/raid1/www/Hosts/bankrupt/TCRAP_Public/180226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Monday, February 26, 2018, Vol. 21, No. 040

                            Headlines


A U S T R A L I A

AMIGA PARTNERS: First Creditors' Meeting Set for March 5
JOHN'S NUTS: Franchisees Face Challenging Condition Over Collapse
PHARMACARE PLUS: First Creditors' Meeting Set for March 5
PRICELESS OUTLETS: First Creditors' Meeting Set for March 5
SITE CONCRETING: First Creditors' Meeting Set for March 5

SUMMER PHARMA: First Creditors' Meeting Set for March 5
TRAK WORKFORCE: First Creditors' Meeting Set for March 7


C H I N A

ANBANG INSURANCE: Chinese Government Seizes Insurance Group


I N D I A

79 DEVELOPERS: CARE Lowers Rating on INR10cr LT Loan to D
AMCON CONSTRUCTION: CRISIL Withdraws B Rating on INR2MM Cash Loan
BHAVANI ENTERPRISES: CARE Reaffirms B+ Rating on INR30cr LT Loan
BHOLARAM EDUCATION: CARE Lowers Rating on INR6.97cr Loan to D
GANESH AGRO: CRISIL Reaffirms B+ Rating on INR3.6MM Cash Loan

IMPERIALL TECHNOFORGE: CARE Reaffirms D Rating on INR5.42cr Loan
JAGANNATH TRADERS: CRISIL Reaffirms B+ Rating on INR10MM Loan
KARAN AUTOMOBILES: CARE Assigns B+ Rating to INR6cr LT Loan
KESHVI DEVELOPERS: CRISIL Withdraws D Rating on INR30MM Loan
MECHFAST ENGINEERING: CARE Assigns B+ Rating to INR9.5cr LT Loan

METROSTAR PRINT: CRISIL Moves D Rating to Not Cooperating Cat.
MURUDESHWAR CERAMICS: CRISIL Cuts Rating on INR72.58MM Loan to D
NOOR INDIA: CARE Reaffirms D Rating on INR7cr LT Bank Loan
OMR MALL: CRISIL Withdraws D Rating on INR95MM Term Loan
PENGUIN PETROLEUM: CRISIL Reaffirms D Rating on INR2.16MM Loan

PROTAC FOODS: CRISIL Cuts Rating on INR18.5MM Term Loan to D
QUICK ACT: CRISIL Reaffirms B+ Rating on INR6.15MM LT Loan
RAJSHRI IRON: CARE Assigns B Rating to INR10.65cr LT Loan
S R COTTON: CRISIL Moves B Rating to Not Cooperating Category
S.K. RICE: CRISIL Moves B+ Rating to Not Cooperating Category

SAANVI ASSOCIATES: CARE Reaffirms B Rating on INR10.2cr Loan
SANKAR MARINE: CRISIL Moves B Rating to Not Cooperating Category
SHRADDHA MOTORS: CRISIL Moves B Rating to Not Cooperating Cat.
SHRIRAM TRANSPORT: S&P Rates INR50BB MTN Program 'BB+'
SUDHANVA ENGINEERS: CARE Reaffirms B+ Rating on INR5cr LT Loan

SWASTIK ENTERPRISES: CRISIL Moves B- Rating to Not Cooperating
SWEDE SANITARY: CRISIL Moves B Rating to Not Cooperating Category
TEAM UNITED: CARE Assigns B+ Rating to INR0.50cr LT Loan
TECHNOVAA PLASTIC: CRISIL Moves B- Rating to Not Cooperating Cat.
TIKONA DIGITAL: CRISIL Withdraws D Rating on INR752.94MM Loan

VENKATESHWARA DALL: CRISIL Cuts Rating on INR6MM Cash Loan to B+


M A L A Y S I A

SCOMI ENGINEERING: To Be Delisted From Bursa Malaysia on Feb. 28


N E W  Z E A L A N D

CBL INSURANCE: Placed Into Interim Liquidation


S I N G A P O R E

OTTO MARINE: Seeks Court Protection Amid Debt Piles
VIVA INDUSTRIAL: Moody's Withdraws Ba1 Corporate Family Rating


                            - - - - -


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


AMIGA PARTNERS: First Creditors' Meeting Set for March 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Amiga
Partners Pty Ltd will be held at Collins Square, Business Centre
727 Collins Street, in Melbourne, Victoria, on March 5, 2018, at
2:00 p.m.

Andrew Hewitt and Matthew Byrnes of Grant Thornton were appointed
as administrators of Amiga Partners on Feb. 22, 2018.


JOHN'S NUTS: Franchisees Face Challenging Condition Over Collapse
-----------------------------------------------------------------
SmartCompany reports that the administrator of collapsed snack
business John's Nuts said franchisees have been left in a very
challenging condition after the company entered voluntary
administration at the end of January.

On January 30, Michael Caspaney of Menzies Advisory was appointed
to the five companies that operate the John's Nuts business, a
kiosk-style snack food operator that had seven sites across
Victorian shopping centres, SmartCompany discloses.

On Feb. 22, administrators locked in a second creditors' meeting
for next March 1, with Mr. Caspaney awaiting claims from
creditors, including retail landlords, to establish the overall
liabilities of the company.

He said the total amount owed could end up being "multiples of
AUD100,000," SmartCompany relays.

According to the report, the exact start date of the business is
unclear, but Mr. Caspaney said at the time of his appointment
there were three company-owned stores in operation at
Campbellfield, Fountain Gate and The Pines shopping centres, as
well as four franchises at Southland, Highpoint, Greensborough
and Doncaster.

It's unclear whether any of these stores will continue to trade,
with the company's liabilities still being established and leases
having been disclaimed, the report says.

SmartCompany relates that Mr. Caspaney said he has disclaimed all
leases as administrator and the situation has "left franchisees
in a terrible condition".

"There was one franchisee who had just paid an enormous amount of
money to buy into the franchise just last year. They're in a
terrible position - they paid all this money and there's nobody
there to provide the services that the franchise [owner] would
normally do," SmartCompany quotes Mr. Caspaney as saying.

According to SmartCompany, the situation has left the franchisees
out on their own to operate the businesses, and while
Mr. Caspaney said he is unsure of whether these will continue to
trade on their own, the company has offered the franchisees
access to John's Nuts recipes so they can continue to make the
products for sale if they choose.

While it is currently unclear exactly what factors led to the
administration, Mr. Caspaney said is appears initially that the
rents demanded by large shopping centre landlords "were probably
a bit high for this kind of business," SmartCompany relays.

SmartCompany adds that Mr. Caspaney said the prospect of the
liquidation of the business will be on the table at this week's
creditors meeting.

While the debts of the business were originally outlined at
around AUD100,000, he said it liabilities could be significantly
more than this as "the landlords are owed a huge amount of money"
and still have time to make claims against the company,
SmartCompany relays.

"I can't estimate this, because I have to wait for shopping
centres to come back to me with their positions," SmartCompany
quotes Mr. Caspaney as saying.

In general terms, Mr. Caspaney said "the retail sector is getting
hammered" at present, meaning businesses that "once had a good
formula many years ago" were now facing challenging times, the
report adds.


PHARMACARE PLUS: First Creditors' Meeting Set for March 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Pharmacare
Plus Pty Ltd, trading as Potts Point Discount Drug Store, will be
held at the offices of Cor Cordis, One Wharf Lane, Level 20, 161
Sussex Street, in Sydney, NSW, on March 5, 2018, at 11:30 a.m.

Alan Walker & Jason Tang of Cor Cordis were appointed as
administrators of Priceless Outlets on Feb. 21, 2018.


PRICELESS OUTLETS: First Creditors' Meeting Set for March 5
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Priceless
Outlets Pty Ltd, trading as Amcal Potts Point & Priceless Health
and Beauty, will be held at the offices of Cor Cordis, One Wharf
Lane, Level 20, 161 Sussex Street, in Sydney, NSW, on March 5,
2018, at 12:00 p.m.

Alan Walker & Jason Tang of Cor Cordis were appointed as
administrators of Priceless Outlets on Feb. 21, 2018.


SITE CONCRETING: First Creditors' Meeting Set for March 5
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Site
Concreting Pty Ltd will be held at Level 11, 127 Creek Street, in
Brisbane, Queensland, on March 5, 2018, at 10:00 a.m.

Trent Andrew Devine and Christopher John Baskerville of Jirsch
Sutherland were appointed as administrators of Site Concreting on
Site Concreting on Feb. 21, 2018.


SUMMER PHARMA: First Creditors' Meeting Set for March 5
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Summer
Pharma Pty Ltd, trading as Priceless Compounding Chemist
Darlinghurst, will be held at the offices of Cor Cordis,
One Wharf Lane, Level 20, 161 Sussex Street, in Sydney, NSW, on
March 5, 2018, at 11:00 a.m.

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


TRAK WORKFORCE: First Creditors' Meeting Set for March 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Trak
Workforce (ACT) Pty Ltd will be held at Equinox Building 4, Level
2, 70 Kent Street, in Deakin, ACT, on March 7, 2018, at
10:00 am.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners
were appointed as administrators of Trak Workforce on Feb. 23,
2018.



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


ANBANG INSURANCE: Chinese Government Seizes Insurance Group
-----------------------------------------------------------
The Strait Times reports that the Chinese government said on
Feb. 23 that it had seized control of Anbang Insurance, the
troubled Chinese company that owns the Waldorf Astoria hotel in
New York and other marquee properties around the world, and
charged its former chairman with economic crimes.

The report relates that the move is Beijing's biggest effort yet
to rein in a new kind of Chinese company, in this case, one that
spent billions of dollars around the world over the past three
years buying up hotels and other high-profile properties.

The rise of these companies illustrates China's growing economic
might, but Chinese officials have grown increasingly concerned
that they were piling up debt to make frivolous purchases, the
report says.

In a statement posted on its website on Feb. 23, the China
Insurance Regulatory Commission said the government was taking
over to ensure the "normal and stable operation" of the company.

"Illegal operations at Anbang may have seriously endangered the
company's solvency, prompting the government to take control,"
the statement read, The Strait Times relays.

The Strait Times notes the move also caps the downfall of Anbang
leader Wu Xiaohui. Mr. Wu had married a granddaughter of Mr. Deng
Xiaoping, China's paramount leader in the 1980s and a towering
figure in Chinese politics, and was widely considered politically
connected.

But he was detained in June, suggesting that any political sway
he might have once held has ebbed, the report relates.

Anbang had also come under scrutiny in the United States and
elsewhere for its opaque ownership structure. It is one of
China's biggest insurance conglomerates. It claims CNY1.97
trillion (SGD411 billion) in assets and ranks 139 on the Global
Fortune 500 list, The Strait Times discloses.

According to the report, China's insurance regulator said that
Anbang would be overseen for a year by a group that included
China's central bank, its securities and banking regulators, the
country's foreign exchange regulator and other government
agencies. It said the business would operate as usual.

"The takeover management team will take effective measures to
keep the company operating as usual and ensure that the
legitimate rights and interests of consumers are fully protected
and lawfully safeguard the legitimate rights and interests of all
stakeholders," the insurance regulator, as cited by The Strait
Times, said.

The report adds that the move will put the Waldorf Astoria, for
decades a symbol of New York elegance, under the control of the
Chinese government.

Anbang Insurance Group Co., Ltd., through its subsidiaries Anbang
Property Insurance Inc., Anbang Life Insurance Inc., Hexie Health
Insurance Co., Ltd, and Anbang Asset Management Co., Ltd., offers
property insurance, life insurance, health insurance, asset
management, insurance sales agency, and insurance brokerage
services. The company provides car insurance, accident insurance,
cargo transportation insurance, credit insurance, life-long
insurance, and medical insurance services.



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


79 DEVELOPERS: CARE Lowers Rating on INR10cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
79 Developers, as:

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from 79 Developers to monitor
the ratings vide e-mail communications/letters dated
July 3, 2017, August 1, 2017, August 30, 2017, September 12,
2017, October 4, 2017, November 1, 2017, November 16, 2017,
November 29, 2017, December 16, 2017, January 3, 2018 and January
8, 2018 and numerous phone calls.  However, despite our repeated
requests, the firm has not provided the requisite information for
monitoring the ratings.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The ratings on 79 Developers bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

Ongoing delay in debt servicing: The revision in the rating
assigned to the bank facilities of 79 Developers is primarily due
to irregularity in servicing its debt obligation.

79 Developers (79Dev), formed in September 2011, is a Special
Purpose Vehicle (SPV) of the Vasupujya Group. The key partners of
79Dev are Mr. Dipesh Shah, Mr. Sunilbhai Shah and Mr.
PiyushVadera. The firm was formed for the development of
Vasupujya Group's real estate project 'Vasupujya Solitaire', a
residential cum commercial project located at Chala, Vapi,
Gujarat. The project scope includes total 34 residential units
and 29 commercial units aggregating to a total saleable area of
1.35 lsf.


AMCON CONSTRUCTION: CRISIL Withdraws B Rating on INR2MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Amcon
Construction Co (Amcon) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        4        CRISIL A4 (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Cash Credit           2        CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Amcon. This restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes information available for Amcon is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information, the
rating on the bank facilities of Amcon continues to be 'CRISIL
B/Stable/CRISIL A4/Issuer Not Cooperating'.

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

Set up as a partnership firm in 1983, ACC undertakes construction
of roads in Gujarat and Madhya Pradesh. The firm is 'AA' class
civil contractor with the Government of Gujarat and is promoted
by Mr. Pravin Patel.


BHAVANI ENTERPRISES: CARE Reaffirms B+ Rating on INR30cr LT Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhavani Enterprises Hubli (BEH), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long-term Bank
   Facilities             30.00       CARE B+; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of BEH continues to be
tempered by funding risk as the entire debt yet to be tied up
along with project execution risk, saleability risk and
constitution of entity as the partnership firm with inherent risk
of withdrawal of capital. The rating, however, derives strength
from experience of partners' in the real estate sector with
favourable location of the project.

Going forward, the firm's ability to complete the project in
timely manner and its ability to sell the units and collect
advances as envisaged would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Funding risk as the entire debt yet to be tied up along with
project execution risk: Of the total project cost of INR58.39
crore (Exclusive of land cost), INR24.5 crore is proposed to be
funded by way of bank loan, of which, the firm has availed a bank
term loan of INR15 crore as of 31st December 2017 and INR9.5
crore is yet to be sanctioned by the bank. However, since the
loan is tied up to the extent of INR15 crore, funding risk
related to the same is moderate. 'Galaxy Mall' project which is a
commercial building with 612 shops/offices and 6 floors is
currently under construction stage. The project will be completed
in 4 years and 2 months duration (April 2013-June 2018). The
construction activity of the project is undergoing and all
statutory clearances /NOC's have been obtained by the company.
Around 65% of the project cost has been incurred till December
2017 and the completion date being June 2018; as the firm
completed 80% of the project till December 2017, execution risk
associated with the project is moderate. Moreover, any
significant time or cost overruns could impact the firm's
liquidity and profitability since repayments are scheduled to
commence from April 2018. Furthermore, timely and adequate
customer receipts will remain crucial for completion of projects
within envisaged timelines.

Saleability risk with project launch proposed post project
completion: Promoters had launched the project for sale and
executed sales deed for 5 shops. However, promoters have decided
to sale 70% of the total shops by December 2018, remaining 30%
will be retained and get distributed among the partners after the
project is completed. As the firm started sale and sold 15% of
the saleable area, the saleability risk associated with the
project is moderate; any delay in attaining envisaged sales and
realizing potential revenue may stretch the firm's cash flow.

Key Rating Strengths

Experience of the promoters in the real estate industry: The
project is jointly commenced by Habib and Kalburgi developers of
Hubli. Habib developers have developed around 7 residential
projects in the past and have more than 17 years of experience in
the industry. Moreover, Kalburgi developers are also well known
developers in the region of Hubli and have around more than 20
years' experience in the real estate industry.

Favourable location of the project: The project is located at J C
Nagar in Hubli, Karnataka, which is the heart of the city. The
project is near to the bus stand, schools and hospitals. Further,
Hubli city has been recently included under Smart City program of
Union Government of India, which will lead to increase in
investment in infrastructure, affordable housing and setting up
of more industries. The same is expected to provide boost to the
sales of the project.

Bhavani Enterprises Hubli (BES) was established in August 2012 by
Mr. Mahadev Habib and Mr. Aravind Kalburgi with 4 other partners
to undertake the construction of commercial project in the name
of 'Galaxy Mall'. The project is located in Hubli district of
Karnataka. The mall will consist of 6 floors including covered
parking area for two wheelers and four wheelers in the basement.
The total number of shops estimated is around 612 of which 560
shops will range in the average area of 60 to 400 sq. ft. and
remaining 49 shops will range between 400 to 2000 sq. ft. The
revised project cost is estimated at INR58.39 crore which is
excluding land cost as the land is owned by the Partners (earlier
the project cost is estimated at INR63 crore inclusive of land
cost) of which INR24.84 crore are to be contributed by promoters'
fund, INR24.50 crore through term loan and remaining INR9.05
crore from customers in the form of advances.


BHOLARAM EDUCATION: CARE Lowers Rating on INR6.97cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bholaram Education Society (BES), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank        6.97       CARE D Revised from CARE BB;
   Facilities                       Stable

Detailed Rationale & Key Rating Drivers

On-going delay in debt servicing: The revision in the rating
assigned to the bank facilities of BES is primarily due to
irregularity in servicing its debt obligations.

BES was set up in 2002 by Mr Ramesh Goenka and family members.
BES operates various education & research institutes (Delhi
Public School, Goenka Research Institute of Dental Sciences and
Manjushree Research Institute of Ayurvedic Science), Hospital
(Goenka Hospital) and Pharmacy store (Goenka Pharmacy) in
Gandhinagar. Delhi Public School (DPS), Gandhinagaris a joint
venture with Delhi Public School Society (DPSS) and offers
schooling from Nursery to 12th in affiliation with the Central
Board of Secondary Education (CBSE).Goenka Research Institute of
Dental Science (GRIDS) is a dental college with an annual intake
capacity of 100 students. Manjushree Research Institute of
Ayurvedic Science (MRIAS) is an ayurvedic college established in
FY16 with an annual intake capacity of 100 students. Goenka
Hospital is a 100 bed multi-specialty hospital. Saaransh
Foundation has established in FY16 for special children.


GANESH AGRO: CRISIL Reaffirms B+ Rating on INR3.6MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Ganesh Agro Industries - Nanded
(Ganesh; part of the Venkateshwara group).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           3.6       CRISIL B+/Stable (Reaffirmed)

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

   Term Loan             2.0       CRISIL B+/Stable (Reaffirmed)

The rating reflects the modest scale of operations, average
financial risk profile, and susceptibility to risks arising from
intense competition. These weaknesses are partially offset by
extensive experience of the promoter family in the agricultural
products business, and funding support extended by them, and
moderate working capital intensity in operations.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of Venkateshwara Dall Industries (VDI)
and Ganesh as both entities, together referred to as the
Venkateshwara group, are under a common promoter family, engaged
in similar line of business, and benefit from centralised control
over operations and treasury of the entities.

Further, CRISIL has considered unsecured loans, extended by the
Venkateshwara group's promoters and their relatives, (Rs 3.5
crore as on March 31, 2017), as neither debt nor equity. This is
because they are expected to remain in business in the medium
term, and bear an interest rate lower than the bank rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Intense
competition in the agro products business has kept the scale of
operations modest, as indicated by operating income of INR50
crore in fiscal 2017.

* Weak financial risk profile: Financial risk profile is
constrained by the small networth of INR3 crore as on March 31,
2017, and weak interest coverage ratio of 1.15 times in fiscal
2017.

Strengths

* Extensive experience of the promoter family in the agro
products business and their funding support: The decade-long
experience of the promoter's family in the agricultural products
industry, and their funding support via infusion of capital and
unsecured loans, will continue to support the operations and
capital expenditure (capex) requirements.

* Moderate working capital requirement: Operations are moderately
working capital intensive, with gross current assets of 94 days
as on March 31, 2017, mainly due to lower receivables.

Outlook: Stable

CRISIL believes the Venkateshwara group will continue to benefit
from the extensive experience of its promoter family. The outlook
may be revised to 'Positive' in case of substantial and sustained
growth in sales and operating margin, leading to higher cash
accrual and improvement in financial risk profile. The outlook
may be revised to 'Negative' in case of decline in revenue and
profitability, significant increase in working capital
requirement, or any large capital expenditure, weakening the
financial risk profile.

VDI was formed as a proprietorship firm of Mr Rajiv Achintalwar,
in 2004. The firm processes and trades in different pulses, and
has a manufacturing facility at Nanded (Maharashtra).

Ganesh was set up in 2015, by the Kotgire and Achintalwar
families. The firm processes toor dal (lentils). Operations began
from February 2016 and the firm was operational for 45 days in
fiscal 2016. The manufacturing facility is at Nanded.


IMPERIALL TECHNOFORGE: CARE Reaffirms D Rating on INR5.42cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Imperiall Technoforge Private Limited (ITPL), as:

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term Bank
  Facilities              5.42       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the rating assigned to the bank facilities
of ITPL is primarily due to irregularity in servicing its debt
obligations owing to stretched liquidity position.

Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in
debt servicing. The said irregularity was on account of stretched
liquidity position of ITPL.

Rajkot (Gujarat) based ITPL was incorporated in 2012 as a private
limited company by Mr. Samir Vaishnav and Mr. Vallabhbhai P.
Vaishnav. ITPL is engaged into the business of manufacturing
investment castings. Products manufactured by ITPL are used in
steel forging Components which mainly covers Flanges Components,
Transmission Components and Earthmoving Components.


JAGANNATH TRADERS: CRISIL Reaffirms B+ Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Jagannath Traders - Delhi (JT) at 'CRISIL B+/Stable'.

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

The rating reflects modest interest coverage ratio and high bank
limit utilization. These weaknesses are partially offset by
partner's extensive experience in the dry fruit trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest interest coverage ratio: In fiscal 2017, interest
coverage ratio was modest at 1.2 times (in line with fiscal 2016)
and is expected to remain modest over the medium term.

* High bank limit utilization: JT's bank limits have been highly
utilized at over 95% over the 12 months ended December 2017 with
instances of overutilization due to interest application.
However, the same gets regularized in less than 10 days.

Strengths

* Partner's extensive experience in the dry fruit trading
industry: The firm is expected to continue to get benefits from
over three decades of experience in the industry which has
enabled them to establish healthy relations with customers and
suppliers.

Outlook: Stable

CRISIL believes that JT will continue to benefit from the
extensive experience of the partners in the industry over the
medium term. The outlook may be revised to 'Positive' if JT
reports higher than expected operating income and margins,
resulting in improvement in interest coverage ratio or if bank
limit gets enhanced thereby improving liquidity. Conversely, the
outlook may be revised to 'Negative' in case there is lower-than
expected operating income and margins, or its working capital
cycle lengthens or if SPJPL undertakes a large debt funded capex
leading to deterioration of its financial risk profile.

JT was incorporated in 2014 and is engaged in the trading of dry
fruits like almonds and herbs and spices like cloves and poppy
seeds. It is a partnership firm managed by Mr. Pawan Sharma and
Mr. Jatin Sharma. It is based in Delhi.


KARAN AUTOMOBILES: CARE Assigns B+ Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Karan
Automobiles (A Unit of Bikaner Distributors Private Limited)
(KAS), as:

                        Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Bank
  Facilities              6.00       CARE B+; Stable Assigned

Rating Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KAS are primarily
constrained on account of significant decline in scale of
operations along with operating loss, highly leveraged capital
structure and weak debt coverage indicators and stressed
liquidity position. The ratings are, further, constrained on
account of its limited bargaining power with principal automobile
manufacturers.

The ratings, however, derive strength from the experienced
management in the industry, authorized dealer of Hero Motor Corp
Limited and favorable industry scenario in the long term.

The ability of the firm to increase its scale of operations while
improving profitability in a highly competitive and fragmented
industry and improvement in solvency position with efficient
management of working capital shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Significant decline in scale of operating along with operating
loss: During FY17 the TOI of the company significantly declined
over FY16 owing to demonetization and mismanagement in the
company. Further, owing to significant decline in scale of
operation the registered operating loss in FY17. Till
December 31, 2017, KAS has achieved a turnover of INR18.14 crore.

Highly leveraged capital structure and weak debt coverage
indicators: The capital structure of the company stood highly
leveraged with an overall gearing as on March 31, 2017,
deteriorated significantly mainly on account of adjustment of net
loss to reserve and increase in debt.  Further, the debt coverage
indicators of KAS stood weak as on March 31, 2017 due to negative
Gross Cash Accruals.

Stressed liquidity position: The liquidity position of the
company stood stressed marked by almost full utilization of its
working capital limit in last twelve month ended December, 2017
and elongated operating cycle owing to high inventory holding and
collection period which is partially offset by high creditor's
period.

Limited bargaining power with principal automobile manufacturers:
KAS business model is purely in the nature of trading wherein a
dealer has very less bargaining power over principal
manufactures. The margin on products is set at a particular level
by the principal manufacturer thereby restricting the company to
earn incremental income.

Key Rating Strengths

Experienced management in the industry: Overall affairs of the
company are handled by Mr. Mahendra Singh Punia, director, who is
graduate by qualification and has around a twenty five years of
experience in the industry and he is equally supported by Mr
Karan Choutala.

Authorized dealership agreements with Hero Motor Corp Limited
KAS enjoys the leverage of being an authorized dealer of Hero
Motor Corp Limited which is one of the largest two wheelers
manufacturers in India.

Favourable industry scenario in the long term: India manufactures
over 18 million vehicles (including 2 wheeler and 4wheeler) and
exports more than 2.3 million every year. Rise in the personal
disposable income and improvement in liquidity condition will
continue to drive domestic Passenger Vehicle sales in medium
term. Although rising inflation, higher commodity prices and
volatile fuel prices have impacted the growth in the sector in
the short term but the long term prospects still remain
favourable.

Jaipur (Rajasthan) based Karan Automobiles (A Unit of Bikaner
Distributors Private Limited) (KAS) was established in 2003
by Mr Karan Chautala and Mr Mahender Sing Punia. KAS is an
authorized dealer of Hero Motor Corp Limited (HMCL) to sell and
purchase of motor cycles and spare parts. KAS also authorized to
services of the motor cycles. The showroom of KAS is located in
Bikaner (Rajasthan).


KESHVI DEVELOPERS: CRISIL Withdraws D Rating on INR30MM Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facility of
Keshvi Developers Private Limited (KDPL) at the company's request
and on receipt of a no-dues certificate from its bankers. The
rating action is in line with CRISIL's policy on withdrawal of
bank loan ratings.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                30        CRISIL D (Withdrawal)

KDPL, incorporated in 2005, is promoted by Mr Kanji Rita, Mr
Harilala Rita, Mr Kamlesh Limbachiya, and Mr Biren Limbachiya. It
develops real estate in Mumbai. The company is currently
undertaking a commercial project, Kenorita Business Centre, at
Jogeshwari in Mumbai.


MECHFAST ENGINEERING: CARE Assigns B+ Rating to INR9.5cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mechfast Engineering Private Limited (MFE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MFE are primarily
constrained by its on-going project implementation risk,
volatility in raw material prices and highly competitive and
fragmented industry. The ratings, however, derive strength from
its experienced promoters with locational advantage. Going
forward, the ability of the company to complete the project
without time and cost overrun and derive the envisaged financials
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk: The company is currently setting up
an iron and steel products manufacturing unit at Burdwan district
of West Bengal with an installed capacity of 30,000 MTPA. The
estimated project cost is INR11.50 crore, which is to be financed
at a debt equity ratio of 0.77:1. The financial closure has
already been achieved. Currently the company has expensed
INR10.37 crore (from promoters INR5.51 crore and from bank
INR4.86 crore) till December 2017 and has completed civil works
and started machinery installation and electrification works. The
said project is expected to be completed by March 2018 and
commercial operation is expected to start from April 2018.

Volatility in raw material prices: MFE does not have any backward
integration for its basic raw material (MS Billet) for producing
products like MS Angle, Channel, Flat, Strip etc. and would be
required to purchase the same from open market. The finished
goods as well as raw material prices of steel products are
volatile in nature. Even though raw material prices move in
tandem with finished goods prices, it does the same with a time
lag. Since, raw material is the major cost driver, any southward
movement of finished goods price with no decline in raw material
price result in adverse performance of the company.

Highly competitive and fragmented industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, MFE's products being
steel related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Key Rating Strengths

Experienced promoters with locational advantage: MFE is currently
managed by Mrs. Jaya Sonthalia, Director, along with other two
directors. All the directors are having a decade of experience in
similar line of business. This apart, MFE plant is located at
Jamuria in West Bengal, which is also in proximity to the steel
and mining areas of Odisha, West Bengal and Jharkhand. Hence, its
presence in the steel and mining region results in benefits
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices.

Mechfast Engineering Private Limited (MFE) was incorporated
during September 2011 to initiate an iron and steel products
manufacturing business. After remaining dormant for about five
years, the company has started to set up an iron and steel
products manufacturing unit at Burdwan district of West Bengal
with an installed capacity of 30,000 MTPA. The estimated project
cost is INR11.50 crore, which is to be financed at a debt equity
ratio of 0.77:1. The financial closure has already been achieved.
Currently the company has expensed INR10.37 crore till December
2017 and has completed civil works and started machinery
installation and electrification works. The said project is
expected to be completed by March 2018 and commercial operation
is expected to start from April 2018.

The day-to-day affairs of the company are looked after by Mrs.
Jaya Sonthalia, Director, along with other two directors and a
team of experienced personnel.


METROSTAR PRINT: CRISIL Moves D Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Metrostar
Print Solutions Private Limited (MPSPL) for obtaining information
through letters and emails dated December 29, 2017 and January 5,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit          1.26      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan            8.74      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

MPSPL, incorporated in 2011, is setting up a unit for
manufacturing offset printing plates that are used in the
printing industry. The proposed facility is located at Taloja
(Maharashtra). The company is promoted by Mr. Mukund Bhuta and
his wife, Mrs. Hetal Bhuta.


MURUDESHWAR CERAMICS: CRISIL Cuts Rating on INR72.58MM Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Murudeshwar Ceramics Limited (MCL) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          4.95       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Cash Credit            72.58       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Letter of Credit       37.70       CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Term Loan               2.62       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects MCL's weak liquidity resulting in recent
overutilization of fund-based limit for over 30 days due to
stretch in its working capital cycle.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement: Gross current assets were
457 days as on March 31, 2017, on account of large inventory and
high debtors' outstanding.

* Exposure to intense competition: MCL faces intense competition
from other organised players in the ceramics and vitrified tiles
industry, such as H&R Johnson (India) Ltd, Somany Ceramics Ltd,
and Nitco Tiles Ltd; as well as from unorganised and Chinese
manufacturers.

Strength:

* Established market position in the industry and revenue
diversity: MCL manufactures glazed ceramic floor tiles, vitrified
porcelain, and natural granite slabs and is one of the leading
players in South India. The company markets its products under
the Naveen brand with sales directly to real estate entities and
through its retail sales channel.

Incorporated in 1983 and promoted by Mr R N Shetty and his
family, MCL is a publicly listed company that manufactures glazed
ceramic floor tiles, vitrified porcelain, and natural granite
slabs under the Naveen brand.


NOOR INDIA: CARE Reaffirms D Rating on INR7cr LT Bank Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Noor India Buildcon Private Limited (NIBPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities             7.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the rating assigned to the bank facilities
of NIBPL is primarily due to irregularity in servicing its debt
obligations owing to weak liquidity position.

Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are on-going delays in
debt servicing. The said irregularity was on account of weak
liquidity position of NIBPL.

Vapi-based NIBPL, was incorporated by Mr. Amin Yasid Saiyed in
the year 2006. NIBPL is registered as a 'Class AA' contractor
(highest on a scale of AA to E2), certified by Public Work
Department of Gujarat and secures all the contracts through open
bidding process. The company is in the business of undertaking
turnkey projects involving civil works, erection, commissioning
and electrical works of industrial buildings. NIBPL is executing
the contract works for public and private companies.


OMR MALL: CRISIL Withdraws D Rating on INR95MM Term Loan
--------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term facility
of OMR Mall Developers Private Limited (OMR) at the company's
request and on receipt of no dues certificate from the banks. The
rating action is in-line with CRISIL's policy on withdrawal of
its rating on bank loans.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                95        CRISIL D (Withdrawal)

OMR was incorporated in 2007 for constructing a shopping mall in
Chennai. The company is promoted by Allied Investments & Housing
Pvt Ltd, Majestic Realtors Pvt Ltd, Mr Syed M Salahuddin, and Mr
H S Saeed Aslam. As of March 31,2016, commercial operations were
not started.


PENGUIN PETROLEUM: CRISIL Reaffirms D Rating on INR2.16MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Penguin Petroleum Services Private Limited (PPSPL) at 'CRISIL
D/CRISIL D'.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Overdraft               1           CRISIL D (Reaffirmed)

   Packing Credit          1.95        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.39        CRISIL D (Reaffirmed)

   Term Loan               2.16        CRISIL D (Reaffirmed)

The ratings continue to reflect delays in servicing term loan
obligations owing to weak liquidity and PPSPL's below-average
financial risk profile marked by weak debt protection metrics.
These rating weakness are partially offset by benefits from the
extensive industry experience of its promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in servicing term loan obligations owing to weak
liquidity: The Company has been delaying in interest and
principal repayments of term loan by more than 7 days. The delays
are primarily on account of weak liquidity resulting from low
cash accruals due to stretched receivables.

* Below-average financial risk profile: PPSPL's net worth was at
Rs.4.96 crore as of March, 2017. The gearing levels were at 2.23
times as on March 31, 2017. The debt protection metrics were weak
with interest coverage at less than 1 times for fiscal 2017.

Strengths

* Extensive experience of promoter in the oilfield exploration
equipment business: The Company's promoter, Mr. Cherain Paul, has
extensive industry experience of 30 years. Over the years, the
technical knowledge gained by the promoter in this niche field
helped him to understand the nuances of the accessories required.


PPSPL was incorporated in 2005, promoted by Mr Cherian A Paul.
The company, based in Raigad, Maharashtra, manufactures
accessories used in oil and gas exploration.


PROTAC FOODS: CRISIL Cuts Rating on INR18.5MM Term Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank loan
facilities of ProTAC Foods International Private Limited (PFIPL)
to 'CRISIL D' from 'CRISIL B/Stable'. The downgrade reflects the
delays in term debt servicing, caused primarily by stretch in
working capital cycle, further aggravated by a weak liquidity
position characterized by near-full utilization of fund-based
working capital limits.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4        CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Proposed Long Term     2.5      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL B/Stable')

   Term Loan             18.5      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing and weak liquidity: PFIPL delayed on
the servicing of its term debt obligations due to stretch in
working capital cycle. It has weak liquidity position as seen in
near-full utilization of fund-based working capital limits.
Weak financial risk profile:

PFIPL's financial risk profile is expected to remain weak marked
by a small networth and high gearing estimated as on March 31,
2017. PFIPL's gearing has been high on account of the debt-funded
capex programme undertaken by the company. The debt protection
metrics are below average marked by interest coverage of less
than 1 times and negative net cash accrual to total debt ratio
estimated in fiscal 2017.

Strengths

* Promoters' extensive industry experience: The two decade-long
experience of the key promoter, Mr Tarun Kunzru, and his
established contacts with food companies and people both in India
and abroad, will support early ramp up of operations. He was a
part of Al Khan Foods between 2004 and 2011, where he looked
after poultry processing activities, and gained experience in
frozen foods and vegetables, and aspects related to value
addition.

PFIPL was promoted by Mr Tarun Kunzru (managing director), Mr
Chethan MV and Mr Abhishek Gowda M.N to engage in chicken
processing, with an integrated cold chain preservative system and
sales. The company was incorporated on February 5, 2014. The
company has commenced operations since June 2016.


QUICK ACT: CRISIL Reaffirms B+ Rating on INR6.15MM LT Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Quick Act Light Systems and
Cables Private Limited (Quick Act).

                       Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           4.85      CRISIL B+/Stable (Reaffirmed)

   Channel Financing     4         CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    6.15      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect Quick Act's below-average
financial risk profile, small scale of operations, and large
working capital requirement. These weaknesses are partially
offset by the experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth was low at
INR2.5 crore while gearing and total outside liabilities to
tangible networth (TOL/TNW) ratios were high at 5.98 times and
11.26 times, respectively as on March 31, 2018. Interest coverage
and net cash accrual to total debt ratios were 1.3 times and 0.03
time, respectively, in fiscal 2017.

* Small scale of operations: Total operating income of INR46.7 in
fiscal 2017 reflects a small scale of operations.

* Large working capital requirement: Gross current assets were
high at 231 days as on March 31, 2017, due to sizeable inventory
and stretched receivables of 164 days and 63 days, respectively.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over a decade, their strong understanding of the
local market dynamics, and healthy relations with customers and
suppliers should continue to support the business. The promoters
are also expected to continue extending timely, need-based
funding support over the medium term.

Outlook: Stable

CRISIL believes Quick Act will continue to benefit over the
medium term from the experience of the promoters. The outlook may
be revised to 'Positive' if substantial increase in cash accrual,
significant capital infusion by promoters, along with better
working capital management strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile and liquidity weakens due to a stretch
in working capital cycle or lower-than-expected cash accrual.

Quick Act was set up in 2012, with Mr Dinesh K Pherwani and his
wife, Ms Varsha K Pherwani, as directors. The company distributes
products such as power cables, switchgears, electric bulbs, and
industrial pipe fittings. The family has been in the cable
trading business in Pune (Maharashtra) since 1983.


RAJSHRI IRON: CARE Assigns B Rating to INR10.65cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Rajshri Iron Industries Private Limited (RIIPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank       10.65       CARE B; Stable Assigned
   Facilities

   Long-term/Short-      5.00       CARE B; Stable/CARE A4
   Term Bank                        Assigned
   Facilities

   Short-term Bank
   Facilities            0.35       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RIIPL are
primarily constrained by its small scale of operation with low
profitability margin, volatility in raw material prices, highly
competitive and fragmented industry and working capital intensive
nature of operation. The ratings, however, derive strength from
its experienced promoters with long track record, proximity to
raw material sources and comfortable capital structure and
interest coverage ratio.

Going forward, the ability of the company to improve its scale of
operation along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margin: RIIPL is
a small player in iron and steel manufacturing business with
total operating income and PAT of INR54.21 crore and INR0.16
crore respectively, in FY17. However, there was an extraordinary
income from sundry liabilities written back amounting of INR19.88
crore, which increase the total income to INR74.10 crore.
Furthermore, the total capital employed was also modest at
INR48.17 crore as on March 31, 2017. The small scale restricts
the financial flexibility of the company in times of stress.
During 7MFY18, the company has achieved total operating income of
INR48.28 crore. Furthermore, profitability margin has been low
over the years, where, PBILDT was 5.68% and PAT margin remains
below unity and hovering around 0.22% during FY17.

Volatility in raw material prices: RIIPL does not have any
backward integration for its basic raw material (iron ore) for
producing sponge iron and is required to purchase the same from
open market. The finished goods as well as raw material prices of
steel products are volatile in nature. Even though raw material
prices move in tandem with finished goods prices, it does the
same with a time lag. Since, raw material is the major cost
driver (around 93% of total cost of sales in FY17), any southward
movement of finished goods price with no decline in raw material
price result in adverse performance of the company.

Highly competitive and fragmented industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, RIIPL's products being
steel related, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Working capital intensive nature of operation: RIIPL's business,
being manufacturing of sponge iron, is working capital intensive
marked by high operating cycle. During FY17, operating cycle was
117 days on account of high inventory period (93 days during
FY17) due to company's decision to stock raw materials to avoid
price fluctuation risk along with slow movement of finished goods
due to lesser demand. Furthermore, collection period has also
been moderately high during the same period. The aforesaid reason
led to moderately high utilization of its bank borrowing at
around 98% during the last 12 months ended October 2017.

Key Rating Strengths

Experienced promoters with long track record: RIIPL is currently
managed by Mr. Mahendra Sharma, Director, having about three
decades of experience in similar line of business. These apart,
all other three directors are also having over a decade of
experience in similar industry.

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

Comfortable capital structure and interest coverage ratio: The
capital structure of the company remained comfortable marked by
below unity debt-equity ratio and overall gearing. Both the
ratios have improved as on March 31, 2017 and remains below unity
on the back of repayment of long term loan and accretion of
profits to reserve. During the said period, interest coverage
ratio remained moderately satisfactory and the same has improved
further to 1.71x during FY17.

Rajshri Iron Industries Private Limited (RIIPL) was incorporated
during October 2004 to be engaged in sponge iron manufacturing
business. However, after remaining dormant for five years, the
company initiated its operation from April 2009 and set up its
manufacturing unit at Jamuria Industrial Area in Burdwan district
of West Bengal with an installed capacity of 60,000 MTPA.

The day-to-day affairs of the company are looked after by Mr
Mahendra Sharma, director, with adequate support from the other
three directors and a team of experienced personnel.


S R COTTON: CRISIL Moves B Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with S R Cotton
Private Limited (SRCPL) for obtaining information through letters
and emails dated December 29, 2017 and January 8, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Long Term Loan           3       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of S R Cotton Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on S R Cotton Private Limited is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information'.

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

Incorporated in 2014, SRCPL is promoted by Mr. Rajesh C Jambigi
and Dr. Sunil C Jambigi, and is engaged in cotton ginning and
pressing business, with an installed capacity of 40,000 bales per
annum at Ranebennur, Karnataka.


S.K. RICE: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with S.K. Rice
Industries (SKRI) for obtaining information through letters and
emails dated December 29, 2017 and January 8, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.5       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Set up in 2009, Devenagere (Karnataka) based SKRI is a
partnership firm engaged in milling and processing of paddy into
rice, rice bran and husk. It has an installed paddy milling
capacity of 3 tonnes per hour and operates in two shifts. The
firm is promoted by Mrs. Syyed Rehana along with her family
members, Mr. Syyed Altaf Ahmed and Mr.Syyed Israr Ahmed.


SAANVI ASSOCIATES: CARE Reaffirms B Rating on INR10.2cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Saanvi Associates, as:
                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           10.25       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Saanvi Associates
continues to be tempered by lack of operational track record,
leveraged capital structure, weak debt coverage indicators,
highly competitive industry and constitution of entity as a
partnership firm. However, the rating continues to derive
benefits from locational advantage with presence of restaurant
near Shimoga city railway station and tie up with clacks inn
group for management of the hotel. The rating also factors in
achievement of commercial operations although net loss incurred
during FY17 (refers to period April 1 to March 31, 2017).

Going forward, ability of the firm to improve profitability
margins in competitive environment, manage working capital
requirements efficiently and improve the debt coverage indicators
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Operational losses during FY17: Due to initial year of
operations, the firm has incurred operational as well as net loss
in FY17 due to under absorption of overheads, depreciation and
finance cost.

Leveraged capital structure: The firm has purchased an existing
hotel named Green View Boutique as on Oct. 20, 2016 for a
consideration of INR11 crore funded by INR10 crore of term loan
and INR1 crore of partner's capital. Due to the aforementioned
reason, the capital structure of the firm stood leveraged marked
by debt equity and overall gearing ratio stood at 3.37x and 3.43x
respectively as on March 31, 2017.

Weak debt coverage indicators: The debt coverage indictors
remained weak during FY17 at the back of high debt levels, cash
losses coupled with high interest cost.

Constitution of the entity as a Partnership firm with inherent
risk of withdrawal of capital and limited access to funding
Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure. Furthermore, partnership firms have restricted access
to external borrowings as credit worthiness of the partners would
be key factors affecting credit decision for the lenders.

Key Rating Strengths

Successful completion of the project and achieved reasonable
revenue in five months of operations: The firm has completed the
project without any time and cost overrun and started its
commercial operations from November 2016 and achieved revenue of
INR0.97 crore in FY17.

Comfortable Operating cycle: The operating cycle of the firm
remained comfortable during review period. The firm receives the
payment from its customers depending upon the relationship. New
customers pay the cash immediately while the regular customers
pay within 15-30 days from the date of invoice. Further, the firm
makes the payment to its suppliers within 30 days from the date
of billing. The average utilization of CC facility was 80% for
the last 12 months ended December 31, 2017.

Locational advantage with presence of restaurant near Shimoga
city railway station: The restaurant is located in balraj Urs
road, near Shimoga city railway station. Being the gateway for
the hilly regions of western guards, Shimoga is a tourist
attraction place. Jog falls situated in Shimoga is one of the top
destinations of Karnataka tourism. Proximity to the railway
station will attract many tourists to the hotel. Tie-ups with
travel agencies will also help the firm increase its revenue.

Tie up with clacks inn group for management of the hotel:
Saanvi associates has business arrangements with 'Clarks inn' for
managing the operations of the hotel by way of a long term
contract for a period of 9 years. Clarks inn group have
experience of over a decade in the hotel industry and manage
about 60 hotels all over India. Saanvi associates will pay a
management fee of 6% on the gross revenue of the hotel to Clarks
inn.

Saanvi Associates is a partnership firm established in the year
2016. The partners of the firm are Mr. Mallikarjunappa and his
brothers, Mr. B. Nageshappa and Mr. B. Umashankar. The firm
purchased an existing hotel named Green View Boutique as on 20
October 2016 for a consideration of INR11 crore funded by INR10
crore of term loan and INR1 crore of partner's capital. The hotel
is a 4 storied building located near Shimoga city railway
station. The hotel offers South Indian and North Indian
vegetarian food. It has 30 rooms under different categories
namely deluxe room, deluxe suite, executive suite and master
suite. It also has 1 Board room, 1 conference hall and 1 banquet
hall. The firm also undertakes outdoor catering of food.


SANKAR MARINE: CRISIL Moves B Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sankar
Marine Aquarium (SMA) for obtaining information through letters
and emails dated January 30, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .3        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit           1.5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Term Loan    7.5        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

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

SMA, a partnership firm, processes seafood such as fish and
shrimp. Its processing unit is in Digha, West Bengal. Mr. Swadesh
Ranjan Nayak and his son, Mr. Debabrata Nayak, are the partners
of the firm. The firm has taken over the operations of Sankar
Marine Aquarium, a proprietorship firm of Mr. Swadesh Ranjan
Nayak from April 2016.


SHRADDHA MOTORS: CRISIL Moves B Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shraddha
Motors Private Limited (SMPL) for obtaining information through
letters and emails dated Jan. 19, 2018, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

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

Detailed Rationale

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

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

Incorporated in November 2006, SMPL is an authorised dealer of
passenger vehicles of Tata Motors in Bharuch (Gujarat). The
company has been promoted by Mr Pankaj Desai and his family
members.


SHRIRAM TRANSPORT: S&P Rates INR50BB MTN Program 'BB+'
------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to
the Indian rupee (INR) 50 billion medium-term notes (MTN) program
of Shriram Transport Finance Co. Ltd. (STFC: BB+/Stable/B). The
issue rating is subject to S&P's review of the final issuance
documentation.

S&P equalizes the rating on the program with the long-term issuer
credit ratings on STFC. The notes under the program are direct
and unconditional obligations of STFC. They are secured and will
rank pari passu, without any preference among themselves, with
all other outstanding secured and unsubordinated obligations of
the issuer.

The MTN program has performance-related covenants, which, if
breached, can result in an event of default and early redemption
of the bonds, subject to approval from the Reserve Bank of India
(RBI). These covenants are: STFC's capital adequacy ratio (CAR)
should comply with minimum regulatory requirements; and its net
nonperforming loan (NPL) ratio, based on recognition norms
stipulated by the RBI, should at all times be equal to or less
than (i) 4.0% based on a 120-day delinquency period from the
issue date to March 31, 2018; and (ii) 7.0% based on a 90-day
delinquency period from April 1, 2018 until the maturity date of
the notes.

S&P said, "We believe that the risk of STFC breaching these
triggers over the next 12 months is limited. The company has a
strong market position as the largest commercial vehicle (CV)
financier in India. It benefits from high yields on its pre-owned
CV portfolio and low operating costs, which compensate for the
high cost of wholesale borrowing and credit costs. As of Dec. 31,
2017, STFC's net NPL ratio based on a 120-day delinquency period
was 2.5%. STFC's return on average assets of 2.3% in the past
five years is higher than the banking industry average and
comparable to that of some other finance companies that we rate
in India. In a stress scenario, we believe the company has
sufficient buffer through its pre-provision profits and will, if
required, aggressively provide for its NPLs to ensure it does not
breach the covenant. STFC's capital base benefits from good
internal capital generation and the company's CAR was 16.2% as of
Dec. 31, 2017, above the regulatory requirement of 15%. If
required, we expect the company to raise equity capital through
investors or tier-2 capital to ensure compliance with regulatory
minimum capital requirements."


SUDHANVA ENGINEERS: CARE Reaffirms B+ Rating on INR5cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sudhanva Engineers and Builders (SEAB), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities              5        CARE B+; Stable Reaffirmed

  Short-term Bank
  Facilities              6        CARE A4 Reaffirmed

  Long-term Bank
  Facilities/Short-
  term Bank Facilities    2        CARE B+;Stable/CARE A4
Assigned

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of SEAB continue to
be tempered by small scale of operation, geographical
concentration risk, leveraged capital structure and weak debt
coverage indicators with proprietorship nature of constitution.
The ratings however derive strength from moderate experienced
proprietor, growth in total operating income in FY17(A) (refers
to the April 01 to March 31), comfortable operating cycle along
with revenue visibility from current order book position The
ability of the firm to scale up the operation while maintaining
its profit margins and improve its capital will remain as the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure and weak debt coverage indicators:
The overall gearing of the firm has deteriorated to 3.51x as on
March 31, 2017 compare to 3.04x as on March 31, 2016, mainly
on account of increase in term loans for purchasing of
construction equipment, however the net worth has increased
significantly to INR1.75 crore from INR0.88 crore due to
accretion of profits but still stood at lower side. The debt
profile of the
firm comprises of term loan of INR0.50 crore, cash credit of
INR1.71 crore, unsecured loan of 0.38 crore.

The debt coverage indicators marked by interest coverage ratio
and total debt to GCA has deteriorated compare to previous year.
The interest coverage indicators deteriorated to 2.65x in FY17
compare to 4.13x in FY16 on account of higher proportionate
increase in interest expense in comparison to PBILDT level, but
stood at comfortable level. Furthermore, the TDGCA has also
deteriorated from 3.40x in FY16 to 6.61x in FY17 on account of
high debt levels and low GCA levels during FY17.

Small scale of operations with proprietorship nature of
constitution: The firm is a small regional player involved in
executing civil contracts for government. The ability of the firm
to scale up to larger-sized contracts having better operating
margins is constrained by its relatively small size. The total
operating income of the firm was INR13.00 crore in FY17.
Geographic concentration risk

The contracts undertaken by SEAB are confined to the Karnataka
State except a UGD project undertaken in Kushalnagar.

Ability of the firm to diversify its revenue base would help
reduce the risk of client concentration and geographic
concentration faced by the firm at present.

Key Rating Strengths

Increase in total operating income during FY17: The total
operating income of SEAB increased marginally by 4.5% to INR13.00
crore in FY17 over FY16 due to execution of existing work orders.
The PBILDT margin of the firm improved by 337bps from 8.15% in
FY16 to 11.52% in FY17 due to decrease in material cost and daily
labour cost. The firm is into civil construction projects which
are awarded on tender based platform which results high
competition with fluctuation in the margin associated with
individual work orders.

Despite above reason the firm has managed to improve its
operating profit margins. Though, the PAT margins of the firm
reduced marginally from 5.25% in FY16 to 4.97% in FY17 mainly due
to increase in depreciation cost at the back of construction
equipment purchased during the period. Furthermore, the total
income earned and profit margins of the firm depend upon the
bargaining power of SEAB to receive work orders with better
margins.

Revenue visibility with moderate order book size: The firm's
outstanding order book consists of 4 ongoing projects which are
at different stages of completion. The total value of contracts
was INR104.76 crore of which work for INR52.06 crore are yet to
be completed.

Improvement in working capital cycle: The working capital cycle
of the firm has improved from 32 days in FY16 to 10 days in FY17.
The improvement is witnessed due to the decrease in collection
period from 25 days to 00 days due to collection of contract fees
on timely basis and no receivables' as on March 31, 2107. The
firm claims its receivables on a monthly basis and receives fee
based
on work done during the period of claim.

Sudhanva Engineers and Builders (SEAB) was established in the
year 2011 and is engaged in construction activities for public
work department. The firm is based out of Bangalore, Karnataka
and promoted by Mr. Sudhanva S, a civil engineer by
qualification. SEAB offers construction of generator, wet well
and DG rooms; construction of internal roads; drainage and water
supply solutions to government by laying of underground pipelines
for water supply; and building underground drainage system of
waste water for clean environment.


SWASTIK ENTERPRISES: CRISIL Moves B- Rating to Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating on the long-term bank
facility of Swastik Enterprises - New Delhi (SE) to 'CRISIL B-
/Stable'; Issuer not cooperating'. However, management has
subsequently shared information necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the firm's long-term facility from
'CRISIL B-/Stable/Issuer not cooperating' to 'CRISIL B-/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL B-/Stable (Migrated
                                    from 'CRISIL B-/Stable Issuer
                                    Not Cooperating')

   Proposed Long Term     9.5       CRISIL B-/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B-/Stable Issuer
                                    Not Cooperating')

The ratings reflect the modest scale of operations and low
operating margins and weak financial risk profile. These
weaknesses are partially offset by extensive experience of
partners' in the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: SE's scale of operations is small,
with operating income of INR65.8 cr in fiscal 2017. The firm's
scale of operations are expected to remain small over the medium
term, with revenues expected to be in the range of INR70-80 cr in
fiscal 2018.

* Low operating margins: SE's low operating profitability is due
to trading nature of operations and firms' low bargaining power
owing to commoditized nature of product offering and stiff
industry competition. Operating profitability stood at 2.6% in
fiscal 2017 in line with the past and is expected to remain
modest over the medium term.

* Weak financial risk profile: SE has a weak financial risk
profile, marked by small net worth of INR5.33 crore as on March
31, 2017. The capital structure is aggressive marled by high
total outside liabilities to adjusted net worth (TOLANW) of above
4 times over the last three fiscal through fiscal2017 and the
same is expected to remain along similar lines over the medium
term. The debt protection measures were modest too with net cash
accruals to adjusted net worth (NCAAD) and interest coverage at
0.02 times and 1.2 times respectively in fiscal 2017 due to
modest operating margins, modest scale of operations.

Strength:

* Extensive experience of partners' in the steel industry: SE's
was set up as proprietorship firm by Mr. Rakesh Gupta in 1989. It
was converted into a partnership firm in 1991. SE's operations
are being looked after by Mr. Rakesh Gupta who has experience of
around two decades in steel industry. Over the period, the
partners' have developed good industry insight. The partners'
extensive experience in the scrap trading business helped the
firm establish relationships with suppliers, enabling easy
availability of raw materials.

Outlook: Stable

CRISIL believes that SE will benefit from its partners' extensive
experience in the steel industry, over the medium term. The
outlook may be revised to 'Positive' if the firm substantially
increases its scale of operations without affecting its
profitability along with improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if SE's
profitability declines most likely due to adverse movement in
metal scrap prices, or if the firm undertakes a large debt-funded
capex programme, impacting its financial risk profile, or its
working capital requirements increase resulting in weak
liquidity.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta,
is located in New Delhi. It was reconstituted as a partnership
firm in 1991. SE trades in steel scraps and cold-rolled sheets;
it sells steel scraps to thermo-mechanically treated (TMT) steel
bar manufacturers, auto manufacturers, and casting units. The
firm's operations are managed by Mr. Rakesh Gupta, Ms. Renu
Gupta, and Mr. Arun Gupta.


SWEDE SANITARY: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Swede
Sanitary Wares (SSW) for obtaining information through letters
and emails dated December 30, 2017 and January 8, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         0.3      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            1.0      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     3.8      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


   Term Loan              4.9      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SSW, established in 2013, is promoted by Morbi, Gujarat-based Mr
Appu Patel and others. The firm manufactures sanitary items such
as art basins, cabinet basins, and pedestal basins. It commenced
commercial operations in January 2014.


TEAM UNITED: CARE Assigns B+ Rating to INR0.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Team
United Marketing Private Limited (TUMPL), as:

                      Amount
  Facilities       (INR crore)     Ratings
  ----------       -----------     -------
  Long-term Bank
  Facilities            0.50       CARE B+; Stable Assigned

  Short-term Bank
  Facilities            4.50       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of TUMPL are
constrained by small scale of operations with low profitability
margins, susceptible to vagaries of nature, volatility associated
with tea prices, moderately leveraged capital structure with
moderate debt coverage indicators, working intensive nature of
business and fragmented and competitive nature of industry.
However, the aforesaid constraints are partially offset by
extensive experience of the promoters and satisfactory track
record of operations.

The ability of the company to improve its scale of operations,
improvement in profitability margins and capital structure and
efficient management of working capital are the key rating
sensitivities going forward.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with low profitability margins: TUMPL is
a relatively small player in the tea industry with total
operating income and PAT of INR29.54 crore and INR0.05 crore
respectively, in FY17. Further, the net worth base and total
capital employed was low at INR2.04 crore and INR5.73 crore,
respectively, as on March 31, 2017. This apart, the PBILDT and
PAT margin is low at 2.48% and 0.17% respectively, during FY17.
The company has achieved total operating income of INR30.00 crore
during 8MFY18.

Volatility associated with tea prices and susceptible to vagaries
of nature: The prices of tea are linked to the auctioned prices,
which in turn, are linked to prices of tea in the international
market. Hence, significant adverse price movement in the
international tea market affects TUMPL's profitability margins.
Further, tea prices fluctuate widely with demand supply
imbalances arising out of both domestic and international
scenarios. Tea is a perishable product and demand is relatively
price inelastic, as it caters to all segments of the society.
While demand has a strong growth rate, supply can vary depending
on climatic conditions in the major tea growing countries. Unlike
other commodities, tea price cycles have no linkage with the
general economic cycles, but with agro-climatic conditions. Tea
production, besides being cyclical, is susceptible to vagaries of
nature. However, the region has sometimes witnessed erratic
weather conditions in the past. Though demand for tea is expected
to have a stable growth rate, supply can vary depending on
climatic conditions in the major tea growing areas. Therefore
adverse natural events have negative bearing on the productivity
of tea gardens in the region and accordingly TUMPL is exposed to
vagaries of nature.

Working capital intensive nature of business: TUMPL's business,
being cultivating and manufacturing black tea, is working capital
intensive marked by moderate average inventory holding period of
38 days during FY17 due to seasonal nature of the industry
wherein the March quarter is the lean season resulting in lower
off take and accumulated inventory leading to availment of higher
bank limits to meet running expenses. Accordingly, the average
working capital utilisation remained high at around 95% during
the last 12 months ended November, 2017.

Moderately leveraged capital structure and debt coverage:
indicators: The capital structure of the company remained
moderately leveraged marked by overall gearing ratios of 1.81x as
on March 31, 2017. Furthermore, the interest coverage ratio also
remained moderate at 1.12x in FY17. However, total debt to GCA,
although deteriorated as on March 31, 2017 to 69.84x from 43.42x
as on March 31, 2016 due to increase in total debt during the
period.

Fragmented and competitive nature of industry: While the tea
industry is an organized agro-industry, it is highly fragmented
in India with presence of many small, mid-sized and large
players. There are about 1000 of tea brands in India, of which
90% of the brands are represented by regional players while the
balance of the 10% is dominated by big corporate houses. This,
coupled with the growing shift from loose to branded tea among
consumers, would further intense the competition for the company.

Key Rating Strengths

Experienced promoters along with satisfactory track record of
operations: Mr. Sanjay Khaitan and Mr. Praveen Kumar Bajaj are
the directors of TUMPL and looks after the overall management of
the company. They have around two decades of experience in the
tea industry and are ably supported by a team of experienced
professional who has rich experience in the same line of
business. Further, the company is into business of processing and
selling of black tea since 2009 and thus has a satisfactory
record of operations.

West Bengal based TUMPL incorporated in August 19, 2009 was
promoted by Mr. Sanjay Khaitan and Mr. Praveen Kumar Bajaj. Since
its inception, the company has been engaged in processing,
packaging and exports of tea. The company procures tea by
participating in auctions. After procuring tea, the company
process it, does packaging under its brand 'PRIYA' and sells in
the foreign countries as well as in domestic market. The company
mainly derives revenue from export markets (around 90% of TOI in
FY17) and rest from domestic market. The company has its presence
in 22 countries wherein the major export destinations of the
company are Russia, Kazakhstan, Bangladesh, Malaysia, etc. Brief


TECHNOVAA PLASTIC: CRISIL Moves B- Rating to Not Cooperating Cat.
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Technovaa
Plastic Industries Private Limited (TPIPL) for obtaining
information through letters and emails dated December 30,2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           18        CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             47.5      CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in 2010, TPIPL is part of the Darvesh group. The
group, based in the United Arab Emirates, has interests in
diverse businesses such as plastic packaging, paper core
manufacturing, construction equipment, trading of building
materials, and real estate. TPIPL manufactures plastic packaging
products such as cast polypropylene films and stretch wrap films
at its facility at Gujarat.


TIKONA DIGITAL: CRISIL Withdraws D Rating on INR752.94MM Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities
of Tikona Digital Networks Private Limited (TDN) at the company's
request and on receipt of a no-dues certificate from its bankers.
The rating action is in line with CRISIL's policy on withdrawal
of bank loan ratings.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Bank Guarantee           7.06       CRISIL D
   Term Loan              752.94       CRISIL D

TDN was incorporated in May 2008. The company provides broadband
internet services to retail customers. It holds a 'Category A'
internet service provider licence from the department of
telecommunications (DoT), Government of India. TDN acquired 4G
broadband wireless access licenses for five circles through
auctions by DoT.


VENKATESHWARA DALL: CRISIL Cuts Rating on INR6MM Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Venkateshwara Dall Industries (VDI; part of the
Venkateshwara group) to 'CRISIL B+/Stable' from 'CRISIL BB-
/Stable'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit            6         CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's expectation of continued
deterioration on the financial risk profile of the Venkateshwara
group, in the medium term. Capital structure of the group
deteriorated with gearing weakening to 3.63 times as on March 31,
2017 compared to 3.3 times a year ago, while only a marginal rise
in revenue was observed due to fall in prices of 'tur'. Revenue
growth is expected to remain modest while capital structure is
expected to remain leveraged, led by higher reliance on working
capital debt. As a result, debt protection metrics may remain
weak over the medium similar to interest coverage and net cash
accrual to debt ratios at 1.15 time and 0.02 time, respectively,
in fiscal 2017. Cash accrual, at INR0.18 crore in fiscal 2017,
was significantly lower than expectations, and may continue to be
low over the medium term and thus constraining the liquidity
position of the group.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of VDI and Ganesh Agro Industries-Nanded
(Ganesh) as both entities, together referred to as the
Venkateshwara group, are under a common promoter family, engaged
in similar line of business, and benefit from centralised control
over operations and treasury of the entities.

Further, CRISIL has considered unsecured loans, extended by the
Venkateshwara group's promoters and their relatives, (Rs 3.5
crore as on March 31, 2017), as neither debt nor equity. This is
because they are expected to remain in business in the medium
term, and bear an interest rate lower than the bank rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Intense
competition in the agro products business has kept the scale of
operations modest, as indicated by operating income of INR50
crore in fiscal 2017.

* Weak financial risk profile: Financial risk profile is
constrained by the small networth of INR3 crore as on March 31,
2017, and weak interest coverage ratio of 1.15 times in fiscal
2017.

Strengths

* Extensive experience of the promoter family in the agro
products business and their funding support: The decade-long
experience of the promoter's family in the agricultural products
industry, and their funding support via infusion of capital and
unsecured loans, will continue to support the operations and
capital expenditure (capex) requirements.

* Moderate working capital requirement: Operations are moderately
working capital intensive, with gross current assets of 94 days
as on March 31, 2017, mainly due to lower receivables.

Outlook: Stable

CRISIL believes the Venkateshwara group will continue to benefit
from the extensive experience of its promoter family. The outlook
may be revised to 'Positive' in case of substantial and sustained
growth in sales and operating margin, leading to higher cash
accrual and improvement in financial risk profile. The outlook
may be revised to 'Negative' in case of decline in revenue and
profitability, significant increase in working capital
requirement, or any large capital expenditure, weakening the
financial risk profile.

VDI was formed as a proprietorship firm of Mr Rajiv Achintalwar,
in 2004. The firm processes and trades in different pulses, and
has a manufacturing facility at Nanded (Maharashtra).

Ganesh was set up in 2015, by the Kotgire and Achintalwar
families.The firm processes toor dal (lentils). Operations began
from February 2016 and the firm was operational for 45 days in
fiscal 2016. The manufacturing facility is at Nanded.



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


SCOMI ENGINEERING: To Be Delisted From Bursa Malaysia on Feb. 28
----------------------------------------------------------------
The Sun Daily reports that Scomi Engineering Bhd (SEB) will be
delisted from Bursa Malaysia on February 28 after the completion
of its merger with parent company Scomi Group Bhd.

To recap, it was supposed to be a three-way merger between Scomi,
SEB and Scomi Energy Services Bhd (SESB), the report says.
However, the proposal received objection from SESB shareholders.
As a result, Scomi did not proceed with its merger with SESB.

Trading in SEB shares has been suspended since February 9 to
facilitate the implementation of the merger exercise, the report
notes.

Scomi Engineering Berhad provides services in the design,
manufacture, supply and installation of sound and communication
systems.

SEB posted a loss after tax of MYR19.76 million for FY2017,
compared with MYR1.84 million for FY2016.



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


CBL INSURANCE: Placed Into Interim Liquidation
----------------------------------------------
The New Zealand Herald reports that the High Court has ordered
CBL Insurance be placed into interim liquidation on an
application by the Reserve Bank as the insurer's prudential
supervisor.

In the High Court in Auckland on Feb. 23, Justice Patricia
Courtney ordered the appointment of McGrathNicol's Kare Johnstone
and Andrew Grenfell as interim liquidators of CBL Insurance, the
Herald discloses. The application was made without notice and
determined on Feb. 23, the judgment said.

According to the Herald, Justice Courtenay ruled "there be no
publication of information submitted to the court in relation to
this application," although the facts and terms of the order and
names of the interim liquidators were allowed to be published.

In a statement, the Reserve Bank said the court ordered the
appointment of the interim liquidators and issued confidentiality
orders relating to the matter, the report relays.

Policyholders should address queries about their own position to
the interim liquidators (cblinsurance@mcgrathnicol.co.nz).

The Herald says the order enables the interim liquidators to
"maintain the assets of the defendant company", including the
ability to take custody and control of assets, seek freezing
orders, and take control of all global assets irrespective of
which country they're located in.

CBL Insurance is a subsidiary of NZX-listed CBL Corporation.

The Herald relates that the company said the interim liquidator
had been appointed pending the outcome of an application to the
Court for the appointment of a liquidator to CBL Insurance. It
was not an appointment with respect to CBL Corporation nor any of
the other group companies, the report states.

CBL Insurance Limited provides building and construction related
credit and financial surety insurance, bonding, and reinsurance
products.



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


OTTO MARINE: Seeks Court Protection Amid Debt Piles
---------------------------------------------------
Bloomberg News reports that a Singapore shipping company rescued
by its chairman just over a year ago faces collapse unless the
courts step in, a sign that an earlier slump in oil prices is
still reverberating.

Saddled with US$877 million in liabilities and creditors
demanding payment, Otto Marine Ltd. is asking the Singapore High
Court for protection, Bloomberg says. The shipbuilder wants to
turn itself around under the court's supervision and fend off
creditors while it restructures its debt, according to its Feb.
20 application for judicial management, which was obtained by
Bloomberg News.

"I cannot be expected to continue shouldering the financial
burden and injecting fresh capital into the company," Bloomberg
quotes Executive Chairman Yaw Chee Siew as saying in the
application.

Mr. Yaw took full control of the ailing firm in October 2016 and
is the single biggest creditor with US$208 million due to him and
affiliates, the papers show, Bloomberg discloses. The financial
collapse of the group is imminent unless the High Court provides
breathing room, he said.

Otto Marine made its case for an interim judicial manager in a
closed door hearing on Feb. 23, Bloomberg notes. "The company
will release a statement after the outcome of the hearing is
known," Mark Ortega, legal counsel, said in an email on Feb. 22.

According to Bloomberg, the shipping company is among many in the
oil and gas services industry struggling to meet financial
obligations after a plunge in crude prices caused contracts to
dry up. At least US$15 billion of bonds and loans have fallen
into distress in Southeast Asia in the past five years, according
to data compiled by Bloomberg, and Otto Marine and peers
including Swiber Holdings Ltd., Ezion Holdings Ltd. and Ezra
Holding Ltd. contributed almost half of the amount.

The tumble in oil prices has pushed at least 134 North American
oil producers into bankruptcy since 2015, Bloomberg says citing
Dallas-based law firm Haynes & Boone LLP. That pace has slowed as
prices rallied about 50 percent from a bottom in 2017.

Otto Marine had US$869 million in assets at the end of last year,
and most of them are unlikely to be recovered in full, according
to the court papers cited by Bloomberg. The firm will probably
survive for another two months based on its cash reserves,
Mr. Yaw said in the filing. It has hired law firm PRP Law LLC and
intends to appoint a judicial manager from KordaMentha Pte, the
filing showed.

Mr. Yaw is a scion of the family that controls Malaysian timber
giant Samling Group and also runs luxury-car dealerships in Hong
Kong and China. He is the founding chairman of Perdana Parkcity,
a closely held developer of a sprawling township outside Kuala
Lumpur, according to data on the company's website.

Otto Marine has secured a letter of intent from an unidentified
party willing to invest in the firm if certain conditions are
met, Mr. Yaw said in the court papers, Bloomberg relays.

"There is a reasonable probability of rehabilitating the
company," Mr. Yaw said in the papers, adding that the oil and gas
market is slowly recovering.

Headquartered in Singapore Otto Marine Limited --
http://www.ottomarine.com/--through its
subsidiaries, engages in the shipyard, shipping and chartering,
ship leasing, and subsea activities. The company was founded in
1979.


VIVA INDUSTRIAL: Moody's Withdraws Ba1 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn Viva Industrial Real
Estate Investment Trust's (VI-REIT) Ba1 corporate family rating
and stable outlook. At the same time, Moody's has also withdrawn
the provisional (P)Ba2 rating on the SGD500 million multi-
currency medium term note (MTN) program established by Viva
iTrust MTN Pte. Ltd., and the Ba2 rating on the SGD100 million
senior unsecured notes drawn down under the program.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Viva Industrial Real Estate Investment Trust (VI-REIT) is a
Singapore-focused business park and industrial real estate
investment trust. VI-REIT is stapled with Viva Industrial
Business Trust (VI-BT, unrated) to form Viva Industrial Trust
(VIT, unrated), which was listed on the Singapore Stock Exchange
in November 2013.

VI-REIT's portfolio consists of nine properties in Singapore,
with a total appraised value of SGD1.3 billion as of December 31,
2017. VI-BT is currently dormant, and all investment properties
of the stapled group are held by VI-REIT.



                             *********

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 ***