/raid1/www/Hosts/bankrupt/TCRAP_Public/171228.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

         Thursday, December 28, 2017, Vol. 20, No. 257

                            Headlines


A U S T R A L I A

BANTEX PTY: First Creditors' Meeting Set for Jan. 9
OROTONGROUP LTD: Set to be Sold to Major Shareholder Will Vicars
SEVERINO HOMES: Director May Face Suit Over Insolvent Trading
TERRITORY GENERATION: Broke, To Push for Power Price Increases


C H I N A

CHINA: Needs Detroit-Style Bankruptcy, Central Bank Official Says
SUNRISE REAL ESTATE: Posts US$3.3 Million Net Income in Q1 2016
SUNRISE REAL ESTATE: Posts US$5.6 Million Net Income in Q2 2016


H O N G  K O N G

LEECO: Hong Kong Subsidiary Files Petition to Wind Up Business


I N D I A

AEROCON BUILDWELL: CRISIL Moves D Rating to Not Cooperating
AMBAL MODERN: CRISIL Moves B+ Rating to Not Cooperating Category
ASHASHREE FROZEN: CARE Moves B Rating to Not Cooperating Category
CASTEX TECHNOLOGIES: NCLT Admits Insolvency Bid v. Firm
CIBI EXPORTS: CRISIL Moves B+ Rating to Not Cooperating Category

CLASSICAL NATURAL: CARE Reaffirms B+ Rating on INR2.80cr Loan
CREATIVE LIMITED: CRISIL Moves D Rating to Not Cooperating
E TO E TRANSPORTATION: CRISIL Cuts Rating on INR6MM Loan to B+
GALAXY REAL: CARE Assigns B+ Rating to INR8cr LT Loan
HOTEL DELITE: CRISIL Moves B+ Rating to Not Cooperating Category

INOX WORLD: CRISIL Migrates B+ Rating to Not Cooperating Category
IVRCL CHENGAPALLI: CARE Reaffirms D Rating on INR861.90cr Loan
J.D. TALC: CARE Assigns B+ Rating to INR5.16cr LT Loan
JAGANNATH PLASTIPACKS: CRISIL Moves B Rating to Not Cooperating
JAI JYOTI: CRISIL Moves B+ Rating to Not Cooperating Category

LAL BABA: CRISIL Migrates B+ Rating to Not Cooperating Category
LAXMI OPTICALS: CRISIL Moves B- Rating to Not Cooperating
LEO DESIGNS: CRISIL Migrates B Rating to Not Cooperating Category
MALOO INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
MEGA AUTOMOBILES: CARE Assigns B+ Rating to INR10.09cr LT Loan

MEHTA BISHAN: CRISIL Migrates B+ Rating to Not Cooperating
N.B. HI-TECH: CARE Assigns B+ Rating to INR6.04cr LT Loan
PARAS INDUSTRIES: CRISIL Moves D Rating to Not Cooperating
PLACEBO ENGINEERING: CRISIL Assigns B+ Rating to INR1MM Cash Loan
RISHU CONSTRUCTION: CRISIL Assigns B+ Rating to INR3.50cr Loan

SAI EXPORT: CRISIL Lowers Rating on INR24MM Packing Loan to D
SARDAR JEWELLERS: CRISIL Moves B- Rating to Not Cooperating
SATYA MEGHA: CRISIL Migrates D Rating to Not Cooperating Category
SHIVA WHEELS: CARE Moves B+ Rating to Not Cooperating Category
SHREE LAXMI: CARE Assigns B+ Rating to INR5.50cr LT Loan

SHREE KRISHNANAND: CARE Cuts Rating on INR8cr Loan to D
SOMA INDUS: CRISIL Hikes Rating on INR1.85BB Term Loan to B
SREEREDDY PROPERTIES: CARE Assigns B+ Rating to INR5.34cr Loan
SUNBEAM ENTERPRISES: CRISIL Moves B Rating to Not Cooperating
SWASTIK POLYTEX: CARE Lowers Rating on INR6.05cr LT Loan to B+

URC INFOTEC: CRISIL Moves D Rating to Not Cooperating Category
V.D. SWAMI: CRISIL Migrates D Rating to Not Cooperating Category
V.R. GHUGE: CRISIL Migrates B+ Rating to Not Cooperating
VEL STEELS: CRISIL Moves B+ Rating to Not Cooperating Category
VISION ISPAT: CARE Moves B+ Rating to Not Cooperating Category

VVV CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating


J A P A N

JAPAN LIFE: Goes Bankrupt With JPY240.5BB Debt
TEPCO HOLDINGS: S&P Affirms BB Corp Credit Rating, Outlook Stable
TOSHIBA CORP: Unveils Improper Accounting Practices at Affiliate


M A L A Y S I A

KINSTEEL BHD: Faces Trading Suspension on Jan. 5


N E W  Z E A L A N D

HYGIENE FOUNDATION: Two Managers Sent to jail Over Breaches


                            - - - - -


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


BANTEX PTY: First Creditors' Meeting Set for Jan. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Bantex Pty
Ltd will be held at Level 3, 95 Macquarie Street, in Parramatta,
NSW, on Jan. 9, 2018, at 10:00 a.m.

Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed
as administrators of Bantex Pty on Dec. 27, 2017.


OROTONGROUP LTD: Set to be Sold to Major Shareholder Will Vicars
----------------------------------------------------------------
The Sydney Morning Herald reports that Oroton's administrator has
accepted a purchase proposal from its largest shareholder that
will keep the luxury handbag retailer trading and prevent a
break-up of the embattled business.

According to the report, Oroton said Deloittes, which was
appointed administrator in November, had entered into a binding
implementation deed with a company controlled by fund manager
Will Vicars, who owns 18.2 per cent of the firm's ASX-listed
shares.

The administrator did not give full details of the proposed
scheme or how much creditors could expect to receive, but said
the returns would be disclosed in the deed of company arrangement
if one is put forward, SMH says.

SMH relates that voluntary administrator Vaughan Strawbridge said
that despite interest, there was no other offer that would have
resulted in a better outcome for the business or its employees.

"Our objective has been to avoid a break-up or closure of Oroton,
preserve employment and as much of the Oroton business as is
viable, whilst achieving a value maximising result for
stakeholders," SMH quotes Mr. Strawbridge as saying.

"Entering into this agreement is an important first step in
implementing a recapitalisation of Oroton and we will work hard
to complete the proposal."

The Lane family had the highest shareholder ownership, with just
over 21 per cent, before the 79-year old Australian designer
handbag retailer slipped into voluntary administration in late
November after struggling with falling sales, a failed Gap
apparel venture and a precarious debt situation, the report
notes.

Oroton sank to a AUD14.3 million loss in the year to July 29,
compared to a AUD3.4 million profit the previous year, after the
brand suffered a six per cent fall in key like-for-like sales,
according to SMH.

The luxury retailer is only one of many bricks-and-mortar
retailers to suffer financial strife in the past year, with Top
Shop, Marcs, David Lawrence, Herringbone, Rhodes & Beckett and
Pumpkin Patch also hit, the report says.

Shares in Oroton, which are suspended from the ASX, last traded
at 43.5 cents after having fallen more than 80 per cent in the
past year, SMH notes.

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


SEVERINO HOMES: Director May Face Suit Over Insolvent Trading
-------------------------------------------------------------
Brendan Wrigley at The Courier reports that the director of
failed construction company Severino Homes could be forced to
face legal charges after the business' liquidator found the
company may have been insolvent from at least July 1, 2016,
despite not going into liquidation until October this year.

In a report issued to all creditors, liquidator Claudio Trimboli
said the company had traded at a loss in the financial years
ending June 2015 and 2016 and that the company did not have
sufficient current assets to cover its current liabilities from
June 30, 2016, the Courier relates.

A previous liquidator's report showed the company owed more than
AUD1 million to more than 110 creditors, according to the
Courier.

The Courier relates that in the letter, Mr. Trimboli said, "I
have identified that the director may have permitted the company
to incur debts at a time it was insolvent".

Concept to Reality Kitchens and Joinery owner Brad Lockyer was
among the creditors listed after installing AUD12,000 worth of
kitchens, the Courier says.

He said that while he was disappointed he would likely not see
that money again, the news did not come as a surprise.

"It was one bad decision I won't make again but I'd already
figured that money was gone," the Courier quotes Mr. Lockyer as
saying.

According to the Courier, Severino Homes Director Jamies Severino
told the liquidator he was owed more than AUD107,000, however the
the debtors have disputed owing the money or claimed it was
offset by incomplete or defective building works.

The liquidator also found Severino Homes owes the Bendigo Bank
more than AUD286,000, the Courier says.

The Courier adds that an Australian Securities and Investments
Commission spokesperson said the body would assess any
information provided by the liquidators, but declined to say
whether an investigation would be launched.

"Administrators were appointed by Jamie at the appropriate time
in order to find the best solution and way forward for all
creditors involved," the Courier quotes a Severino Homes
spokesperson as saying.  "It is very important not to engage in
hypotheticals whilst the administration is still ongoing."


TERRITORY GENERATION: Broke, To Push for Power Price Increases
--------------------------------------------------------------
Neda Vanovac at ABC News reports that Territory Generation, the
Northern Territory's Government-owned power generator, is broke
and will push for an increase in power prices once a freeze
expires in six months, but the Government insists prices won't
rise above CPI.

In what the Country Liberals Party opposition called "a Christmas
present no-one wants", the NT Government has announced it
replaced the board of Territory Generation, appointed an interim
board, as it released a heavily-redacted and damning report on
the ailing utilities corporation, according to ABC News.

ABC News relates that the new report has found at least AUD43
million in budget blowouts caused by soaring fees, bloated
staffing levels, and over-spending on projects.

The Government-owned Power and Water Corporation was split in
2014 into three corporations: Power and Water, Territory
Generation, and retail branch Jacana Energy, the report says.

According to ABC News, Treasurer and Acting Chief Minister Nicole
Manison said the financial woes of Territory Generation were a
result of the split.

"When you turn one thing into three, you then replicate senior
management three times, for example, systems three times."

The review of Territory Generation's financial performance agreed
with Ms. Manison's assessment: "Territory Generation has
experienced a significant deterioration in its financial
performance since its establishment as a stand-alone business,"
it said, ABC News relays.

ABC News says the NT Government had to approve an unplanned AUD20
million loan in the last financial year to help fund capital
projects, and doubled Territory Generation's overdraft facility
from AUD10 million to AUD20 million.

Despite doing this, it will still not be enough to pay costs this
year "if corrective action is not taken", the report, as cited by
ABC News, said.

Territory Generation budgeted for AUD38.3 million in capital
works, which has already blown out by AUD20 million, to a current
forecast of AUD58.3 million in work that Territory Generation
does not have the financial resources to complete this year, the
report said, ABC News relays.

"A lack of visibility and predictability makes capital financing
decisions extremely difficult," the report found.

Territory Generation can only complete current works if the
Government props it up even further, which is not consistent with
the Government Owned Corporations Act, the report stated.

Ms. Manison said the Government would need to make an "immediate
cash injection" of about AUD20 million to keep Territory
Generation afloat, ABC News relays.



=========
C H I N A
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CHINA: Needs Detroit-Style Bankruptcy, Central Bank Official Says
-----------------------------------------------------------------
Reuters reports that China needs to let local governments take
responsibility for their finances, including allowing
bankruptcies, as part of an effort to defuse their debt risks, a
central bank official wrote on Dec. 26.

Central government control of the scale of local government bonds
should be eliminated, while responsibility to issue and repay
bonds should be held by the city or county that will actually use
the funds, Xu Zhong, head of the People's Bank of China's
research bureau, wrote in a an editorial on the financial news
website Yicai, Reuters relays.

"Eliminate central government control on the scale of local
government bond issues, expand the scale of local government debt
issues," Xu wrote.

"Whether (bonds) can be issued, and at what price, must be
examined and screened by the financial markets. There does not
need to be worry about local governments chaotically issuing
debt."

According to Reuters, China's top leadership decided at a meeting
last week to take concrete measures to strengthen the regulation
of local government debt next year as policymakers look to rein
in a massive debt pile and reduce financial risks facing the
economy.

The government needs to clarify responsibility as it explores a
bankruptcy system for local governments, Xu wrote, as there is
still an expectation that the central government will bail out
those that run into fiscal problems, Reuters relates.

"China must have an example like the bankruptcy in Detroit. Only
if we allow local state-owned firms and governments to go
bankrupt will investors believe the central government will break
the implicit guarantee," Xu wrote, adding that social services
should be maintained, Reuters relays.

The United States city of Detroit filed the largest-ever
municipal bankruptcy in July 2013, with $18 billion of debt,
Reuters recounts.

Reuters adds that Xu also said that China should dismantle the
hukou system of internal migration control, as free movement of
people promoted equal access to public services and helped
resolve imbalances in finances.


SUNRISE REAL ESTATE: Posts US$3.3 Million Net Income in Q1 2016
---------------------------------------------------------------
Sunrise Real Estate Group, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of $3.31 million on $665,381 of net revenues for the
three months ended March 31, 2016, compared to a net loss of
$2.01 million on $1.39 million of net revenues for the three
months ended March 31, 2015.

As of March 31, 2016, Sunrise Real had $110.57 million in total
assets, $116.98 million in total liabilities and a total
shareholders' deficit of $6.40 million.

In the first quarter of 2016, the Company's principal sources of
cash were revenues from its agency sales and property management
business, as well as the cash receipt from sale of the office
property of fixed assets.  Most of the Company's cash resources
were used to fund its property development investment and revenue
related expenses, such as salaries and commissions paid to the
sales force, daily administrative expenses and the maintenance of
regional offices.

Sunrise Real ended the period with a cash position of $5,917,825.

The Company's operating activities used cash in the amount of
$751,278, which was primarily attributable to the real estate
property development.

The Company's investing activities provided cash resources of
$8,154,065, which was primarily attributable to the disposal of
office property of fixed assets.

The Company's financing activities used cash resources of
$2,264,344, which was primarily attributable to repayment of
promissory notes and bank loan.

The potential cash needs for 2016 would be the repayments of the
Company's bank loans and promissory notes, the rental guarantee
payments and promissory deposits for various property projects as
well as our development projects in Wuhan, GXL project and Linyi.

As of March 31, 2016, the Company has a working capital
deficiency, accumulated deficit and significant short-term debt
obligations currently in default or maturing in less than one
year.  These factors, the Company said, raise substantial doubts
about its ability to continue as a going concern.

"Management believes that the Company will generate sufficient
cash flows to fund its operations and to meet its obligations on
timely basis for the next twelve months by successful
implementation of its business plans, obtaining continued support
from its lenders to rollover debts when they became due, and
securing additional financing as needed," according to the
Quarterly Report.  "There is no assurance that the Company will
be able to obtain additional financing on acceptable terms and
any financing that the Company does obtain will be sufficient to
meet its needs in the long term. Even if the Company is able to
obtain additional financing, it may contain undue restrictions on
our operations in the case of debt financing, or cause
substantial dilution for our shareholders in the case of equity
financing.  If events or circumstances occur that the Company is
unable to successfully implement its business plans, fails to
obtain continued supports from its lenders or to secure
additional financing, or incurs significant unplanned cash
outlays, the Company may be required to suspend operations or
cease business entirely."

A full-text copy of the Form 10-Q is available for free at:

                    https://is.gd/uN3WFb

                 About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc., and its subsidiaries' principal
activities are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the
People's Republic of China.

Sunrise Real reported a net loss of US$6.72 million on US$4.76
million of net revenues for the year ended Dec. 31, 2015,
compared to a net loss of US$5.21 million on US$8.61 million of
net revenues for the year ended Dec. 31, 2014.

RH, CPA, in Bayside, NY, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2015, noting that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
for the current and prior years, and significant short-term debt
obligations currently in default or maturing in less than one
year. These conditions raise substantial doubt about its ability
to continue as a going concern.


SUNRISE REAL ESTATE: Posts US$5.6 Million Net Income in Q2 2016
---------------------------------------------------------------
Sunrise Real Estate Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting
net income of US$5.66 million on US$2.27 million of net revenues
for the three months ended June 30, 2016, compared to a net loss
of US$1.93 million on US$953,290 of net revenues for the three
months ended June 30, 2015.

For the six months ended June 30, 2016, the Company reported net
income of US$8.97 million on US$2.94 million of net revenues
compared to a net loss of US$3.95 million on US$2.34 million of
net revenues for the same period in 2015.

As of June 30, 2016, Sunrise Real had US$116.04 million in total
assets, US$116.69 million in total liabilities and a tota
shareholders' deficit of US$649,357.

In the first two quarter of 2016, the Company's principal sources
of cash were revenues from its agency sales, receipts in advance
from real estate development projects and our property management
business.  Most of its cash resources were used to fund its
property development investment and revenue related expenses,
such as salaries and commissions paid to the sales force, daily
administrative expenses and the maintenance of regional offices.

The Company ended the period with a cash position of
US$7,314,768.

The Company's operating activities provided cash in the amount of
US$6,022,047, which was primarily attributable to the receipts in
advance from real estate property development.

The Company's investing activities provided cash resources of
US$8,084,981, which was primarily attributable to the disposal of
office property of fixed assets.

The Company's financing activities used cash resources of
US$7,392,561, which was primarily attributable to the repayments
of bank loan and promissory notes.

The potential cash needs for 2016 would be the repayments of the
Company's bank loans and promissory notes, the rental guarantee
payments and promissory deposits for various property projects as
well as its development projects in Wuhan, GXL project and Linyi.

According to the Company, "We currently have three bank loans
payable, including an $452,407 (RMB3,000,000) loan and
$15,080,227 (RMB100,000,000) loan.  The RMB3,000,000 loan has
been extended to March 2017.  The RMB100,000,000 loan will mature
in December 2017. Another loan balance of $7,188,714
(RMB47,669,802) has been extended for another three years and
will be due in June 2019.

"As of June 30, 2016, promissory notes in the principal amount of
$1,444,321 were in default compared to promissory notes in the
principal amount of $1,461,412 that were in default as of
December 31, 2015.

"Taking into account of our cash position, available credit
facilities and cash generated from operating activities, we
believe that we have sufficient funds to operate our existing
business for the next twelve months.  If our business otherwise
grows more rapidly than we currently predict, we plan to raise
funds through the issuance of additional shares of our equity
securities in one or more public or private offerings.  We will
also consider raising funds through credit facilities obtained
with lending institutions. There can be no guarantee that we will
be able to obtain such funds through the issuance of debt or
equity or obtain funds that are with terms satisfactory to
management and our board of directors."

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/e6xyn7

                   About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc., and its subsidiaries' principal
activities are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the
People's Republic of China.

Sunrise Real reported a net loss of US$6.72 million on US$4.76
million of net revenues for the year ended Dec. 31, 2015,
compared to a net loss of US$5.21 million on US$8.61 million of
net revenues for the year ended Dec. 31, 2014.

RH, CPA, in Bayside, NY, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2015, noting that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
for the current and prior years, and significant short-term debt
obligations currently in default or maturing in less than one
year. These conditions raise substantial doubt about its ability
to continue as a going concern.



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


LEECO: Hong Kong Subsidiary Files Petition to Wind Up Business
--------------------------------------------------------------
The South China Morning Post reports that a Hong Kong arm of
embattled Chinese conglomerate LeEco has filed a petition to wind
up its business operations in the city, court records show.

The application to liquidate the business was lodged by LE
Corporation on Dec. 20, the Post relates, citing court documents.

Details remained unknown as the court records did not provide any
further information other than the company's name and the
identity of its creditor, according to the Post.

LeEco was formerly called LeTV and is best known in Hong Kong for
providing television content, the report says.

What impact the shutdown would have on the city was not clear on
Dec. 21, the Post notes.

In a statement published on LeSports HK's Facebook page, the
firm's sport division, which airs the English Premier League and
NBA games, distanced itself from LE Corporation, stressing that
they were two different entities, the Post says.

"The winding-up application for LE Corporation Limited has
nothing to do with LeSports HK. Nor will it have any impact on
LeSports HK's business," it said, the Post relays.

The Post, citing companies registry, discloses that LE
Corporation is wholly owned by Beijing-based technology firm
Le.com, which is a subsidiary of LeEco, founded by Chinese
entrepreneur Jia Yueting.

But the presence of LeEco in Hong Kong apparently also takes the
form of other companies including LeEco Hong Kong Co and LeEco
APAC, the report states.

Hong Kong functions as a base for LeEco's headquarters in the
Asia-Pacific region.

According to the Post, the wind-up petition comes after a flurry
of civil claims began heading the way of LE Corporation starting
last year.

These included a US$224,000 lawsuit over copyright fees mounted
by Hong Kong film distributor Sundream Motion Pictures in
December last year, and a HK$530,000 claim by local newspaper
Hong Kong Economic Times, which was seeking outstanding
advertising fees, the Post says.

In August last year, a marketing firm also sued the Hong Kong arm
of LeEco for marketing fees amounting to HK$14 million, the Post
discloses.



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AEROCON BUILDWELL: CRISIL Moves D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Aerocon
Buildwell Private Limited (ABPL) for obtaining information
through letters and emails dated September 12, 2017 and
October 26, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        0.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           4.0       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      0.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan            14.5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

ABPL, set up in April 2012 by Mr. Girish Khemkar, Mr. Anand Goel
and Mr.Anish Khemkar, manufactures AAC blocks in Jalalkhedi,
Madhya Pradesh. It has a manufacturing capacity of 1.5 lakh cubic
meter per annum (CMPA).


AMBAL MODERN: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ambal
Modern Rice Mill (AMRM) for obtaining information through letters
and emails dated September 14, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

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

Detailed Rationale

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

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

Set up in 1999 as a proprietorship firm, AMRM mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mrs. M Wahida.


ASHASHREE FROZEN: CARE Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE has been seeking information from Ashashree Frozen Foods
Private Limited (AFFPL) to monitor the ratings vide letters/e-
mail communications dated July 12, 2017, October 4, 2017,
November 28, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of ratings, CARE
is unable to express opinion on the ratings. In line with the
extant SEBI guidelines CARE's rating on AFFPL's bank facilities
will now be denoted as CARE B; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.70       CARE B; Issuer not
   Facilities                        cooperating

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

Detailed description of the key rating drivers

At the time of last rating in December 5, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

Project implementation and funding risk: AFPL is currently
undertaking an project to set up a dairy processing unit at
Fatuha, Patna Hatibari, Sambalpur with projected installed
capacity of 30,000 Litres per day (LPD) for dairy products which
includes milk and milk products. The total cost of the project is
INR8.90 crore (excluding margins for working capital) which is
estimated to financed at a debt equity ratio of 2.16:1. Further,
the financial closure for the project has not yet been achieved.
The project is currently at a nascent stage of execution with
about 26% of the project been completed till November04, 2016
with an aggregate amount of INR2.34 crore. AFPL is expected to
commence commercial operation in July, 2017. Accordingly, there
is an inherent project execution & stabilisation risk involving
time and cost overruns coupled with risk involved in sanctioning
of term loans.

Susceptibility of margins to intense competition and raw material
related risk: AFFPL faces stiff competition from the established
players in the organized market in milk segment. On the liquid
front, competition gets intense with the presence of unorganized
players and independent milk vendors leading to pricing
pressures.

The same is also reflected in low profitability margins of
players in this industry. Also, the companies are vulnerable to
risks of failure in milk production due to external factors such
as cattle diseases leading to volatility in prices of raw
materials.

Seasonal nature of the milk processing industry: The dairy
industry is characterized by the short supply of milk during peak
of summers. The company procures the milk during the winter
season when the milk is available in abundance and at low price
which leads to build up of inventory & finished goods.
Correspondingly, there is high requirement of funds during the
peak season i.e. winter months from September- May.

Key Rating Strengths

Experienced promoters: Mr. Srikanta Kumar Khuntia is the managing
director of AFFPL. Although Mr. Khuntia has experience of more
than two decades in diversified industries like construction,
real estate etc, he has around five years of experience in the
dairy industry. He will be actively involved in the day to day
operations of the entity with adequate support from the other
directors along with a team of experienced personnel.

AFFPL was incorporated on Dec. 05, 2014 by Mr. Srikanta Kumar
Khuntia and Mrs Anupama Khuntia of Odisha. AFFPL is currently
undertaking an initial project to set up a dairy processing unit
at Fatuha, Patna Hatibari, Sambalpur with projected installed
capacity of 30,000 Litres per day (LPD) for dairy products which
includes milk and milk products. The total cost of the project is
INR8.90 crore (excluding margins for working capital) being
finance at a debt equity ratio of 2.16:1. AFFPL is expected to
commence commercial operation in July, 2017.


CASTEX TECHNOLOGIES: NCLT Admits Insolvency Bid v. Firm
-------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal has
admitted an application by State Bank of India to initiate the
corporate insolvency resolution process against Castex
Technologies Ltd.

The Mumbai bench of the NCLT appointed Dinkar Tiruvannadpuram
Venkatsubramanian as an interim resolution professional for the
debt resolution process, BloombergQuint relates citing a stock
exchange filing.

Insolvency proceedings against Castex, formerly known as Amtek
India, were initiated by SBI and its subsidiaries for defaulting
on loans worth over INR572 crore, according to a copy of the
petition filed on the exchanges cited by BloombergQuint.

Once a case is admitted by the NCLT, there is a 180-day timeline
to decide on a resolution plan, though 90 days can be given in
addition. If a plan is not decided till then, the company goes
into liquidation, the report notes.

Castex Technologies Limited manufactures and sells motor vehicles
parts and accessories in India and internationally. The company
offers products for two/three wheelers, passenger cars, light and
heavy commercial vehicles, railways, and tractors, as well as for
earthmoving and construction, aerospace, and oil and gas markets.


CIBI EXPORTS: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Cibi
Exports (Cibi) for obtaining information through letters and
emails dated September 14, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            2        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Export Packing         4.5      CRISIL B+/Stable (Issuer Not
   Credit                          Cooperating; Rating Migrated)

   Foreign Bill           2.75     CRISIL B+/Stable (Issuer Not
   Purchase                        Cooperating; Rating Migrated)

   Term Loan              8.5      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

Cibi, set up in 1993 and promoted by Mr. Anand and Ms. Jayashree
Priya, manufactures and exports readymade knitted garments.


CLASSICAL NATURAL: CARE Reaffirms B+ Rating on INR2.80cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Classical Natural Stones (CNS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.80       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             8.85       CARE A4; Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of CNS continue to
remain constrained on account of vulnerability of margins to
fluctuation in the raw material prices and foreign exchange
rates, easy availability of substitute products in the
competitive industry with fortunes linked to cyclical real estate
sector and its constitution as a partnership concern. The
ratings, further, constrained on account of stressed liquidity
position and moderate solvency position.

The ratings, however, continue to derive strength from the
experienced partners with established presence in the natural
stone business and strategic location of manufacturing units with
close proximity to raw material sources. The ratings, further,
derive strength from its increase in total operating income and
its moderate profitability.

The ability of the firm to increase its scale of operations with
maintaining of profitability margins and improvement in solvency
position with better management of working capital is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Stressed Liquidity Position: The liquidity position of the firm
stood stressed with almost full utilization of working capital
bank borrowings in last twelve month ended November 2017.
Further, the operating cycle of the firm stood elongated at 166
days in FY17 mainly on account of higher collection period and
inventory period. Due to it, liquidity ratios of the firm stood
moderate with current ratio and quick ratio of 1.34 times and
1.06 times respectively as on March 31, 2017.

Vulnerability of margins to fluctuation in raw material prices
and foreign exchange rates and easy availability of substitute
products: Different types of natural stones are the main raw
material used by CNS to produce various finished products. The
firm procures raw materials mainly from Rajasthan and Madhya
Pradesh. The profitability of the firm is vulnerable to any
adverse movement in raw material prices as the firm will not be
immediately able to pass on the increased price to its
customer and its elongated raw material inventory holding period.

CNS is exposed to foreign exchange fluctuation risk considering
that the firm generates entire income in foreign currency and
does not follow active hedging policy. For hedging of foreign
exchange fluctuation risk, the firm enters into forward contracts
partially. Therefore, any adverse movement in the prices of
foreign currency can negatively affect the profitability margin
of the firm to an extent of unhedged portion. Further, there are
various substitute products which are easily available in the
market and CNS faces competition from same.

Fortunes linked to cyclical real estate sector: The products of
the firm find application in construction, real estate sector as
well as various allied activities and hence, fortunes of the firm
are lined to cyclical real estate sector. The risks associated
with real estate industry are -- cyclical nature of business
(linked to economic cycle) and investments in real estate
worldwide have been driven based on the economic growth.

Key Rating Strength

Wide experience of the promoters in the natural stone industry:
The partners of the firm, Mr. Hari Shankar Kanchhal, Mr. Vikas
Kanchhal, Mr. Nitesh Kanchhal and Mr. Nakul Kanchhal have
wide experience of more than two decade and 5 years each
respectively in the natural stone industry through its group
concerns, Aggarwal Granimarmo (I) Pvt. Ltd., Ashok Marble
Industries, Classical Natural Stone Pvt. Ltd., Earth Stone World
Wide, Earth Stone Global, Image Craft India Pvt. Ltd. and Sand
Stone Impex.

Strategic location of manufacturing units with close proximity to
raw material sources: CNS manufacturing facility is located at
Jaipur, strategically located in one of the major minerals
producing region of India which makes it easier for the firm to
access its primary stones like granite, marble, veneer tiles,
decorative stones. It uses mainly natural stone to manufacture
its finished products. CNS has developed good business relations
with the mines owners resulting in benefits derived from lower
logistic cost, easy and timely availability and procurement of
raw materials at effective prices.

Improvement in Total Operating Income with moderate profitability
Margins: FY17 is first full year of operations of the company and
during FY17, Total Operating Income (TOI) of the firm has
increased by 42.89% over FY16 owing to increase in customer base
that led to higher sales. The company is benefitted from the
presence of group concerns in the same line of business. Further,
the profitability of the firm stood moderate with PBLIDT margin
and PAT margin of 8.16% and 0.91% respectively. Further, GCA of
the firm has increased by 50.64% over FY16 and stood at INR 0.73
crore mainly on account of increase in depreciation expenses.

Improvement in solvency position: The solvency position of the
firm stood moderate with an overall gearing of 1.50 times as on
March 31, 2017, improved from 6.90 times as on March 31, 2016
mainly on account of considering of unsecured loans of INR5.31
crore as quasi equity which are subordinate to bank borrowings as
well as accretion of profits to reserves. Further, debt coverage
indicators of the firm stood weak with total debt to GCA of 17.72
times as on March 31, 2017, improved from 24.34 times as on
March 31, 2016 mainly on account of higher increase in GCA level
as against increase in total debt level. Further, interest
coverage ratio stood moderate at 1.60 times in FY17.

Jaipur (Rajasthan) based Classical Natural Stones (CNS) was
formed in October 2014 as a partnership concern by Mr. Hari
Shankar Kanchhal along with his family members. The firm is
engaged in manufacturing and export of natural stones based
products (like granite, marble, veneer tiles, decorative stones).
The firm has started its commercial production from July 2015.The
unit of the firm has well equipped in-house processing facility
to deliver optimum variety of products and finishing according to
customer specifications. The products of the firm find
applications in real estate as well as various allied activities.
It exports its product mainly to UK, Norway, USA and Netherland
etc.


CREATIVE LIMITED: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Creative
Limited (Creative) for obtaining information through letters and
emails dated September 12, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Funded Interest         2        CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating Migrated)

   Packing Credit          1        CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital        12.6      CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.


E TO E TRANSPORTATION: CRISIL Cuts Rating on INR6MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of E to E Transportation Infrastructure Pvt Ltd (ETE) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Negative/CRISIL A4+'. The
downgrade reflects deterioration in the company's business risk
profile, with continued operating losses.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           12       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Cash Credit               6       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Negative')

   Proposed Long Term        8        CRISIL BB-/Negative
   Bank Loan Facility                 (Withdrawn)

CRISIL has withdrawn its rating on ETE's proposed fund-based bank
facilities of INR8 crore at the company's request and based on
the sanction letter showing reduction in facilities.

The ratings continue to reflect the company's modest scale of
operations, large working capital requirement, and significant
exposure to loss-making group entities. These weaknesses are
partially offset by extensive experience of its promoters in the
railway infrastructure industry, and its reputed and diverse
clientele.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The modest scale, indicated by
revenue of INR18.06 crore in fiscal 2017, results in limited
bargaining power in a highly fragmented industry.

* Large working capital requirement: Gross current assets were at
370 days as on March 31, 2017, driven by extensive credit of four
months offered to customers.

* Significant exposure to loss-making, group entities: As on
March 31, 2017, ETE wrote off investments in subsidiaries E to E
Transportation Training Services Pvt Ltd, E to E Wireless &
Network Solutions Pvt Ltd, and E to E Consultancy Pvt Ltd, as
heavy accumulated losses eroded the value of the investments.
Moreover, investments in some other subsidiaries, joint ventures,
and associate companies, worth more than INR4 crore as at
March 31, 2017, have also declined in value, which the management
believes is temporary. ETE's exposure to such companies impairs
its credit risk profile.

Strengths

* Extensive experience of promoters: The promoter of the company,
Mr. Ganapa Sreenivasa Rao, has experience of two decades in the
railway sector. ETE receives repeat orders from customers on
account of its strong business relationships.

* Reputed and diverse clientele: ETE's orders are from marquee
industry players such as the Thales group, Alstom, Tata Steel,
and Siemens. Association with established names will benefit ETE
over the medium term.

Outlook: Stable

CRISIL believes ETE will benefit from its reputed and diverse
clientele and its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a significant
and sustainable increase in revenue, along with healthy
profitability and efficient working capital management. The
outlook may be revised to 'Negative' if revenue declines, or if
financial risk profile weakens due to lower-than-expected
profitability, unanticipated debt-funded capital expenditure,
stretched working capital cycle, or support to group entities.

ETE, incorporated in 2010 and promoted by Mr. Ganapa Sreenivasa
Rao, is based in Bengaluru. It provides design, execution
support, and operation and maintenance services, for railway
infrastructure projects, and training for personnel in these
projects.


GALAXY REAL: CARE Assigns B+ Rating to INR8cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Galaxy
Real Estate Developers & Builders Private Limited (GRE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GRE is primarily
constrained on account of project implementation risk along with
saleability risk associated with un-booked units and subdued
outlook for the cyclical real estate sector.

The rating, however, derives strength from the experienced
management in executing real estate projects and its location
advantage.

The ability of complete to successfully complete its on-going
real estate project without any time and cost overrun along with
the timely booking of un-booked flats are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk of Shivalik Nilay (SN) and
saleability risk associated for unbook flats: The company
undertook SN project in December 2016 for construction of 117
residential 3BHK flats. It has envisaged total project cost of
INR37.80 crore towards the project to be funded through term loan
of INR7 crore, customer advances of INR25 crore and remaining
through promoter's contribution. As on November 2017, the company
have incurred total cost of INR8.00 crore towards the project
funded through booking advances of INR3 crore from customers and
remaining through promoters fund. The project is envisaged to be
completed by December 2021 and hence, project implementation risk
is associated with GRE to complete the project within envisaged
time and cost parameters. Further, it has not tied up with bank
for term loan.

Further, saleability risk is also associated with GRE for un-
booked units of both projects, SMA and SN.

Subdued outlook for the cyclical real estate sector: The real
estate industry in India is highly fragmented with most of the
real estate developers having a city-specific or region-specific
presence. Real estate investments worldwide have been driven by
one or several themes based on the economic growth. The major
drive in India is expected to come from housing, organized
retailing, hospitality etc. Strong economic growth, huge
population, large skilled workforce, growing employment and
increasing purchasing power has kick-started the growth in real
estate market in India. The risks associated with real estate
industry are - cyclical nature of business (linked to economic
cycle), interest rate risk, roll back of income tax benefits etc.
Further, in light of the on-going economic downturn, the sector
is facing issues on many fronts. These include subdued demand,
curtailed funding options, rising costs, restricted supply due to
delays in approvals etc. thereby resulting in stress on cash
flows. Further, the banks have already taken a cautious approach
to the real estate lending and reduced their exposure to the
sector and hence, most developers now rely on the private players
for the project funding.

Key Rating Strengths

Experienced promoter with established track record in executing
real estate projects: Mr. Sanjay Jain has wide experience of more
than a decade in the real estate sector and has constructed 10
residential as well as commercial projects. He looks after
overall affair of the company and is assisted by second tier
management.

Comfortable booking in Shivalik Mittals Attalika (SMA): The
company is developing SMA project in revenue sharing agreement
where it will share 34% revenue with land owner. Under this
project, the company is developing 240 units of which 120 2BHK
units and 120 3bhk units. Till December 01, 2017, the company has
booked 180 units (120 -3BHK and 60-2BHK units) having sales value
of INR34 crore and has received booking advances of INR28 crore.
The company has comfortable booking in SMA as project of the
company will complete in January 2018. It has incurred total cost
of INR28 crore towards the project and will incur additional cost
of INR1 crore to complete the project.


HOTEL DELITE: CRISIL Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hotel
Delite Grand (HDG) for obtaining information through letters and
emails dated September 18, 2017 and October 24, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Overdraft             2        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan             8        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hotel Delite Grand, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Hotel Delite Grand is consistent with 'Scenario 2' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

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

Established in 2016, HDG is a Faridabad (Haryana)-based
partnership between Mr. Ram Sharan Bhatia and Ms. Radha Rani
Virmani.

Currently, it is managed by Mr. Ram Sharan Bhatia, and sons of Ms
Radha Rani Virmani, Mr. Rajan Virmani and Mr. Sunil Virmani. The
hotel has 42 rooms, 6 banquet halls, and one restaurant-cum-bar.
The hotel became operational from May 2015 onwards, and operates
under the Delite brand.


INOX WORLD: CRISIL Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Inox World
Industries Private Limited (Inox; part of the Worldfa group) for
obtaining information through letters and emails dated
October 31, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        0.2       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan       23.0       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit        6.25      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Post Shipment
   Credit                2         CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    2         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Inox World Industries Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Inox World Industries Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Inox, Worldfa Exports Pvt Ltd
(Worldfa) and Trishul Exotic Pvt Ltd (Trishul). This is because
all the three companies, together referred  to as the Worldfa
group, are promoted by the same family and have common
management, and have operational and business synergies.

The Worldfa group, promoted by brothers, Mr. Pramod Kumar Gupta
and Mr. Ram Babu Gupta and their wives, manufactures stainless
steel (SS) products, including utensils and bathroom accessories.

INOX was set up in 2012 by Mr. Ram Babu Gupta and Mr. Pramod
Gupta. It started commercial operations in 2015 and is in the
same line of business as its group companies.

Worldfa was set up in 1986 as a proprietorship firm and in 2004,
was converted to a private limited company. Mr.Pramod Kumar Gupta
and Mrs. Kalpana Gupta, wife of Mr. Ram Babu Gupta are the
directors in the company. Thecompany derives its revenue entirely
from sale of SS products to USA, Europe, and the Middle East.

Trishul was set up in 1986 as a proprietorship firm and in 2003,
was converted to a private limited company. Mr. Ram Babu Gupta
and Mrs. Nirmal Gupta, wife of Mr. Pramod Kumar Gupta are the
directors.


IVRCL CHENGAPALLI: CARE Reaffirms D Rating on INR861.90cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
IVRCL Chengapalli Tollways Limited (ICTL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            861.90      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ICTL continues to
remain constrained by the weak liquidity profile owing to delay
in project completion with substantial cost and time overrun
resulting in delays in debt servicing .

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak liquidity profile: The project has been behind schedule on
account of lack of funds. This coupled with the weak liquidity
profile of the sponsor and relatively lower toll collections have
led to delays in interest servicing on term loans.
Key Rating Strengths

Established promoter group: IVRCL is an established
infrastructure company with interests in a variety of
infrastructure projects, including Water & Environment, Roads &
Bridges, Railways, Buildings & Industrial Structures, Mining, Oil
& Gas exploration as well as Power transmission. However, the
company has a weak financial and liquidity profile with net loss
registered since last two years.

Commencement of tolling operations: The project started
collecting toll revenue from October 14, 2015. The company
collected toll revenue of INR74.42 crore during FY17 and INR44.71
crore during H1FY18. The company has received approval from NHAI
to collect toll revenue for 99% instead of 100% given the project
is incomplete for the remaining 1%. The balance portion of work
is expected to be completed by December 2017.

ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary
IVRCL Assets & Holdings Limited (IAHL), which has now been merged
with IVRCL. ICTL was implementing a road project (under NHDP
Phase-II programme) envisaging 4/6 laning of the road in
Chengapalli-Coimbatore-Walayar of NH-47 in the state of Tamil
Nadu (Total length: 54.83 km) on Design, Build, Finance, Operate
and Transfer (DBFOT) toll basis for a concession period of 27
years. The project stretch is divided into two sections; from Km
102.03 to Km 144.68 of 42.64 km (Section I) and from Km 170.88 to
Km 183.01 of 12.13 Kms (Section II). The project achieved
provisional Commercial Operational Date (COD) on October 9, 2015
and has started collecting toll revenue from October 14, 2015.


J.D. TALC: CARE Assigns B+ Rating to INR5.16cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of J.D.
Talc (JD), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.16       CARE B+; Stable Assigned

The rating assigned to the bank facilities of JD is constrained
on account of its small scale of operations along with leveraged
capital structure, moderate debt coverage indicators and moderate
liquidity position. The rating is also constrained due to
vulnerability of profit margins to raw material price
fluctuations and foreign exchange fluctuation risk.

The rating, however, derives strength from experienced partners
and moderate profit margins.

The ability of JD to increase its scale of operations with
improvement in profitability and improve debt coverage indicators
and solvency position with efficient utilization of the working
capital requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: Despite healthy growth of 32.87%
reported during FY17 by the firm in its TOI, overall scale of
operations stood small at INR12.61 crore.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the firm stood leveraged
marked by an overall gearing ratio of 3.27 times as on March 31,
2017. However, debt coverage indicators stood moderate marked by
TD/GCA of 8.10 times as on March 31, 2017 on account of moderate
level of gross cash accruals against that of its debt level while
Interest coverage stood at 2.02 times during FY17 on account of
higher PBILDT and lower interest expenses.

Moderate Liquidity: Liquidity position stood moderate marked by
current ratio of 1.06 times as on March 31, 2017 while operating
cycle stood at 79 days during FY17.

Susceptibility of profit margins to raw material price volatility
risk and foreign exchange fluctuation risk: JD's main raw
material is soap stone lumps and it procures these raw materials
from its associate firm J D Minerals which is engaged in mining
of soap stone lumps and also procures from the domestic market.
Any adverse fluctuation in the material prices is likely to
impact the profit margins of JD.

JD is also engaged into export where they export to South Korea.
Exports stood at INR3.30 crore in FY17, which is 26% of TOI of
FY17. In absence of any active hedging policy, the firm is
exposed to foreign exchange rate fluctuation.

Key Rating Strengths

Experienced promoters: Mr. Rajendra Singh Daffoti holds total
experience of fourteen years in chemical industry through his
association with J D Minerals as a Proprietor. Other two partners
also hold moderate experience of four years in same line of
business.

Moderate profit margins: Overall profit margins stood moderate as
marked by PBILDT margin of 7.94% and PAT margin of 2.17% during
FY17.

Haldwani (Nainital)-based J.D. Talc (JD) is a partnership firm
stablished in 2013 by Mr. Rajendra Singh Daffoti. JD is engaged
into micronizing and supply of soap lumps and powder and operates
with an installed capacity of 50 Metric Tonnes Per Day (MTPD)
from its ISO 9001:2015 certified facility. These products has
application in making of paper, paints and coating, polyester
putties, pharmaceuticals, plastics and rubber, cosmetics. J D
Minerals is an associate firm which is promoted by Mr. Rajendra
Singh Daffoti in 2004 which is engaged into mining of soap stone
lumps and powder.


JAGANNATH PLASTIPACKS: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jagannath
Plastipacks Limited (JPL) for obtaining information through
letters and emails dated September 12, 2017 and October 25, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Factoring/             2        CRISIL A4 (Issuer Not
   Forfaiting                      Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

JPL, incorporated in 1984, manufactures polypropylene (PP) and
high-density polyethylene (HDPE) woven sacks and bags, primarily
for the cement and fertilizer industries. It is owned by Cuttack-
based Mr. M K Subudhi and his family members. Mr. Subudhi has
been in the business for three decades and has two other entities
in similar businesses. The company also trades in gypsum, though
on a small scale.


JAI JYOTI: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jai Jyoti
Woollen Mills (JJWM) for obtaining information through letters
and emails dated September 14, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Proposed Short Term     0.44     CRISIL A4 (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan               3.25     CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

JJWM was setup in 1991 as a proprietorship firm based in Panipat
(Haryana). The firm started with manufacturing of shoddy yarn
which is used in acryclic blankets. In January 2015, the firm
discontinued yarn manufacturing and set up a unit for
manufacturing of polyester mink blankets, which commenced
operations in May 2015. JJWM is owned and managed by Mr. Raj
Kumar.


LAL BABA: CRISIL Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Lal Baba
Industrial Corporation Private Limited (LBICPL) for obtaining
information through letters and emails dated September 12, 2017
and October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            11.4      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit        3.0      CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Lal Baba Industrial Corporation Private Limited to
CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

LBICPL was originally established in 1961 as a partnership firm,
which was reconstituted as a private limited company in September
2010; it is promoted by members of the Dhanuka family of Kolkata.
The company manufactures mild steel railway components, such as
gear boxes, air-break cylinders, break assemblies, pipe fittings,
adjustment bushes, side-bearing tapings, lock bolts, plates, and
flanges.


LAXMI OPTICALS: CRISIL Moves B- Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Laxmi
Opticals (LO) for obtaining information through letters and
emails dated September 12, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

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


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

Detailed Rationale

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

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

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

LO was established in 2005 as a proprietorship firm by Mr.
Sandeep Pahwa. It trades in optical items, such as spectacle
frames, sunglasses, contact lenses, and ophthalmic lenses; it
also processes ophthalmic lenses. The firm has showrooms in Delhi
and the NCR.


LEO DESIGNS: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Leo
Designs and Packaging Private Limited (LDPPL) for obtaining
information through letters and emails dated September 12, 2017
and October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting      0.2       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           3.0       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      0.75      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     .05      CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

LDPPL, incorporated in 2007, manufactures cartons and provides
pre-printing, printing, and post-printing services to corporate
clients. The company is based in Chandigarh.


MALOO INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Maloo
Industries (MI) for obtaining information through letters and
emails dated September 14, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Letter of Credit       0.5     CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Long Term     1.0     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

MI was set up by Mr. Sunil Maloo in 1996 as a proprietorship
firm. In April 2015, it was reconstituted as a partnership firm.
The firm gins and presses cotton and sells cotton bales and
cotton seeds. Its facility is in Indore, Madhya Pradesh.


MEGA AUTOMOBILES: CARE Assigns B+ Rating to INR10.09cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mega
Automobiles Private Limited (MAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.09       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of MAPL is constrained
on account of its moderate scale of operations, thin profit
margins, leveraged capital structure, weak debt coverage
indicators and working capital intensive nature of operation. The
rating is also constrained on account of its presence in highly
competitive automobile dealership industry along with fortunes
linked with growth of principal automobile manufacturers.

The rating, however, derives strength from vast experience of
promoters in the dealership industry.

The ability of MAPL to increase its scale of operations along
with improvement in profitability, capital structure, debt
coverage indicators and efficient working capital management
would remain key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations and thin profit margins: The scale
of operation of MAPL stood moderate marked by total operating
income (TOI) of INR60.91 crore during FY17. Further, profit
margins of MAPL stood thin on account of dealership nature of
operation as marked by PAT margin of 0.77% during FY17.

Leveraged capital structure, weak debt coverage indicators: On
account of high total debt coupled with low net worth base,
capital structure of MAPL stood highly leveraged marked by an
overall gearing ratio of 6.47 times as on March 31, 2017. On
account of high level of debt coupled with low level of cash
accruals, total debt to GCA ratio also stood weak at 20.24 times
as on March 31, 2017.

Working capital intensive nature of operation: MAPL being into
the business of automobile dealership of passenger vehicles has
to maintain appropriate level of inventory. On account of this,
utilization of its working capital limit for past year ended
September 2017 stood high at 85% while current ratio stood below
unity at 0.86x as on March 31, 2017.

Presence in a highly competitive automobile dealership industry:
Indian auto dealership business is highly fragmented and
competitive with presence of large number of auto dealers
catering to different brands. Considering the existing
competition, MAPL has to offer better terms like providing
discounts on purchases to attract new customers. Such discounts
offered to customers may create pressure on margin and negatively
impact the revenue earning capacity of the company.

Fortune of the company linked with growth of principal automobile
manufacturers: Though the company is an authorized dealer of
established brand like M & M but any unfavourable event affecting
the growth plans of Original Equipment Manufacturer (OEM) will
have a significant impact on the performance of MAPL.

Key Rating Strengths

Vast experience of promoters in the dealership industry: Mr.
Salahuddin Hasanuddin Baig and Mrs. Nasra S. Baig are key
promoters of the company who possess average 20 years of
experience in the industry and looks after overall operations of
the company. MAPL is an authorized dealer of M&M since 1995, thus
having a long track record of over 20 years.

Ankleshwar based MAPL was incorporated in 1995 by Mr. Salahuddin
Hasanuddin Baig and Mrs Nasra S. Baig as an authorized dealer &
distributor of Mahindra & Mahindra Limited (M&M rated CARE AAA;
Stable/A1+) for passenger and commercial vehicle segments in
Ankleshwar region. MAPL is also engaged into providing service
and selling spare for the vehicles.

Anas Motors Private Limited, Mega Innovative Crops Private
Limited and Mega Petroleum are the associate entities of MAPL.
These entities are engaged in to two wheeler dealership,
manufacturing of agro chemicals and running petrol pump
respectively.


MEHTA BISHAN: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Mehta
Bishan Dass and Associates (MBDA) for obtaining information
through letters and emails dated September 12, 2017 and
October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         0.5      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            6        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             1.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

MBDA is a partnership firm, formed by Mr. Raj Kumar Mehta, Mr.
Kiran Kumar Mehta, Mr. Sanjeev Mehta, Mr. Suresh Chaddha and Ms
Darshna Chaddha in 1993. The firm manufactures processed food and
vegetables at Unit-I (Shivambu International) in Himachal Pradesh
& katha at Unit-II (Saam Udyog) in Uttarakhand. Products
manufactured at Shivambu International are sold under the brand
'BDM'.


N.B. HI-TECH: CARE Assigns B+ Rating to INR6.04cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of N. B.
Hi-Tech Cold Storage (NBCS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank
   Facilities            6.04        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NBCS is constrained
on account of its small scale of operations, thin profit margins,
moderately leveraged capital structure along with weak liquidity
position and elongated operating cycle during FY17 (A) (refers to
the period April 1 to March 31). The rating is further
constrained due to its constitution as a partnership firm,
presence in fragmented and competitive industry, its prospects
depends on vagaries of nature and seasonality of business and
potential risk of delinquency in loans extended to farmers.

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

Key Rating Weaknesses

Constitution as a partnership firm: NBCS, being a partnership
firm, is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency which may put pressure
on financial flexibility of the firm. The partners have
collectively withdrawn INR1.46 crore in FY17.

Declining trend in scale of operations along with thin profit
margins: The scale of operations is declining for the past three
years ended FY17. During FY17 (A), the total operating income of
NBCS declined by 14.09% and stood small at INR2.30 crore as
against TOI of INR2.68 crore for FY16 on account of decline in
demand of cold storage facility. Overall, profit margins stood
low marked by PAT margin of 0.55% during FY17.

Moderately leveraged capital structure, Weak liquidity position
along with elongated operating cycle: The capital structure of
the firm remained leveraged marked by an overall gearing ratio of
1.88 times as on March 31, 2017 which has improved from 2.05
times as on March 31, 2016 due to decrease in the total debt
level as on balance sheet date.  The liquidity position of NBCS
turned weak marked by below unity current ratio and quick ratio
as on March 31, 2017. Operating cycle of NBCS for FY17 remained
elongated at 96 days which has improved as compared to 144 days
in FY16 on account of improvement in collection days of the firm.

Fragmented nature of industry coupled with competitive nature of
business: NBCS operates in the cold storage service industry
which is highly fragmented with presence of numerous independent
small-scale enterprises owing to low entry barriers leading to
high level of competition in the segment.

Business prospects depends on vagaries of nature and seasonality
of business: NBCS's operations are seasonal in nature as potato
is a winter season crop with the harvesting period commencing in
February. Further, lower output of potato can have an adverse
impact on the rental collections as the cold storage units
collect rent on the basis of quantity stored and the potato
production is highly dependent on vagaries of nature.

Potential risk of delinquency in loans extended to farmers: As a
part of the government's initiative to support agriculture, banks
extend financial assistance to farmers through cold storages
against the pledge of cold storage receipts. Before the close of
the season in November, the farmers are required to pay their
outstanding dues. In view of this, there exists a risk of
delinquency in loans in case of downward correction in the potato
prices being an agro commodity.

Key rating strengths

Experienced promoters: The key promoter of NBCS includes Mr.
Dalpat Mali and his family members. All the promoters have
experience of more than a decade in the same line of business
through family oriented business of same line named as 'Somnath
Cold Storage' and 'Amarnath Cold Storage'.

Moderate debt coverage indicators: The debt coverage indicators
of the firm remained moderate marked by total debt to GCA of 6.34
years as on March 31, 2017 which has improved from 8.80 years as
on March 31, 2016 on account of decline in total debt position of
the firm. The interest coverage ratio has improved and stood
moderate at 2.72 times for FY17 as compared with 2.53 times
during FY16 due to decrease in the interest expenses during FY17.

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 in terms of transportation and
connectivity.

Incorporated in 2012, N.B Hi-Tech Cold Storage (NBCS) is engaged
in providing cold storage facility to potato chip manufacturers
and traders on a rental basis and has commenced commercial
operations from February 2013. The firm has a modified atmosphere
cold storage facility located at Deesa, Gujarat having a capacity
to store 120,000 bags of potatoes each weighing 50 kg (i.e. about
6,000 MT). The firm has been promoted by Mr. Dalpat Mali along
with his relatives who have long experience in potato farming,
trading business and cold storage business.


PARAS INDUSTRIES: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Paras
Industries (Paras) for obtaining information through letters and
emails dated September 14, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Packing Credit         7.5       CRISIL D (Issuer Not
   (pre-shipment credit)            Cooperating; Rating Migrated)

   Post Shipment Credit   3.7       CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

Set up as a partnership firm in 1987, in Mumbai, Paras was owned
by the Jariwala and Shah families till March 2010. The Shah
family exited in April 2010. The firm manufactures and exports
knitted garments and accessories to departmental stores in the
US.


PLACEBO ENGINEERING: CRISIL Assigns B+ Rating to INR1MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B+/Stable/CRISIL A4' ratings
to the bank loan facilities of Placebo Engineering Corporation
(PEC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4
   Cash Credit              1        CRISIL B+/Stable

The Ratings reflect the firm's modest scale of operations and
Exposure to Intense Competition in the construction industry and
huge loans and advances extended to affiliates. These weaknesses
are partially offset by the extensive experience of PEC's
promoters in the construction industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and Exposure to Intense Competition
in the construction industry: The firm has recorded modest scale
of INR30 Crore as on March 31,2017.The same constrains the Firm
from achieving economies of scale. The Firm is also exposed
intense completion in civil construction industry which is marked
by presence of many players with considerable track record of
execution.

* Huge loans and advances extended to affiliates: The Firm has
extended loans and advances of INR19.46 Cr as on March 31, 2017
to affiliates which limits the financial flexibility of the
entity.

Strengths

* Extensive experience of PEC's promoters in the construction
industry: The Firm is mainly promoted by Mr. Shyam Sunder Reddy
who has prior experience of close to 27 years in the civil
construction field and he has been class-A contractor and has
handled many projects independently and also for many companies
in the irrigation sector.

Outlook: Stable

CRISIL believes that PEC 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.

PEC is a partnership firm incorporated in the year 1991.The Firm
is involved in executing civil works for the AP irrigation
department. The works executed mainly pertain to water lifting
and laying of pipelines, pumps sets

PEC has recorded PAT of INR0.93 Cr on Operating Income of
INR30.62 Cr for the Fiscal 2017 vis-a-vis PAT of INR0.32 Cr on
Operating Income of INR11.12 Cr for the Fiscal 2016.


RISHU CONSTRUCTION: CRISIL Assigns B+ Rating to INR3.50cr Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Rishu Construction (RC). The
ratings continue to reflect on the proprietors' extensive
experience in the civil construction industry, above-average
financial risk profile marked by low gearing and moderate debt
protection metrics and moderate order book providing revenue
visibility over the medium term. These strengths are partially
offset by modest scale of operations in highly fragmented
industry, tender based nature of operations and geographical
concentration in revenue profile.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         6.75       CRISIL A4
   Cash Credit            3.50       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Strengths

* Proprietors' extensive experience in the civil construction
industry: The proprietor, Mr. Akhilesh Kumar Singh have been
actively engaged in civil construction industry for over 16
years.

* Moderate order book position providing revenue visibility over
the medium term: RC has achieved the sales of INR31 cr in 2016 -
17. The current order book of the firm is around INR30 cr which
is to be executed in 1.5 years.

Weakness

* Modest scale of operations in highly fragmented industry and
tender based operations: With a turnover of around INR31 cr for
2016 - 17, RC's scale of operations has remained small, relative
to the size of the civil construction industry.

* Geographical concentration in revenue profile: RC's small scale
of operations is marked with its geographical concentration in
revenue profile. RC is primarily a regional player and derives
its whole revenue from UP only.

Outlook: Stable

CRISIL believes that RC will continue to benefit over the medium
term from its proprietors' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports more-
than-expected increase in its revenues and profitability leading
to higher-than-expected net cash accruals along with prudent
working capital management. Conversely, the outlook may be
revised to 'Negative' if RC's financial risk profile deteriorates
on account of decline in its revenue and profitability or in case
of any larger-than-expected, debt-funded capex or if RC's
liquidity weakens significantly on account of increase in its
working capital requirements or withdrawals of funds by the
proprietor.

RC promoted in 2000 as a proprietorship firm by Mr. Akhilesh
Kumar Singh. The firm mainly engaged in construction and
maintenance of roads and bridges in Uttar Pradesh (UP) for state
and central govt. authorities such as development authorities
(DA), Public Works Department (PWD), Irrigation Department,
National Highway and other related Govt. infrastructure
development authorities in UP.


SAI EXPORT: CRISIL Lowers Rating on INR24MM Packing Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities
of Sai Export Enterprises (SEE) to 'CRISIL D' from 'CRISIL A4'.

                           Amount
   Facilities             (INR Mln)     Ratings
   ----------             ---------     -------
   Export Packing Credit      24        CRISIL D (Downgraded from
                                        'CRISIL A4')

The downgrade reflects delays in servicing of debt obligations by
the firm due to weak demand and stretched working capital cycle,
owing to large receivables and inventory.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive nature of operations: The firm's
operations are highly working capital intensive, as indicated by
GCA days of 262 as on March 31, 2017. High GCA days is on account
of large inventory and receivables.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' extensive experience in the industry and established
relationships with suppliers and customers should support
business.

Founded as a partnership firm by Mr. Mohan Chandra Nair and Ms K
R Ushasree in Kerala in 1995, SEE processes and exports cashew
kernels.


SARDAR JEWELLERS: CRISIL Moves B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sardar
Jewellers (SJ) for obtaining information through letters and
emails dated September 14, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             9        CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

SJ was set up in fiscal 2011, as a partnership firm, by Mr.
Surinder Singh and his family. The firm sells gold and diamond-
studded jewellery at its showroom in Ludhiana (Punjab).


SATYA MEGHA: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Satya
Megha Industries (SMI) for obtaining information through letters
and emails dated September 12, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Term Loan         9.18     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Funded Interest        2.98     CRISIL D (Issuer Not
   Term Loan                       Cooperating; Rating Migrated)

   Proposed Short Term    2.86     CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Working Capital       14.18     CRISIL D (Issuer Not
   Term Loan                       Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SMI was set up as a partnership firm in Assam in August 2009 by
Mr. Ratan Sharma, Mr. Purushottam Murarka, and Mr. Mangilal
Jalan. The firm started operations in August 2011, by
manufacturing steel billets. Partners have around two decades of
experience of manufacturing and trading in steel products,
through other group companies.


SHIVA WHEELS: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE has been seeking information from Shiva Wheels Private
Limited (SWPL) to monitor the ratings vide letters/e-mail
communications dated July 12, 2017, October 4, 2017, November 28,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of ratings, CARE is unable to express
opinion on the ratings. In line with the extant SEBI guidelines
CARE's rating on SWPL's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         8.89       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating in January 23, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

Small scale of operations: Though, the company is in operation
for more than one decade, its total operating income (TOI) and
PAT remained low over the past years. In FY16, TOI and PAT
remained at INR29.31 crore and INR0.12 crore respectively.
Furthermore, the total capital employed as on Mar.31, 2016 also
remained low at INR9.75 crore.

Risk of non-renewal of dealership agreement: SWPL has entered
into a dealership agreement with HMSI in Feb., 2010. The
dealership agreement with HMSI has been renewed every year and
the same is currently valid till December 2017 subject to renewal
of the agreement afterwards, completely at the discretion of
HMSI. Furthermore, the agreements may get terminated at any time
on violation of certain clauses. However, the risk is mitigated
to some extent in view of its long association with HMSI.

Pricing constraints and margin pressure arising out of
competition from other auto dealers in the market: SWPL faces
aggressive competition on account of established presence of
authorized dealers of other passenger vehicle manufacturers like
Bajaj, Hero, Yamaha etc. Considering the existing competition,
SWPL is required to offer better terms like providing discounts
on purchases to attract new customers. Such discounts offered to
customers create margin pressure and may negatively impact the
revenue earning capacity of the company. Furthermore, the
revenues of SWPL would also be governed by launch of newer models
by principles, and acceptance of the products in the market.

Working capital intensive nature of operations: Automobile
dealership business has inherent high working capital intensity
due to its high inventory holding requirements. The company has
to maintain fixed level of inventory for display and to guard
against supply shortages. On the other hand, the principles or
the dealers, with which SWPL are having its association, demands
payment in advance. Furthermore, the principles deliver the
vehicle only after receipt of full payment or against the release
order from financial institution (funding the vehicle) which
takes around 15-20 days to release the funds. Thus, the business
depends heavily on working capital borrowings and inventory
funding channels. Apart from this, with funds being blocked in
inventory the average utilization of its bank limit was higher
side during the last 12 months.

Thin profit margins, leveraged capital structure and moderate
debt protection metrics: The profit margin of the company
remained thin and range bound over the past years due to inherent
low margin nature of dealership business with no control over the
purchase and selling prices. The capital structure of the company
has remained leveraged marked by high overall gearing of 4.24x
(deteriorated as against 2.48x as on March 31, 2015) as on
March 31, 2016. The leveraged capital structure is attributable
to its working capital intensive nature of operations and higher
dependence on bank borrowings to fund the same. The debt service
coverage indicators remained depressed for the company over the
years marked by its high Total debt to GCA of 34.01x(improved as
against 49.29x as on March 31, 2015) owing to lower cash accruals
and higher dependence on external borrowings. Interest coverage
ratio remained just above unity over the past years.

Key Rating Strengths

Experienced Promoters with long track record of operation: SWPL
has been in operation since 1988. The company is managed by
Mr.Sanjib Paul having two decades of experience in auto
dealership business along with the other three directors. All the
directors are actively involved in the business of the company.

Authorized dealership of HMSI: SWPL is an authorized dealer of
HMSI and has started its association with the same since 2010.
The company has two showrooms in Kolkata. SWPL is getting a
competitive advantage of being one of the two dealers of Honda 2W
for the highly populated area of Kolkata. This apart, as the
company also sales multi brand 2W, it enjoys revenue diversity.
This apart, Honda has been one of market leaders in the 2W
segment for decades and has a wide & established distribution
network of sales and service centres across India, providing it a
competitive advantage over its peers.

SWPL was established as a partnership firm namely Shiva Auto in
1988. Since inception, the firm has been in two wheelers selling
business. Later, in the year 2003, the firm was converted into a
company and rechristened as SWPL. Presently, the company has two
showrooms in and around Kolkata. The showroom at Ramgarh in
Kolkata sells multi brand two wheelers, spare parts and
accessories and the other showroom at B.T. Road is in authorized
dealership of HMSI for the north part of Kolkata. Apart from
this, the company has a workshop along with B.T. Road showroom.


SHREE LAXMI: CARE Assigns B+ Rating to INR5.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Laxmi Timber Traders & Saw Mill (SLTSM), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SLTSM is
constrained by modest scale of operations with low profit
margins, volatility in raw material prices, working capital
intensive nature of operations, partnership nature of
constitution, moderately leveraged capital structure with
moderate debt coverage indicators and presence in an intensely
competitive industry. The rating, however, derives strength from
its long track record of operations, experienced partners,
reputed clientele and satisfactory demand outlook of its
products.

Going forward, the ability of the firm to further increase in
total operating income, improvement in profitability margins,
improvement in capital structure and effective management of
working capital shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with low profit margins: The scale of
operations of the firm remained modest marked by total operating
income of INR55.38 crore (FY16: INR53.88 crore) and PAT of
INR0.73 crore (FY16: INR0.65 crore) in FY17. The profitability
margins of the firm remained low marked by PBILDT margin at 3.84%
and PAT margin at 1.31% in FY17. The firm has achieved a turnover
of INR26.00 crore during H1FY18.

Volatility in raw material prices and working capital intensive
nature of operations: The major raw materials required for the
firm are steel straps, wood, etc. the prices of which are highly
volatile. Thus there remains a risk of increase in the prices of
the raw materials thereby putting a pressure on the margins of
the firm. The operations of the firm remained highly working
capital intensive marked by its high operating cycle at 104 days
in FY17. This is mainly due to the high average inventory days
and high collection period. The firm maintains adequate inventory
of raw materials for smooth flow of its manufacturing processes.
Further it allows around two to three months credit to its
customers due to its low bargaining power as compared to its
clients like Tata Steels Ltd., SAIL etc. Accordingly the average
utilization of the fund based limits of the firm remained at 99%
during the last 12 months ended October 31, 2017.

Moderately leveraged capital structure with moderate debt
coverage indicators: The capital structure of the firm remained
moderately leveraged marked by debt equity ratio of 0.83x and
overall gearing ratio of 2.57x as on March 31, 2017. The debt
coverage indicators also remained moderate marked by interest
coverage ratio of 1.99x and total debt to GCA at 18.83x in FY17.

Partnership nature of constitution: SLTSM, being a partnership
firm, is exposed to inherent risk of the capital being withdrawn
at time of personal contingency and entity being dissolved upon
the death/insolvency of the partners. Further, partnership firm
has restricted access to external borrowing as credit worthiness
of the partners would be the key factors affecting credit
decision for the lenders.

Presence in an intensely competitive industry: The industrial
packaging is highly competitive in nature due to the presence of
many small players. Furthermore, low entry barriers and low
capital & technology requirement is also making the industry
highly competitive. Due to high competition in the industry, the
margins of the firm would be under pressure going forward.

Key Rating Strengths

Long track record of operations and experienced partners: SLTSM
is into the manufacturing of industrial packaging products since
2001 and thus has a long operational track record of 16 years.
The partners also have around one and a half decade of business
experience in the same line of business and the firm is deriving
benefits out of the wide experience of the partners. The key
partner Mr. Jawahar Lal Vig looks after the day-to-day operations
of the firm with adequate support from the other partners.
Reputed clientele and satisfactory outlook of demand of the
products: SLTSM leverages the advantage of catering to the
requirements of reputed companies like TATA Steel Limited (rated
CARE AAA; Stable), Steel Authority of India Limited (rated CARE
AA-; Negative) etc. Considering the client profile of the firm,
the risk of default is very minimal. The demand outlook of the
industrial packaging products seems to be satisfactory due to
increasing industrialization. Further industrial packaging is a
very important part without which industrial equipment cannot be
moved from one place to another.

SLTSM was constituted as a partnership firm in 2001. However it
was reconstituted in 2014 via partnership deed dated April 01,
2014 and currently it is managed by Mr. Jawahar Lal Vig, Mr.
Harish Kumar Vig, Mr. Om Prakash Jaggi, Mrs. Deepa Vig and Mrs.
Monika Vig. Since its inception, the firm is into manufacturing
of industrial packaging items made of wooden and steels. The
manufacturing facility of the firm is located at TATA Nagar,
Jamshedpur. The firm caters to the requirements of reputed
clients like TATA Steel Limited (rated CARE AA; Stable), Steel
Authority of India Limited (SAIL; rated CARE AA-; Negative) etc.


SHREE KRISHNANAND: CARE Cuts Rating on INR8cr Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Krishnanand Infrastructure & Developers Private Limited
(SKIDPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        1.00       CARE D; Issuer not
   Facilities                       cooperating; Revised from
                                    CARE B+; Issuer Not
                                    Cooperating on the basis
                                    of best available information

   Short-term Bank       8.00       CARE D; Issuer not
   Facilities                       cooperating; Revised from
                                    CARE A4; Issuer Not
                                    Cooperating on the basis
                                    of best available information

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of SKIDPL is primarily due to
irregularity in servicing its debt obligations.

Vapi-based (Gujarat), SKIDPL was incorporated in 2011, by Mr.
Anand Tripathi and Mr. Kapil Tiwari. SKIDPL belongs to Shree
Krishnanand Group which comprises of various other entities.
SKIDPL is engaged into the business of undertaking turnkey
projects involving civil works, erection, commissioning and
electrical works of industrial buildings. SKIDPL also undertake
projects from Government of Gujarat. SKIDPL is executing the
contract works for public and private companies.


SOMA INDUS: CRISIL Hikes Rating on INR1.85BB Term Loan to B
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Soma Indus Varanasi Aurangabad Tollway Private
Limited (SIVATPL) to 'CRISIL B/Stable' from 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term     150       CRISIL B/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL D')

   Term Loan             1850       CRISIL B/Stable (Upgraded
                                    from 'CRISIL D')

The rating was earlier downgraded to CRISIL D on December 5,
2017, post delays observed in meeting interest payments. However,
CRISIL has now received confirmation from the company and lenders
with regards to operational issues resulting in delays in
interest payments prior to November 2017.  Furthermore, toll
collection from the existing four-lane stretch of the toll
project is healthy, providing adequate liquidity for meeting debt
servicing obligation over the medium term. Hence, the rating has
been upgraded to CRISIL B/Stable. However, exposure to risks
related to project implementation persists.

Analytical Approach

For arriving at its rating, CRISIL has taken a standalone view of
SIVATPL as there is no other asset in its books and no fungible
cash flow with any other company.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project implementation risk: Execution of the
ongoing project is behind schedule and continues to face high
implementation risk, mainly on account of non-availability of
complete right of way. Completion of the project without any
further time and cost overruns, and timeliness in meeting debt
obligation will remain key rating sensitive factors.

Strengths

* Healthy toll collection
Toll collection from the existing stretch was INR286 crore in
fiscal 2017 and INR168 crore in the first half of fiscal 2018.
This provides adequate liquidity to meet debt servicing
obligation over the medium term. Interest of around INR130 crore
per fiscal is currently serviced as part of the project cost.

* Favourable location of the project stretch: The Varanasi-
Aurangabad stretch is on National Highway (NH)-2, which is part
of the Golden Quadrilateral. Furthermore, the stretch connects
various industrial areas in Varanasi, Chandauli district, and
Sonbhadra in Uttar Pradesh, which house coal fields, sand
quarries, stone crushing units, and a large aluminium plant of
Hindalco Industries Ltd. Thus, the project stretch is favourably
located and has good traffic potential as there is no other
alternative route available.

Outlook: Stable

CRISIL believes that SIVATPL will be exposed to high project
implementation risk, though it will continue to benefit from its
strategic project location resulting in healthy toll revenue. The
outlook may be revised to 'Positive' if the progress on the
project is better than CRISIL's expectation, leading to
completion of the project as per the revised schedule and within
the budget. Conversely, the outlook may be revised to 'Negative'
if the project faces further substantial delays, leading to
liquidity constraints.

Incorporated in 2010, SIVATPL is a special-purpose vehicle set up
by Indus Concessions India Pvt Ltd and Soma Enterprises Ltd. The
project entails augmentation of the existing four-lanes into six-
lanes of the Varanasi-Aurangabad section of NH-2 (connecting
Delhi-Agra-Allahabad-Varanasi-Aurangabad-Kolkata, one of the
important sections of the Golden Quadrilateral) from 786.0
kilometre (km) to 978.4 km (length of 192.4 km) in Uttar Pradesh
and Bihar on a DBFOT (design, build, finance, operate, and
transfer) toll basis. This project was awarded by National
Highways Authority of India under the National Highways
Development Project Phase-V. The concession period for the
project is 30 years, including construction period of 30 months.

Tolling on the existing four-lane stretch commenced from
September 12, 2011.


SREEREDDY PROPERTIES: CARE Assigns B+ Rating to INR5.34cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
SreeReddy Properties Private Limited (SRPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.34       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SRPPL is tempered
by small scale of operations, weak sales performance, leveraged
capital structure with low networth, geographically concentrated
revenue profile and fragmented nature of real estate sector. The
rating, however, derives its strengths from experienced promoter
in real estate business and achievement of financial closure.

Going forward, the ability of the company to complete the project
in timely manner and its ability to sell the units and collect
advances would be key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: Although having accomplished various
projects and a track record of 8 years, the firm's scale of
operations marked by the total operating income remained small at
INR4.35 crore in FY16 coupled with a low net worth base of
INR0.56 crore as on March 31, 2016 as compared to other peers in
the industry. The small scale of operation could restrict the
firm's financial flexibility and deprive it of scale benefits.

Weak sales performance: Although having incurred 67% of total
cost, the company has sold 3,000 square feet (18.58%) out of the
total saleable area of 16,144 square feet till August 31, 2017
for a value of INR1.56 crore. The firm received customer advances
to a tune of at 29% of sales. The overall booking of flats stood
at 17% of total flats as on July 31, 2017. The collection is made
on the following basis: 20% of at the time of agreement, 10%
after the completion of foundation, 40% divided equally at time
of laying 1st to 4th slab, 10% at the time of wall construction,
15% at the time of registration and 5% at the time of possession.

Leveraged capital structure: The total debt of the company
comprised of 79% short term debt and 21% long term debt as
against a net worth base of INR 0.56 crore as on March 31st,
2016. The overall gearing ratio as on March 31, 2016 stood
leveraged at 3.07x. The company has a working capital facility
with a INR 0.28 crore limit and the average utilization for the
same remained 90-95%.

Geographically concentrated revenue profile: SRPPL entirely
derives its revenue from orders executed in the state of
Karnataka, particularly from Bengaluru city, which exposes the
company to geographical concentration risk.

Fragmented nature of the real estate sector albeit improving
growth prospects: The real estate sector in India is highly
fragmented with a large number of small and mid-sized players.
Certain factors such as project execution challenges, delays in
land acquisition, regulatory clearances, long working capital
cycles as a result of longer gestation periods collectively place
pressure on the company's credit profile. Despite these
impediments, increasing growth in residential properties due to
lower interest rates, easy availability of housing finance and
various government initiatives in real estate sector are expected
to revive the industry in medium to long term.

Key Rating Strengths

Experience of the promoter in real estate business: SRPPL is
promoted by Mr. Sirish Kumar Reddy (Managing Director) and Mrs.
Jamuna Sirish Reddy. Mr. Sirish has more than a decade of
experience in the construction line of business. His decade long
presence in the market has helped him in establishing good
relationships with customers.

Financial closure for the project achieved: The "SreeReddy
Ceyone" project is proposed to be funded by promoter's capital
(22%), sanctioned term loan (60%) and advances from customers and
sales (18%). As on August 31st 2017, the firm has incurred a
total cost of 67%.

Bangalore (Karnataka) based, SreeReddy Properties Private Limited
(SRPPL) was incorporated in the year 2009. Its promoters are Mr.
Sirish Kumar Reddy (Managing Director) and Mrs. Jamuna Sirish
Reddy. The company is engaged in the construction and development
of residential townships, apartments, shopping malls and
commercial complexes.

Currently, SRPPL is engaged in construction of "SreeReddy
Ceyone", a residential apartment project located in Banaswadi,
Bangalore. All statutory clearances/ NOCs for the project have
been obtained by the company. The project has an aggregate of 24
flats on a land area of 10,573 square feet. The project is
undertaken under a Joint Development Agreement (JDA) between the
land owner and developer with a 50:50 sharing ratio. The
developer's share comprises of 12 flats. The marketing for all
the 24 flats shall be done mutually by the parties involved.

The total saleable area of the project is 16,144 square feet, out
of which 3,000 square feet (18.58%) has been sold for an average
sale price of INR5200/- per sq. feet. The project commenced in
the month of March 2017 and is expected to be completed by
December 2018.


SUNBEAM ENTERPRISES: CRISIL Moves B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sunbeam
Enterprises (SE) for obtaining information through letters and
emails dated September 14, 2017 and October 25, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting        3       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Mortgage Loan           3.55    CRISIL B (Issuer Not
   Facility                        Cooperating; Rating Migrated)

   Packing Credit          1.0     CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term      1       CRISIL B (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan               1       CRISIL B (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

SE was set up in 1994 as a partnership firm with members of the
Chabbra family as partners; operations are managed by Mr. Mahesh
Chhabra and his son Mr. Nitin Chhabra. Based in New Delhi, the
firm manufactures and exports steel-based products, such as
office furniture and healthcare aids. Its plant is in Manesar,
Haryana.


SWASTIK POLYTEX: CARE Lowers Rating on INR6.05cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swastik Polytex Private Limited (SPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         6.05       CARE B+; Stable Revised from
   Facilities                        CARE BB-; Stable

   Short-term Bank
   Facilities             0.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The revision in the long-term rating of SPPL takes into account
decline in Total Operating Income (TOI) along with continuous net
losses during last two financial years ended FY17 (FY refers to
the period from April 1 to March 31). The ratings, however,
continue to remain constrained on account of its relatively
modest scale of operations in the highly competitive and
fragmented woven sack industry, moderate solvency position and
working capital intensive nature of operations. The ratings,
further, continue to remain constrained on account of the
susceptibility of the company's profitability to fluctuations in
the raw material prices and its high dependence on the prospects
of the cement industry.

The ratings, however, continue to draw strength from the long
standing experience of the promoters in the trading of plastic
granules, location advantage by way of proximity to the customers
along with its reputed client base.

SPPL's ability to increase its scale of operations while
improving profitability in light of the volatile raw material
prices and improvement in the solvency position as well as
efficient management of working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in TOI coupled with continuous net loss: The scale of
operations of SPPL remained modest and registered TOI of INR34.38
crore in FY17, declined by 13.52% over FY16. Further, the company
has registered net loss continuously in last two financial years
ended FY17.

Moderate solvency position along with working capital intensive
nature of operations: The capital structure of the company
continued to remain moderately leveraged as on March 31, 2017.
The debt service coverage indicators of the company remained
moderate with total debt to GCA and interest coverage indicators
of 9.59 times and 1.85 times respectively in FY17.

The business of the company is working capital intensive in
nature with 90-95% utilization of its working capital bank
borrowings during last 12 months ended November, 2017. Further,
the liquidity ratios of the company remained below unity with
current ratio and quick ratio at 0.93 times and 0.66 times
respectively as on March 31, 2017.

Key Rating Strengths

Experienced promoters in the plastic granules industry and
reputed clientele base with location advantage: The promoters of
the company has around two decade of experience through its
sister concern Raghav Trading Corporation which is a Del Cadre
agent of Reliance Industries Limited for plastic granules and
established good relations in the industry.

The company's manufacturing facility is strategically located at
cement cluster of Rajasthan Chittorgarh, which provides ample
market for woven sack bags. The clientele of the company include
Wonder Cement Limited, Shree Cement Limited, Ultratech Cement Ltd
and Shree Tirupati Packers and Movers.

Jaipur (Rajasthan) based Swastik Polytex Private Limited (SPPL),
incorporated in September, 2011, was promoted by Mr. Hemant Kumar
Mansinghka, Mr. Hemendra Kumar Tongia, Mr. Mahendra Kumar Tongia,
Mr. Dharmi Chand Jain and Mr. Radheshyam Agarwal with an
objective to set up a greenfield plant for manufacturing of woven
sack bags and fabrics which find its application in packaging
across various industries ranging from chemical to fertilizer
industry.

The company operates from its sole manufacturing facilities
located at Chittorgarh (Rajasthan) SPPL primarily caters to
domestic market with supply of woven sack bags mainly to cement
manufacturing companies located in region. However, in May 2017,
the company has installed a new machinery of INR0.45 crore with
an objective to reduce labor cost and enhancement processing
time.


URC INFOTEC: CRISIL Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with URC
Infotec Private Limited (URCI) for obtaining information through
letters and emails dated September 14, 2017 and October 26, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            2        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Corporate Loan         5        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     0.5      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in March 2008 and based in Erode (Tamil Nadu), URCI
develops and maintains Enterprise resource planning (ERP)
software particularly for the construction, healthcare, Small and
medium business (SMB), entertainment, and pharmaceutical sectors.
The company is promoted by Mr. C Devarajan. The day to day
operations are managed by Mr. G Gunasekaran, Director.


V.D. SWAMI: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with V. D.
Swami and Company Private Limited (VDS) for obtaining information
through letters and emails dated September 21, 2017 and
October 25, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         10       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan          6       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Overdraft              14       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term      2       CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

Incorporated in 1956 in Chennai, VDS undertakes erection,
testing, commissioning, and maintenance of electrical and
engineering equipment in industries across various sectors.


V.R. GHUGE: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CRISIL Ratings has been consistently following up with V. R.
Ghuge - Aurangabad (VRG) for obtaining information through
letters and emails dated September 14, 2017 and October 26, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

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

   Proposed Long Term     0.05     CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              0.95     CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of V. R. Ghuge - Aurangabad to 'CRISIL B+/Stable
Issuer not cooperating'.

VRG was established in 1979 as a proprietorship concern by Mr. VR
Ghuge. The firm is registered as a Class I contractor and
undertakes irrigation projects for the government of Maharashtra.
These projects include construction of earthen dams, and
irrigation sluices and canals.


VEL STEELS: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vel Steels
(VS) for obtaining information through letters and emails dated
September 14, 2017 and October 26, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.5       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

   Proposed Bank          0.6       CRISIL A4 (Issuer Not
   Guarantee                        Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Established in 2010 in Tuticorin, Tamil Nadu, as a partnership
firm by Mr. Thirumoorthy and his wife, VS trades in imported
metal scrap.


VISION ISPAT: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE has been seeking information from Vision Ispat Pvt. Ltd.
(VIPL) to monitor the ratings vide e-mail communications/ letters
dated June 19, 2017, Nov. 21, 2017, Nov. 29, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the rating. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
VIPL's bank facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.00       CARE B+; ISSUER NOT
   Facility                          COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating in December 29, 2016, the following
were the rating strengths and weaknesses:

Key Rating Strengths

Experienced promoters with long track record of operation: VIPL
is managed by Smt. Navina Jain (Promoter and MD), having about
two decades of experience in the steel industry. Further, the
company started its operation since 2005 and accordingly has a
track record of operation of over a decade.

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

Comfortable capital structure: VIPL's capital structure is
comfortable marked by nil debt equity ratios and moderate overall
gearing ratios. Overall gearing ratio has deteriorated marginally
from 0.78x as on March 31, 2015 to 0.82x as on March 31, 2016.
However, debt-equity ratio remained nil on last three account
closing dates.

Key Rating Weaknesses

Relatively small scale of operation with low profitability
margin: VIPL's level of operation remained relatively small vis-
a-vis other steel companies with a net loss of INR0.19 crore on
total income of INR42.68 crore in FY16. The small size acts as a
hindrance to achieve economies of scale for the company. This
apart, the PBILDT margin and PAT margin of the company was 1.94%
and (0.44) % respectively, in FY16. As on October 31, 2016, the
company has managed to have achieved a turnover of INR20 crore.

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

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

Working capital intensive nature of operations: VIPL's business
is working capital intensive as the company has to offer high
credit period to its customers in order to boost its sales.
Further, the average inventory holding period of the company was
moderately high over the aforesaid period both on account of
holding raw materials in order to mitigate the raw material price
fluctuation and holding of finished goods on expectation of
higher prices in future. On the other hand, the creditor's period
remained relatively low due to purchase of raw materials on cash
basis or on low credit period to extract better purchase price.
This resulted in high level of utilization of bank limits and the
same was about 98% during the last twelve months ended October
2016.

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

Vision Ispat Private Limited (VIPL), incorporated in June 2005,
was set up to carry on steel manufacturing business. The
manufacturing facility is located at Borguri industrial area,
Assam. Since its incorporation, Vision Ispat Private Limited has
been engaged in manufacturing of TMT bars & rods. The commercial
operation started from June 2005 with an installed capacity of
around 24000 MTPA. The day to day affairs of the company are
looked after by Mrs Navina Jain, with adequate support from other
directors and a team of experienced personnel.


VVV CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with VVV
Construction Private Limited (VVVCPL) for obtaining information
through letters and emails dated September 21, 2017 and
October 26, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

   Overdraft               8.5      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

VVVCPL was set up in 1987 as a partnership; the firm was
reconstituted as a private limited company in 2005. VVVCPL is
engaged in execution of civil contracts for Tamil Nadu Water
Supply and Drainage Board and Metro Water. Its day-to-day
operations are managed by Mr. Venkata Vijayan.



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


JAPAN LIFE: Goes Bankrupt With JPY240.5BB Debt
----------------------------------------------
The Manichi reports that Japan Life Co., a company suspected of
having engaged in a fraudulent rental business using magnetic
health care products, has gone bankrupt, dealing a blow to
thousands of mostly elderly people who purchased its products for
investment.

Tokyo Shoko Research Ltd., a credit research agency, said Dec. 27
that Japan Life has effectively gone bust with a debt of
JPY240.5 billion ($2.1 billion), the Manichi relates.

According to the Manichi, the size of the debt as of the end of
March is believed to be the second largest left by a company
involved in a fraudulent business targeting consumers, after
cattle farm chain Agura Bokujo went bankrupt in 2011 with
liabilities totaling JPY430 billion.

Japan Life had been ordered to suspend part of its operations
four times over the past year by the Consumer Affairs Agency, the
report says.

The Manichi relates that the Tokyo-based company sold magnetic
necklaces and other health care items, encouraging buyers to
conclude "rental owner" contracts under which it promised to pay
a 6 percent annual rental fee -- much higher than the razor-thin
deposit rates in Japan -- to those who bought its products and
rented them to others via the company.

The Mainichi, citing the company and agency documents, says 6,855
people, mostly seniors, had signed contracts with Japan Life as
of the end of July, with their deposits at the company totaling
JPY171.4 billion.

A senior official of the agency described the company's business
tactics as "fraudulent," while a team of defense lawyers for the
victims is preparing to demand police build a fraud case against
the company, the Manichi relays.

The average amount of money deposited at the company by contract
holders was about JPY18.6 million, with the highest amount at
JPY500 million, the agency, as cited by the Mainichi, said.

Around 75 percent of people who have filed complaints about Japan
Life with the agency are aged in their 70s or older and most of
them are women, it said, the report adds.


TEPCO HOLDINGS: S&P Affirms BB Corp Credit Rating, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings said it has affirmed its 'BB' long-term
corporate credit and 'B' short-term corporate credit and debt
ratings on Japan-based regulated electric utility company Tokyo
Electric Power Company Holdings Inc. S&P said, "We have also
affirmed our 'BB+' ratings on the company's senior secured debt.
We base the affirmations on our view that TEPCO group is likely
to maintain stabilized earnings performance for the next year or
two thanks to weak prospects of a significant rise in crude oil
prices. The outlook on the long-term corporate credit rating is
stable."

S&P said, "Given we expect stable crude oil prices in the next
year or so, we believe the company is likely to achieve about
JPY200 billion in recurring profit annually in the next year or
two even if it does not swiftly resume operation of its
Kashiwazaki-Kariwa plant. We forecast the company is likely to
sustain FFO to debt of about 11%-12% for the next year or two
thanks to continued cost reductions and low fuel prices. We take
this view even after considering some impact that full
liberalization of retail electricity sales might have on the
company's earnings performance. Nevertheless, we do not expect
great improvement in TEPCO Holdings group's cash flow, owing to
long-lasting payments to decommission its nuclear power plant and
enormous compensation and decontamination costs related to the
nuclear disaster.

"As part of other credit considerations, we previously assessed
TEPCO Holdings' existing preferred shares as having high equity
content, referring to "Principles Of Credit Ratings," published
Feb. 16, 2011, and "Hybrid Capital Handbook; September 2008
Edition," published Sept. 15, 2008. However, "The Treatment Of
Non-Common Equity Financing In Nonfinancial Corporate Entities,"
published April 29, 2014, makes this treatment constitute a
misapplication of our criteria because it superseded "Credit FAQ:
Knowing The Investors In A Company's Debt And Equity," published
April 4, 2006, which we applied. We have now corrected our
treatment. We continue to exclude from our financial analysis,
including our leverage and coverage ratio calculations, of TEPCO
Holdings any non-common equity financing that it has conducted,
because we consider TEPCO Holdings' majority owner, Nuclear
Damage Compensation and Decommissioning Facilitation Corp., to be
a strategic owner. Therefore, this change does not affect any
subscores and ratings on TEPCO.

"The stable outlook reflects our opinion that TEPCO Holdings has
significantly reduced downside risk in its earnings performance.
It also reflects our view that the company's profitability is not
likely to improve and stabilize significantly in the next year or
two without a resumption of operations at the company's
Kashiwazaki-Kariwa nuclear plant.

"We may raise our ratings if we believe TEPCO Holdings is more
likely to significantly improve the level and stability of its
profitability. This could happen if we see strong prospects of
the company restarting its Kashiwazaki-Kariwa reactors. We may
also consider an upgrade if the likelihood of extraordinary
government support rises. However, we think an upgrade is
unlikely for at least the next one to two years.

"Conversely, we could lower the ratings if the company's
recurring profit in fiscal 2017 (ending March 31, 2018) becomes
likely to deteriorate significantly beyond our assumption. Such a
scenario could follow a surge in crude oil prices or intensifying
competition following full liberalization of retail electricity
sales."


TOSHIBA CORP: Unveils Improper Accounting Practices at Affiliate
----------------------------------------------------------------
The Japan Times reports that Toshiba Corp. has found improper
accounting practices at its social infrastructure business
affiliate in relation to electrical installation work.

Toshiba Infrastructure Systems & Solutions Corp. attributed
expenses in connection with a money-losing project to another
profitable business for four years through September 2017, with
the total doctored costs amounting to รน95 million ($838,000),
Toshiba said on Dec. 27, the report relates.

The head of the affiliate ordered employees to cover up the
losses, according to the Tokyo-based conglomerate, The Japan
Times relays.

According to the report, the malpractice came to light after a
subcontractor consulted Toshiba over expenses. Toshiba said the
announcement was delayed because an internal inspection took
time.

Toshiba was previously hit by an accounting scandal in 2015, when
it admitted that it had deliberately overstated profits for
years, the report notes.

                        About Toshiba Corp

Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others.  The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others.  The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others.  The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment.  The
Others segment leases and sells real estate.

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 15, 2017, Moody's Japan K.K. affirmed Toshiba Corporation's
Caa1 corporate family rating and senior unsecured debt ratings,
and its Ca subordinated debt rating. Moody's has also changed the
ratings outlook to stable from negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime.

On Oct. 6, 2017, S&P Global Ratings affirmed its 'CCC-' long-term
corporate credit and 'C' short-term corporate credit and
commercial paper program ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. S&P also removed
the ratings from CreditWatch. The outlook is negative.  At the
same time, S&P raised the senior unsecured rating one notch to
'CCC-' from 'CC' following completion of its review of the
rating. S&P also removed the senior unsecured rating from
CreditWatch with negative implications following its affirmation
of the long-term corporate credit rating and resolution of the
CreditWatch.



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


KINSTEEL BHD: Faces Trading Suspension on Jan. 5
------------------------------------------------
Adela Megan Willy at theedgemarkets.com reports that Kinsteel Bhd
has announced trading in its securities will be suspended
effective Jan. 5, 2018, after it failed to submit its
regularisation plan to the regulators for approval within the
stipulated timeframe and having its application for a further
extension of time for submission rejected.

theedgemarkets.com relates that the Practice Note 17 (PN17)
company also said it risks having its securities delisted on
Jan. 9, unless it submits an appeal against the delisting to the
stock exchange on or before Jan. 4.

Upon the delisting of the company, Kinsteel will continue to
exist but as an unlisted entity, it said in a bourse filing on
Dec. 27, the report relays.

"The company is still able to continue its operations and
business and proceed with its corporate restructuring and its
shareholders can still be rewarded by the company's performance,"
the group said.

"However, the shareholders will be holding shares which are no
longer quoted and traded on Bursa," it added.

Malaysia-based Kinsteel Berhad (KLSE:KINSTEL)--
http://www.kinsteel.com.my/home/home.php-- is an integrated
steel manufacturer and steel millers in Malaysia. The Company
manufactures a range of long steel products used in the
manufacturing, construction and infrastructure industries. The
Company, with a product portfolio encompassing upstream,
midstream and downstream steel products, fully integrated and
streamlined manufacturing processes, serves the need for steel in
the region. It produces mild steel round bars, high tensile
deformed bars, angle bars and flat bars servicing, in particular,
the construction and infrastructure industries. There steel bars
and sections manufactured by the Company are also known as long
products. The Company has eight production lines with a total
steel bars production capacity of 800,000 metric tonnes per
annum. The types of steel bars produced are round and deformed
bars, angle bars, U-channel, wire rods and flat bars.

In October 2016, Kinsteel triggered the criteria pursuant to
Practice Note 17 (PN17) of the Main Market listing requirements
of Bursa Malaysia Securities Bhd. The company was considered a
PN17 company pursuant to paragraph 2.1(d) of PN17 as the
company's auditors have expressed a disclaimer opinion in the
Kinsteel's latest audited financial statements for the financial
year ended June 30, 2016.



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


HYGIENE FOUNDATION: Two Managers Sent to jail Over Breaches
-----------------------------------------------------------
Lincoln Tan at The New Zealand Herald reports that two men behind
Hygiene Foundation Ltd, a company that ran hygiene courses and
purported to provide hygiene certification to other businesses,
have been sentenced to jail.

David Blake and Lance Ryan were both found guilty of multiple
breaches of the Companies Act and Crimes Act respectively and
sentenced to more than two years in prison, the Herald says.

They were involved in the setting up and management of Hygiene
Foundation Ltd, which the Herald reported in 2013 as being under
probe for allegedly offering fake job offers to international
students.

The Herald relates that the company went into receivership
shortly after the report with over NZ$700,000 in claims from
creditors.

Mr. Blake, at the time, was prohibited from managing the company
because of his previous convictions for having managed a business
whilst an undischarged bankrupt, the report says.

"Our investigations found that they were taking active steps to
hide David Blake's involvement in the companies from the
authorities in an attempt to avoid being detected in breach of
his prohibition," the Herald quotes Registrar of Companies Ross
van der Schyff as saying.

"These individuals have a history of taking advantage of the
public's commercial goodwill, and breaching regulatory
requirements in place to protect the public from incompetent
business operators just like them."

At the time, the company charged fees of NZ$25,000 plus tax to
mainly international students of Indian origin and guaranteed
graduates employment and a minimum annual starting salary package
of NZ$55,000, the Herald discloses.

Mr. Blake was convicted of two charges of managing a company
while prohibited, one charge relating to a second company, Q
Technology Ltd, and one charge of promoting a company while
prohibited.

He was sentenced to two years and four months imprisonment, the
report notes.

The Herald notes that Mr. Blake ran the companies with help from
his wife Hayley Blake, also known as Heesoo Byun or Heesook Byun,
and Lance Ryan.

Mr. Ryan was sentenced to two years and two months imprisonment
after he was convicted of three charges under the Crimes Act for
being a party to Mr. Blake's offending, the report states.

The duo were known by many other names, Blake as David Colin
Hughey and David Morgan-Blake, and Ryan also as Lance Jared
Thompson and Michael Darren Gibbs, the Herald says.

"Their incompetence in running this business meant significant
financial losses to the companies' creditors, but also, in some
instances, significant emotional harm to the people that they
dealt with," Mr. van der Schyff said, the Herald relays.

"This kind of offending is an affront to the wider community who
conduct business honestly and do meet all their obligations."

Both men are prohibited from promoting or taking part in the
management of a company for a further five years as a result of
these convictions, the Herald notes.

They are also undischarged bankrupts and are also barred from
taking part in the management of a business under the Insolvency
Act 2006, the report adds.



                             *********

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

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

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


                            *********


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

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

Copyright 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.



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