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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, January 4, 2018, Vol. 21, No. 003

                            Headlines


A U S T R A L I A

ELECTRI CITY: First Creditors' Meeting Set for Jan. 12
HUMMINGBIRD HOMES: Blames Cost to Fix Leaking Cellars on Collapse
VIDELLI LIMITED: First Creditors' Meeting Set for Jan. 11


C H I N A

LEECO: Jia Defies China Return Order, Sends Family Instead


I N D I A

ALOK INDUSTRIES: Calls for Fresh Bids to Attract More Players
AMPS ENGINEERING: CRISIL Moves B Rating to Not Cooperating
CARITAS HEALTHCARE: CRISIL Moves B+ Rating to Not Cooperating
CB DOCTOR: CARE Revises Rating on INR1.25cr Loan to B+
DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR6MM Cash Loan

DIAMOND SOLVEX: CARE Moves B+ Rating to Not Cooperating Category
G.M. DALUI: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
GAURAVH WINES: CRISIL Reaffirms B Rating on INR10MM Cash Loan
JAIMAL SINGH: CARE Moves B+ Rating to Not Cooperating Category
JARA INFRATECH: CRISIL Cuts Rating on INR8MM Cash Loan to B

LANCO INFRATECH: Creditors Seek Insolvency Process Extension
LN CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR4.75cr Loan
M-TECH INNOVATIONS: CRISIL Assigns B+ Rating to INR12.5MM Loan
MAA GANGA: CARE Moves B+ Rating to Not Cooperating Category
MAGADH MICRO: CARE Reaffirms B Rating on INR2.05cr LT Loan

MARIA RUG: CRISIL Reaffirms B- Rating on INR1.6MM LT Loan
MIGHTY AUTO: CARE Assigns B Rating to INR13cr LT Loan
MODERN INDIA: CRISIL Moves D Rating to Not Cooperating Category
MRIDHUL TIMBERS: CRISIL Reaffirms B Rating on INR6.5MM Cash Loan
MUSADDILAL GEMS: CRISIL Assigns B+ Rating to INR13MM Sec. Loan

OMKAR ENGINEERS: CRISIL Lowers Rating on INR10MM Cash Loan to B+
OSWAL OVERSEAS: CRISIL Moves D Rating to Not Cooperating Category
P.J. EXPORTS: CRISIL Reaffirms B- Rating on INR10.5MM Loan
P.S. EARTHMOVERS: CRISIL Assigns B Rating to INR18MM Loan
PINAKIN PLASTOFORMING: CARE Cuts Rating on INR8cr Loan to B+

PRADHAMA MULTI: CRISIL Moves B Rating to Not Cooperating Category
SHARAD COTTON: CARE Reaffirms B+ Rating on INR9cr LT Loan
SRI KRISHNA: CRISIL Reaffirms B Rating on INR2MM LT Loan
SRI P.V.N. R&B: CRISIL Assigns B+ Rating to INR8.1MM Cash Loan
STAR CARS: CRISIL Assigns B+ Rating to INR4MM LT Loan

STERLING GATED: CARE Reaffirms B+ Rating on INR60cr LT Loan
SUPREME IMPORT: CARE Assigns B+ Rating to INR5cr LT Loan
TAJ LEATHER: CRISIL Reaffirms B- Rating on INR3.28MM LT Loan
VIR ELECTRO: CRISIL Assigns B Rating to INR12.35MM Term Loan
VIZAG EXPORTS: CRISIL Reaffirms B- Rating on INR7.5MM LT Loan


J A P A N

TOSHIBA CORP: Main Creditors Grants 3-Month Credit-Line Extension


S I N G A P O R E

CHINA FISHERY: Has Until Feb. 28 to Solicit Plan Acceptances


S O U T H  K O R E A

SAMSUNG HEAVY: Axes 30% of Executive Staff


V I E T N A M

LIEN VIET: Moody's Assigns B2 LT Local Currency Deposit Rating


                            - - - - -


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


ELECTRI CITY: First Creditors' Meeting Set for Jan. 12
------------------------------------------------------
A first meeting of the creditors in the proceedings of Electri
City Electrical Services Pty Ltd will be held at Level 2,
32 Martin Place, in Sydney, NSW, on Jan. 12, 2018, at 10:00 a.m.

Ronald John Dean-Willcocks and Anthony Elkerton of DW Advisory
were appointed as administrators of Electri City on Jan. 2, 2018.


HUMMINGBIRD HOMES: Blames Cost to Fix Leaking Cellars on Collapse
-----------------------------------------------------------------
Renato Castello at The Advertiser reports that the costs of fixing
leaking cellars in a North Adelaide townhouse development was
partly to blame for the downfall of an Adelaide home builder, a
creditors' meeting has heard.

The Advertiser relates that Ross McOmish, father of Hummingbird
Homes director Daniel McOmish also told a creditors meeting last
month that AUD550,000 was injected into the Leabrook firm in an
attempt to keep it afloat, minutes of the meeting show.

Ross McOmish is reported as telling the meeting his son's company
had constructed four townhouses in Tynte St, North Adelaide, which
experienced "leaking cellars," the report relays.

The Advertiser says the company had proceeded to repair three of
the cellars but the owner of the fourth townhouse initiated legal
proceedings against the firm.

According to the report, Mr. McOmish said the minutes show the
company had incurred more than AUD300,000 in legal fees which "was
a significant drain on the on the company's cash resources."

Hummingbird Homes is suing owners of the property in the District
Court for alleged outstanding payments and is also involved in
legal action against the engineering firm engaged in the townhouse
construction, the Advertiser discloses.

The Advertiser relates that Ross McOmish told creditors the
company encountered cash flow issues in mid-2016 and he
contributed AUD350,000 into the business based on projections that
the company could trade with a cash flow surplus to the end of
June 2017.

The meeting heard that the cash flow projections did not eventuate
and in March 2017, as a result of its poor financial position, the
company entered into Deeds of Compromise with creditors, the
report relays.

In the middle of 2017, Mr. McComish contributed a further
AUD250,000 into the company.

Daniel McOmish told The Advertiser on December 6 that a "perfect
storm" of events that hurt cash flow had forced him to place the
company in administration with the loss of four jobs.

A second creditors' meeting to decide whether the company entered
into a Deed of Company Arrangement or liquidation will be held on
January 18, the report adds.


VIDELLI LIMITED: First Creditors' Meeting Set for Jan. 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Videlli
Limited will be held at Level 34, 200 George Street, in Sydney,
NSW, on Jan. 11, 2018, at 2:30 p.m.

Brett Lord and Duncan Clubb of Ernst & Young were appointed as
administrators of Videlli Limited on Dec. 29, 2017.



=========
C H I N A
=========


LEECO: Jia Defies China Return Order, Sends Family Instead
----------------------------------------------------------
Bloomberg News reports that Chinese internet entrepreneur Jia
Yueting has defied orders from regulators to return home and help
a listed technology company he founded resolve crushing debt,
saying he needed to stay in the U.S. to work on his electric car
startup.

In his first official response to the directive from China's
securities regulator, Jia said via his official Weibo social media
account that he needed to oversee Faraday & Future Inc., Bloomberg
says. His brother Jia Yuemin and wife Gan Wei have been empowered
to handle affairs with the Shenzhen-listed firm, Leshi Internet
Information & Technology Corp., Bloomberg relates.

According to Bloomberg, the outspoken founder of Leshi expanded
aggressively from the Netflix-like service into smartphones and
automobiles before coming under increased criticism from
authorities. The China Securities Regulatory Commission issued an
order in December for him to return by the end of 2017, saying Jia
and his sister failed to provide loans to Leshi as promised. The
Shenzhen Stock Exchange last week also censured Jia for reneging
on that pledge, Bloomberg recalls.

Now Leshi and LeEco, the closely held tech giant he helped create,
are struggling to pay suppliers and lenders, which has led to
Chinese courts seizing and freezing his assets, according to
Bloomberg. Jia said in his Weibo post he would work with Leshi to
resolve its issues and apologized for his companies' debt crisis.
He said his brother met with regulators in person on
Dec. 29 to discuss the matter, Bloomberg adds.

"I'm deeply sorry and I blame myself for the huge negative impact
the debt crisis of LeEco has brought," he wrote, Bloomberg relays.
"The financing of U.S.-based FF has made great progress and there
is immense work that requires me to guarantee on-time mass
production and delivery of FF 91 EV," he said, referring to the
startup's prototype model.

Bloomberg reports that Leshi said in a filing on Jan. 1 that it
hasn't resolved its debt problems with closely held entities
associated with Jia. The company also announced plans for a unit
to buy LeEco's online business Lemall.com for CNY92.9 million ($14
million), and raise about CNY3 billion for its smart TV unit in
financing that values the division at about 12 billion yuan.

"Up to now, the parties haven't come to a substantial, executable
solution to its overall debt issues," Leshi, as cited by
Bloomberg, said in one of several filings to the Shenzhen
exchange. "The listed firm will continue to do its utmost to
engage Jia Yueting and the non-listed affiliated companies to
reach resolution."

Leshi Internet remains the largest listed vehicle in Jia's LeEco
empire but has been suspended from trade since April, Bloomberg
notes. The success of Jia's forays into video-streaming encouraged
LeEco to expand into new businesses, during which Jia borrowed
heavily against equity in Leshi.

In his Weibo post on Jan. 2, Jia placed much of the blame for
LeEco's subsequent cash-flow problems on a single late payment in
July, which he said led to the freezing of his assets and
triggered a cascade of early loan recalls, Bloomberg relays. He
also cited "false and malicious" reports that led to problems with
creditors and suppliers, adds Bloomberg.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.



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


ALOK INDUSTRIES: Calls for Fresh Bids to Attract More Players
-------------------------------------------------------------
The Economic Times reports that the insolvency professional
supervising the Alok Industries bankruptcy process has called for
fresh bids to resolve the INR29,000-crore default in the hope of
attracting more bidders for the textile company, said two people
with knowledge of the matter.

"Alok was the only company among the 12 listed by Reserve Bank of
India (RBI) to be referred to bankruptcy that did not receive any
bids when the insolvency professional invited expressions of
interest (EoIs)," the report quotes one of the two people as
saying. "Therefore, it was decided to go for a fresh round of
bidding for the company." The last date for EoI submissions had
been October 12, ET discloses.

ET had reported in early November, after the deadline was over,
that Reliance Industries may be interested in participating in the
process. Last month, ET reported that a group of Alok Industries
employees wanted to take part.

According to the report, resolution professional Ajay Joshi, on
Dec. 26, invited "interested applicants including those who have
not submitted an EoI before to now submit a resolution plan as per
the Insolvency and Bankruptcy Code."

Applicants have to submit an EoI to participate in the resolution
plan. Only they will have access to the financial and technical
data room, key to submitting a binding bid, ET says.

"Considering these factors, it was decided to go for a fresh EoI
round so that Reliance Industries, employees and new investors can
participate in the resolution plan," ET quotes a bank official as
saying. No deadline has been indicated.

ET notes that the company faces claims to the tune of INR29,519
crore from financial creditors and INR624 crore from operational
creditors. While inviting EoIs, the resolution professional has
said that only those companies with a net worth of INR500 crore
and INR3,000 crore of assets under management will be eligible to
participate. A participant should also have the ability to invest
INR500 crore as equity capital in the company.

According to the report, lenders had attempted to revive the
company through a strategic debt restructuring (SDR) scheme. This
allows them to convert part of their debt into equity and sell it
to a new promoter. This got stuck following an order by the Bombay
High Court that stayed the sale of assets and a change in the
company's equity structure.

ET relates that the court issued the order following a petition
filed by HSBC on behalf of a few unsecured lenders to settle dues
amounting to $55 million. The account was classified as non-
performing in the books of the bank by November 2016. The company
posted a loss of INR3,502 crore on revenue of INR8,326 crore in
the year ended March 2017, ET discloses.

Alok Industries Limited (BOM:521070) -- http://www.alokind.com/
-- is a textile company with a presence in the cotton and
polyester segments. The Company is engaged in manufacturing of
textile, including mending and packing activities; leather and
other apparel products. Its geographic segments include Domestic,
which includes sales to customers located in India and
International, which includes sales to customers located outside
India. Its divisions include Spinning, such as cotton yarn; Home
Textiles, such as sheeting fabric, equivalent sheet sets and
terry towels; Apparel Fabrics, such as woven fabric (includes
embroidery) and knits; Garments, and Polyester, such as
continuous polymerization, partially oriented yarn (POY)/chip,
draw texturized yarn (DTY), fully drawn yarn (FDY), polyester
staple fiber/cationic yarn and master batch. Its products include
accessories, corrugated pallets, cotton and blended yarn. It
exports its products to over 90 countries across the United
States, Europe, Latin America, Asia and Africa.


AMPS ENGINEERING: CRISIL Moves B Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Amps
Engineering and Equipments Pvt Ltd (AEEPL), and sought information
through letters dated October 10, 2017 and November 10, 2017 among
others, apart from telephonic communication. However, the issuer
remains non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Migrated')

   Cash Credit              4        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Migrated')

   Proposed Long Term       0.42     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
did not receive any information on either the financial
performance or strategic intent of AEEPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that information available for AEEPL
is consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BBB Rating'
category or lower.' Based on the last available information,
CRISIL has migrated the ratings on the bank facilities of AEEPL to
'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

Outlook: Stable

CRISIL believes AEEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if revenue or profitability improves and working
capital cycle is efficient. The outlook may be revised to
'Negative' if stretch in working capital cycle or large, debt-
funded capital expenditure weakens financial risk profile,
especially liquidity.

AMPS, incorporated in 2004, manufactures bulk material handling
equipment, and undertakes turnkey projects that include design,
manufacture, supply, and erection of bulk material handling
equipment.


CARITAS HEALTHCARE: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Caritas
Healthcare Private Ltd (CHPL) for obtaining information through
letters dated February 14, 2017, and March 8, 2017, apart from
telephonic communication. However, the issuer remained non-
cooperative.

CRISIL gave these ratings:

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

   Export Packing         6        CRISIL B+/Stable (Issuer
   Credit                          Not Cooperating; Rating
                                   Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of CHPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
CHPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information, the
rating on long-term bank facilities of CHPL continues to be at
'CRISIL B+/Stable'; Issuer not cooperating.

CRISIL has withdrawn its rating on the long-term bank facility of
CHPL at the entity's request and after receiving a no-objection
certificate from Central Bank of India. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loan facilities.

CHPL, incorporated in 2012 at Ahmedabad, supplies a wide range of
pharmaceutical products across the globe.Incorporated in 2012,
CHPL is a Ahmedabad (Gujarat) based company. The company supplies
and markets a wide range of pharmaceutical products across the
globe. Mr Ketan Patel and Mr Jogendra Bhati are the promoters.


CB DOCTOR: CARE Revises Rating on INR1.25cr Loan to B+
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
CB Doctor Ventilators Private Limited (CBVPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             1.25       CARE B+; Stable Revised
                                     From CARE B; Stable

   Long term/Short
   term Bank
   Facilities             3.00       CARE B+; Stable/CARE A4
                                     Long-term rating revised
                                     from CARE B; Stable and
                                     Short-term rating reaffirmed

   Long term Bank
   Facilities             7.50       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in long-term rating assigned to the bank facilities
of CBVPL is on account of improvement in its scale of operations,
profit margins, capital structure and debt coverage indicators
during FY17 (FY refers to the period April 01 to March 31). The
ratings continue to derive comfort from the experienced promoters.

However, the ratings continue to remain constrained on account of
its weak liquidity position along with working capital intensive
nature of operations, susceptibility of its profit margins to
volatility in raw material price and forex rates coupled with
tender-driven nature of business.

The ability of CBVPL to increase its scale of operations and
profit level further along with improvement in capital structure,
debt coverage indicators and liquidity position will remain the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Increase in turnover and profit margins: During FY17, TOI of the
CBVPL grew by 14.68% to INR26.30 crore as compared with INR22.93
crore in FY16 on the back of improved order execution.
Consequently, both PBILDT and PAT margin improved compared to
previous year and stood at moderate level.

Improvement in capital structure and debt coverage indicators
The capital structure of CBVPL improved and remained moderate
marked by an overall gearing of 1.82 times as on March 31, 2017
(3.78 times as on March 31, 2016) owing to increased net-worth due
to profit accretion. Total debt/Gross Cash Accruals (GCA) also
improved and remained at 3.48 times as on March 31, 2017 on
account of decrease working capital borrowings along with improved
cash accruals. Interest coverage ratio also improved to 2.83 times
in FY17 (1.54 times in FY16) due to lower Interest cost.

Experienced promoters: The promoters of CBVPL have an average
experience of more than 2 decades in the same line of business,
while the management is spearheaded by Mr. Saurabh Suhasbhai
Mehta. Also, the company has an established track record of
operations of around a decade.

Key Rating Weaknesses

Weak liquidity position along with working capital intensive
nature of operations: During FY17, liquidity position remained
weak as marked by high level of collection and creditors period.
Out of total debtors as on March 31, 2017, more than 30% of total
receivables belong to associate company C. Doctor & Co. Pvt. Ltd.
On account of this, average working capital utilization remained
high at 95% for trailing 12 month period ended November 2017.

Susceptibility of profit margins to volatility in raw material
price and forex rates coupled with tender-driven nature of
business: The price of steel, the key raw material, is fluctuating
in nature and in the absence of price variation clause in the
contract, profit margins of CBVPL remains vulnerable to volatility
in the raw material price. Also, most contracts do not have price
escalation clause, while very few orders of longer duration have
price escalation clause in them. Thus any adverse change in the
prices of the raw material may affect the profitability of the
company. Also, CBVPL exports its products to various countries
which make its margins susceptible to fluctuation in foreign
exchange rates in absence of prudent hedging policy. Further, few
orders are tender-driven in nature. The award of contracts is
under bidding process and lowest bidder gets the work. Hence the
margins remain under pressure for these contracts.

Ahmedabad-based (Gujarat) CBVPL, an ISO 9001:2008 certified
private limited company, was formed as a Joint Venture among C.
Doctor India Private Limited (India), Industrie CBI Group (Italy)
and Ventmeca (France) in April 2008. However, Ventmeca withdrew
its stake in February 2010. CBVPL is engaged into manufacturing,
commissioning and servicing of industrial fans like axial fans,
heavy duty fans, centrifugal fans as well as industrial blowers
from its facility at Vatva, Ahmedabad. The products manufactured
by CBVPL find application in wide number of industries like power,
cement, steel, fertilizer, petrochemical etc. where regulating the
flow of air in machinery is required.

The group companies include C Doctor and Company Private Limited
(CDCPL; engaged in the business of supply and erection of heating,
ventilation and air conditioning system on turnkey basis), C
Doctor India Private Limited (CDIPL; engaged in the business of
manufacturing of industrial heaters, air cooled condenser and
industrial vacuum cleaning system) and Mehta Machinery
Manufacturers Private Limited (engaged in the business of
manufacturing of humidification ventilation plant).


DESIGNER EXPORTS: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Designer Exports (DE) at 'CRISIL B-/Stable'.

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

   Proposed Long Term
   Bank Loan Facility       4       CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the firm's weak financial risk
profile. The ratings also factor in the modest scale of operations
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the partners in
the industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile remains
below-average with modest networth of INR2.74 crore as on
March 31, 2017 as against INR2.45 crore as on March 31, 2016. This
is on account of low accretion to reserve. With large working
capital requirements, dependence on external borrowings has
remained high, resulting in weak capital structure--interest
coverage and net cash accrual to debt ratios were 1.40 times and
0.02 time, respectively, for fiscal 2017.

* Large working capital requirements: Operations are expected to
remain working capital intensive over the medium term. Gross
current assets have been more than 200 days over the past three
years driven by stretched receivables.  The firm sells to retail
marts such as Wills Lifestyle, Reliance, and D-Mart, wherein large
credit is extended. The fabric is sold to local dealers such as
Dilip Fabric against credit of 90-120 days. This coupled with
moderate inventory holding has led to working capital intensive
operations. The large working capital requirements are funded
through external borrowings and extended credit from suppliers

Strength

* Extensive experience of the partners: Benefits from the
partners' two decade-long experience in the industry and healthy
relationships with customers, suppliers, agents, and job workers,
should support business.  The ready-made garment sale contributes
around 45% of the total sale while the rest is contributed by
fabric sale with value additions such as embroidery, stitching,
and printing. These value additions are also partially carried out
by its group companies or job workers. The firm manufactures
ready-made garments (primarily tops & tees for men, women, boys
and girls).

Outlook: Stable

CRISIL believes DE will continue to benefit from the extensive
experience of its partners and their funding support. The outlook
may be revised to 'Positive' if improved cash accrual or capital
infusion strengthens financial risk profile. The outlook may be
revised to 'Negative' if low cash accrual, stretch in working
capital cycle, or higher-than-expected capital withdrawal weakens
financial risk profile, including liquidity.

Kolkata-based DE was set up as a partnership concern in 1999 by
Mr. Raj Kumar Dugar and his family. The firm manufactures ready-
made garments and also trades in fabric.


DIAMOND SOLVEX: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CARE has been seeking information from Diamond Solvex Private
Limited (DSPL) to monitor the rating vide e-mail communications
dated December 1, 2017; November 15, 2017; October 26, 2017;
October 6, 2017; September 11, 2017; and numerous phone calls.
However, despite our 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
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Diamond Solvex
Private Limited's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank          27        CARE B+; Issuer Not
   Facilities                        Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on August 17, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Weak solvency position and working capital intensive nature of
operations: The company had a leveraged capital structure marked
by overall gearing of 7.29x, as on March 31, 2015. The total debt
to GCA ratio also remained at a weak level of 20.72x, as on
March 31, 2015. This was mainly on account of low cash accrual
generation and high dependence upon external working capital
borrowings to support business operations. The interest coverage
ratio remained at a moderate level of 1.5x in FY15.

Customer concentration risk: The income from top-5 clients of the
company constituted around 38% of the total income in FY15 and 45%
of the total income in FY16 (Prov.). However, the risk is
mitigated to some extent as these clients have been associated
with DSPL for long and give regular orders to the company.
Susceptibility of margins to volatility in raw material prices:
The edible oil industry is exposed to agro-climatic risk and
margins are susceptible to fluctuations in raw material prices.
Prices of raw material are highly volatile in nature and depend
upon factors like, area under production, yield for the year,
international demand supply scenario, export quota decided by
government and others. DSPL procures high volumes of rice bran to
avail bulk discount from suppliers and also because of the
seasonal availability of the same. This results in high inventory
holding period.

Intense competition and regulatory risk inherent in the fragmented
edible oil industry: The company faces stiff competition from
large number of organized and unorganized players in the edible
oil segment. Majority of the edible oil demand is met by the
regional and unorganized players. Moreover, due to the commodity
nature of the product, the company has to sell its products at
competitive rates to compete with other edible oil segments, which
also impacts the operating profit margins of the company. However,
due to the higher acceptance of the rice bran oil (major business
segment for DSPL) among the urban population due to its health
benefits, this risk is mitigated to some extent. Moreover, the
company is catering to a well-established and reputed customer
base which has strong presence in the market and has the ability
to market its products on a national scale. DSPL also faces
regulatory risk as the edible oil industry is highly regulated by
the government.

Key Rating Strengths

Experienced promoters and long track record of operations of the
company: DSPL is promoted by two directors-Mr. Alok Jain and Mr.
Raj Kumar Jain. Mr. Raj Kumar Jain is a post graduate by
qualification and has a total experience of more than four decades
in the industry. Furthermore, Mr. Alok Jain (son of Mr. Raj Kumar
Jain) has an experience of more than two and a half decades in the
industry. The directors are assisted by a team of professional who
are highly experienced in their respective domains.

Steady scale-up of operations in the past: The operating income of
DSPL has increased steadily from INR93.37 crore in FY13 to INR
121.06 in FY16, at a CAGR (compound annual growth rate) of ~9%.
This was on the back of increased orders received from its
existing as-well-as new clients.

Location advantage with easy access to raw material availability:
The company derives almost its entire income from rice bran oil
segment. The plant of the company is located in Amritsar, Punjab,
which is surrounded by various rice millers and processors. DSPL
uses rice bran as its main raw material which is a by-product of
rice milling. Punjab being a major paddy hub of the country, there
are a lot of rice millers around the vicinity of the plant which
gives easy access to rice bran at competitive rates also reducing
the freight costs for the company.

Diamond Solvex Private Limited (DSPL) was incorporated in the year
1992. The company is a family owned business, promoted by Mr. Atul
Jain and Mr. Raj Kumar Jain. The company is engaged in the
extraction of rice bran and sun flower oil and manufacturing of
de-oiled cakes. DSPL operates from its two manufacturing
facilities located at Amristar (Punjab) with an installed capacity
of 9,000 metric tonnes per annum (MTPA) and 18,000 MTPA for rice
bran oil and sun flower oil, respectively, as on
March 31, 2016.


G.M. DALUI: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of G.M. Dalui and Sons Private
Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          9        CRISIL A4 (Reaffirmed)
   Bill Discounting        4        CRISIL A4 (Reaffirmed)
   Cash Credit             6        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect its below-average financial risk
profile marked by modest networth and weak debt protection
metrics. The rating also factors in stretch in working capital
cycle. These weaknesses are partially offset by the extensive
experience of its promoters and established relationship with end-
user industry base.

Analytical Approach

Unsecured loans from promoters (outstanding INR3.63 crore as on
March 31, 2017) have been treated as neither debt nor equity as
interest charged is below market rate and the loans are expected
to be maintained in the company over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Though networth increased
marginally to INR4.37 crore as on March 3, 2017, from INR3.99
crore a year ago, it remained modest due to low accretion to
reserve and stagnant operating income. Gearing was also high at
2.33 times. Debt protection metrics were weak, with interest
coverage and net cash accrual to total debt ratios of 1.27 times
and 7%, respectively, for fiscal 2017.

* Working capital-intensive operations: Gross current assets
increased to 468 days as on March 31, 2017, from 464 days a year
ago because of sizeable inventory and receivables of 191 days and
208 days, respectively. Receivables level is high due to retention
money kept by customers and delayed payment.

Strength

* Experience of promoters: Presence of over two decades in the
valves segment has enabled the promoters to establish healthy
relationship with suppliers and customers. Also, the company has
had no bad debts in recent past.

Outlook: Stable

CRISIL believes GMDSPL will continue to benefit over the medium
term from its established customer base and extensive experience
of promoters. The outlook may be revised to 'Positive' if healthy
growth in revenue and improvement in profitability or working
capital cycle lead to a better financial risk profile. The outlook
may be revised to 'Negative' if financial risk profile weakens
further due to decline in revenue or profitability, or additional
stretch in working capital cycle.

GMDSPL was set up in 2005 by Mr Nirmal Kumar Dalui and his family
in Howrah to acquire a family-owned partnership firm, which was
eventually taken over by the company in April 2008. GMDSPL
manufactures a range of valves for water, irrigation, and power
plants.


GAURAVH WINES: CRISIL Reaffirms B Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Gauravh Wines Pvt Ltd (GWPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest financial
risk profile because of modest net worth, high total outside
liabilities to adjusted net worth (TOLANW) ratio, and weak debt
protection metrics; working capital-intensive operations; and
exposure to tender/license based nature of operations. These
weaknesses are partially offset by established presence in Punjab
and promoters' extensive experience in the liquor business.

Analytical Approach

For arriving at the rating, unsecured loans of INR1.3 crore from
promoters as on March 31, 2017 have been treated as neither debt
nor equity as these loans are subordinated to bank debt and are
expected to be retained in business over the medium term.

Key Rating Drivers & Detailed Description

Strengths

* Modest financial risk profile: The TOLANW ratio was weak at over
3.33 times as on March 31, 2017, due to high dependence on trade
credit to fund working capital requirement. Net worth of the
company remained modest at INR6.73 crore as on 31st March 2017.
Debt protection metrics were also modest marked by interest cover
& net cash accrual by adjusted debt (NCAAD) of 1.3 times & 0.05
times, respectively, in fiscal 2017.

* Exposure to tender based nature of operations: The liquor
industry in Punjab is auction-based, where licences for sale and
distribution of liquor in both the wholesale and retail segments
are controlled by the state government. Licences are required at
different stages of liquor production and distribution. Any
adverse change in licence authorisation policy, such as
discontinuing or limiting renewal of licences or substantially
increasing license fees, could affect players' business risk
profiles.

* Working capital-intensive operations: Gross current assets have
been in the 124-239 days' range over the past four fiscals.

Strength

* Established presence in Punjab and extensive experience of
promoters: Promoters have experience of over a decade in liquor
wholesale and retail trade. The company had 'L1' licence for two
districts of Punjab: Hoshiarpur and Kapurthala in 2016-17. However
in 2017-18 company has licence only for Bhatinda. GWPL had booked
revenue of around INR53 crores over the six months ended September
2017 and is expected to report revenue of over INR80 crore in
fiscal 2018.

Outlook: Stable

CRISIL believes that GWPL will continue to benefit over the medium
term from its strong presence in the Punjab market and extensive
experience of promoters. The outlook may be revised to 'Positive'
if substantial growth in revenue and margins leads to substantial
accruals and consequently improved financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
financial risk profile deteriorates on account of significant
decline in revenue or margins, or if any adverse change in
regulatory framework affects operations.

GWPL was set up as a partnership firm in 2007 and reconstituted as
a private limited company in 2008; it was taken over by Malhotra
family in 2009. The company trades in Indian-made foreign liquor
through wholesale distribution. Based in Ludhiana, GWPL is owned
by Mr Deep Malhotra, Mr Gaurav Malhotra, and Mr Gautam Malhotra.


JAIMAL SINGH: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE has been seeking information from Jaimal Singh Satnam Singh
(JSSS) to monitor the rating vide e-mail communications dated
December 1, 2017; November 28, 2017; November 16, 2017;
November 1, 2017; October 9, 2017; and numerous phone calls.
However, despite our 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
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Jaimal Singh
Satnam Singh's bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         5.75       CARE B+; Issuer Not
   Facilities                        Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on November 28, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Weak financial risk profile: The scale of operations of the firm
stood small marked by Total Operating Income (TOI) of INR 23.29
crore in FY16. The small scale of operations limits the firm's
financial flexibility in times of stress and deprives it of scale
benefits. The profitability margins of the firm have remained at a
weak level with PBILDT and PAT margins of 3.42% and 0.96%,
respectively in FY16. The firm had a leveraged capital structure
marked by long-term debt to equity ratio of 6.85x and overall
gearing of 16.90x, as on March 31, 2016. The total debt to GCA
ratio remained at a weak level of 20.38x, as on March 31, 2016.
The interest coverage ratio also remained weak at 1.76x in FY16.

Susceptibility of profitability margins to raw material price
fluctuations: The raw material cost has always been a major
contributor to the total operating cost in past three years. The
entities in textile industry are susceptible to fluctuations in
raw material prices. Cotton (one of the main raw material) being
an agricultural product, its demand supply situation depends on
various natural conditions like monsoons, drought and floods. It
being a product of international importance, its price is very
volatile depending on the demand-supply situation in the global
markets. The price of other raw materials, i.e. polyester &
synthetic yarn is linked to that of crude oil. The general
volatility in the crude oil prices also has an impact on the price
of this product.

Competitive nature of the industry: The firm operates in a highly
fragmented textile manufacturing industry wherein the presence of
large number of entities in the unorganized sector and established
players in the organized sector limits the bargaining power with
customers. Furthermore, the firm is also exposed to competitive
pressures from domestic players as well as from players based out
of China and Bangladesh.

Key Rating Strengths

Experienced proprietor: The firm is currently being managed by Mr.
Ajinder Pal Singh. Mr. Ajinder Pal Singh has an experience of more
than two-and-a-half decades in the textile industry through his
association with JSSS and other associate entities engaged in the
similar line of business.

Established marketing network: The firm is engaged in the selling
of ladies dress material under the brand name of 'R.Tex' through
its network of 30 retailers located in Chandigarh, Delhi, Haryana
and Punjab. The brand is well accepted in the aforementioned
markets.

Favourable location of operations: Ludhiana is a well-established
hub of manufacturing of textiles. The firm benefits from the
location advantage in terms of easy accessibility to large
customer base located in Ludhiana. Various raw materials required
in manufacturing of textiles are readily available owing to
established supplier base in the same location as well.

Jaimal Singh Satnam Singh (JSSS) was incorporated in 1995 and is
currently being managed by Mr. Ajinder Pal Singh (proprietor). The
firm is engaged in the manufacturing & selling of ladies dress
material under its own brand name 'R.Tex'. The firm has its
manufacturing facility for embroidery and digital printing,
located at Ludhiana (Punjab), with 20 embroidery machines and 1
digital printing machine, as on October 31, 2016. JSSS sells the
products through its network of 30 retailers located in
Chandigarh, Delhi, Haryana and Punjab.


JARA INFRATECH: CRISIL Cuts Rating on INR8MM Cash Loan to B
-----------------------------------------------------------
CRISIL Ratings has downgraded its long-term rating on the bank
facilities of Jara Infratech Ltd (Jara) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reassigned its short term rating of 'CRISIL
A4'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         2.5        CRISIL A4 (Reassigned)

   Cash Credit            1.0        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Cash          8          CRISIL B/Stable (Downgraded
   Credit Limit                      from 'CRISIL B+/Stable')

The rating downgrade reflects CRISIL's belief that Jara's
performance over the medium term will remain weaker than CRISIL's
earlier expectations. The company reported revenues of INR5.1
Crores in fiscal 2017 despite having a healthy order book of INR99
Crores in September 2016. The downgrade also factors in weak
liquidity profile marked by full utilization of bank lines.

The rating continues to reflect Jara's modest scale of operations
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of its promoters in
the electrical engineering industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Jara's modest scale is indicated by
sales of INR5.1 crore in fiscal 2017. Revenue is expected to
remain modest at INR8-9 crore over the medium term.

* Large working capital requirement: Gross current assets were at
270 days as on March 31, 2017, mainly on account of debtors of 98
days and advances and deposits of 115 days.

Strength

* Extensive experience of the promoters: The promoters' experience
in the fields of power transmission and distribution has led to
extensive contacts in the field and good relationships with
principal suppliers.

Outlook: Stable

CRISIL believes Jara will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if significant and sustained improvement in revenue and
working capital management strengthens key credit metrics. The
outlook may be revised to 'Negative' if considerable decline in
revenue or profitability, stretch in working capital cycle, or
delay in completion of projects weakens financial risk profile.

Established in August 2015 as a closely held public company, Jara
undertakes civil and electrical contracts, especially turnkey
projects, and transmission and distribution projects in the power
sector. Operations are managed by directors Mr J Jayachandran and
his wife, Ms Sonia Sharma.


LANCO INFRATECH: Creditors Seek Insolvency Process Extension
------------------------------------------------------------
Business Standard reports that the committee of creditors (COC) of
Lanco Infratech (LIPL) decided to seek an extension of time from
National Company Law Tribunal (NCLT) to complete the ongoing
insolvency resolution process as the lenders want to have a full
clarity on possible scenarios of resolution.

"The COC had held a meeting on [Dec. 18] and decided to ask for an
extension of time. The decision is yet to be formally communicated
to the NCLT Hyderabad bench," the report quotes a senior company
official as saying.

According to Business Standard, the initial 180-day period
provided under the Insolvency and Bankruptcy Code (IBC) for the
completion of insolvency process comes to an end on February 7,
2018, in Lanco's case. If convinced of progress in finding a
resolution, NCLT can give 90 more days to conclude the process.

Explaining the status of the ongoing insolvency resolution process
to the shareholders at the company's annual general meeting on
Dec. 22, NCLT-appointed resolution professional (RP) Savan
Godiwala said the information memorandum related to the debt and
assets of the company has already been prepared and shared with
potential suitors, Business Standard relates.

The report relates that Godiwala said the process of inviting
expression of interest (EoI) from the interested parties for
submission of resolution plans was still open.

"The response so far has been good as some of the large companies
have come forward to participate in the resolution process," he
said while refusing to share any further information, Business
Standard relates.

Business Standard says company officials pointed out at a strong
possibility of receiving the resolution plans targeting a
particular asset of the company alongside the company-level
resolution plans since Lanco operations are extended to multiple
verticals including power and roads.

A full clarity is expected to emerge by end of January as the COC
has been expecting to keep receiving the proposals from potential
suitors over the next one month, the officials, as cited by
Business Standard, said.

                       About Lanco Infratech

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.

NCLT had initiated insolvency resolution for Lanco on August 7,
2017, based on a petition filed by the company's lead lender IDBI
Bank, Business Standard discloses. Lanco has a debt of over
INR10,000 crore at the holding company level while the
consolidated debt was more than INR40,000 crore, according to
Business Standard.


LN CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR4.75cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
LN Constructions (LNC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility               4.75       CARE B+; Stable Reaffirmed

   Short-term Bank
    Facility              4.00       CARE A4; Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of LNC continue to be
tempered by small scale of operations with declining PBILDT margin
and thin PAT margin, leveraged capital structure and weak debt
coverage indicators, constitution of entity as a partnership firm
with inherent risk of withdrawal of capital and short term revenue
visibility from order book position. The rating is, however,
underpinned by the satisfactory track record and long experience
of partners for more than two decades in construction industry,
growth in total operating income in FY17 (refers to period April
01 to March 31) and moderate operating cycle.

Going forward, the ability of the firm to increase its scale of
operations, its profitability margins in competitive environment,
improve its capital structure and managing the working capital
requirements effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with declining PBILDT margin and thin
PAT margin: The PBILDT margin of the firm has been declining year-
on-year stood low at 5.94% in FY17 as compared to 13.04% in FY16
on account of increase in material cost coupled with the fact that
margins vary depending upon the nature of work undertaken by the
firm.

The PAT margin of the firm has also been declining year-on-year
and remained thin at 0.65% in FY17 as against 3.05% in FY16 due to
absolute decline in PBILDT levels resulting in under absorption of
interest and depreciation provisions.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm remained leveraged for the last two
balance sheet date ended with March 31, 2017 marked by overall
gearing ratio though improved from 3.25x as on March 31, 2016 to
3.15x as on March 31, 2017 at the back of increase in net worth of
the firm due to accretion of profits coupled with almost stable
debt levels. Total debt/GCA also deteriorated to 23.70x in FY17 as
against 12.36x in FY16 on account of marginal increase in debt
levels coupled with significant decrease in gross cash accruals.
The PBILDT interest coverage ratio deteriorated to 1.30x in FY17
as against 1.51x in FY16 due to absolute decline in the
operational profit.

Constitution of entity as a partnership firm with inherent risk of
withdrawal of capital: LNC, being a partnership firm, is exposed
to inherent risk of the partner's capital being withdrawn at time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital, which could
prove a hindrance to its growth.

Short term revenue visibility from order book position: The firm
has pending works in hands worth of INR18.00 as on November 30,
2017 which is likely to be executed by March 31, 2019. The said
order book is related to construction of high level bridges,
construction of roads and related to crusher works.

Key Rating Strengths

Satisfactory track record and long experience of partners for more
than two decades in construction industry: The partners of LNC
have experience of more than 2 decades in the civil construction
industry. The firm is into the business of civil constructions
work for PWD works since inception. All the partners previously
have experience into the civil works.

Growth in total operating income in FY17 (refers to period
April 1 to March 31): The total operating income of the firm
increased from INR23.08 crore in FY17 as against INR13.82 crore in
FY16 due to increase in number of contracts received and executed
in timely manner.

Moderate operating cycle: The operating cycle of the firm improved
and remained moderate at 75 days in FY17 as against 138 days in
FY16 due to improvement in collection and inventory days from 76
and 180 respectively in FY16 to 44 and 107 days respectively in
FY17. The firm receives the payment from the principal contractor
on average of 45-60 days and avails the credit period from its
suppliers 60-90 days. However, sometimes the firm avails the
extension in credit period from its suppliers, if there is any
delay of collections from its principal contractor. The firm has
to maintain high level inventories in hand in view of expected
rise in input material prices in future. The average utilization
of working capital in the last 12 months ended with November 30,
2017 stood at 95%.

L N Constructions (LNC) is a partnership firm based in Hyderabad.
It was established in the year 2006 by Mr Sudarshan Reddy. The
partners of the firm are Mr. K. R. Sudershan Reddy, Mr. S. Vinay
Kumar Reddy, Mr. P. Satyajith Reddy and Mr. Surender Rao.
Currently Mr. Vinay Kumar manages the day to day operations of the
firm. LNC undertakes various civil construction projects for
Public Works Department (PWD) Telangana and operates in the
capacity of a sub-contractor for principal contractor's viz. BVSR
Constructions Private Limited, Manikanta Construction, BRR Infra
Pvt Ltd and Hotcrete Infrastructure Pvt Ltd. The firm has worked
on various projects including construction of high level bridges,
road works, construction of railway crossing and broad gauge line
work etc.


M-TECH INNOVATIONS: CRISIL Assigns B+ Rating to INR12.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of M-Tech Innovations Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               7.08      CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       .42      CRISIL B+/Stable

   Letter of Credit        3.00      CRISIL A4

   Bank Guarantee          3.00      CRISIL A4

   Cash Credit            12.50      CRISIL B+/Stable

The ratings reflect MTIL's subdued operating performance, exposure
to volatility in raw material prices and foreign exchange (forex)
rates, average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by the
experience of the promoters, their funding support, and an
established clientele.

Analytical Approach

CRISIL has treated unsecured loans (outstanding at INR4.8 crore as
on March 31, 2017) extended to MTIL by promoters as neither debt
nor equity. That's because these loans carry lower-than-market
interest rates and are expected to remain in the business over
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Subdued operating performance: Scale of operations has been
modest, with revenue of INR58.53 crore in fiscal 2017. It may
marginally improve over the medium term with improved capacities.

* Exposure to volatility in raw material prices and forex rates:
Operating margin is expected to remain susceptible to fluctuations
in forex rates and prices of raw materials (chips, plastic
materials, electronic items).

* Average financial risk profile: Networth has been modest at
INR8.9 crore as on March 31, 2017, with gearing high at 2.90
times. Interest coverage and net cash accrual to total debt ratios
were weak at 1.9 times and 0.11 time, respectively, in fiscal
2017.

* Large working capital requirement: Gross current assets were
high at 180 days as on March 31, 2017, driven by debtors of 83
days and inventory of 80 days.

Strengths

* Experience of promoters, their funding support, and established
clientele: Benefits derived from the promoters' experience of over
2 decades and healthy relations with suppliers and customers
should continue to support the business. The promoters are also
likely to keep providing need-based unsecured loans and equity to
aid operations.

Outlook: Stable

CRISIL believes MTIL will continue to benefit over the medium term
from the experience of the promoters and their funding support.
The outlook may be revised to 'Positive' if substantial increase
in revenue, profitability, and cash accrual along with prudent
working capital management strengthen business and financial risk
profiles. Conversely, the outlook may be revised to 'Negative' if
low cash accrual, stretched working capital cycle, or any large,
debt-funded capital expenditure weakens financial risk profile and
liquidity.

MTIL, incorporated in 1993, manufactures smart cards, biometric
readers, radio-frequency identification tags, face readers, dials
membrane keyboard, in-mould panels, and handheld terminals in its
unit at Hinjewadi (Pune) for government authorities, public and
private sector banks, automobile manufacturers, original equipment
manufacturers and various industrial and corporate organisations.
Mr Vijay Gandhi and family are the promoters.


MAA GANGA: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------
CARE has been seeking information from Maa Ganga Rice Mill (MGRM)
to monitor the ratings vide e-mail communications/ letters dated
June 20, 2017, Oct. 5, 2017, Nov. 29, 2017 and numerous phone
calls. However, despite our repeated requests, the company has not
provided the requiste 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 MGRM's bank
facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        4.80        CARE B+; ISSUER NOT
   Facilities                        COOPERATING

   Short term Bank       0.32        CARE A4; ISSUER NOT
   Facilities                        COOPERATING

Users of this rating (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 March 17, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Proprietorship nature of constitution: MGRM, being a
proprietorship entity, is exposed to inherent risk of capital
being withdrawn at time of personal contingency and risk of
dissolution on account of poor succession planning. Moreover,
proprietorship entity has restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Small scale of operations with thin profitability margins: The
scale of operations remained small as compared to its peers with a
PAT of INR0.19 crore on total operating income of INR21.95 crore
during FY16. The profit margin of the firm remained thin marked by
operating margin of 2.36% and PAT margin of 0.85% in FY16.
Furthermore, the total capital employed of the firm decreased to
INR5.23 crore as on Mar.31, 2016 as against INR5.76 crore as on
March 31, 2015.

Volatility in profit margins subject to government regulations:
The Government of India (GoI) decides a minimum support price
(MSP - to be paid to paddy growers) for paddy every year limiting
the bargaining power of rice millers over the farmers. The MSP of
paddy was increased during the crop year 2016-17 to
INR1470/quintal from INR1410/quintal in crop year 2015-16. Given
the market determined prices for finished product vis-a-vis fixed
acquisition cost for paddy, the profitability margins are highly
volatile. Such a situation does not augur well for the firm,
especially in times of high paddy cultivation.

Seasonal nature of availability of paddy resulting in working
capital intensity & exposure to vagaries of nature: Rice milling
is a working capital intensive business, as the rice millers have
to stock paddy by the end of each season till the next season
since the price and quality of paddy is better during the
harvesting season. Further, while paddy is sourced generally on
cash payment, the millers are required to extend credit period to
their customers. Accordingly, average working capital utilization
remained moderately high at 90% during the last 12 months ended
February 28, 2017. Also, paddy cultivation is highly dependent on
monsoons, thus exposing the fate of the entity's operation to
vagaries of nature.

Fragmented and competitive nature of industry: MGRM's plant is
located in Burdwan district, which is one of the hubs for
paddy/rice cultivating region of West Bengal. Owing to the
advantage of close proximity to raw material sources, more than
350 units are engaged in milling and processing of rice in the
region. This has resulted in intense competition, which is also
fuelled by low entry barriers. Given that the processing activity
does not involve much of technical expertise or high investment,
the entry barriers are low.

Key Rating Strengths

Long track record and experienced proprietor: MGRM has been
engaged in rice milling business since 1996. Shri Rajendra Prasad
Agarwala (aged 61 years), having an experience of around 35 years
in same line of business (by virtue of working in a partnership
firm engaged in rice milling before), looks after the overall day-
to-day affairs of the business since inception. He is adequately
supported by his son, Shri Rahul Agarwala (aged 36 years) (having
experience of around two decades) and a team of experienced
personnel.

Proximity to raw material sources: MGRM's plant is located in
Burdwan District, West Bengal which is in the midst of paddy
growing region. The entire raw material requirement is met locally
from the farmers (or local agents) which helps the entity to save
substantial amount of transportation cost and also procure raw
materials at effective price.

Maa Ganga Rice Mill (MGRM) was set up as a partnership firm in the
year 1996 by Shri Rajendra Prosad Agarwala and his brother Shri
Tarak Nath Agarwala of Burdwan, West Bengal. Later on in 2000, it
has been converted into proprietorship entity in the name of
Rajendra Prasad Agarwala. The entity is engaged in the processing
and milling of rice. The milling unit of the entity is located at
Burdwan, West Bengal with processing capacity of 18,000 Metric
Tonne Per Annum (MTPA). MGRM procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors in the state of West Bengal.


MAGADH MICRO: CARE Reaffirms B Rating on INR2.05cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Magadh Micro Towers and Transmission Private Limited (MTL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility               2.05       CARE B; Stable Reaffirmed

   Short-term facility    0.45       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MTL are constrained
by its small scale of operations with limited geographical
presence, volatility in input prices, higher working capital
requirement, low and concentrated order book position, risk of
delay in project execution and fragmented nature of industry
leading to intense competition. The aforesaid constraints are
partially offset by its long track record and experienced
promoters.

Going forward, the ability of the company to increase its scale of
operations, improve profitability margins and manage working
capital effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record and experienced promoters: MTL, having commenced
operation in the year 1988 has a track record of being engaged in
electrical contracting for 29 years. Shri ArvindGadviya is
associated with the company since incorporation.

Key Rating Weaknesses

Small scale of operations with limited geographical presence:
Although total operating income (TOI) has grown by 184.60% in FY17
(A) over FY16 (A) on account of higher inflow of orders and timely
execution of the same, it continues to remain small in comparison
to its peers. Further, the operation of the company is primarily
concentrated in Bihar, Jharkhand. The company has achieved a
turnover of INR3.75 crore for the period April 2017 to November
2017.

Volatility in input prices: The company does not have backward
integration for its basic raw-materials (steel, cement and
electrical goods) and it procures the same from open market at
spot prices. Since the raw-material is the major cost driver and
the prices of which are volatile in nature.

Higher working capital requirement: Average working capital
utilization for the company remained high at about 98% for the
twelve months period ending November 2017.

Low and concentrated order book position: The company has only
three orders from Jharkhand Urja Sancharan Nigam Ltd and Bihar
state power Transmission Company Limited out of which the
unexecuted portion is INR5.25 crore as on December 20, 2017. The
aforesaid orders are expected to be executed by June 2018.

Risk of delay in project execution: MTL's business is susceptible
to losses arising out of delay in project execution as MTL is
generally required to give bank guarantee (10% of contract value)
to its clients for satisfactory & timely completion of the
contract.

Fragmented nature of industry leading to intense competition: MTL
is in the electrical contracting business which is primarily
dominated by large players and characterized by high fragmentation
and competition due to the presence of numerous players in India
owing to relatively low entry barriers.

High competitive pressure limits the pricing flexibility of the
industry participants, which induces pressure on profitability.

Magadh Micro Towers & Transmission Pvt. Ltd. (MTL) was
incorporated in March, 1988 by Shri Rama Shankar Tiwari and
Shri Ashok Kumar of Gaya district of Bihar. The company is engaged
in the work of electrical infrastructure supply, erection and
installation on turnkey basis. Over the years, the company has
completed a good number of small sized projects on turnkey basis
for government entities, mainly Bihar State Electricity Board
(BSEB), Bihar State Holding Co. Ltd. (BSPHCL) and Jharkhand State
Electricity Board (JSEB) and established good relationship with
them.


MARIA RUG: CRISIL Reaffirms B- Rating on INR1.6MM LT Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Maria Rug International (MRI).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bill Purchase           3.4      CRISIL A4 (Reaffirmed)

   Packing Credit          2.0      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.6      CRISIL B-/Stable (Reaffirmed)

Operating margin was modest at 6.42% in fiscal 2017 and is
expected at 6.0-7.0% over the medium term because of intense
competition in the home furnishing industry and working capital-
intensive operations. Revenue is expected to grow moderately
between 10-15% over the medium term.

Liquidity is stretched due to high reliance on bank borrowings to
meet its regular working capital requirements and routine capital
expenditure (capex), leading to fully utilized bank limits and low
interest cover. Financial risk profile remains weak, marked by
high gearing and low interest cover.

The ratings continue to reflect below-average financial risk
profile, small scale of operations amid intense competition, and
large working capital requirement. These weaknesses are partially
offset by the experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 7.53 times as on March 31,
2017, while net cash accrual to total debt and interest coverage
ratios were weak at 0.03 time and 1.6 times, respectively, in
fiscal 2017.

* Small scale of operations and intense competition: Modest scale
of operations, with revenue of INR7.69 crore in fiscal 2017, amid
intense competition limit pricing power with suppliers and
customers, thereby restricting operating margin at 4-6.5% over the
five years through fiscal 2019. Operations may remain constrained
over the medium term by intense competition and fluctuations in
raw material prices.

* Large working capital requirement: Gross current assets (GCA)
were sizeable at 300 days as on March 31, 2017. The high level of
GCA is driven mainly by large volume of inventory holding (190-210
days during the non-seasonal months), coupled with credit of
around 140 days offered to its debtors as a result of high
competition in the industry. Against these high current asset
levels, the firm receives normal credit from its suppliers, which
results in high working capital requirements. Working capital
requirement is likely to remain strained over the medium term.

Strength

* Experience of partners: Benefits derived from the partners'
experience of two decades and healthy relations with customers and
suppliers complemented with deeper insight and knowledge of local
market have enabled the promoters to sustain revenue in a
fragmented segment.

Outlook: Stable

CRISIL believes MRI will continue to benefit over the medium term
from the experience of the partners. The outlook may be revised to
'Positive' if substantial increase in scale of operations and cash
accrual along with prudent working capital management strengthen
financial risk profile. Conversely, the outlook may be revised to
'Negative' if decline in revenue and profitability, large, debt-
funded capex, or incremental working capital requirement weakens
financial risk profile and liquidity.

MRI was set up in 2005 as a partnership between Mr. Zakir Husain
Ansari and his brothers, Mr. Shabir Ahmad and Mr. Abdul Quadir.
The firm manufactures and exports rugs, carpets, and home
furnishing products made of wool, cotton, and leather under the
brand, MRI. These products include hand-tufted, hand-knotted,
leather wall-to-wall carpets, bath rugs, and other home furnishing
products.


MIGHTY AUTO: CARE Assigns B Rating to INR13cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mighty
Auto Wheels Private Limited (MAWPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.00       CARE B; Stable Assigned

Detailed Rationale and Key Rating Driverse

The rating assigned to the bank facilities of MAWPL is primarily
constrained by the short track record of the entity in automobile
dealership industry along with nascent scale of operations, low
profitability margins, working capital intensive nature of
operations and presence in competitive nature of automobile
dealership industry. The ratings, however, draw comfort from
experienced directors in diversified business segments.
Going forward, achievability of envisaged revenue and
profitability would be a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Short track record and nascent scale of operations: MAWPL
commenced operations in April 2017 and has less than one year of
track record of operations in auto dealership business as compared
with other established players. The company achieved a turnover of
INR 3.75 crore in the first three months of business operations
during 3MFY17 (refers to the period April 1, 2017 to June 30,
2017). Furthermore, stabilization risk of the newly setup
facilities in terms of achieving the envisaged scale of business
operations in the light of competitive nature of industry remains
crucial for MAWPL.

Low profitability margins and working capital intensive nature of
operations: The profitability margins of an automobile dealership
normally remains low as the company has limited negotiating power
with manufacturers and has no control over the selling price as
the same is fixed by the manufacturers. Furthermore, an automotive
dealer's revenues are driven by volumes, while the profits are
driven by the sale of spares and service income as the latter
fetch higher profit margins.

Automobile dealer purchases vehicles from manufacturer by making
full advance payment, resulting in low average creditor period.
Though the sales to customers are made on a cash and carry basis;
however, around 50-60% of the cars are bought on vehicle financing
basis through banks. The said phenomenon results in a collection
period of around 15-20 days. The dealer has to maintain models of
different vehicles with each having various variants to meet the
demand of the customer resulting in moderate inventory days of
around 30-45 days. Entailing all lead to moderate operating cycle.
However, considering the low capital base of the MAWPL at present
and the working capital requirement are likely to be met though
bank borrowing, resulting into the capital structure to be
remained leveraged in the medium term.

Presence in competitive nature of automobile dealership industry
The fortunes of MAWPL are closely linked to those of Mahindra and
Mahindra Limited, being the only supplier for the company. The
sales and distribution of automobiles, especially the passenger
vehicle and LCV is marked by intense competition attributable to
presence of several dealers in the nearby areas. The already
existing competition is further worsened by the major automobile
manufacturers extending similar discounts and promotional schemes
to lure customers for purchases. The profitability margin on
products is set at a particular level by Mahindra and Mahindra
Limited thereby restricting the company to earn incremental
income. Further, with the large dealership network of Mahindra and
Mahindra, the bargaining power of the dealer with the customer is
further reduced. In light of the same, the margins are likely to
remain severely constrained for the dealers and distributors.
Also, in order to capture the market share, the auto dealers have
to offer better buying terms like providing credit period or
allowing discounts on purchases which create margin pressure and
negatively impact the earning capacity of the company.

Key Rating Strengths

Experienced Promoters: The directors; Mr. Parminder Tewatia and
Mr. Samresh Kumar Singh have wide experience in diversified
business segments i.e. auto dealership and real estate through
their association with other associate concerns.

Mighty Auto Wheels Private Limited (MAWPL) was incorporated in
2016 by Mr. Parminder Tewatia and Mr. Samresh Singh and commenced
its commercial operations in April 2017. The company is an
authorized dealer of Mahindra & Mahindra Limited (M&M) for sale of
passenger and light commercial vehicles and its spare parts. The
company operates through its 3S (Sales, spare, & services)
facility in Modipuram, Uttar Pradesh.

A to Z Developers Limited (engaged in real estate business) and A
to Z Auto Wheels Private Limited (authorized dealer of Mahindra &
Mahindra Limited) are associate concern of MAWPL.


MODERN INDIA: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Modern
India Con-Cast Limited (Modern; part of the Modern India group)
for obtaining information through letters and emails dated
March 20, 2017 and July 12, 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           10.42      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Funded Interest       35.33      CRISIL D (Issuer Not
   Term Loan                        Cooperating; Rating Migrated)


   Letter of Credit     141.36      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term    12.07      CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan             28.24      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital       79.58      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 Modern India Con-Cast Limited,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Modern India Con-Cast 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 Modern India Con-Cast Limited to CRISIL D/CRISIL D
Issuer not cooperating'.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Modern and Gayson and Co Pvt Ltd
(Gayson). This is because the two companies, together referred to
as the Modern India group, have strong operational and financial
linkages in terms of intragroup sales and financial support from
Gayson to Modern.

The Modern India group was set up by Mr. Bhupinder Singh Saini and
Mr. Bakhshish Singh Dhanjal. Modern, incorporated in 1987,
manufactures ferroalloys, mostly silico-manganese and
ferromanganese. Gayson, incorporated in 1963 and acquired by the
group in 1981, trades in ferroalloys and rolling-mill products.


MRIDHUL TIMBERS: CRISIL Reaffirms B Rating on INR6.5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Mridhul Timbers Private Limited at 'CRISIL B/Stable/CRISIL A4'.

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

   Letter of Credit       8         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .5        CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect MTPL's modest scale of and working
capital intensive operations and average financial risk profile.
These weaknesses are partially offset by the extensive experience
of MTPL's promoters in the timber trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Modest scale of operations,
reflected in revenue of INR8.9 crore for fiscal 2017, restricts
the company's ability to negotiate with customers and suppliers
since the timber trading industry is intensely competitive.

* Large working capital requirement: Operations remain working
capital intensive with gross current assets of 445 days as on
March 31, 2017 driven by stretched receivables and sizeable
inventory of 234 and 219 days, respectively.

* Average financial risk profile: Both capital structure and debt
protection metrics are average, with high total outside
liabilities to adjusted networth ratio of 4.9 times and modest
networth of INR2.3 crore as on March 31, 2017; and interest
coverage of 1.22 times in fiscal 2017.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' three decade-long experience in the industry and
healthy relationships with customers and suppliers, should support
business.

Outlook: Stable

CRISIL believes MTPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if expansion in scale of operation improves cash
accruals or if efficient working capital management strengthens
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual or stretch in working capital cycle, weakens
financial risk profile, especially liquidity.

Incorporated in 2009, Kerala-based MTPL trades in timbers such as
teakwood, koila and pincoda. The company is a part of Keyes group
of industries.Incorporated in 2009, Kerala-based MTPL trades in
timbers such as teakwood, koila and pincoda. The company is a part
of Keyes group of industries.


MUSADDILAL GEMS: CRISIL Assigns B+ Rating to INR13MM Sec. Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Musaddilal Gems And Jewels (India)
Private Limited (MGJPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft
   Facility                 13       CRISIL B+/Stable

The rating reflects its modest scale of operations, large working
capital requirement and subdued financial risk profile. These
weaknesses are partially offset by extensive experience of
promoters and longstanding relationship with customers and
suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Modest scale of operations as
reflected in sales of INR 17.18 crores in fiscal 2017, is on
account of recently started operations and intense competition in
the industry from large number of organized and unorganized
players.

* Large working capital requirement: Gross current assets were 168
days as on March 31, 2017, due to large inventory on account of
various designs and large product portfolio. Operations are
expected to remain working capital-intensive over the medium term.

* Subdued financial risk profile: Despite no external debts in
fiscal 2017, dependence on bank debt is likely to increase over
the medium term with ramp up in operations and increased working
capital requirement. Gearing is expected to be in the 1-2 times
range and total outside liabilities to tangible networth ratio at
2-3 times. Debt protection metrics are also expected to be
subdued, with interest coverage and net cash accrual to total debt
ratios of 1.2-1.6 times and 0.07-0.11 time, respectively, for
fiscal 2018.

Strength

* Extensive experience of promoters: Promoter family's extensive
experience of over 50 years in the gold jewellery industry has
enabled the promoters to set up a 36, 000-square-feet showroom and
establish healthy relationship with customers and suppliers.

Outlook: Stable

CRISIL believes MGJPL will continue to benefit over the medium
term from the experience of its promoters in the retail jewelry
industry. The outlook may be revised to 'Positive' if ramp up in
operations while profitability and working capital cycle improves,
leads to better financial risk profile. The outlook may be revised
to 'Negative' in case of decline in revenue or profitability
margins or deterioration in capital structure because of larger-
than expected debt-funded capital expenditure or working capital
borrowings.

Incorporated in 2013 and promoted by Mr Shashanka Gupta and his
mother, Ms Vandana Gupta, MGJPL retails diamond and gold jewellery
through its single showroom in Hyderabad.


OMKAR ENGINEERS: CRISIL Lowers Rating on INR10MM Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Omkar Engineers and Contractors (Omkar) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Negative/CRISIL A4+'. The
rating downgrade reflects the deterioration in Omkar's credit
profile with reduction in scale of operations with intense
industry completion and impact of black listing in getting fresh
orders from Municipal corporations, the firm's sales reduced by
12% in 2016-17.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         17.5       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit            10         CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Negative')

   Proposed Long Term      2.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Negative')

The ratings continue to reflect the extensive experience of
Omkar's promoters in the civil construction. These rating
strengths are partially offset by the firm's modest scale of
operations in the intensely competitive infrastructure
construction segment, and high customer and geographical
concentration.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The firm's relatively small scale of
operations renders it more susceptible to business exigencies.

* High customer and geographical concentration: The high revenue
concentration exposes Omkar's business and financial risk profiles
to risks relating to any changes in investment plans or policies
by government agencies in this region.

Strengths

* Extensive experience of promoters: Omkar has an established
track record of over 2 decades in the civil construction industry
which will support growth in the medium term.

Outlook: Stable

CRISIL believes that Omkar will continue to benefit over the
medium term from the extensive experience of its promoters in the
civil construction industry. The outlook may be revised to
'Positive' in case the firm's financial risk profile improves
significantly through large capital infusion by its promoters or
by increasing its scale of operations without impacting
profitability. Conversely, the outlook may be revised to
'Negative' if the firm's financial risk profile deteriorates
because of delays in receivables, large debt-funded capital
expenditure, or significant deterioration in working capital
cycle.

Omkar, a proprietorship firm, was set up in 1990 by Mr. Dhanpal
Shah. The firm was reconstituted as a partnership in 2013, with
Mr. Narendra Shah joining as the second partner. Omkar undertakes
government contracts and is mainly involved in construction of
roads, bridges, drainage systems, and platforms for municipal
corporations based in Maharashtra.


OSWAL OVERSEAS: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Oswal
Overseas Limited (OOL) for obtaining information through letters
and emails dated October 30, 2017 and December 11, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

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

   Cash Credit            5.0       CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Cash         3.18       CRISIL D (Issuer Not
   Credit Limit                     Cooperating; Rating Migrated)

   Term Loan              7.62      CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital        5.00      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 OOL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for OOL
is consistent with 'Scenario 3' 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 the bank facilities of OOL 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

OOL, incorporated in 1984, was promoted by the late Mr Manjeet
Singh and his brother Mr Paramjeet Singh. It manufactures sugar
(more than 90% of revenue) and steel ingots. Its manufacturing
unit in Bareilly has crushing capacity of 3500 tonne per day. Mr
Paramjeet Singh manages the company's operations.


P.J. EXPORTS: CRISIL Reaffirms B- Rating on INR10.5MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of P. J. Exports (PJE).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            10.5      CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting             4        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit        2.5      CRISIL A4 (Reaffirmed)

   Packing Credit          6        CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect the firm's below-average financial
risk profile because of a weak capital structure and subdued debt
protection metrics and modest scale of operations. These
weaknesses are partially offset by its promoters' extensive
experience in the home furnishing textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented textile
industry: Scale of operations is modest as reflected in revenues
of INR54.4 crore in fiscal 2017. The firm faces intense
competition from various established players, as well as many
players operating at the bottom of the value chain because of low
entry barriers due to low capital and technology requirement.
Although the demand for home textiles is healthy, stiff
competition has restricted the scale of operations.

* Below-average financial risk profile: The financial risk profile
is below average due to stretched liquidity, aggressive gearing
and low net worth. The gearing was 16 times and net worth was INR
2 cr. as on March 31, 2017. PJE has subdued debt protection
metrics of interest cover at 1.18 times for 2016-17. The debt
protection metrics is expected to be at the similar levels over
the medium term.

Strength

* Partners' extensive industry experience: The promoters of PJE
have been in the textile industry for over four decades and have
been manufacturing home textile products which are sold both in
India and abroad. The extensive experience of promoters helps the
firm in anticipating price trends and calibrating their purchasing
and stocking decisions. Moreover, their long-standing presence in
the industry has aided the establishment of healthy relationships
with suppliers and customers. Because of timely and quality
execution, the firm has received several repeat orders. The
experience of the promoters and established customer relationships
will help the firm maintain its business risk profile over the
medium term.

Outlook: Stable

CRISIL believes PJE will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if improvement in revenue and profitability lead to
increased cash accrual, or capital infusion leads to better
liquidity. The outlook may be revised to 'Negative' if low cash
accrual or stretch in working capital cycle weakens the financial
risk profile, particularly liquidity.

PJE was set up as a partnership firm in 1990 by Mr Jagdish Todi
and his son Mr Jiten Todi. But the firm commenced commercial
operations only in 2008 and is currently promoted by Mrs. Sulocha
Jagdish Todi and Mrs. Anamika Jiten Todi. It manufactures home
textile products such as bedsheets, bed and pillow cases and
curtains. Mr. Jiten Todi manages the operations.

For fiscal 2017, PJE profit after tax (PAT) was INR0.61 crore on
net sales of INR54.3 crore, against a PAT of INR0.60 crore on net
sales of INR51.1 crore for fiscal 2016.


P.S. EARTHMOVERS: CRISIL Assigns B Rating to INR18MM Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of P.S. Earthmovers Private Limited
(PSEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Electronic Dealer       18        CRISIL B/Stable
   Financing Scheme
   (e-DFS)

The rating reflects PSEPL's weak financial risk profile and
susceptibility to volatility in demand from end-user segment.
These weaknesses are partially offset by the extensive experience
of the promoters in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is weak
marked by low networth and high total outside liabilities to
tangible networth (TOLTNW) ratio. Losses incurred over the 2
fiscals ending March 2016 have eroded the networth and resulted in
a high TOLTNW ratio. Over the medium term, although financial risk
profile is expected to improve, it will continue to be weak.

* Susceptibility to volatility in demand from end-user segment:
The company is exposed to risks related to demand in the end-user
industry as majority of the customers are from infrastructure
industry, which is cyclical in nature. The decline in demand had
significantly impacted the scale of operations over the 2 years
ending fiscal 2016, however it has improved from fiscal 2017
onwards.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience in the industry and healthy
relationships with customers and suppliers, should support
business. The benefits received include repeat orders. The company
currently operates through nine 3S (sales, spares and services)
outlets and two 2S (sales and spares) outlets.

Outlook: Stable

CRISIL believes PSEPL will continue to benefit from its healthy
relationship with Tata Hitachi and the extensive experience of its
promoters. The outlook may be revised to 'Positive' if operating
income, cash accruals and profitability improve and working
capital management is efficient. The outlook may be revised to
'Negative' if low operating income and cash accruals or any large
debt-funded capex weakens financial risk profile, especially
liquidity.

PSEPL was set up in August 2002 as a partnership firm PS
Enterprise. In 2006, PSEPL was formed, taking over the assets and
liabilities of PS Enterprise. PSEPL is an authorised dealer of
TATA-Hitachi Construction Machinery in West Bengal and Sikkim. The
promoters, Mr. P.K. Daam and Mr.Sanjib Bardhan, manage the
operations.


PINAKIN PLASTOFORMING: CARE Cuts Rating on INR8cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pinakin Plastoforming Limited (PPFL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.00       CARE B+; Stable Revised from
                                     CARE BB- and removed from
                                     issuer not cooperating

   Short-term Bank
   Facilities             0.50       CARE A4 Reaffirmed and
                                     removed from issuer not
                                     cooperating

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
PPFL and in line with the extant SEBI guidelines, CARE revised the
ratings of bank facilities of the company to 'CARE BB-; ISSUER NOT
COOPERATING' and 'CARE A4; ISSUER NOT COOPERATING'. However, the
company has now submitted the requisite information to CARE. CARE
has carried out a full review of the ratings and the ratings stand
at 'CARE B+; Stable' and 'CARE A4'.

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to bank facilities of Pinakin
Plastoforming Limited (PPFL) was mainly on account of
deterioration in overall financial risk profile marked by decline
in scale of operation, reporting net loss during FY17 (refers to
period April 01 to March 31), deterioration in capital structure,
debt coverage indicators and liquidity position marked by
elongation in operating cycle during FY17. The ratings further
continue to remain constrained on account of working capital
intensive nature of operations, its presence in fragmented and
highly competitive industry and vulnerability of margins with
fluctuation in raw material prices along with customer and
supplier concentration risk.

The ratings, however, continues to derive comfort from experienced
management in the plastic industry.

PPFL's ability to improve its scale of operations along with
improving profitability as well as improvement in capital
structure and debt coverage indicators and efficient working
capital management would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Deterioration in overall financial risk profile marked by decline
in scale of operation, deterioration in capital structure, debt
coverage indicators and elongation in operating cycle along with
reporting net loss during FY17.

The scale of operation of PPFL declined and stood modest marked by
total operating income of INR14.15 crore, declined by 27.38% over
previous year. On account of decline in PBILDT to INR 1.36 crore
during FY17 (from INR2.30 crore during FY16) along with high
interest cost reported during the year PPFL has reported net loss
of INR0.09 crore during FY17. On account of decrease in tangible
networth along with increase in total debt, the capital structured
deteriorated marked by overall gearing ratio of 2.02 times as on
March 31, 2017 as against 1.77 times as on March 31, 2016. Further
on account decline in profitability along with increase in total
debt, debt coverage indicators deteriorated and stood weak marked
by high total debt to GCA ratio of 55.71 times as on March 31,
2017 as against 11.38 times as on March 31, 2016. The liquidity
position also deteriorated marked by deterioration in operating
cycle during FY17. Operating cycle elongated by 100 days and stood
at 293 days during FY17. The operations are working capital
intensive marked by full utilisation of its working capital limit
during one year ended November 2017.

Presence in the fragmented and highly competitive industry: PPFL
is into manufacturing of plastic disposables. The industry is
highly fragmented which includes large number of small to medium
scale unorganised players. Furthermore, fungible nature of
products with no visible differentiators has also resulted in a
highly competitive market.

Vulnerability of margins with fluctuation in raw material prices
along with customer and supplier concentration risk: The price of
its material i.e. plastic granules is dependent on crude oil
prices which are highly volatile. Hence, the profitability margins
of the company could get adversely affected with any sudden spurt
in the material prices. The top 3 customers of PPFL constituted
73% of TOI during FY17 while the single suppliers constituted 50%
of its total purchases during FY16 thereby reflecting customer and
supplier concentration risk.

Key rating strengths

Experienced management coupled with established track record of
operation: PPFL is jointly managed by Mr Dinesh Joshi, Mr Divyesh
Joshi and Ms Pratiksha Joshi. All the directors have more than 15
years of experience in the plastic industry.

Vadodara-based (Gujarat) PPFL was incorporated in 2002 by Joshi
family as a private limited company and changed its constitution
to closely held limited company during February 2016. The
operation of PPFL is currently managed by Mr. Dinesh Joshi, Mr.
Divyesh Joshi and Ms. Pratiksha Joshi. PPFL is engaged into
manufacturing Polypropylene (PP) Disposable plastic products such
as disposable glass, cups etc. PPFL is operating from its sole
manufacturing unit located in Vadodara (Gujarat), having installed
capacity of 1,500 Metric Tonne Per Annum (MTPA) as on March 31,
2017.

Siddhivinayak Industries and Shri Sainath Industries are
associated entities managed and owned by members of Joshi family.
Both entities are engaged into manufacturing and trading of
plastic disposables.


PRADHAMA MULTI: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings, in line with Securities and Exchange Board of
India guidelines and due to inadequate information, had migrated
the rating on the long-term bank facility of Pradhama Multi
Speciality Hospitals & Research Institute Ltd (PMSHRIL) to 'CRISIL
B/Stable/Issuer not cooperating'. However, management has
subsequently started sharing information necessary for carrying
out a comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the company's bank facility from 'CRISIL
B/Stable/Issuer not cooperating' to 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           11.5       CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable' Issuer
                                    Not Cooperating)

   Long Term Loan       131         CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable' Issuer
                                    Not Cooperating)

The rating reflects the company's nascent stage of operations and
its below-average financial risk profile because of weak debt
protection metrics. These weaknesses are partially offset by its
established regional presence in the healthcare segment aided by
the industry experience of the promoters

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: The company started its operations
in July 2017 and is expected to generate revenue of INR26 crore
for the fiscal, its scale will remain modest, thus, limiting cost
efficiency.

* Below-average financial risk profile: PMSHRIL's financial risk
profile is marked by weak capital structure and debt protection
metrics.  The company high gearing of 4 times and negative net
worth as on March 31, 2017. The debt protection metrics were weak.

Strengths

* Established regional presence in the healthcare segment aided by
the industry experience of the promoters: Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti have extensive
experience of more than three decades as leading doctors and also
first-generation entrepreneurs, already owning and operating two
general hospitals in Visakhapatnam.

Outlook: Stable

CRISIL believes that PMSHRIL will benefit over the medium term
from its promoters' extensive industry experience. The outlook may
be revised to 'Positive' in case of sustainable increase in the
company's revenue and profitability along with efficient working
capital management, resulting in improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
PMSHRIL's financial risk profile weakens because of low cash
accruals or deterioration in the working capital management or
large debt-funded capital expenditure.

Incorporated in 2014, PMSHRIL is setting up a 593-bed multi-
specialty hospital in Visakhapatnam, Andhra Pradesh. The
operations of the hospital will be managed by Dr. Visweswara Rao
Pusarla and Dr. K Ramamurthy Kummaraganti. PMSHRIL started
commercial operations in July 2017.


SHARAD COTTON: CARE Reaffirms B+ Rating on INR9cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sharad Cotton Private Limited (SCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.00       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SCPL continues to
remain constrained on account of its modest scale of operations
with thin profitability margins, moderate solvency position and
working capital nature of operations. The rating also remained
constrained by its presence in a cyclical and competitive cotton
industry coupled with susceptibility of profit margins to
fluctuation in raw material prices.

The rating, however, continues to derive comfort from the long
experience of the promoters and established track record of
operations into the cotton ginning industry.

SCPL's ability to increase its scale of operations, improve
profitability while sustaining its solvency position would remain
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Decline in Total Operating Income (TOI) with moderate
profitability margins: SCPL has witnessed continuous decline in
its TOI in last three financial years ended FY17 owing to lower
sales volume as well as lower sales realization in a highly
competitive and fragmented cotton ginning industry. Further, the
profitability of the company is exposed to volatile raw material
prices and due to it, PBILDT margin and PAT margins stood thin at
2.36% and 0.34% respectively in FY17.

Moderate solvency position and working capital intensive nature of
operations: The capital structure of SCPL stood moderate marked by
overall gearing ratio at 2.09 times as on March 31, 2017. Further,
the interest coverage ratio also stood moderate at 1.77 times in
FY17. Liquidity position of the company stood stressed marked by
90% utilization of its working capital bank borrowing during last
12 months ended in November 2017 and by Current Ratio stood at
1.51 times and Quick Ratio stood at 0.15 times as on March 31,
2017.

Key Rating Strengths

Long & established track record along with experience of the group
in the cotton business: Mr. Gulabchand Goyal, the key promoter and
founder of Goyal Group, has around four decades of experience in
agro and allied industries. Goyal Group has presence across
diversified agro-related industries including spinning, cotton
ginning & pressing, sugar manufacturing, cotton trading and
others. Besides him, the other directors namely Mr. Basant Kumar
Goyal, Mr. Vishnu Kumar Goyal and Mr. Sharad Kumar Goyal and
senior management are also well qualified and have adequate
experience in their respective field. They have been associated
with the group for more than two decades.

Sendhwa (Mahya Pradesh) based SCPL was incorporated in 2011 by
Goyal family and the company is engaged in the business of cotton
ginning & pressing. The plant commenced commercial production from
December 2011. SCPL's plant is located at Sendhwa, District
Barwani (Madhya Pradesh) with installed capacity of ginning and
pressing of 62,500 bales per annum. SCPL has completed expansion
project of setting up cotton seed crushing facility with an
installed capacity of 68,000 quintals of cotton oil and 80,000
quintals of de-oiled cake in FY14. SCPL has started commercial
production from the crushing unit from April, 2014. Further, SCPL
has set up a new plant at Kukshi (Madhya Pradesh) for
manufacturing of cotton seeds and cotton bales and commenced
operations from this unit since November 2016.


SRI KRISHNA: CRISIL Reaffirms B Rating on INR2MM LT Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Sri Krishna Timber Mart & Saw
Mill (SKTM).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bills- Inland           .75       CRISIL A4 (Reaffirmed)

   Cash Credit            1.25       CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit       5.00       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2          CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect SKTM's small scale of operations
in the highly fragmented timber industry, large working capital
requirement, and below-average financial risk profile. These
weaknesses are partially offset by the experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and large working capital
requirement: Small scale, with revenue of INR11.2 crore in fiscal
2017, amid intense competition limits pricing power with suppliers
and customers, thereby constraining profitability. Gross current
assets were 223 days as on March 31, 2017, owing to large
inventory and moderate debtors of 151 days and 53 days,
respectively.

* Below average financial risk profile: Networth was modest at
INR1.6 crore as on March 31, 2017, while total outside liabilities
to tangible networth ratio was high at 4.1 times. Net cash accrual
to total debt and interest coverage ratios were weak at 0.04 time
and 1.3 times, respectively, in fiscal 2017.

Strength

* Experience of proprietor: Benefits derived from the proprietor's
experience of over three decades and healthy relations with
suppliers (in Myanmar, Indonesia, Africa) and timber dealers and
traders in Tamil Nadu should continue to support the business.

Outlook: Stable

CRISIL believes SKTM will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
substantial increase in scale of operations and profitability and
prudent working capital management strengthens financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
decline in cash accrual, stretched working capital cycle, or
large, debt-funded capital expenditure weakens financial risk
profile.

Salem-based SKTM, set up in 1985 as a proprietorship by Mr Krishna
Raj, trades in timber.


SRI P.V.N. R&B: CRISIL Assigns B+ Rating to INR8.1MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
long-term bank facility of Sri P.V.N. R&B Rice Mill (SPVN) and has
assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL
had, on April 9, 2014, suspended the rating as SPVN had not
provided information required for a rating review. SPVN has now
shared the requisite information, enabling CRISIL to assign a
rating to its bank facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8.1       CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Long Term
   Bank Loan Facility      1.65      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   SME Credit               .25      CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

CRISIL's rating on the long-term bank facility of SPVN continues
to reflect the firm's Weak financial risk profile marked by its
modest net worth, high gearing and weak debt protection metrics,
modest scale of operations and susceptibility of its profitability
to changes in paddy prices and government regulations. These
weaknesses are partially offset by extensive experience of its
promoters in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is marked by
weak debt protection metrics, modest net worth and high gearing.
Net worth was low at INR4.95 crore against total debt outstanding
of INR10.96 crore resulting in gearing of around 2.22 times as on
March 31 2017. Debt protection metrics are weak as reflected in
interest coverage ratio and net cash accruals to adjusted debt of
around 1.50 times and 4% for the Fiscal 2017.

* Modest scale of operations: SPVN's scale of operations is
modest, as indicated by its estimated revenues of around INR 48.20
Crore for 2017-18. The firm has witnessed modest growth in
revenues over the years. The firm has an installed milling
capacity of 8 tonnes per hour (tph), which is modest given the
presence of players with capacities of 50 to 70 tph in Andhra
Pradesh. While large players have better efficiencies and pricing
power because of their scale of operations, small players are
exposed to intense competition.

* Susceptibility of its profitability margins to changes in
government regulations and paddy prices: Cost of paddy accounts
for about 85 to 90 per cent of the cost of producing rice.
Availability of paddy being an agriculture product is seasonal,
and is dependent on the monsoons/irrigation. This exposes the
company to the risk of limited availability of paddy in case of
unfavourable climatic conditions. The price of paddy has also been
volatile in the past. The rice milling business is marked by
intense competition, which restricts the ability of the players
from fully passing on the increase in paddy prices to customers or
retaining any benefit of lower paddy price.

Strength

* Experience of promoters in rice milling industry: SPVN's
managing partner, Mr. Srinivasulu and another main partner and his
brother Mr. Chandrababu has been in the rice milling business
since past 15 years. After running various rice mills with other
partners, they set up SPVN with his family members as partners in
2005. The firm has established strong relationships with FCI and
farmers. The promoters are high have developed strong
relationships with the lending community. CRISIL believes that
SPVN will maintain its business risk profile over the medium term,
backed by its highly experienced promoters.

Outlook: Stable

CRISIL believes SPVN will continue to benefit over the medium term
from the promoters' extensive experience in the business. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations and profitability, while the
capital structure remains stable. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens owing
to decline in profitability, stretch in working capital cycle, or
any large debt-funded capital expenditure.

Incorporated in 2005, SPVN mills and processes paddy into rice.
The manufacturing plant is in Gudupallipadu, Andhra Pradesh. Mr
Srinivasulu and Mr Chandrababu and their families are the
promoters.

SPVN reported a profit after tax of INR0.24 crore on revenue of
INR45.90 crore in fiscal 2017, against INR0.23 crore on revenue of
INR39.70 crore in fiscal 2016.


STAR CARS: CRISIL Assigns B+ Rating to INR4MM LT Loan
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of The Star Cars Private Limited (SCPL).
The rating reflects the company's weak financial risk profile and
exposure to geographic concentration risk. These weaknesses are
partially offset by stable business risk profile supported by
association with Volkswagen, and the promoter's extensive
experience in the automotive dealership industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       1        CRISIL B+/Stable

   Cash Credit              2        CRISIL B+/Stable

   Long Term Loan           4        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is
constrained by leveraged capital structure and weak debt
protection metrics. Gearing was high at 13.15 times due to small
net worth of INR0.74 crore as on March 31, 2017, while interest
coverage ratio was 1.95 times in fiscal 2017.

* Exposure to geographic concentration risk: SCPL derives all its
revenue from Puducherry. Any change in the tax structure in the
union territory could affect the company's business risk profile.

Strengths

* Stable business risk profile: SCPL is the sole dealer of
Volkswagen's passenger cars in Puduchery, leading to stable
business. Revenue has grown steadily supported by Volkswagen's
strong brand in the passenger car segment.

* Promoters' industry experience: The promoters' experience of
around 10 years in the automobile dealership business and
understanding of the nuances of the business should support the
company's business risk profile over the medium term.

Outlook: Stable

CRISIL believes SCPL will continue to benefit from its association
with Volkswagen and its promoters' industry experience. The
outlook may be revised to 'Positive' if new launches by Volkswagen
support growth in SCPL's revenue and accrual, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected accrual or stretch in liquidity affect the
company's business risk profile.

SCPL, established in 2011, retails Volkswagen cars in Puducherry.
Its operations are managed by Mr. Shajahan.


STERLING GATED: CARE Reaffirms B+ Rating on INR60cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sterling Gated Community Private Limited (SGCPL), as:

                           Amount
   Facilities            (INR crore)    Ratings
   ----------            -----------    -------
   Long Term Instruments-      60       CARE B+; Stable
   Non-Convertible
   Debenture issue

Detailed Rationale & Key Rating Drivers

The rating assigned to the Non-convertible Debenture Issue of
SGCPL continues to factor in the high project execution risk as
the project is at a very nascent stage and yet to be launched and
high dependency on customer advances. The rating, however, derives
strength from the promoter's extensive experience in the real
estate industry and the favorable location of the project.

The ability of the company to obtain the timely requisite
approvals along with RERA registration and mobilize the required
funding and customer advances for the project as per the estimated
timelines would be the key rating sensitivities.

Outlook: Stable

The revision in outlook from "Negative" to 'Stable" was on account
of deferment of redemption dates to June 2019 and June 2020 in
installments of INR30 crore each which gives the company
sufficient time to time to launch the project.

Detailed description of the key rating drivers

Key rating weakness

High execution risk as the project is at a very nascent stage of
execution: Project has high execution risk as it in nascent stage
of development with construction work yet to begin. The company is
expected to receive the required approvals to begin construction
work and launch the project by January 2018. With further delay in
launch of project, the company's ability to complete the project
within budgeted costs and timelines remains to be seen.

High funding risk: Of the total project cost, around 55% of the
project cost is to be funded by customer advances which would
necessitate timely sales and collections of the units. Further,
post launch of the project, company is looking to re-finance the
NCD by availing loan whose timely tie up is also critical.
However, the comfort is drawn that the NCD repayments are deferred
till Jun'19 which gives sufficient time to company for stabilizing
the project sales.

Key rating strengths

Experienced Promoters: The Sterling group, promoted by Mr Ramani
Sastri and Mr Shankar Sastri, has presence in the Bangalore real
estate market since 1983 and has an experience in developing
apartments, villas and commercial complexes across Bangalore. The
Sterling developers group till date has developed over 28 projects
in total.

Location of the project is prime; however, saleability is yet to
be established: The project is located in Whitefield which is one
of the prime localities of Bangalore with good physical and social
infrastructure. Whitefield is one of the prominent IT hubs of
Bangalore with the presence of several major developers and
builders of Bangalore.

SGCPL is a special purpose vehicle (SPV) formed by Mr Ramani
Sastri and Mr Shankar Sastri, who have more than 30 years of
experience in developing real estate projects in Bangalore and
founders of the Sterling group. The group till date has developed
around 30 projects in total. SGPCL is developing a real estate
apartment project in Whitefield, Bangalore. The project is
residential project with the total of 600 units of 1BHK, 2BHK and
3 BHK, planned over a part of larger land parcel owned by an
associate company, Sterling Urban development Pvt Ltd (SUDPL).
The project has seen inordinate delays and is now expected to
launch in Jan'18.


SUPREME IMPORT: CARE Assigns B+ Rating to INR5cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Supreme
Import Export Limited (SIE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            10.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SIE are constrained
by its small scale of operations with low profitability margins,
leveraged capital structure and working capital intensive nature
of operations. The ratings are further constrained by highly
fragmented and competitive nature of industry. The ratings,
however, derive strength from experienced promoters.

Going forward, the ability of the company to scale up its
operations while improving its profitability margins and its
overall solvency position would remain its key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: Owing to
short track record of operations, the company's scale of
operations has remained small marked by total operating income
(TOI) of INR14.72 crore in FY17 (refers to period from April 01 to
March 31). The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

The PBILDT margin stood low at 1.73% in FY17 as the company
compromised on the margins to increase its sales. Further, the
company registered a net profit of 1.31% in FY17 as compared to
net loss of INR 0.05 crore in FY16. The company has reported total
operating income of INR 15.00 crore in H1FY18 (Provisional).

Leverage capital structure: The capital structure of the company
stood leveraged with overall gearing ratio of 4.49x as on
March 31, 2017 mainly on account of company's reliance on bank
borrowings to fund working capital requirements. The same
deteriorated from 0.19x as on March 31, 2016 due to utilization of
working capital limits as on last balance sheet date.

Working capital intensive nature of operations: The operations of
the company are working capital intensive. The average operating
cycle of the company stood at 67 days for FY17 (149 days for
FY16). The company maintained inventory in the form of raw dry
fruits and finished goods, which led to average inventory period
of 34 days as on March 31, 2017. The company offers a credit
period of around 4-5 months to its customers, which resulted in
average collection period of 129 days for FY17. Furthermore,
established relationship with suppliers resulted in payment period
of 96 days for FY17. Delay in realization of funds resulted into
elongated collection period for FY16 and subsequently, creditor
period also stood high for FY16 The working capital requirements
were largely met through bank borrowings which resulted in the
average utilization of 90% of the sanctioned working capital
limits for the last 12 months period ended September 2017.

Highly fragmented and competitive nature of the industry: SIE is
exposed to high fragmentation in the agro processing industry,
which has numerous players at the bottom of the value chain due to
low capital and technology requirements. Furthermore, the low lead
time for setting up a new plant and the lack of product
differentiation reduce the entry barriers for new entrants
resulting in overcapacity in the industry.

Key Rating Strengths

Experienced promoters: Mr. Sanjeev Kumar Goyal and Mr. Rajeev
Kumar have total work experience of two decades and one and a half
decades respectively which they have gained through their
association with SIE, group concerns namely Supreme Polytube
Limited & Ratna resorts and other entities. The promoters have
adequate acumen about various aspects of business, which is likely
to benefit the company in the long run.

SIE was incorporated as a public limited company in November 2013
and is currently being managed by Mr. Sanjeev Kumar Goyal
(chairman) and Mr. Rajeev Kumar (director) and Ms. Shelly Goyal.
SIE is currently engaged in shelling, grading, sorting and
packaging of almonds (Non Parrel, Independent and Sonora) and
roasting and salting of cashewnuts and pistachios (major income
being derived from processing of almonds) at its facility located
at Dhuri, Punjab. The company has total installed capacity of
processing 1800 metric tonne of almonds, 120 metric tonne of
cashewnuts and 120 metric tonne of pistachio per annum as on
September 30, 2017. Till FY17, SIE was engaged in trading of PVC
resin and manufacturing of PVC Pipes (income from trading
constituted around 95% of the total income in FY17). The main raw
materials include i.e. Shelled almonds, cashews and pistachios.
The company sells its products under the brand name of
"Pollywood", "King Punjab", Ratna and "Polygold" directly as well
as through dealers to various wholesalers based in Punjab,
Chandigarh, Jammu & Kashmir, Haryana, Rajasthan and Delhi
including reputed customers such as Future Retail Limited (CARE
AA-; Stable/ CARE A1+) and Walmart India Private Limited. Besides
SIE, directors are also engaged in managing another group concerns
namely Supreme Polytubes Limited (CARE BB-; Stable/A4) and Ratna
Resorts.


TAJ LEATHER: CRISIL Reaffirms B- Rating on INR3.28MM LT Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Taj Leather Works (TLW).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            0.12      CRISIL B-/Stable (Reaffirmed)

   Packing Credit         2.20      CRISIL A4 (Reaffirmed)

   Post Shipment Credit   2.70      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.28      CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect its modest scale of operations in
the fragmented leather goods industry and working capital-
intensive operations. These weaknesses are partially offset by
promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: With revenue of INR11.59 Cr in fiscal
2017, scale remains modest in the intensely competitive leather
export segment, which restricts pricing power.

* Large working capital requirement: Gross current assets were 273
days as on March 31, 2017, due to inventory of 154 days,
receivables of 55 days, and payables of 92 days.

Strengths

* Extensive experience of promoters: Presence of more than four
decades in the leather industry has enabled the promoters to
understand market dynamics and establish strong relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes TLW will continue to benefit over the medium term
from promoters' extensive experience. The outlook may be revised
to 'Positive' in case of a substantial growth in scale of
operations and profitability and better working capital cycle. The
outlook may be revised to 'Negative' if financial risk profile
deteriorates because of reduced revenue and margins, or large,
debt-funded capital expenditure or working capital requirement.

Set up as a partnership firm in 1974 in Kolkata by Mr Shafique
Abedin, Mr Javed Abedin, Mr Md. Masroor Alam, and Mr Md.
Nezamuddin, TLW manufactures and exports industrial leather
gloves.


VIR ELECTRO: CRISIL Assigns B Rating to INR12.35MM Term Loan
------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
long-term facility of Vir Electro Engineering Private Limited
(VEEPL), and assigned 'CRISIL B/Stable' rating to them. CRISIL
had, on December 12, 2014, suspended the rating as VEEPL had not
provided the necessary information for a rating review. The
company has now shared the requisite information, enabling CRISIL
to assign a rating.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            6.92       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Rupee Term Loan       12.35       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

   Proposed Working
   Capital Facility       1.73       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the company's small scale of and working
capital intensive operations and its average financial risk
profile. These weaknesses are partially offset by the extensive
experience of its promoters and their funding support.

Analytical Approach

For arriving at its ratings, CRISIL has treated unsecured loans
from promoters, at INR7.72 crore as on March 31, 2017, as neither
debt nor equity as these loans are expected to be retained in
business over the medium term and carry lower interest rates.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Scale of operations is expected to
remain modest over the medium term; operating income was INR41.9
crore in fiscal 2017.

* Average financial risk profile: Networth was low at INR4.6 crore
while gearing was high at 3.15 times, as on March 31, 2017.
Further, debt protection metrics were average with interest
coverage ratio of 1.8 times and net cash accruals to total debt
ratio of 0.15 times during fiscal 2017.

* Working capital intensive operations: Gross current assets were
high at 208 days as on March 31, 2017, driven by high receivables
of 121 days.

Strength

* Extensive experience of the promoters and their funding support:
Benefits from the promoters' two decade-long experience in the
industry and healthy relationships with customers and suppliers,
should support business. Further, the promoters have extended
unsecured loans regularly to support business.

Outlook: Stable

CRISIL believes VEEPL will benefit from the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
increase in revenue and stable profitability lead to higher cash
accruals. The outlook may be revised to 'Negative' if decline in
sales or lower profitably leading to modest cash accrual or
stretch in working capital cycle weakens financial risk profile,
especially liquidity.

Incorporated in 1988, VEEPL is promoted by Mr Santosh Dalvi. The
company is engaged in fabrication/ surface treatment of
substations and towers structures for customers such as ABB Ltd.,
Siemens Ltd., and Crompton Greaves Ltd. VEEPL has two
manufacturing facilities, one at Ambad Industrial area of Nasik,
and another at Gonde Industrial area, Igatpuri near Nasik (in
Maharashtra).


VIZAG EXPORTS: CRISIL Reaffirms B- Rating on INR7.5MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Vizag Exports (VE).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Export Packing
   Credit                 12        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      7.5      CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect VE's below-average financial risk
profile and susceptible to fluctuations in cashew prices and in
foreign exchange (forex) rates. These weaknesses are partially
offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Networth was modest at
INR5.5 crore as on March 31, 2017, while total outside liabilities
to tangible networth ratio was high at 7.9 times. Net cash accrual
to total debt and interest coverage ratios were average at 0.02
time and 2.4 times, respectively, in fiscal 2017.

* Susceptibility to fluctuations in cashew prices and forex rates:
Since raw cashew nut purchases account for a bulk of the operating
expenses, the operating margin is highly susceptible to
fluctuations in raw material prices. Further, the firm is exposed
to the risk of fluctuation in forex rates, since it derives most
of the revenue from exports.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of around 3 decades and healthy relations with
customers and suppliers should continue to support the business.

Outlook: Stable

CRISIL believes VE will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if low working capital debt strengthens liquidity.
Conversely, the outlook may be revised to 'Negative' if stretched
working capital cycle, or significant decline in cash accrual,
revenue or profitability weakens liquidity.

VE, set up as a partnership between Mr Rajagopal and Ms Abhaya
Mohan in 2011, processes and exports cashew kernels.



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


TOSHIBA CORP: Main Creditors Grants 3-Month Credit-Line Extension
-----------------------------------------------------------------
Nikkei Asian Review reports that creditors to Toshiba Corp. have
decided to extend their loan agreement with the company by three
months until March 2018 as the risk of default by the troubled
electronics maker has declined. Toshiba has raised fresh capital
and settled a dispute with its U.S. partner, according to people
familiar with the matter.

The loan agreement with seven banks, including Sumitomo Mitsui
Banking, Mizuho Bank and Sumitomo Mitsui Trust Bank, was set to
expire at the end of 2017, the report says.

According to Nikkei, the lenders welcomed news that Toshiba has
raised JPY600 billion ($5.32 billion) of additional capital, and
that the company has finally resolved a prolonged dispute with
U.S. partner Western Digital over the sale of Toshiba Memory, a
key subsidiary.

Under the line of credit, called a "commitment line," Toshiba can
draw upon up to JPY680 billion for day-to-day operations and other
purposes, the report relates.

Nikkei says Toshiba had hoped to have the agreement extended for a
longer period, but the banks decided on three months, pending
completion of Toshiba's planned sale of its memory chip unit by
March 2018.

In late September, the banks extended the credit line, which was
to expire at the end of the month, until December, after Toshiba
decided on a buyer for the memory chip unit, Nikkei notes. That
extension, however, was shortened from the previous term of two
years to just three months.

The report says the sale of the memory chip unit will bring in
some JPY2 trillion, which will significantly improve Toshiba's
finances. Some of the creditor banks are considering cutting the
amount of the credit line after the sale.

Toshiba raised the additional JPY600 billion from 60 overseas
investment funds through a third-party share allocation on
Dec. 5, Nikkei discloses. The dispute with Western Digital, which
had sought to block the unit's sale to a third party, has finally
been settled. The remaining hurdle for Toshiba regarding the sale
is getting approval from antitrust regulators in China and
elsewhere, the report adds.

                         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.



=================
S I N G A P O R E
=================


CHINA FISHERY: Has Until Feb. 28 to Solicit Plan Acceptances
------------------------------------------------------------
The Hon. James L. Garrity, Jr., of the U.S. Bankruptcy Court in
New York has extended, at the behest of China Fishery Group
Limited (Cayman) and its affiliates, the exclusive period to
solicit acceptances of a Chapter 11 plan for each Debtor through
and including Feb. 28, 2018.

No later than Jan. 8, 2018, the Debtors will provide Malayan
Banking Berhad, Hong Kong Branch with a detailed accounting of the
proceeds of the loan extended by Teh Hong Eng, including, to the
extent practicable, evidence showing to which entity or entities
the proceeds of the THE Loan were directly or indirectly delivered
and for what purposes such proceeds were ultimately used.  If the
evidence is not delivered, the Debtors will provide an explanation
as to why delivery was not practicable.

As reported by the Troubled Company Reporter on Dec. 13, 2017, the
Debtors sought the extension, saying that they have structured the
CFGL/PARD Plan to complement the Chapter 11 Trustee's proposed
sale process for CFG Peru Singapore, after careful analysis of
potential plan structures and regular communication with the
Chapter 11 Trustee.  The treatment provided to creditors under the
CFGL/PARD Plan incorporates a toggle based on whether the Chapter
11 Trustee realizes a minimum sale price of $1.15 billion.  The
Debtors anticipate that the Chapter 11 Trustee's sale process will
move forward in tandem with the confirmation of the plan.
Consequently, the timeline for confirmation of the CFGL/PARD Plan
is expected to move ahead in parallel with the Chapter 11
Trustee's timeline for completing the sale process.  The PAIH Plan
is also currently expected to proceed along a similar timeline.

           About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016. The petition
was signed by Ng Puay Yee, chief executive officer. The cases are
assigned to Judge James L. Garrity Jr.

At the time of the filing, China Fishery Group estimated its
assets at $500 million to $1 billion and debts at $10 million to
$50 million.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as
Chapter 11 trustee for CFG Peru Investments Pte. Limited
(Singapore), one of the Debtors.  Skadden, Arps, Slate, Meagher &
Flom LLP serves as the trustee's bankruptcy counsel; Hogan Lovells
US LLP serves as special counsel; and Quinn Emanuel Urquhart &
Sullivan, LLP, serves as special litigation counsel.



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


SAMSUNG HEAVY: Axes 30% of Executive Staff
------------------------------------------
The Korea Herald reports that Samsung Heavy Industries has axed 30
percent of its executives as part of the struggling firm's latest
efforts to prepare for a decline in its business due to a further
drop in orders.

The report relates that following a reshuffle conducted last week,
the firm now has a total of 50 board members, down from 72. It
also streamlined the organization from 89 to 67 departments or
teams by converging its management.

In addition, the company decided to increase its capital by KRW1.5
trillion ($1.41 billion) to enhance its management efficiency, the
Korea Herald says.

"Reorganization of the company will help us to regain the title as
a company with 43 years of history," the report quotes Samsung
Heavy Industries CEO Nam Jun-wu as saying.

Nam listed the stabilization of incoming orders, increased cost
competitiveness and successful recapitalization as the company's
goals for 2018, the report notes.

In December, shares of Samsung Heavy Industries, the world's
third-biggest shipyard by capacity, plunged the most on record,
the Korea Herald states. According to the report, the company said
it expects operating losses to reach KRW490 billion in 2017 and
KRW240 billion in 2018. Falling demand for orders and higher raw
material costs have led the company to forecast losses for 2017
and 2018, it said.

Former CEO Park Dae-young offered to resign last month to take
responsibility for the firm's losses, the Korea Herald adds.

Samsung Heavy Industries Co., Ltd. manufactures crude oil
tankers, container vessels, bulk carriers, cruisers, and
passenger ferries. The Company also produces steel and bridge
structures, and material handling equipment. In addition, Samsung
Heavy Industries provides civil engineering, architectural, and
plant construction services.

Samsung Heavy reported a net loss of KRW139 billion in 2016,
compared to a loss of KRW1.21 trillion in 2015.



=============
V I E T N A M
=============


LIEN VIET: Moody's Assigns B2 LT Local Currency Deposit Rating
--------------------------------------------------------------
Moody's Investors Service has assigned the following first-time
ratings and assessments to Vietnam-based Lien Viet Post Joint
Stock Commercial Bank (Lien Viet):

1. Long-term local currency deposit ratings of B2; positive
outlook

2. Long-term foreign currency deposit ratings of B2; stable
outlook

3. Long-term local and foreign currency issuer ratings of B2;
positive outlook

4. Short-term local and foreign currency deposit and issuer
ratings of Not Prime;

5. Baseline credit assessment (BCA) and adjusted BCA of b2;

6. Counterparty Risk Assessments of B1(cr)/NP(cr)

The outlook on the bank's local-currency deposit, and local and
foreign-currency issuer ratings is positive, in line with the
positive outlook on the sovereign rating. The outlook on the
bank's foreign-currency deposit rating is stable, because the
rating is constrained by the B2 foreign-currency deposit ceiling
for Vietnam. Overall outlook for the bank is stable(m).

RATINGS RATIONALE

The B2 long-term ratings assigned to Lien Viet reflect its BCA of
b2, and Moody's expectation of a moderate probability of support
from the Government of Vietnam (B1 positive).

The b2 BCA assigned to Lien Viet reflects improvements in the
bank's asset quality and profitability metrics. The BCA also takes
into account Moody's expectation that the bank's capitalization
will weaken over time because of its aggressive loan growth
strategy, as well as its moderate funding profile.

Lien Viet's asset quality metrics improved in 2016 and has
stabilized since. Around 4.2% of its adjusted gross loans were
problematic at end-2016, an improvement from 6.5% at end-2015. At
the end of June 2017, 4.4% of Lien Viet's adjusted gross loans
were problematic. Our definition of adjusted problem loans
includes special mention loans, nonperforming loans, and problem
loans sold to the Vietnam Asset Management Company (VAMC).

Improvement in asset quality in 2016 was driven by cash recovery
on VAMC bonds. However, Moody's expects that Lien Viet's asset
risk will remain elevated over the next 12 -- 18 months, because
of the rapid loan growth of 42% in 2016 and 36% in 2015, which
were much higher than for the overall banking sector in Vietnam.
Gross loans grew by 16% in the first half of 2017.

The bank's loan book is focused on the corporate and retail
sectors, which accounted for 54% and 32% of gross loans,
respectively, at end-June 2017. The bank's corporate loan
portfolio is highly concentrated in construction and real estate,
a credit negative, although the bank is shifting its focus towards
the retail business.

There were also recent changes in leadership and shareholding at
Lien Viet. In June 2017, Him Lam Corporation, a real estate
development company in Vietnam and one of the founding
shareholders of the bank, divested its 15% stake in the bank. The
divestment was in compliance with the State Bank of Vietnam's
regulation on preventing cross-ownership of banks. Him Lam
Corporation is owned by Mr Duong Cong Minh, ex-Chairman of Lien
Viet, who resigned in April 2017 to join Saigon Thuong Tin
Commercial Joint-Stock Bank (Caa1 Negative, caa2) as the new
Chairman.

Like the other banks in Vietnam, Lien Viet 's rapid loan growth
exerts negative pressure on its capital ratios. At end-June 2017,
Lien Viet 's tangible common equity (TCE) to adjusted risk-
weighted assets (RWA) fell to 6.4% from 7.7% at end-2016. Our
calculation of RWA includes 100% risk weighting for government
securities, in line with our standard global adjustments for
sovereign exposures.

Lien Viet's funding profile is moderate. The bank's longer-term
maturity profile of loans related to construction and real estate,
coupled with reliance on shorter-term deposits weakens its asset-
liability management framework. As at end-June 2017, 76% of the
bank's total assets are funded by customer deposits however, most
of which are sourced from corporate clients that are often more
credit sensitive. We expect Lien Viet's funding profile to improve
as the bank gathers more sticky, low cost retail deposits through
its access to the extensive network of post offices and postal
transaction offices in Vietnam.

The bank's overall liquidity position is comfortable, with liquid
resources representing 39% of tangible banking assets at end-2016.
However, 18% of liquid assets is pledged against borrowings, a
situation which weakens the overall liquidity profile of the bank.
Moody's expects that the bank's proportion of liquid assets will
moderate over time against the backdrop of loan growth.

In terms of government support for Lien Viet, Moody's applies the
same moderate support assumption as for other private-sector banks
in Vietnam. However, the moderate support assumption does not
result in any uplift for Lien Viet 's B2 long-term ratings because
the bank's b2 BCA is just one notch lower than the B1 sovereign
rating for Vietnam. The moderate support assumption is mainly
underpinned by the bank's market share of around 1.9% of system
assets at end-2016.

COUNTERPARTY RISK ASSESSMENT

Lien Viet 's CR Assessments are positioned at B1(cr)/NP(cr). CR
Assessments are opinions of how counterparty obligations are
likely to be treated if a bank fails and relates to a bank's
contractual performance obligations (servicing), derivatives
(e.g., swaps), letters of credit, guarantees and liquidity
facilities. Senior obligations represented by the CR Assessment
will be more likely preserved in order to limit contagion,
minimize losses and avoid disruption of critical functions.

WHAT COULD CHANGE THE RATINGS UP/DOWN

Lien Viet's B2 long-term local currency deposits and local and
foreign currency issuer ratings could be upgraded if Vietnam's
sovereign rating is upgraded.

Also, we will consider upgrading the bank's BCA and long-term
ratings if adjusted problem loans ratio falls below 4%, and TCE
ratio exceeds 10%. Loan diversification away from real estate and
construction loans -- which we consider as higher-risk in Vietnam
-- would also be positive for the BCA. An improvement in Vietnam's
Macro Profile of Weak would also be BCA-positive.

On the other hand, Lien Viet's long-term ratings could be
downgraded if its problem loans ratio - as adjusted by Moody's -
rises above 7% of gross loans, or if its return on tangible assets
ratio drops below 0.7%. The ratings are also sensitive to a
significant weakening in the bank's funding profile.

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

Lien Viet Post Joint Stock Commercial Bank is a mid-sized
privately-owned commercial bank headquartered in Hanoi, Vietnam.
At end-June 2017, it held consolidated assets of VND142 trillion
(around $6.2 billion), including gross loans of VND93 trillion
(around $4.0 billion).


                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***