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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, July 27, 2017, Vol. 20, No. 148

                            Headlines


A U S T R A L I A

AUSTRALIAN ROAD: 180 Jobs Axed as Sales Campaign Fail
BUSINESS CONNECT: Second Creditors' Meeting Set for Aug. 1
CARDINA GREEN: First Creditors' Meeting Set for Aug. 3
DICK SMITH: High Court Approves Shareholders' Class Action
P & K ALOMES: Second Creditors' Meeting Set for Aug. 2

PANAMERA COMMERCIAL: Second Creditors' Meeting Set for Aug. 1
VILLAGE SUPER: First Creditors' Meeting Set for Aug. 4


C H I N A

CHINA LOGISTICS: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
GEELY AUTOMOBILE: Moody's Continues to Review Ba2 CFR for Upgrade


I N D I A

A2Z INFRA: CARE Reaffirms 'D' Rating on INR931.78cr LT Loan
AMAR HATCHERIES: CRISIL Lowers Rating on INR4.5MM LT Loan to D
BAJAJ HINDUSTHAN: CARE Lowers Rating on INR8,780.58cr Loan to D
BHILAI ENGINEERING: CRISIL Reaffirms D Rating on INR381.16MM Loan
BINANI CEMENT: Tribunal Admits Insolvency Proceedings

CORAL TELECOM: CARE Reaffirms B+ Rating on INR6.65cr LT Loan
DARIYALAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR12.3M Loan
DC INDUSTRIAL: CARE Assigns C Rating to INR2cr Long Term Loan
DHARAMVIR EXPORTS: Ind-Ra Moves Rating to B+ Not Cooperating
DIKSHANT FOUNDATION: CRISIL Assigns 'B' Rating to INR6.5MM Loan

ERA INFRA: NCLT Reserves Order on Insolvency Case
G V REDDY: CRISIL Assigns B+ Rating to INR4MM LT Loan
JAGDISH PRASAD: Ind-Ra Moves Issuer Rating to B+ Not Cooperating
K. LEKSHMANAN: CRISIL Reaffirms 'D' Rating on INR3.5MM Loan
L.M.S. GANI: CRISIL Assigns B+ Rating to INR1.0MM Loan

MONAD EDUKASIONAL: Ind-Ra Moves Loan Rating to BB Not Cooperating
NAGARJUNA OIL: NCLT Appoints IRP for Firm's Insolvency
NEETAL IMPEX: CARE Assigns B+ Rating to INR3.51cr LT Loan
PASSION INDUSTRIES: CARE Reaffirms B+ Rating on INR10.90cr Loan
POLIXEL SECURITY: Ind-Ra Assigns BB+ LT Issuer Rating

PRIMESTEEL MANUFACTURE: CRISIL Rates INR3.7MM Cash Loan at B+
RAM ENGINEERS: CRISIL Reaffirms B+ Rating on INR3.5MM LT Loan
RAMJI DAS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
RBA FINANCE: Ind-Ra Rates INR141MM Loans 'BB-', Outlook Stable
ROLTA INDIA: Ind-Ra Affirms 'D' Long-Term Issuer Rating

SAXENA MARINE-TECH: CRISIL Cuts Rating on INR19MM Loan to 'D'
SHIV GANESH: CARE Assigns B+ Rating to INR5.50cr LT Loan
SHREE GANESH: CARE Reaffirms 'B' Rating on INR6cr LT Loan
SHREE GANPATLAL: CRISIL Cuts Rating on INR18MM Cash Loan to B-
SPN LABORATORIES: CARE Assigns B+ Rating to INR6cr LT Loan

STA-CO NUTRA: CRISIL Assigns B+ Rating to INR5.4MM Term Loan
STARLIT POWER: CRISIL Reaffirms 'D' Rating on INR9.8MM Loan
TEKNO PRINT: CARE Reaffirms D Rating on INR4.80cr LT Loan
VSR LAMINATES: CRISIL Reaffirms 'B' Rating on INR5.14MM Loan


I N D O N E S I A

SOECHI LINES: Fitch Withdraws B+(EXP) Rating on Prop. US$ Notes


M A L A Y S I A

ALAM MARITIM: Has Until August 11 to Submit Restructuring Plan


N E W  Z E A L A N D

NOSH GROUP: New Buyers Have Until July 28 to Submit Offer


                            - - - - -


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


AUSTRALIAN ROAD: 180 Jobs Axed as Sales Campaign Fail
-----------------------------------------------------
Sean Smith at PerthNow reports that most of the 180 workers at
Perth-based Australian Road Express have been retrenched after a
short failed sales campaign by the transport and logistics
company's receivers.

PerthNow relates that since being put into the loss-making
business on July 17, receivers from McGrathNicol had kept
Australian Road Express trading while gauging interest from
potential buyers.  However, McGrathNicol said on July 21 that
"despite productive discussions with a number of interested
parties, no going-concern offers were received".

Most of Australian Road Express' workforce was subsequently laid
off on July 21 as part of a managed wind-down of the company, the
report says.

"The focus is on assisting those employees to access their
entitlements as soon as possible," PerthNow quotes joint receiver
Rob Kirman from McGrathNicol's Perth office as saying.

PerthNow says McGrathNicol thanked employees, customers,
suppliers and management for working constructively with the
receivers during "this difficult time".

Australian Road Express is part of Rivet Group, the renamed,
multi-pronged McAleese transport business which only emerged from
administration late last year, PerthNow discloses.

The broader Rivet Group is unaffected by this week's collapse,
the report notes.

Founded in 1991, Australian Road Express has leased depots in
Forrestfield, Adelaide, Melbourne, Sydney and Brisbane.

Andrew John Cummins, Peter Paul Krejci and John Carrello of BRI
Ferrier were appointed as administrators of Australian Road on
July 17, 2017.


BUSINESS CONNECT: Second Creditors' Meeting Set for Aug. 1
----------------------------------------------------------
A second meeting of creditors in the proceedings of Business
Connect Carlingford Pty Limited has been set for Aug. 1, 2017, at
11:00 a.m., at the offices of Worrells Solvency & Forensic
Accountants, Suite 601B, Level 6, 91 Phillip Street, in
Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 31, 2017, at 5:00 p.m.

Graeme Beattie of Worrells Solvency & Forensic Accountants was
appointed as administrator of Business Connect on April 12, 2017.


CARDINA GREEN: First Creditors' Meeting Set for Aug. 3
------------------------------------------------------
A first meeting of the creditors in the proceedings of Cardina
Green Waste and Collection Services Pty Ltd will be held at the
offices of G S Andrews Advisory, 22 Drummond Street, in Carlton,
Victoria, on Aug. 3, 2017, at 2:30 p.m.

Gregory Stuart Andrews and Andrew Juzva of G S Andrews Advisory
were appointed as administrators of Cardina Green on July 24,
2017.


DICK SMITH: High Court Approves Shareholders' Class Action
----------------------------------------------------------
Emma Koehn and Dominic Powell at SmartCompany report that
Dick Smith will be subject to a class action lawsuit after the
NSW Supreme Court ruled nearly 1,000 shareholders will be allowed
to take the business to court.

SmartCompany, citing the ABC, relates that a group of
shareholders who purchased shares between February 16, 2015 and
the end of 2015 will be able to file a class action lawsuit
against the collapsed business, alleging the retailer breached
the Corporations Act through misleading and deceptive conduct.

According to the report, the lawyers for the shareholders allege
Dick Smith's half and full year results in 2015 did not give a
full view of the company's financial position, with Bannister
Law's Diane Chapman saying doing so "caused people to purchase
Dick Smith shares when they were not telling them the actual
market value and circumstances of the business".

"It's very disappointing that a company can give a full and clear
annual report on the 18th of August 2015 and by the 4th of
January 2016 the company is in liquidation, and with very little
in assets that were able to be sold off to pay creditors," the
report quotes Mr. Chapman as saying.

Dick Smith Holdings Limited Ltd was a retailer of consumer
electronics products in Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners James Stewart, Jim Sarantinos and
Ryan Eagle were appointed Receivers and Managers over DSH and
a number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

The TCR-AP, citing Otago Daily Times, reported on July 26, 2016,
that the creditors of Dick Smith have voted in favor of
liquidation.  According to the report, administrator McGrathNicol
will take over as liquidator of 10 companies within the Dick
Smith group following the vote by creditors at a meeting in
Sydney on July 25. ODT related that McGrathNicol will continue
to focus on the exact reasons for Dick Smith's collapse, and who
is to blame.


P & K ALOMES: Second Creditors' Meeting Set for Aug. 2
------------------------------------------------------
A second meeting of creditors in the proceedings of P & K Alomes
Pty Ltd has been set for Aug. 2, 2017, at 11:00 a.m., at the
offices of Helm Advisory, Suite 4, Level 35, 50 Bridge Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 1, 2017, at 4:00 p.m.

Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of P & K Alomes on April 26, 2017.


PANAMERA COMMERCIAL: Second Creditors' Meeting Set for Aug. 1
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Panamera
Commercial Pty Ltd has been set for Aug. 1, 2017, at 11:00 a.m.,
at the offices of KordaMentha, Level 10, 40 St Georges Tce, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 31, 2017, at 4:00 p.m.

John Bumbak and Richard Tucker of KordaMentha were appointed as
administrators of Panamera Commercial on June 27, 2017.


VILLAGE SUPER: First Creditors' Meeting Set for Aug. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Village Super C Pty Ltd will be held at the offices of Mcleod &
Partners, Level 1, 215 Elizabeth Street, in Brisbane, Queensland,
on Aug. 4, 2017, at 11:00 a.m.

Bill Karageozis & Jonathan Paul McLeod of Mcleod & Partners were
appointed as administrators of The Village Super C on July 25,
2017.



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C H I N A
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CHINA LOGISTICS: Fitch Rates Proposed USD Senior Notes 'B(EXP)'
---------------------------------------------------------------
Fitch Ratings has assigned China Logistics Property Holdings Co.,
Ltd's (CNLP; B/Stable) proposed US dollar senior notes a 'B(EXP)'
expected rating with a Recovery Rating of 'RR4'.

The proposed notes are rated at the same level as CNLP's senior
unsecured debt rating because they represent direct,
unconditional, unsecured and unsubordinated obligations of the
company. The final rating is subject to the receipt of final
documentation conforming to information already received.

CNLP's ratings are supported by the strong industry demand for
high-standard warehouses, the company's national geographic
coverage and its extensive network. CNLP will also benefit from
its advantage in China's Yangtze-River-Delta (YRD) region, being
one of the largest logistic-property owners in the area. However,
its ratings are constrained by its small scale, low interest
coverage of below 1.0x at 0.57x in 2016, and continuing funding
demand for capex. CNLP's reliance on debt for this expansion
indicates its limited financial flexibility, and is therefore a
further constraint to its rating.

KEY RATING DRIVERS

Growing Industry, Regional Imbalance: China's high-standard
warehouse industry is still underdeveloped. This presents
enormous potential, accounting for only 2%-3% of total warehouse
supply of around 1 billion square metres (sqm) as of end-2015 -
in sharp contrast to a penetration rate of over 20% in the US.
The industry has been growing rapidly over the past decade,
driven by compound annual growth rate (CAGR) growth of over 40%
in the e-commerce sector in 2011-2015. E-commerce (including
related third-party logistics, or 3PLs) is likely to comprise 50%
of the new warehouse demand in 2017, according to CBRE research.

Nevertheless, the favourable industry outlook and higher
investment return have attracted so many new entrants that some
Tier 2 cities in China started to show signs of overcapacity in
2016, especially in western China such as Chengdu, Chongqing and
Wuhan. On the other hand, Fitch expects Tier 1 city rents to hold
firm and enjoy 3%-6% rent reversion due to limited land supply.
Fitch is likely to see rent divergence in different cities and
some weakness in the rental growth of lower-tier cities in 2017.

Strong Network Effect, YRD-Focused: CNLP is one of the top 10
high-standard warehouse owners in China, with more than 2 million
sqm of completed logistic properties. CNLP is relatively stronger
in the YRD, with 30%-40% completed gross floor area (GFA)
concentrated in Zhejiang and Jiangsu provinces - of which Suzhou
alone accounts for 20%-30%. JD.com is the largest customer and
contributed 31% of CNLP's total revenue in 2016; 34% of the GFA
completed is occupied by multi-location tenants. The market
competition will continue to be intense, although Fitch believes
that the industry will be increasingly dominated by large players
with strong networks and solid customer relationships.

Small Scale, Declining Occupancy Rate: CNLP had recurring EBITDA
of USD17 million in 2016, much smaller than the industry leader
Global Logistic Properties Limited's (BBB+/Stable) EBITDA USD772
million in the year ended March 2017. CNLP had a thin EBITDA
margin of only 40% in 2016, due mainly to its small scale. The
company is also facing a declining occupancy rate for its
completed and 'stabilised' logistic assets, which dropped to
86.6% in 2016 from 97.3% in 2014. Judging by the relatively low
occupancy rate of the 2016 new projects, Fitch expects the
occupancy rate for stabilised assets to further decline in 2017,
which will exert pressure on CNLP's EBITDA margin and pace of
expansion. CNLP defines 'stabilised projects' as those in
operation for more than 12 months or achieving a 90% occupancy
rate.

High Capex, Low Interest Coverage: CNLP's recurring EBITDA
interest coverage was only 0.57x in 2016 (excluding all IPO-
related expenses). Coverage may edge lower in 2017 because the
interest payment will more than double after CNLP replaces all
equity-like hybrid instruments with traditional debt funding,
even if EBITDA doubles in 2017. Fitch expects coverage to rise to
above 1x by end-2019 when more than 80% of CNLP's assets become
stabilised. However, any significant changes in market
demand/supply dynamics may delay the improvement in CNLP's
interest coverage.

Low Leverage: CNLP's LTV (net debt to investment property assets)
was low at 26% at end 2016. However, Fitch expects the leverage
headroom to be small as CNLP's unsecured assets/unsecured debt
coverage was only 1.1x and will continue to hover around 1x in
the next three years. CNLP had CNY1.5 billion in unpledged
investment property at end-2016, while unsecured offshore debt
amounted to CNY1.4 billion.

DERIVATION SUMMARY

CNLP's business profile is in line with the 'B+'/'BB-' category,
but the recurring EBITDA interest coverage of only 0.6x is more
in line with a 'B-' rating, which results in a final rating of
'B'. CNLP is still far away from 'BB-' rated peers such as Lai
Fung Holdings Limited (BB-/Stable), which has interest coverage
of 1.3x and better asset quality; and PT Pakuwon Jati Tbk (BB-
/Positive), which has an interest coverage of 2.5x, helped by its
quality malls but constrained by its small scale and exposure to
development property.

CNLP's financials are weaker than PT Kawasan Industri Jababeka
Tbk (KJIA, B+/Stable), whose recurring EBITDA is generated from
its long-term electricity sales and purchase agreements with
state-owned PT Perusahaan Listrik Negara (PLN, BBB-/Positive),
and the interest coverage hovers consistently above 1x with
temporary disruption due to power plant repair work. However,
CNLP is expanding faster than KIJA, driven by demand from China's
fast-growing e-commerce industry. Fitch expects CNLP's financial
profile to be closer to a 'B' rating in 2019-2020, depending on
market conditions and the ramp-up of progress in CNLP's new
projects. CNLP's weaker financial profile than other investment-
property owners is also due to the logistic property sector's
longer return period and CNLP's fast expansion.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Completed and stabilised assets-occupancy rate to edge down to
   86% in 2017-2018 due to a lower occupancy rate for pre-
   stabilised assets.
- Effective rent growth of 2% in 2017-2018.
- Total completed net leasable area of 2.6 million sqm and 3.5
   million sqm in 2017-2018.
- EBITDA margin to improve to 49% in 2017 and 59% in 2018.

Recovery rating assumptions
- The recovery analysis assumes CNLP would be liquidated in a
   bankruptcy because it is an asset trading company.
- Fitch has assumed a 10% administrative claim.
- The liquidation estimate reflects Fitch's view of the value of
   inventory and other assets that can be realised and
   distributed to creditors.
- Fitch applied a haircut of 50% on its net property, plant and
   equipment (including investment properties) of CNY12.8
billion.
- Based on Fitch calculations of the adjusted liquidation value,
   after administrative claims, Fitch estimates the recovery rate
   of the offshore senior unsecured debt to be 62%, which
   corresponds to a Recovery Rating of 'RR3'. However, CNLP's
   Recovery Rating is capped at 'RR4' because debt of offshore
   Chinese holding companies face structural issues as the
   onshore operating companies do not provide upstream
   guarantees.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Stable occupancy rate for completed and stabilised assets
   above 80%
- Recurring EBITDA/interest coverage sustained above 1.2x
- Net debt/recurring EBITDA sustained below 10x (2016: 27.8x)

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Recurring EBITDA/interest coverage fails to improve
   significantly
- Inability to secure funding for expansion or deterioration in
   liquidity
- Weakening of business profile that would be reflected in a
   significant drop in occupancy rates or a sustained fall in
   rentals


GEELY AUTOMOBILE: Moody's Continues to Review Ba2 CFR for Upgrade
-----------------------------------------------------------------
Moody's Investors Service continues to review Geely Automobile
Holdings Limited's Ba2 corporate family and senior unsecured
ratings for upgrade following its announcement of a proposed
joint venture for the production and sales of vehicles under the
Lynk & Co brand.

The rating review was initiated on 12 July 2017, reflecting
Geely's increased market share, improved profitability in terms
of its EBITA margin net of subsidies, consistent low debt
leverage, and strong liquidity positions, as evidenced by its
latest business updates.

On July 20, Geely announced that it had entered into a memorandum
of understanding with parent company, Zhejiang Geely Holding
Group Company Limited (unrated), and Volvo Car Corporation (VCC,
unrated), a subsidiary of Volvo Car AB (Ba2 stable), regarding
the proposed formation of a joint venture company for the
production and sales of vehicles under the Lynk & Co brand.

"Moody's continues to reviews Geely's ratings for upgrade, and
will assess the impact of the proposed Lynk & Co joint venture on
the company's credit and business profiles as part of Moody's
reviews for upgrade," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.

The formation of the joint venture company is expected to
complete before Geely's launching of the first model under the
Lynk & Co brand in Q4 2017, pending regulatory and shareholders'
approval.

Lynk & Co is a new vehicle brand that is positioned as a higher-
end offering -- in comparison to Geely's current products -- and
is designed to compete with foreign automakers in China and
overseas. Its vehicles are based on the Compact Modular
Architecture (CMA) vehicle platform developed by Zhejiang Geely's
research center, China-Euro Vehicle Technology AB (CEVT, not
rated), in collaboration with VCC.

The proposed joint venture is a new arrangement regarding the
Lynk & Co brand versus Moody's previous expectation of Geely
licensing the right to manufacture CMA-based models from its
parent Zhejiang Geely.

Geely will own 50% of the registered capital of the joint
venture, while Zhejiang Geely and VCC will own the other 50%. The
board of directors of the joint venture will consist of four
directors, of which Geely will appoint two directors, while
Zhejiang Geely and VCC will each appoint one director.

Moody's analysis of Geely's financial metrics will account for
the proposed Lynk & Co joint venture on either a consolidated
basis or on a pro-rata basis.

Moody's expects the Lynk & Co joint venture and its vehicle
models will help the company grow vehicle sales and improve its
product breadth and strength in terms of price points and
geography. Geely's partnership with VCC also mitigates the
associated operational risks, given the latter's experience in
making, selling and servicing automobiles globally.

Moody's review will consider the impact of the proposed Lynk & Co
joint venture on Geely's credit profile, in particular its
profitability, the investment required in the medium term, as
well as the impact on its business operation. In addition,
Moody's will assess Geely's plan to maintain sales growth,
improve its competitiveness and the likelihood that it will
maintain its strong financial profile.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Geely Automobile Holdings Limited is one of the largest privately
owned, local brand automakers in China. It develops, makes and
sells passenger vehicles that are sold in China and overseas. Its
chairman and founder, Mr. Li Shufu, and his family held a 44.2%
stake in the company at end-of 2016. The company is incorporated
in the Cayman Islands and listed on the Hong Kong Stock Exchange.



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I N D I A
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A2Z INFRA: CARE Reaffirms 'D' Rating on INR931.78cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
A2Z Infra Engineering Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            931.78      CARE D Reaffirmed

   Short-term Bank
   Facilities          1,016.69      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of A2Z continue to
take into account the ongoing delays in the servicing of debt
obligations by the company due to its stretched liquidity
position. The company has been reporting losses at the net level
continuously and its operating cycle also remains elongated.
However, the company has reported profits at the operating level
in FY16 and FY17 (refers to the period April 1 to March 31) and
it has moderate order book position which provides some revenue
visibility in the short to medium term.

Going forward, the company's ability to improve its liquidity
position and report turnaround in its financial performance
would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Moderate order book position: The company has a pending order
book worth INR1,214.01 crore as on March 31, 2017. The clients
served by the company majorly include government entities. The
new firm orders booked during FY17 by the company stood at INR296
crore excluding the projects worth of INR399.86 crore awarded to
the company in FY17.

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in
servicing of its debt obligations due to the stretched liquidity
position. During FY14, the company's debt was restructured with
the cut-off date for the restructuring purpose as January 01,
2013. However, it continues to delay on its debt servicing
obligations as per the restructured terms. Although the company
has reported profits at the operating level during FY16 and FY17,
it continues to report losses at net level largely due to low
PBILDT and high interest cost. The same has adversely impacted
its liquidity position and servicing of debt which remains at the
elevated levels.

Decline in operating income with continuous losses: The
Engineering Services (ES) segment of the company reported a
revenue of INR567.07 crore during FY17 (A) (PY: INR924.83 crore)
which resulted in decrease in the operating income of the company
to INR650.19 crore during FY17 (PY: INR977.59 crore) besides
continuous losses at PAT level. The company reported a net loss
of INR138.89 crore during FY17 (A) (PY: INR44.68 crore).

Weak debt coverage metrics and elongated working capital cycle:
The company's overall gearing moderated to 1.35x as on March 31,
2017 (PY: 1.16x) due to decrease in net worth base of the company
owing to net losses. The interest coverage ratio also reduced to
0.53x in FY16 (A) (PY: 0.67x) on account of decrease in PBILDT.
The company's operating cycle also deteriorated to 224 days as on
March 31, 2017 (PY: 142 days) due to increase in collection
period to 632 days in FY17 (PY: 318 days) due to delays in
project execution.

Incorporated in January 2002 as A2Z Maintenance Services Private
Ltd, the company was renamed 'A2Z Maintenance & Engineering
Services Private Ltd' in May 2005. Subsequently, the company
became a public limited company in March 2010. A2Z came up with
an IPO in December 2010 and raised INR776.2 crore. The company
got its present name in December 2014 and is primarily engaged in
providing Engineering, Procurement and Construction (EPC)
services in power transmission and distribution sector with major
focus on distribution. It also forayed in the renewable energy
generation business by setting up three biomass-based power
plants (15 MW each) in Punjab in collaboration with sugar mills
on Built Own Operate and transfer (BOOT) basis.

During FY17, the company has reported total operating income of
INR650.19 crore with PBILDT of INR63.15 crore and net loss of
INR138.89 crore.


AMAR HATCHERIES: CRISIL Lowers Rating on INR4.5MM LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Amar Hatcheries - Jind to 'CRISIL D' from 'CRISIL B-/Stable'.

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

   Long Term Loan          4.5      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

The downgrade reflects delays in servicing debt due to stretched
liquidity. The firm also has a small scale of operations and
large working capital requirements. These rating weaknesses are
partially offset by the extensive experience of Amar's promoters
in the poultry business.

Key Rating Drivers & Detailed Description

Weaknesses

* Highly constrained liquidity profile
The net cash accruals of the company were at INR58 lakhs which
are insufficient to service the debt repayment of INR60 lakhs,
which has led to delay in the repayment. Cash credit facility
also remained fully utilised due to large working capital
requirement

* Below-average financial risk profile:
Gearing was high at 3.11 times as on March 31, 2016, due to
capital expenditure of INR4.90 crore that was debt-funded by
INR3.6 crore. Against this, networth was small at INR2.2 crore.
Though capital structure is expected to improve with debt
repayment, it will remain leveraged due to modest networth.

* Exposure to intense competition
With revenue of INR9 crore in fiscal 2016, scale remains small in
the intensely competitive poultry business that has many
organised and unorganised players because of low entry barrier.
Limited brand recall further intensifies competition.

Strengths

* Extensive experience of promoters
Presence of around two decades in the poultry segment through
sister concerns has enabled the promoters to establish strong
relationship with customers across Haryana.

Set up in 2009 as a partnership firm by Mr. Paleram Dhanda and
his son, Mr. Amarjeet Dhanda, Amar is engaged in the poultry
business. The firm has breeder farms and hatcheries unit with
capacity of 85,000 females and 2.5 lakh eggs per week,
respectively.

Profit after tax (PAT) was INR0.13 crore on net sales of INR8.90
crore in fiscal 2016 against INR0.08 crore and INR8.72 crore in
fiscal 2015.


BAJAJ HINDUSTHAN: CARE Lowers Rating on INR8,780.58cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bajaj Hindusthan Sugar Limited (BHSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           8,780.58     CARE D Revised from
                                     CARE BB+

   Short-term Bank
   Facilities             329.04     CARE D Revised from
                                     CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the ratings of BHSL takes into account the delay
in repayment of its debt obligations during Q1FY18 (refers to the
period April 1 to June 30) due to which the Joint Lender's Forum
(JLF) have decided to consider the restructuring of the
borrowings of the company under the Scheme for Sustainable
Structuring of Stressed Assets (S4A scheme). The delays were
largely attributable to high debt servicing obligations with
relatively weak cash flows despite significant improvement in the
cash accruals and company's inability to raise funds to ease
liquidity pressure.

Going forward, the company's ability to service its debt
obligations in a timely manner and improve its capital structure
shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligations

The company has delayed in repayment of its debt obligations
during Q1FY18 primarily on account of high debt obligations and
relatively low PBILDT margin (despite an improved operational
performance in FY17 as compared with previous year). BHSL was
exploring various options to ease out its liquidity position,
however it was unable to recover advances extended to its group
companies and furthermore, an unsuccessful attempt to hive-off
BHSL's 449 MW power co-generation plant compounded the liquidity
pressure. The Joint Lender's Forum (JLF) has thus decided to
reconsider its restructuring of loans under Scheme for
Sustainable Structuring of Stressed Assets Scheme (S4A) with
June 23, 2017 as the effective (reference) date.

Regulated nature of sugar business

The industry is cyclical by nature and is vulnerable to the
government policies for various reasons like its importance in
the Wholesale Price Index (WPI) as it classifies as an essential
commodity. The government on its part resorts to various
regulations like fixing the raw material prices in the form of
State Advised Prices (SAP) and Fair & Remunerative Prices (FRP).
All these factors impact the cultivation patterns of sugarcane in
the country and thus affect the profitability of the sugar
companies. The SAP for FY16 was kept unchanged at INR280 per
quintal. The UP Government however on November 18, 2016 had
announced an increase in the SAP prices of INR25/quintal for the
sugar season (SS) 2016-17 to INR305/quintal. Mills will be
required to pay the entire cane price upfront unlike in SS2015-16
when mills had flexibility of paying INR50/quintal within a
period of 90 days.

Substantial investment in group companies

The group has implemented a power project under Bajaj Energy Pvt
Ltd (BEPL) and commissioned a 1,980 MW project under Lalitpur
Power Generation Company Limited (LPGCL). BHSL has invested more
than INR4,000 crore in its group companies by way of investments
or loans and advances. Inability of BHSL to recover these
advances in a timely manner has led to the stretched liquidity.

Key Rating Strengths

Long track record of operations and experienced promoters
The company was incorporated in 1931 under the name - The
Hindusthan Sugar Mills Limited (HSML) by Mr. Jamnalal Bajaj.
Subsequently HSML was renamed as Bajaj Hindusthan Limited in 1988
and changed to the present one in January 2015. The company
gradually increased its capacity over the years to become one of
the largest sugar producers in the country.

Mr Shishir Bajaj has over 39 years of experience in the sugar
industry. He is assisted by his son, Mr. Kushagra Nayan Bajaj,
the present chairman and managing director in managing the
business.

As per the audited results, during FY17, BHSL reported operating
income of INR4,618.64 crore (Rs.4,882.62 crore in FY16) with a
net profit of INR7.40 crore (net loss of INR119.79 crore in
FY16).

BHSL, a part of the 'Shishir Bajaj Group', is one of the largest
sugar manufacturing companies in the country and also the largest
industrial alcohol manufacturer in India. BHSL has 14 sugar
factories with an aggregate capacity of 1.36 lakh tone of
sugarcane crushed per day (TCD). It has six distilleries with
capacity to produce 800 kilo litre per day (KLPD) of industrial
alcohol and owns co-generation plants having power generating
capacity of 449 MW. The company also has two Medium Density Fiber
Board manufacturing plants with capacity of 35,000 MT per annum.


BHILAI ENGINEERING: CRISIL Reaffirms D Rating on INR381.16MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Bhilai Engineering Corporation Limited at 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee       381.16      CRISIL D (Reaffirmed)

   Bank Guarantee        10         CRISIL D (Reaffirmed)

   Cash Credit           92.9       CRISIL D (Reaffirmed)

   Corporate Loan         1.14      CRISIL D (Reaffirmed)

   Letter of Credit       5         CRISIL D (Reaffirmed)

   Letter of Credit     114.65      CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     5.86      CRISIL D (Reaffirmed)

   Standby Line of
   Credit                10         CRISIL D (Reaffirmed)

CRISIL has been communicated by the lenders that overdues
continue. CRISIL is yet to receive financials and other
information from BECL.

The rating was downgraded to 'CRISIL D/CRISIL D' on April 7,
2016, due to devolvement of letters of credit, some of which are
outstanding for more than 30 days on account of delay in release
of fertiliser subsidies and stretch in working capital cycle in
BECL's engineering division, leading to pressure on liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing
There have been instances of delays in debt servicing because of
stretched liquidity and delay in release of fertiliser subsidies.
Working capital requirement is large, reflected in receivables of
around 100 days' sales and inventory of around 86 days' cost of
sales as on March 31, 2015. Receivables level is high because the
company primarily deals with government departments and public
sector undertakings (PSUs) in its engineering and fertiliser
divisions.

* Pressure on operating margin
Operating margin has been fluctuating due to volatility in raw
material prices and intensifying competition. The company bids
for orders in the engineering division, which has been slowing
down and is competitive. BECL also has significant foreign
currency exposure for imports of raw material and machinery for
capital expenditure, which makes it susceptible to any sharp
fluctuation in foreign exchange rates.

Strength

* Experience of the promoters
Set up as a public limited company in 1976, it caters to a wide
range of basic industries such as steel, mining, and railways.
The company is managed by the Jain family of Bhilai, Chhattisgarh
and operates in engineering, fertilizer and food divisions.

Set up in 1976 and managed by Jain family of Bhilai, BECL has
three main business divisions: engineering, fertilisers, and
food. Clients include large PSUs such as National Mineral
Development Corporation and Steel Authority of India Ltd.


BINANI CEMENT: Tribunal Admits Insolvency Proceedings
-----------------------------------------------------
Financial Express reports that the Kolkata bench of the National
Company Law Tribunal (NCLT) on July 25 admitted an insolvency
petition against Binani Cement.

Financial Express relates that Bank of Baroda (BoB) had referred
Binani to the bankruptcy court after it failed to repay a sum of
INR97 crore. BoB has appointed Vijaykumar V Iyer of Deloitte
India as the interim resolution professional (IRP) to oversee the
insolvency process. In all, the company owes a consortium of
lenders close to INR3,042.93 crore. Edelweiss ARC, which has
bought over a chunk of the debt from bankers, is now the leader
of the consortium.

Admitting the case, a bench of the NCLT said the IRP should
convene a meeting of the committee of creditors and submit a
resolution passed by the committee, the report says.

At the previous hearing, Binani's counsel had argued BoB had
failed to get an approval from the joint lenders' forum (JLF) led
by Central Bank of India. He said that despite a larger exposure
to Binani Cement, Central Bank did not initiate insolvency
proceedings. The counsel for BoB, Rishav Banerjee, observed that
although the company's loans had been rescheduled via a corporate
debt restructuring process, it had failed to pay its dues,
according to Financial Express.

The Reserve Bank of India (RBI) has asked banks to refer a clutch
of 12 companies that are defaulters to the NCLT with a view to
resolving the problem via the insolvency process.

According to the report, Central Bank had sold the loans to
Edelweiss ARC in 2015 with the process of acquiring the INR3,300-
crore exposure starting in Q3FY16. Other banks like Indian
Overseas Bank (IOB) and Syndicate Bank had also put up Binani
Cement loans for sale.  Following the sale of loans, the leader
of the JLF is Edelweiss ARC.

Binani Cement reported a net loss of INR289 crore in 2015-16 on
INR1,524 crore in revenues, primarily owing to an interest outgo
of INR368 crore.

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.


CORAL TELECOM: CARE Reaffirms B+ Rating on INR6.65cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Coral Telecom Limited (CTL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            6.65        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            7.00        CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to CTL continue to remain constrained by
small scale of operations, coupled with weak liquidity position
arising out of working capital intensive nature of operations.
The ratings are further constrained by competitive nature of
industry along with capital intensive nature of operations. The
ratings, however, draw comfort from experienced management,
moderate profitability, capital structure and coverage
indicators.

Going forward; ability of the company to profitably increase its
scale of operations while improving its capital structure shall
be the key rating sensitivity.

Detailed description for key rating drivers

Key rating weakness
Small scale of operations: Despite, being operational for more
than two decades the scale of operations remained small
which limits the company's flexibility in times of stress and
deprives it of scale benefits.

Working capital intensive nature of operations coupled with weak
liquidity position: CTL's business is working capital intensive;
as it generally needs substantial level of working capital
facility from banks. The operating cycle of the company stood
elongated at 129 days for FY17 (based on provisional results).
Average utilisation of the working capital limits remained around
90% during the past twelve months ended May, 2017. Furthermore,
there were irregularities in the working capital facilities in
recent past due to stressed liquidity position.

Intense competition in the industry coupled with capital
intensive nature of operations: CTL operates in a highly
competitive industry wherein there is presence of a large number
of players in the unorganised and organised sectors with small
and regional players catering to the same market. Moreover, the
operations require huge fund requirements for setting up of
infrastructure and procurement of assets to support the growth in
scale of operations.

Key rating strengths

Experienced Management: The operations of the company are managed
by directors and qualified professionals having experience
varying up to two and half decade in the telecom industry through
their association with CTL.

Moderate profitability margin: The profitability margins of the
company improved and stood moderate on account of higher revenue
from services which fetch better margins and change in product
mix.

Moderate capital structure and coverage indicators: The capital
structure of the company marked by overall gearing ratio stood
moderate marked by overall gearing of 0.88x as on March 31, 2017.

Furthermore, the coverage indicators also stood moderate for FY17
and improved over previous year on account of improved PBILDT
resulting into higher gross cash accruals.

CTL was incorporated in 1996. The company is currently being
managed by Mr. Rajesh Tuli, Mr. Vinod Kumar Pabreja, Mr. Raj
Kumar Sethi and Ms Poonam Tuli. CTL is primarily engaged in
designing and manufacturing of telecom equipment, development &
re-engineering of Internet Protocol (IP), Global System for
Mobile communication (GSM), and data switching products, etc. CTL
also develops associated embedded and application software
required for these communication networks. CTL has implemented
telecom projects both in the private and government sectors. The
key materials consumed are of varied nature such as resistors,
capacitors; printed circuit board, integrated circuit, etc, and
the same are procured domestically.

Maskat Coral Private Limited, Usha Informatics Private Limited
and VNK Merchandise Private Limited are group associates and
engaged in manufacturer of broadband wireless equipment,
telecommunication equipment trading company and rental income,
respectively.


DARIYALAL INDUSTRIES: CRISIL Reaffirms B+ Rating on INR12.3M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' ratings on the bank
facilities of Dariyalal Industries (DI).

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

   Long Term Loan         1.2       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    12.3       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations, vulnerability to unfavourable regulations and to
volatility in cotton prices, and average financial risk profile.
These rating weaknesses are partially offset by the extensive
experience of the promoters, and the firm's proximity to the
cotton-growing belt in Gujarat.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations remains modest
topline was INR16.33 crore in fiscal 2017 on account of intense
competition in the industry.

* Susceptibility to unfavourable government policies: The
Government of India fixes minimum support price for crops every
year. Any regulatory change can distort market prices and affect
profitability for players in the value chain, including ginners.
Thus, policy interventions will remain a rating sensitivity
factor.

* Vulnerability to changes in cotton prices: Cotton is an
agricultural commodity and its availability is highly dependent
on monsoon. Sharp fluctuations in cotton prices are likely to
impact the margins of cotton ginners.

* Average financial risk profile: Gearing was high at 1.9 times
as on March 31, 2017, due to a small networth of INR3.27 crore.

Strength

* Extensive industry experience of promoters: Benefits from the
promoters' experience of more than two decades and healthy
relationships with farmers and customers should continue to
support the business.

* Proximity to cotton-growing belts: DI is based in Morbi, in the
cotton-growing belt in Gujarat. DI mainly procures raw cotton
from local mandis or farmers, thus making its operations more
cost-effective.

Outlook: Stable

CRISIL believes DI will continue to benefit over the medium term
from the extensive experience of the promoters in the cotton
industry. The outlook may be revised to 'Positive' if sizeable
cash accrual provides cushion to the liquidity because of
improvement in the scale of operations and sustaining the
operating margin and or financial profile improves with infusion
of equity. Conversely, the outlook may be revised to 'Negative',
if the financial risk profile deteriorates due to a stretch in
working capital cycle, leading to pressure on liquidity, capital
withdrawal, or any large, debt-funded capital expenditure; or if
operations come under pressure owing to a change in government
policy.

DI was set up by the late Mr. Prataprai Pujara and Mr. Jagdish
Pujara in 1989. Mr. Jay Pujara and his family now manage
operations. The firm gins and presses cotton.

Profit before tax (PBT) was INR0.27 crore on operating income of
INR16.19 crore for fiscal 2017, against a PBT of INR0.35 crore on
operating income of INR24.64 crore for fiscal 2016.


DC INDUSTRIAL: CARE Assigns C Rating to INR2cr Long Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of DC
Industrial Plant Services Private Limited (DCIPS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facility                2         CARE C; Stable Assigned

   Short Term Bank
   Facility               10         CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DCIPS takes into
account stretched liquidity leading to continual deterioration in
financial performance of the company. Liquidity position of DCIPS
is stretched due to inability to timely collect receivables.
Ability to collect receivables in a timely manner and managing
working capital effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Stretched liquidity position: Although the credit facilities with
other banks are irregular, the facility with Canara Bank is
regular in debt servicing. However, there were few instances of
CC overdrawals at the end of the month when interest is charged,
which is regularised within 7 days.

Continual deterioration in financial performance: Although, total
operating income increased from INR51.41 crore in FY14 to
INR66.34 crore in FY16, loss from operations increased from
INR1.26 crore to INR2.69 crore due to inability to execute the
existing orders on the back of stretched liquidity condition.
Further, the company reported cash loss of INR8.20 crore in FY14
which aggravated to a loss of INR21.98 crore in FY16. Working
capital cycle remained high in the range of 550-650 days during
FY14-FY16 majorly due to inability of DCIPS to collect
receivables.

DCIPS incorporated in June 1983 is a turnkey Ash Handling System
Contractor for coal fired Power Plant Projects in India. In FY14,
the The Chatterjee Group (TCG) group had acquired 50% stake in
DCIPS and the company is now jointly owned by Development
Consultants Pvt Ltd (DCPL) and TCG group. DCPL is an established
player in the area of engineering & consulting services in
various industries especially in the power sector and. The
contracts being executed by DCIPS include complete design,
engineering, supply and installation including civil works of ash
handling plants. The company also undertakes contracts for
operation and maintenance of such plants along with supplying
spare parts.

In FY16, DCIPS reported a loss of INR23.04 crore (INR22.62 crore
in FY15) on a total operating income of INR66.34 crore in FY16
(INR53.22 crore in FY15).


DHARAMVIR EXPORTS: Ind-Ra Moves Rating to B+ Not Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Dharamvir
Exports Private Limited's (DEPL) 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:

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating Category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
20 July 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, DEPL export agro products, primarily
basmati and non-basmati rice. It also exports other agro
commodities such as spices, edible oil seeds, walnuts, dry nuts,
and fruit pulp to 25 countries across the European Union, the
Middle East, Africa and the Far East. The company is managed by
T.S. Ahluwalia and Travinder Kaur.


DIKSHANT FOUNDATION: CRISIL Assigns 'B' Rating to INR6.5MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Dikshant Foundation (DF).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan               6.5      CRISIL B/Stable

The rating reflects its modest scale and nascent stage of
operations, and exposure to stringent regulations by government
agencies. These weaknesses are partially offset by the extensive
experience of trustees in the educational segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and nascent stage of operations: DF runs a CBSE
(Central Board of Secondary Education)-affiliated school that
began operations in fiscal 2017. Due to start-up phase, revenue
was muted at INR1.25 crore in fiscal 2017. Timely ramp up in
operations will remain a key rating sensitivity factor over the
medium term.

* Exposure to government regulations: Educational institutes have
to comply with stringent regulations laid down by agencies such
as the University Grants Commission, All India Council for
Technical Education, universities, and state governments. Hence,
DF needs to regularly invest in workforce and infrastructural
requirement.

Strength

* Experienced management: The trustees have experience of over
two decades in the educational industry.

Outlook: Stable

CRISIL believes DF will continue to benefit over the medium term
from management's strong track record. The outlook may be revised
to 'Positive' if timely ramp-up of operations and improvement in
profitability result in higher-than-expected cash accrual. The
outlook may be revised to 'Negative' if regulatory changes,
delays in scale-up, or sizeable debt-funded capital expenditure
weaken liquidity.

Formed in 2015, DF runs a CBSE school, Dikshant Global, in
Zirakpur, Punjab, which started operations in fiscal 2017. The
trust is managed by Mr. Mitul Dikshit.


ERA INFRA: NCLT Reserves Order on Insolvency Case
-------------------------------------------------
The Indian Express reports that the principal bench of the
National Company Law Tribunal (NCLT) in New Delhi on July 25
reserved its order on whether the insolvency proceedings against
Era Infra Engineering are maintainable. This is because there are
several winding-up petitions against the company pending before
the Delhi High Court, the report says.

Union Bank of India has filed an insolvency petition against the
company, The Indian Express notes. In a recent observation in the
State Bank of India versus Alok Industries case, the NCLT bench
in Ahmedabad had noted that since winding-up petitions had not
been admitted, the Insolvency and Bankruptcy Code (IBC) could be
invoked. In the case of Era Infra too, the winding-up petitions
have not been admitted by the high court. The company's total
debt at the end of March 2016 stood at INR10,065 crore. It
reported a net loss of INR1,295 crore on INR1,211 crore in
revenues in FY17, the report discloses.

"A two-member bench posted the case for further considerations on
August 8," the report quotes Union Bank counsel Ahasan Ahmad as
saying. Era Infra owes Union Bank INR681 crore in term loans and
$11 million in external commercial borrowings. Earlier this
month, the NCLT had sought a clarification from the counsel for
Union Bank on the maintainability of the bankruptcy petition, the
report says.

The Indian Express relates that Era Infra's counsel had argued
that if the winding-up petitions are admitted by the high court,
the application under Section 7 of the IBC filed by the bank may
become infructuous.

Era Infra is among the 12 companies referred to NCLT benches
across the country after the Reserve Bank of India (RBI) asked
banks to refer them to the NCLT, the report notes.


G V REDDY: CRISIL Assigns B+ Rating to INR4MM LT Loan
-----------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank loan facilities of G V Reddy (GVR).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       4         CRISIL B+/Stable
   Bank Guarantee           2         CRISIL A4
   Cash Credit              4         CRISIL B+/Stable

The Ratings reflect the firm's modest scale of operations in the
intensely competitive construction industry, working-capital-
intensive operations, and its small net worth limiting its
financial flexibility. These weaknesses are partially offset by
the extensive experience of GVR's promoters in the construction
industry and the firm's above-average financial risk profile,
marked by low gearing and robust debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive
construction industry,
The firm has recorded modest scale of INR17.2 Crore as on March
31,2017.The same is due to the intense competition in the
industry and large players that limits the scale of opearations

* Working-capital-intensive operations
The high GCA days of 235 days as on March 31,2017 reflect the
working capital intensive operations due to the high receivables
days of 94 days as on March 31,2017 and the retention money

* Small net worth limiting its financial flexibility.
The firm has small net worth of INR7 Crore as on March 31,
2017;the same is due to small scale of operations.

Strengths

* Extensive experience of GVR's promoters in the construction
industry
GVR promoters have been engaged in civil construction industry
since more than two decades. The firm has successfully completed
various projects since inception and currently has an order book
of about INR38 Crore as on date. This provides healthy revenue
visibility over the next two to three years.

* Above-average financial risk profile, marked by low gearing and
robust debt protection metrics.
The Fin risk profile of the firm is supported by the low gearing
of 0.2 times as on March 31,3017 and GVR has comfortable debt
protection metrics with interest coverage and NCATD of 2.2 times
and 0.20 times respectively for fiscal 2017. Firm's debt
protection metrics are estimated to remain comfortable over the
medium term with debt levels to remain moderate coupled with
improvement in net worth through accretions.

Outlook: Stable

CRISIL believes that G V Reddy (GVR) will continue to benefit
from the long standing industry experience of its promoters and
established track record. The outlook may be revised to
'Positive' in case of significant improvement in the firm's scale
of operations while sustaining profitability leading to higher-
than-expected cash accruals. Conversely, the outlook may be
revised to 'Negative' if the firm's revenue or profitability
declines or if the financial risk profile, especially liquidity
deteriorates most likely because of larger-than-expected working
capital requirements, delays in receivables or because of large
debt funded capex plans.

GVR is a partnership firm incorporated in the year 2003.The Firm
is involved in executing civil works in rural water supply side.
The works executed mainly pertain to laying of pipelines, summer
storage tanks, rapid tanks, pumps sets and reservoirs and
electrical items.

The Firm is promoted by Mr. G V Reddy and his sons.

The Firm has recorded PAT of INR0.75 Crore on operating income of
INR17.18 Crore for the fiscal 2017 vis-a-vis PAT of INR0.09 Crore
on operating income of INR7.74 Crore for the fiscal 2016


JAGDISH PRASAD: Ind-Ra Moves Issuer Rating to B+ Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jagdish Prasad
Agarwal's 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:

-- INR10 mil. Fund-based working capital limit migrated to non-
    cooperating Category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and
-- INR65 mil. Non-fund-based working capital limit migrated to
    non-cooperating Category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 8
June 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Jagdish Prasad Agarwal was established in 1994 and is engaged in
civil construction works; it participates in government tenders
to procure orders. The firm is located in Alwar, Rajasthan.


K. LEKSHMANAN: CRISIL Reaffirms 'D' Rating on INR3.5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of K. Lekshmanan and Co. (KLC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        1.45       CRISIL D (Reaffirmed)
   Cash Credit           3.5        CRISIL D (Reaffirmed)
   Long Term Loan        1.55       CRISIL D (Reaffirmed)

The rating reflects instances of delay by KLC in meeting its debt
obligations. The delays are on account of weak liquidity.

The rating also reflects modest scale of operations in the highly
competitive and fragmented civil construction industry and ready-
mix cement (RMC) segment, and has large working capital
requirement. However, it benefits from its promoters' extensive
experience in the civil construction industry and construction
material segment.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive and
fragmented civil construction industry and ready-mix cement (RMC)
segment: KLC is a modest player in the highly fragmented
industry, which is reflected by its operating income of INR22
crore in fiscal 2016. The modest scale also restricts KLC's
ability to benefit from economies of scale, which players with
larger volumes are able to leverage.  Furthermore, entry barriers
to the construction material industry are low on account of small
initial investment and low technology requirements, which have
led to high fragmentation in the industry.

* Large working capital requirement: Business is highly working-
capital-intensive. Gross current assets exceeded 150 days as on
March 31, 2016, mainly on account of sizeable work in progress
inventory and stretched receivables. With increasing scale of
operations, the working capital requirements are expected to
remain high.

Strength

* Promoters' extensive experience in the civil construction
industry and construction material segment: The promoters have
extensive experience in the construction industry. Mr. L Sathek
has been in the cement business for more than 2 decades. In 1991,
Mr. Sathek started KLC. The extensive experience of the partners
has helped establish healthy business relationships with
suppliers and customers.

Set up in 1991, as a proprietorship firm, KLC was reconstituted
as a partnership firm in 2007. The current partners are Mr. L
Sathek, Mr. Sajil Sathek and Mrs Jaya Sathek. The firm undertakes
civil construction contracts for the Government of Kerala. In
2014-15, the firm has diversifed into manufacturing of ready mix
concrete.

The firm had a net profit of INR0.1 crore and net revenue of
INR22.3 crore in fiscal 2016, against net profit of INR0.1 crore
on net revenue of INR13.4 crore in fiscal 2015.


L.M.S. GANI: CRISIL Assigns B+ Rating to INR1.0MM Loan
------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B+/Stable/CRISIL A4' on
the bank facilities of L.M.S. Gani Mohamed and Co (LMS).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Short Term
   Bank Loan Facility       0.5       CRISIL A4
   Proposed Long Term
   Bank Loan Facility       1.0       CRISIL B+/Stable
   Packing Credit           2.0       CRISIL A4
   Letter of Credit         0.4       CRISIL A4
   Bill Discounting under
   Letter of Credit         2.5       CRISIL A4
   Cash Credit              0.1       CRISIL B+/Stable

The ratings reflect LMS's modest scale of operations in a highly
fragmented and competitive leather industry, and the large
working capital requirements. These weaknesses are partially
offset by the promoters' extensive experience in leather industry
and established relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented and
competitive industry: LMS's scale is modest, as reflected in
estimated operating income of INR23 crores in fiscal 2017. The
company faces stiff competition from several small and medium-
scale enterprises in domestic market and also faces stiff
competition from China.

* Large working capital requirements: The gross current asset
days are estimated at 345 days as on March 31, 2017 owing to
large debtors estimated at 210 days. To an extent, large working
capital requirements are assuaged through stretch in creditors.

Strength

* Promoters extensive experience in leather industry and
established relationship with customers and suppliers: Promoters
have over a decade of experience in the business and have
established strong relationship with customers in both domestic
and export markets.

Outlook: Stable

CRISIL believes that LMS will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' in case of increase in revenue and
operating profitability leading to better financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
significant pressure on revenue or margins, or a large debt-
funded capital expenditure programme or a stretch in working
capital cycle weakens its financial risk profile.

LMS was set up in 1986 and is engaged in manufacture of Leather
shoes and sandals and exports to customers in Italy and Spain.

Profit after tax (PAT) was INR0.2 crore on an operating income of
INR14 crores in fiscal 2016 against PAT of INR0.2 crore on an
operating income of INR12 crore in the previous fiscal.


MONAD EDUKASIONAL: Ind-Ra Moves Loan Rating to BB Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Monad
Edukasional Society's (MES) bank loan ratings to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-up with
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The ratings
will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency
website. The instrument-wise rating actions are:

-- INR74.43 mil. Term loans migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating; and
-- INR110 mil. Fund-based working capital facility migrated to
    non-cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MES, established in April 2007, was incorporated under the
Societies Act, 1860. The society set up a private university
under the name of Monad University which became operational in
2010-2011. Monad University, an autonomous body, has been
established through an Act 23 of 2010 of the government of Uttar
Pradesh and is duly recognised by University Grants Commission.

The university is located in Hapur, Uttar Pradesh and spread
across an area of 61 acres. It offers diploma, post-graduation,
graduation, Ph.D. and other courses over a wide range of
subjects.


NAGARJUNA OIL: NCLT Appoints IRP for Firm's Insolvency
------------------------------------------------------
Business Standard reports that the National Company Law
Tribunal's (NCLT) Chennai bench has appointed an Insolvency
Resolution Professional (IRP) for Nagarjuna Oil Corporation
(NOCL) based on an application filed by one of its creditors, the
company informed BSE on July 26.

The insolvency petition was filed under the Insolvency and
Bankruptcy Code, 2016, the report notes.

"The company shall be entitled to take any proposal before the
IRP during the period of six months or such extension that may be
permitted in the event an investor is identified to take the
project forward," it said.

Hyderabad-based Nagarjuna Oil Refinery (NORL) holds 46.78% of the
equity share capital in NOCL, which is involved in setting up of
a refinery at Cuddalore in Tamil Nadu.


NEETAL IMPEX: CARE Assigns B+ Rating to INR3.51cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Neetal
Impex (NI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.51       CARE B+; Stable Assigned

   Long-term/Short-
   term Bank
   Facilities             3.50       CARE B+; Stable/CARE A4
                                     Assigned

   Short-term Bank
   Facilities             1.40       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of NI are constrained
by its modest scale of operations with declining operating income
and cash accruals, moderate profitability, weak debt coverage
indicators and working capital intensive nature of operations.
The ratings are further constrained due to susceptibility of
margins to volatile input prices and foreign exchange
fluctuation, supplier concentration risk, presence in highly
competitive & fragmented industry and proprietorship nature of
constitution.

The ratings, however, derive strength from the entity's
established track record of over a decade of operations in
exports of bed linen, highly experienced management with over
three decades of experience in exports of bed linen, established
relationship with global customers coupled with long-running
association with global private label brands and comfortable
capital structure.

The ability of NI to increase its scale of operations and improve
profit margins while maintaining its capital structure and
improving liquidity position with efficient working capital
management is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Established track record of over a decade of operations in
dealing of bed linen: NI possesses an established track record of
over 10 years of operations in dealing of bed linen and towels in
various types, sizes and ranges. The products in the said range
include flat bed sheets, fitted bed sheets, pillow covers,
various types of towels, etc, whereas the same are available in
cotton, satin, polyester, and blends thereof. Highly experienced
management with over three decades of experience in dealing of
bed linen: The overall operations of NI are looked after by the
proprietor Mr. Shrenik Shah, who possesses a total experience of
about 32 years in dealing of bed linen. Moreover, he is also
assisted by Mr. Shekhar Devadiga (Manager - Exports) looking
after the overall management, who possesses a total experience of
over 20 years in dealing of bed linen.

Established relationship with global customers coupled with long-
running association with global private label brands: NI has
established long-term relationships with various global customers
with regard to their private label brands. The packed & ready-
for-sale products are exported to various reputed private label
brands across USA, Canada, Greece, UAE, South Africa,
Philadelphia and Australia. The said private label brands include
Fred Mayor, Dillards, Royal Sateen, Cotton Bay, Prince Oliver,
Anna Riska, Luara Ashley, etc. Comfortable capital structure: The
capital structure of NI stood comfortable, given the major
reliance on own funds marked by below unity overall gearing as on
March 31, 2017.

Key Rating Weaknesses

Modest scale of operations with fluctuations over last 3 years:
The scale of operations of NI stood modest, given the fabric
processing nature of operations. Moreover, the same has been
fluctuating over FY14-FY17 (refers to the period April 1 to March
31) owing to the fluctuating market sentiments leading to
fluctuating demand from the customers, especially from USA.

Susceptibility to volatile raw material prices: The PBILDT margin
of NI stood moderate in the range of 3%-9% over FY14-FY17, given
the fabrics processing nature of operations being outsourced.
However, the PBILDT margin has been continuously improving over
the same period owing to improvement in realizations on the back
of increasing sales of fresh fabrics, given the customized
requirement catered to therein. Nevertheless, the same is also
exposed to volatility in raw material prices viz. cotton and
polyester.

Weak debt coverage indicators: Despite the comfortable capital
structure, the debt coverage indicators stood weak given the
small scale of operations leading to low profitability and cash
accruals.

Working capital intensive nature of operations: The operations of
NI are moderately working capital intensive in nature with
majority of funds blocked in debtors followed by inventory,
thereby leading to moderately high gross current asset days of
60-90 days which required high utilization of its working capital
limits.

Supplier concentration risk: The supplier profile of NI is
concentrated with top 5 suppliers comprising 97.22% and 67.94%
of the total purchases in FY17 and FY16, respectively, thus
exposing the entity to risk of material supply in case of
shortage of supply or change in supplier.

Foreign exchange fluctuation risk: NI is exposed to significant
foreign exchange fluctuation risk, given the majority
contribution by exports (92.24% of the net sales in FY17 as
against 95.99% of the net sales in FY16) to USA, Canada, UAE,
Greece, South Africa, Philadelphia and Australia. However,
comfort can be derived from the fact that the entity undertakes
hedging activities and enjoys a forward cover limit from the
bank.

Presence in highly competitive & fragmented industry: NI operates
in a highly competitive & fragmented industry with a large number
of players engaged in fabrics processing activities. Moreover,
the exports nature of business intensifies the competition.

Established as a proprietorship entity in 2007 by Mr. Shrenik
Shah, NI is engaged in local & exports sale of bed linen and
towels in various types, sizes and ranges. The finishing
functions are completely outsourced to an independent entity in
Coimbatore, whereas the resultant packed & ready-for-sale
products are exported to various reputed private label brands.


PASSION INDUSTRIES: CARE Reaffirms B+ Rating on INR10.90cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Passion Industries Private Limited (PIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           10.90        CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities            4.00        CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of PIPL continue to
remain constrained by modest and fluctuating scale of operations,
low profitability margins, leveraged capital structure, weak
coverage indicators and working capital intensive nature of
operations. The rating is further constrained by presence in a
highly fragmented industry leading to stiff competition and
susceptibility of margins to fluctuation in raw material prices.

The rating, however, draws comfort from experienced promoters.
Going forward; ability of the company to profitably increase its
scale of operations while improving capital structure with
effective working capital management shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Modest and fluctuating scale of operations: The scale of
operations of the company has remained modest marked by total
operating income and gross cash accruals of INR64.09 crore and
INR1.15 crore respectively during FY17 (refers to the period
April 1 to March 31 - based on provisional results). The small
scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Low profitability, leveraged capital structure and weak debt
coverage indicators:
The company's profitability margins have been historically on the
lower side owing to the lower value addition and intense market
competition given the highly fragmented nature of the industry.
The capital structure of the firm remained leveraged on account
of high dependence on external borrowings for managing working
capital requirements. Moreover; owing to low profitability and
high debt levels, the debt service coverage indicators of the
company continues to remain weak.

Working capital intensive nature of operations: The operations of
the company continue to remain working capital intensive in
nature. The company maintains inventory of around three weeks
mainly in the form of raw materials for smooth functioning of the
production process. Being a highly competitive business and low
bargaining powers with its customers, the company gives credit up
to three months to its customers. The company purchases the raw
material on cash and advance basis and from other suppliers it
gets credit up to 90 days. Prolonged credit period extended to
the customer leads to PIPL's dependence on working capital
borrowings which results in almost full utilization of the
working capital limits for the past 12 months period ending May
2017.

Presence in a highly fragmented industry leading to stiff
competition: The company operates in the steel wire industry
which is a fragmented industry with a high level of competition
from both the organized and largely unorganized sector. Also, due
to its small scale of operations, PIPL has low bargaining power
with its customers and suppliers.

Susceptibility of margins to fluctuation in raw material prices:
PIPL is exposed to volatility in input prices in the absence of
any long-term contract with suppliers coupled with high inventory
holding. Time lag between the procurement of raw material and
bagging up of order exposes PIPL to volatility associated with
raw material prices. Furthermore, PIPL is not able to pass on the
rise in raw material prices to its end consumer due to stiff
competition.

Key rating Strengths

Experienced and resourceful promoter: The company is currently
being managed by Mr. Navdeep Singh, Mrs Manju Lata and Mrs Tara
Nati. Mr. Navdeep Singh has more than half a decade experience in
the iron and steel industry through association with PIPL. He is
involved in the strategic planning and running the day to day
operations of the company. He is being duly supported by Mrs
Manju Lata and Mrs Tara Nati; both have half a decade of
experience through their association with PIPL.

Rohtak-based, (Haryana) Passion Industries Private Limited
(PIPL), incorporated in 2013 as a private limited company and
wass promoted by Mr. Navdeep Singh, Mrs Manju Lata and Mrs Tara
Nati. The company took over proprietorship firm "M/s Passion
Steels" established by Mr. Navdeep Singh in 2010. PIPL is engaged
in drawing of alloy steel wires with an installed capacity of
2500 metric tonne per month as on March 31, 2017. The company
procures the key raw material i e wire rods from Jindal Steels
Private Limited and other local manufactures. The same is
converted into thin wire as per client specification. The company
sells its products to automobile component manufacturers.


POLIXEL SECURITY: Ind-Ra Assigns BB+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Polixel Security
Systems Private Limited (PSSPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR25.0 mil. Fund-based limit assigned with
    IND BB+/Stable/IND A4+ rating; and
-- INR100.0 mil. Non-fund-based limit assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect PSSPL's small scale of operations,
significant customer concentration and tight liquidity position.
According to FY17 provisional financials, revenue was INR284
million (FY16: INR287.15 million) with the top 10 customers
accounting for over 89% of the total revenue (85%). The company's
use of the working capital facilities was 91.3% on average during
the 12 months ended June 2017.

The ratings are supported by the company's strong operating
margins coupled with moderate-to-strong credit metrics. EBITDA
margins were 10.22% in FY17 (FY16: 10.39%), net financial
leverage (Ind-Ra adjusted debt/operating EBITDAR) was 1.12x
(3.75x) and interest coverage (operating EBITDA/gross interest
expense) was 2.61x (2.71x).

The ratings are also supported by PSSPL's over 10 years operating
track record in the security systems industry and its reputed
clientele base which includes Indian Oil Corporation Ltd ('IND
AAA'/Stable), Tata Projects Limited ('IND AA-'/Stable), Rashtriya
Ispat Nigam Limited ('IND A'/Negative), Reliance Corporate IT
Park Limited, and IBM India Private Limited.

RATING SENSITIVITIES

Negative: A decline in the revenues and/or operating margins
leading to deterioration in the credit metrics will be negative
for the ratings.

Positive: A substantial increase in the revenue with reduced
customer concentration while maintaining or improving the credit
metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2010, PSSPL provides integrated security and
surveillance solutions such as CCTV, traffic management systems
and fire alarms. The company is a subsidiary of Himachal
Futuristic Communications Ltd ('IND BBB+'/Stable). The company
has presence in Mumbai, Chennai, Pune, Kolkata, Ahmedabad,
Bangalore and Hyderabad, with its head office in Gurgaon (NCR).


PRIMESTEEL MANUFACTURE: CRISIL Rates INR3.7MM Cash Loan at B+
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Primesteel Manufacture Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           3.7        CRISIL B+/Stable
   Term Loan             3.3        CRISIL B+/Stable

The rating reflects the company's exposure to project
implementation risks and to timely stabilisation and ramp-up in
sales during start-up phase; and expected average financial risk
profile because of large, debt-funded project. These weaknesses
are partially offset by the extensive experience of its
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to timely project implementation and stabilisation
Commercial operations are likely to commence from August 2017.
Timely implementation of proposed project, stabilisation of
operations, and commensurate ramp-up in sales will remain
critical to achieving growth in revenue and profitability and
hence, will be monitored closely.

* Average financial risk profile
Capital expenditure is mainly funded through a term loan of
INR3.30 crore, and equity and unsecured loan of INR2.0 crore and
INR3.9 crore, respectively, from promoters. Project gearing is
likely to remain at 2.5-3.0 times over the medium term.

Strengths

* Extensive experience of promoters:
The company's promoters have been in the steel products segment
for over 15 years through Speedwell Abrasive Pvt Ltd, which
manufactures abrasive wheels and mounted points, aluminum oxide
grit, alumina, resinoid-bonded grinding wheel, and vitrified
bonded.

Outlook: Stable

CRISIL believes PMPLwill continue to benefit over the medium term
from the experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if timely implementation
and stabilisation of project leads to anticipated revenue,
profitability, and cash accrual during initial phase of
operations. The outlook may be revised to 'Negative' if delay in
project implementation or stabilisation leads to lower revenue
and cash accrual; or if stretch in working capital cycle affects
financial risk profile, especially liquidity.

Incorporatedin November 2016 and promoted by Mr. Meet Dilip
Dharsandia, Mr. Dilip Dharsandia, and Mr. Dilip D Santoki, PMPL
is setting up a unit in Rajkot to manufacture mild steel pipes.


RAM ENGINEERS: CRISIL Reaffirms B+ Rating on INR3.5MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Ram Engineers and Contractors (REC) at 'CRISIL B+/Stable/CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         0.5      CRISIL A4 (Reaffirmed)
   Long Term Loan         1        CRISIL B+/Stable (Reaffirmed)
   Overdraft              4        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.5      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations, average financial risk profile because of moderate
gearing, modest net worth and below average debt protection
metrics and large working capital requirement. These weaknesses
are partially offset by the extensive experience of its
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: With estimated sales of INR6.5 crore
for fiscal 2017, scale remains modest in the intensely
competitive construction industry.

* Modest financial risk profile: Gearing is estimated to be high
at 2.6 times as on March 31, 2017, while debt protection metrics
were subdued, with estimated interest coverage and net cash
accrual to total debt ratios of 1.83 times and 0.08 time,
respectively, in fiscal 2017.

Strength

* Established track record: Proprietor has been in the
construction segment for about 14 years.

Outlook: Stable

CRISIL believes REC will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if a sustained improvement in scale of
operations leads to better cash accrual. The outlook may be
revised to 'Negative' if financial risk profile weakens further
because of deterioration in working capital management or decline
in scale or profitability.

Established in 2010 as a proprietorship concern by Mr.
Sethuraman, REC carries out civil construction in Chennai.

Profit after tax (PAT) was INR18.6 lakh on an operating income of
INR9.48 crore in fiscal 2016, against a PAT of INR36.7 lakh on an
operating income of INR13.21 crore in fiscal 2015.


RAMJI DAS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramji Das Dhal
Construction Private Limited (RDCPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR50 mil. Fund-based limit assigned with IND BB/Stable/IND
    A4+ rating; and
-- INR400 mil. Non-fund-based limit assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect RDCPL's small scale of operations and
moderate operating profitability. As per FY17 provisional
financials, revenue grew to INR271.64 million (FY16: INR185.93
million) on account of an increase in contract work tenders from
Military Engineer Services (MES), the largest government
construction company. However, EBITDA margins declined to 9.25%
in FY17 (FY16: 14.06%) owing to an increase in raw material cost
and few aggressive biddings.

However, the ratings are supported by the company's comfortable
liquidity position with around 82% utilisation of fund-based
limits during the 12 months ended June 2017.

The ratings are also supported by RDCPL's strong credit metrics
with gross interest coverage (operating EBITDA/gross interest
expense) of 2.23x in FY17 (FY16: 2.09x) and net financial
leverage (total Ind-Ra adjusted debt/operating EBITDA) of 1.58x
(2.01x). The improvement in the credit metrics resulted from a
decrease in total debt and the subsequent reduction in finance
cost.

The ratings also benefit from the promoters' more than five
decades of experience in the construction industry.

RATING SENSITIVITIES

Negative: A sustained decline in the overall credit profile will
be negative for the ratings.

Positive: A substantial increase in the revenue, along with the
maintenance/improvement in the credit metrics, will lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 1998 as a partnership firm, RDCPL reconstituted
itself as a private limited company in 2010. The company is
closely held by the promoters, Tilak Raj Dhal and Sumit Dhal.
RDCPL is an approved special class contractor by MES. It secures
contract work through open tendering process of MES. The company
specialises in civil and structural contracts including
accommodation, military hospitals, military colleges and
technical buildings, among others.


RBA FINANCE: Ind-Ra Rates INR141MM Loans 'BB-', Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated RBA Finance Private
Limited's (RBAFPL) bank facilities:

-- INR141 mil. Bank loans assigned with IND BB-/Stable rating.

KEY RATING DRIVERS

The rating reflects the company's small scale of operations with
an outstanding portfolio of INR390 million as of FY17 (FY16:
INR286 million) and operations in only three states (Uttar
Pradesh: 78.8% of loan book, Rajasthan: 7.6% and Madhya Pradesh:
13.6% as of FY17). This exposes the company to geographical
concentration risks. FY17 financials are provisional in nature.

The rating is constrained by RBAFPL's weak asset quality. Gross
NPL in FY17 was 2.6% (FY16: 2.7%) on an 180dpd basis and 3.75%
(3.14%) on a 90dpd basis. Ind-Ra expects the credit costs (FY17:
0.9%, FY16: 0.4%) to rise over the medium to long term for the
entity on account of its shift over to 90dpd+ NPL recognition
from 180dpd+.

The rating is further constrained by RBAFL's weak funding
diversity with access to funds only from one bank. The entity
relies on funds from shareholders and other related parties
(FY17: 52%, FY16: 40% of total funding) for financing vehicles.
RBAFPL has tied up with Bajaj Finance Limited ('IND AAA'/Stable)
for future funding requirements.

However, the rating is supported by RBAFPL's adequate
capitalisation (capital adequacy ratio: FY17: 29.1%; FY16: 31%)
and a comfortable leverage (debt to equity) ratio (FY17: 2.8x;
FY16: 2.2x) compared to similar rated peers.

The rating is also supported by the company's higher net interest
margins (FY17: 15.5%, FY16: 16%), comfortable operating buffers
(pre-provisioning operating profit to credit cost: FY17: 4.2x,
FY16: 7.8x) and healthy internal accruals, compared to similar
rated peers. The entity's return on average assets and return on
average equity are also comfortable at 2% and 7.1%, respectively
(FY16: 1.7% and 5.9%).

The rating factors in RBAFPL being one of the established players
in its geography of operations. The company has an extensive
dealer network and an operating record of 21 years. The company's
management team has an experience of 21 years and efficient MIS
and IT systems in place.

RATING SENSITIVITIES

Negative: Worsening of the asset quality, significant
deterioration in the liquidity, rise in the leverage, decline in
promoter funding without replacement of funds from financial
institutions, dilution in operating buffers could result in a
rating downgrade.

Positive: Improvement in the asset quality, diversification of
the funding profile combined with an increase in size and scale
of operations while maintaining the capital buffers could lead to
a rating upgrade.

COMPANY PROFILE

RBAFPL is an RBI registered non-bank finance company - asset
finance company, established in 1996 to finance automobiles. The
company's head office is in Agra, Uttar Pradesh and has a network
of 14 branches.


ROLTA INDIA: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rolta India
Limited's Long-Term Issuer Rating at 'IND D'. The instrument-wise
rating actions are:

-- INR8,293 mil. Stand-by letter of credit (short-term) affirmed
    with IND D rating;
-- INR4,000 Fund-based working capital limits (long-term)
    affirmed with IND D rating;
-- INR3,000 mil. Non-fund-based working capital limits (short-
    term) affirmed with IND D rating; and
-- INR12,539 mil. External commercial borrowings (long-term)
    affirmed with IND D rating.

KEY RATING DRIVERS

The ratings reflect the company's continued delays in debt
servicing, due to delayed government receivables and the
consequent stretch in net working capital cycle to 177 days in
9M17 from 141 days in FY16 and 85 in FY15.

For FY17, Rolta India's revenue fell to INR31.7 billion (FY16:
INR37.9 billion) and EBITDA declined to INR9.6 billion (INR11.2
billion). Consequently, net income declined to INR1.6 billion in
FY17 (FY16: INR 1.8 billion), led by one-time write-off of
debtors of INR5.3 billion and higher interest expense of INR5.6
billion (INR4.7 billion), partly benefitting from deferred income
tax of INR5.3 billion. Excluding, one-time write-off of debtors,
the company reported a pre-tax profit of INR1.7 billion in FY17
(FY16: INR1.4 billion).

RATING SENSITIVITIES

Timely debt servicing for three continuous months could result in
an upgrade in the ratings.

COMPANY PROFILE

Rolta India is a technology company headquartered in India, with
operations in 40 locations across India, North America, Europe,
the Middle East and Australia. It provides IT solutions to
various federal, state and local governments, defence and
security agencies and utilities, as well as financial services,
manufacturing, retail, and healthcare companies, among others.


SAXENA MARINE-TECH: CRISIL Cuts Rating on INR19MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Saxena Marine-Tech Private Limited (SMTPL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         10.5      CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Cash Credit            19        CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term      2        CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan               3.5      CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects a recent instance of delay in meeting
repayment obligation on the term loan.

Key Rating Drivers & Detailed Description

* Delay in meeting principal repayment obligation

Weakness

* Modest scale of operations in a competitive segment: Over the
three years through fiscal 2017, operating income has remained
flat at around INR50 crore due to intense competition and low
pricing power in the engineering industry.

* Working capital-intensive operations: Gross current assets have
been at 243-412 days over the four fiscals ended March 31, 2017,
due to large inventory and debtor days.

Strengths
* Extensive industry experience of the promoters: A presence of
over four decades in the engineering industry has helped the
promoters to establish a strong relationship with customers and
suppliers.

SMTPL, established in 1973 by Mr. M S Saxena, manufactures
engineering products. The company has two divisions: defence
components and pre-engineered buildings (PEB). The defence
component division manufactures warship parts that are used in
the Indian Navy (naval warship equipment). The company
diversified into PEB systems in 2003 on a job-work basis and
commenced manufacturing operations in 2005. It has two
facilities: one at Greater Noida, for PEB systems, and the other
at Ghaziabad, for defence products, both in Uttar Pradesh.

Profit after tax (PAT), on provisional basis, was INR0.79 crore
on net sales of INR53.26 crore in fiscal 2017, against a PAT of
INR0.61 crore on net sales of INR60 crore in fiscal 2016.


SHIV GANESH: CARE Assigns B+ Rating to INR5.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shiv
Ganesh Industries (SGI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGI is constrained
on account of small scale of operations with low capitalization
and thin profitability, moderate capital structure and debt
service coverage indicators. The rating further takes into
account working capital nature of operations, presence in highly
competitive and fragmented industry and partnership nature of
constitution.

The rating however, derives strength from experience of the
promoter in agro based industries and locational advantage. Going
forward, ability of the firm to increase scale of operations and
improve profitability and capital structure and manage working
capital requirement effectively are the key rating sensitiveness.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners: SGI is currently managed by Mr. Harish
Motwani (aged 38 years and a Graduate). He is well-versed with
the intricacies of the business on the back of about two decades
of experience in agro based industries. He looks after the
overall function of the firm and is ably supported by his spouse
Mrs Kavita Motwani (aged 37 years and a Graduate) and a team of
qualified professionals. Long experience of the promoter has
supported the business risk profile of the entity to a large
extent.

Locational advantage: SGI's unit has close proximity to local
grain markets of Nagpur, major raw material procurement
destinations for the entity. Furthermore, the plant has easy
accessibility to transportation facilities and other
requirements like good supply of power, water etc.

Key Rating Weaknesses

Small scale of operation with thin profit margins: SGI commenced
commercial production from April, 2015. Owing to its short track
record of about one and a half years the scale of operations has
remained small with low net worth base. The small scale restricts
the financial flexibility of the entity in times of stress and
deprives it from scale benefits. Furthermore, the profitability
of the entity remained thin owing to limited value addition
nature of business and high competition. Furthermore, the margins
remained susceptible to fluctuation in input prices owing to
seasonality associated with availability of material.

Moderate capital structure and debt coverage indicators: The
capital structure of the entity remained moderate with low
dependence on external debt. However, owing to thin profitability
debt coverage indicators remained moderately weak.

Working capital intensive nature of business: In India, tur is
normally cultivated during rainy season beginning from June -
July and ends in November-December. Tur is a kharif crop in India
and arrivals start from October and extend till January. During
other months, availability of tur is relatively low. Hence, the
firm is required to carry high level of raw material inventory to
ensure uninterrupted production till the next season, resulting
in high inventory holding period and storage costs which makes
the operations being working capital intensive.

Constitution as a partnership firm limiting financial
flexibility: SGI, being a partnership concern, is exposed to
inherent risk of partner's capital being withdrawn at times of
personal contingency and limited ability to raise capital.
Moreover, poor succession planning may result in dissolution of
firm.

Presence in highly competitive and fragmented industry: The agro-
product processing industry is highly competitive and fragmented
due to low entry barriers and presence of a large number of
players in the organised and unorganised sector translating in
inherent thin profitability margins. Furthermore, the raw
material (whole grain tur) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers. Given the market determined
prices for finished product vis-Ö-vis fixed acquisition cost for
raw material, the profitability margins of pulses millers are
highly vulnerable, especially in times of cultivation.

Vulnerability to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and
lead to volatility in raw material prices. Whole grain tur is the
major raw material which constitutes about 90% of the total cost
of production of the firm.

The peak procurement season is during October to January during
which the firm builds up raw material inventory to cater to the
milling and processing of pulse throughout the year. Since, there
is a long time lag between raw material procurement and
liquidation of inventory, the firm is exposed to the risk of
adverse price movement resulting in lower realization than
expected. Historically it has been witnessed that the industry
operates on low margins.

Shiv Ganesh Industries (SGI) based out of Nagpur, Maharashtra is
a partnership concern promoted by Mr. Harish Motwani and Mrs
Kavita Motwani (Spouse of Mr. Harish Motwani) was established in
April, 2015. The entity is engaged in the business of processing
of pulses (Tur dal and Chana Dal) with its processing facility
located at Nagpur, Maharashtra. The entity procures the raw
material from farmers during the peak season while during the off
season it procures raw material from domestic suppliers based in
Latur, Nagpur, Adilabad, etc. and further sells the finished
products in the domestic market.


SHREE GANESH: CARE Reaffirms 'B' Rating on INR6cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Ganesh Cold Storage (SGCS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6         CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGCS continues to
remain constrained on account of its small scale of operations
coupled with moderate profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position in FY17 (refers to the period of April 1 to March 31).
Furthermore, the rating continues to remain constrained on
account of its partnership nature of constitution, risk of
delinquency in loans extended to farmers, business prospects
depends on vagaries of nature and seasonality of business along
with competition from local players.

The rating, however, derives strength from experienced partners
and proximity to potato growing region of Gujarat. The ability of
SGCS to increase its scale of operations coupled with improvement
in profitability, capital structure along with efficient
management of its working capital requirements are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with moderate profit margins
Total operating income (TOI) of SGCS has increased by 7.61% y-o-y
and stood at INR0.99 on account of increase in interest income
pertaining to loans given to farmers. However, profit margins
stood moderate during FY17.

Leveraged capital structure and weak debt coverage indicators
On the back of high debt level against that of low net worth base
and low level of cash accruals, capital structure stood leveraged
while debt coverage indicators stood weak during FY17.

Elongated operating cycle
Operating cycle stood elongated during FY17 on account of higher
collection period while average utilisation of its working
capital limits remained at 90% during past 12 months period ended
May, 2017.

Key Rating Strengths

Experienced Partners
Mr Popatlal Kachhawa and Mr. Kalidas Kachhawa, both the partners
hold healthy experience in the cold storage business.

Proximity to potato growing region of Gujarat
In Gujarat, Dhansura, Deesa and Vijapur are major potato growing
regions. The cold storage facility of the firm is located in
potato growing belt of Gujarat having large network of potato
growers, thereby making it suitable for the farmers and potato
chip manufacturers in terms of transportation and connectivity.

Established in 1999 as a partnership firm, SGCS is engaged into
providing cold storage facility to farmers for storing potatoes
on a rental basis. The firm has controlled atmosphere cold
storage facility located at Deesa; Gujarat having a capacity to
store 8,250 Metric Tonne (MT)/1,65,000 bags of potatoes as on
March 31, 2017. The firm is managed by Mr

Popatlal Chamanaji Kachhawa, Mr. Kalidas Chamanaji Kachhawa and
Mr. Lalabhai Chamanaji Kachhawa. Besides providing cold storage
facility, the firm also provides interest bearing advances to
farmers for potato farming purposes against the stock of potato
stored.

As per the provisional results for FY17, SGCS reported PAT of
INR0.02 crore on a total operating income (TOI) of INR0.99
crore as against PAT of INR0.02 crore on a TOI of INR0.92 crore
during FY16 (A).


SHREE GANPATLAL: CRISIL Cuts Rating on INR18MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has been consistently following up with Shree Ganpatlal
Onkarlal Agarwal and Co. (SGOANC) for obtaining information
through letters and emails dated Nov 21, 2016, and Jan 17, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             18       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BBB-/Stable')

   Proposed Long Term       2       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                   'CRISIL BBB-/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

CRISIL has downgraded its ratings on the bank facilities of
SGOANC to 'CRISIL B-/Stable' from 'CRISIL BBB-/Stable' based on
information adequacy risk framework.

The downgrade reflects CRISIL's inability in maintaining the
ratings of SGOANC at 'CRISIL BBB-/Stable' due to inadequate
information and lack of management cooperation, thereby
restricting CRISIL from taking a forward looking view on the
credit quality of the entity. SGOANC scores high ('H') on
availability of past information on account of availability of
financial statements of the company. It scores low ('L') on
future information due to non-availability of financials. It
scores low ('L') on the stability attributes listed in CRISIL's
criteria for surveillance of ratings of non-cooperative issuers.

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGOANC. The revision in rating
reflects expected weak liquidity of the company based on feedback
from its bankers confirming devolvement in non-fund based bank
lines of its group companies that have not been regularized for
more than 30 days.

CRISIL believes that the information available for SGOANC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL B-/Stable'.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Swastik Coal Corporation Pvt Ltd
(SCCPL), Arka Carbon Fuels Pvt Ltd (Arka Carbon), and Shree
Ganpatlal Onkarlal Agarwal & Company (Shree Ganpatlal). This is
because the three entities, together referred to as the Swastik
group, are held and managed by the same promoters and have
operational and financial linkages.

SCCPL and Arka Carbon, based in Indore (Madhya Pradesh), trade in
indigenous and imported coal. The group also provides logistic
services through Shree Ganpatlal. Established in 1984 by members
of the Bindal family for trading in indigenous coal, the group is
focused on imported coal; it both directly imports coal from
international suppliers and relies on merchant importers in
India.


SPN LABORATORIES: CARE Assigns B+ Rating to INR6cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of SPN
Laboratories Private Limited (SPN), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               6        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SPN is constrained
on account of project execution risk and marketing risk with
pending financial closure, its presence in highly fragmented and
competitive industry and susceptibility to fluctuation in raw
material prices. The rating, however, derives strength from
experienced promoters in the pharmaceutical industry, location
advantage and favorable industry scenario.

The ability of SPN to successfully complete and stabilize the
project within the envisaged time and cost and thereafter achieve
the envisaged sales and profitability are the key rating
sensitivities.

Detailed description of Key rating drivers

Key rating Strengths

Experienced promoters: SPN is promoted and managed by qualified
directors in various fields of pharmaceutical industry and carry
an average experience of around 35 years in pharmaceutical
industry. Mr. Surendra P Pandey, drug and antibiotic specialist,
has 35 years of experience in the pharmaceutical industry, and he
is also an FDA-approved manufacturing chemist for Maharashtra and
Gujarat State. Furthermore, he is supported by Mr. KPC Nair, the
marketing personal, having around 25 years of experience in
marketing of APIBulk Drugs and Intermediates.

Favorable industry scenario: The company is expected to benefit
from favorable demand outlook and is expected to grow at a
healthy rate of 11%-13% annually over the last few years with the
growth in exports outstripping steady growth in the domestic
market. Moreover, the Indian pharmaceutical formulation and API
industry is set to benefit from the impending patent expiry in
the regulated markets which will boost the demand for Indian
generic products. On the domestic front, the demand will be
driven by increasing per capita income and huge potential for
expanding lower health insurance penetration in the country.

Key rating Weakness

Project execution and marketing risk: SPN faces execution risk
for its debt-funded project as around 90% of the construction
work has finished and bank debt is yet to be sanctioned. Any
delay in implementation may risk its timely stabilization of
operations and also may lead to cost escalation. The company has
not yet tied-up for any marketing arrangements and thus timely
commercialization post project completion will be critical.
However, risk is partially mitigated to an extent due to vast
experience of directors in pharma and API industry and their
established relations with several pharmaceutical companies.

Susceptibility to fluctuation in raw material prices and presence
in competitive industry: The major raw materials of the company
include pharma chemicals and liquid prices of which are volatile
in nature which in turn may affect the profitability margins of
the company. All the products and companies in the pharmaceutical
industry are regulated by several policies and bodies in terms of
pricing, quality control, safety and health standards, and
several other certifications and control standards. Any policy
changes or regulations by the regulatory bodies may hamper the
business of the companies prevailing in the industry.

Incorporated in 2003 by Mr. Surendra P Pandey, Mrs Nalini Pandey
and Mrs Swapna Chentamara Nair, SPN Laboratories Private Limited
(SPN) is currently setting up a unit to manufacture active
pharmaceutical ingredients (API) and intermediaries at MIDC-
Tarapur, Maharashtra. The manufacturing facility is spread
across 3385 Sq Meter and proposed to have a total installed
capacity of 181 metric tons (total for all products) of API's per
annum.

The project was initiated in 2005, however, due to lack of
availability of funds and change in management, the project was
at a standstill for period of 10 years. Furthermore, the
execution of project was restarted in April 2015.

The total cost of the project is estimated at INR7.16 crore which
is proposed to be funded with a DE ratio of 1.69x.


STA-CO NUTRA: CRISIL Assigns B+ Rating to INR5.4MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities Sta-co Nutra Products Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              5.4       CRISIL B+/Stable
   Cash Credit            0.9       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility     0.7       CRISIL B+/Stable


The ratings reflect exposure to offtake risk amid intense
competition in the pharmaceutical industry and expected below-
average financial risk profile. These strengths are partially
offset by promoters' extensive experience in the pharmaceutical
industry.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to offtake risk amid intense competition in the
industry: SNPPL faces intense competition as the pharmaceutical
industry is highly fragmented, leading to limited pricing
flexibility. Early stage of operations also restricts ability to
negotiate with customers or suppliers. Besides, any adverse
regulatory changes may have implications on profitability.

* Expected below-average financial risk profile: High gearing of
10.8 times as on March 31, 2017, on account of modest networth.
The gearing is expected to remain high due to large debt for
project.

Strengths

* Promoters' extensive experience in the pharmaceutical industry:
Promoters' vast experience in the pharmaceutical industry have
helped establish longstanding relations with potential customers
and suppliers.

Outlook: Stable

CRISIL believes SNPPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' if successful commissioning of the project leads to
higher-than-expected revenue and profitability and hence better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if delay in commissioning of the project or any
significant cost overrun weakens financial risk profile,
particularly liquidity.

Established in 2013, SNPPL, promoted by Mr. Shivaji Sankpal and
Ms Rohini Satkar, is setting up a unit for manufacturing
allopathic and ayurvedic lozenges and oncology active
pharmaceutical ingredients at Ranjangaon, Pune (Maharashtra).


STARLIT POWER: CRISIL Reaffirms 'D' Rating on INR9.8MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Starlit Power
Systems Limited (SPSL) for obtaining information through letters
dated February 13, 2017 and April 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bill Discounting        2        CRISIL D (Issuer Not
   under Letter of                  Cooperating; Rating
   Credit                           Reaffirmed)

   Cash Credit             9.8      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      5.27     CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               7.93     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

CRISIL has reaffirmed its ratings on long-term bank facilities of
SPSL at 'CRISIL D/CRISIL D'. The ratings reflect delays by the
company, in servicing the debt obligation. CRISIL has held
discussions with the bankers, who have confirmed the ongoing
delay.

Key Rating Drivers & Detailed Description
Delay in servicing debt: There have been instances of delay in
servicing of debt in the past due to stretched liquidity.

SPSL, based in Delhi, manufactures refined lead, lead alloys, and
lead acid batteries. The manufacturing unit is located in Gurgaon
(Haryana). The company was started in 2008 by Mr. Sachin Sridhar,
Mr. Surinder Pal, and Mr. Yogesh Gupta.


TEKNO PRINT: CARE Reaffirms D Rating on INR4.80cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Tekno Print Solutions (TPS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.80       CARE D Reaffirmed

   Short-term Bank
   Facilities             0.20       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TPS continue to be
constrained by the ongoing delays in debt servicing of the firm
due to its weak liquidity position.

Detailed description of the key rating drivers

Ongoing delays in debt servicing
There are ongoing delays in servicing the debt obligations. The
delays are on account of weak liquidity as the firm is unable to
generate sufficient funds on timely manner.

Tekno Print Solutions (TPS) was initially established as a
proprietorship firm by Mr. Parshant Mudgil in June 2012. Later
on, in July 2013, the constitution was converted to a partnership
firm having Mr. Sanjeev Chowdary, Mr. Parshant Mudgil and Mr.
Deepak Kumar as its partners sharing profit and loss in the ratio
of 51.00%, 24.50% and 24.50%, respectively.

FY14 (refers to the period April 1 to March 31) was the first
full year of operations. TPS is engaged in the trading of
printing material like rollers, blankets, solvents and adhesives.
The firm is the authorized dealer of 'Bottcher Systems' and also
procures material from various manufacturers based in
Maharashtra, Delhi, Madhya Pradesh and Punjab and supplies to
wholesalers and retailers located in Punjab, Himachal Pradesh,
Uttar Pradesh and Uttarakhand.


VSR LAMINATES: CRISIL Reaffirms 'B' Rating on INR5.14MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of VSR Laminates Private Limited (VSR) at 'CRISIL B/Stable'

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           5.14       CRISIL B/Stable (Reaffirmed)
   Term Loan             3.11       CRISIL B/Stable (Reaffirmed)

The reaffirmation reflects expected improvement in business risk
profile over the medium term on account of moderate revenue
growth and improvement in operating margin following
stabilization of operations and increasing demand from customers.
Revenue is estimated to grow 50% in fiscal 2017 to INR33 crore,
while operating margin is expected to remain stable at 8.3%. Cash
accrual is estimated at INR1.11 crore against long term
repayments of Rs0.88 crores and high bank limit utilization at
84%constrains the financial risk profile of VSR.

The reaffirmation in rating reflects modest scale of operations
in the fragmented plastic packaging industry and moderate
financial risk profile. These rating weaknesses have been
mitigated by the ramp up in the scale of operations.

Key Rating Drivers & Detailed Description

Weakness

* Moderate financial risk profile: The financial risk profile of
VSR is constrained by high bank limit utilization and high debt
repayments versus the net cash accruals. Gearing and total
outside liabilities to tangible net worth ratio are high at 1.20
times and 2.13 times, respectively, as on March 31, 2017,
supported by moderate net worth of INR6.32 crore.

* Modest scale of operations in intensely competitive packaging
industry: The flexible packaging industry is highly fragmented
because of low entry barriers marked by low capital and
technology requirements, small gestation period and easy
availability of raw materials. The intense competition in the
industry will continue to exert pricing pressures on VSR.

Strengths

* Ramp-up in revenue and stable operating margin: Turnover
increased to INR33 crore in fiscal 2017 from INR19 crore in
fiscal 2016, while operating margin have remained stable at 8-
8.5% and will continue to be so over the medium term.

Outlook: Stable

CRISIL believes VSR will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of better-than-expected cash accrual and
efficient working capital management. The outlook may be revised
to 'Negative' if substantially low cash accrual or sizeable
working capital requirement puts pressure on liquidity.

Incorporated in 2012 and promoted by Mr. Sushil Karnani, Mr.
Rajat Chandak, Mr. Vikas Kansal, and his wife, Ms. Ritu Kansal,
VSR commenced operations in 2013 and manufactures flexible
packaging such as printing pouches, snacks packaging lamination,
and zipper pouches.

Provisional profit after tax (PAT) was INR69 lakh on net sales of
INR29.6 crore for fiscal 2017; PAT was INR24 lakh on net sales of
INR19 crore for fiscal 2016.



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


SOECHI LINES: Fitch Withdraws B+(EXP) Rating on Prop. US$ Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+(EXP)' expected rating
assigned to Indonesia-based PT Soechi Lines Tbk's (B+/Negative)
proposed US dollar senior unsecured notes. The notes were to be
issued by Soechi's wholly owned subsidiary, Soechi Capital Pte.
Ltd., and guaranteed by Soechi and all its operating
subsidiaries.

Fitch is withdrawing the expected rating as Soechi's proposed
debt issuance is no longer expected to convert to final ratings,
as the company does not intend to proceed with the bond issue
within the previously envisaged timeline. The expected rating was
assigned on May 16, 2017.



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


ALAM MARITIM: Has Until August 11 to Submit Restructuring Plan
--------------------------------------------------------------
The Sun Daily reports that Alam Maritim Resources Bhd, which is
being aided by Bank Negara Malaysia's Corporate Debt
Restructuring Committee to rationalise its debts, has been
granted an extension of time till August 11 to submit its
Proposed Restructuring Scheme.

According to the report, the extension was granted on the basis
of allowing for the completion of an Independent Business Review
conducted by independent financial advisor, Ernst & Young, which
will assess the company's ability to meet its debt obligations to
its financial institution creditors.

Besides that, Alam Maritim's board said in a Bursa Malaysia
filing, the extension was given after taking into account
impending information from its ongoing major tendering
activities, which could see the redeployment of its vessels and
"significantly impact its cash flow and financial performance,"
The Sun Daily relays.

The report notes that Alam Maritim said in a previous filing on
July 7 the company together with its subsidiaries, joint-venture
companies and associate companies are "currently in active
discussions and negotiations with their respective financiers and
sukuk holders to restructure the repayment terms and conditions
of the existing loans/financing facilities and sukuk programme".

The offshore services provider has been in the red since FY14,
the report notes.

Alam Maritim Resources Berhad is an investment holding company.
It operates in two segments: Offshore supply vessels and
services, and Underwater services.



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


NOSH GROUP: New Buyers Have Until July 28 to Submit Offer
---------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that potential buyers of
specialist supermarket chain Nosh have a week to make an offer
for the stores.

Waterstone Insolvency has been appointed as receivers of the Nosh
Group and its sister company, Mt Eden Food Company, and is
accepting offers until July 28, Stuff notes.

Stuff relates that the company was sold in February for NZ$4
million.

But it has been reported that staff have not been paid since
June. All the stores are closed, notes the report.

Nosh Group operates five Auckland stores: Glen Innes, Green Lane,
Ponsonby, Pakuranga and Matakana.  Mt Eden Food Co operates the
Mt Eden store. Nosh stores in Kerikeri and Mt Maunganui are
independent franchises.

Mt Eden recorded the highest turnover in the year to June 2016,
taking in more than NZ$6.63 million.  But most of the stores were
recording losses on a regular basis, sometimes in excess of
NZ$100,000 a month, the report discloses.

Between July 2016 and April 2017, the Nosh group had income of
NZ$13.3 million but after expenses, suffered a loss of NZ$3.75
million.

All of the Nosh stores are in leased premises, so a buyer would
have to renegotiate those leases if they wanted to continue,
Stuff states.

According to Stuff, the closed stores have some physical assets
left, such as branded pallets, crates, shelves and cooler bags.
But the ownership is unclear of assets such as scales, sealing
machines, mincing machines, slicing machines and fridges.

Suppliers are also believed to be owed millions of dollars, the
report says.



                             *********

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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

Copyright 2017.  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 or Joseph Cardillo at 856-381-8268.



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