Stable Issuer
Not Cooperating'. However, management subsequently started sharing
information necessary for carrying out a comprehensive review of
the rating. Consequently, CRISIL is migrating the rating from
'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable' Issuer Not
                                   Cooperating)

   Proposed Long Term     2        CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable' Issuer Not
                                   Cooperating)

The rating reflects SVSOPL's small scale and working capital-
intensive operations, exposure to intense competition, and below-
average financial risk profile because of small networth, high
gearing and weak debt protection metrics. These weaknesses are
partially offset by promoters' extensive experience in the edible
oil industry.

Key Rating Drivers & Detailed Description

Weaknesse

* Small scale of operations: Revenue of around INR36.8 crore in
fiscal 2017 and expected flat sales in fiscal 2018 reflect the
company's modest scale. This restricts benefits from economies of
scale and lowers bargaining power against customers and suppliers.

* Below-average financial risk profile: Networth was small at
INR4.8 crore as on March 31, 2017, leading to a moderate gearing
of 1.40 times. Debt protection metrics were muted, with net cash
accrual to total debt and interest coverage ratios of 0.05 time
and 1.60 times, respectively, for fiscal 2017. Financial risk
profile is expected to remain subdued over the medium term.

* Working capital-intensive operations: Gross current assets were
151 days as on March 31, 2017, because of sizeable inventory of 99
days and receivables of 37 days. Operations will remain working
capital-intensive over the medium term.

* Exposure to intense competition: The edible oil industry is
highly fragmented as it is a low-margin business with limited
value addition.

Strength

* Extensive experience of promoters: Presence of nearly five
decades in the agricultural industry has enabled the promoters to
gain local market dynamics and establish strong relationship with
rice mills in the vicinity.

Outlook: Stable

CRISIL believes SVSOPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a substantial and sustained
improvement in revenue, while maintaining profitability margins;
or if working capital management improves. The outlook may be
revised to 'Negative' in case of a steep decline in profitability
margins, or significant deterioration in capital structure on
account of sizeable working capital requirement or debt-funded
capital expenditure.

Incorporated in 2010 and promoted by Mr Visweswara Rao and family,
SVSOPL manufactures rice bran oil at its plant in Kotabammali,
Andhra Pradesh. Commercial operations began from January 2012.

Profit after tax was INR(0.23) crore on revenue of INR36.88 crore
in fiscal 2017, against INR0.12 crore and INR24.62 crore,
respectively, in fiscal 2016.


SRI SHREESHA: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank facilities of Sri Shreesha Rice Industries (SSRI).

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

   Long Term Loan        2.79     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.21     CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                1        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's weak financial risk
profile, marked by modest networth, high gearing, small scale, and
working-capital-intensive operations. This weakness is partially
offset by the extensive experience of the partners in the rice
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and intense competition in the rice
milling industry: Scale of operations is modest, as reflected in
revenue of around INR49 crore in fiscal 2017. Milling capacity is
small at six tonne per hour. Furthermore, low pricing flexibility,
as compared to large companies, and intense competition in the
rice milling industry in Karnataka constrains profitability.

* Working-capital-intensive nature of operations: The rice
industry is working capital intensive in nature as operations
involve maintenance of high inventory. Because paddy is a seasonal
crop, most of the procurement is done during the peak Kharif
(December to February) and Rabi (July to September) seasons.

* Weak financial risk profile: Financial risk profile is weak, as
reflected in small networth of around INR2 crore and high gearing
of around 5 times as on March 31, 2017. Debt protection metrics
are average, with interest coverage and net cash accrual to total
debt ratios at 1.7 times and 0.06 time, respectively, in fiscal
2017.

Strength

* Longstanding experience of the partners: Although SSRI's track
record is limited, benefits from the partners' extensive
experience should continue to support business risk profile. Mr K
Nanjunda Prasad (partner), specifically, has experience of around
a decade in the agriculture industry'he used to trade in rice
earlier.

Outlook: Stable

CRISIL believes SSRI will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' if substantial and sustained improvement in
revenue and profitability strengthens cash accrual and financial
risk profile. The outlook may be revised to 'Negative' if a
stretch in working capital cycle or decline in accrual weakens
financial risk profile.

Set up in 2011 and promoted by Mr. K Nanjunda Prasad and his wife,
Ms. N P Sumarani, SSRI mills and processes paddy into rice
(regular and broken) and rice bran. The mill is in Tumkur district
in Karnataka.


STARWING PLASTIC: CRISIL Withdraws B Rating on INR4MM Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Starwing
Plastic and Chemicals Private Limited (SPCPL) for obtaining
information through letters and emails dated March 24, 2017, and
April 11, 2017, 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 Withdrawal)

   Letter of Credit      11       CRISIL A4 (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 they are arrived at without any management
interaction and are 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 SPCPL. This restricts CRISIL's
ability to take a forward SPCPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of SPCPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of SPCPL
on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

SPCPL trades in polymers and chemicals and commenced commercial
operations in September 2013. Operations are managed by Mr. Karan
Dube.


TERRA INFRA: CARE Reaffirms B- LT Rating on INR9.28cr Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Terra Infra Development Limited (TIDL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term/Short-      9.28       CARE B-; Stable/CARE A4
   term Bank                        Reaffirmed
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TIDL continue to be
constrained by small scale of operations of the company as
Engineering, Procurement and Construction (EPC) contractor, fixed-
price and fixed time nature of the EPC contracts and continued
dependence on subcontracting activities owing to small fixed asset
base.

The ratings also factor in the stretched liquidity position on
account of delay in receipt of payment for the two major projects
executed in the past, lack of revenue visibility in absence of any
new projects being awarded and weak debt coverage indicators.

The ratings, however, derive strength from the affiliation of TIDL
with the diversified Jayaswal Neco group (NECO group) having
presence in sectors like iron, steel, power and metals and mining
along with the Government of India's policy focus on
infrastructure development especially roads.

TIDL's ability to timely realize blocked funds and secure new
contracts thus increasing its scale of operations along with
improvement in profitability and liquidity position with efficient
working capital management are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with losses incurred during past 2
years: The scale of operations of TIDL has remained low on account
of limited projects executed in the past. Further, lack of order
execution in FY17 (refers to the period April 1 to March 31) led
to losses in FY16 and FY17. Moreover, lower asset base of TIDL has
led to increase in hire charges with most of the work was being
subcontracted. Owing to losses, debt coverage indicators remained
weak, albeit the borrowings remained mainly in the form of loans
from related parties.

Weak liquidity position: The working capital cycle of the company
also remained stretched on account of delay in receipt of payment
for the two major projects executed in the past. On account of the
same the creditors payments were also delayed by the company.

Lack of revenue visibility: The revenue visibility is weak as the
company has not won any new orders and also there were delays in
execution of ongoing contracts due to non-clearance and delay in
the payments from government organizations.

Key Rating Strengths

Strong presence of group in different sectors: TIDL is affiliated
with the diversified Jayaswal Neco group (NECO group) having
presence in sectors like iron, steel, power, metals and mining.
Further, the government's policy focus on infrastructure
development especially roads has given boost to infrastructure
sector.

TIDL is a company promoted by Jayaswal Neco group for
infrastructure development. TIDL was incorporated in 1991 as
Siltra Energy Pvt Ltd, and later was reconstituted as TIDL (public
limited) to explore the business opportunities in the
infrastructure sector and execute infrastructure projects for the
NECO group on Engineering, Procurement and Construction (EPC)
basis. TIDL won orders for two projects viz. Cyberabad Expressways
Limited (CEL) in June 2009 and Pondicherry Tindivanum Tollway
Limited (PTTL) in June 2009.


TRANCITY FINANCE: CARE Reaffirms B+(FD) Rating on INR1.47cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Trancity Finance Limited (TFL), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fixed Deposit
   Programme          1.47        CARE B+ (FD); Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the fixed deposit programme of TFL
continues to be constrained by small scale of operations
concentrated in a limited geographical area, weakening asset
quality indicators and concentrated resource profile. The rating,
however, favourably takes into account the long track record of
operations, comfortable capital adequacy levels and improvement in
profitability on account increased income levels. Going forward,
the ability of the company to diversify its resource profile to
scale up their operations, improving assets quality indicators and
maintaining capital adequacy levels would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and geographically concentrated loan
portfolio: The company's loan portfolio as on March 31, 2017 was
INR7.4 crore as against INR6.8 crore as on March 31, 2016.The loan
portfolio as on December 31, 2017 was INR7.1 crore and the small
size is attributable to single location operations of the company.
The company operates with single branch in Namakkal and the loan
portfolio was concentrated with HP loans, Business loans and Loan
against property to small extent. As on December 31, 2017, the HP
loans constituted around 34%, business loans by 60% and remaining
Loan against property. Since the company is not intended to expand
their business in other regions, the scale of operations are
expected to remain under same level going forward.

Weakening asset quality indicators: The asset quality of TFL
remained weak and deteriorated further during FY17 with gross NPA
of 19.97% and Net NPA of 14.59% as on March 31, 2017 as against
11.18% and 5.33% respectively as on March 31, 2016. The gross NPA
and Net NPA as on December 31, 2017 was 17.11% and 13.00%
respectively. During FY17 and 9MFY18, the company increased
lending towards new two-wheeler loans and shorter tenure working
capital loans which have lower NPA levels compared with commercial
vehicle lending. In used CV lending, the company generally lends
to transport operators / driver cum owners in and around Namakkal
district whose performance was impacted by slowdown in domestic
economic conditions and trade in the region. However, the company
has not written down any NPAs till date and has taken increased
efforts towards collection of over dues and reduce NPA levels over
the medium term.

Concentrated resource profile: Resource profile of TFL comprises
of fixed deposits with maturity between 1-5 years, and share
capital. The entire borrowings as on March 31, 2017 comprises of
fixed deposits which form 18% (PY: 24%) of total liabilities. The
Company's FD outstanding was reduced to INR 1.5 crore as on
March 31, 2017 from INR2 crore as on March 31, 2016 and further to
INR0.57 crore as on December 31, 2017. With further reduction in
the FD limits expected going forward, the company would have to
depend entirely on net owned fund. The company does not have any
bank line of credit as on December 31, 2017.

Key Rating Strengths

Long track record of operations: TFL was incorporated in the year
1996 promoted by a group of friends from Namakkal headed by Mr.
Murugesan, current Managing Director (MD) of TFL. The MD has been
in the business for more than 25 years and takes care of day to
day operations. The company intends to provide HP loans to CV
operators who are based out of Nammakal district, Tamil Nadu. The
company operates with single branch in Namakkal where all the
business and deposits undertaking are being done all these years.

Improvement in profitability on account of increased income
levels: The company's income level improved with interest income
of INR1.5 crore in FY17 as against INR0.9 crore in FY16 and
correspondingly the interest yield improved from 15.44% in FY16 to
19.8% in FY17 due to higher contribution of income from business
loans which has higher yield of around 30%. NIM improved to 15.9%
in FY17 as against 10.9% in FY16 and ROA improved to 8.3% in FY17
from 3.4% in FY16. The company reported PAT of INR0.7 crore during
FY17 as against 0.4 crore during FY16. The company reported PAT of
INR 0.4 crore during 9MFY18.

Healthy Capital Adequacy levels: The company's total capital
adequacy profile improved with accumulation of net owned funds due
to higher cash accruals on account of improvement in the
profitability profile and reduction in the FD limits during FY17.
The company's total CAR and Tier I CAR was at 80.61% and 80.35%
respectively as on March 31, 2017 as against 76.75% and 76.49% as
on March 31, 2016. The CAR and Tier I CAR improved further to
84.77% and 84.51% respectively as on December 31, 2017.

TFL is incorporated as a deposit taking Non-Banking Finance
Company (NBFC) in the year 1996 under the name of 'Trancity
Finance and Leasing Limited (TFLL)' which was renamed into TFL
effective March 14, 2016. The company was promoted by a group of
friends from Namakkal headed by Mr. Murugesan. TFL's main area of
focus is Short term business loans, Hire Purchase (HP) finance for
used commercial vehicles (CV), 2W and passenger cars and loan
against property.  Business loan contributed 50% (PY: 53%) and HP
loans form 42% (PY: 41%) of the loan portfolio as on March 31,
2017. The company operates from single branch based out of
Namakkal.


TRIVENI KRIPA: CRISIL Assigns B+ Rating to INR20MM LT Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term facility of Triveni Kripa Enterprises Limited Liability
Partnership (TKELLP).

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Long Term Loan         20        CRISIL B+/Stable (Assigned)

The rating reflects TKELLP's high implementation risk and low
saleability of its Golden Leaf project. These weaknesses are
partially offset by the extensive experience of its partners in
the real estate business and their funding support.

Analytical Approach

For arriving at the rating, CRISIL has used the rating criteria
for real estate special-purpose vehicles, as TKELLP has been
created only to execute the Golden Leaf project.

Key Rating Drivers & Detailed Description

Weaknesses:

* Project implementation risk: Golden Leaf is a project being
developed at Tonk road, Jaipur, Rajasthan with a mix of commercial
and residential units. Construction commenced in July 2017 and its
progress as of February 2018 stands modest at 18%. Consequently,
the project remains exposed to risks related to time and cost
overruns.

* Low saleability of the project: Saleability of the project has
been very low till date. Of the total project cost of INR70 crore,
INR34 crore is towards land which has been funded from unsecured
loans from partners, while the balance cost is to be funded from
customer advances (around INR15 crore) and term loan (Rs 20
crore). With low saleability, customer advances have also been
modest. Although principal repayment of the term loan is back
ended starting July 2019, interest servicing has already begun
from August 2017. Adequacy of cash flow will be critical to ensure
timely debt servicing, and hence, steady sales and collections
will be critical.

Strength:

* Healthy experience of the partners and their funding support:
Benefits from the partners' more than three decades of experience
is expected to help project execution and support sales in the
medium term. Over the years, the group has developed seven
residential real estate projects with a saleable area of 30.70
lakh sq ft. Further, the partners are also in the process of
developing 7-8 residential projects with a saleable area of around
16 lakh sq ft.

Also, the partners funded the Golden Leaf project in the form
equity and secured loans towards purchasing the land for the
project. Funding support provided till September 2017 was INR34.09
crore. Need-based funding support is expected to continue,
whenever necessary.

Outlook: Stable

CRISIL believes TKELLP will continue to benefit from the extensive
experience of its partners and expected support in need. The
outlook may be revised to 'Positive' if higher-than-expected
construction progress and sales strengthen debt protection
metrics. The outlook may be revised to 'Negative' in case of time
or cost overruns, or low sales or outflow of funds.

TKELLP was set up in 2011 by Triveni group to construct and
develop the Golden Leaf project at Tonk road in Jaipur. The
project is being developed as a mix of commercial and residential
units with a total saleable area of 1.4 lakh sq ft, at a cost of
INR70 crore. Total built-up area of the project is 1.85 lakh sq
ft.

TKELLP is promoted by the partners of Triveni group with Mr Ram
Chandra Agarwal and his son Mr. Vipul Agarwal looking after all
the construction and finance related activities of the project.

Triveni group has been in real estate development in Jaipur since
last 35 years. The group was started by Mr. Badri Narain Agarwal
who has developed many townships in Jaipur including Apollo
Society, one of the oldest societies in the city. In 1987, Mr. Ram
Chandra Agarwal, son of Mr. Badri Narain Agarwal joined the
business and has helped the group develop various residential and
commercial projects. Mr. Ram Chandra Agarwal manages the business
currently.


TURBO ENGINEERS: CRISIL Lowers Rating on INR3.8MM Loan to B+
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Turbo Engineers (Cbe) (Turbo) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         4        CRISIL A4 (Downgraded from
                                   'CRISIL A4+')

   Cash Credit            3.8      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

   Term Loan              0.2      CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB-/Stable')

The downgrade reflects weakening of Turbo's business risk profile,
marked by a decline in revenue and increased working capital
requirement. Revenue dropped to INR8 crore in fiscal 2017 from
INR12 crore in fiscal 2016 due to weaker demand scenario. Gross
current asset increased to 337 as on March 31, 2017, from 225 days
a year ago. Further, the significant withdrawal in fiscal 2017
constrained the net worth and financial risk profile.

The ratings also reflect modest scale of operations and a large
working capital requirement. However, these weaknesses are
partially offset by the experience of the promoter in the wear
management solution industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The scale of operations has been
modest, with revenue of INR8 crore in fiscal 2017. As the business
is tender based, a decline in the orders from regular customers
may weaken the topline.

* Large working capital requirement: Turbo has large working
capital requirement as reflected by Gross current asset (GCA) days
were 337 as on March 31, 2017, due to huge inventory and stretched
trade receivable of 122 and 109 days respectively.

Strength:

* Experience of promoter: Benefits derived from the promoter's
experience of over two decades in the industry. The partners' long
track record in the industry has enabled them to establish healthy
relationships with customers and suppliers, should continue to
support the business.

Outlook: Stable

CRISIL believes Turbo will continue to benefit over the medium
term from the experience of the promoter. The outlook may be
revised to 'Positive' if a significant increase in revenue and
profitability along with prudent working capital management
strengthen the capital structure. Conversely, the outlook may be
revised to 'Negative' if a decline in sales or profitability, a
sizeable debt-funded capacity expansion plans, and incremental
working capital requirement weakens the capital structure and
liquidity.

Turbo, set up in 1992 at Coimbatore (Tamil Nadu), provides wear
management solutions such as alumina ceramic lined products, cast
basalt-lined products, and conveyor systems to various industries.
The operations are managed by Mr S Sudhakar.


UNICCA EMPORIS: CRISIL Assigns B+ Rating to INR40MM LT Loan
-----------------------------------------------------------
CRISL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Unicca Emporis Private Limited (UEPL). The
ratings reflect exposure to risks relating to cyclicality in
Indian real estate industry and economic cycles. These weakness
are partially offset by extensive experience in residential real-
estate construction.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       40       CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks relating to cyclicality in Indian real estate
industry and economic cycles: The real estate sector in India is
fragmented and dominated by a few regional players; also, the
industry is inherently cyclical. Demand was largely impacted by
insecurity regarding earnings of individuals with the economy
facing high retrenchment levels. Customers' anticipation of
further correction in real estate prices was a key reason for low
demand in the market. The government has undertaken steps to
stimulate demand with differential interest rates and priority
sector status for low-value loans and reduction in excise duty on
major inputs such as steel and cement.

Strengths

* Extensive experience in residential real-estate construction:
UEPL is promoted by Mehul Shah, Sanjay Chaudhary and Narendra
Tiwari. The promoter of UEPL has track record of over 10-15 years
in real estate construction.

Outlook: Stable

CRISIL believes that UEPL will benefit over the medium term from
its promoters extensive experience in the real estate industry.
The outlook may be revised to 'Positive' if the company exhibits
significant progress in bookings and flow of advances for the
project. Conversely, the outlook may be revised to 'Negative' in
case of large than expected debt funding of the project or lower-
than-expected consumer interest in the projects.

UEPLis presently developing a project 'Unicca Emporis'. The
project comprise of 214 luxury apartments along with club & other
facilities and a commercial tower over 3.6 acres of land area at
Varthur Hobli in Bangalore (Karnataka).


UNIWORLD SUGARS: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Uniworld Sugars
Private Limited (USPL) to monitor the rating vide e-mail
communications/letters dated February 19, 2018; July 11, 2017;
February 9, 2018; January 5, 2018; December 21, 2017, and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on USPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities             60       CARE D; Issuer not cooperating

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of USPL takes into
account the weak financial risk profile of the company
characterized by cash losses and past delays, regulated nature of
the business and inherent cyclicality of the sugar industry. The
rating, however, draws comfort from experienced promoters and port
based processing unit which extends logistical advantage.

Delays in servicing of debt obligations: On account of stretched
liquidity position, USPL has delayed in servicing of its debt
obligations due to the Banks Further, in the past also the auditor
in their report (FY15)have qualified that the company has
defaulted in repayment of dues to certain banks, financial
institutions on account of sugar industry crisis leading to cash
losses and increasing accumulated loss.

Weak financial risk profile

The financial risk profile of the company remains weak:
characterised by cash losses. Further, interest expenses on the
fully drawn term debt also increased the net loss. In FY16 (refers
to the period April 1 to March 31) company has booked total Income
for INR571.17 crore with a net loss of INR44.44 crore as against
total income of INR259.02 crore in FY15 with a net loss of
INR41.09 crore. In the past the losses were largely funded through
extended credit period from suppliers and support from promoters
in the form of compulsorily convertible debentures. On Account of
net loss the net worth depleted from INR133.10 crore in FY15 to
INR91.75 crore in FY16.

USPL is an equal joint venture between ED & F Man Sugar
Netherlands BV (EDF), one of the largest commodity traders in
the world markets and Simbhaoli Sugars Limited (SSL), having one
of the largest sugar refineries in India. USPL is engaged in
refinery operations which processes raw sugar into white refined
sugar though ION exchange process and sells its product under the
brand name "Tiger". SSL and EDF formed a joint venture to set up a
manufacturing facility at the port of Kandla, Gujarat with a
capacity to refine 1000 metric tonnes of raw sugar per day into
white refined sugar.


UTTAM GALVA: SBI to Consider 50% Haircut on Loans by March-end
--------------------------------------------------------------
Business Standard reports that State Bank of India will take a
decision on a one-time settlement application filed by Uttam Galva
Steels at a 50% haircut by March-end, and if accepted, will prompt
other companies, being referred to the National Company Law
Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC), to
apply for a similar relief.

According to Business Standard, Uttam Galva Steels had defaulted
on its INR60 billion of debt and the firm has made an offer last
week to its lenders. "This is likely to be accepted as the banks
do not want to delay settlements due to rising litigation,"
Business Standard quotes a source as saying. "But at the same
time, it will open up other companies to file similar settlement
application with the lenders, thus raising a question mark over
the entire IBC process," said a lawyer.

Uttam Galva Steels is a part of the Reserve Bank of India's second
list of cases, which will be referred to the bankruptcy tribunal
for insolvency proceedings after lenders failed to resolve the
account by December 2017, Business Standard discloses.

Uttam Galva Steels Limited is engaged in manufacturing downstream
value added steel products, such as Cold Rolled (CR) coils and
sheets, and galvanized products consisting of Galvanized Plain
(GP) and Galvanized Corrugated (GC) coils and sheets, and Color
Coated products. The Company is in the business of procuring Hot
Rolled Steel (HR) and processing it in to CR and further in to GP
and Prepainted Galvanized Iron (PPGI). The CR not used for
galvanizing is converted to value added grades in Cold Rolled
Closed Annealed (CRCA) coils and Cut to Length (CTL) Sheets, and
sold as Full Hard CR in Domestic and Overseas markets. The
Company offers various brands, which include Uttam Suraksha GC
(Galvanized Corrugated Roofing Sheets) brand in the Construction
segment, and Uttam Tarang, which includes a range of products
under Color Coated Roofing products. It caters to various
markets, such as appliance, general engineering, automotive,
construction, packaging, sandwich panels and others.


VVV CONSTRUCTION: CRISIL Removes B+ Rating From Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of VVV Construction Private
Limited (VVVCPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of VVVCPL from 'CRISIL
B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

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

   Overdraft             8.5      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

The ratings continue to reflect the company's working capital-
intensive operations and geographical concentration in its
revenue. These weaknesses are partially offset by the extensive
experience of its promoter in the civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: VVVCPL had gross current
assets of 190-210 days over the three fiscals through 2017,
primarily on account of stretched receivables from government
departments.

* Geographical concentration in revenue: VVVCPL bids only for
orders from Tamil Nadu Water Supply and Drainage Board (TNWB),
which restricts its revenue growth and links its scale of
operations to TNWB projects.

Strength

* Extensive experience of the promoter in the civil construction
industry: The promoter Mr Venkata Vijayan has been executing civil
contracts for more than a decade, and has established
relationships with TNWB of over a decade.

Outlook: Stable

CRISIL believes VVVCPL will continue to benefit from the industry
experience of its promoter. The outlook may be revised to
'Positive' if the company scales up operations significantly while
maintaining profitability, resulting in a better financial risk
profile. The outlook may be revised to 'Negative' if a significant
decline in revenue and profitability, or deterioration in working
capital management, results in stretched liquidity, or if the
company undertakes large, debt-funded capital expenditure, leading
to weakening of its financial risk profile.

VVVCPL was set up in 1987 as a partnership firm, and was
reconstituted as a private limited company in 2005. VVVCPL
executes civil contracts for TNWB. Its daily operations are
managed by Mr Venkata Vijayan.



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


BERJAYA MEDIA: Posts MYR2.45MM Net Loss in 3Q Ended Jan. 31
-----------------------------------------------------------
theedgemarkets.com reports that Berjaya Media Bhd, which publishes
the newspaper The Sun, saw a smaller net loss of MYR2.45 million
or 1.04 sen per share in the third quarter ended Jan 31, 2018
(3QFY18), 46% lower than its net loss of MYR4.51 million in the
previous year's corresponding quarter (3QFY17).

According to the report, the smaller quarterly loss was mainly due
to the absence of impairment loss on publishing rights during the
quarter, compared with the previous year when the group booked a
MYR1.5 million impairment loss.

Quarterly revenue, however, fell 23% year-on-year to MYR8.3
million from MYR10.72 million, due to lower advertising income by
its principal operating subsidiary, Sun Media Corp Sdn Bhd,
theedgemarkets.com discloses.

For the cumulative three quarters, net loss contracted 9% y-o-y to
MYR6.47 million from MYR7.12 million, while revenue declined 21%
y-o-y to MYR26.77 million from MYR33.68 million,
theedgemarkets.com relates.

Going forward, Berjaya Media said it will continue to focus on
improving advertising revenue, but expects conditions to remain
challenging amid prevailing economic conditions, which will impact
the advertising and promotion budgets of most corporate clients
and advertisers, the report relays.

Besides initiating more marketing efforts amid the challenging
environment, the group said it is exploring other options to turn
around its business.

"The board has been exploring other options (including
diversifying into new businesses outside the media sector) to
strengthen the financial position of the group with the key
objective of regularising its PN17 condition.

"At this juncture, no suitable or viable proposal has been
shortlisted for consideration," the group, as cited by
theedgemarkets.com, said.

Berjaya Media closed unchanged at 23 sen, giving it a market
capitalisation of MYR54.07 million, theedgemarkets.com notes.

                      Berjaya Media Bhd

Berjaya Media Berhad is an investment holding company. The
Company, through its subsidiaries, is engaged in publication,
printing and distribution of daily newspaper. The Company's
segments include investment holding, publishing and others. The
Company's publication, theSun, is read in the market centers of
the Klang Valley, Penang and Johor Bharu, as well as in cities
and towns of Peninsular Malaysia. The Company's publication
publishes news on politics and business, human interest and
governance, entertainment and lifestyle, and sports. theSun also
has an online presence at www.thesundaily.my, where top news of
the day is updated and presented to its readers. The Company
offers theSun through approximately 3,200 sunspots or pick-up
points along morning routes to the workplace, gym, college or
breakfast. The Company's subsidiaries include Sun Media
Corporation Sdn. Bhd. and Gemtech (M) Sdn. Bhd.

Berjaya Media slipped into PN17 (Practice Note 17) status in
June 2017 as its shareholders' equity fell short of listing
requirements.


YFG BHD: To be Delisted from Bursa Malaysia on March 26
-------------------------------------------------------
theedgemarkets.com reports that YFG Bhd's shares may be delisted
from the Main Market of Bursa Malaysia on March 26, after the
regulator rejected the group's application for more time to submit
its regularisation plan.

According to theedgemarkets.com, the group said it has "failed to
regularise its condition" in accordance with the Main Market
listing requirements.

"YFG had withdrawn the proposed regularisation plan submitted to
Bursa Securities and the company's application for a further
extension of time [of up to Aug 31, 2018] to submit a new proposed
regularisation plan had been rejected by Bursa Securities," it
said.

As a result, trading in YFG's securities will be suspended from
March 22, theedgemarkets.com relays.

Unless an appeal against the delisting is submitted to Bursa
Securities by March 21, the securities will be delisted on
March 26, YFG, as cited by theedgemarkets.com, said.

"In the event YFG submits an appeal to Bursa Securities within the
appeal time frame, the removal of the securities of the company
from the official list of Bursa Securities on March 26 shall be
deferred, pending the decision on the company's appeal," it added.

YFG, which has been loss making for five consecutive years now,
has been a listed entity for about 16 years, the report notes.

                          About YFG Berhad

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

YFG entered into the PN17 classification on Sept. 22, 2016, after
its auditors expressed an emphasis on the company's ability to
continue as a going concern.



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


BELLA VISTA: Liquidator Investigates Company's Transactions
-----------------------------------------------------------
Scott Yeoman at NZ Herald reports that Bella Vista Homes allegedly
made a series of transactions of "a significant value" to other
companies and entities connected to former director Danny Cancian
in the four months before it went into liquidation.

The liquidation of Bella Vista Homes left behind 30 unfinished
houses, and millions of dollars in outstanding debts to creditors,
NZ Herald says.

On March 16, 21 Bella Vista Homes at The Lakes were evacuated by
the Tauranga City Council to avoid immediate danger after a
geotechnical report found an unretained slope on the development
site was at risk of failing, according to the report.

NZ Herald relates that Rhys Cain, a Christchurch-based insolvency
practitioner with Ernst & Young, said it was highly likely they
would be contacting the entities in question to seek the recovery
of the transactions made to them by Bella Vista Homes.

"We're doing an analysis of those," the report quotes Mr. Cain as
saying.

When questioned by the Bay of Plenty Times Weekend last week, Mr.
Cancian said there was no physical money transferred or paid out
"it was all just paper transactions".

He said money that was owed to him by Bella Vista Homes was simply
paid instead to companies that he was connected to or owned to
keep them afloat, the report relays.

According to NZ Herald, Mr. Cain, who took over liquidation
proceedings in January, said the liquidators had written to Mr.
Cancian advising him of what the financial records of the company
showed his current account position to be.

"And that shows that he (Cancian) owes a significant sum of money
to Bella Vista Homes," he claimed.

He would not disclose how much that was, NZ Herald says.

"We've written to him saying company records show you owe 'x'
number of dollars, please pay it back or if you think that's
wrong, tell us why," the report quotes Mr. Cain as saying.

NZ Herald relates that Mr. Cain said the liquidators have still
got to look at all of the transactions between the different
entities.

"We need to establish to our satisfaction whether there were
offsets done or whether money actually changed hands," he said.

"At the moment, we've just got a summary of the accounting system
that shows this is how much that company was owed on this date and
this is how much it was owed on the date of liquidation and
there's a significant movement in that."

According to NZ Herald, Mr. Cain said they needed to break that
down and see what specific transactions were actually made.

He said that the different companies and entities involved either
had Cancian as a shareholder, a director, or as a director who had
resigned, NZ Herald relays.

"For the purposes of these transactions, they're still classified
as a related entity."

He also said the evacuation of the 21 Bella Vista houses last
Friday had nothing to do with the liquidators and was an issue for
the homeowners, the report adds.

NZ Herald says the first liquidator's report in early December
found Bella Vista Homes went into liquidation leaving behind 30
unfinished houses and owing at least NZ$4.35 million to 95
creditors.

Mr. Cain said the NZ$4.35 million figure given by the former
liquidators was based on the balance sheet at the date of
appointment, NZ Herald relays.

To date, the liquidators have received total claims of NZ$3.7
million, he said.

The next liquidator's report is due in May, NZ Herald adds.



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


INDUSTRIAL BANK: Moody's Affirms (P)Ba2 FC Unsecured MTN Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings and assessments
of Industrial Bank of Korea (IBK).

The outlooks on the ratings are stable.

RATINGS RATIONALE

The affirmation of IBK's ratings reflects its status as a policy
bank that is majority-owned by the government. Its credit profile
is underpinned by Article 43 of the IBK Act, which requires the
Korean government (Aa2 stable) to replenish any deficit should the
bank's reserves prove insufficient.

The affirmation of IBK's baa2 BCA reflects its relatively good
asset quality, which Moody's views to be in line with the Korean
commercial banks. While the bank's capital and liquidity are weak,
these weaknesses are offset by ongoing government support.

IBK's asset quality is stable and in line with that of the major
Korean commercial banks, despite slightly higher credit costs
arising from its portfolio of policy loans. The bank's long-term
average new nonperforming loan (NPL) formation ratio is low when
compared to Korean commercial banks, mainly because of better risk
management and low borrower concentration, a result of its focus
on lending to small and medium-sized enterprises (SMEs).

Moody's regards the liquidity profile of IBK as intrinsically
weaker than those of the deposit-funded commercial banks because
of its extensive use of wholesale funding. This high reliance on
wholesale funding is somewhat mitigated by the government's
majority ownership, and ongoing support adds stability to its
funding profile. As a result of its links to the government, the
bank benefits from strong access to long-dated funding and is a
beneficiary of flight-to-quality considerations in challenging
market conditions.

IBK's funding structure has become stable and more granular as
funding from its retail customers increased to 74% at the end of
2017 from 68% at the end of 2015. The bank sells senior unsecured
notes to retail customers through its extensive branch network
around the country.

IBK's capitalization is weak when compared to Korean commercial
banks with BCAs of baa2. However, this weakness is offset by the
Korean government's track record of providing additional capital
in times of need, despite the presence of minority shareholders
and the need to consider share dilution. Moreover, under the IBK
Act, the Korean government is required to replenish any deficits
should the bank's reserves prove insufficient.

WHAT COULD CHANGE THE RATINGS UP

IBK's long-term ratings of Aa2 are at the same level as Korea's
sovereign rating of Aa2, and an upgrade is therefore unlikely
unless Korean government rating is upgraded. The BCA and adjusted
BCA of IBK could be upgraded if:

* Its tangible common equity (TCE) capital ratio exceeds 11.0%,

* The three-year average of net income/tangible assets exceeds
1.5%, without a deterioration in asset quality.

WHAT COULD CHANGE THE RATINGS DOWN

IBK's ratings could be downgraded if its importance to the Korean
government weakens. Specifically, the BCA and adjusted BCA of IBK
could be downgraded if:

* Its TCE capital ratio falls below 9.5% on a sustained basis,

* The three-year average of net income/tangible assets falls below
  0.5%, owing to a sharp increase in credit losses,

* Its problem loan ratio rises above 2.0%.

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

Industrial Bank of Korea, headquartered in Seoul, South Korea, had
total assets of KRW273 trillion (USD239 billion) at the end of
September 2017.

LIST OF AFFECTED RATINGS

Industrial Bank of Korea

- Foreign currency long-term/short-term bank deposit ratings of
   Aa2 with a stable outlook/P-1 affirmed

- Foreign currency long-term/short-term deposit note/CD program
   ratings of (P)Aa2/(P)P-1 affirmed

- Long-term/short-term counterparty risk assessment of
   Aa2(cr)/P-1(cr) affirmed

- Baseline credit assessment and adjusted baseline credit
   assessment of baa2 affirmed

- Foreign currency senior unsecured rating of Aa2 affirmed with
   stable outlook

- Foreign currency senior unsecured MTN rating of (P)Aa2
   affirmed

- Foreign currency subordinate unsecured MTN rating of (P)Ba2
   affirmed

- Foreign currency preferred stock non-cumulative rating of
   Ba2(hyb) affirmed

- Foreign currency commercial paper and other short term ratings
   of P-1 and (P)P-1 affirmed

- Outlook is maintained at stable

Industrial Bank of Korea, Hong Kong Branch

- Foreign currency long-term/short-term deposit note/CD program
   ratings of (P)Aa2/(P)P-1 affirmed

- Long-term/short-term counterparty risk assessment of
   Aa2(cr)/P-1(cr) affirmed

- Outlook is maintained at stable

Industrial Bank of Korea, London Branch

- Foreign currency long-term/short-term deposit note/CD program
   ratings of (P)Aa2/(P)P-1 affirmed

- Long-term / Short-term counterparty risk assessment of
   Aa2(cr)/P-1(cr) affirmed

- Outlook is maintained at stable


* Korean Shipbuilders May See More Casualties, SC Lowy Says
-----------------------------------------------------------
Bloomberg News reports that South Korean shipbuilders aren't out
of the woods yet even as orders begin recovering, with the smaller
ones facing collapse in the absence of government support,
according to a shipping-debt trader.

Bloomberg relates that the government will aid larger shipyards
through ways such as giving them orders for the next few years,
under its support policy for the shipping and shipbuilding
industries, said Soo Cheon Lee, co-founder and chief investment
officer of SC Lowy, a Hong Kong-based loan and bond trading firm.

"Hopefully that will give the big, major guys a lifeline for the
next few years," Bloomberg quotes Mr. Lee, who has two decades of
experience investing in shipbuilders' and shipping companies'
debts, as saying. However for the smaller yards, "I can't think of
a reason for these guys to exist," he said in a March 16
interview.

Bloomberg says a plunge in oil prices since 2014 has roiled
shipbuilders in South Korea -- home to the world's three largest
shipyards -- as their customers canceled or delayed orders. Among
major container shipping companies worldwide, Hanjin Shipping Co.,
once the largest in South Korea, collapsed in 2016 while others
have merged to boost their competitiveness following years of
accumulated losses and overcapacity in the industry, relates
Bloomberg.

According to Bloomberg, STX Offshore & Shipbuilding Co., formerly
listed on South Korea's main Kospi index, has been under creditor-
led restructuring since 2013. The government has said STX must
come up with a restructuring plan, including job cuts, by early
April or face court receivership a second time as creditors
stopped funding.

Following Hanjin's collapse, the government said Hyundai Merchant
Marine Co. will serve as South Korea's flag carrier, Bloomberg
states.

While Hyundai Merchant is still unprofitable, the government is
unlikely to allow the company to fail since South Korea needs a
flag carrier to provide exporters with flexibility and more
options, and it has also seen the negative impact from Hanjin's
collapse, Mr. Lee, as cited by Bloomberg, said.



                             *********

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

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

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


                            *********


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

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

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

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

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



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