---

        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

            Wednesday, July 19, 2017, Vol. 20, No. 142

                            Headlines


A U S T R A L I A

APVAM NOMINEES: First Creditors' Meeting Set for July 25
AUSTRALIAN ROAD: First Creditors' Meeting Set for July 26
BARALABA COAL: First Creditors' Meeting Set for July 24
BELLINGHAM SMASH: First Creditors' Meeting Set for July 25
DARE N HOTELS: Colonel Light Hotel Placed in Liquidation

ELEFTERIA PTY: Second Creditors' Meeting Set for July 21
GEM MANAGEMENT: ASIC Takes Action to Wind Up Land Banking Scheme
JETSTYLE EXPRESS: First Creditors' Meeting Set for July 26
LIBERTY SERIES 2014-1: S&P Affirms 'B' Rating on Class F Notes
QUEENSLAND INDEPENDENT: Second Creditors' Meeting Set for July 21

SWORROM PTY: First Creditors' Meeting Set for July 27
TEN NETWORK: ASIC Queries KordaMentha's Role


C H I N A

CHINA COMMERCIAL: Has Non-Binding Letter of Intent to Buy Sorghum
CHINA JINJIANG: S&P Assigns 'BB' CCR; Outlook Stable
COUNTRY GARDEN: S&P Affirms 'BB' CCR, Revises Outlook to Positive
LEECO: Leshi Picks New Board Without Group's Founder
MIE HOLDINGS: Fitch Cuts Rating on 2018 and 2019 Bonds to C

TIAN JIN: Court Accepts Unit's Bankruptcy Application
* CHINA: Central Bank Adviser Calls for Zombie Co. Clean-up Fund


I N D I A

ACCORD UDYOG: CRISIL Reaffirms C Rating on INR6MM Cash Loan
AGHARA KNITWEAR: ICRA Raises Rating on INR6.51cr Loan to B+
AKAL PIPE: ICRA Reaffirms 'D' Rating on INR6.90cr Term Loan
AMARNATH AGGARWAL: ICRA Reaffirms B+ Rating on INR8cr Loan
BALAJI LEATHER: CARE Assigns B+ Rating to INR0.19cr LT Loan

BENGALURU METROPOLITAN: ICRA Puts B Rating to INR1,140.00cr Loan
DOLPHIN OFFSHORE: CRISIL Lowers Rating on INR75MM Loan to 'D'
ESSAR STEEL: Gujarat HC Dismisses Plea vs. RBI's Bankruptcy Order
ESSAR STEEL: Expresses Liquidation Fears after RBI's Order
GLENMARK PHARMA: Fitch Changes Outlook to Stable; Affirms BB IDR

HENRAAJH FEEDS: CARE Revises Rating on INR18.78cr Loan to BB-
HINDUSTAN PAPER: Units Seek INR900cr India Government Aid
KRISHNA STONE-TECH: CRISIL Reaffirms B+ Rating on INR0.5MM Loan
LAKSHMI TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR3MM Loan
MADHUSUDAN AGRAWAL: CARE Revises Rating on INR2cr Loan to BB-

MUKTSAR COTTON: ICRA Reaffirms B Rating on INR10cr Cash Loan
MUMS MEGA: ICRA Reaffirms 'B' Rating on INR95cr LT Loan
NANIS BUILDCON: CARE Assigns B+ Rating to INR10cr LT Loan
NICCO CORP: Lenders Ask to Rework Firm's Debt Recast Plan
PLATINO CLASSIC: ICRA Reaffirms B+ Rating on INR10cr LT Loan

PRADEEP TRANSCORE: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
PRAPALSHA AGROS: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
PROTHOM INDUSTRIES: ICRA Lowers Rating on INR15cr LT Loan to D
R.B. RICE: ICRA Assigns 'B' Rating to INR16.50cr Loan
RADHE SHYAM: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan

SAI CARTON: CRISIL Assigns 'B' Rating to INR4.0MM Cash Loan
SAR SENAPATI: ICRA Assigns 'B' Rating to INR152.14cr Term Loan
SHALLOW CERAMIC: ICRA Ups Rating on INR4.00cr Cash Loan to B+
SHIV DAL: CARE Assigns B+ Rating to INR10cr Long Term Loan
SHREEYAM POWER: ICRA Reaffirms D Rating on INR721.74cr Loan

SHRIRAM TRANSPORT: Proposed Merger No Impact on Fitch BB+ Rating
SHRIVARDHMAN MILK: ICRA Reaffirms B+ Rating on INR3.30cr Loan
SPRAY ENGINEERING: ICRA Downgrades Rating on INR25.96cr Loan to D
SPECIALITY POLYMERS: ICRA Lowers Rating on INR55.50cr Loan to D
SREE VINAYAKA: ICRA Reaffirms 'B' Rating on INR4.0cr Loan

SUPER INFRATECH: CARE Assigns 'D' Rating to INR10.74cr Loan
TIMBLO DRYDOCKS: ICRA Withdraws B+ Rating on INR50cr Loan
U GOENKA: ICRA Lowers Rating on INR27cr Loan to D
VASU COCO: ICRA Assigns 'D' Rating to INR43cr Term Loan
VEERA TECHNO: CRISIL Reaffirms B Rating on INR5.0MM Cash Loan

YASHVEER CERAMICS: ICRA Reaffirms 'B' Rating on INR8.25cr Loan
ZAVERI EXPORTS: ICRA Hikes Rating on INR13cr Loan to 'B-'

* INDIA: Banks Need $2.8BB Provisioning for Bankruptcy Cases
* INDIA: HDFC Has INR909cr Exposure in 1 of 12 Insolvent Accounts


I N D O N E S I A

ABM INVESTAMA: Moody's Assigns Ba3 Corporate Family Rating


J A P A N

TAKATA CORP: Taps Prime Clerk as Claims Agent
TOSHIBA CORP: SK Hynix Drops Demand for Voting Stake in Chip Unit
TOSHIBA: INCJ Won't Sign Deal if SK Hynix Demands Voting Stake


M A L A Y S I A

KUANTAN FLOUR: Gets Extension to Submit Restructuring Plan


N E W  Z E A L A N D

PK FURNITURE: Business Sold, Former Owner Owes NZ$22 Million


S O U T H  K O R E A

HYUNDAI CEMENT: Hanil-led Consortium Buys Stake for $553MM


T A I W A N

TAIWAN POWER: Accumulated Losses Top NT$100 billion


                            - - - - -


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


APVAM NOMINEES: First Creditors' Meeting Set for July 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Apvam
Nominees Pty Ltd, trading as Farmer Joe's Barn, will be held at
the offices of Pitcher Partners, Level 1, 100 Hutt Street, in
Adelaide, SA, on July 25, 2017, at 10:30 a.m.

Leigh Deveron Prior and Michael Oscar Basedow of Pitcher Partners
were appointed as administrators of Apvam Nominees on July 14,
2017.


AUSTRALIAN ROAD: First Creditors' Meeting Set for July 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Road Express Pty Ltd (formerly known as W.A. Freightlines Pty
Ltd) will be held at Argyle Ballroom, Parmelia Hilton Perth,
14 Mill Street, in Perth, WA, on July 26, 2017, at 9:30 a.m.

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


BARALABA COAL: First Creditors' Meeting Set for July 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Baralaba
Coal Company Limited will be held at Waterfront Place, Level 13,
1 Eagle Street, in Brisbane, Queensland, on July 24, 2017, at
12:00 p.m.

William James Harris, Shaun Robert Fraser and Jason Preston of
McGrathNicol were appointed as administrators of Baralaba Coal on
July 12, 2017.


BELLINGHAM SMASH: First Creditors' Meeting Set for July 25
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Bellingham
Smash Repairs Pty Ltd will be held at the Boardroom of Servcorp
Sydney, Level 56, MLC Centre, 19-29 Martin Place, in Sydney, NSW,
on July 25, 2017, at 11:30 a.m.

Gavin Moss and Trent McMillen Carrello of Chifley Advisory Pty
Ltd were appointed as administrators of Bellingham Smash on June
26, 2017.


DARE N HOTELS: Colonel Light Hotel Placed in Liquidation
--------------------------------------------------------
Renato Castello at The Advertiser reports that city pub and live
music venue the Colonel Light Hotel has again shut its doors.

According to the report, the Federal Court on July 12 approved a
winding up application brought by lender Scottish Pacific Finance
Corporation to have the hotel's controlling company Dare N Hotels
and Entertainment Pty Ltd declared insolvent.

Worrells Solvency and Forensic Accountants has been appointed
liquidators for Dare N Hotels and Entertainment, the report
discloses.

The Advertiser has sought comment from Dare N Hotels company
director Darren Ireland and legal representatives for Scottish
Pacific Finance for comment on the nature of the dispute that led
to the closure.

But a winding up application is usually lodged against a company
when it is unable to pay its debts, the report says.

A sign on the front of the building said that South Australia
Hotels Pty Ltd -- a company controlled by venue landlord and
property developer Gerry Karidis -- had taken possession of the
site, according to The Advertiser.

The Light Square pub was a strong supporter of live music and
original bands. In 2015 the venue was among a number of high
profile pubs, including the Dog & Duck and the Stag, which shut
their doors during what the Australian Hotel Association said
were tough trading conditions.


ELEFTERIA PTY: Second Creditors' Meeting Set for July 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Elefteria Pty
Limited has been set for July 21, 2017, at 12:00 p.m., at Suite 1
Level 15, 9 Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 20, 2017, at 4:00 p.m.

Christopher Darin of Worrells Solvency was appointed as
administrator of Elefteria Pty on June 16, 2017.


GEM MANAGEMENT: ASIC Takes Action to Wind Up Land Banking Scheme
----------------------------------------------------------------
The Australian Securities and Investments Commission has
commenced proceedings in the Federal Court of Australia to wind
up a land banking scheme known as the VKK Investments Unit Trust
(VKK scheme), as well as the trustee and operator of the scheme,
Gem Management Group Pty Ltd (Gem).

The VKK scheme owns land located at 64 Hutton Road, Keysborough
in Victoria.

ASIC understands that around 125 investors have invested a total
of approximately AUD22 million into the VKK scheme. Gem has
operated the VKK scheme since May 2010.

ASIC alleges that the VKK scheme constitutes a managed investment
scheme which has not been registered, in contravention of the
Corporations Act 2001(Act). ASIC also alleges that Gem, which
does not hold an Australian Financial Services licence, has also
breached the Act by operating an unregistered managed investment
scheme.

ASIC is seeking to appoint liquidators to both the VKK scheme and
Gem.

Gem and the VKK investors will have the opportunity to make
submissions to the Court in relation to ASIC's application.
These proceedings are part of ASIC's wider and ongoing
investigation into land banking schemes.  Further information on
land banking is located on ASIC's MoneySmart website.


JETSTYLE EXPRESS: First Creditors' Meeting Set for July 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
JetStyle Express Pty Ltd will be held at Argyle Ballroom,
Parmelia Hilton Perth, 14 Mill Street, in Perth, WA, on July 26,
2017, at 11:.30 a.m.

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


LIBERTY SERIES 2014-1: S&P Affirms 'B' Rating on Class F Notes
--------------------------------------------------------------
S&P Global Ratings raised its ratings on three classes of notes
issued by Liberty Funding Pty Ltd. in respect of Liberty Series
2014-1 Trust and affirmed the ratings on the remaining four note
classes. S&P said, "We also affirmed our ratings on two classes
of notes issued by Liberty Funding Pty Ltd. in respect of Liberty
Series 2015-1 Trust. We carried out the rating actions after
reviewing the performance of the subprime residential mortgage-
backed securities (RMBS) transactions.

"The rating actions reflect the performance of the portfolios,
which have been within our expectations, and the build-up of
credit support provided to each tranche. For each transaction,
the amortization of the senior notes and the sequential pay
structure has led to a build-up of credit support available.
Also, there is sufficient excess spread available to cover the
expected loss at each rating level. The portfolios are well
seasoned, and the weighted-average loan-to-value ratio of each
portfolio has decreased since issuance.

"The rating actions are based on further cash-flow and credit
analysis that we conducted. We believe that the credit
enhancement available for each class of notes and cash flow from
the underlying loan portfolio can withstand stress scenarios
commensurate with the ratings on each class of notes. Regarding
the 2014-1 transaction, cash-flow modeling demonstrated greater
sensitivities to a sequential payment structure at the
subordinated rating levels, which is likely to occur beyond the
call date as the pool amortizes and the step-down trigger is
tripped. At that point, the margins on the subordinated notes
relative to the income earned from the assets could cause a yield
strain.

The asset pool's performance remains consistent with rating
stresses at the revised rating levels. There have been no charge
offs to notes and losses to date have all been covered by excess
spread. As of April 30, 2017, 6.1% of the 2014-1 transaction's
pool was more than 30 days in arrears, of which 4.0% was more
than 90 days past due. In relation to the 2015-1 transaction,
4.2% of the pool was more than 30 day in arrears, of which 1.5%
was greater than 90 days past due. In addition, some loans have
been more than 90 days in arrears for extended periods. We
believe this raises the potential of tail-end risk to the
subordinated notes as the pool amortizes."

RATINGS RAISED

  Liberty Series 2014-1 Trust
  Class     Rating To    Rating From
  B         AAA (sf)     AA (sf)
  C         AA (sf)      A (sf)
  D         A (sf)       BBB (sf)

RATINGS AFFIRMED

  Liberty Series 2014-1 Trust
  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)
  E         BB (sf)
  F         B (sf)

  Liberty Series 2015-1 Trust
  Class     Rating
  A1        AAA (sf)
  A2        AAA (sf)


QUEENSLAND INDEPENDENT: Second Creditors' Meeting Set for July 21
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Queensland
Independent College Ltd has been set for July 21, 2017, at
10:00 a.m., at the offices of Pilot Partners, Level 10,
Waterfront Place, 1 Eagle Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 20, 2017, at 5:00 p.m.

Ann Fordyce and Nigel Markey of Pilot Partners were appointed as
administrators of Queensland Independent on June 19, 2017.


SWORROM PTY: First Creditors' Meeting Set for July 27
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Sworrom
Pty Ltd, trading as Hazelbrook Newsagency, will be held at the
offices of PPB Advisory, Level 7, 8-12 Chifley Square, in Sydney,
NSW, on July 27, 2017, at 3:00 p.m.

Kenneth Michael Whittingham Carrello of PPB Advisory was
appointed as administrator of Sworrom Pty on July 17, 2017.


TEN NETWORK: ASIC Queries KordaMentha's Role
--------------------------------------------
Ben Butler at The Australian reports that the corporate regulator
said that almost AUD1 million of work done by insolvency firm
KordaMentha before they were appointed administrators of stricken
media group Ten raises concerns of a perception of conflict of
interest.

The Australian relates that Leon Zwier, representing KordaMentha
partner Mark Korda, who is leading the administration, on July 17
told the Federal Court that both the Australian Securities and
Investments Commission and insolvency industry body the
Australian Restructuring Insolvency and Turnaround Association
"have concerns about an apprehended lack of independence".

Mr. Zwier told the court neither body contended "there will be an
actual conflict of interest," The Australian relays.

The Federal Court hearing continues, the report says.

Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.

Christopher Hill, Phil Carter and David McEvoy of PPB Advisory
have been appointed as Receivers and Managers to Ten Network
Holdings Ltd (and associated entities). This follows the
appointment of KordaMentha as Voluntary Administrators by the
Directors on June 14, 2017.



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


CHINA COMMERCIAL: Has Non-Binding Letter of Intent to Buy Sorghum
-----------------------------------------------------------------
China Commercial Credit, Inc., has entered into a non-binding
Letter of Intent with the parent company of Sorghum Investment
Holdings Limited, an enterprise in the smart finance industry
specializing in providing efficient and optimized financial
solutions, online investment and match-for-loan services to
individuals and small business owners in China.

Pursuant to the terms of the LOI, CCCR will acquire 100% of the
outstanding shares of Sorghum.  As the transaction proceeds, the
Company will publicly disclose required information either
through press releases or SEC filings, as appropriate.

Mr. Long Yi, the chief financial officer and director of CCCR
stated: "Sorghum's outstanding performance, strong credibility
and good reputation make it a leader in the smart finance
industry.  We believe this acquisition will expand our business
into the smart finance industry and, as a result, can increase
our shareholders' value.  We are also very excited about the
business opportunities we could seek together with Sorghum in the
financial services industry."

Ms. Amy Huang, the chief executive officer and chairwoman of
Sorghum commented: "The combination of the two companies are
meaningful synergies, as both of our companies agreed to
implement a business strategy in conformity with China's Belt and
Road ("B&R") national strategy.  We hope to complement each other
with our own accumulation in the industry and we take smart
technology as the core to provide efficient and optimized
financial solutions for individuals and small business owners.
This contemplated investment continues our focus to diversify
strong industrial logic as well as build value for our
shareholders by investing in this exciting field.  We look
forward to leveraging our expertise in the smart finance industry
to benefit CCCR's reputation as a NASDAQ-listed company."

Completion of the transaction is subject to due diligence
investigations by the relevant parties, the negotiation and
execution of a definitive share exchange agreement, satisfaction
of the conditions negotiated therein including the approval of
the Company's Board of Directors and shareholders, approval by
NASDAQ of the post-transaction entity's new listing application,
and the satisfaction of other customary closing conditions.
There can be no assurance that a definitive agreement will be
entered into or that the proposed transaction will be
consummated.  Further, readers are cautioned that those portions
of the LOI that describe the proposed transaction, including the
consideration to be issued therein, are non-binding.

                 About China Commercial Credit

China Commercial Credit, Inc., offers financial services in
China. It provides direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.

China Commercial reported a net loss of US$1.98 million on
US$1.29 million of total interest and fee income for the year
ended Dec. 31, 2016, compared with a net loss of US$61.26 million
on US$2.98 million of total interest income for the year ended
Dec. 31, 2015.

As of March 31, 2017, China Commercial had $20.27 million in
total assets, $19.13 million in total liabilities and $1.13
million in total shareholders' equity.

Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.


CHINA JINJIANG: S&P Assigns 'BB' CCR; Outlook Stable
----------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to China Jinjiang Environment Holding Co.
Ltd. (CJE). The outlook is stable. S&P said, "We also assigned
our 'cnBBB-' long-term Greater China regional scale rating to the
company. Meanwhile, we assigned our 'BB-' long-term issue rating
and 'cnBB+' long-term Greater China regional scale rating to the
proposed senior unsecured notes that CJE will issue. The issue
ratings are subject to our review of the final issuance
documentation."

CJE is one of the largest waste-to-energy (WTE) companies in
China in terms of total operational capacity.

The rating on CJE reflects the company's sizable near-term
capital spending, potential exposure to increasingly stringent
environmental standards, and declining quality of new projects in
less affluent regions. The company's favorable business model,
strong market position, and satisfactory operating record temper
these weaknesses. S&P said, "We assess CJE's stand-alone credit
profile (SACP) as 'bb'.

"We consider CJE as a strategically important subsidiary of
Hangzhou Jinjiang Group Co. Ltd. (HJG), given its status as the
primary platform for the group's pillar energy and environmental
segment, close association with the group's brand name, past
record of support from the group, and less material earnings
contribution to the consolidated group. The rating on CJE is one
notch above the group credit profile based on the following
considerations:

-- CJE is a Singapore listed company and its operating and
    financing prospects are fairly independent of the parent,
    with regulatory oversight on related-party transactions.

-- Major decisions on CJE's operations are subject to the
    scrutiny of minority interests as well as of independent and
    non-executive directors that have a material representation
    on the board.

-- S&P believes HJG does not have much incentive to unduly
    impair CJE's stand-alone creditworthiness in case of need,
    given the subsidiary's close linkage to the group's
    reputation and its relatively immaterial cash flow
    contribution.

-- HJG has demonstrated its supportive and disciplined approach
    toward CJE, with no track record of negative intervention or
    cross default and guarantee provisions from CJE to its group
    members.

S&P said, "Our assessment on HJG's credit quality mainly reflects
our view on the group's non-ferrous metals business, which we
expect will generate the majority of earnings in the next few
years. We believe HJG has weaker credit quality than CJE because
its businesses are subject to commodity-price volatilities and
overcapacity in China's aluminum industry. Moreover, HJG's
financial leverage is elevated owing to historical capital
spending on capacity expansion, and its dependence on short-term
financing exerts pressure on its liquidity. HJG's credit profile
benefits from the company's status as one of China's largest
private alumina and aluminum producers, its effective cost
control, mainly from satisfactory self-sufficiency on power
usage, and a recent recovery in aluminum and alumina prices
following China's efforts to reduce excess capacity.

"We view CJE's stable WTE business model as credit positive. The
company operates under contractually protected concessions in the
form of long-dated build-operate-own (BOO) and build-operate-
transfer (BOT) agreements with local governments. BOO agreements
account for the majority. These agreements shield CJE from
competition within its service areas. The company mainly
generates
revenue from contractual waste treatment fees from local
governments and power sales to local grids, with the latter
accounting for 60%-70% of total revenue. As of end-2016, around
79% of the company's projects incorporated minimum take-or-pay
features, which help secure its waste treatment revenue in the
long run. Although such protection does not extend to the more
abundant power sales revenue, CJE's generation volume is in
effect supported by China's increasing demand for municipal solid
waste treatment amid rapid urbanization.

"We also view China's regulatory framework on WTE as favorable to
CJE, with consistently executed preferential policies, including
100% grid offtake, plus subsidized and stable power tariff. In
our view, those policies on WTE are even more favorable than
those for other renewable energy such as wind power and solar
power, which have experienced curtailment problems and decreasing
tariffs in recent years."

CJE has a strong position in China's WTE industry with about 10%
share in terms of operational treatment capacity in a market that
is quite fragmented. The company's long operating experience and
record of turning around acquired projects also support its
business strength. As of end-2016, CJE's operating capacity was
27.43 thousand tons per day (ktons/day) spread across 12 Chinese
provinces with relatively resilient demand, given their high
population density and good economic prospect.

S&P said, "However, we expect the company's new projects to have
greater exposure to less affluent regions, resulting in less
robust demand volume, lower caloric value to support unit
generation, and higher risk of payment delays by local
governments. CJE is also expanding to overseas markets such as
India, which is subject to a different policy framework, payment
structure, and execution risk. That said, we forecast CJE's cash
flow exposure to overseas businesses to be less than 5% in the
next two years.

"We believe concerns over the competitiveness of CJE's
technological offering, and potential delays in commissioning of
new projects due to increasing environmental consciousness and
residential backlash, could constrain the company's credit
profile. CJE's proprietary circulating fluidized bed (CFB)
technology and another widely adopted grate furnace technology
are both endorsed by the Chinese government as mainstream waste
incineration applications in the country. However, with growing
stringency on emission standards by Chinese local governments,
especially in more affluent regions, the CFB configuration may be
disadvantageous for winning new projects and costly for meeting
upgrade requirements on existing projects. We note that CJE's
projects generally are environmentally compliant with national
standards, and the company can also adopt grate furnace for some
its new projects according to local government preference. We
assess CJE's business risk profile as fair based on the above
factors.

"We expect CJE's sizable capital expenditures in the coming two
to three years, which will support its domestic and overseaes
xpansion plan, to constrain its financial strength. The company's
steady growth in cash flows from increasing treatment volume and
good margin should temper the weakness. Our base case assumes
that CJE's ratio of funds from operation (FFO) to debt will be
15.0%-20.0% in 2017-2019.

"We rate CJE's proposed senior unsecured notes one notch below
the corporate credit rating, reflecting the company's pronounced
structural subordination. Majority of the company's existing
debts are priority claims to the proposed notes, as they are
mostly secured and sit at the onshore project subsidiaries. CJE's
debt concentration and moderate geographical diversification
partially
mitigate such risk. We expect CJE to use the issuance proceeds
for its overseas WTE projects.

"The stable outlook on CJE over the next 12-24 months reflects
our expectation that the company will maintain its market
position in China's solid waste treatment industry and continue
to benefit from a favorable policy framework. This should result
in steady cash flows from power sales and waste treatment
services. The stable outlook on CJE also reflects stability of
the credit profile of HJG, and our expectation that CJE would be
protected from negative intervention by the parent group over the
period.

S&P may lower the rating on CJE if:

-- S&P's assessment of the company's SACP weakens, as indicated
    by the FFO-to-debt ratio staying consistently below 15%. This
    could happen if more stringent environmental standards by
    local or central governments hit the company's existing and
    prospective businesses; or
-- HJG's credit profile weakens. This could happen if HJG faces
    heightened liquidity and payment risk, or if the group's cash
    flow leverage ratios decline due to weakening industry
    conditions or larger capital expenditure than S&P expects.
    The group's FFO cash interest coverage consistently below
    2.5x would indicate such scenario; or
-- The likelihood of negative intervention from the parent group
    increases.

S&P may raise the rating on CJE if both its SACP and HJG's credit
profile improve significantly.


COUNTRY GARDEN: S&P Affirms 'BB' CCR, Revises Outlook to Positive
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based property
developer Country Garden Holdings Co. Ltd. to positive from
stable. S&P said, "At the same time, we affirmed our 'BB' long-
term corporate credit rating on Country Garden and its
outstanding senior unsecured notes. In line with the revised
positive outlook, we changed the long-term Greater China regional
scale rating on the company and the notes to 'cnBBB' from 'cnBBB-
'.

"We revised Country Garden's outlook to positive because we
expect the company to continue to benefit from robust sales,
particularly in lower-tier cities in 2017. This should allow
Country Garden to materially expand its scale and solidify its
market position. At the same time, the company's leverage will
likely improve after two years of deterioration, due to better
operating cash flow and accelerated revenue growth.

"In our view, Country Garden will maintain strong sales growth in
2017 because of its material exposure to many smaller satellite
cities, which will benefit from strong spillover demand from
major cities in China. For the first half of 2017, the company's
sales rose 131% to Chinese renminbi (RMB) 289 billion, the
largest sales among rated developers."

The company's robust sales cash inflow in 2017 should offset a
sizable portion of its high capital spending. In 2016, Country
Garden managed positive net operating cash inflow of RMB41.5
billion, which is better than previously expected, thanks to
strong sales and a shortened working capital cash cycle. S&P
estimates its operating cash flow will remain positive in the
first half of 2017 due to its strong sales growth.

Country Garden's leverage deteriorated in 2015 and 2016 following
its fast expansion and high capital expenditure, but this will
likely turn around in 2017 as revenue recognition picks up. At
the end of 2016, the company carries unrecognized revenue of
RMB251 billion. S&P said, "As such, we estimate its ratio of debt
to EBITDA will improve to slightly below 5x in 2017 and about
4.5x in 2018, compared with 5.8x to 6.4x during the past two
years.

"We believe that Country Garden's debt-servicing capabilities
will remain strong. This is due to improving funding costs and
the repayment of perpetual securities. The company's EBITDA
interest coverage ratio will stay at 3.7x-4.0x over the next two
years.

"However, we continue to see some uncertainty as to its financial
discipline. In our view, the company has yet to reestablish a
reliable track record of balanced cash flow management amid its
active expansion, despite positive operating cash flow last year.
In the first five months, the company acquired RMB123 billion of
new land, which is about 50% of sales. In addition, it will take
some time to assess the impact of a change in management and
strategy over the course of the year.

"In our view, Country Garden's margin recovery will only be
gradual, given its priority in scale growth and fast turnover. We
anticipate an EBITDA margin of 17%-18% in 2017, compared with
16.5% in 2016. Over the past two years, its inventory turnover
days stayed solid between 600 and 650 days, better than some
peers', including Greenland Holding Group Co. Ltd. or Shimao
Property Holdings Ltd. Its operating efficiency should also
improve with its scale growth, lending some support to its
overall profitability.

"The positive outlook reflects our expectation that Country
Garden's leverage will improve over the next 12 months, given
that its strong sales growth should offset high capital spending.
We also expect the company's revenue growth to accelerate with
moderate improvement in profitability over the next 12 months.
Its market position and operating efficiency will likely further
improve with expanded scale.

"We could upgrade Country Garden if: (1) it can also manage to
improve its leverage through more disciplined expansion and good
revenue growth, such that its debt-to-EBITDA ratio will improve
to around 4.5x on a sustained basis; and (2) it can continue its
strong sales growth over the next 12 months, such that its
operating efficiency and market position continue to improve.

"We could revise the outlook to stable if Country Garden's
leverage shows no sign of improvement toward a debt-to-EBITDA
ratio of 4.5x, or its EBITDA interest coverage falls below 3x.
This could happen if: (1) the company's debt-funded expansion,
including land acquisitions, becomes more aggressive than we
expect; or (2) its revenue growth is below 30%-35% or margin
improvement is below our expectation."


LEECO: Leshi Picks New Board Without Group's Founder
----------------------------------------------------
The South China Morning Post reports that Leshi Internet
Information & Technology Corp.'s shareholders installed new
members to their company's management board on July 17, trying to
sever founder Jia Yueting's management involvement or boardroom
control of the cash-starved video streaming service.

Sun Hongbin, the Shanxi tycoon who poured CNY15 billion (US$2.2
billion) to bail out Jia's LeEco group of companies, is very
likely to appoint as chairman of Leshi's board, the Post relates
citing a shareholder who attended the company's shareholder
meeting on July 17 in Beijing.

The Post notes that the new board marks the end of the road for
Jia, an entrepreneur who expanded his video streaming business
into what he called an ecosystem of seemingly unrelated
businesses built around mobile internet, comprising smartphones,
television sets, movie production and even a self-driving
electric sports car.

According to the report, Jia's companies under the LeEco Group
chalked up a large amount of debt, forcing the companies to fight
back talk of cash crunch, and money owed to myriad vendors and
suppliers, for the better part of a year. In January, Sun -- he
hails from Shanxi province, just like Jia -- swooped in with a
cash injection, in the process taking control of stakes in three
of LeEco's subsidiaries in movies, smart TVs and internet
businesses, the report says.

Still, the cash injection hadn't been the salve to all of LeEco's
cash woes. At its shareholders meeting, two dozen debtors held a
demonstration demanding collection on money owed to them, the
Post says.

Chanting "Jia, giving our money back, LeEco giving our money
back", LeEco suppliers who're seeking to recover CNY60 million
from LeEco stormed the shareholders' meeting, only to be informed
that the founder was out of China, according to the Post.

"Jia is in the United States, working to get more financing," the
report quotes Zhao Lei, a general manager at LeEco, who was sent
at the meeting venue to calm down the angry suppliers, as saying.
"We don't know when he will return." Zhao pointed out that the
money was owed by LeEco, and that the protestors had crashed a
LeShi meeting, as he sought to distinguish between the two.

Hu Jiaming, a Shanghai-based analyst with Capital Securities,
said the listed Leshi won't be immune from the cash woes of
privately held LeEco. "Leshi's own business doesn't perform
well," he said in an earlier interview with the Post.

Leshi's first half loss is estimated between CNY636.7 million and
CNY641.7 million, swing from a profit of CNY284.4 million in the
same period last year, the Post discloses citing a filing to the
Shenzhen stock exchange on July 14. The company attributed the
loss to declines in customer loyalty, advertising revenue,
terminal sales and membership fees, the Post adds.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2017, The Financial Times said that a Chinese court has
frozen millions of dollars in assets belonging to embattled tech
conglomerate LeEco, dealing another blow to the company as it
struggles to stay afloat.  The FT related that an order issued by
the court backed up a request by China Merchants Bank to freeze
CNY1.24 billion of assets from three LeEco subsidiaries as well
as the personal assets of LeEco founder Jia Yueting and his wife
Gan Wei, LeEco confirmed.  The assets were frozen because of
missed interest payments on a loan taken out by LeEco's mobile
phone subsidiary, the company added.

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


MIE HOLDINGS: Fitch Cuts Rating on 2018 and 2019 Bonds to C
-----------------------------------------------------------
Fitch Ratings has taken rating actions on MIE Holdings
Corporation (MIE) following the expiry of the company's tender
offer for its 2018 bonds (2018 offer) and an expanded offer for
its 2019 bonds (2019 offer). Fitch has downgraded the ratings on
MIE's 2018 and 2019 bonds to 'C', from 'CC' and 'CCC'
respectively, with Recovery Ratings at 'RR6'. The rating on the
company's 2019 bonds is removed from Rating Watch Negative. At
the same time, Fitch has upgraded MIE's Long-Term Issuer Default
Rating (IDR) to 'CC' from 'C', reflecting MIE's fragile liquidity
profile.

MIE's 2018 offer expired on July 10, 2017 and the company
announced it had received insufficient acceptance by the 2018
noteholders to remove protective covenants associated with the
notes. The cash tender offer for the 2018 notes, which was
combined with a consent solicitation to remove covenants, was
considered a distressed debt exchange (DDE) under Fitch's
criteria, leading to MIE's earlier downgrade to 'C' from 'CCC'.
Following the low acceptance by the 2018 noteholders, MIE has
increased the offer for the 2019 notes, and a total of USD160.1
million of the tendered principal amount has been accepted as of
July 12, 2017.

MIE's 'CC' rating reflects its very significant liquidity
challenges as a result of sizeable debt maturities associated
with the remaining 2018 and 2019 notes, as well as the
constraints on its financial flexibility from a reduced
unencumbered asset base. The company faces additional funding
pressures from its planned acquisition of upstream oil and gas
assets in Canada for CAD722 million.

The 'C' rating on MIE's 2018 and 2019 bonds, with Recovery
Ratings of 'RR6', reflects their low recovery prospects given
MIE's significant levels of secured debt including new debt to
fund the tender offers and acquisition.

MIE's ratings are at present predominantly driven by its fragile
liquidity situation. MIE's internal cash generation is unlikely
to be sufficient to meet its February 2018 bond maturity,
irrespective of the completion of the Canadian acquisition. Fitch
will review the ratings upon material changes in MIE's liquidity
position.

KEY RATING DRIVERS

Material Debt Refinancing Risk: Only USD18.3 million of the
aggregate principle of USD200 million had been tendered by the
2018 note holders. The company still faces USD181.7 million of
bonds maturing in February 2018, a significant amount relative to
Fitch's estimate of MIE's cash balance of about USD35 million at
June 2017. The company's 2016 EBITDA, primarily generated from
the Daan oil field in China, its remaining majority-owned asset,
was about USD31 million, which Fitch does not expect to rise
significantly in the near term. Fitch also expects MIE to bear a
higher average interest cost on its new borrowings, compared with
the 2018 or 2019 bonds. This would add to MIE's cash flow
pressures.

Beyond 2018, MIE will have around USD315.9 million of bonds
maturing in April 2019. In addition, the USD147 million secured
loan facility obtained to fund its tender offers will mature
before 3Q20. These are on top of potential additional loans to
partly fund MIE's CAD296 million equity injection, with CAD70
million already paid, into a newly established subsidiary
relating to the Canadian assets to be acquired.

Weak Cash Generation Ability: Fitch expects MIE's cash generation
from existing operations, primarily from the Daan oil field, to
remain largely flat as production is not growing substantially.
The Canadian upstream assets to be acquired appear to be of good
quality and are more sizeable in terms of production and reserves
than MIE's existing assets. However, MIE is unlikely to receive
meaningful cash distribution from the target company after the
target company meets its own capital needs and debt-servicing
requirements.

Leverage to Rise with Acquisition: MIE's 2016 leverage was high,
with FFO net leverage at over 20x, after deconsolidating
subsidiary Emir-Oil LLP. Upon completion of the 2019 offer, MIE's
gross debt would drop by about USD100 million (about CNY650
million). However, MIE is arranging a reserve-based borrowing
facility of CAD250 million (about CNY1.3 billion) to finance the
Canadian acquisition, as well as loans to fund its CAD296 million
equity contribution to the newly established subsidiary for the
acquisition. In addition, the cumulative preference shares of
CAD204 million (about CNY1.1 billion) to be issued at the new
subsidiary carry debt-like features, such as a fixed cumulative
dividend payment at 8% per annum. Therefore, MIE's gross debt is
likely to increase considerably from the CNY4.7 billion at end-
2016.

Recovery Rating of 'RR6': The Recovery Rating for MIE's senior
unsecured notes is 'RR6'. The recovery prospects for the senior
unsecured creditors of MIE will weaken materially because of the
company's substantial planned secured debt totalling about CNY2.3
billion to fund the tender offer and proposed Canadian
acquisition. The 2018 and 2019 bondholders are subordinated to
secured and other prior-ranking creditors.

DERIVATION SUMMARY

The ratings on MIE and its bonds are driven by the company's
fragile liquidity position. Fitch sees MIE facing a more imminent
liquidity challenge than its close peer Anton Oilfield Services
Group (Anton, CCC). MIE's debt maturity profile is materially
shorter with an untenable debt amount relative to its cash flow
generation capability and its asset base. Anton, which faces
challenges with its USD248 million notes due in November 2018,
has managed to win on-going new contracts although slow
receivable collection has limited the company's operating cash-
flow generation.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
Our forecasts have not been updated for the tender offer and the
Canadian asset purchase. Fitch make the following assumptions in
relation to its existing operations

- Production at Daan in 2017 to remain similar as in 2016 with
capex of less than USD20 million in 2017

- Oil price based on Fitch's updated assumptions of USD52.5 per
barrel in 2017 published on March 6, 2017

- Fitch applied a haircut of 20% to MIE's receivables under a
liquidation approach, as most of its receivables are due from
PetroChina Company Limited (A+/Stable). Fitch applied a 60%
haircut to its inventory and net property, plant and equipment,
referencing the loan-to-value ratio of the USD147 million
facility secured by Daan oil field. Fitch has not factored in the
value of the Canadian assets that are to be acquired as its
reserves would be pledged to prior ranking creditors, and its
operating cash flows would largely be used for its own capex and
debt servicing needs. Nonetheless, Fitch has incorporated MIE's
planned equity contribution to the Canadian asset purchase in
Fitch calculations, as well as MIE's 40% holding in Emir-Oil LLP,
based on the realised price of the 60% stake disposal completed
in November 2016, and applied a 50% haircut to these values. The
adjusted liquidation value after administrative claims of CNY184
million is first applied to USD147 million in secured debt, then
to an assumed USD150 million of debt at MIE to fund its equity
injection for the proposed acquisition which would be secured by
shares of the subsidiary acquiring the Canadian assets. The
waterfall results in a 2% recovery for the 2018 and 2019
noteholders corresponding to a Recovery Rating of RR6.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
There is no positive rating action envisaged until MIE's
liquidity position and capital structure improve materially.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
The IDR will be downgraded to 'C' if a default or default-like
process has begun.

LIQUIDITY

Material Debt Maturities: MIE's near-term liquidity risk has been
heightened with the low acceptance for the 2018 bonds' tender
offer. The company will face USD182 million of bonds maturing in
February 2018.

Secured Debt to Rise: MIE funds its tender offers with a USD147
million facility secured against its Daan oil field. A secured
facility of CAD250 million is also planned for the funding of its
Canadian acquisition. The final quantum of incremental debt is
uncertain as of now, but is likely to impact recovery prospects
for the senior unsecured creditors at MIE.


TIAN JIN: Court Accepts Unit's Bankruptcy Application
-----------------------------------------------------
Reuters reports that Tian Jin Global Magnetic Card Co Ltd said
Nankai District People's Court accepted bankruptcy liquidation
application filed by the company's wholly owned Tianjin-based
storage and transportation unit.

Tian Jin Global Magnetic Card Co., Ltd. is principally engaged in
the manufacture and distribution of magnetic cards and printing
business. The Company's magnetic cards mainly include bank cards,
electronic payment cards and urban smart cards. Its printing
businesses primarily consist of package printing, security
printing, airline ticket printing, and form printing, among
others.


* CHINA: Central Bank Adviser Calls for Zombie Co. Clean-up Fund
----------------------------------------------------------------
Hudson Lockett at The Financial Times reports that Beijing may
currently favor megamergers when it comes to reform of state-
owned enterprises, but at least one central bank adviser is
suggesting a different approach to dealing with China's loss-
making zombie companies.

In a column published in the Communist party mouthpiece People's
Daily on July 13, Huang Yiping, a member of the People's Bank of
China monetary policy committee, recommended the creation of a
government fund to aid employees who lose their jobs when zombie
companies are shuttered, according to the FT.

"Placement of employees is a major and difficult point in dealing
with zombie companies," he writes, the FT relays. "The government
should take care of finding work for employees so they can change
tracks [from the public to private sector], ensuring they have a
path forward for employment and safeguarding their livelihoods."

The FT relates that Mr. Huang, a professor at University's
National School of Development and a critic of the favoured
status of state sector, suggests China's central and local
governments can cooperate on working out the exact details of a
fund for taking care of such placement. But he stressed that the
underlying principle should be "protecting people, not companies,
while at the same time strictly controlling financial risk."

According to the report, the call for a new tool to aid in
culling zombie companies, coming in the pages of the party's
flagship paper, comes as hopes for a more serious overhaul of
China's state sector are on the wane.

Beijing has in recent years favored megamergers of state-owned
colossi as one means of shoring up the party's control over them,
rather than subjecting the companies to more competition,
privatisation or even liquidation in order to improve efficiency
and rein in losses, the FT notes. How to deal with the
unemployment entailed by shuttering the worst offenders has long
been a sticking point for policymakers, the report says.

The FT notes that the scuffle between these two opposing
approaches has played out in the pages of party publications,
with market forces typically given short shrift of late. Last
month an article penned by Xiao Yaqing, head of the commission
charged with responsibility for SOEs, appeared to underscore the
victory of party power over market forces.

"We must resolutely resist 'privatisation', 'de-state-ification,'
'de-main guidance-ication'," he wrote in the pages of the Central
Party School publication Study Times, the FT relays.



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


ACCORD UDYOG: CRISIL Reaffirms C Rating on INR6MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facility of Accord
Udyog Private Limited (AUPL) at 'CRISIL C'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL C (Reaffirmed)

The rating continues to reflect the continuous cash losses
incurred over the four years through fiscal 2017, which have
constrained the financial risk profile. The rating also factors
in working capital intensive operations driven by stretched
receivables, and low operating profitability due to the trading
nature of its business. These rating weakness are partially
offset by the extensive experience of AUPL's promoters in the
steel trading business.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations and low profitability
Intense competition in the steel products trading business and
limited value addition, given the trading nature of operations,
have constrained the scale of operations, as reflected in
estimated revenue of around INR25 crore in fiscal 2017.

* Working capital intensive operations
Operations are highly working capital intensive, as reflected in
gross current assets of 230-325 days in the three years ended
March 31, 2017, mainly led by large receivables.

Strengths

* Extensive experience of the promoters
The two decade-long experience of the promoters, through the
group entity, Singh Trading Company (which was shut down in
2008), and their established base of over 100 customers in
Jamshedpur, will continue to support the business risk profile.

AUPL was incorporated in 2008, by the promoters, Mr Avinash Singh
and Ms Jyoti Singh. The Jamshedpur-based company trades in steel
products such as channels, pipes, angles, plates, chequer plates,
galvanised plain and corrugated sheets, thermo-mechanically
treated bars, bars, and other such products.

Loss is estimated at INR0.81 crore on net sales of INR24.75 crore
for fiscal 2017, against INR1.32 crores and INR20.63 crore,
respectively, in fiscal 2016.


AGHARA KNITWEAR: ICRA Raises Rating on INR6.51cr Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long term rating to [ICRA]B+ from [ICRA]B
to the INR6.51 crore long term fund based facilities of Aghara
Knitwear Private Limited (AKPL). ICRA has reaffirmed the short
term rating of [ICRA]A4  to the INR0.15 crore non fund based
facilities of AKPL. ICRA has also upgraded long term rating to
[ICRA]B+ from [ICRA]B and reaffirmed short term rating at
[ICRA]A4 to the INR0.04 crore unallocated limits of AKPL. The
outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits       6.51      [ICRA]B+ upgraded from
                                    [ICRA]B; Stable outlook
                                    assigned

  Non Fund Based Limits   0.15      [ICRA]A4; reaffirmed

  Unallocated Limits      0.04      [ICRA]B+ upgraded from
                                    [ICRA]B; Stable outlook
                                    assigned; [ICRA]A4 reaffirmed

Rationale

The upgrade in the long term rating takes into account the timely
commissioning of the project and the achievement of estimated
operating parameters. Nonetheless, the ratings continue to remain
constrained by the company's relatively moderate scale of
operations, its high gearing and average coverage indicators.
Further, the ratings also factor in the highly fragmented nature
of the knitting manufacturing industry which results in intense
competitive pressures, and exposure of the company's
profitability to volatility in raw material prices. The ratings,
however, continue to favorably factor the location advantage
enjoyed by the company on account of its proximity to major
cotton manufacturing region, which offers ease of quality raw
material procurement and various fiscal benefits available to the
company is expected to support profitability, going forward.
ICRA notes that the AKPL's ability to increase its scale of
operations while improving profit margins and effectively
managing working capital requirements would remain important from
a credit perspective.

Key rating drivers

Credit strengths

  * Timely commissioning and stabilisation of operations as
    per expected parameters

  * Location advantages by virtue of proximity to raw material
    sources

  * Various fiscal benefits available to the company under
    the Technology Up-gradation Fund Scheme (TUFS) expected to
    support the profitability, going forward

Credit weaknesses

  * Financial profile characterised by moderate scale of
    operations, high gearing and average coverage indicators

  * Highly fragmented and competitive industry structure which
    limits the pricing flexibility and profitability

  * Vulnerability to raw material price fluctuations

Description of key rating drivers:

AKPL commenced commercial operations from April 2016 and recorded
operating income of INR15.8 crore during FY2017. AKPL
manufactures cotton knitted fabric which mostly finds application
in the hosiery segment. TUFS entitles 10% capital subsidy and 5%
interest subsidy under the Central Government and State
government provides vat refund towards eligible fixed assets over
a period of eight years. The unit being located in Morbi region
in Gujarat has easy access to major raw material requirement of
cotton yarn through nearby spinning mills. As cotton yarn is an
agro-based commodity, it is exposed to the vulnerability in the
prices of cotton. The fabric manufacturing industry is highly
fragmented on account of the governments' policy of promoting the
textile industry through various tax and fiscal incentives.
Initially debt funded capex coupled with modest net worth base
has resulted into aggressive capital structure as reflected by
gearing at 2.2 times as on March 31, 2017. Further, the coverage
indicators are moderate as reflected by interest coverage of 2.3x
and NCA/Total debt at 17% as on March 31, 2017.
Analytical approach: For arriving at the ratings, ICRA has taken
into account the standalone business risk profile, financial risk
drivers and the management profile of the company The Company
operates as a standalone entity and doesn't have a subsidiary.

Halvad, Gujarat based Aghara Knitwear Private Limited (AKPL) was
established in June 2015 as a greenfield project for
manufacturing knitted fabric from cotton yarn and commenced
commercial operations in April 2016. The manufacturing facility
is equipped with 15 knitting machines with an installed capacity
of 2,200 MTPA. The company is managed by the Aghara family, who
though are new to the textile industry, have vast experience in
agro-commodity trading and the hardware industry.


AKAL PIPE: ICRA Reaffirms 'D' Rating on INR6.90cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]D on the INR2.50-crore
cash credit facility, and INR6.90-crore term loan facility of
Akal Pipe Industries.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Cash
  Credit                  2.50      [ICRA]D; Reaffirmed

  Long-term: Term Loan    6.90      [ICRA]D; Reaffirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with API, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, and had
also sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

API was established in March 2012 as a partnership firm of Mr.
Harbant Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr.
Yadvinder Singh and Mr. Nazam Singh. The firm manufactures RCC
(Reinforced cement concrete) pipes and manholes. The
manufacturing facility is located in Solan, Himachal Pradesh on a
total area of more than 1 lakh square feet.


AMARNATH AGGARWAL: ICRA Reaffirms B+ Rating on INR8cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR10.00-crore fund-based and non fund-based bank facilities of
Amarnath Aggarwal Constructions Private Limited (AAC). The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term fund-
  based                   2.00      [ICRA]B+ (Stable); Reaffirmed

  Long-term non-
  fund-based              8.00      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with AAC, ICRA has been trying to seek information from the
company to undertake a surveillance of ratings, but despite
repeated requests by ICRA, the company's management has remained
non-cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in 1979, Amarnath Aggarwal Constructions Pvt. Ltd.
(AAC) is in to the construction of roads, bridges, road over
bridges (RoB) etc. AAC is a part of the Amarnath Aggarwal group,
which has been in the construction and real estate business for
past 30 years through various group companies and primarily has
presence in Punjab, Haryana and Himachal Pradesh.


BALAJI LEATHER: CARE Assigns B+ Rating to INR0.19cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Balaji
Leather Creation (BLC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            0.19        CARE B+; Stable Assigned

   Short-term Bank
   Facilities            5.10        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Balaji Leather
Creation (BLC) are constrained by its proprietorship nature of
constitution, small scale of operations with moderate profit
margins, exposure to volatility in raw material prices, foreign
exchange fluctuation risk, working capital intensive nature of
operations, leveraged capital structure with moderate debt
coverage indicators and its presence in an intensely competitive
industry. The ratings, however, derive strength from proprietor's
experience, long track record of operations and strategic
location of its plant with proximity to source of raw materials
and cheap labour.

Going forward, the ability of BLC to increase its scale of
operations with improvement in profit margins and effective
management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Constitution as proprietorship entity: BLC, being a
proprietorship entity, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency
of the proprietor.

Small scale of operations with moderate profit margins: The size
of operations of the entity remained small with total operating
income of INR14.40 crore with a PAT of INR0.23 crore in FY16. The
profit margin of the entity remained moderate marked by PBILDT
margin at 10.36% and PAT margin at 1.59% in FY16.

Exposure to volatility in raw material prices and foreign
exchange fluctuation risk: During FY16, raw material cost
remained the major cost driver for BLC at 68.94% of the total
cost of sales.BLC's gross purchases of accessories are mostly
imports from China and all sales are exports hence, it is exposed
to foreign exchange risk. Further BCL has no hedging policy in
place to mitigate the foreign exchange risk.

Working capital intensive nature of operations: The business of
BLC is working capital intensive in nature marked by its
high average collection period. The average collection period was
on the higher side during last three years as the entity
received payments only after the receipt of shipments by its
foreign customers.The average utilization of fund based
limits was 98.5% during last twelve months ended in May 2017.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the entity remained
leveraged marked by overall gearing ratio of 3.00x as on March
31, 2016.The debt coverage indicators remained moderate marked by
interest coverage at 1.64x and total debt to GCA at 12.83x in
FY16.

Intensely competitive industry: The industry is essentially
dominated by small scale firms with a few medium and large
sized firms. The industry is concentrated in several leather
clusters in 4-5 distinct locations in the country.  With the
production clustered in 4-5 locations, distribution network
becomes the key to success. Many companies in the leather
products have a strong distribution network and enter into brand
building exercise to improve the sales and market
share.

Key Rating Strengths

Experienced promoters and long track record of operations: BCL
started its operations in 2003 and thus has a long track
record of operation of about 14 years. Mr. Singh has around 14
years of experience in the same line of business. He looks
after the overall management of the entity supported by a team of
experienced professionals.

Strategic location of the plant with proximity to source of raw
materials and cheap labour: The manufacturing facility of BLC has
close proximity to the tannery situated at Kolkata Leather
Complex for sourcing of finished leather, the main raw material
for manufacturing of leather goods. Accordingly, the availability
of raw materials is not an issue. Further the manufacturing plant
has ample supply of cheap labour.

BLC was set up as a proprietorship entity in May 2003 by Mr.
Amitabh Singh. Since its inception BLC has been engaged in
manufacturing of leather goods like purse, wallets, hand bags,
folio bags, luggage bags, belts. BCL's plant is located at
Udayan Industrial Estate, Kolkata. The entity procures its basic
raw material (i.e. leather) from the domestic market whereas the
other accessories are imported from China. BCL is a 100% export
house. The major export destinations are Denmark,Norway, Sweden,
France and United Kingdom.

As per audited results for FY16 (refers to the period April 1 to
March 31), BCL has reported PAT of INR0.23 crore (Rs.0.23 crore
in FY15) on a total income of INR14.40 crore (Rs.16.28 crore in
FY15). Furthermore, during FY17, the firm has achieved a total
operating income of INR10.92 crore.


BENGALURU METROPOLITAN: ICRA Puts B Rating to INR1,140.00cr Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B to the INR160.0
crore fund-based term-loan facilities and the INR1140.0 crore
proposed term-loan facilities of Bengaluru Metropolitan Transport
Corporation (BMTC). The outlook on the long-term rating is
stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Term
  Loans                  160.00     [ICRA]B (Stable)/assigned

  Proposed Term loans   1140.00     [ICRA]B (Stable)/assigned

Rationale

The assigned rating takes into consideration the importance of
BMTC to the Government of Karnataka (GoK), with the corporation
playing a critical role in providing transport services in the
capital city of the state, and the financial flexibility enjoyed
by it by virtue of being a state-owned entity with regular
capital support from the GoK. However, the rating is constrained
by the sharp deterioration in the entity's financial performance
during FY2017, evidenced by large losses and the consequent
strained liquidity position and inadequate coverage indicators.
The same is due to the lack of adequate support from the GoK
during FY2017, when the BMTC's performance was impacted owing to
the lack of tariff revision in view of the rising operating costs
(primarily fuel and employee expenses) coupled with the reduced
passenger load factor. A significant decrease in earnings during
the recent quarters has increased the BMTC's dependence on grants
and external borrowings for funding capital expenditure
programmes and meeting higher operating expenses, including
salary arrears. The planned expenditure towards strengthening its
fleet is expected to further impact the leverage ratios and
liquidity position of the corporation, with the cash flows likely
to be supported by the additional capital support sought from the
GoK. The timely receipt of funding support from the GoK and the
turnaround in operational performance upon addition of buses and
schedules will be critical for the improvement of the overall
financial profile of the BMTC and would remain the key rating
sensitivities going forward.

Key rating drivers

Credit strengths

  * Strategic importance to the state government, providing
    passenger transport services in the capital of Karnataka;
    regular support received through the release of capital
    grants as well as reimbursements against subsidised travel

  * High credit quality of the state government

Credit weaknesses

  * Deterioration in the financial performance during FY2017;
    large losses, inadequate coverage indicators and strained
    liquidity position; lack of adequate support from the GoK
    during FY2017 when performance suffered due to the lack of
    upward fare revision as against rising costs and intense
    competition

  * Increasing dependence on discretionary grants from the GoK
    and external borrowings to meet operational and capital
    expenditure requirements

  * Proposed capital expenditure plan outlined over the medium
    term, which is likely to have an adverse impact on capital
    structure and liquidity position

Description of key rating drivers:

BMTC is wholly-owned by the GoK and is responsible for providing
transport infrastructure and services to passengers in Bengaluru
city. The operations of the corporation are supervised by its
Board of Directors (BoDs) appointed by the GoK. It enjoys
financial support from the state government, with the GoK part
funding its capital expenditure programs though grants. Operating
performance has been modest during the recent fiscals, owing to
limited fleet addition impacting growth in schedules operated and
effective distances covered and increasing competition limiting
passenger load factor. In addition, operating performance was
severely constrained during FY2017 owing to the lack of fare
revision as well as a drop in passenger load factor as against
rising operating costs (primarily fuel and employee expenses). As
a result, the corporation is expected to have incurred losses to
the tune of INR130 crore during the fiscal (breakeven at the cash
level) as against net profit of INR14 crore and cash accruals of
INR147 crore during FY2016. The proposed additions to the fleet
are expected to improve operating performance over the short to
medium term, where the same would be critical to improve earnings
from operations and the overall liquidity position of the
corporation.

Gearing of the BMTC is expected to be at moderate levels of 1.1
times as on March 31, 2017, supported largely by the capital
grants from the GoK over the years. However, the losses incurred
during the recent quarters have adversely impacted the coverage
indicators of the corporation, with the total debt-to-operating
profit and net cash accruals-to-total debt ratios are anticipated
to deteriorate to ~13 times and 2%, respectively, in FY2017 (from
relatively comfortable levels of 3 times and 25%, respectively,
in FY2016). The decrease in accruals have also considerably
affected cash flows, with interest coverage and debt service
coverage ratios dropping to 1.1 times and 0.3 times,
respectively, in FY2017 as against 3.8 times and 1.1 times,
respectively, in the preceding fiscal. As a result, the
corporation has become increasingly dependent on the financial
support from the GoK, also accentuated by the growing operating
liabilities towards employee arrears. The corporation's overall
financial profile is likely to be supported by additional funding
support by the GoK, going forward. The BMTC has requested for
revenue and capital grants to meet operational expenses and fund
its capital works. The timely receipt of capital support from the
GoK and improvement in performance is crucial for supporting the
overall capital structure and liquidity position for the BMTC,
given the challenging operational environment and planned capital
expenditure programme of the corporation.

BMTC was established in August 1997 under the provisions of the
Road Transport Corporation (RTC) Act, 1950, to provide passenger
road transport services in and around the capital of Karnataka,
Bengaluru. BMTC was carved out from Karnataka State Road
Transport Corporation (KSRTC) by combining two divisions of
Bangalore Transport Service (BTS), effective August 1997. The
operational jurisdiction of BMTC extends to around 25 km across
all directions from the Bruhut Bengaluru Mahanagara Palike (BBMP)
boundaries. As on March 31, 2017, BMTC is one of the largest
among the urban State Road Transport Undertakings (SRTUs) in the
country with a fleet strength of 6200. It operates close to 6,200
schedules daily through 43 depots, two central workshops and
34,500 personnel.

As per the 11-month provisional financial statements, BMTC had an
operating income of INR1912.4 crore and a net loss of INR97.1
crore. The corporation had recorded an operating income of
INR2207.5 crore and a net profit of INR13.7 crore in FY2016.


DOLPHIN OFFSHORE: CRISIL Lowers Rating on INR75MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities and FD
programme of Dolphin Offshore Enterprises India Limited (DOEIL;
part of the Dolphin group) to 'CRISIL D/FD' from 'CRISIL
B/FB/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            54        CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Fund & Non Fund        75        CRISIL D (Downgraded from
   Based Limits                     'CRISIL B/Stable')

The rating downgrade reflects the continuous overdrawals in
working capital limit on account of weak liquidity.

The ratings reflect weakening of the Dolphin group's business
risk profile in the offshore services/engineering, procurement,
and construction (EPC) segment because of pressure on
profitability, and working-capital-intensive operations. Also,
the group's operations are exposed to risks related to high
revenue dependence in its vessel-chartering business and its
operating margins exposed to vulnerability in charter rates.
These rating weaknesses are partially offset by its promoters'
extensive experience in the offshore services and vessel
chartering industry, and its established relationship with
customers.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of DOEIL and its wholly owned
subsidiaries Dolphin Offshore Shipping Ltd (DOSL) and DOEMPL,
together referred to as the Dolphin group. This is because the
companies have significant financial and operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Overdrawn bank limit: Stretched in receivable cycle has led to
high reliance on debt and over-utilization of the bank limit

* Working capital intensive nature of operations
The working capital cycle of the group has deteriorated on
account of significant increase in incremental working capital
requirement due to stretched in receivable cycle. CRISIL believes
that the Dolphin group's operations will remain working capital
intensive over the medium term.

* High revenue dependence on the vessel chartering business and
vulnerability of its operating margins to charter rates
The group's business risk profile has been under pressure on
account of lower order book in EPC (engineering, procurement, and
construction) segment.  Further Revenue in the chartering
business is also expected to decline on account of repair and
maintenance of a charter ship.

Strengths

* Promoters' extensive experience in the offshore services and
vessel chartering industry
The Dolphin group's promoters have been in the shipping industry
for more than three decades; this has enabled the group establish
a strong customer base.

DOEIL, incorporated in 1979, is the flagship company of the
Dolphin group; it provides the complete range of offshore support
services to oil and gas exploration companies. The services
provided include diving and underwater engineering, marine
operations and management (vessel management), fabrication and
installation, ship repair, geo-technical services, and EPC
activities. The company is listed on Bombay Stock Exchange and
National Stock Exchange.

DOEIL has two wholly-owned subsidiaries, DOSL and DOEMPL, which
are engaged in chartering of vessels and tugs to oil and gas
exploration companies.

DOEIL has reported, net loss of INR26.28 crore on total operating
income of INR44.11 crore during fiscal 2016, against net loss of
INR44.35 crore on total operating income of INR67.10 crore during
fiscal 2015.

On Consolidated basis, Dolphin group has reported, Profit after
tax of about INR41.16 crore on total operating income of
INR168.77 crore , against Profit after tax of about INR35.69
crore on total operating income of INR206.41 crore.


ESSAR STEEL: Gujarat HC Dismisses Plea vs. RBI's Bankruptcy Order
-----------------------------------------------------------------
Reuters reports that Gujarat High Court on July 17 dismissed
Essar Steel India Ltd's appeal against a central bank order that
asked creditor banks to start insolvency proceedings against the
steelmaker, lawyers on the case said.

Reuters says the ruling is a boost to the government, which in
May tweaked Indian banking laws to empower the Reserve Bank of
India (RBI) to tackle the country's bad debt issue, allowing the
RBI for the first time to direct lenders to force defaulters into
insolvency courts.

Essar Steel had argued that it should have been given an
opportunity to present its case before the Reserve Bank of India
decided to include the company among 12 defaulters that would be
referred to bankruptcy court, Reuters relates.

The company had also argued that proceedings could result in its
demise when it was "almost in the stage of revival" and working
to resolve its debt problems, according to court documents cited
by Reuters.

After the ruling, Essar Steel said that while it had dismissed
its plea, the court had indicated that the company could raise
various issues before the National Company Law Tribunal (NCLT),
which will hear the bankruptcy case, according to Reuters.

These issues included the advanced state of Essar Steel's talks
with lenders on debt restructuring, the repayment of some loans
in the past year and improvements in the company's business
performance, Reuters says.

"We respect the decision of the Honourable High Court and will
accordingly be raising these issues for consideration by the
Honourable NCLT," the company said in a statement, Reuters
relays.

According to Reuters, the RBI asked lenders in June to start
insolvency proceedings against 12 companies as part of new powers
it gained this year to help the country cut the more than $150
billion in stressed assets in the banking system.

Essar Steel had INR328.64 billion in non-performing loans at end-
March this year, up from INR316.71 billion ($4.92 billion) a year
earlier, the court order showed, Reuters discloses.


ESSAR STEEL: Expresses Liquidation Fears after RBI's Order
----------------------------------------------------------
The Economic Times reports that Essar Steel has told the Gujarat
High Court that its lenders did not initiate bankruptcy
proceedings against the steelmaker before the Reserve Bank of
India's June 13 order because of concerns that such a measure
would 'jeopardise' the company's operations.

Essar's counsel Mihir Thakore said the company, one of the 12
earmarked by the central bank for initiating loan recoveries,
believes that the use of the Insolvency and Bankruptcy Code (IBC)
by lenders may tip the company toward liquidation, ET relates.

According to the report, Essar Steel has defaulted on more than
INR40,000 crore of loans, and is contesting the central bank
order that it be tried under the bankruptcy courts.

ET relates that the company said its loans recast was almost
finalised, but delays by the lenders and the banking regulator's
selection of March 2016 as the cut-off date have bracketed it
together with less healthy companies.

Essar argued on July 14 that the company had learnt about the
bankruptcy proceedings through newspapers and was not aware of it
even when it met banks on June 22, the report says. Hence, it
should not be blamed for suppressing facts.

"Rs My debt restructuring proposal under JLF made in November
2016 remained ineffective. From January to June, none of the
banks initiated IBC on me even though they knew the fact that IBC
came into force from 16th December 2016," Essar's counsel, as
cited by ET, said. But central bank counsel Darius Khambatta
countered Thakore's argument, saying that the company's actions
amounted to suppressing material information.

"The material fact suppressed was the presentation made in the
June 22 meeting, where it acknowledged the NCLT proceedings, but
did not inform the court," the report quotes Khambatta as saying.

According to the report, State Bank of India and Standard
Chartered Bank, the two lenders, and the central bank have said
that Essar Steel was not revealing the correct picture of the
developments that led to the borrower facing tough recovery
measures from the banks.

The central bank has said that it had followed a scientific
process to identify 12 defaulters who should be tried under the
bankruptcy law, the report states. The list was created by the
Internal Advisory Committee under a metric that included a loan
threshold of INR5,000 crore with defaults, and where more than
60 per cent of the outstanding loans have already been classified
as bad by the lenders, the report says.

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.


GLENMARK PHARMA: Fitch Changes Outlook to Stable; Affirms BB IDR
----------------------------------------------------------------
Fitch Ratings has revised Glenmark Pharmaceuticals Ltd's Outlook
to Stable from Positive, and affirmed the Long-Term Issuer
Default Rating (IDR) at 'BB'. The agency also affirmed the rating
on Glenmark's USD200 million 4.50% senior unsecured notes due
2021 at 'BB'.

The revision in the Outlook reflects Fitch's expectation that
Glenmark's free cash flow will be largely neutral over the next
two years, and its credit ratios will not improve as previously
forecast. Glenmark's free cash flow remained negative in the
financial year ended March 31, 2017 (FY17) as profitability was
lower and cash taxes higher than Fitch expected. In Fitch's view,
the high cash taxes and sustained working capital investments
will curb free cash generation, even as profitability is likely
to narrow after the end of the exclusivity period in 1QFY18 for
Glenmark's generic version of Ezetimibe, which is used to treat
high cholesterol.

Glenmark's rating incorporates its geographically diversified
profile, a demonstrated track record of regulatory compliance and
a healthy product pipeline. Glenmark is smaller than other global
generic drug makers, but it has achieved healthy growth rates in
the US and India and benefits from its in-house R&D capabilities,
which support its novel drug development programme and generic
business.

KEY RATING DRIVERS

Financial Profile to Remain Stable:  Glenmark's financial
leverage, measured by adjusted net debt/operating EBITDAR,
improved to 2.0x in FY17 from 2.7x at end-FY16. This was because
negative free cash flow and the resultant increase in debt were
offset by the 44% increase in EBITDA following the launch of the
generic version of Ezetimibe in December 2016 and growth in the
base business. Fitch now expects Glenmark's EBITDAR margin to
narrow to 18.5% by FY19 (FY17: 23%), after the six-month
exclusivity period for Ezetimibe ended in 1QFY18. The downward
revision to Fitch forecasts also reflects the ongoing pressure on
generic drug prices in the US.

Fitch believes Glenmark's financial profile will remain well-
positioned for its rating, with financial leverage of around
2.0x-2.3x and fixed-charge coverage of above 5.0x over the medium
term, even though lower profitability, sustained high cash taxes
and working capital investments will result in neutral free cash
flow.

Small but Diversified: Glenmark's revenue and operating EBITDAR
are small compared with those of global major generic drugmakers,
but the risk of its small size is counterbalanced by its good
diversification in products and geographies. Scale and
diversification are important for generic drug companies to
maintain stable and durable margins. The company also has a
strong competitive position in its core therapy areas of
dermatology and respiratory.

Robust Domestic Position: Glenmark is the 15th-largest player by
value in the highly fragmented Indian market, with a market share
of 2.2% in FY17. Glenmark has continued to strengthen its market
positions in its focus areas of respiratory (fifth largest versus
sixth in FY16), cardiovascular (seventh largest versus eight) and
dermatology (second largest, unchanged). The Indian market
continues to remain physician-driven and focused on branded
generics. Pharmaceutical companies tend to compete through
focused marketing efforts in certain therapies rather than using
a volume-based strategy.

Strong Product Pipeline: Glenmark received 17 abbreviated new
drug application (ANDA) approvals (including tentative nods) from
the US Food and Drug Administration (FDA) in FY17. The company
has nearly 65 ANDAs in various stages of the approval process
with the US FDA, 25 of which are Paragraph IV applications
(implying a challenge to existing patents). In Fitch's view,
Glenmark's healthy product pipeline will enable a steady flow of
new product launches, particularly in the US, which will support
sales growth and protect margins, amid ongoing pricing pressure
in the generic pharmaceutical market.

Strong Production Base: Glenmark has continued to remain
compliant with the standards set by various regulators over the
years; the company has successfully cleared all inspections with
major regulatory agencies (such as US FDA and the UK's Medicines
and Healthcare products Regulatory Agency). This has helped
Glenmark to avoid any disruptions in its business as well as in
getting new ANDA approvals in a timely manner.

DERIVATION SUMMARY

Glenmark's 'BB' rating reflects its smaller scale and
diversification compared with large generic pharmaceutical
companies such as Teva Pharmaceuticals Industries Limited
(BBB/Stable) and Mylan N.V. (BBB-/Stable). Large players like
Teva and Mylan also benefit from their deeper and more-complex
product pipelines, which mitigate the price erosion risk.
Although similar in scale to Glenmark, Ache Laboratorios
Farmaceuticos S.A. (BB+/ Negative) benefits from higher margins
and a stronger financial profile although Brazil's Country
Ceiling constrains its rating. Glenmark's bigger scale,
diversified geographic presence and stronger regulatory track
record supports its higher rating compared with Jubilant Pharma
Limited (BB-/Stable). Glenmark's leverage compares well against
that of larger peers such as Teva and Mylan, given their
acquisitive focus. Nonetheless, Glenmark's weak free cash
generation constrains its financial profile relative to peers.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Consolidated revenue to increase by 8% to 12% annually over
   FY18-FY20
- Average EBITDAR margin to reduce to about 18.5% by FY19,
   reflecting completion of the exclusivity period available to
   Ezetimibe by 1Q FY18
- Annual capex of INR7 billion-9 billion in FY18-FY20
- Annual dividend payout of up to 10% of net income

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Maintaining EBITDAR margin in excess of 21%
- Sustained free cash flow generation
- Financial leverage (adjusted net debt to EBITDAR) sustained at
less than 1.5x (FY17: 2.0x)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Weakening of competitive position or any adverse US FDA action
- Deterioration in financial leverage (adjusted net debt to
EBITDAR) to more than 3.0x

LIQUIDITY

Robust Liquidity: Glenmark's readily available cash balance as of
March 31, 2017 of INR10.6 billion was more than sufficient to
meet INR1.9 billion of debt maturing in FY18 and the small FCF
deficit. There are no material debt maturities before FY22.

FULL LIST OF RATING ACTIONS

Glenmark Pharmaceuticals Ltd
-- Long-Term IDR affirmed at 'BB'; Outlook revised to
    Stable from Positive
-- Rating on USD200 million 4.50% senior unsecured notes due
    2021 affirmed at 'BB'


HENRAAJH FEEDS: CARE Revises Rating on INR18.78cr Loan to BB-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Henraajh Feeds India Private Limited (HFIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         18.78      CARE BB-; Stable Revised
   Facilities                        From CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating for the bank facilities of Henraajh
Feeds India Private Limited (HFIPL) takes into cognizance the
successful completion of project & commencement of operations as
envisaged However, the rating remain constrained by its
relatively small scale of operations, volatile input prices and
raw material availability risks due to exposure to vagaries of
nature, exposure to a highly price sensitive consumer segment and
presence in a highly competitive & fragmented industry with many
regional unorganized players. The rating, however, derives
strength from the experience of the promoters and satisfactory
growth prospects of the industry.

The ability to increase its scale of operations with improvement
in profit margins and management of working capital effectively
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively small scale of operations: The scale of operations of
HFIPL remained relatively small marked by a total operating
income of INR42.71 crore with a PAT of INR0.89 crore in FY17
(provisional; refers to the period April 1 to March 31).

Volatile input prices and raw material availability risks due to
exposure to vagaries of nature: HFIPL does not have any long-term
supply contract with its suppliers and purchase the same from
open market at spot price. Furthermore, the prices of major
inputs like DORB, maize, mustered oil cake, bajra, paddy husk,
etc, are mostly agricultural products and dependent on the
vagaries of nature. Accordingly, any volatility in input prices
due to vagaries of nature may adversely affect the profitability
of the company. Moreover, there may be a negative impact of
adverse climate conditions on the availability of raw materials.

Exposure to a highly price sensitive consumer segment: The
finished products are mainly consumed by cattle and poultry
farming firms, which are highly price sensitive segment and it
forces the company to sell their products at a relatively lower
price other than because of competition.

Highly competitive and fragmented industry with many regional
unorganized players: The cattle feed and poultry feed industry is
highly competitive and fragmented with many regional unorganized
players. HFIPL is expected to face severe competition from
unorganized players apart from availability of cheaper
substitutes (like cotton seedcake, copra, etc) exposing it to
pricing and profitability pressures.

Key Rating Strengths

Experienced promoters and long track record of operations: Mr
Jaydeep Srivastava (Managing Director) has around two decades of
experience in similar line of business. He is actively involved
in the day-to-day operations of the company with adequate support
from the other directors along with a team of experienced
personnel.

Satisfactory growth prospects of the industry: India is currently
among the largest livestock-producing countries in the world.
Cattle feed is given to milk producing animals and poultry feed
is given to chicken as a better substitute of traditional feeds
(ie, Oil cakes, Cereals, etc). In view of the expected rise in
per capita consumption of chicken meat, eggs and milk, livestock
production and productivity will grow. This indicates high growth
potential for livestock industry. Accordingly, the growth in
livestock industry coupled with increase in level of interest of
farmers will have a positive impact on the cattle feed and
poultry feed industry.

HFIPL was incorporated in 2013 by Mr Jaydeep Srivastava, Mrs Jaya
Srivastava and Mr Parimal Basak to set up a manufacturing unit
for cattle and poultry feeds. The company has successfully set up
the manufacturing plant for cattle and poultry feeds with
aggregate cost of INR15.32 crore. The manufacturing plant of the
company is located at Khajekalan, Patna, with aggregate installed
capacity of 99000 metric ton per annum. The plant became
operational from
May 2016 onwards.

The company has reported a PAT of INR0.89 crore on a total
operating income of INR42.71 crore during FY17.


HINDUSTAN PAPER: Units Seek INR900cr India Government Aid
---------------------------------------------------------
The Hindu BusinessLine reports that the officers and supervisors
of PSU firm Hindustan Paper Corp's Cachar and Nagaon paper mills
on July 16 requested the government to revive the units
immediately by pumping in about INR900 crore.

"The Nagaon unit's last production day was March 13 this year
with an output of 270 tonnes against an installed capacity of 300
tonnes a day. If we keep the unit more non-functional, the
investment to revive it will be higher," the report quotes Nagaon
Paper Mill (NPM) Officers' & Supervisors' Association President
Hemanta Kakati as saying at a press conference. The production at
Cachar Paper Mill has been stopped since October 2015, he added.

"If the government provides INR900 crore, then both the units can
start functioning immediately. Out of these, INR500 crore will be
required for paying the pending dues and salaries and INR400
crore as working capital for both Nagaon and Cachar units,"
Kakati said.

Hindustan Paper Corporation Ltd is a Government of India
Enterprise engaged in manufacturing pulp and paper of various
grade. It has pan-india operations from North Eastern Region to
Southern most Kerala. Writing and printing papers of all grades
are manufactured in the 2 plants located in Assam, Newsprint is
manufactured in the subsidiary Hindustan Newsprint Ltd Kerala.


KRISHNA STONE-TECH: CRISIL Reaffirms B+ Rating on INR0.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Krishna Stone-Tech
Private Limited (KST) continue to reflect KST's small scale of
operations in the highly competitive granite processing industry,
and average financial risk profile, marked by a small net worth.

                         Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Cash Credit             0.5      CRISIL B+/Stable (Reaffirmed)
   Export Packing Credit   9.2      CRISIL A4 (Reaffirmed)
   Foreign Bill
   Discounting             4.0      CRISIL A4 (Reaffirmed)

The ratings also factor in the susceptibility of the company's
operating margin to volatility in foreign exchange rate. These
rating weaknesses are partially offset by the benefits that KST
derives from its established market position in Bellary
(Karnataka), and the extensive experience of its promoter in the
granite processing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in highly competitive granite
industry:
Despite its longstanding presence in the industry, KST's scale of
operations continue remains small as reflected in revenue of
about Rs.46 crores in 2015-16 and processing capacity of 170,000
sq mt per annum. Furthermore, KST is in the granite-processing
industry, which is highly fragmented owing to low entry barriers
and is marked by the presence of a large number of players
catering to the domestic and international markets. The company
has posted, on a provisional basis, revenue of Rs.25 crores for
the 12 months ended March 31, 2017.

CRISIL believes that KST's small scale of operations and
susceptibility to intense competition from both the organised and
unorganised players in the granite industry will constrain its
business risk profile over the medium term.

* Average financial risk profile marked by small net worth
The company had small net worth of around Rs.8.92 crores as on
March 31, 2016. Gearing improved to 1.16 times as on March 31,
2016, as compared with 1.6 times as on March 31, 2015, on account
of steady repayment of equipment loans.
CRISIL believes that KST's financial risk profile will remain
average over the medium term, backed by stable operating margin
and absence of any major capex.

* Susceptibility to volatility in forex rates
KST derives around 90 per cent through exports. It mainly exports
to the UK, the UAE, Poland, and Iraq. KST's operating margin is
susceptible to volatility in raw material prices and forex rates
due to its low bargaining power on account of the fragmented
nature of industry.

Strength

* Established regional market position in Bellary (Karnataka) and
extensive experience of promoters in granite-processing industry:
KST has been in the business of processing and trading granite
stones since 1998. Owing to its longstanding industry presence,
KST has established relationships with suppliers and customers in
the international and domestic markets. KST's main markets
include Poland, Iraq, the UAE, and the UK. The UAE accounts for
nearly 50 per cent of its total exports. The company's key
customers in the UAE include Haaz Marbles and Arab Marble from
which it receives regular orders, thereby ensuring stability of
revenue. The company has a diversified geographical reach and
exports its products to the UAE and European countries.
Furthermore, its quality control division, supported by a team of
experienced professionals, aids the company in sourcing good-
quality rough blocks. The company's longstanding customer
relationships and ability to produce high-quality products enable
it to obtain repeat orders from clients, ensuring stability in
revenue.

CRISIL believes that the promoters' extensive industry experience
and established customer relationships will support KST's
business risk profile over the medium term.

Outlook: Stable

CRISIL believes that KST will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
increases its revenue and profitability leading to improved cash
accruals and capital structure. Conversely, the outlook may be
revised to 'Negative' if KST's working capital management
deteriorates, its relationships with customers weaken, or it
undertakes a large, debt-funded, capital expenditure (capex)
programme, further weakening its capital structure.

Set up in 1988 by Dr. D L Ramesh Gopal, Bellary-based KST is
engaged in processing and trading in granite slabs.

During 2015-16 (refers to financial year April 1 to March 31),
KST reported revenues of Rs.45.64 crore with Profit after Tax
(PAT) of Rs.1.57 crore as compared to revenues of Rs.36.29 crores
with PAT of Rs.0.69 crores in 2014-15.


LAKSHMI TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR3MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Lakshmi Transformers and Electricals.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         25       CRISIL A4 (Reaffirmed)
   Cash Credit             3       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit        9       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations, and subdued debt protection metrics. These weaknesses
are partially offset by its promoters' extensive experience in
the transformer segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:
LTE's modest scale of operations is reflected in operating income
of INR44.17 crore for fiscal 2017. The transformer industry in
India is highly fragmented in the lower voltage segment.

* Subdued debt protection metrics:
The debt protection metrics are subdued due to modest operating
margin and large creditors for which LTE also pays interest.
Interest coverage ratio has been in the range of 1.3-1.7 times
and net cash accrual to adjusted debt ratio in the range of -
0.10-0.10 time over the four years through fiscal 2017.

Strength

* Promoters' extensive experience in the transformers industry:
LTE's promoters, Mr Sanjay Singhal and his family members, have
experience of over 20 years in the transformer industry, which
has helped the firm establish relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes LTE will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if working capital management and debt protection
metrics improve. The outlook may be revised to 'Negative' if
there is pressure on revenue or profitability, or if liquidity
weakens because of larger-than-expected working capital
requirement driven by significant delay in collection of
receivables. Large capital withdrawal or debt-funded capital
expenditure may also result in a 'Negative' outlook.

Established in 1991 by Mr Sanjay Singhal and his family members,
LTE manufactures power and distribution transformers, from 10
kilovolt amperes (kVA) to 5000 kVA. Its manufacturing facilities
are at Agra in Uttar Pradesh, and at Haridwar in Uttarakhand.

Profit after tax was INR1.08 crore on operating income of
INR44.17 crore for fiscal 2017, vis-a-vis INR0.61 crore and
INR40.37 crore, respectively, for fiscal 2016.


MADHUSUDAN AGRAWAL: CARE Revises Rating on INR2cr Loan to BB-
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
M/s Madhusudan Agrawal (MDA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          2         CARE BB-; Stable Revised
   Facilities                        from CARE B+

   Short-term Bank
   Facilities              4         CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of M/s
Madhusudan Agrawal (MDA) is on account of improvement in scale of
operations, improved debt coverage indicators & operating cycle
and improved order book position. However, the ratings continue
to remain constrained by its proprietorship nature of
constitution, small scale of operation, susceptibility of
operating margin to volatility in input material prices and
labour charges, exposure to tender driven process risk and
intense competition within the industry owing to low entry
barrier and working capital intensive nature of operation. The
ratings, however, derive strength from its experienced proprietor
with long track record of operation, satisfactory order book
position and reputed clientele resulting in minimal default risk.

Going forward, receipt of contract proceeds in a timely manner
along with timely execution of the order backlog and the ability
to manage working capital effectively and raise resources to
manage growth in the scale of operation are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Proprietorship nature of constitution: MDA, being a
proprietorship entity, is exposed to inherent risk of
proprietor's capital being withdrawn at the time of personal
contingency. Furthermore, limited ability to raise capital and
poor succession planning may result in dissolution of the entity.
Small scale of operation: In FY17 (refers to the period April 1
to March 31 - provisional), the firm has achieved total operating
income of INR18.44 crore and a PAT of INR0.92 crore with y-o-y
growth in revenue of about 193.77%. The total capital employed
stood at INR10.28 crore as on March 31, 2017. However, despite
this growth, the scale of operation continued to be on the lower
side.

Susceptibility of operating margin to volatility in input
material prices and labor charges: The basic input materials for
execution of construction projects and works contracts are steel,
stone chips, bitumen and cement etc. The prices of which are
highly volatile. However, currently railway works contract have
price escalation clause which mitigate price volatility risk to
some extent. Furthermore, the operating margin of the entity is
exposed to any sudden spurt in the labour prices being in the
labour intensive industry.

Exposure to tender driven process risk and intense competition
within the industry owing to low entry barrier: The civil
construction space is highly competitive with many players
operating in the sector affecting the profitability of the
participants. Furthermore, the firm is largely dependent on
government authorities for orders and mainly procures its
orders through tender bidding and in a highly competitive
scenario; risk of non-receiving of contract in tender bidding is
also high.

Working capital intensive nature of operation: MDA's business,
being execution of construction projects, is working capital
intensive. The operating cycle has improved to 41 days during
FY17 on the back of improvement in collection period and
inventory period. Average utilization of its bank OD limit was
high at about 95% during the last 12 months ended on May 2017.

Key Rating Strengths

Experienced proprietor with long track record of operation: MDA
has been in operation since 1989, accordingly has a long track
record of operation. Furthermore, the entity is managed by Mr
Madhusudan Agrawal having over two decades of experience in
construction business.

Satisfactory order book position: The current order book position
has improved significantly from INR24.25 crore as on July 08,
2016 to INR60.72 crore (3.29x of FY17 total operating income) as
on June 14, 2017 to be executed within the next twelve months,
which shows near to medium term revenue visibility.

Reputed clientele resulting in minimal default risk: MDA focuses
mainly on construction of civil infrastructure projects,
like road projects, building, small bridges etc., mainly for The
South East Central Railway and other government departments which
resulted in minimal default risk.

M/s Madhusudan Agrawal (MDA) was established in 1989 as a
proprietorship entity by one Mr Madhusudan Agrawal of Bilaspur.
MDA participates in the tender process of various railway
projects of Indian Railway (primarily The South East Central
Railway division) and few other state government departments for
their civil construction projects like road, building, railway
station and related ancillary works. As on June 14, 2017, the
total works in hand orders was INR60.72 crore [3.29x the total
operating income of FY17 (provisional)]. Mr Madhusudan Agrawal
looks after the day to day operations of the entity.

During FY17 (provisional), the firm reported a total operating
income of INR18.44 crore (FY16 audited: INR6.28 crore) and a
PAT of INR0.92 crore (FY16 audited: INR0.28 crore).


MUKTSAR COTTON: ICRA Reaffirms B Rating on INR10cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR10.00
crore fund based limits of Muktsar Cotton Private Limited at
[ICRA]B. The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based-Cash
  Credit                 10.00       [ICRA]B (Stable) Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with MCPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

MCPL was incorporated in September 1996 and is engaged in cotton
ginning to produce cotton lint and cotton seeds. The company also
crushes cotton seeds to produce cotton seed oil and cotton seed
cake, however their proportion in the company's total sales is
modest. The company has a ginning unit in Muktsar (Punjab) with
32 ginning machines and 7 expellers and an installed capacity for
ginning 750 quintals of kapas and crushing 600 quintals of cotton
seeds per day. The entire cotton produced is sold to a group
company, which is engaged in cotton yarn spinning.


MUMS MEGA: ICRA Reaffirms 'B' Rating on INR95cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR95.00
crore bank facilities of Mums Mega Food Park Private Limited at
[ICRA]B. The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term bank
  facilities             95.00      [ICRA]B (Stable) Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with WDBL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA] B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Mums Mega Food Park Pvt. Ltd. (MMFPPL) is a special purpose
vehicle (SPV) which was incorporated, in January 2012, to
undertake Mega Food Park project in Buxar district of Bihar under
the Ministry of Food Processing Industries (MoFPI)' Mega Food
Parks Scheme. The SPV, based on its Expression of Interest
submitted to MoFPI, has been accorded In-principle Approval by
the Ministry for implementing the said project. The company is
promoted by Amrapali group which is a well established real
estate player in Delhi with execution track record of residential
and commercial project across NCR. The directors of the company
are Mr. Sanjeev Kumar Singh and Mr. Chandan Kumar.


NANIS BUILDCON: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nanis
Buildcon Private Limited (NBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility                10        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Nanis Buildcon
Private Limited (NBPL) is constrained on account of the project
execution risk, low booking status and high dependence on
customer advances. The rating is further constrained on account
of its presence in a highly competitive and cyclical real estate
industry with changing regulatory framework.

The rating, however, derives strength from the extensive
experience of the promoters in real estate development, receipt
of approvals and clearances for on-going projects and strategic
location of the projects.

The ability of the company to timely complete the projects within
envisaged cost, thereby enabling timely inflow of the receivables
and sell the inventory at estimated rates are the key rating
sensitivities. Furthermore, the ability to comply with the
regulatory changes will be crucial.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters in real estate development: The promoters
have a wide experience of more than a decade in real estate
business. Mr Yashwant Khodke, a first generation entrepreneur is
a civil engineer and has an experience of 25 years in the
industry through his association with various companies.

Strategic location of the projects: NBPL is currently developing
two projects at Bajaj Nagar and Sahakar Nagar respectively, in
Nagpur. Both the areas are within 7 km of the airport and railway
station, with proximity to various educational institutions,
schools and colleges.

Receipt of approvals and clearances for the projects: The company
has received all the necessary clearances and approvals for the
projects related to land acquisition and construction. The
requisite sanction plan of the buildings of the said project has
been approved by the Collectorate. Furthermore, the said land has
also been converted to nonagriculture use and environmental
clearance for the project has also been obtained.

Key Rating Weaknesses

Project execution risk emanating from low booking status: The
total cost of the projects is INR37.41 crore which is to be
funded by promoter's contribution of INR11.68 crore, debt from
bank of INR15 crore and customer advance/creditors of INR10.73
crore. As on March 31, 2017, the firm has incurred ~82% of the
total project cost and has sold ~45% of the total saleable area
however; none of the area has yet been registered.

Regulatory risk with the enforcement of The Real Estate
(Regulation and Development) Act, 2016:
The company is in process for registering its projects under
MAHA-RERA Maharashtra Real Estate Regulatory Authority) and is
expected to receive registration and comply with the act by the
end of July 2017. Any delay in getting registered with MAHA-RERA,
or in terms of compliance with the act, would result in a delay
the project and subsequently affect the revenue generating
ability of the company.

Cyclical nature of the real estate industry: The firm is exposed
to the cyclicality associated with the real estate sector which
has direct linkage with the general macroeconomic scenario,
interest rates and level of disposable income available with
individuals. In case of real estate companies, the profitability
is highly dependent on property markets. A high interest rate
scenario could discourage the consumers from borrowing to finance
the real estate purchases and may depress the real estate market.

Presence in a competitive environment: The real estate industry
in India is highly fragmented with most of the real estate
developers having region-specific presence. NBPL also faces
competition from other real-estate projects in the area. However,
Bajaj Nagar is a developed area with limited new projects under
construction.

Incorporated in February 2006, NBPL is a Nagpur based company
engaged in real estate development business and has completed 14
projects in Nagpur since its inception. Currently, NBPL is
developing two residential projects named "Nanis Vedant Peridot
(NVP)" and "Nanis Vedant Emerald (NVE)". NVP is a residential cum
commercial project situated at Bajaj Nagar, Nagpur with a total
saleable area of 0.30 lakh square feet (lsf). The project
comprises of one residential building with 14 luxurious 3BHK
flats and 0.07 lsf commercial spaces. The total cost of project
is estimated to be funded by promoter's contribution of 37%, term
loan of 35% and balance through customer advances. Furthermore,
NVE is a residential project which comprises of 2 and 3 BHK
apartments with a total saleable area of 0.30 lsf. The total cost
of project is expected to be funded by promoter's contribution of
11%, cash credit facility of 56% and balance through customer
advances.


NICCO CORP: Lenders Ask to Rework Firm's Debt Recast Plan
---------------------------------------------------------
The Economic Times reports that the debt-resolution process for
Nicco Corporation, one of the first companies to approach the
National Company Law Tribunal (NCLT), is still hanging in the
balance with lenders asking the company to rework its resolution
plan, according to sources close to the development.

"The committee of creditors has suggested some changes in the
resolution plan. To rework the plan, promoters would need some
more time, and creditors have agreed to seek an extension of the
deadline," Kunal Banerjee, the resolution professional for Nicco,
told ET.

IBC rules said the powers of the board of the company cease on
the appointment of a resolution professional, the report relates.

According to the report, the committee of creditors for Nicco has
agreed to seek a three-month extension, reflecting a failure in
completing the resolution process within 180 days, as stipulated
by IBC. NCLT had ordered insolvency resolution process against
Nicco Corp on January 18. Accordingly, the estimated date to
complete the process was July 16.

ET relates that the case has put IBC to the test as to whether
the system is geared up to finalise debt resolution for insolvent
companies in a time-bound manner. Nicco Corp, once a specialised
cable maker, had proposed to restructure the debt by selling off
part of its non-core assets, the report discloses. It had sought
fresh working-capital support from lenders to resume operations,
sources said. The company eroded its entire net worth and was
declared sick by BIFR in 2011, ET notes. It had declared a
"temporary suspension of work" at its plants in Shyamnagar and
Baripada from April 23, 2015, saying financial constraints had
left it with no alternative.

SBI, with the largest exposure in Nicco with about INR100 crore
declined to comment. "It is the policy of the bank not to comment
upon individual accounts and its treatment," the report quotes an
SBI spokesperson as saying.

The committee of creditors admitted a total fund-based claim of
INR278 crore from Nicco, the report discloses. Allahabad Bank has
the second largest claim at INR85 crore, followed by Canara
Bank's INR39 crore and Central Bank of India's INR18 crore. Other
creditors include Uco Bank, India SME Asset Reconstruction
Company and Industrial Promotion and Investment Corp. If the
committee of creditors fails to finalise a resolution plan even
after the extended 90-day period, the company will be liquidated,
ET notes.

"The Bankruptcy Code should not be taken as a mean for
liquidation of companies. Liquidation may reduce NPAs, but in the
process the substantial resources already deployed will be lost
with a huge loss to the overall economy and loss of employment,"
ET quotes Banerjee as saying.

Nicco Corporation Limited is engaged in the business of cables
and projects. The Company has two divisions: cable and project.
Its Power Cable Division produces a range of power cables. Its
Project Division, which is an engineering, procurement and
construction (EPC) contracting company, serves the refining, gas
handling and processing, petrochemicals and chemical process
industries. The Company produces a range of power, control,
instrumentation and telecom cables. Its products include LV
PVC/XLPE Power & Control Cables, Electron Beam Irradiated Cables,
Grooved Copper Conductor, HT & MV Power Cables, LV Power &
Control Cables, Building Wire (Electron Beam Irradiated) and
Electron Beam Irradiated Cables. Its products are exported to
Australia, Asia Pacific, South East Asia, Algeria and Middle East
and other countries. Its manufacturing units are located at
Baripada (Orissa) and at Kalyani (West Bengal).


PLATINO CLASSIC: ICRA Reaffirms B+ Rating on INR10cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR10.00-crore fund based facilities of Platino Classic Motors
(India) Private Limited (PCM) at [ICRA]B+. The outlook on the
long-term rating is stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Fund
  based                  10.00      [ICRA]B+ (Stable) reaffirmed

Rationale

As part of its process and in accordance with its rating
agreement with Platino Classic Motors (India) Private Limited,
ICRA has been trying to seek information from the company so as
to undertake a surveillance of the rating. Despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Platino Classic Motors (India) Private Limited is engaged in
automobile dealership of BMW cars in Kerala. PCM was incorporated
in 2007 by Mr. P.P Aashique who is currently the Managing
Director of the company. The first showroom was opened in
Ernakulum in 2007, following which other showrooms were opened in
Calicut in 2011 and in Trivandrum in 2015. The company is related
to Koyenco group, which has diverse business interests in
automobile dealerships and real estate, among others.


PRADEEP TRANSCORE: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Pradeep Transcore Private Limited (PTPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2        CRISIL A4 (Reaffirmed)
   Cash Credit            5.5      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       2.5      CRISIL A4 (Reaffirmed)

Revenue grew significantly by more than 200% fiscal-on-fiscal to
INRXX crore in 2017. Although the revenue is expected to moderate
to INR35-45 crore per fiscal over the medium term, it will remain
better than the past trends. Around 70% of the revenue is from
the major customer, GE Power India, and a longstanding
relationship and repeated order from this client provides revenue
visibility. The operating margin is expected to remain
susceptible to fluctuations in raw material prices.

Liquidity is moderate because of sufficient cash accrual to meet
incremental working requirement, as there isno repayment
obligation . This will lead to limited increase in the dependency
of bank borrowing. The bank limit utilisation stood at around
92.5% for the 12 months through March 2017.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets
(GCAs) were moderate at around 56 days as on March 31, 2017;
however, they have varied between 50-360 days in the past few
years. That's because 70-80% of the revenue is derived from, and
raw material requirement met by, a single party, GE Power India,
with which the company has flexible terms. The sustenance of the
improved working capital cycle would remain a key rating
sensitivity factor over the medium term.

* Modest scale of operations: Revenue was INR66.95 crore in
fiscal 2017. The modest scale of operations prevents significant
benefits from economies of scale. The company is likely to remain
a marginal player in the competitive electronic equipment and
instruments industry over the medium term.

Strengths

* Extensive experience of the promoters: The promoters have been
engaged in the electronic equipment and instruments industry for
around three decades. Previously, they operated S K Industries,
which was set up in the mid-1980s.

* Adequate financial risk profile: The financial risk profile is
adequate because of comfortable capital structure and debt
protection metrics. With the moderate profitability, prepayment
of debt, and absence of significant debt-funded capital
expenditure plans, the financial risk profile is expected to
remain adequate over the medium term.

Outlook: Stable

CRISIL believes PTPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of substantial and sustained revenue growth
and steady profitability, or improvement in working capital
management. The outlook may be revised to 'Negative' if working
capital management weakens, or there is large, debt-funded
capital expenditure, leading to weakening of the financial risk
profile.

PTPL was set up as a proprietorship firm, Pradeep Machinery
Tools, in 2003, and was reconstituted as a private limited
company with the present name in 2005. It manufactures
laminations from cold-rolled grain-oriented steel and solid
insulating components for power and distribution transformers. It
is based in Allahabad, Uttar Pradesh.

Profit after tax was INR15 lakh on turnover of INR66.95 crore for
fiscal 2017, vis-a-vis INR2 lakh and INR22.77 crore,
respectively, for fiscal 2016.


PRAPALSHA AGROS: ICRA Reaffirms B+ Rating on INR11cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR11.00-crore (enhanced from INR10.00 crore) bank facilities of
Prapalsha Agros Limited (PAL). The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             11.00      [ICRA]B+ (Stable); re-
                                     affirmed

Rationale

The rating is constrained by the company's weak financial profile
characterized by thin margins on account of trading nature of
business, high gearing, weak coverage indicators and constrained
liquidity position as reflected by full utilisation of the
working capital limits. The assigned rating is also constrained
by working capital intensive nature of the business on account of
high inventory due to seasonality associated with tobacco
availability and susceptibility to agro-climatic risks affecting
the raw material availability. However, the rating positively
factors in the long-standing experience of the promoter in
tobacco industry and established relationships of the company
with various cigarette manufacturing companies and tobacco
exporters resulting in repeat orders.

Going forward, the company's ability to improve its scale of
operations, while improving profitability and effectively manage
working capital requirements would remain the key rating
sensitivities.

Key rating drivers

Credit strengths

  * Vast experience of promoters in the tobacco industry

  * Established relationship with various tobacco aggregators,
    resulting in repeat orders.

  * Presence in the major tobacco growing area of Andhra Pradesh

Credit weakness

  * Small scale of operations limiting financial flexibility

  * Weak financial profile characterized by low profitability,
    high gearing and modest coverage indicators.

  * High working capital intensity on account of high inventory
    as the company stocks inventory for price appreciation

  * Exposure to raw material price volatility as it forms
    more than 90% of the total cost of production

  * Susceptibility to regulatory risks on tobacco production
    and auctioning and to climatic risks affecting tobacco
    availability

Description of key rating drivers

The company has been engaged in processing and trading of tobacco
which is highly working capital intensive and faces moderate
customer concentration with top five customers of the company
accounting for 57% of total sales in FY2017. The operating income
has witnessed a muted growth from INR26.23 crore in FY2016 to
INR26.94 crore in FY2017 owing to lower sales volumes with
reduced exports. The operating margins of the company have been
low owing to trading nature of operations and fluctuating RM
costs which forms around 90-95% of the total cost of production.

Prapalsha Agros Limited (PAL), established as a public limited
company by Mrs. M. Swarna Kumari, Mr. G. P .Srinivasa Rao and Mr.
B. Jaya Paul in 1998, has been engaged in processing and trading
tobacco leaf. The administrative office-cum-warehouse of the
concern is situated at Guntur district of Andhra Pradesh. The
company is registered with the Tobacco Board of India as a
tobacco dealer and exporter and can participate in the auctions
conducted by the Board.


PROTHOM INDUSTRIES: ICRA Lowers Rating on INR15cr LT Loan to D
--------------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from
[ICRA]BB- (Stable) for the INR15.00 crore long term NCD
facilities of Prothom Industries India Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term: (Non         15.00      [ICRA]D; Downgraded from
  Convertible                        [ICRA]BB- (Stable)
  Debentures)

Rationale

The revision in rating factors in the recent delay in payment of
interest on the NCD facilities by the company owing to delay in
receiving payments from customers leading to cash flow
mismatches.
The liquidity profile continues to remain tight, along with high
client concentration, leveraged capital structure and moderate
coverage indicators.

Key rating drivers

Credit Strengths

* Experienced promoter with background in diverse businesses

* Reputed client profile

Credit Weakness

* Delay in interest payment on NCD due to delay in receiving
   payment from customers resulting into cash flow mismatch.

* Tight liquidity profile on account of increasing working
   capital requirement in line with top line growth

* High client concentration risk

* Leveraged capital structure and moderate coverage indicators

Sensitivities

* Regularization of interest payment and ensuring timeliness of
   the same going forward

* Effective working capital management

* Timely completion of proposed capital expenditure coupled
   with effective capacity utilization

Description of key rating drivers highlighted above:

PIPL is engaged in contract manufacturing for global toy
companies. Currently it is dealing with a single client, Hasbro
Inc. which is one of the top ten toy manufacturers in the world.
The company has entered into an agreement with another client,
MGA Entertainment. Two more clients are expected to come on board
over near to medium future.

As PIPL is currently under expansion phase, the company is marked
by tight liquidity position on account of increasing working
capital requirement. On account of this, coupled with delay in
payments from clients, the company delayed on its interest
payments for the NCD. Further, clauses concerned with raising the
NCD require the management to raise a fresh equity before July
2017. The initial timeline for raising fresh equity was February
2017; however the timeline has been extended to July 2017. This
is also the pre-condition for raising the "tranche B" NCD which
is anticipated to be raised over short term. The failure of the
company to raise this fresh equity would give the existing
investors the right to ask from the company to prepay the amounts
due in whole or part. The company has so far raised "tranche A"
of NCD worth INR6.00 crore in December 2016. Also, the company
currently has high dependence on third party vendors for job
works such as moulding and painting, though the management plans
to raise an in-house moulding unit to save costs going forward.

Established in 2014, PIPL is a contract manufacturer of toys for
the global toy industry. Its plant is situated at Dighi (Pune).
The company primarily engages into assembling of toys at its
plant, while activities such as moulding and painting are
outsourced to vendors certified by the customers. Hasbro Inc. is
the single customer that the company currently caters to, and is
one of the world's largest toy manufacturers. The company started
with manufacturing two products for Hasbro, and currently
manufactures around eight products for the client, with few other
products in pipeline.


R.B. RICE: ICRA Assigns 'B' Rating to INR16.50cr Loan
-----------------------------------------------------
ICRA has assigned its rating of [ICRA]B on the INR16.50-crore
(enhanced from INR13.50-crore) fund-based bank facilities of
R.B. Rice Industries (RBRI). The outlook on the rating is
'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      16.50      [ICRA]B (Stable); Assigned/
                                     Outstanding
Rationale

ICRA's rating factors in decline in operating income in FY2017
which is however accompanied by reduction in debt levels.
The rating continues to factor in the weak financial profile and
stretched liquidity position of the firm as reflected by weak
profitability, low net worth base and elevated DEBT/OPBDITA
levels. The rating further continues to be constrained by
intensely competitive industry and agro-climatic risks that can
affect paddy availability in adverse weather conditions. ICRA has
also taken note of the risks, such as limited ability to raise
equity capital and risk of dissolution inherent in a partnership
firm.

The rating, however, continues to favorably take into account the
extensive experience of promoters in the rice industry and the
proximity of the mill to a major rice growing area, which results
in easy availability of paddy.

Going forward, the firm's ability to profitably increase its
scale of operations while improving its capital structure and
maintaining an optimal working capital intensity will be the key
rating sensitivity.

Key rating drivers

Credit strengths

  * Experienced promoters with long industry presence

  * Presence in a major rice growing area ensures easy
    availability of paddy

  * Good demand prospects as rice is a staple food grain and
    India is world's second largest producer and consumer

Credit weaknesses

  * Modest financial profile characterised by weak profitability,
    high gearing and weak coverage indicators

  * Intense competition due to low-entry barriers, which has
    resulted in the presence of numerous established players and
    a large base of unorganised small players

  * Agro-climatic risks affect paddy availability

  * Risks inherent in a partnership firm

Description of key rating drivers highlighted above:

The promoters and their family members have been involved in the
business of rice milling from more than a decade. The management
has a long track record in this business, which helps the firm to
add customers and provides an edge against its competitors.

The firm mainly procures traditional basmati, Pusa 1121,
Sharbati, varieties of paddy which differ in length, breadth,
aroma etc. The procurement is done through Aadhti firms from
different mandis located nearby. As the basmati variety is grown
only in the foothills of the Himalayas in India, the location of
the manufacturing facility ensures easy access to the basmati
paddy.

Rice industry is a intensely competitive industry, characterised
by low-entry barriers and thus a large number of unorganised
players and a few established players. This exerts pressure on
the margins of the firm.

Given that the majority of the basmati paddy is procured during
October-December (procurement season) and is held for 6-12 months
for ageing purposes (which fetches higher realisations), the
business is inherently working capital intensive. Also, given
that the firm operates in the agro- based industry, it remains
exposed to the inherent cyclicality, volatility in prices, and
changes in government regulations, not just domestically but also
the regulations of the export destinations.

R.B. Rice Industries (RBRI) is a partnership firm established in
2000. The firm is primarily engaged in milling of basmati rice.
RBRI's milling unit is based in Fazilka, Ferozepur, Punjab with
an installed capacity of 4 tons/hr. The firm purchases paddy from
the local markets in and around Jalalabad. The firm is also
involved in the export of rice to countries such as Iran, the UAE
and Iraq.

In FY2016, the firm reported a profit after tax (PAT) of INR0.23
crore on an operating income of INR80.07 crore as against a PAT
of INR0.23 crore on an operating income of 63.40 crore in FY2015.
In FY2017 (provisional); the firm reported an operating income of
INR64.77 crore.


RADHE SHYAM: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Radhe Shyam Cotton Industries (RCI) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             6       CRISIL B+/Stable (Reaffirmed)
   Term Loan               1       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive cotton ginning industry
and below-average financial risk profile because of small
networth, high gearing, and average debt protection metrics.
These weaknesses are partially offset by the extensive experience
of its promoters and proximity to cotton suppliers.

Analytical Approach

Unsecured loans have been treated as neither debt nor equity as
these carry an interest rate that is lower or equal to the market
rate, and are expected to remain in business over the medium
term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented industry: With
estimated revenue of INR47.0 crore in fiscal 2017, scale remains
modest in the intensely competitive cotton ginning industry that
has low entry barrier and faces volatility in cotton prices.


* Average financial risk profile: Gearing was high at 2.35 times
as on March 31, 2017, on account of estimated modest networth of
INR2.68 crore. Also, debt protection metrics were subdued, with
estimated interest coverage and net cash accrual to total debt
ratios of 2.09 times and 0.10 time, respectively, in fiscal 2017.

Strengths

* Extensive experience of promoters: Presence of over two decades
in the cotton industry has enabled the promoters to establish
strong relationship with customers.

* Proximity to cotton-growing belt in Gujarat results in easy
availability of raw cotton directly from farmers.

Outlook: Stable

CRISIL believes RCI will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if increase in networth due to equity
infusion or substantial cash accrual results in a better
financial risk profile. The outlook may be revised to 'Negative'
if significantly low revenue or operating profitability, higher-
than-expected withdrawal, stretch in working capital cycle, or
any large, debt-funded capital expenditure further weakens
financial risk profile.

Set up as a partnership firm in 2012 by Gujarat-based Patel
family, RCI gins and presses raw cotton (kapas) and also
processes cotton seed oil. Operations are managed by Mr. Manilal
Sankalchand Patel.

Profit before tax (PBT) was INR0.33 crore on net sales of INR36.0
crore for fiscal 2016, against INR0.26 crore and INR37.19 crore,
respectively, for fiscal 2015.


SAI CARTON: CRISIL Assigns 'B' Rating to INR4.0MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Sai Carton Manufacturing Company Private
Limited (SCMPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Rupee Term Loan        2.5       CRISIL B/Stable
   Cash Credit            4         CRISIL B/Stable
   Proposed Term Loan     1.5       CRISIL B/Stable

The rating reflects its modest scale of operations, weak
financial risk profile because of small networth and high
gearing, and large, debt-funded capital expenditure (capex).
These weaknesses are partially offset by the extensive experience
of promoters and diversified customer profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Despite 58% revenue growth year-on-
year to an estimated INR34 crore for fiscal 2017 from INR21.90
crore, scale remains small due to limited capacities.

* Weak financial risk profile: Networth was small at INR3.50
crore as on March 31, 2017, due to low accretion to reserves
following modest scale. Also, capital structure is moderately
leveraged, reflected in gearing of 1.49 times and total outside
liabilities to tangible networth ratio of 4.6 times.

* Exposure to risks associated with implementation of proposed
capex: Estimated Capex of INR10 crore in fiscal 2018 to increase
production capacity is expected to be funded in a debt-equity
ratio of 5:1. The company remains exposed to risks related to
timely completion of capex within budgeted cost, and subsequent
ramp up of operations.

Strengths

* Extensive experience of promoters: Presence of over two decades
in the packaging industry has enabled the promoters to gain sound
understanding of market dynamics and establish strong
relationship with customers and suppliers.

* Diversified customer profile: Clientele is spread across the
fast-moving customer goods, automobiles, home appliance, and
liquor industries; and includes reputed names such as Ikea India,
TVS Motors, the UB group, MTR Foods Pvt Ltd, and Adani Willmar
Ltd. Established customer relationship has led to repeat orders.

Outlook: Stable

CRISIL believes SCMPL will benefit over the medium term from the
extensive experience of its promoters and established
relationship with customers. The outlook may be revised to
'Positive' if earlier-than-expected stabilisation of capex
improves business and financial risk profiles. The outlook may be
revised to 'Negative' if time and cost overruns in capex or
decline in profitability margins further weaken capital
structure.

Established as proprietorship firm in 1996 and reconstituted as a
private limited company in 2002, SCMPL is promoted by Mr. H T
Krishna and Ms. B S Ramapriya and manufactures corrugated boxes
and wooden pallets that are used as packaging material.

Profit after tax (PAT) was at INR0.80 crore on operating income
of INR34.20 crore in fiscal 2017, against INR0.10 crore and
INR21.80 crore, respectively, in fiscal 2016.


SAR SENAPATI: ICRA Assigns 'B' Rating to INR152.14cr Term Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B and the short-
term rating of [ICRA]A4  to the INR172.14 crore fund-based
facilities and INR11.03 crore unallocated amount of Sar Senapati
Santaji Ghorpade Sugar Factory Limited (SSFL). The outlook on the
long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Term
  Loan                  152.14       [ICRA]B (Stable) Assigned

  Fund-based-Cash
  Credit                 20.00       [ICRA]B (Stable) Assigned

  Unallocated            11.03       [ICRA]B (Stable) and
                                     [ICRA]A4 Assigned

Rationale

The assigned ratings take into consideration long standing
promoter experience of two and a half decades in the sugar
industry and forward integrated operations of the company in the
form of distillery and co-generation unit, which provides better
competitive position. The company has established relations with
local farmers, which facilitates adequate and timely supply of
cane from both command as well as non-command area. The ratings
also factor in healthy sugar recovery resulting in improved
viability of cane crushing. The ratings, however, remain
constrained by high working capital intensity inherent in the
sugar business due to high inventory levels and leveraged capital
structure and stretched coverage metrics with gearing of 4.0x and
TD/OPBDITA of 5.4x as on March 2017. The company has significant
annual debt repayment obligations of around INR31 crore in the
near to medium term and its timely fulfillment will remain
contingent upon achieving adequate crushing period and managing
the working capital intensity by timely liquidation of sugar
stock. ICRA also takes note of the company's operations being
exposed to the agro climatic conditions, the cyclicality and the
seasonality in the sugar business, and the government regulations
prevalent in the sugar industry.

Key rating drivers

Credit strengths

  * Long standing experience of promoter in the sugar industry

  * Forward integrated operations in the form of distillery and
    co-generation unit

  * Established relations with local farmers ensuring adequate
    supply of sugarcane

  * Healthy sugar recovery resulting in improved viability of
    cane crushing

Credit weaknesses

  * High working capital intensity inherent in the sugar industry

  * Leveraged capital structure and stretched coverage metrics

  * Significant debt repayments scheduled in near to medium term

  * Cost structure of the company remains exposed to agro
    climatic risks and cyclical trends in sugar business

  * The company' operations remain exposed to government
    regulations prevalent in the sugar industry

Sensitivities

   * Achieving adequate crushing period

   * Managing working capital intensity by timely liquidation of
     sugar stock

   * Any adverse movement in cane prices and agro climatic
     Conditions

Description of key rating drivers:

The promoters have around 25 years of experience in the sugar
industry and wide acceptance among the local farmers which
facilitates adequate and timely cane procurement and ensures
adequate crushing period. The operations of the company are
forward integrated in the form of distillery unit of 30 kilo
litres per day (KLPD) and co-generation unit of 23 mega watt (MW)
which provides better competitive position and some cushion
against cyclicality and seasonality in the sugar business. Good
quality of cane available in the command area of the company
results in healthy sugar recovery of around 12-13% which improves
viability of cane crushing.

The company has high working capital intensity (around 34% in
FY2017) resulting from high inventory levels prevalent in the
sugar business and thus timely liquidation of sugar stock at
adequate prices remains one of the critical factors for
maintaining profitability. On account of high debt levels and
thin accruals the capital structure and coverage metrics of the
company remain stretched. Further, the company has significant
annual debt repayment obligations of around INR31 crore in near
to medium term which is expected to keep company's liquidity
position under stress. The company's operations remain exposed to
various government regulations prevalent in the sugar industry
such as cane pricing and export/import norms. Owing to absence of
any rationale linkage between cane price and sugar realisation,
the profitability of sugar mill operations remain exposed to
fluctuations. Moreover, the cost structure and capacity
utilisation of the company is dependent upon various agro
climatic conditions including monsoon and cyclicality in the
sugar business.

SSFL, incorporated in the year 2011, is involved in the sugar
manufacturing with an installed sugar mill capacity of 4,800
tonnes crush per day (TCD). The company is promoted by Mr.
Hasanso Mushrif who is a Member of Legislative Assembly (MLA)
from Kagal constituency (Kolhapur, Maharashtra) and an Ex-Labour
Minister, Government of Maharashtra. The company's operations are
forward integrated in the form of 30 KLPD distillery unit and 23
MW co-generation unit. The sugar plant is located in village
Belewadi Kalamma, Kagal in Kolhapur district of Maharashtra. The
company commenced its commercial operations in December 2014.


SHALLOW CERAMIC: ICRA Ups Rating on INR4.00cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ on the
INR7.40-crore bank facilities and reaffirmed the short-term
rating at [IRA]A4 on the INR1.70-crore non fund-based bank
facility of Shallow Ceramic Private Limited (SCPL). The outlook
on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  4.00      [ICRA]B+(Stable) upgraded
                                    from [ICRA]B

  Fund-based-Term
  Loan                    2.87      [ICRA]B+(Stable) upgraded
                                    from [ICRA]B

  Unallocated             0.53      [ICRA]B+(Stable) upgraded
                                    from [ICRA]B

  Non Fund-based-
  Bank Guarantee          1.70      [ICRA]A4 reaffirmed

Rationale

The upgrade in the long term rating takes into account the
stabilisation of operations with healthy capacity utilisation and
achievement of estimated operating parameters. Nonetheless, the
ratings continue to remain constrained by the company's
relatively modest scale of operations, weak coverage indicators
and high receivable cycle. The ratings also factor in the highly
fragmented nature of the tiles industry, which results in intense
competition; the cyclical nature of the real estate industry,
which is the main end-user sector; and the exposure of
profitability to volatility in raw material and gas/coal prices.
The ratings, however, continue to favourably factor in the past
experience of promoters in the ceramic industry and the proximity
of the plant to raw material sources in Morbi (Gujarat).

Key rating drivers

Credit strengths

  * Extensive experience of the partners in the ceramic industry
    of over 25 years

  * Proximity to raw material sources

Credit weaknesses

  * Relatively modest scale of operations coupled with weak
    financial profile characterised by stretched capital
    structure, weak coverage indicators and high working
    capital intensity

  * Competitive business environment, given the fragmented nature
    of the industry and the company's focus on single product
    profile

  * Profitability to remain susceptible to volatility in raw
    material and fuel prices

  * Vulnerability of profitability and cash flows to cyclicality
    inherent in the real estate industry, which is the main
    consuming sector

Description of key rating drivers:

The company has maintained healthy capacity utilisation since
commencement of operations with ~85% of plant capacity in FY2016
and FY2017. In FY2017 the sales volume as well as sales
realisations have stood in line with FY2016 with sales volume of
18,349 MT and sales realisation of INR10,008 per MT. The company
continued to focus more in the domestic market with 70% of sales
from Kerala, 20% of sales from Gujarat and rest from other parts
of India. Despite stable operating income in FY2017, the profit
margins deteriorated marginally due to increase in power & fuel
expenses. The capital structure remained adverse due to impending
term loan repayments and high working capital affected by
stretched debtors. The company's scale of operations is expected
to register moderate growth in medium term, though will remain
constrained by the overall plant capacity. The operating
profitability would continue to remain vulnerable to adverse
fluctuations in raw material and fuel prices. The capital
structure is expected to remain leveraged, though the gearing
level would moderate with estimated accruals and timely debt
repayments. SCPL's ability to manage its working capital
efficiency while improving profit margins and meeting debt
repayment obligations will remain the credit rating sensitivity.

Incorporated in May 2014, Shallow Ceramic Private Limited (SCPL)
manufactures ceramic wall tiles. The company's manufacturing
facility, located in Morbi, Gujarat with an installed capacity of
manufacturing 25,200 MTPA, became operational in February, 2015.
SCPL currently manufactures digitally-printed ceramic wall tiles
of two sizes 10 cm X 15 cm and 12 cm X 18 cm. The promoters have
long years of experience in the ceramic industry through their
association with another tile-manufacturing entity; Segway
Ceramics.

The firm reported a net profit of INR0.11 crore on an operating
income of INR16.18 crore for the year ending March 31, 2017.


SHIV DAL: CARE Assigns B+ Rating to INR10cr Long Term Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shiv
Dal Mill (SDM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Shiv Dal Mill (SDM)
is constrained by its constitution as a partnership firm, nascent
stage with operations stabilization risk, volatility in prices of
raw materials with exposure to vagaries of nature, working
capital intensive nature of operations and fragmented and
competitive nature of industry. The rating, however, derives
strength from experienced partners and favourable demand outlook
of its products.

Going forward, the ability of SDM to achieve the envisaged
revenue and profit margins and effective management of working
capital will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Partnership nature of constitution: SDM, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.

Nascent stage with operations stabilization risk: SDM has set up
a processing unit for pulses of all varieties with aggregate cost
of INR9.56 crore funded by term loan of INR5.00 crore and balance
from partners' capital of INR4.56 crore. The plant became
operational from April, 2017. Hence, the firm has an extremely
short track record of operations. Since, the plant is already
operational the project execution risk is mitigated. However,
there exists risk relating to stabilization of operations at the
newly commissioned unit and off-take of its products.

Volatility in the prices of raw materials with exposure to
vagaries of nature: The cultivation of pulses happens seasonally
and the same is stored for the consumption throughout the year.
The prices of pulses remain lower in the harvesting season
whereas in off season the price of the pulses goes up as per the
demand and supply in the market.

Also, agro products cultivation is highly dependent on monsoons,
thus, exposing the fate of the firm's operation to vagaries of
nature.

Working capital intensive nature of operations: The operation of
the firm is working capital intensive as the firm is required to
hold inventories of raw material due to its seasonal availability
for smooth running of production process as well as timely supply
of its customers demand.

Fragmented and competitive nature of industry: Processing of
pulses business is highly fragmented due to presence of huge
small players owing to low entry barrier and low capital
requirement. Furthermore, SDM being new in the industry is facing
stiff competition from the organised as well as unorganised
players.

Key Rating Strengths

Experienced partners: The partners, Mr Jakir Hossain and Mr Montu
Rahaman have over a decade of experience in biris manufacturing
business through their family business.

Favourable demand outlook of its products: The demand for pulses
is high than the actual production which happens in India and
thus, short-fall is met by imports from other countries.
Therefore, the demand outlook for pulses is estimated to remain
favourable in the domestic market going forward.

SDM was established as a partnership firm via partnership deed
dated August 20, 2014, by two partners namely Mr Jakir Hossain
and Mr Montu Rahaman for setting up a manufacturing unit for
processing of pulses of all varieties. The firm has already set
up its manufacturing plant located at Murshidabad, West Bengal
with aggregate cost of INR9.56 crore funded by term loan of
INR5.00 crore and balance from partners' capital of INR4.56
crore. The plant became operational from April, 2017.


SHREEYAM POWER: ICRA Reaffirms D Rating on INR721.74cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term and short-term ratings at
[ICRA]D on the INR923.17 crore bank lines of Shreeyam Power &
Steel Industries Ltd.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans            721.74       [ICRA]D; Reaffirmed
  Fund Based Limits      80.00       [ICRA]D; Reaffirmed
  Non Fund Based
  Limits                121.43       [ICRA]D; Reaffirmed

Rationale

The rating action is based on the continued delays in the
company's debt servicing. As part of its process and in
accordance with its rating agreement with SPSIL, ICRA has been
trying to seek information from the company so as to undertake a
surveillance of the ratings, but despite repeated requests by
ICRA, the company's management has remained non-cooperative. In
the absence of requisite information, ICRA's Rating Committee has
taken a rating view based on best available information. In line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating is now denoted as: "[ICRA]
D ISSUER NOT COOPERATING". The lenders, investors and other
market participants may exercise appropriate caution while using
this rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

   * Experienced promoters with long track record of operations
     in the steel industry.

Credit weaknesses

   * Stretched liquidity position as referred by delays in
     servicing of interest payments & repayments of term loans,
     working capital borrowings and devolvements of LCs.

   * Registered with Board for Industrial and Financial
     Reconstruction (BIFR), after being declared as sick
     industrial company.

   * Weak Financial profile as referred by net loss and cash
     loss over last 6 years (FY11-FY16), erosion of Net Worth,
     weak coverage indicators and stretched payable days.

   * Low capacity utilization of the company's units due to
     inadequate availability of raw material. Further, the
     company's Raw material purchases (both indigenous and
     imports) are backed by LCs and the company does not have
     adequate NFB limits for procuring raw material.

   * Exposure to cyclicality of steel industry leading to
     volatility in the demand and realizations of the company.

   * Susceptibility to variability in raw material prices and
     foreign exchange movements.

Description of rating drivers

The promoters of SPSIL have long track record of operations in
the steel industry. The company continues to remain in stretched
liquidity position which has resulted in overdrawal of working
capital limits, devolvement of letter of credit and non servicing
of other debt obligations. SPSIL has been declared sick by the
Board for Industrial and Financial Reconstruction (BIFR) wef
April 1, 2014, however a final approval on the proposed Debt
Rehabilitation Scheme (DRS) is still pending. The company
continues to depict weak financial performance as reflected by
erosion of net worth, net losses and weak coverage indicators
during FY2016. Further, the company's Pithampur unit is still non
operational but its Gandhidham unit has been operating at sub-
optimal levels (due to lack of adequate working capital funds)
resulting in low capacity utilization. The inherent cyclical
nature of the steel industry exposes the company's sales to
volatility in the demand. Furthermore, SPSIL's profitability is
exposed to variation in raw material prices which is further
escalated by the fact that company does not have access to
captive raw material sources.

Shreeyam Power and Steel Industries Limited (formerly Ruchi Power
& Steel Industries Ltd.) was incorporated in July 1995. The
company is a part of Ruchi Group which has diversified interests
including commodities, iron and steel, real estate, milk products
etc. SPSIL has been promoted by Mr. Santosh Shahra who is a
graduate in Mechanical Engineering from Indore University and has
over 35 years of experience in steel business. Apart from SPSIL,
Mr. Shahra is also associated with National Steel and Agro
Industries Limited which involved in manufacturing of flat steel
products namely Cold Rolled Coils, Galvanized steel and
Galvanized Colour Coated steel products in various grades. SPSIL
has two manufacturing units, one each in Gandhidham (Gujarat) and
Pithampur (Madhya Pradesh). The Pithampur unit is not operational
and the company plans to sell off this unit.


SHRIRAM TRANSPORT: Proposed Merger No Impact on Fitch BB+ Rating
----------------------------------------------------------------
The ratings of Shriram Transport Finance Company Limited
(BB+/Stable) are not immediately affected by a recent
announcement that the IDFC Group and Shriram Group intend to
explore the possibility of a merger, Fitch Ratings says.

Shriram Transport, the flagship company of the Shriram Group that
provides financing for used commercial vehicles, is unlikely to
be affected based on the proposed group structure. The proposal
will maintain Shriram Transport as a separate subsidiary that
will be 100% owned by the merged entity, alongside IDFC Bank, the
main operating entity under IDFC Group. However, the structure
itself may encounter stiff regulatory challenge.

The IDFC Group and Shriram Group said on July 8, 2017 that they
have agreed to exclusively discuss a merger plan over a 90-day
period. During this time, the managements would look to finalise
details such as the swap ratio, and seek the requisite approvals
from various regulators overseeing the banking, insurance, and
capital markets.

Fitch believes regulatory approval from the Reserve Bank of India
(RBI) will be the biggest hurdle to the proposed merger. The RBI
had previously taken the view that banks cannot undertake any
business activity through a separate entity that can be done
within the bank; and the proposed structure of having a non-bank
financial institution alongside the bank could be a significant
barrier to the merger. While the managements believe that the
RBI's on-tap bank licensing guidelines issued in 2016 take a more
considered view on this aspect, Fitch believes the central bank
has not fundamentally altered its stance. Shriram Transport's
main business is used commercial vehicle financing, which is also
undertaken by various other banks.

In the event the merger proceeds, Fitch would review the final
terms of the merger and assess the impact on the rating based on
the final structure, the role of Shriram Transport within the
larger IDFC Group and any potential synergies that Shriram
Transport may derive from the merger. Any changes that materially
alter or impact Shriram Transport's standalone profile could lead
to a review of its rating. While it may be difficult to assess
the impact of the merger now, the agency is cautious about the
potential benefits for Shriram Transport, which has a unique
business model, and a different customer base and distinct
culture compared with IDFC Group, which transformed from an
infrastructure finance company to a commercial bank in 2015.

The proposed merger also includes the combination of various
other Shriram Group entities with IDFC Group companies. Shriram
City Union Finance, the group's consumer finance arm, would be
merged with IDFC Bank, which would put IDFC Bank on a par with
Shriram Transport in terms of loans. Shriram Group entities have
significantly better valuations than IDFC Group entities, which
makes the pricing crucial for the merger to proceed. The
managements of the two sides have indicated that the merger,
should it happen, will take at least 12 months to complete.

For more details on Fitch's rating on Shriram Transport, please
see Fitch Affirms India's Shriram Transport Finance's 'BB+'
Rating, published February 7, 2017.


SHRIVARDHMAN MILK: ICRA Reaffirms B+ Rating on INR3.30cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR5.75
crore fund based limits of Shrivardhman Milk Dairy Private
Limited at [ICRA]B+. The outlook on the long term rating is
Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Cash
  Credit                  3.30      [ICRA]B+ (Stable) Reaffirmed

  Fund Based-Term
  Loan                    2.45      [ICRA]B+ (Stable) Reaffirmed

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SAPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Incorporated in 2006, SMDPL is promoted by Tholia family in
Jaipur, Rajasthan. The company is engaged in the business of
processing of milk, milk products and sweets like Rasgulla, Gulab
Jamun etc. The manufacturing plant of the company is located in
RIICO Industrial Area, Kaladera, Rajasthan. SMDPL started its
business as a job-worker for Reliance for packaging of
pasteurized milk and later on forward integrated into
manufacturing of other products like ghee, sweets etc.


SPRAY ENGINEERING: ICRA Downgrades Rating on INR25.96cr Loan to D
-----------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]BB-
(Stable) on the INR27.77 crore bank facilities (including
unallocated limits of INR1.81 crore) of Spray Engineering Devices
Ltd.  ICRA has also revised its short term rating to [ICRA] D
from [ICRA] A4 on the INR16.00 crore non fund based bank
facilities of SEDL.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based Limits        25.96      Revised to [ICRA]D from
                                      [ICRA]BB- (Stable)

  Non-fund-based Limits    16.00      Revised to [ICRA]D from
                                      [ICRA] A4

  Unallocated               1.81      Revised to [ICRA]D from
                                      [ICRA]BB- (Stable)

Rationale

The key driver of the rating revision is the delay in servicing
the debt obligations due to cashflow pressures. SEDL has had high
level of debtors over the years owing to various factors
including weak industry scenario in the past and build up of
retention money. SEDL's bank limits remain highly utilized, even
as the working capital cycle has improved in FY2017. ICRA notes
that the company has provided for bad and doubtful debts. ICRA
notes the steady growth revenue and the build up in order book.
Going forward, a track record of the timely debt servicing will
be the key rating sensitivity.

Key rating drivers

Credit Weakness

  * Delay in debt servicing due to cashflow pressures

  * High level of debtors and payables

Strengths

  * Steady growth in revenues over the last four years,
    improvement in net profits

  * Established position in the domestic sugar machinery with
    reputed client portfolio consisting of various national
    and international sugar companies

Description of key rating drivers:

SEDL has had high level of debtors over the years owing to
various factors including weak industry scenario in the past and
build up of retention money. The company in the past has also
provided for bad and doubtful debts. In FY2017, SEDL's working
capital intensity reduced to 14% from 31% in FY2016,
1 For complete rating scale and definitions, please refer to
ICRA's website www.icra.in or other ICRA Rating Publications.
however level of debtors and payables remained high at INR31.57
crores as on March 31, 2017. With bank limits being highly
utilized, the company has not been able to efficiently manage its
cash flows which resulted in a delay in principal payments for
its only term loan. This occurred in the backdrop of a healthy
order book and profit growth indicating the company inability to
arrange growth funding in a timely fashion.

SEDL was formed by the merger of two partnership firms- namely
Spray Engineering Devices and C&C Systems which came into effect
from December 1, 2004. The company is involved in the
manufacturing of equipment for sugar mills, mainly energy saving
devices, automation devices and condensers. The company's
manufacturing facilities are located at Baddi, Himachal Pradesh.
The company is promoted by Verma family and had received an
investment of INR30 crore in the year 2006.

On a provisional basis, SEDL reported a net profit of INR4.24
crore on an operating income of INR153.10 crore in FY2017, as
compared to a net profit of INR1.30 crore on operating income of
INR80.03 crore in the previous year.


SPECIALITY POLYMERS: ICRA Lowers Rating on INR55.50cr Loan to D
---------------------------------------------------------------
ICRA has downgraded the long term rating to [ICRA]D from
[ICRA]BB+(Stable) for the INR55.50 crore fund based facilities of
Speciality Polymers Private Limited (SPPL). ICRA has also
downgraded the short term rating to [ICRA]D from [ICRA]A4+
(pronounced ICRA A four plus) for the INR16.10 crore non-fund
based facilities and INR8.50 crore fund based sublimit facilities
of SPPL.

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund Based Limits        55.50     [ICRA]D; downgraded from
                                     [ICRA]BB+(Stable)

  Fund Based Sub-limits    (8.50)    [ICRA]D; downgraded from
                                     [ICRA]A4+

   Non Fund Based Limits   16.10     [ICRA]D; downgraded from
                                     [ICRA]A4+

Rationale

The ratings revision of SPPL takes into account the ongoing
delays in debt servicing owing to strained liquidity position
arising from delays in commencement of its newly setup facility.
The ratings continue to be constrained by the highly competitive
business environment given the fragmented industry structure,
limiting pricing flexibility and the vulnerability of its
profitability to the fluctuation in exchange rates.
Going forward, a track record of the timely debt servicing will
be the key rating sensitivity.

Key rating drivers

Credit weaknesses

  * Delays in debt servicing owing to strained liquidity position

  * Margins exposed to currency fluctuations

  * Highly competitive business environment given the fragmented
    industry structure

Description of key rating drivers:

SPPL was in the midst of a major capex whereby the company has
set up a new factory in Ambernath MIDC in the outskirts of Mumbai
with an installed capacity of 63,000 MT per annum. The said capex
was expected to substantially increase the total capacity to
75,000 MT per annum in the near term. While the said project was
completed there have been substantial delays in the commencement
of the project mainly due to labour related issues. This has led
to worsening of critical cost drivers which thereby strained the
liquidity position of the company leading to delays in debt
servicing.

Incorporated in October, 1988, Speciality Polymers Private
limited (SPPL) is engaged in the business of manufacture of
various types of emulsions , adhesives, binders, construction
chemicals etc. The company has its manufacturing unit located at
Badlapur, Thane with an installed capacity of 12,000 MTPA and a
new manufacturing set up with an installed capacity of 63000 MTPA
in Ambernath MIDC, Thane.


SREE VINAYAKA: ICRA Reaffirms 'B' Rating on INR4.0cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B for the
INR7.60 crore fund based facilities and the short term rating at
[ICRA]A4 for the INR3.40 crore unallocated Limits of Sree
Vinayaka Rice Mill (SVRM) . The outlook on the long term rating
is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              3.60       [ICRA]B (Stable); Reaffirmed
  Cash Credit            4.00       [ICRA]B (Stable); Reaffirmed
  Unallocated            3.40       [ICRA]A4; Reaffirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SVRM, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B(Stable)/A4 ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or
no updated information on the company's performance since the
time it was last rated.

Key rating drivers

Credit strengths

  * Presence in a major rice growing area results in easy
    availability of rice

  * Experience of the promoters in Rice Milling and trading
    Industries

  * Healthy demand prospects as SVRM caters to Andhra Pradesh,
    Kerala markets primarily, where rice is a major staple food

Credit weaknesses

  * Weak financial profile characterized by low profitability,
    high gearing and moderate coverage indicators

  * Small scale of operations

  * Risk arising from partnership nature of the firm

  * Highly competitive and fragmented industry limits ability
    to extract premiums

  * Agro climatic risks, which can affect the availability of
   the paddy in adverse weather conditions

Description of key rating drivers:

SVRM is located at Rangampeta mandal of East Godavari district of
Andhra Pradesh. The firm is promoted by Mr.P.Ranga Rao, Mr.P.
Ravi Kumar. The promoters are well experienced in rice milling
business and the unit will be run under the direct supervision &
control of the promoters. As the mill is located in a major paddy
growing region, all the paddy requirements are met locally
through direct purchases from farmers and from traders in some
months. Paddy is purchased regularly from the farmers against
immediate payments during the paddy season.

The firm derives majority of its revenues from trading of paddy
which accounted for 83% of sales in FY2015, whereas rice sales
accounted for 12% of revenues. While rice is the main product of
the milling process, the by-products are bran, broken rice, ash
and husk. SVRM supplies raw rice to the Andhra Pradesh State
Civil Supply Corporation (APSCSC), while boiled rice is supplied
to the Food Corporation of India (FCI) and also sold in the open
market. Open market sales are made in Kerala, Tamil Nadu and
Karnataka through commission-based agents. SLVRI exports rice
primarily through merchant exporters.

Rice was earlier procured for the central government pool under
the statutory levy system on rice millers and rice dealers. Under
the levy system, the rice millers had to first supply to FCI, the
percentage of rice levy as fixed by the state government. Only
after meeting the levy requirement, the millers can sell the levy
free rice in the open market at market rates. The prices of levy
rice were fixed by the central government before commencement of
every Kharif Marketing Season (KMS). However, this system has
been abolished in October 2015.

Sree Vinayaka Rice Mill (SVRM) was established as a partnership
firm in the year 2011. The firm had setup a rice mill with
production capacity of 13 TPD to produce raw & boiled rice. The
Firm operates in three shifts per day. The unit is located at
Rangampeta mandal of East Godavari district of Andhra Pradesh.
The firm is promoted by Mr. P. Ranga Rao, Mr. P. Ravi Kumar.


SUPER INFRATECH: CARE Assigns 'D' Rating to INR10.74cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Super
Infratech Private Limited (SIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.14       CARE D Assigned

   Short-term Bank
   Facilities            10.74       CARE D Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SIPL are primarily
constrained by its ongoing delays in debt servicing owing to weak
liquidity driven by stretched debtors.

Ability of the company to improve its liquidity positions and
timely servicing of its debt obligations will remain as the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing owing to weak liquidity driven
by stretched debtors
SIPL mainly executes contracts of public sector units like Public
Works Department (Dibrugarh), Central Public Works Department
(Guwahati), etc. The stretched payment mechanism adopted by the
government authorities has resulted to high collection period
during last three years (i.e. FY14-FY16). Currently, the company
is facing cash crunch due to delay in receipt of collection from
its debtors owing to the stretched payment mechanism adopted by
the public sector unit. Furthermore, the average collection
period deteriorated and remained high during last three years and
the same stood at 451 days in FY16. Therefore the company's
operations remained highly working capital intensive and
accordingly SIPL is highly dependent on the external borrowings
for funding its sizable working capital requirement. Accordingly
the average utilization of fund based limits remained on the
higher side around 100% during last 12 months ended in May 2017.

Further there are various instances of over drawings in fund
based limits during last 12 months and the over drawings are
regularized within 30 to 60 days. Currently there are ongoing
delay in repayment of term loan installments and interest
servicing.

SIPL was incorporated in March 2001 by Mr. Sujit Bordoloi and
Mrs. Tribeni Bordoloi. Since its inception, the company has been
engaged in civil construction activities for state and central
government in the segment like construction of buildings, drains
and roads. The company is classified as Class - 1 contractor by
Public Works Division, Assam which indicates that the company can
participate for higher value contracts release by government
departments. SIPL participates in tenders and executes orders for
the Public Works Department (Dibrugarh), Central Public Works
Department (Guwahati), etc. The company has an order book
position of INR42.00 crore (3.50x of FY17 total operating income)
as on May 31, 2017 which is to be completed by September 2019.

During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR10.54 crore
(FY15: INR17.36 crore) and a PAT of INR0.47 crore (in FY15:
INR0.80 crore). During FY17, the company has booked turnover
of INR12.00 crore.


TIMBLO DRYDOCKS: ICRA Withdraws B+ Rating on INR50cr Loan
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 outstanding on the bank facilities of
INR140.00 crore of Timblo Drydocks Private Limited (TDPL).

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash
  Credit                  50.00       [ICRA]B+; withdrawn

  Non-fund based-
  LC/Buyer's Credit       15.00       [ICRA]A4; withdrawn

  Non-fund based-
  Bank Guarantee          75.00       [ICRA]A4; withdrawn

Rationale

The company has requested for withdrawal of the bank facilities
being rated and hence the ratings are being withdrawn.

Timblo Drydocks Private Limited (TDPL) was started in 1973 by
Late Mr. Pandurang Timblo as a ship-repair unit for undertaking
repairs for barges. It carried out major and minor repair works
for different categories of vessels till 2008, post which it
ventured into construction of small size vessels. Up to FY2011,
it undertook construction of barges. Subsequently, it started
construction of several large vessels including Offshore Service
Vehicle (OSV), dredger, container vessel etc. The company also
has a fibre division, wherein it builds various types of Fibre
Reinforced Plastics (FRPs), especially for the defence sector.
The flagship of the PTI group is Panduronga Timblo Industrias
(PTI). PTI is involved in iron ore mining in Goa. It has 15
leases, of which 5 mines are operational.


U GOENKA: ICRA Lowers Rating on INR27cr Loan to D
-------------------------------------------------
ICRA has revised long-term rating on the INR1.00 crore fund based
limit of U Goenka Sons Private Limited (UGSPL) to [ICRA]D from
[ICRA]B. ICRA has also revised the short-term rating to [ICRA]D
from [ICRA]A4 on the INR27.00 crore non-fund based limit of
UGSPL.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund Based Limit        1.00     [ICRA]D; Revised from [ICRA]B
  Non-Fund Based Limit   27.00     [ICRA]D; Revised from [ICRA]A4

Rationale

The revision in rating factors in the recent delays in servicing
of debt obligations on account of weak liquidity position,
arising out of decline in sales. The bank limits also remains
fully utilized and there have been instances of devolvement of
letter of credits.

Key rating drivers

Credit weaknesses

  * Delay in debt servicing due to weak liquidity position

  * Weak financial risk profile characterized by low
    profitability, weak capital structure and debt coverage
    indicators

  * Intense competition from other unorganized and organized
    players in the industry

  * Exposure to fluctuations in raw material prices

  * Profitability vulnerable to exchange rate fluctuations as
    the company meets its procurements entirely through imports

Description of key rating drivers:

UGSPL is engaged in the trading of pulses, beans and other agro
commodities. The product portfolio consists of- primarily chick
peas, green peas, yellow peas, toor dal and others. The
profitability of the company continued to remain weak due to
trading nature of the business. Also the profitability of the
company remained exposed to weather fluctuation, demand, raw
material prices and forex risk. With muted sales off take along
with bank limits being over-utilized, the liquidity profile
remains stressed.

U Goenka Sons Private Limited (UGSPL) is a trading house engaged
in trading of all types of pulses and beans. The company
currently caters to the domestic markets. The major products
include green peas, chick peas, toor daal, black matpe and yellow
peas. The company largely imports the agro products which are
then sold in the domestic market.

UGSPL recorded a net profit of INR0.5 crore on an operating
income of INR110.7 crore for the financial year ended March 31,
2016 as against a net profit of INR0.2 crore on an operating
income of INR83.1 crore for the year ended March 31, 2015.


VASU COCO: ICRA Assigns 'D' Rating to INR43cr Term Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR43.00
crore term loan facilities of Vasu Coco Resorts Private Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term: Term
  loan facilities         43.00       [ICRA]D; Assigned

Rationale

VCRPL owns a 60 room property in Vayalur, Kerala set up at a cost
of INR65.0 crore funded through INR38.0 crore of debt. Being in
its nascent stages, operational metrics of the company have
remained at levels lower than peers in the region impacting cash
accruals and limiting its ability to honor debt obligations.
Aggressive pricing policy, small scale of operations and weak
demand in the region eroded the net worth position on account of
continuous losses leading to restructuring its loans in FY2013
through a funded interest term loan. With repayment obligation of
~INR2.0-5.0 crore pa., the company continues to delay in
servicing its debt obligations by 30-45 days. That said, the
company enjoys strong brand equity on account of its management
contract with Sarovar Hotels and Resorts Private Limited which
lends operational and marketing support. Going forward, ability
to improve its operational metrics and attract higher tourist
footfalls remain critical to improvement in VCRPL's liquidity
profile.

Key rating drivers

Credit strengths

  * Management contract with Sarovar Hotels and Resorts Private
    Limited, which provides brand recognition, operational
    support and aids sales through its wide network

Credit weaknesses

  * Current delays in debt servicing due to liquidity constraints
    owing to nascent stage of operations

  * Capital structure characterized by high gearing and stretched
    coverage indicators

  * Small scale of operation with single property and inventory
    of 60 rooms

  * Cyclicality associated with hotel industry leading to
    moderation in revenues

Description of key rating drivers:

VCRPL, is a 60 room property located in Vayalur, Kerala (57kms
from the Cochin airport) which commenced its operations in April
2012 primarily catering to the leisure / tourism segment. The
property was set up at a cost of around INR65.0 crore funded
through INR38.0 crore of term debt. Small scale of operations and
aggressive pricing strategy led to weak liquidity position for
the company impacting its cash accruals and hence its debt
servicing ability. The same led to restructuring of its corporate
loans in FY2013.

That said, the management contract with Sarovar Hotels and
Resorts Private Limited has aided in terms of operational and
marketing support. However, with accruals not being commensurate
with the annual debt obligations ranging between ~INR 2.0-5.0
crore, VCRPL continues to delay in servicing its principal and
interest payments.

Going forward, ability to improve its operational metrics and
attract higher tourist footfalls remains critical to improving
VCRPL's liquidity profile.

Vasu Coco Resorts Private Limited owns the 60-room 5-star
property 'Vasundhara Sarovar Premiere' hotel in Vayalar, Kerala;
which is managed by Sarovar Hotels and Resorts Private Limited.
The property offers a mix of rooms, which include regular rooms,
suites, heritage rooms and cottages, floating cottages and also
two house boats. The property also has three F&B outlets, which
includes a multi cuisine restaurant, a sea food specialty
restaurant and a poolside cafe. The property also offers other
services like bar, spa/health centre and boating services.
As per provisional results, the company reported a net loss of
INR6.7 crore on an operating income of INR11.4 crore during
FY2017 as against a net loss of INR6.6 crore on an operating
income of INR11.4 crore during FY2016 (audited).


VEERA TECHNO: CRISIL Reaffirms B Rating on INR5.0MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Veera
Techno Trec Private Limited (VTTPL) at 'CRISIL B/Stable/CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee        13.5      CRISIL A4 (Reaffirmed)
   Cash Credit            5.0      CRISIL B/Stable (Reaffirmed)

Revenue growth was healthy in fiscal 2017 on account of large
government orders. Turnover is expected to sustain over the
medium term with order book of around INR60 crore, to be executed
in the next two years. Operating margin is expected to be 5-6%.

However, operations are working capital-intensive, with estimated
gross current assets of 300 days as on March 31, 2017, due to
sizeable inventory of 130 days. Working capital requirement will
remain large over the medium term.

Liquidity is stretched, reflected in fully utilized bank limit
with instances of overdrawn limit, which were, however,
regularized in 10-15 days. Limit was overdrawn due to delay in
payment from government entities. Net cash accrual is likely to
be INR40-45 lakh per annum against nil debt obligation over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: Capital structure is moderate
and debt protection metrics weak. Financial risk profile will
remain subdued over the medium term.

* Modest scale of operations: The company has a modest scale of
operations in manufacturing switches, glued joints, turnouts,
amongst others, catering primarily to the railways sector. CRISIL
believes that the modest scale of operations would constrain the
business profile of the company.

Strengths:

* Extensive experience of promoters: Presence of over two decades
in the switches segment through group concern (Gopal Industries)
has enabled the promoters to understand market dynamics and
diversify product portfolio to include turnouts, which will yield
higher margins over the medium term.

Outlook: Stable

CRISIL believes VTTPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if working capital cycle, liquidity, and capital
structure improve substantially and sustainably. Deterioration in
liquidity on account of increase in raw material prices, lower
profitability, and stretch in working capital cycle may drive a
revision in outlook to 'Negative'.

Incorporated in 2003, VTTPL is an approved Research Designs &
Standards Organisation Part-1 supplier of switches, switch
expansion joints, and thick web switches to the Indian Railways.
The company was taken over by Mr. Gopal Saha and Mr. Niladri Saha
in fiscal 2006. Manufacturing facilities are in Rohtak, Haryana.

Profit after tax is estimated at INR16 lakh on turnover of
INR23.67 crore for fiscal 2017, vis-a-vis INR4 lakh and INR16.91
crore, respectively, for fiscal 2016.


YASHVEER CERAMICS: ICRA Reaffirms 'B' Rating on INR8.25cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR3.00 crore cash credit facility and the INR5.25 crore term
loans facility of Yashveer Ceramics (YC). ICRA has reaffirmed the
short-term rating of [ICRA]A4 on the INR2.00 crore non-fund based
bank guarantee facility of YC. The outlook on the long-term
rating is 'Stable'.

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based Limits         8.25     [ICRA]B (Stable); reaffirmed
  Non-fund based Limits     2.00     [ICRA]A4; reaffirmed

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with YC, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable)/A4 ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

  * Experience of key promoters in the ceramic industry

  * Firm's location in Morbi, India's ceramic hub provides easy
    access to raw material sources

Credit weaknesses

  * Vulnerability of profitability and cash flows to cyclicality
    inherent in the real estate industry, which is the main
   consuming sector

  * Vulnerability of profitability to availability and increasing
    prices of gas, as gas is its major source of fuel

  * Competitive business environment with presence of large
    established organized tile manufacturers as well as
    unorganized players

  * Partnership firm; any substantial withdrawals from capital
    account would impact the net worth and thereby the gearing
    level

Description of key rating drivers:

Yashveer Ceramic (YC) is engaged in manufacturing of wall tiles
with its plant situated at Morbi, Gujarat. The firm was
established in 2010 and the commercial production of wall tiles
commenced in May 2011. It manufactures wall tiles having sizes of
18"x12" and 12"x24". Raw material and power &fuel cost
constitutes major proportion to the total cost. Hence,
availability of cheaper raw material and fuel can command price
competitiveness over its peers. Yashveer Ceramic sells its
products through a network of dealers/ distributors present
across the country that caters to both retail and the
institutional customers. It markets its product under the brand
name of 'Yashveer'. YC is predominantly a domestic player with
bulk of the volumes coming from the domestic retail market. The
company's presence in the highly fragmented ceramic industry,
which is characterised by intense competition, limits its pricing
flexibility. This in turn reduces the firm's ability to
effectively pass on the increase in raw material prices to
customers.

Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant
situated at Morbi, Gujarat. The firm was established in 2010, and
commenced commercial operations from May 2011. Yashveer Ceramics
is promoted by Mr. Vipul Patel having 10 years of experience in
ceramic industry along with other partners.It currently
manufactures wall tiles of sizes 18"x12" and 12"x24" with the
current set of machineries and production facilities.


ZAVERI EXPORTS: ICRA Hikes Rating on INR13cr Loan to 'B-'
---------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B- from [ICRA]C+
to the INR13.00-crore fund-based limits of Zaveri Exports Pvt.
Ltd. The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limits      13.00      [ICRA]B-(Stable) Upgraded
                                    from [ICRA]C+

Rationale

The rating upgrade takes into account increase in operating
income from INR43.56 crore in FY2016 to INR71.00 crore in FY2017
owing to increase in bullion trading sales and jewellery sales.
The rating also favourably factors in long experience of the
promoters in the jewellery retail business and favourable long-
term outlook of the jewellery industry supported by several
socio-economic and cultural factors that are unique to the Indian
market. The rating, however, is constrained by ZEPL's weak
financial risk profile characterised by interest coverage ratio
of 1.49 times in 10MFY2017, high gearing of 3.98 times as on
January 31, 2017; working capital intensive nature of the
business owing to high inventory levels; geographical
concentration risk inherent to a single-retail outlet business
and small scale of operations in the intensely competitive gems-
and-jewellery retail industry.

Going forward, the company's ability to improve revenues and
manage its working capital requirements effectively will be the
key credit-rating sensitivities.

Key rating drivers

Credit strengths

  * Increase in operating income from INR43.56 crore in FY2016
    to INR71.00 crore in FY2017

  * Long track record of the promoters in the jewellery retailing
    Business

  * Favorable long term outlook for jewellery industry supported
    by several socio-economic and cultural factors that are
    unique to the Indian market

Credit weaknesses

  * Weak financial profile, with nominal profits, low cash
    accruals, stretched capital structure and coverage
    indicators

  * Working capital intensive nature of business, owing to
    requirement of high inventory level

  * Geographical concentration risk inherent to single retail
    outlet business

  * Small scale operation in industry characterised by intense
    competition and rapid expansion by larger players

Description of key rating drivers:

The promoter, Mr. Sunil Tayal, has more than two decades of
experience in jewellery retailing business.

ZEPL is into the business of manufacturing and trading of gold
jewellery, diamond jewellery and stone studded jewellery. Apart
from the sale in domestic market, the company also exports
jewellery on the basis of orders received in various exhibitions.
In the past, exports were made to Dubai and USA. The company
operates with a single showroom about 2000 square feet of retail
area in Hyderabad. The company faces competition from other
smaller showrooms in the city as well as from unorganized
players. ZEPL does not hedge its position in the bullion market
and as a result carries the entire risk in its inventory.
The operating income increased from INR43.56 crore in FY2016 to
INR71.00 crore in FY2017 owing to increase in bullion trading
sales and jewellery sales. The gearing of the company has
decreased from 4.37 times as on March 31, 2016 compared to 3.98
times as on January 31, 2017 owing to improved net-worth levels.
The interest coverage has increased from 1.25 times for FY2016 to
1.49 times in 10M FY2017 owing to overall increase in absolute
OPBDIT levels.

ZEPL was incorporated as a private limited company in 2001 and is
promoted by Mr. Sunil Tayal. The company manufactures and exports
studded and plain gold, silver and platinum jewellery. The
company's jewellery collection ranges from 22-karat gold
jewellery to 18-karat jewellery studded with diamonds, gemstones
like rubies, emeralds, sapphires and semi-precious stones. ZEPL
sells all forms of jewellery, including earrings, necklaces,
bangles, rings, anklets, pendants, bracelets, brooches, pins and
silverware. The company has one retail showroom at Abids,
Hyderabad.


* INDIA: Banks Need $2.8BB Provisioning for Bankruptcy Cases
------------------------------------------------------------
Reuters, citing India Ratings and Research, reports that Indian
banks taking 12 of the country's largest defaulters to bankruptcy
court under a central bank directive, will need to make
additional provisioning of at least INR180 billion ($2.8
billion).

India Ratings, an affiliate of Fitch Ratings, estimated the
current average provisioning towards those 12 accounts at
42 percent, adding the extra provisioning needed would reduce the
profits of creditor banks by about a quarter in the financial
year to March 2018, Reuters relates.

According to Reuters, the Reserve Bank of India last month asked
creditor banks to begin insolvency proceedings against 12 of the
country's biggest loan defaulters, and subsequently mandated that
the banks would need to make provision for up to 50 percent of
the amount of soured loans.

The 12 companies account for INR1.78 trillion ($27.7 billion) in
non-performing bank loans, Reuters discloses citing RBI data.

Banks had total non-performing loans of about INR7.29 trillion,
or 5 percent of the gross domestic product, as of end-March,
Reuters notes.


* INDIA: HDFC Has INR909cr Exposure in 1 of 12 Insolvent Accounts
-----------------------------------------------------------------
The Economic Times reports that Housing Development Finance
Corp., said it has exposure of INR909 crore in one of the 12
accounts referred by the Reserve Bank of India for resolution
under the insolvency and bankruptcy code.

In a filing with the Bombay Stock Exchange, HDFC said as at
March 31, 2017, the account was not a non-performing loan, as a
prudent measure it had made adequate provision against this
exposure. "At this stage, the corporation is of the belief that
no further provisioning is required on this exposure for the
quarter ended June 201," HDFC, as cited by ET, said.

In June 2017, RBI's internal advisory committee had identified
various accounts for reference under insolvency and bankruptcy
code, the report recalls.  Banks are referring these cases to the
National Company Law Tribunal (NCLT). The total exposure of
lenders to these 12 accounts are more than INR2 lakh crore.

According to the report, HDFC said that profit on sale of
investments for the quarter ended June 30, 2017, was INR2 crore
compared to INR922 crore in corresponding quarter of the previous
year, on account of sale of shares of HDFC Ergo.

During the quarter, HDFC assigned loans amounting to INR2,458
crore to HDFC Bank in the quarter ended June 2017compared to
INR3,296 crore in same period last year. It sold loans worth
INR464 crore to another bank against INR1,812 crore in the
corresponding period of the last financial year, the report
discloses.



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


ABM INVESTAMA: Moody's Assigns Ba3 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service has assigned a Ba3 corporate family
rating to ABM Investama Tbk (P.T.) (ABM).

The rating outlook is stable.

At the same time, Moody's has assigned a Ba3 rating to the
proposed senior unsecured bond issued by ABM.

This is the first time that Moody's has assigned a rating to ABM.

The bond proceeds, along with cash on hand, will be used to
refinance existing corporate debt of the restricted group.

RATINGS RATIONALE

"The Ba3 rating reflects ABM's track record of maintaining a
strong performance through the cycle, supported by its integrated
operations and focus on costs," says Saranga Ranasinghe, a
Moody's Assistant Vice President and Analyst.

ABM's subsidiaries are present across multiple stages of the coal
supply chain. ABM benefits from synergies and cost efficiencies
of owning the supply chain from pit to port.

"The rating also takes into consideration ABM's moderate
financial profile, supported by its prudent capital management
and resilient performance during the recent downturn in coal
prices," adds Ranasinghe.

Utilizing cash on hand and cash flow from operations, ABM has
paid down around $166 million of debt since 2012. ABM's reported
debt at the end of March 2017 was $508 million, down from $674
million at the end of 2012. ABM made voluntary repayments of $15
million in 2016, $25 million in March 2017, and another US$10m in
June 2017. This reflects the company's commitment to maintaining
a prudent capital structure and its conservative financial
policies.

At the same time, ABM has managed the down cycle by materially
reducing its capital expenditure to minimize the impact on its
cash flows.

Under Moody's price expectations for Newcastle thermal coal at
$65-$70 per ton, Moody's expects ABM's adjusted debt/EBITDA will
remain below 3.0x in the next 12-18 months, providing the company
with financial flexibility and adequate liquidity to execute its
business plan.

The rating is constrained by ABM's high exposure to the cyclical
thermal coal industry, small scale, execution risk over the next
12-18 months related to the extension of reserve life at one its
key mines, as well as customer concentration risk, given that a
few key contracts make up a substantial portion of earnings for
the company.

Moody's notes that ABM's power business, PT Sumberdaya Sewatama
(Sewatama) is not part of the restricted group, and that Sewatama
will continue to operate as an independent entity with no support
from ABM.

The stable outlook reflects Moody's expectation that ABM will
increase its coal volumes and extend the mine life in the next
12-18 months. The stable outlook also reflects Moody's
expectation that the company will maintain its prudent operating
and financial policies.

Upward rating pressure over the next 2 years is unlikely, given
ABM's small scale compared to peers, reliance on predominantly
two mines for coal production and high degree of customer
concentration.

Nevertheless, upward rating pressure could emerge over time if
the company reduces its customer concentration, establishes long
reserve lives at key mines, reduces its reliance on the cyclical
coal industry and improves financial flexibility, such that its
financial leverage (excluding Sewatama), as measured by total
debt/EBITDA, falls below 2.5x; and EBIT/interest (excluding
Sewatama) rises above 3.0x on a sustained basis.

On the other hand, downward pressure on the rating could emerge
as a result of: (1) a failure to extend mine life and/or a
reduction in expected coal volumes; or (2) a failure to maintain
or increase volumes in its mining services business; or (3) any
evidence of cash leakage to Sewatama.

Specific indicators Moody's would look for include total
debt/EBITDA (excluding Sewatama) remaining above 3.5x; and
EBIT/interest (excluding Sewatama) falling below 2.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

ABM is an integrated energy company with investments in coal
mining, mining services, engineering and logistics and power
generation.

The company was listed on the Indonesian stock exchange in
December 2011. PT Tiara Margo Trakindo (unrated) owns 23% of the
company while another 55% is held by Valle Verde PTE LTD
(unrated).



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


TAKATA CORP: Taps Prime Clerk as Claims Agent
---------------------------------------------
TK Holdings Inc. received approval from the U.S. Bankruptcy Court
for the District of Delaware to hire Prime Clerk LLC as its
claims and noticing agent.

The firm will oversee the distribution of notices, and the
maintenance and processing of claims filed in the Chapter 11
cases of the company and its affiliates.

The hourly rates charged by the firm are:

     Analyst                                  $25 - $45
     Technology Consultant                    $35 - $75
     Consultant/Senior Consultant            $60 - $155
     Director                               $165 - $180
     Solicitation Consultant                       $170
     Director of Solicitation                      $190

Prior to their bankruptcy filing, the Debtors provided Prime
Clerk a retainer in the amount of $75,000.

Shai Waisman, chief executive officer of Prime Clerk, disclosed
in a court filing that the firm is a "disinterested person" as
defined in section 101(14) of the Bankruptcy Code.

Prime Clerk can be reached through:

     Shai Y. Waisman
     Prime Clerk LLC
     830 Third Avenue, 9th Floor
     New York, NY 10022
     Phone: (212) 257-5450

                     About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP  and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.  Prime Clerk is the claims and noticing
agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The
Canadian Court appointed FTI Consulting Canada Inc. as
information officer.  TK Holdings, as the foreign representative,
is represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.  Pachulski Stang Ziehl & Jones LLP  represents the
Official Committee of Tort Claimants as bankruptcy counsel.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.


TOSHIBA CORP: SK Hynix Drops Demand for Voting Stake in Chip Unit
-----------------------------------------------------------------
The Japan Times reports that SK Hynix Inc., a member of the
international consortium favored to purchase Toshiba Corp.'s
flash memory subsidiary, has dropped its demand for voting rights
in the unit, sources said.

The major semiconductor maker has informed related parties of its
intention to provide lending to the acquisition framework of the
consortium, which is led by the government-backed Innovation
Network Corp. of Japan, the sources said, The Japan Times
relates.

According to the report, the decision removes the biggest
obstacle to uniting the members of the consortium, which was
picked on June 21 as the preferential bidder for Toshiba Memory
Corp.

Following a petition filed by U.S. hard disk drive maker Western
Digital Corp. for an injunction to block the sale of Toshiba
Memory, a California superior court held off making a decision on
July 14, a step that could make it possible for Toshiba to
conclude a deal to sell the unit, the report says.

If the conflict within the Japanese-U.S.-South Korean consortium
is resolved, Toshiba will be in a better position when it holds
talks with Western Digital, its joint partner in the flash memory
business, the report relates. The struggling electronics and
machinery giant needs to sell the prized flash memory unit to
erase its negative net worth by March 2018 so it can remain
listed on the Tokyo Stock Exchange. The situation was caused by
huge losses at Westinghouse, its U.S. nuclear energy business.

After becoming the preferred bidder, the consortium was thrown
into disarray by SK Hynix's demand for a voting stake in its
rival. SK Hynix was originally added to provide funding to U.S.
investment fund Bain Capital, another member of the group.

If SK Hynix sticks to its demand for the stake, the consortium's
bid to acquire the flash memory firm could face a protracted
antitrust screening, clouding the prospects for reaching an
agreement by March 2018, the report states.

The Japan Times says the negotiations have been delayed
substantially by the demand and by the strong opposition put up
by Toshiba's partner Western Digital.

Some in the consortium have called for bringing Western Digital
into the consortium to help sort out the legal difficulties
between it and Toshiba.

Following SK Hynix's decision, Toshiba aims to conclude the deal
by the end of July, the sources, as cited by The Japan Times,
said.

According to the report, partners Toshiba and Western Digital are
fighting over issue because Toshiba's goal is to raise as much
money as possible from the sale and Western Digital's goal is to
acquire the highly competitive unit for itself.

In addition to the petition for the California court injunction,
Western Digital has taken its case to the International Court of
Arbitration of the Paris-based International Chamber of Commerce.
Toshiba has meanwhile asked the Tokyo District Court to seek an
injunction ordering Western Digital to stop interfering with the
sale, the report says.

The two companies cannot part ways to continue production at
their flash memory joint venture, a source said.

In the exchange of lawsuits, each is believed to be aiming for a
favorable out-of-court settlement. Toshiba and Western Digital
are likely to seek a compromise during the ICA proceedings in
August and beyond, industry watchers said, The Japan Times adds.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications.  The long- and short-term ratings on
Toshiba have remained on CreditWatch with negative implications
since December 2016, when S&P also lowered the long-term ratings
because of a likelihood that the company might recognize massive
losses in its U.S. nuclear power business.  S&P kept them on
CreditWatch negative when it lowered the long- and short-term
ratings in January 2017 and when S&P lowered the long-term
ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.


TOSHIBA: INCJ Won't Sign Deal if SK Hynix Demands Voting Stake
--------------------------------------------------------------
The Japan Times reports that Innovation Network Corp. of Japan
won't sign the deal to purchase Toshiba Corp.'s flash memory unit
if any change is made to the acquisition framework proposed for
an INCJ-led international consortium, the head of the state-
backed fund has warned.

The warning by INCJ Chairman and CEO Toshiyuki Shiga comes after
SK Hynix Inc., the South Korean member of the consortium,
recently demanded that it receive a voting stake in Toshiba
Memory Corp. Under the existing framework, it is providing funds
in the form of lending.

"We will review our resolution" on the participation in the
consortium if the framework is changed, Shiga told reporters on
July 14.

Shiga noted that a voting stake for SK Hynix was not included in
the consortium's framework when INCJ won approval to participate.

The INCJ is Toshiba's preferred bidder for the chip unit, which
it desperately needs to sell to offset crippling losses from U.S.
nuclear power unit Westinghouse.

                           About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 19, 2017, S&P Global Ratings said it has kept its 'CCC-'
long-term and 'C' short-term ratings on Japan-based capital goods
and diversified electronics company Toshiba Corp. on CreditWatch
with negative implications.  The long- and short-term ratings on
Toshiba have remained on CreditWatch with negative implications
since December 2016, when S&P also lowered the long-term ratings
because of a likelihood that the company might recognize massive
losses in its U.S. nuclear power business.  S&P kept them on
CreditWatch negative when it lowered the long- and short-term
ratings in January 2017 and when S&P lowered the long-term
ratings in March 2017.

The ratings remain on CreditWatch, reflecting S&P's view that
creditor banks' support for Toshiba together with the company's
liquidity levels warrant continued close monitoring because its
plan to sell its memory business has yet to materialize and
additional losses or financial burdens might still arise in
connection with its U.S. nuclear power business.  S&P continues
to hold the view that without unanticipated, significantly
favorable changes in Toshiba's circumstances, the company might
become unable to fulfill its financial obligations in a timely
manner or might undertake a debt restructuring S&P classifies as
distressed in the next six months.



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


KUANTAN FLOUR: Gets Extension to Submit Restructuring Plan
----------------------------------------------------------
The Sun Daily reports that Kuantan Flour Mills Bhd (KFM) has
received the approval from Bursa Securities for an extension of
time up to September 30 to submit its regularisation plan.

The company told Bursa Malaysia that it had received a letter
dated July 10 from Bursa Securities for the extension, the report
says.

Trading in KFM securities will be suspended and delisted if it
fails to submit the restructuring plan to the regulatory
authorities for approval on or before September 30, according to
the Sun Daily.

The report notes that on March 29, the company proposed a private
placement and five-for-two rights issue exercise to regularise
its financial condition.

The Sun Daily relates that the private placement involves an
issuance of up to 20.47 million new shares, representing about
30% of its existing shares in issue to raise MYR4.09 million
based on an issue price of 20 sen per placement share.

According to The Sun Daily, the shares will be placed out to Wong
Sak Kuan, the controlling shareholder of Lotus, which is involved
in the trading of industrial raw materials such as industrial and
food grade starches, and industrial coal for power and steam
generation as well as recycling.

The Sun Daily meanwhile reports that the rights issue of up to
221.74 million shares is expected to raise up to MYR44.35 million
for the company based on an issue price of 20 sen per rights
share.

The Sun Daily adds that KFM also proposed a restructuring of
debts owing to its creditors, whereby 60% of the indebtedness
will be waived; 35% to be settled via the issuance of settlement
shares; the remaining 5% to be settled in cash. The company's
indebtedness stood at MYR12.68 million as at December 31, 2016,
The Sun Daily discloses.

Kuantan Flour Mills Berhad is a Malaysia-based company engaged in
flour milling and trading in its related products.

The company has been a Practice Note 17 issuer since Dec. 28,
2015.



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


PK FURNITURE: Business Sold, Former Owner Owes NZ$22 Million
------------------------------------------------------------
Hamish Fletcher at NZ Herald reports that PK Furniture has been
sold and its former owner owes creditors NZ$22 million.

The company which ran the North Island furniture chain went into
receivership in May and the business continued to trade while a
buyer was sought, the Herald says.

According to the Herald, co-receiver Andrew McKay on July 14
released his first report on the company, which is called
Greenmark Wholesaler (NZ).

The Herald relates that the report said the Greenmark's assets
have been sold but does not reveal a sale price for the business.
The sale proceeds have not yet been realised, the report said,
the Herald relays.

PK Furniture is now run by a newly-incorporated firm called
Highbury Group, directed by Auckland man Stephen Salmon.

Mr. McKay told the Herald that some of PK Furniture's staff would
have been taken on by the new owner.

The Herald discloses that the receivers' report revealed
Greenmark had assets with a book value of just under NZ$5 million
and liabilities of more than NZ$22 million.  As at May 15, Inland
Revenue was owed NZ$817,000 and Customs NZ$102,000.  Secured
creditors were owed NZ$6.1 million and unsecured creditors
NZ$15.3 million.  Employees were owed NZ$621,000 when receivers
were appointed but have been paid this amount.

"The process of realising the company's assets is not yet
complete but receivers have determined that there are unlikely to
be any funds available for unsecured creditors. There will also
be a significant shortfall to the secured creditors," the report,
as cited by the Herald, said.

PK Furniture is New Zealand-based furniture retailer.



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


HYUNDAI CEMENT: Hanil-led Consortium Buys Stake for $553MM
----------------------------------------------------------
Yonhap News Agency reports that a consortium led by Hanil Cement
Co. has bought a controlling stake in Hyundai Cement for
KRW622.1 billion (US$553.1 million), the state-run creditor bank
said July 18.

Yonhap relates that Korea Development Bank (KDB) said creditors
completed the sale of 14.17 million shares, or an 84.56-percent
stake, in Hyundai Cement to the Hanil-led consortium.

Hyundai Cement, which has been under a debt workout program since
2010, posted operating profits over the past five years, the
report notes.

By acquiring Hyundai Cement, Hanil's market share will rise to
25 percent from the current 12 percent, Yonhap discloses citing
Lee Kyung-ja, an analyst at Korea Investment & Securities.

Creditors are scheduled to end the debt workout program for
Hyundai Cement by the end of next month, Yonhap notes.

Hyundai Cement Co., Ltd. is a Korea-based company engaged in the
manufacture and marketing of cements.



===========
T A I W A N
===========


TAIWAN POWER: Accumulated Losses Top NT$100 billion
---------------------------------------------------
Taipei Times reports that Taiwan Power Co lost nearly NT$7.1
billion (US$233.41 million) in the first half of the year,
pushing the state-run company's accumulated losses to above the
NT$100 billion level.

Several state-run companies performed well last year, with the
combined pre-tax surpluses of Taipower, CPC Corp, Taiwan (CPC),
Taiwan Sugar Corp and Taiwan Water Corp exceeding NT$80 billion,
the report says.

According to Taipei Times, Taipower posted the biggest gains of
any of the state-run companies last year with a surplus of
NT$39.6 billion, but it was the only state-run enterprise that
failed to turn in a profit in the first six months of this year.

CPC reported a pre-tax profit of NT$17.6 billion, while Taiwater
had NT$576 million and Taisugar had NT$1.79 billion during the
same period, the report discloses.

According to Taipei Times, Taipower attributed its losses in the
first half to lower revenues and higher costs.

Taipei Times relates that the company said it lost nearly
NT$10 billion in revenue in the first six months because of a
9.56 percent cut in electricity rates that took effect in April
last year.

On the cost side, the drop in Taipower's nuclear-power generation
because of reactor shutdowns and maintenance forced the company
to buy extra fuel oil and natural gas to make up for the power
deficit, adding NT$12.87 billion in costs, the report relays.

At the same time, the prices of oil, coal and gas in the first
half rose from the same period last year, further pushing up
Taipower's costs by about NT$10.65 billion, the utility, as cited
by Taipei Times, said.

Prior to this year, Taipower had whittled down its accumulated
deficit to about NT$90 billion after running surpluses of
NT$14.15 billion in 2014, NT$61.78 billion in 2015 and NT$39.61
billion last year.

The utility has issued NT$43 billion in corporate bonds this year
to prop up its finances, adds Taipei Times.

Taiwan Power Company is a state-owned electric utility providing
electricity to Taiwan and off-shore islands of the Republic of
China.



                             *********

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

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

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


                            *********


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

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

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***