TCRAP_Public/170731.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

             Monday, July 31, 2017, Vol. 20, No. 150

                            Headlines


A U S T R A L I A

ALL G M: Second Creditors' Meeting Set for Aug. 8
BLOOMER CONSTRUCTIONS: More Than 600 Creditors Hit in Collapse
DIRECT SHOPFITTING: First Creditors' Meeting Set for Aug. 7
FIREBRACE LIFE: First Creditors' Meeting Set for Aug. 7
WENDY.B PTY: First Creditors' Meeting Set for Aug. 9


C H I N A

HENGDELI HOLDINGS: Fitch Lowers IDR to B-; Outlook Stable
OCEANWIDE HOLDINGS: Fitch Affirms B IDR; Revises Outlook to Neg.


I N D I A

A RAJA: CARE Lowers Rating on INR7.13cr LT Loan to 'D'
AMITH CASHEW: CRISIL Reaffirms B+ Rating on INR3.50MM Loan
APPU HOTELS: CARE Lowers Rating on INR42.15cr Loan to 'D'
BALDOVINO: CRISIL Lowers Rating on INR4MM Packing Loan to B
BASHIR OIL: CRISIL Reaffirms 'B' Rating on INR8.5MM Loan

BHAVANAM TEXTILES: CARE Reaffirms B+ Rating on INR12.23cr Loan
DINESH OILS: Ind-Ra Moves 'D' Issuer Rating to Not-Cooperating
GENERIC ENGINEERING: CRISIL Cuts Rating on INR7MM Loan to 'B'
GR POWER: CARE Reaffirms B+ Rating on INR28cr LT Loan
HARSH PRECIOUS: CARE Revises Rating on INR3.70cr Loan to BB-

HEM COTEX: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
INDONA INDUSTRIES: CARE Upgrades Rating on INR2.46cr Loan to BB-
INOX WIND: NCLAT Sets Aside Insolvency Proceedings
JAY SHIV: CARE Raises Rating on INR1.22cr LT Loan to BB-
JBF INDUSTRIES: Ind-Ra Lowers Issuer Rating to 'D', Outlook Neg.

JBF PETROCHEMICALS: Ind-Ra Lowers Long-Term Issuer Rating to 'C'
KANDAGIRI SPINNING: CARE Cuts Rating on INR49.18cr Loan to B+
KHUKHRAIN BUILDERS: CRISIL Reaffirms B+ Rating on INR5.56MM Loan
M L RICE: CARE Assigns B+ Rating to INR24.50cr LT Loan
MAHAPRABHU RAM: CARE Assigns 'D' Rating to INR4.0cr ST Loan

MAHESHWAR MULTITRADE: CARE Reaffirms B+ Rating on INR12.68cr Loan
MEGHA AGROTECH: Ind-Ra Ups Issuer Rating to BB+, Outlook Stable
MILAN GINNING: CRISIL Cuts Rating on INR20MM Cash Loan to 'B'
MITTAL FIBERS: Ind-Ra Moves Issuer Rating to B+ Not Cooperating
N.E. TRADE: Ind-Ra Assigned 'B+' Issuer Rating, Outlook Stable

OREN HYDROCARBONS: Ind-Ra Downgrades LT Issuer Rating to 'D'
P.S.T. ENGINEERING: Ind-Ra Gives BB+ LT Issuer Rating
RAYAT EDUCATIONAL: CARE Assigns 'C' Rating to INR20cr LT Loan
SABOO TOR: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
SHREE BABA: CRISIL Lowers Rating on INR125MM Cash Loan to 'B'

SHREE NARSHINGHA: CARE Assigns 'B' Rating to INR8.85cr Loan
SHUBHSHREE ENGINEERING: Ind-Ra Assigns 'BB+' LT Issuer Rating
SMT. MOHINI: CARE Assigns B+ Rating to INR7.27cr LT Loan
SOVA SOLAR: Ind-Ra Hikes Issuer Rating to 'BB+'; Outlook Stable
SRI LAKOSHA: CRISIL Reaffirms 'B' Rating on INR3MM Loan

SUSTAINABLE SPINNING: CRISIL Cuts Rating on INR44.5MM Loan to 'B'
SWATI MENTHOL: CRISIL Lowers Rating on INR120MM Loan to 'B'
TDI INFRATECH: CRISIL Reaffirms B- Rating on INR164.5MM Term Loan
VEDANTA RESOURCES: S&P Rates New US$-Denom. Sr. Unsec. Notes B+
VETRIVEL EXPLOSIVES: CRISIL Cuts Rating on INR31.45MM Loan to D

VISHNU CARS: Ind-Ra Migrates Issuer Rating to 'B' Not Cooperating


J A P A N

TOSHIBA CORP: Creditors Involved in Workout Push for Bankruptcy
TOSHIBA CORP: Ordered to Notify WD of Any Deal to Sell Chip Unit


N E W  Z E A L A N D

SOLID ENERGY: Regulatory Approval Clears Way for Liquidation


S O U T H  K O R E A

DAEWOO ENGINEERING: KDB Picks 2 Candidates to Manage Sale
KUMHO TIRE: Creditors OK Kumho Asiana's Proposal in Brand Dispute


T A I W A N

TAIWAN FINANCE: Fitch Affirms 'bb+' Viability Rating


X X X X X X X X

REPUBLIC OF FIJI: S&P Affirms B+ Sovereign Rating, Outlook Stable


                            - - - - -


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


ALL G M: Second Creditors' Meeting Set for Aug. 8
-------------------------------------------------
A second meeting of creditors in the proceedings of All G M
Spares Pty Ltd has been set for Aug. 8, 2017, at 10:00 a.m., at
the Cor Cordis Chartered Accountants, One Wharf Lane, Level 20,
161 Sussex Street, in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 7, 2017, at 4:00 p.m.

Jason Tang & Andre Lakomy of Cor Cordis Chartered Accountants
were appointed as administrators of All G M on July 11, 2017.


BLOOMER CONSTRUCTIONS: More Than 600 Creditors Hit in Collapse
--------------------------------------------------------------
John Weekes at Sunshine Coast Daily reports that a hodgepodge of
creditors were at odds over how to claw back money after Bloomer
Constructions went belly up, court documents showed.

People and companies owed millions after Bloomer Constructions
collapsed voted against liquidation and in favor of a different
arrangement, the report says.

Companies in Emerald, Bundaberg and Gladstone as well as on the
Fraser Coast and the Sunshine Coast were among those claiming
money owed, Sunshine Coast Daily relates citing papers filed in
Brisbane Supreme Court.

More than 600 creditors were identified in an affidavit from an
administrator earlier this year, the report says.

"There are severable identifiable groups of creditors, with
varying priorities," Sule Arnautovic wrote, Sunshine Coast Daily
relays.

Three included "subcontractors, trade suppliers, employees,
larger developers" as well as "mums and dads" home owners,
National Australia Bank, insurance companies, statutory
authorities and others, the report discloses.

A creditor who was at the most recent creditors meeting told
NewsRegional people owed money voted for a deed of company
arrangement, or DOCA, by "probably three votes to one".

The Australian Securities and Investments Commission says DOCAs
aim to get a better return for creditors than immediate winding
up of the company, although court documents showed that remained
a matter of debate, according to the report.

The report adds that Bloomer owner Onterran said in a market
update "the formalities of entering into the DOCA are in the
process of being completed and a market update will be provided
once done".

Trent Andrew Devine & Sule Arnautovic of Cliftons Brisbane were
appointed as administrators of Bloomer Constructions on April 26,
2017.


DIRECT SHOPFITTING: First Creditors' Meeting Set for Aug. 7
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Direct
Shopfitting Pty. Ltd. will be held at the offices of Deloitte
Financial Advisory Pty Ltd, Level 10, 550 Bourke Street, in
Melbourne, Victoria, on Aug. 7, 2017, at 3:00 p.m.

David Ian Mansfield and Robert Woods of Deloitte Financial
Advisory Pty Ltd were appointed as administrators of Direct
Shopfitting on July 26, 2017.


FIREBRACE LIFE: First Creditors' Meeting Set for Aug. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Firebrace
Life Pty Ltd will be held at Level 12, 460 Lonsdale Street, in
Melbourne, on Aug. 7, 2017, at 10:30 a.m.

Glenn Anthony Crisp and Liam William Paul Bellamy of Jirsch
Sutherland were appointed as administrators of Firebrace Life on
July 27, 2017.


WENDY.B PTY: First Creditors' Meeting Set for Aug. 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Wendy.B
Pty Limited, trading as "Big As Mechanical Services", will be
held at Singleton Diggers, York Street, in Singleton, NSW, on
Aug. 9, 2017, at 2:00 p.m.

Chad Rapsey of Rapsey Griffiths Insolvency + Advisory was
appointed as administrator of Wendy.B Pty Limited on July 27,
2017.



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


HENGDELI HOLDINGS: Fitch Lowers IDR to B-; Outlook Stable
---------------------------------------------------------
Fitch Ratings has downgraded Hengdeli Holdings Limited's
(Hengdeli) Long-Term Issuer Default Rating (IDR) to 'B-' from
'B+' with a Stable Outlook. The rating has been removed from
Rating Watch Negative. The senior unsecured rating has been
withdrawn as the 2018 notes were repaid early.

The downgrade reflects the loss of Hengdeli's position as the
market leader in the retailing of Swiss watches in China and a
severe shrinkage in operating scale after the disposal of Xinyu
Group and Harvest Max.

KEY RATING DRIVERS

Diminished Scale After Disposal: Fitch estimates that Hengdeli's
remaining businesses after the disposal of Xinyu Group and
Harvest Max accounted for only 20% of sales by the pre-disposal
group in 2016, and will generate lower profitability compared
with the businesses disposed. The consolidated group already
faced thin EBITDA margin at 4.9% in 2016 as sales declined from
persistent market weakness.

High Cash Balance: Fitch expects the company to maintain a high
cash balance of over CNY2 billion due to the disposal proceeds,
even after repaying debt, including the 2018 notes, and paying a
special dividend related to the disposal. However, the remaining
operations are likely to generate negative cash flow (FCF), which
Fitch expects to persist through to 2019, because the remaining
operations have low profitability or are unprofitable, and the
company is likely to make investments to expand. However, Fitch
estimates the negative FCF will be small relative to the cash
balance, and therefore expects the company to maintain a debt-
free position, assuming no sizeable acquisitions.

Stable Operations: Hengdeli will no longer be the market leader
in Swiss watch retailing in China after the disposal, and its
market share will be smaller in its remaining markets of Hong
Kong and Taiwan. Retail sales in Hong Kong have started to
stabilise, and increased 2% yoy in 2H16, compared with a 16%
decline in 1H16 but in Fitch's view, the weaker market position
could make the company more vulnerable to changing economic
conditions and increased competition.

In addition to the current operations, the company is also
exploring opportunities overseas and has set aside up to CNY0.4
billion of the disposal proceeds for this purpose. Acquisitions
may increase the company's scale, but they come with high
execution risk, given the marginal position of the remaining
retail operations. Fitch may review the ratings if there is a
substantial acquisition.

DERIVATION SUMMARY

Hengdeli's operations that it remain after the disposal have a
much smaller operating scale and weaker profitability than global
retailing peers rated 'B-', such as apparel brand New Look Retail
Group Ltd (B-/Rating Watch Negative) and China-based department
store operator Parkson Retail Group Limited (B-/Negative).
However, Hengdeli has stronger liquidity and is in a net cash
position compared with the high leverage and low fixed-charge
coverage for similarly rated peers.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Sales growth to gradually recover from -1% in 2017 (excluding
   contribution from the disposed businesses) to 3% in 2020
- Gross margin in the range of 18%-19% from 2017-2020
- Stable operating expenses at 19% of sales from 2017-2020
- Annual capex of CNY250 million in 2017-2018

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- No positive rating action will be considered until Hengdeli
   significantly boosts its operating scale and profitability

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Sustained loss at the EBITDA level beyond CNY100 million
- Failure to sustain a net cash position

LIQUIDITY

Debt-Free Position: Fitch expects the company to repay most of
its debt using the disposal proceeds, leaving Hengdeli with cash
and equivalents of over CNY2 billion after the special dividend
has been paid out according to the disposal terms.

FULL LIST OF RATING ACTIONS

Hengdeli Holdings Limited
-- Long-Term Foreign-Currency IDR downgraded to 'B-' from 'B+',
    Outlook Stable, removed from Rating Watch Negative
-- Senior unsecured rating of 'B+', with Recovery Rating of
    'RR4', withdrawn


OCEANWIDE HOLDINGS: Fitch Affirms B IDR; Revises Outlook to Neg.
----------------------------------------------------------------
Fitch Ratings has affirmed China-based property developer
Oceanwide Holdings Co. Ltd.'s Long-Term Issuer Default Rating
(IDR) at 'B', and revised its outlook to Negative from Stable.
Fitch has also affirmed Oceanwide's senior unsecured rating and
the ratings of all outstanding bonds at 'B'.

The affirmation of the IDR reflects Oceanwide's sufficient
liquidity and good-quality land bank. The Negative Outlook
reflects Fitch belief that Oceanwide's contracted sales to net
debt, a measure of its sales efficiency, will remain below 0.25x
due to contracted sales growing at a slower pace than Fitch had
expected, which would push its net debt higher. Oceanwide's
rating is constrained by its persistently high leverage, which
has been increasing and will continue to do so for the next 18-24
months as the company ramps up development expenditure to support
sales growth and continues to invest in its finance business.

KEY RATING DRIVERS

Low Sales Efficiency: Fitch expects Oceanwide's sales efficiency,
as measured by contracted sales to net debt, to remain lower than
previously expected, notwithstanding the prospect for some
improvement in sales due to project launches in Wuhan, and new
projects in Beijing and Shanghai. The tightening of government
policies have and will continue to weigh on the company's
prospects. Oceanwide's contracted sales fell 15% in 2016, and as
a result, contracted sales to net debt declined to 0.16x in 2016
from 0.3x in 2015. Fitch now expects sales efficiency to remain
below 0.25x.

Continuing Finance Expansion: Oceanwide has been aggressively
diversifying its business from pure property development to
financial institutions since 2014. It has spent more than CNY20
billion on building its finance business, which includes
securities, trusts, insurance and internet finance. Fitch expects
Oceanwide to continue investing in the finance sector, with the
aim of providing customers with comprehensive financial services.
This will continue to put pressure on its leverage.

Leverage Remains High: Oceanwide's leverage, as measured by net
debt/adjusted inventory and after deconsolidating debt from the
financial business, reached 92% in 2016 (2015: 86.2%), which is
higher than that of 'B' rated peers. Fitch expects this ratio to
remain above 80% due to Oceanwide's property-development business
model, which requires more time to generate sales due to the
lengthy primary-land development phase. Oceanwide's consolidated
net debt jumped to CNY74 billion at end-2016, from CNY39 billion
in 2014, due to higher development expenditure, the rapid
expansion of its finance business, additional investment in
financial assets and overseas acquisitions.

Fitch expects Oceanwide's net debt to keep rising in the next two
years because of its higher interest burden. This means that
assuming its finance segment EBITDA remains at the 2016 level of
CNY1.1 billion in the next two years, its contracted sales will
have to rise closer to CNY30 billion to offset the higher
interest burden. This will remain difficult to achieve if the
government curbs remain in place.

High Quality Land Bank: Oceanwide's large land bank, most of
which was acquired many years ago, is sufficient for more than 10
years of development. Sites in tier 1 cities like Beijing and
Shanghai, affluent tier 2 cities like Wuhan and major cities in
the US make up more than 80% of its land bank. Many of
Oceanwide's projects in Beijing and Shanghai have prime
locations. The low land cost together with the high quality land
bank will become the key driver behind a solid EBITDA margin and
sustained growth for the next two to three years.

DERIVATION SUMMARY

Oceanwide has a larger scale in terms of contracted sales and
EBITDA than other China-based property companies rated in the 'B'
category, such as Redco Properties Group Ltd (B/Stable) and
Guorui Properties Limited (B/Stable). However, its leverage is
high compared with 'B' category peers partially due to
Oceanwide's active investments in financial institutions and
larger exposure to commercial development properties that have a
longer cash collection cycle. This also drives its lower project
churn compared with peers, but Oceanwide's slow-churn business
model also means its land bank was acquired years ago, which
substantially undervalues its inventory compared with fast-churn
homebuilders.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Limited new land acquisitions at 0.5x of contracted sales'
   gross floor area
- Contracted sales growth driven mainly by growth in average
   selling prices to CNY35,000/sq m in 2017-2018 from
   CNY32,000/sq m in 2015
- Property development EBITDA margin of 35%-40% in 2017-2019
   (2016: 33.6%)

Recovery Rating assumptions
- Oceanwide would be liquidated in a bankruptcy because it is an
   asset-trading company
- 10% administrative claim
- The value of inventory and other assets can be realised in a
   reorganisation and distributed to creditors
- A haircut of 20% on adjusted inventory, lower than the norm
   used for peers because of Oceanwide's higher-than-industry
   profit margin, which implies its inventory will have a higher
   liquidation value than that of peers
- A 20% haircut to investment properties and the net tangible
   assets of its financial subsidiaries
- A 50% haircut to available for sale financial securities as
   well as land and buildings
- Fitch considers Oceanwide's CNY24 billion in available cash,
   excluding cash of its financial subsidiaries, as excessive, as
   it significantly exceeds its 2016 contracted sales of CNY12.9
   billion. Fitch assume the difference will be spent on
   development expenditure, for which Fitch has applied a 40%
   haircut.
- Based on Fitch calculations of the adjusted liquidation value
   after administrative claims, Fitch estimates the recovery rate
   of the offshore senior unsecured debt to be 42%, which
   corresponds to a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- Contracted sales/net debt excluding financial institutions
   sustained below 0.25x; or a sustained deterioration of this
   ratio
- EBITDA margin sustained below 35%
- Substantial weakening of the credit profile of its key
   financial institutions


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


A RAJA: CARE Lowers Rating on INR7.13cr LT Loan to 'D'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
A Raja Cottex, as:

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank         7.13    CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE BB-


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from A Raja Cottex to monitor
the rating(s) vide e-mail communications/ letters dated April 25,
2017, June 8, 2017, June 14, 2017, June 21, 2017, June 26, 2017,
and numerous phone calls. However, despite our repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Furthermore, A Raja Cottex
has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement.

The rating of A Raja Cottex's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

The rating has been revised on account of irregularity in
servicing of its debt obligations.

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

Detailed description of the key rating drivers

Delay in debt servicing

The rating has been revised since the account has become NPA on
the back of ongoing delay in its debt servicing due to weak
liquidity position.

ARC is a partnership firm established by six partners led by Mr.
Harunbhai Bilakhiya and Mr. Sajidbhai Bilakhiya in the year 2013.
Mr. Harunbhai Bilakhiya and Mr. Sajidbhai Bilakhiya have 33 years
and 13 years of industry experience, respectively. ARC is engaged
into the business of cotton ginning and pressing. Its plant is
located at Amreli (Gujarat) with an installed capacity of 400
bales per day as on March 31, 2016 and is spread across 1,295 sq.
meters of area.

All the partners of ARC except Ms Rasidaben Bilakhiya also held
partnership in Raja Cotton Industries (RCI), a partnership
firm established in the year 2009. RCI is engaged into the
business of cotton ginning & pressing and seed crushing. Its
plant is located at Amreli (Gujarat) with an installed capacity
of 200 bales per day as on March 31, 2016 and is spread across
3,500 sq. yard of area.


AMITH CASHEW: CRISIL Reaffirms B+ Rating on INR3.50MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Amith Cashew
Industries (ACI) for obtaining information through letters and
emails dated February 7, 2017 and March 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          0.68      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Pledge Loan             3.50      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.32      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Amith Cashew Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Amith Cashew Industries is consistent
with 'Scenario 3' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' Rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.

Set up in 2009 as partnership firm, ACI processes raw cashew nuts
and sells cashew kernels. The firm market its products under the
'OM Cashews' brand. The firm, based in Udupi (Karnataka), is
promoted by the Pai family. Operations are managed by Mr. Paladka
Shankar Pai and his son Mr. Amith Pai.


APPU HOTELS: CARE Lowers Rating on INR42.15cr Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Appu Hotels Limited (AHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-convertible        42.15      CARE D Revised from
   Debenture issue                   CARE B+; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the Non-convertible
debenture (NCD) of AHL takes into account the instances of delays
in servicing debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in debt servicing: Continuing losses during
the period FY13-FY16 (refers to the period April 1 to
March 31) along with cash flow mismatches has led to tight
liquidity position for the company due to which there were
instances of delays in servicing the NCD.

Appu Hotels Limited (AHL) is a Chennai-based public limited
company engaged in the hospitality business in the state of Tamil
Nadu. AHL is part of the PGP Group of Companies which has
diversified business interests in sugar, chemicals, finance,
hospitality, and real estate etc. AHL is founded and promoted by
Dr Palani G Periasamy, Chairman of the group. The group companies
include Dharani Sugar and Chemicals Limited, Dharani Finance
Limited, Ananthi Developers Limited, Dharani Developers Limited,
Dharani Credit and Finance Limited among others.

AHL owns two 5-star deluxe category hotels in the name of 'Le
Royal Meridien' (LRM), situated in Chennai (240-rooms property)
and 'Le Meridien' Coimbatore (254-room property) respectively.
Both these properties are operated under the license issued by
Starwood (M) International Inc., one of the leading and well
recognised names in the hospitality industry with presence across
the world.

During FY16, AHL registered net loss of INR28 crore on a total
income of INR88 crore. During 9MFY17 as per provisional
financials, the company posted net loss of INR24 crore on a total
income of INR66 crore.


BALDOVINO: CRISIL Lowers Rating on INR4MM Packing Loan to B
-----------------------------------------------------------
CRISIL has been consistently following up with Baldovino for
obtaining information through letters and emails dated March 15,
2017 and April 4, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                          Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit      4      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Foreign Discounting        6      CRISIL A4 (Issuer Not
   Bill Purchase                     Cooperating; Downgraded from
                                     'CRISIL A4+')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Baldovino. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Baldovino is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B' category or lower. Based on the last available
information, CRISIL has downgraded the rating at 'CRISIL
B/Stable/CRISIL A4'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ankit and its group entity - M/S
Baldovino. This is because these two entities, together referred
to as the Ankit Diamonds group, have common promoters, are in the
same line of business, and have significant operational linkages
and fungible cashflows.

nkit Diamonds was set up in 1983 as a partnership firm by Mr.
Kirit Shah and his family members. The firm is engaged in cutting
and polishing of diamonds. It currently has two partners - Mr.
Kirit Shah, and Mr. Rikin Shah.

M/S Baldovino was set up in 2010 as a proprietorship concern by
Mr. Rikin Shah. The firm is also engaged in cutting and polishing
of diamonds.


BASHIR OIL: CRISIL Reaffirms 'B' Rating on INR8.5MM Loan
--------------------------------------------------------
CRISIL has been consistently following up with Bashir Oil Mills
(BOM) for obtaining information through letters and emails dated
March 15, 2017 and April 04, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              8.5       CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term       2.0       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Bashir Oil Mills. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Bashir Oil Mills is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL B/Stable'.

BOM was set up in 1937 as a proprietorship concern by Mr. Ishak
Chini. It was converted to a partnership firm with other family
members in the mid-1960s. It manufactures and trades in cotton
seed, cotton seed oil, and cotton seed cake. The firm procures
cotton seeds from ginners. It has a crushing capacity of 100
tonne per day. BOM currently has six partners (all members of the
same family). Mr. Jabbar Chini (son of Mr. Ishak Chini) and his
son, Mr. Irfan Chini, look after the day-to-day operations of the
firm. BOM's crushing unit and registered office are in Warora
(Maharashtra).


BHAVANAM TEXTILES: CARE Reaffirms B+ Rating on INR12.23cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhavanam Textiles (India) Private Limited (BTIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             12.23      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BTIPL continues to
be constrained by inexperience of the promoters in cotton yarn
manufacturing segment, limited track record with small scale of
operation and low profitability, leveraged capital structure and
weak debt coverage indicators, presence in highly fragmented
industry regulated by the government and raw material price
volatility risk. However, the rating continues to derive benefits
from established track record of promoters in other businesses
coupled with financial support being extended in the form of
unsecured loans, satisfactory working capital cycle despite
working capital intensive nature of operations and strategic
location of manufacturing unit. The rating also factors in
increase in total operating income and achievement of net profit
in FY16 (refers to period April 1 to March 31).

Going forward, the company's ability to increase its scale of
operations, improve profitability margins, capital structure and
debt coverage indicators would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Established track record of promoters in other businesses albeit
inexperience in cotton yarn manufacturing segment The company has
been promoted by Mr. Bhavanam Rama Koti Reddy and Mrs Bhavanam
Adi Lakshmi. Mr. Bhavanam Rama Koti Reddy (Managing Director) has
long established track record in other business such as trading
of chillies and cotton for more than two decades. However, the
business operations of BTIPL are relatively new as the company
was incorporated in February 2013 and the commercial operations
commenced from April 01, 2013. This leads to risks associated
with relatively new operations of the company. However, the risk
is mitigated to an extent given the previous experience of
promoters in trading of cotton. The promoters are supported by an
able management team which includes experienced professionals,
some of whom have more than two decades of experience in this
industry.

Limited track record with small scale of operation and low
profitability

The size and scale of company's operation is small marked by
total operating income of INR28.12 crore in FY16 coupled with
relatively low net worth base of INR2.21 crore as on March 31,
2016 as the company commenced its operations on April 01, 2013.

The total operating income of the company grew by 33.52% from
INR21.06 crore in FY15 to INR28.12 crore in FY16 backed by
increase in volume sales of cotton yarn from existing customers
and addition of new customers. Furthermore, the company achieved
total sales of INR55.06 crore in FY17 (Provisional) and INR6.00
crore in 2MFY18. The PBILDT margin improved by 260 bps to 8.38%
in FY16 compared to 5.78% in FY15 backed by decrease in raw
material costs coupled absorption of overheads on account of
stabilisation of business operations. The company has turnaround
from net loss to net profit during FY16 and registered PAT margin
of 1.02% compared to -0.43% in FY15 on account of increase in
PBILDT in absolute terms along with marginal decline in financial
expenses.

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company deteriorated and remained
leveraged marked by debt equity and overall gearing ratio from
4.94x and 6.64x respectively as on March 31, 2015 to 5.13x and
7.15x respectively as on March 31, 2016 due to increase in
unsecured loans brought-in by the promoters to support operations
of the company.

Due to increase in profitability and gross cash accruals, the
debt coverage indicators of the company improved, however,
remained weak marked by total debt/GCA and interest coverage of
17.11x and 1.80x respectively in FY16.

Presence in highly fragmented industry regulated by the
government
The textile industry is marked by intense competition with large
number of units operating in similar business resulting in high
fragmentation and restricting the profitability. Thus, spinning
players have very low bargaining power against its customer as
well as suppliers. Furthermore, the cotton prices in India are
highly regulated by Government through MSP (Minimum Support
Price) fixed by government, though due to huge demand-supply
mismatch the prices have rarely been below the MSP. Moreover,
exports of cotton are also regulated by government through quota
systems to suffice
domestic demand for cotton. Hence, any adverse change in
government policy i.e. higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit.

Raw material price volatility risk

BTIPL is exposed to risk of price volatility as prices of raw
material i.e. raw cotton are highly volatile in nature and depend
upon factors like, area under production, yield for the year,
demand and supply scenario, export quota decided by government
and inventory carry forward of the last year. The company has to
procure raw materials at significantly higher volume to bargain
bulk discount from suppliers. Furthermore, cotton is seasonal in
nature, as sowing season is done during March to July and
harvesting cycle (peak season) is spread from November to
February every year. This results in a higher inventory holding
period for the business. Thus, aggregate effect of both the above
factors results in exposure of spinners to price volatility risk.

Key Rating Strengths

Satisfactory working capital cycle

The company operates in a working capital intensive industry. The
working capital cycle, though deteriorated from 36 days in FY15
to 51 days in FY16, remained satisfactory during review period.
The company receives upfront cash for sale of cotton yarn and
hence the collection period is on the lower side. The inventory
days are higher as the company has to maintain relatively large
stock of raw materials due to season availability of cotton with
harvesting cycle (peak season) spread from November to February
every year. The average fund-based working capital utilisation
has been high at nearly 65% during the 12 months period ended
May 31, 2017.

Strategic location of manufacturing unit

BTIPL's manufacturing unit is located at Thimmapuram village in
Guntur District. The unit is well connected to Telangana and
Andhra Pradesh based prominent cotton growing belts. Hence, the
company's presence in cotton producing region leads to benefits
derived out of lower logistics expenditure (both on
transportation and storage), easy availability of labour and raw
material and consistent demand for finished goods resulting in
sustained revenue visibility. It is located near several ginning
mills due to which the company will also be saving on bailing
charges as cotton lint procured from these mills can be consumed
instead of bale.

Bhavanam Textiles (India) Private Ltd. (BTIPL) was incorporated
on February 27, 2013 by Mr. Bhavanam Rama Koti Reddy and Mrs
Bhavanam Adi Lakshmi after the promoters took over the operations
of another company i.e., Pujita Spinning Mills Limited. The
commercial operations of the company commenced from April 01,
2013 and FY14 was the first full year of operation. The company
is engaged in the manufacturing of cotton yarn through its
manufacturing unit at Thimmapuram village, Guntur district,
Andhra Pradesh, with an installed capacity of 13,644 spindles.

In FY16, BTIPL reported a Profit after Tax (PAT) of INR0.29 crore
on a total operating income of INR28.12 crore, as against a net
loss and TOI of INR0.09 crore and INR21.06 crore respectively in
FY15. During FY17 (Provisional), the company achieved sales of
INR55.06 crore.


DINESH OILS: Ind-Ra Moves 'D' Issuer Rating to Not-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dinesh Oils
Limited's (DOL) Long-Term Issuer Rating to 'IND D' from 'IND BB-
'. The ratings have also been migrated to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information and feedback from a banker. The rating will now
appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR600 mil. Fund-based limit (long- and short term)
    Downgraded and Migrated to Non-Cooperating Category with
    IND D(ISSUER NOT COOPERATING) rating;
-- INR1,082 mil. Non-fund-based limit (long- and short term)
    Downgraded and Migrated to Non-Cooperating Category with
    IND D(ISSUER NOT COOPERATING) rating; and
-- INR10 mil. Long-term loans (long-term) Downgraded and
    Migrated to Non-Cooperating Category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
best available information

KEY RATING DRIVERS

The downgrade reflects DOL's devolvement in non-fund-based limits
during the 12 months ended June 2017. The details of the
devolvement are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Incorporated in 1986, DOL primarily manufactures refined edible
oils (mainly refined palm olein oil and refined palm oil) and
vanaspati. The company has a manufacturing site with a capacity
of 750 tonnes per day (vansapati: 125 tonnes per day; refined
oil: 625 tonnes per day) in Kanpur.


GENERIC ENGINEERING: CRISIL Cuts Rating on INR7MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Generic
Engineering and Construction Private Limited (GECPL) for
obtaining information through letters and emails dated
February 7, 2017, and March 7, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit               7       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Letter of credit &        8       CRISIL A4 (Issuer Not
   Bank Guarantee                    Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term        1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Generic Engineering and
Construction Private Limited. This restricts CRISIL's ability to
take a forward looking view on the credit quality of the entity.
CRISIL believes that the information available for Generic
Engineering and Construction Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has downgraded the long term
rating to 'CRISIL B/Stable and reaffirmed short term rating at
CRISIL A4'.

GECPL, incorporated in 1994, is promoted by Mr. Manish Patel and
Mr. Navin Patel. The company is a civil contractor based in
Mumbai; it takes up commercial and real estate projects in
Mumbai, on contractual and sub-contractual basis.


GR POWER: CARE Reaffirms B+ Rating on INR28cr LT Loan
-----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
GR Power Switchgear Limited (GRPSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             28         CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             12         CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GRPSL continue to
be constrained by moderate scale of operations, thin PAT margin
albeit satisfactory operating profits, leveraged capital
structure and weak debt coverage indicators, elongated operating
cycle and presence in the highly fragmented and competitive
electrical goods industry. The ratings are also constrained by
marginal decrease in total operating income in FY16 (refers to
the period April 1 to March 31). However, the ratings continue to
derive benefits from established track record and experience of
the promoters along with strong management team, long-term
association with reputed clientele and favorable demand outlook
of the power industry.

Going forward, the company's ability to increase its scale of
operations, improve profitability margins, capital structure
and debt coverage indicators would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations
The scale of operations of the company is moderate marked by
total operating income at INR71.76 crore in FY16 and net worth of
INR11.70 crore as on March 31, 2016 when compared to other peers
in the industry.

Thin PAT margin albeit satisfactory operating profits The company
has satisfactory PBILDT margins during the review period. The
PBILDT margin of the company improved by 112 bps from 11.59% in
FY15 to 12.71% in FY16 due to decrease in raw material cost
coupled with high closing stock during the said period. However,
the company has thin PAT margins during the review period. The
PAT margin of the company declined by 42 bps to 0.48% in FY16 as
against 0.90% in FY15 due to increase in interest cost (LC
charges, bank charges and interest on USL).

Leveraged capital structure and weak debt coverage indicators
The capital structure of the company though improved marked by
debt equity and overall gearing ratio from 1.41x and 3.53x
respectively as on March 31, 2015 to 1.13x and 2.98x respectively
as on March 31, 2016 due to scheduled repayment of term loan
coupled with increase in tangible net worth, still remained
leveraged.

Despite decrease in total debt level, the debt coverage
indicators of the company deteriorated marked by total debt/GCA
deteriorated from 29.42x in FY15 to 43.67x in FY16 due to
decrease in cash accruals. The PBILDT interest coverage ratio
remained in line with previous year i.e, 1.27x in FY16.

Elongated operating cycle

Though the operating cycle of the company marginally improved
from 240 days in FY15 to 233 days in FY16 due to marginal
improvement in collection and inventory days i.e., from 141 days
and 163 days in FY15 to 138 days and 154 days in FY16, still
remained elongated. The company receives 80% of the payment from
its customers once the product delivered and the remaining 20%
will be kept as retention money with the customer and the same is
released after the commission, installation and erection process.
The gestation period for executing order is two months. The
average utilization of bank borrowings is 90% for the last 12
months ended February 28, 2017. The company makes the payment to
its supplier within 60 days.

Presence in the highly fragmented and competitive electrical
goods industry
The industry is highly competitive with presence of number of
players. Furthermore, GRPSL business is tender driven. However,
the company is able to withstand the competition and procure
orders through its established track record and experience of the
promoters.

Marginal decrease in total operating income in FY16
The total operating income of the company remained stagnant
during FY15-FY16 i.e., INR71.76 crore in FY16 as against INR72.01
crore in FY15 due to repeat orders (bulk) for insulators from the
existing customer. Furthermore, the company achieved sales of
INR86 crore up to March 30, 2017 (Provisional).

Key Rating Strengths

Established track record and experience of promoters along with
strong management team
GRPSL is promoted as a proprietorship concern in the year 1984 by
Mr. C Gopal Reddy. Therefore the company has a long track record
of more than three decades. GRPSL is promoted by Mr. C Gopal
Reddy and other three directors. Mr. C Gopal Reddy is a qualified
B.E and has an experience of more than three decades in the
electrical industry. All the four directors are actively involved
in day to day operations of the company. The company is well
supported by a team of experienced personnel like Mr.
Bhavnarayana who is an MBA and looks after financial activities,
Mr. M N S Rao and Mr. S V Ramana are electrical engineers and
looks after production and operations respectively.

Long-term association with reputed clientele
The clientele of the company includes Gujarat Energy Transmission
Corporation Limited (GETCO-CARE A+/CARE A1+), Bharat Heavy
Electricals Limited, Transmission Corporation of Andhra Pradesh
(APTRANSCO) and Transmission Corporation of Telangana Limited
(TSTRANSCO).

Favorable demand outlook of the power industry
With the continuous increase in disposable income and the
advancement of technology, the need for varied consumer
durable goods are increasing. The demand in the Indian market is
expected to touch $400 billion by 2020. The largest segment is
the consumer electronics segment. The growth in country's
infrastructure coupled with the growing number of industrial as
well as residential units requiring greater use of electrical
appliances augurs well for the demand of electrical appliances.
Other factors such as shortening of the product cycle, higher
rate of technological obsolescence and increasing use of
electricity in the rural and urban areas further adds to the
demand for electrical goods.

GR Power Switchgears (GRPS) was established in the year 1986 as a
proprietorship concern. Later on, the name of the company was
changed to current nomenclature, i.e., GR Power Switchgear
Limited (GRPSL) in 1992. GRPSL is promoted by Mr. Gopal Reddy
along with other three directors. The company is engaged in
designing and manufacturing of high voltage isolators from 11 KVA
to 420 KVA which are used in the power sector. The major products
include Horizontal Double Break type Isolator, 11 KVA Porcelain
Clad Vacuum Breakers, Horizontal Centre Break type Isolator,
Motor/Manual Operating Mechanism Boxes.

In FY16, GRPSL reported a Profit after Tax (PAT) of INR0.34 crore
on a total operating income of INR71.76 crore, as against a PAT
and TOI of INR0.64 crore and INR72.01 crore respectively in FY15.
The company achieved sales of INR86 crore up to March 30, 2017
(Provisional).


HARSH PRECIOUS: CARE Revises Rating on INR3.70cr Loan to BB-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Harsh Precious Metals Private Limited (HPMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         0.36       CARE BB-; Stable Revised
   Facilities                        from CARE BB to CARE D
                                     and revised to CARE BB-;
                                     Stable

   Long-term/Short        3.70       CARE BB-; Stable/CARE A4
   Term Bank                         Revised from CARE BB to
   Facilities                        CARE D/CARE D and revised
                                     to CARE BB-; Stable/
                                     CARE A4

   Short-term Bank        1.33       CARE A4 Revised from CARE A4
   Facilities                        to CARE D and revised to
                                     CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
HPMPL to CARE D factors in the delay in debt servicing of term
loans during June 2016 and July 2016. Furthermore, the rating has
been revised to CARE BB-; Stable/CARE A4 on account of regular
debt servicing track record in the said facility since August
2016.

The revision in the ratings also factors in the deterioration in
profit margins in FY17 (refers to the period April 1 to
March 31), deterioration in the capital structure & debt coverage
indicators in FY16 albeit improvement in FY17 and deterioration
in the operating cycle. Further, the ratings continue to be
constrained by small scale of operations, moderate & fluctuating
profit margins, moderate capital structure & moderately weak debt
coverage indicators, working capital intensive nature of
perations marked by high inventory holding and collection period,
supplier concentration & foreign exchange fluctuation risk and
presence in highly competitive gems & jewelry industry.

The ratings, however, continue to derive strength from the
company's long track record of over two decades of operations
coupled with highly experienced promoters with over three decades
of experience in gems & jewelry industry and established
relationship with reputed & moderately diversified clientele.

The ability of HPMPL to increase the scale of operations and
improve profit margins amidst competition, and also to
improve the capital structure and liquidity position by
efficiently managing working capital requirement is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record with over two decades of operations in jewelry
locking systems business: HPMPL has a long track record with over
two decades of operations in manufacturing & job-work of various
locking systems in the form of gold & silver findings used in
gold & silver jewelry viz. bracelets, chains, kangans, bangles,
watches, etc. on a customized basis. Highly experienced promoters
with over three decades of experience in jewelers locking system
business: The overall operations of HPMPL are looked after by Mr.
Vijay Gopani with his son Mr. Harsh Gopani, who possess a total
experience of over three decades and 7 years respectively in the
gems & jewelry industry.

Established relationship with reputed & moderately diversified
clientele: Over the years, HPMPL has established its long-term
relationship with various reputed gems & jewelry/gold refining
players in India and overseas. Moreover, the customer profile of
the company is moderately diversified with top 5 customers
comprising 50-55% of the net sales in FY16 and FY17.

Key Rating Weaknesses

Past delays in debt servicing: As per interaction with banker due
to immediate requirement of funds to support working capital
requirement, there had been delays in repayment of term loans in
June 2016 and July 2016, however the repayment track record has
remained clear thereafter.

Small scale of operations albeit continuous improvement over last
4 years: The total operating income of HPMPL stood small, however
the same has been continuously improving at a CAGR of 15.62% over
FY13-FY17 owing to increase in demand from existing as well as
new customers, backed by increase in retail outlets. Given this,
accretion of profits to the net-worth base remained slow
resulting in small networth base thereby limiting the financial
flexibility of the company.

Moderate & fluctuating profit margins: The PBILDT margin of HPMPL
stood moderate in the range of 8%-13% over FY13-FY17, given the
jewelry components manufacturing nature of operations. Moreover,
the same has been fluctuating over the same period owing to
variances viz. sizes, shapes, quality & specifications in
different products, coupled with fluctuating gold prices.

Moderately leveraged capital structure and moderately weak debt
coverage indicators albeit funding support from promoters: The
capital structure of HPMPL stood moderately leveraged owing to
high reliance on working capital facilities. Moreover, led by low
profitability & cash accruals on the back of small scale of
operations, the debt coverage indicators also stood moderately
weak. However, the company has been receiving funding support
from the promoters in form of interest-free unsecured loans.

Working capital intensive nature of operations marked by high
inventory holding coupled with high dependence on fund-based
limits: The operations of HPMPL are working capital intensive in
nature with majority of funds blocked in inventory, given the
slower pace of movement of the jewelry in the end-users market.
Moreover, a significant amount of funds is blocked in debtors
owing to high credit period to be granted to them being the
players of repute. Given this, the operating cycle stood
elongated with gross current assets days ranging between 190-240
days over FY13-FY17 which also resulted in high utilization of
its working capital limits.

Supplier concentration & foreign exchange fluctuation risk albeit
mitigated by natural hedge: The supplier profile of HPMPL is
concentrated with top 5 suppliers comprising 80%-85% of the net
sales in FY16 and FY17. Moreover, the company is exposed to
foreign exchange fluctuation risk to certain extent owing to
imports comprising 8-10% of the total purchases. However, the
said risk is mitigated to an extent by way of natural hedge
served on account of exports comprising 20%-22% of the net sales.
Moreover, the company also enjoys a forward contract limit from
the bank, thereby providing hedging to its foreign exchange
exposure.

Competitive nature of operations coupled with stringent
government regulations: HPMPL operates in highly competitive
industry with a large number of players operating in the jewelry
accessories manufacturing line of activities. Moreover, the
industry is under continuous governmental pressure with regard to
increasing import tariffs on gold and other import-related
restrictions, coupled with increasing excise duty on jewelry
items, etc.

Incorporated in 1997 by Mr. Vijay Gopani and Mrs. Nita Gopani,
HPMPL is engaged into manufacturing & job-work (19.08% of the net
sales in FY17) of locking systems viz. gold & silver findings for
gold & silver jewellery viz. bracelets, chains, kangans, bangles,
watches, etc. on a customized basis. It imports a semi-finished
product named lobster (imports comprising 8.93% of the total
purchases in FY17) from Italy and procures gold & silver bars
from local suppliers, whereas sells the resultant gold & silver
findings to the local jewelers and also exports the same to
Thailand, Hong Kong and USA (exports comprising 20.23% of the net
sales in FY17). The local customers of the company consist of
various reputed players in the gems & jewelry/gold refining
market.


HEM COTEX: CRISIL Lowers Rating on INR14MM Cash Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Hem Cotex (HC) for
obtaining information through letters and emails dated March 6,
2017 and March 22, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              14       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hem Cotex. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Hem Cotex is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B' category or lower. Based on the last available
information, CRISIL has downgraded the rating at 'CRISIL
B/Stable'.

Established in June 2013, HC gins and presses cotton bales with
capacity of 45,000 bales per annum at its facility in Rajkot
(Gujarat). Operations are managed by Mr. Dinesh Parsottam Davda.
The plant commenced operations in May 2014.


INDONA INDUSTRIES: CARE Upgrades Rating on INR2.46cr Loan to BB-
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indona Industries (IIN), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.46       CARE BB-; Stable Revised
                                     from CARE B

   Short-term Bank
   Facilities             0.25       CARE A4 Reaffirmed

   Long-term/Short-
   term Bank Facilities   4.50       CARE BB-; Stable/CARE A4
                                     Revised from CARE B/CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Indona Industries (IIN) are on account of increase in its scale
of operations, profitability, improvement in solvency position
and debt coverage indicators during FY17 (refers to the period
April 1 to March 31). The ratings continue to derive benefit from
the experienced promoters.

The ratings, however, continue to remain constrained on account
of susceptibility of its profit margins to volatility in raw
material prices and presence in highly fragmented and competitive
industry.

Going forward, IIN's ability to increase its scale of operations,
profit margins, maintain comfortable capital structure and debt
protection metrics would remain the key rating sensitivity.

Detailed description of key rating drivers

Key rating Weaknesses

Susceptibility of profit margins to volatility in raw material
prices
The raw material prices i.e. aluminum scrap is highly fluctuating
due to volatility in the price of aluminum. Hence, any
adverse fluctuation in raw material price will have direct impact
on profit margins.
Presence in highly fragmented and competitive industry
Aluminum sections and channel manufacturing segment is a highly
fragmented and unorganized market for aluminum products with
presence of large number of small sized players. The industry is
characterized by low entry barriers due easy access to clients
and suppliers.

Key Rating Strengths
Improvement in scale of operations and profitability FY17, being
the first full year of operations, IIN reported a TOI of INR28.23
crore as against INR14.83 crore during 8MFY16.

The TOI improved on the back of steady demand from its existing
customers as well as addition of new customers in IIN's
portfolio. On the back of improved turnover, both operating
profit and net profit improved gradually.

Improvement in solvency position and debt coverage indicators
Capital structure of the company improved and remained
comfortable marked by below unity overall gearing as on March 31,
2017, on the back of lower utilization of working capital limits
as well as improved net worth position. Debt coverage indicators
marked by total debt to GCA improved on the back of increase in
cash accruals.

Moderate liquidity position
Liquidity position stood moderate marked by current ratio of 2.34
times as on March 31, 2017 while average working capital
utilization remained at 90% during past twelve months ended May,
2017.

Ankleshwar-based (Gujarat) IIN was established in March 2014 as a
partnership firm by Mr. Ishwar Chalodia, Mr. Vipul Chalodia, Mr.
Rasik Raythatha, Mr. Ranjitsinh Jadeja and Mr. Harshrajsinh
Jadeja. IIN has commenced manufacturing operations from August,
2015 after completion of capex for manufacturing aluminum
sections and aluminum channels. Aluminum sections and channels
find application in wide range of industries such as automobile,
furniture, real estate, home interior, etc and can be used as
alternative of wood and mild steel. IIN sells its products
through network of dealers all over India. IIN operates from its
sole manufacturing facility located at Ankleshwar where it has
installed capacity of 4200 metric Tons Per Annum (MTPA) as on
March 31, 2017.

During FY17, IIN reported PAT of INR0.41 crore on a TOI of
INR28.23 crore as against PAT of INR0.09 crore on a TOI of
INR14.83 crore during FY16. IIN has achieved a TOI of INR6.10
crore till June 20, 2017.


INOX WIND: NCLAT Sets Aside Insolvency Proceedings
--------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal (NCLAT), on July 28 set aside insolvency proceedings
against Inox Wind Ltd, on grounds that "principles of natural
justice were not followed" in the matter.

Creditor Jeena & Co had not given the debtor Inox Wind sufficient
notice prior to admission of the case under the Insolvency and
Bankruptcy Code, according to the order posted by the NCLAT on
its website, BloombergQuint relates.

According to the report, the appellate tribunal noted that the
INR57 lakh default amount in question had already been paid to
the creditor by Inox Wind.

BloombergQuint relates that the Chandigarh bench of the NCLT had
admitted insolvency proceedings against Inox Wind earlier this
month and appointed Bhupesh Gupta as the interim resolution
professional in the matter. The company then approached the NCLAT
pleading that the bankruptcy proceedings initiated be quashed.

In its order on July 28, the appellate tribunal said that Inox
Wind will have to pay Gupta a fee for the days he has worked in
the company, as determined by the NCLT, the report says.

The banking system is currently in the middle of resolving 12
large corporate accounts through the insolvency process, which
will determine the fate of about 25 percent of the gross non-
performing assets (NPAs) in the banking system, BloombergQuint
adds.

Inox Wind Limited is an integrated wind energy solutions
provider. The Company is engaged in the manufacture of Wind
Turbine Generators (WTGs). The Company provides Engineering,
Procurement and Commissioning (EPC); Operations and Maintenance
(O and M), and Common Infrastructure Facilities services for
WTGs. The Company offers various products, which include Inox DF
93.3, Inox DF 100 and Inox DF 113. The Company offers various
services, which include infrastructure support and capabilities,
operations and maintenance, and customer relationship management
(CRM). The Company offers wind energy solutions and provides
servicing to independent power producer (IPPs), Utilities, Public
Sector Undertaking (PSUs), Corporates and Retail Investors. The
Company also manufactures Blades and Tubular Towers, and Hubs and
Nacelles. The Company has over three manufacturing plants located
in Gujarat, Himachal Pradesh and Madhya Pradesh.


JAY SHIV: CARE Raises Rating on INR1.22cr LT Loan to BB-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
M/s. Jay Shiv Agro Industries (JSAI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         1.22       CARE BB-; Stable Revised
   Facilities                        From CARE B+

   Short-term Bank
   Facilities             0.50       CARE A4 Assigned

   Long-term/Short-      13.50       CARE BB-; Stable/CARE A4
   term Bank                         Revised from CARE B+/CARE A4
   Facilities

Rating Rationale

The revision in the ratings assigned to the bank facilities of
JSAI factors in the improvement in operating profit margin on
back of higher proportion of income being contributed from export
sales which has relatively better margins and improvement in
leverage as on March 31, 2017, owing to accretion to reserves.

The ratings, however, continue to be constrained due to its
presence in the highly fragmented rice milling industry where,
working capital intensive nature of operations on account of
seasonality associated with the procurement of raw material
and its constitution as partnership firm.

The ratings, however, continue to derive strength from vast
experience and established track record of partners in rice
milling business moderate leverage and liquidity indicators.
JSAI's ability to grow its total operating income (TOI) while
managing volatility associated with raw material (ie, paddy)
prices along with improvement in profitability and leverage would
be the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Presence in highly fragmented rice milling industry and
susceptible to fluctuations in paddy prices
The presence of JSAI in rice milling & processing industry
inherently exposes it to the risks associated with agro-climatic
conditions and seasonality of agro products. Rice milling
industry is highly fragmented and competitive in nature due to
low-entry barriers, presence of a large number of players in the
organized and unorganized sector and restricted purchasing power
of players in the industry due to high level of fragmentation and
regulation of rice prices by Government of India (GOI) through
fixation of Minimum Support Price (MSP) to safeguard interest of
farmers. Also, the sale of rice in the open market is regulated
through levy of quota, depending on the target laid by the GoI
for the central pool.

Constitution as a partnership firm
JSAI, being a partnership firm, is exposed to inherent risk of
partners' capital being withdrawn at time of personal
contingency, and firm being dissolved upon the
death/retirement/insolvency of partners. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be key factors affecting credit
decision for lenders.

Key rating Strengths

Improvement in operating profit margin on back of increase in
export sales and improvement in leverage
JSAI reported improvement in its operating profit margin during
FY17 (refers to the period April 1 to March 31) on back of higher
contribution from export sales, which yields relatively better
operating profit margins. The export sales of JSAI have improved
from INR4.64 crore in FY16 (5% of TOI) to INR18.81 crore in FY17
(20% of TOI). The improvement in PBILDT margin also led to
marginally higher cash accruals resulting in better debt coverage
indicators for FY17.

The leverage indicators also improved on back of higher accretion
to reserves coupled with relatively lower debt outstanding as on
March 31, 2017.

Vast experience and established track record of partners in rice
milling business
Mr. Tarachand Ramwani and Mr. Madankumar Ramwani, key partners of
JSAI, have experience of around three decades in rice milling and
processing through their associate concerns, viz, SVAI, JAI and
JRSIPL, which are in the same line of business. The other
partners too have an experience of 15-20 years in agro commodity
business.

JSAI was established as a partnership firm in 2008 by the Ramwani
and Vaghela families and has seven partners currently.

The firm is primarily engaged in the milling, processing, grading
and packing of par boiled rice and has a processing capacity of
43,200 Tonnes Per Annum (TPA) at its sole processing unit located
at Sanand (Ahmedabad).

The partners are engaged in similar line of business through
their other entities - Siddhivinayak Agro Industries (SVAI; rated
'CARE B+', assigned in May 2016), Janki Agro Industries (JAI;
rated 'CARE B+/CARE A4', reaffirmed in January 2017), Janki Rice
& Solvent Industries Private Limited (JRSIPL; rated 'ICRA B'
reaffirmed and 'ICRA A4' assigned in January 2016).


JBF INDUSTRIES: Ind-Ra Lowers Issuer Rating to 'D', Outlook Neg.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JBF Industries
Limited's (JBF) Long-Term Issuer Rating to 'IND D' from 'IND BBB-
'. The Outlook was Negative. Instrument-wise rating actions are:

-- INR4,000 mil. Fund-based working capital limits (Long-term)
    downgraded with IND D rating;
-- INR16,000 mil. Non-fund-based working capital limits (Short-
    term) downgraded IND D rating;
-- INR2,800 Term loan (Long-term) due on March 2020 downgraded
    IND D rating; and
-- INR200 mil Proposed term loan (Long-term)* downgraded with
    Provisional IND D rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by JBF to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of JBF along with its
subsidiaries, JBF Petrochemicals Ltd ('IND C'/'IND A4'), JBF RAK
LLC, JBF Global Europe BVBA and JBF Bahrain SPC, together
referred to as the JBF group to arrive at the ratings.

The downgrade reflects delays by JBF group in servicing its debt
obligations. This was on account of a significant deterioration
in the group's financial risk profile, resulting from losses in
overseas operations and continuous delays in the commencement of
an ongoing purified terephthalic acid (PTA) plant. The group's
liquidity also weakened due to these losses and the November 2016
demonetisation, resulting in cash flow mismatches.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

JBF group is a leading producer of polyester and other related
products in the polyester value chain. Its current production
capacity is about 1.9mtpa, which is slated to increase to 3.2mtpa
following the commencement of operations at its PTA plant. The
group operates three domestic facilities - one in Gujarat and two
in Silvassa, and three international facilities, one each in the
UAE, Belgium and Bahrain.


JBF PETROCHEMICALS: Ind-Ra Lowers Long-Term Issuer Rating to 'C'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded JBF
Petrochemicals Limited's (JBF Petro) Long-Term Issuer Rating to
'IND C' from 'IND BBB-'. The Outlook was Negative. Instrument-
wise rating actions are:

-- USD416 mil. External Commercial Borrowings (ECBs)* due on
    April 2025 downgraded with IND C/IND A4 rating.

* Including USD326.96 million sub-limit of letter of credit/bank
guarantee

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of the financial and credit
profiles of JBF Petro and its ultimate parent, JBF Industries
Limited ('IND D'), and associate concerns JBF RAK LLC, JBF Global
Europe BVBA and JBF Bahrain SPC, together referred to as JBF
Group to arrive at the ratings.

The downgrade reflects Ind-Ra's belief of inadequate cash flow
post commencement of Purified Terephthalic Acid (PTA) plant and
the resultant tight liquidity position following the commencement
of loan repayment in April 2018 on account of low expected
margins due to weak demand.

RATING SENSITIVITIES

Positive: Stabilisation of cash flows post the commencement of
PTA plant leading to a timely debt servicing could result in a
positive rating action.

COMPANY PROFILE

Incorporated in FY11, JBF Petro was set up to execute JBF group's
backward integration project of a 1.25mtpa petrochemical plant
for manufacturing PTA in Mangalore. As per management, the
project achieved commercial operation date in April 2017.


KANDAGIRI SPINNING: CARE Cuts Rating on INR49.18cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kandagiri Spinning Mills Limited (KSML), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             49.18      CARE B+; Stable Revised
                                     From CARE BB-

   Short-term Bank
   Facilities              2.50      CARE A4 Reaffirmed


   Long/Short-term
   Bank Facilities         1.10      CARE B+; Stable/CARE A4
                                     Revised from CARE BB-/
                                     CARE A4

   Fixed deposit          14.01      CARE B+(FD) Revised from
                                     CARE BB-(FD)

Detailed Rationale and Key Rating drivers

The revision in the ratings assigned to the bank facilities and
fixed deposits of KSML factor in the deterioration in the
operational & financial performance of the company marked by
decline in revenues during the past two years ended March 2017
and loss reported during FY17 (refers to the period April 1 to
March 31). The ratings are also constrained by the highly
leveraged capital structure, weakening financial risk profile and
debt service parameters, high working capital intensive nature of
operations and inherent volatility associated with the raw
material and its impact on profitability.

The rating, however, draws support from KSML's established track
record along with the promoters' vast experience in the textile
industry and the company's long-standing relationship with the
customers with diverse product offerings.

Going forward, ability of KSML to increase revenues, report
profits, manage raw material prices and working capital
efficiently would be the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weakness

Decline in operational performance during past two years with net
loss reported in FY17: The operating income declined by 46.2% to
INR78.26 in FY17 from INR144.9 crore in FY16 on account of
decline in production and sales volume due to the high
procurement price of cotton during the year. During FY17, the
company sold 13 windmills of aggregate capacity 10.25MW for
around INR27 crore including profit of INR15.45 crore from the
sale of the assets. Including the profit from the above sale of
assets, the company reported loss after tax of INR11 crore in
FY17. KSML also reported cash loss of INR3.9 crore during FY17.

Weakening financial risk profile in FY16:
The net worth of the company decreased to INR8.3 crore as on
March 31, 2017 from INR19.03 crore as on March 31, 2016 with
losses incurred during FY17. The capital structure weakened
during FY17 with overall gearing moderated to 8.04x as on
March 31, 2017 from 4.78x as on March 31, 2016. The promoters
have provided financial support to the company in the form of
unsecured fixed deposits which has increased to INR11.34 crore as
on March 31, 2017 from INR10.93 crore as on March 31, 2016.

Weak liquidity position with working capital intensive nature of
operations:
The working capital cycle of KSML increased from 110 days in FY16
to 146 days in FY17 with the increase in inventory holding. The
current ratio stood below unity for the past three years ended
FY17 on account of larger amount of debt maturing within the year
and higher working capital borrowings. The average working
capital utilization stood high at of 95% in the last 12 months
ended May, 2017.

Volatile raw material prices impacting profitability:
Cotton, the key raw material consumed by KSML has exhibited high
volatility in its prices in the past and in turn impacts the
profitability of the company. The purchase price per kg of cotton
for the company has increased from to INR93/kg in FY16 to
INR118/kg which is 26.88% higher than FY16. The profitability of
spinning mills largely depend on the prices of cotton and cotton
yarn, which are governed by various factors such as area under
cultivation, monsoon, export quota fixed by the government,
international demand-supply situation, etc.

Key Rating Strengths

KSML's long-standing track record and promoter's vast experience:
KSML has a long-standing track record of operations for around
four decades. The company was originally promoted by late Mr. S P
Ratnam, Mr. K R Manicka Mudaliar, Mr. S P Sambandam, Mr. L
Manicka Mudaliar and Mr. A Ganesa Mudaliar, all of whom belong to
the same family who were traditionally yarn merchants. Mr. R
Selvarajan (s/o. Mr. S P Ratnam), Managing Director, who has four
decades of experience in the manufacture and trade of yarn, takes
care of the day-today operations of KSML. He is ably assisted by
his son Mr. S Vijayshankar who is the Joint Managing Director and
Chief Financial Officer of KSML.

Diverse product offerings:
The product diversity comes from the company's manufacturing
capability to produce cotton yarns in the count range of 20s to
100s catering to the market of both hosiery and weaving
manufacturers. The company also produces carded, combed, auto-
coned, ring doubled, two for one (TFO), compact spun, reverse
twist yarns which are customized products.

KSML was originally incorporated in 1976 in Salem, Tamil Nadu,
under the name of 'The Ammapet Sizing Mills Private Limited'. The
company took its current name in 1978 and became a public limited
company in 1995. KSML is engaged in textile spinning with an
aggregate capacity of 67,338 spindles (as on March 31, 2017)
spread across three units in Salem.


KHUKHRAIN BUILDERS: CRISIL Reaffirms B+ Rating on INR5.56MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Khukhrain Builders
(KB) for obtaining information through letters and emails dated
February 8, 2017 and April 08, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Overdraft               5.56      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Khukhrain Builders. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Khukhrain Builders is consistent with
'Scenario 3' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
CRISIL B+/Stable /CRISIL A4'.

KB is a Delhi based firm in the civil construction
business'especially involving laying water and sewerage lines.
The firm was started in 1979 and is currently managed by Mr.
Sunil Anand and his son Mr. Piyush Anand.


M L RICE: CARE Assigns B+ Rating to INR24.50cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M L
Rice Mills (MLR), as:
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            24.50       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of MLR is constrained
by its small and stagnant scale of operations, weak financial
risk profile characterised by low profitability margins, weak
debt coverage indicators and working capital intensive nature of
operations. The rating is further constrained by susceptibility
to foreign exchange fluctuation risk, volatility of raw material
prices and monsoon dependant operations, constitution being a
partnership firm and its presence in a fragmented industry with
high government regulation. The rating, however, derives strength
from experienced partners along with long track record of
operations, favorable location of plant and moderate capital
structure.

Going forward, the ability of the firm to scale-up its operation
while improving its profitability margins would remain the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and stagnant scale of operations along with low
profitability margins: The firm's scale of operations has
remained small marked by total operating income (TOI) of INR66.71
crore in FY16 (refers to the period April 01 to March 31).
Additionally, the scale of operations stood stable during last
two financial years due to absence of incremental demand from
customers. Furthermore, the profitability margins of the firm
stood low marked by PBILDT margin and PAT margin of 4.35% and
0.33%, respectively, in FY16.

Weak debt coverage indicators: The debt coverage indicators
remained weak with the total debt to GCA at 45.96x for FY16 and
interest coverage ratio at 1.22x in FY16.

Working capital intensive nature of operations: The operating
cycle of the firm stood elongated at 192 days for FY16. The
average utilization of the cash credit limit remained at ~75% for
the last 12-month period ended May 2017.

Susceptibility to foreign currency fluctuation: With initial cash
outlay for sales in domestic currency and sales realization in
foreign currency, the firm is exposed to the fluctuation in
exchange rates. The firm does not hedge its exports receivable,
exposing it to sharp appreciation in the value of rupee against
foreign currency which may impact its cash accruals.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Adverse climatic conditions can affect their availability and
leads to volatility in raw material prices. Any sudden spurt in
the raw material prices may not be passed on to customers
completely owing to firm's presence in highly competitive
industry.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation.

Partnership nature of constitution: MLR's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key Rating strengths

Experienced partners along with long track record of operations:
MLR was established in 1983 and its day-to-day operations are
looked after by the partners jointly. Mr. Janak has an industry
experience of more than four decades

through his association with MLR and group concerns, Mohan Lal
Janak Raj (MLJR) and ML0. Mr. Ashok Kumar has an industry
experience of nearly two decades and both Mr. Ashu Girdhar and
Mrs Sudesh Rani have an industry experience of 15 years through
their association with MLR only.

Location advantages: MLR's manufacturing unit is located in
Fazilka, Punjab. The area is one of the hubs for paddy/rice,
leading to its easy availability of raw material. The presence of
MLR in Punjab gives it an advantage over competitors operating
elsewhere in terms of easy availability of the raw material as
well as favorable pricing terms.

Moderate capital structure: The capital structure of the firm
stood moderate with overall gearing ratio of 1.87x as on
March 31, 2016.

M L Rice Mills (MLR) was established in October 1983 as a
partnership firm by Mr. Janak Raj and his brothers. The firm is
currently being managed by Mr. Janak Raj and his wife, Mrs Sudesh
Rani and their sons, Mr. Ashok Kumar and Mr. Ashu Girdhar,
sharing profit and losses in the ratio 2:2:3:3. The firm is
engaged in the processing of paddy at its manufacturing facility
located in Fazilka, Punjab, with an installed capacity of
processing 36,000 tonnes of paddy per annum as on March 31, 2016.
MLR sells basmati and non-basmati rice directly to various rice
wholesalers and retailers based in Punjab, Haryana, Odisha, Uttar
Pradesh, Kerala, Tamil Nadu, Gujarat, Delhi, etc. The firm also
exports its finished products to Australia and gulf countries
like Dubai, Oman, Iraq, etc. [income from exports constituted
~15% of the total sales in FY16]. The firm sells its products
under the brand name of "7 Days" and is also ISO: 22000 certified
firm. The raw material, ie, paddy, is procured directly from
grain market and from commission agents based majorly in Punjab
and Haryana. Besides this, partners are also associated with two
group concerns, namely, Mohan Lal Janak Raj (MLJR) which is
engaged in the trading of paddy, wheat, etc, on commission basis
since 1975 and M.L. Overseas (MLO) which is engaged in milling of
rice on job work basis since 2001.

In FY16, MLR has achieved a total operating income (TOI) of
INR66.71 crore with PAT of 0.22 crore as against a total
operating income of INR67.26 crore with PAT of INR0.21 crore in
FY15. In FY17 (Provisional), the firm has achieved TOI of
INR74.00 crore.


MAHAPRABHU RAM: CARE Assigns 'D' Rating to INR4.0cr ST Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahaprabhu Ram Mulkh Hi-Tech Education Society (MRMH), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.55       CARE D Assigned

   Short-term Bank
   Facilities             4.00       CARE D Assigned

Detailed Rationale and key rating drivers

The rating takes into account the delays in debt servicing by
MRMH due to its weak liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: There are regular delays in
servicing the principal amount and interest for term loans and
there are instances of over utilization of overdraft limit. On an
average, the society clears the dues with-in one and a half
months. The delays are on account of weak liquidity as the
society is unable to generate sufficient funds in a timely manner
leading to cash flow mismatches.

Mahaprabhu Ram Mulkh Hi-Tech Educational Society (MRMH) got
registered under the Society Registration Act- 1860 in 2005 and
is currently being managed by Mr. Roshan Lal Jindal, Mrs Ritu
Jindal, Mr. Mukesh Jindal, Mrs. Tamanna Jindal, Mrs Saroj Garg,
Mr. Rajneesh Jindal and Mr. Rohit Sharma as the trustees. The
society was formed with an objective to provide higher education
in the field of engineering, computer science and management. The
society has established five separate colleges, namely, Shree Ram
Mulkh Institute of Management and Technology, Shree Ram Mulkh
Institute of Engineering and Technology, Shree Ram Mulkh College
of Technical Education, Shree Ram Mulkh College of Education and
Shree Birkha Ram College of Education. All the colleges of MRMH
are in Village Kohra-Bhura (Bhurewala), Haryana.

The different courses offered are duly approved by AICTE (All
India Council of Technical Education). MRMH is also affiliated to
Kurukshetra University, Kurukshetra (KUK). In FY16 (refers to the
period April 01 to March 31), MRMH has achieved a total operating
income (TOI) of INR10.32 crore with surplus of INR0.06 crore as
against total operating income of INR 10.45 crore with surplus of
INR0.24 crore in FY15. In FY17 (Provisional), the society has
achieved TOI of INR10.50 crore.


MAHESHWAR MULTITRADE: CARE Reaffirms B+ Rating on INR12.68cr Loan
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Maheshwar Multitrade Private Limited (MMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            12.68       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MMPL continues to
be constrained on account of modest scale of operations, thin
profitability margins, leveraged capital structure and weak debt
coverage indicators. The rating is further constrained due to
seasonality associated with availability of trading material
resulting in working capital intensive nature of business along
with exposure to material price fluctuation risk and presence in
highly fragmented industry.

The rating continues to draw support from the experience of the
promoters for around three decades, support from group concern
along with long-term association with diversified clientele.

The ability of the entity to increase its scale of operations
with improvement in profitability and capital structure while
managing its working capital requirements efficiently are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: The directors of MMPL are the members of
the Banchode family. The directors are Mr. Shivanand Banchode,
Mr. Shrikant Banchode, Mr. Sudhakar Banchode, Mr. Ganesh Banchode
and Mr. Shashikant Banchode. Mr. Shrikant Banchode and Mr.
Sudhakar Banchode have been managing MMPL since 2010 and have
been managing MOM (Maheshwar Oil Mill) since the past three
decades. Due to extensive experience of the management in the
industry, the company is likely to be benefited from established
healthy relationship with key customers.

Support from associate concerns: MMPL is the group's expansion in
the edible oils segment and benefits from the established track
record of its associate firm, MOM. MMPL utilizes the marketing
and distribution network of MOM. The company sells its products
through a distribution network that includes the company's depots
and dealers in the states of Maharashtra, Karnataka and Kerala.
The widespread dealership network of MOM is being used by MMPL,
which gives the products of MMPL a wide reach. As a result, off
take is likely to remain high with low marketability risk for the
product.

Diversified clientele: With the promoters' extensive industry
experience coupled with marketing effort, the company has been
able to establish strong relationship with its customers. The
major customers of MMPL include Bodke Oil Mills, Kamani Oil
Company, S.K. Oil Industries and others. MMPL has long-standing
relationship with these players, who possess respectable position
in their respective industries. Because of the reputed clientele,
the credit risk remains low. In the past MMPL has been able to
get repeat orders from these clients, with regular proceeds from
them.

Key Rating Weaknesses
Modest scale of operations with thin profitability: The total
operating income of the company remained modest and has been
increasing at a CAGR of 60.61% during last three years ending
FY17 (Provisional; refers to the period April 1 to
March 31).However, the profitability margins of the company
remained thin owing to trading nature of business and competitive
nature of industry.

Leveraged capital structure and weak debt coverage indicators:
The high debt profile as against low tangible net worth resulted
in leveraged capital structure of the company. Moreover, with
increase in total debt and low cash accruals, the debt coverage
indicators of the company deteriorated and remained weak.

Working capital intensive nature of operations: MMPL's operations
continues to remain working capital intensive in nature due to
upfront payments to farmers and extended credit period offered to
its customers(due to increase in competition) resulting in higher
utilization of working capital borrowings. Further being an
agricultural commodity, the pricing and distribution of grains
and pulses are exposed to climatic and agriculture-related risks
as well as government policies.

Presence in a fragmented industry: MMPL is one of the relatively
smaller players engaged in the business of trading and marketing
of edible oil. Edible oil industry is characterized by intense
competition from established larger players and also fragmented
unorganized players, which may exert pressure on pricing and
consequently margins of the company. Due to the fragmented nature
and low entry barriers in the industry, profitability margins are
low.

Established in 2010, MMPL is engaged in the trading and
manufacturing of edible oils. MMPL belongs to the Maheshwar
group of Kolhapur. MMPL is promoted by the Banchode family who
has also setup another group entity Maheshwar Oil Mills (MOM) (a
partnership firm) which was incorporated in 1992, and is engaged
in the manufacturing of edible oils along with trading of the
same. The partners in MOM are also the shareholders and directors
in MMPL.

The product profile of MMPL comprises groundnut oil, ground nut
seed, makkachuni, cattlefeed, palm oil and cotton seed oil. MMPL
procures groundnut oil and groundnut seeds from (Maheshwar Oil
Mill) MOM, while supplier base for other products are outside
parties based in Maharashtra.


MEGHA AGROTECH: Ind-Ra Ups Issuer Rating to BB+, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Megha Agrotech
Private Limited's (MAPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR45 mil. (reduced from INR50 mil.) Fund-based facilities
    upgraded with IND BB+/Stable rating; and
-- INR5 mil. Non-fund based facilities assigned with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in MAPL's scale of operations
and comfortable credit metrics. According to provisional
financials for FY17, revenue was INR618 million (FY16: INR426
million, FY15: INR416 million). The increase in revenue was
driven by a rise in the number of orders received from long-
standing customers. In FY17, interest coverage (operating
EBITDA/gross interest expense) was 9.88x (FY16: 4.05x; FY15:
2.54x) and net leverage (adjusted net debt/operating EBITDAR) was
0.39x (1.93x; 1.27x). The improvement in credit metrics was
mainly on account of an improvement in EBITDA margin to 7.9% in
FY17 from 5.7 % in FY16.

The ratings reflect fluctuating EBITDA margin of 5.2%-7.9% over
FY13-FY17 on account of a decline in employee costs and other
administrative expenses.

The ratings, however, continue to be supported by MAPL's
comfortable liquidity position, indicated by an average maximum
utilisation of fund-based limits of 71.39% for the 12 months
ended June 2017.

The ratings are also supported by the managing director's long
track record and operating experience of around two decades in
the irrigation industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations,
along with a stable profitability and credit metrics staying at
the current levels, will be positive for the ratings.

Negative: Any substantial decline in the scale of operations and
profitability, along with deterioration of current credit
metrics, will be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, MAPL is engaged in the manufacturing and
trading of drip irrigation and sprinkler irrigation equipment,
which is applicable for agriculture, horticulture and sericulture
purposes. It has manufacturing sites in Karnataka and Telangana.

MAPL booked INR190 million in revenue for April-June 2017.


MILAN GINNING: CRISIL Cuts Rating on INR20MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Milan Ginning
Pressing Private Limited (MGP; part of the Milan Grou) for
obtaining information through letters and emails dated
January 27, 2017 and April 5, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              20        CRISIL B/Stable (Issuer Not
                                      Co-operating; Downgraded
                                      from 'CRISIL BB+/Stable')

   Proposed Long Term        0.4      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Co-operating; Downgraded
                                      from 'CRISIL BB+/Stable')

   Term Loan                 1        CRISIL B/Stable (Issuer Not
                                      Co-operating; Downgraded
                                      from 'CRISIL BB+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Milan Ginning Pressing Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Milan Ginning Pressing Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' rating category or lower. Based on the last available
information, CRISIL has downgraded the rating to 'CRISIL
B/Stable'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MGP, KR Solvent (KRS), and Sustainable
Spinning and Commodities Private Limited (SSCPL). This is because
the three entities, together referred to as the Milan group, have
common promoters and management, and are engaged in similar lines
of business.

MGP, incorporated in 1995, gins cotton at its facilities in
Surendranagar (Gujarat). The company is promoted and managed by
Mr. Husen Ali Yusuf Ali Narsinh. KRS, set up in 2011, extracts
cotton oil by processing cotton seeds. SSCPL, incorporated in
2012, is engaged in cotton spinning.


MITTAL FIBERS: Ind-Ra Moves Issuer Rating to B+ Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Mittal
Fibers' (MF) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR60 mil. Fund-based working limits migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating; and
-- INR7.04 mil. Long-term loans migrated to non-cooperating
category with IND B+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

MF was established by Sanjay Agarwal in 2007. The firm is engaged
in the ginning and pressing of cotton at Shahada, Maharashtra. It
operates 36 ginning and one pressing machines. The firm also has
an oil mill. The proprietor has another firm which is engaged
into similar kind of activities in Khetia, Madhya Pradesh.


N.E. TRADE: Ind-Ra Assigned 'B+' Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned N.E. Trade &
Transport (NETT) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR100 mil. Fund-based limit assigned with IND B+/Stable
    rating; and
-- INR400 mil. Non-fund-based limit assigned IND A4 rating.

KEY RATING DRIVERS

The ratings reflect NETT's small scale of operations and moderate
credit metrics. According to provisional financials for FY17,
revenue was INR133 million (FY16: INR410 million), interest
coverage (operating EBITDA/gross interest expense) was 1.5x
(3.0x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was negative 0.1x (1.9x). The decline in
revenue was mainly due to lower tenders received from its only
client Food Corporation of India. Interest coverage deteriorated
due to a decline in profitability to 6.7% in FY17 from 9.5% in
FY16. Meanwhile, net financial leverage improved on account of
high cash and cash equivalents.

The ratings also reflect the proprietorship nature of the
organisation.

The ratings, however, are supported by NETT's moderate liquidity
profile, indicated by an average utilisation of about 60% during
the 12 months ended May 2017.

RATING SENSITIVITIES

Negative: Deterioration in credit metrics will lead to a negative
rating action.

Positive: Improvement in the scale of operations, along with
credit metrics, will lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2010, NETT is engaged in the transportation of
foodgrains in north-east India through a fleet of 74 trucks. The
company caters to only Food Corporation of India. It is managed
by Ms Neena Saikia.


OREN HYDROCARBONS: Ind-Ra Downgrades LT Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Oren
Hydrocarbons Private Limited's (OHPL) Long-Term Issuer Rating to
'IND D' from 'IND BBB+'. The Outlook was Negative. The
instrument-wise rating actions are:

-- INR292.5 mil. (increased from INR22.6 mil.) Term loans (Long-
    term) due on May 2020 downgraded with IND D rating;
-- INR1,720 mil. Fund-based working capital limits (Long-
    term/Short-term) downgraded IND D rating; and
-- INR474.5 mil. Non-fund-based working capital limits (Short-
    term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects instances of delays witnessed in debt
servicing by OHPL due to tight liquidity position. The same is on
account of an elongation of its working capital cycle to 199 days
in FY17 as per provisional financials (FY16: 142 days) and a
decline in the operational performance with revenue decreasing to
INR4,064.6 million (INR4,595.7 million) primarily on account of a
slowdown witnessed in the oil industry due to lower oil prices.
Also, there were disruptions in operations during demonetisation
which were further aggravated by the Vardha cyclone in Chennai in
December 2016.

RATING SENSITIVITIES

Positive: Timely servicing of debt obligations for three
consecutive months would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1990, OHPL primarily manufactures and trades mud
chemicals used in drilling fluids in the oil and gas industry.
The company reported operating EBITDA of INR431.0 million in
FY17P (FY16: INR 478.7 million) and net profit of INR76.2 million
(INR181.7 million). At FYE17, OHPL had debt of INR2,528.0 million
(FYE16: INR2,216.3 million) and cash & equivalents of INR125.3
million (INR189.7 million).


P.S.T. ENGINEERING: Ind-Ra Gives BB+ LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned P. S. T.
Engineering Construction (PST) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR100 mil. Fund-based working capital  facilities assigned
    with IND BB+/Stable/IND A4+ rating; and
-- INR50 mil. Non-fund-based working capital facilities assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PST's moderate scale of operations and EBITDA
margins, and modest order book indicating low revenue visibility.
As per FY17 provisional financials, revenue was INR1.73 billion
(FY16: INR1.77 billion) and EBITDA margins were 8.6% (7.8%). All
contracts executed by PST had a price escalation clause,
safeguarding its margins from input price volatility. As of June
2017, the firm had an order book of INR1.4 billion (0.85x of
FY17P revenue), to be executed by September 2018. PST recorded
revenue of INR340.2 million during 3MFY18.

The ratings are constrained by PST's partnership form of
organisation and exposure to a significant customer concentration
risk as its operations are largely concentrated in and around
Tamil Nadu.

The ratings also factor in PST's moderate liquidity position with
around 90% utilisation of fund-based facilities during the 12
months ended June 2017. Net working capital cycle was 47 days in
FY17P (FY16: 23 days) on account of extended debtor days inherent
to the industry in which it operates.

However, the ratings are supported by PST's comfortable credit
metrics with net leverage (total Ind-Ra adjusted net
debt/operating EBITDAR) of 1.5x in FY17P (FY16: 1.1x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) of
26.1x (213.9x). The firm had an interest-free unsecured debt on
its balance sheet from its associate company in FY15 and FY16,
which was partly repaid in FY17.

The ratings are also supported by PST's promoters' more than two
decades of experience in the civil construction business.

RATING SENSITIVITIES

Positive: A sustained growth in the revenue and operating EBITDA
margins with net leverage sustaining below 2.5x will lead to a
positive rating action.

Negative: Deterioration in the liquidity position on account of
stretched working capital cycle and/or a decline in the EBITDA
margins on a sustained basis would be negative for the ratings.

COMPANY PROFILE

Incorporated in 1995 as a partnership firm by Mr. S. Thennarasu
and family, PST began operations in 1999. PST is engaged in civil
construction work such as building of colleges and hospitals. It
is registered as Class I civil contractor with Public Works
Department in Tamil Nadu.


RAYAT EDUCATIONAL: CARE Assigns 'C' Rating to INR20cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rayat
Educational & Research Trust (RERT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         20.00      CARE C; Stable Assigned
   Facilities
   (Fund Based)

Detailed Rationale

The rating assigned to the bank facilities of RERT is constrained
by its small & declining scale of operations and high reliance of
the business on the working capital borrowings. The rating is
further constrained by the limited reach of the trust, high level
of regulations in the educational sector and increasing
competition. The rating, however, derives strength from the
experienced trustees & competent teaching staff, wide spectrum of
courses offered and well-established infrastructure.

Going forward, the ability of the trust to profitably scale-up
its operations along with managing the working capital
requirements efficiently will remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and declining scale of operations: Even though the
institute has been operational from 2001, the scale of operations
continue to be small as indicated by the total operating income
of INR30.20 crore in FY16, which declined from INR33.29 Cr. in
FY14. This was on mainly account of decrease in student
enrollment.

High reliance on the working capital borrowings: The overdraft
limit availed by the trust has remained fully utilized on an
average for the 12 months period ended May-2017.

High level of regulation in the educational sector in India: The
education industry remains a highly regulated industry with
constant intervention from the central government and other
regulatory bodies. These factors have a significant impact on the
revenue and profitability of the institutions.

Increasing competition and limited reach: All the institutes of
the RERT are in Ropar i.e., single location of Punjab which
limits the penetration level for the Trust to tap opportunities.
Further, due to increasing focus on technical education in India,
a number of colleges have been opened up in the close proximity.
This exposes the revenue of RERT to competition from other
universities in and around Ropar.

Key Rating Strengths

Experienced trustees with competent teaching staff: The Trust is
managed by Mr. Gurvinder Singh Bahra and Mr. Nirmal Singh Rayat
as Chairman and President respectively. Both Mr. Gurvinder Singh
Bahra and Mr. Nirmal Singh Rayat have total work experience of
more than two decades in the education sector. RERT has also
employed experienced and qualified teaching staff including PhD
holders and research scholars to support the academic
requirements of the institutions.

Solvency position: The trust had a comfortable solvency position
marked by overall gearing ratio and total debt to GCA ratios of
0.62x and 4.65x, respectively, as on March 31, 2016.

Wide spectrum of courses and well-established infrastructure: The
availability of graduate, post graduate and school programs with
diversified courses helps RERT to attract more students by
reducing dependence on any one discipline. In addition to the
well-established basic infrastructure, the various facilities
offered at the colleges and school include laboratories, computer
centers including smart classes, conference halls, video
conferencing, multimedia projectors, libraries, etc.

Rayat Educational & Research Trust (RERT) was established in
2001. RERT is a part of Punjab based Rayat-Bahara group.
Currently, the trust is running one campus having six colleges
and two schools located in Ropar, Punjab. The Trust was
established by Mr. Gurvinder Singh Bahra (Chairman) and Mr.
Nirmal Singh Rayat (President) with an objective to provide
education in the field of engineering and technology, management
and pharmacy.


SABOO TOR: Ind-Ra Raises Issuer Rating to 'BB+', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Saboo Tor
Private Limited's (STPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR180 mil. (increased from INR105 mil.)Fund-based limits
    upgraded with IND BB+/Stable rating; and
-- INR19.5 mil. Non-fund based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects the improvement in STPL's scale of
operations and profits due to a higher demand for TMT bars,
resulting in an improvement in credit metrics. However, the scale
of operations and credit metrics remain moderate. Also, EBITDA
margins did not show any improvement as the company was not able
to charge a higher price for the goods produced due to
competition.

According to the FY17 provisional financials, revenue was INR840
million (FY16: INR713 million), EBITDA was INR46 million (INR39
million), interest coverage was 2.1x (1.4x) and net leverage (net
debt/operating EBITDA) was 3.7x (4.3x). Margins remained stable
at low levels of 5.5% during FY16-FY17 as the company passed on
fluctuations in the raw material prices to its customers.

The upgrade also reflects STPL's better liquidity position, as
reflected in its average 60% utilisation of its fund-based
working capital limit during the 12 months ended June 2017 as
against the earlier levels of around 100%. However, STPL's cash
conversion cycle remains long, despite a reduction to 88 days in
FY17 (FY16: 99 days), mainly due to a long inventory holding
period and high receivable days.

The ratings, however, remain supported by over two decades of
experience of STPL's founders in trading and manufacturing iron
and steel products.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with improvement in its liquidity and overall credit profile will
be positive for the ratings.

Negative: Deterioration in the overall credit metrics of the
entity will be negative for the ratings

COMPANY PROFILE

STPL is a part of the Saboo Group of Industries, incorporated
in1991. STPL manufactures TMT bars and angles at its 24,000
metric tonnes per annum manufacturing unit in Kalamb, which is at
the border of Haryana and Himachal Pradesh. The company is
managed by Raj Kumar Saini.


SHREE BABA: CRISIL Lowers Rating on INR125MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Shree Baba Naga
Food Stuff Limited (SBN) for obtaining information through
letters and emails dated October 18, 2016 and November 21, 2016
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             125       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shree Baba Naga Food Stuff
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Shree Baba Naga Food Stuff
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' category or lower. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL B/Stable'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SBN and BN Global Pvt Ltd (BNG). This
is because the two entities, together referred to as the BN
group, are in the same line of business, and have a common
management in addition to financial and operational linkages.

SBN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha,
and Mr. Deepak Chadha. The companies' mill and process basmati
rice for sale in the export and domestic markets.

SBN was incorporated in 2007, while BNG was incorporated in 2014
to take over the assets and liabilities of partnership firm, BN
Exports.


SHREE NARSHINGHA: CARE Assigns 'B' Rating to INR8.85cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Narshingha Cold Storage Private Limited (SNCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.85       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.15       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SNCSPL are
constrained by its small scale of operation, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
working capital nature of operations, high leverage ratios and
competition from other players. The ratings, however, derive
comfort from its experienced promoters, long track record
of operation and proximity to potato growing area.

Ability of the company to increase the scale of operations with
improvement in profit margins and to manage working capital
effectively will remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: SNCSPL is a small player in the cold
storage industry marked by total operating income of INR1.75
crore with a PAT of INR0.07 crore in FY16. Further, during FY17,
the company has booked turnover of INR1.77 crore as maintained by
the management.

Regulated nature of industry: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of
nature: SNCSPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SNCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.

Working capital intensive nature of business: SNCSPL is engaged
in the cold storage services; accordingly its operation is
working capital intensive. The company allows credit of around a
month to its customers and accordingly the requirement of working
capital remains high and therefore the average utilization of
fund based limit remained at about 90% during the last 12 months
ended
May 31, 2017.

High leverage ratios: The capital structure of the company
remained leveraged marked by debt equity of 1.54x and
overall gearing of 2.85x as on March 31, 2016. The debt equity
ratio improved as on March 31, 2016 due to schedule repayment of
term loans. Moreover the overall gearing deteriorated as on
March 31, 2016 owing to higher utilization of fund based limit
and the same remained high at 2.85x as on March 31, 2016.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.

Key Rating Strengths

Experienced promoter and long track record of operations: The
company is into cold storage business since 2004 and thus has a
track record of operations of around 13 years. Furthermore the
key promoters; Mr. Mohan Lal Poddar has more than four decades of
experience in cold storage industry, looks after the overall
management of the company. He is supported by other promoter Mr.
Sushil Kumar Poddar who also has around two decades of experience
in this line of business. The promoters are supported by a team
of experienced professionals.

Proximity to potato growing area: SNCSPL's storing facility is
situated at Medinipore, West Bengal which is one of the major
potato growing regions of the state. The favorable location of
the storage unit, in close proximity to the leading potato
growing areas provides it with a wide catchment and making it
suitable for the farmers in terms of transportation and
connectivity.

SNCSPL was incorporated in September 2003 and presently managed
by Mr. Mohan Lal Poddar and Mr. Sushil Kumar Poddar. The company
has commenced operations at its cold storage unit from March
2004. The cold storage facility of SNCSPL is located at
Medinipore, West Bengal with aggregated storage capacity of 14000
metric ton.


SHUBHSHREE ENGINEERING: Ind-Ra Assigns 'BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shubhshree
Engineering And Constructions Private Limited (SECPL) a Long-Term
Issuer Rating of 'IND BB+'. The Outlook is Stable. Instrument-
wise rating actions are:

-- INR60 mil. Fund-based facilities assigned with IND
    BB+/Stable/IND A4+ rating;
-- INR50 mil. Non-fund-based facilities assigned with IND A4+
    rating; and
-- INR90 mil. Proposed non-fund based facilities* assigned with
    Provisional IND A4+ rating.

*The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by SECPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect SECPL's small scale of operations and
moderate credit metrics. As per FY17 provisional financials,
revenue grew to INR336 million (FY16: INR305 million) on account
of increased orders from new and existing customers. As of June
2017, the company had an order book of INR1,224 million (3.6x of
FY17P revenue), to be executed by FY19.

EBITDA margin expanded to 15.3% in FY17P (FY16: 11.3%) owing to a
reduction in direct expenses. Consequently, EBITDA interest
coverage (operating EBITDA/gross interest expense) improved to
8.4x in FY17P (FY16: 7.7x), Net financial leverage (total
adjusted net debt/operating EBITDA) was stable at 1.1x (1.1x).
Ind-Ra expects the credit metrics to improve further based on
timely execution of orders.

However, the ratings are supported by SECPL's comfortable
liquidity position with 76% utilisation of fund-based limits
during the 12 months ended June 2017.

The ratings also benefit from the promoters' over two decades of
experience in the industrial construction business.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and order book
position leading to a sustained improvement in the credit metrics
will be positive for the ratings.

Negative: Failure to maintain a healthy order book impacting
revenue visibility or a decline in the EBITDA margin leading to a
sustained deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

Incorporated in July 2013, SECPL is engaged in industrial project
construction, planning and implementation, construction
management and project commissioning in Aurangabad, Maharashtra.


SMT. MOHINI: CARE Assigns B+ Rating to INR7.27cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Smt.
Mohini Devi Lekhraj Odhrani Charitable Trust (SMD), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.27       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SMD is primarily
constrained on account of its financial risk profile marked by
continuous deficit during last three financial years ended FY17
(refers to the period April 1 to March 31), leveraged capital
structure, stressed liquidity position and project implementation
risk for initializing new department of Ear Nose and Throat
(ENT). The rating is, further, constrained on account of
reputational risk and its presence in the highly regulated and
competitive healthcare industry.

The rating, however, favorably takes into account the vast
experience of the promoters and management personnel with long
track record of operations in the healthcare industry and its
continuous growth in total operating income (TOI) in last three
financial years ended FY17. The rating further derives strength
from diversified revenue streams, moderate occupancy level and
continuous infusion of funds by the promoters.
Detailed description of the key rating drivers

Key Rating Weakness
Financial risk profile marked by continuous net losses, leveraged
capital structure and stressed liquidity position SBID margin of
the trust has witnessed continuous improvement in last four
financial years ended FY17. Despite continuous improvement in
SBID margin, it has registered deficit in last four financial
years ended FY17 owing to higher depreciation expenses. SMD has
registered deficit of INR0.76 crore in FY17.

The capital structure of the hospital stood highly leveraged
mainly due to higher unsecured loans from promoters and relatives
and continuous net losses. Debt coverage indicators stood
moderate with total debt to GCA stood at 8.02 times as on March
31, 2017, the interest coverage ratio of the hospital stood
healthy at 6.98 times as on March 31, 2017.  The liquidity
position stood stressed with below unity level of current and
quick ratio as on March 31, 2017, and full utilization of its
overdraft limit during last 12 months ended May 2017.

Project implementation risk
The trust undertaken an expansion project for starting new
department of Ear Nose and Throat (ENT) and has envisaged total
project cost of INR2.55 crore to be funded through term loan of
INR1.45 crore, INR0.60 crore from internal accruals and remaining
through the unsecured loans. However, it has not achieved
financial closure. Till May 19, 2017, it has incurred INR0.70
crore towards the project which was funded through internal
accruals and unsecured loans. The project is expected to be
completed by July 2017.

Reputational risk
Healthcare is a highly sensitive sector where any mishandling of
a case or negligence on part of any doctor and/or staff of the
unit can lead to distrust among the masses. Thus, all the
healthcare providers need to monitor each case diligently and
maintain standard of services in order to avoid the occurrence of
any unforeseen incident. They also need to maintain high
vigilance to avoid any malpractice at any pocket.

Fragmented nature of industry leading to high competition with
vigilant regulatory bodies
The healthcare sector is highly fragmented with few players in
the organized sector. Barring a few, most of the organized sector
players have one or two hospitals only. All these lead to high
level of competition in the business. Furthermore, healthcare
sector is highly regulated and kept under the close vigilance of
various regulatory bodies in India like, Ministry of Health &
Family Welfare, Central Drug Standard Control Organization, etc.

Key Rating Strengths

Experienced management in the hospital industry with continuous
infusion of funds in the trust
The management of hospital has vast experience in the same line
of business and is well qualified. Mr. Ashok Odhrani, Chairman,
looks after overall affairs of the trust. Furthermore, trustees
of the hospital are assisted by well qualified doctors,
consultants and second-tier management. Further, the promoters of
the trust are continuously infusing unsecured loans to support
its operations and to meet working capital requirements.

Established track record of operations of running hospital having
experienced staff and healthy occupancy level SMD was running
hospital since 1985 and hence, has a track record of more than
two decades for running multi-specialty hospital successfully and
offers services in cardiology, urology, nephrology and neurology.
The hospital is a 100-bed multispecialty hospital and the
occupancy rate of the hospital remained moderately healthy at 60-
70% in last three financial years ended FY17.

The hospital has well qualified and experienced 11 in-house
doctors, 20 visiting doctors, 73 nursing staff and 54 supporting
staff with doctor's average experience of 20 years. The occupancy
rate stood moderate at 60% in FY16 and improved to 70% in FY17.

Diversified revenue stream attributing growth in Total Operating
Income (TOI)
Trust generates income from diversified revenue streams such as
donations from trustees, Research center, ayurvedic division,
homeopathic division, medical store running under Monilek
Pharmacy, Monilek Hospital and Monilek heartcare division. Total
operating income of the trust has witnessed an increasing trend
and grew at a compounded annual growth rate (CAGR) of 19.83% from
past three financial year ended FY17.

SMD was formed in 1985 by Mr. Lekhraj Odhrani, Mr. Ashok Odhrani
and Mr. Narendra Odhrani along with a group of practicing medical
consultants. SMD is operating a multi and super-specialty
hospital, under the name of "Monilek Hospital and Research
Center" at Jaipur having 100 beds which includes general wards,
private rooms and Intensive-Care Units (ICU), etc. The hospital
provides specialized services related to various medical
specialties viz. cardiology, urology, nephrology and neurology.


SOVA SOLAR: Ind-Ra Hikes Issuer Rating to 'BB+'; Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sova Solar
Limited's (SOSL; formerly Sova Power Limited) Long-Term Issuer
Rating to 'IND BB+' from 'IND BB-'. The Outlook is Stable. The
instrument-wise rating actions are:

-- INR115 mil. Fund-based limits upgraded with IND BB+/Stable
    rating;
-- INR54.6 mil. (reduced from INR67.60 mil.) Working capital
    term loan due on March 2020 upgraded with IND BB+/Stable
    rating;
-- INR8.9 mil. (reduced from INR26.4 mil.)due on Funded interest
    term loan March 2018 upgraded with IND BB+/Stable rating; and
-- INR150 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects the significant growth in SOSL's revenue in
FY17 to moderate levels, on back of an increase in the number of
work orders. However, EBITDA and credit metrics improved only
slightly due to a fall in margins, mainly due to an increase in
raw material expenses. Also, the customer concentration has been
high, as around 80% of the order book is from Larson & Tubro
Limited.

According to the FY17 provisional financials, revenue was
INR1,057 million (FY16: INR593 million), operating EBITDA was
INR51 million (INR42 million), EBITDA margins were 4.9% (7.1%),
interest coverage (operating EBITDA/ gross interest expense) was
1.7x (1.1x) and net leverage (net debt/ operating EBITDA) was
5.5x (6.6x).

The upgrade also reflects the improvement in the outstanding
order book to INR1,599.9 million (1.5x of FY17 revenue) to be
executed by end-FY18 from INR233.69 million earlier.

The ratings continue to reflect SOSL's moderate liquidity, as
seen in the 71.4% average utilisation of its working capital
limits for the 12 months ended June 2017. The net cash cycle days
improved to 61 days in FY17 (FY16: 111 days) on back of a decline
in receivable days.

The ratings continue to be supported by the company's promoters'
around a decade of experience in the solar business.

RATING SENSITIVITIES

Positive: An improvement in the order book leading to substantial
visibility of revenue growth leading to improvement in
profitability may lead to positive rating action.

Negative:  A decline in the profitability leading to
deterioration in the credit profile would lead to a negative
rating action.

COMPANY PROFILE

SOSL was formed in 2009 by the promoters of SOVA GROUP for
manufacturing crystalline solar photovoltaic modules. The company
has an 18MV solar capacity in Durgapur, West Bengal, India. Apart
from the production of modules, SOSL provides complete
engineering, procurement and construction solutions.


SRI LAKOSHA: CRISIL Reaffirms 'B' Rating on INR3MM Loan
-------------------------------------------------------
CRISIL has been consistently following up with Sri Lakosha
Polymer Private Limited (SLPPL) for obtaining information through
letters and emails dated March 06, 2017 and March 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Letter of Credit         19        CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term        2.2      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

   Term Loan                 3.3      CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Lakosha Polymer Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sri Lakosha Polymer Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable and reaffirmed the short term rating at CRISIL
A4'.

SLPPL, promoted in 1998 by Mr. Sridharan (joint managing
director) and his wife, Mrs. S Lalitha (joint managing director),
trades in polymer products. The company imports these products
from countries such as Saudi Arabia, Kuwait, and Malaysia and
sells to traders and plastic manufacturers in Tamil Nadu. The
company's administrative office is in Tirupur.


SUSTAINABLE SPINNING: CRISIL Cuts Rating on INR44.5MM Loan to 'B'
-----------------------------------------------------------------
CRISIL has been consistently following up with Sustainable
Spinning and Commodities Private Limited (SSCPL; part of Milan
group)) for obtaining information through letters and emails
dated February 8, 2017  and April 05, 2017  among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            3       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit               8       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term        9.5     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan                44.5     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sustainable Spinning and
Commodities Private Limited. This restricts CRISIL's ability to
take a forward looking view on the credit quality of the entity.
CRISIL believes that the information available for Sustainable
Spinning and Commodities Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
to 'CRISIL B/Stable/CRISIL A4'

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of Milan Ginning Pressing Pvt Ltd (MGP),
KR Solvent (KRS), and SSCPL. This is because the three entities,
together referred to as the Milan group, have common promoters
and management, and are engaged in similar lines of business.

MGP, incorporated in 1995, gins cotton at its facilities in
Surendranagar (Gujarat). The company is promoted and managed by
Mr. Husen Ali Yusuf Ali Narsinh. KRS, set up in 2011, extracts
cotton oil by processing cotton seeds. SSCPL, incorporated in
2012, is engaged in cotton spinning.


SWATI MENTHOL: CRISIL Lowers Rating on INR120MM Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Swati Menthol and
Allied Chemicals Limited (SMACL) for obtaining information
through letters and emails dated March 16, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            3       CRISIL A4 CRISIL A4 (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL A3+')

   Cash Credit              27       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Export Packing Credit   120       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Foreign Bill Purchase    25       CRISIL B (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Letter of Credit         25       CRISIL A4 CRISIL A4 (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL A3+')

   Proposed Export          30       CRISIL A4 CRISIL A4 (Issuer
   Packing Credit                    Not Cooperating; Downgraded
                                     from 'CRISIL A3+')

   Proposed Long Term       16       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Standby Line of Credit   29       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Term Loan                20       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SMACL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL believes that the information available for
SMACL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information' consistent with CRISIL
B category rating or lower. Based on the last available
information, CRISIL has downgraded the rating to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BBB/Negative/CRISIL A3+'

SMACL was set up in 1990 by Mr. S K Gupta as a private limited
company. It was reconstituted as a public limited company in
2001. It currently has two manufacturing plants located in Rampur
(Uttar Pradesh) and are engaged in manufacturing of Menthol and
allied products, Pine and Aroma chemicals. SMACL manufactures 53
products, including Menthol Crystals, Peppermint oil, Terpineol,
Terpinyl Acetate, Dihydromyrcenol, Eucalyptus oil and several
other aroma chemicals, all of which find application in several
industries including Pharmaceuticals, Food, Oral care, Flavor,
Fragrances, Tobacco, Cosmetics, and Paint.


TDI INFRATECH: CRISIL Reaffirms B- Rating on INR164.5MM Term Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of TDI Infratech Limited
(TDI) continue to reflect its weak financial risk profile,
especially liquidity, due to large debt contracted to fund
projects, slow realisation of receivables, large funding for
upcoming projects, and vulnerability to inherent risks and
cyclicality in the Indian real estate sector. These weaknesses
are partially offset by its promoters' extensive industry
experience and their funding support.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          20       CRISIL A4 (Reaffirmed)
   Overdraft               25       CRISIL A4 (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility       0.5     CRISIL B-/Stable (Reaffirmed)
   Term Loan              164.5     CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile, especially liquidity: TDI has weak
liquidity due to delayed payments by customers. The company has
two township projects at Mohali (TDI City I and TDI City II) in
Punjab, and one in Panipat, Haryana. As on March 31, 2017, the
company had receivables of INR132 crore in TDI City I, INR661
crore in TDI City II, and INR874 crore in the Panipat project.
Large cost of new projects will keep liquidity constrained, and
timely inflow of customer advances will remain a rating
sensitivity factor.

* Susceptibility to inherent risks and cyclicality in the real
estate sector: The real estate industry is subject to multiple
property laws and government regulations, which affect project
tenure and constrain players' scale of operations.

Strengths

* Extensive industry experience of the promoters and their
funding support: TDI is part of the TDI group, which was
established in 1975. Its promoters have been in the construction
and development business for more than four decades, and have
knowledge of the real estate market in northern India. The
promoters have supported the company by infusing funds when
required. The networth as on March 31, 2017 was at INR183 crore.

Outlook: Stable

CRISIL believes TDI will continue to benefit from its promoters'
extensive industry experience and funding support. The outlook
may be revised to 'Positive' if sizeable customer advances lead
to better cash inflow, or significant fund infusion eases
pressure on liquidity. The outlook may be revised to 'Negative'
if liquidity deteriorates because of low or delayed customer
advances, or simultaneous and aggressive launch of new projects.

Incorporated in 1999 and promoted by members of the Taneja
family, TDI undertakes real estate development in Punjab and
Haryana. The company is developing two townships in Mohali and
one in Panipat, and is likely to launch a new project in Sonipat,
Haryana.

Net profit is estimated at INR6.17 crore on net sales of
INR207.65 crore in fiscal 2017, against a net profit of INR4.26
crore on net sales of INR207.14 crore in fiscal 2016.


VEDANTA RESOURCES: S&P Rates New US$-Denom. Sr. Unsec. Notes B+
---------------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Vedanta Resources PLC (foreign currency: B+/Stable/--). The
rating is subject to S&P's review of the final issuance
documentation.

S&P said, "We believe the proposed issuance will partly refinance
Vedanta Resources' debt maturities over the next 12-15 months.
The company plans to use the proceeds to partly refinance its
bank loans, and to fund a tender offer for its outstanding bonds
due 2019 and 2021. The proposed notes, therefore, would not have
any impact on Vedanta Resources' cash flow leverage ratios,
though they will improve the liquidity position and extend the
average debt maturity.

"Since our upgrade of Vedanta Resources on Jan. 16, 2017, the
company's operating and financial performance is largely on track
to meet our expectations for fiscal year ending March 31, 2018.
The company's operating performance during the first quarter of
fiscal 2018 was softer than our expectations. However, we expect
performance to recover over next few quarters with the restarting
of affected units in the power business and a ramp-up at the
aluminum business.

"The operational issues at Vedanta Resources' aluminum and power
operations, higher raw material costs, and unfavorable currency
movements contributed to a weaker performance relative to our
expectations in the first quarter of fiscal 2018. Sustained
strong prices and good production at the zinc operations with
higher EBITDA from the oil business supported cash flows in the
first quarter. Overall, we believe Vedanta Resources' fund from
operations (FFO) to debt will likely approach 10%-11% by end
fiscal 2018, from 5.9% in fiscal 2017. Sustained high zinc prices
and a ramp-up of aluminum operations with solid profitability
will be essential for the company to reach these ratio levels. We
could raise the rating if we expect Vedanta Resources' ratio of
FFO to debt will be above 12% on a consistent basis."

Vedanta Resources completed a merger of its subsidiaries Cairn
India and Vedanta Ltd. S&P said, "In our view, the merger will
improve the cash flow fungibility within Vedanta Ltd. by
simplifying the group structure to some extent. However, it will
not change Vedanta Resources' financial metrics or materially
improve cash flow fungibility between Vedanta Ltd. and the
holding company Vedanta Resources."


VETRIVEL EXPLOSIVES: CRISIL Cuts Rating on INR31.45MM Loan to D
---------------------------------------------------------------
CRISIL has removed its ratings on the bank facilities of Vetrivel
Explosives Private Limited from 'Rating Watch with Negative
Implications', and has downgraded the ratings to 'CRISIL D/CRISIL
D' from 'CRISIL B/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            4        CRISIL D (Removed from
                                      'Rating Watch with Negative
                                      Implications'; Downgraded
                                      from 'CRISIL A4')

   Cash Credit              15        CRISIL D (Removed from
                                      'Rating Watch with Negative
                                      Implications'; Downgraded
                                      from 'CRISIL B')

   Letter of Credit          4        CRISIL D (Removed from
                                      'Rating Watch with Negative
                                      Implications'; Downgraded
                                      from 'CRISIL A4')

   Term Loan                31.45     CRISIL D (Removed from
                                      'Rating Watch with Negative
                                      Implications'; Downgraded
                                      from 'CRISIL B')

On December 23, 2016, CRISIL had downgraded the ratings to
'CRISIL B/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+' and
placed the rating on 'Watch with Negative Implications'. The
rating action followed weakening of financial risk profile,
especially liquidity due to temporary suspension of the company's
license by the chief controller of Explosives from the Petroleum
and Explosives Safety Organisation following an accident in the
factory on December 1, 2016, and the lack of clarity in the
timeline for restarting of operations and stabilization of
operating performance. The rating is being removed from watch as
there is currently a delay in meeting debt obligations and the
explosive division continues to remain shutdown

The rating downgrade reflects delays in servicing term debt
because of weak liquidity following the shutdown of the explosive
division.

The ratings also reflect a modest scale of operations in the
intensely competitive civil explosives segments. This rating
weaknesses are partially offset by the extensive industry
experience of the promoters

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive segment:
There is intense competition in the domestic civil explosives
business because of a large number of players in a fragmented
industry.

Strengths

* Extensive experience of promoters: The promoters have an
experience of around 17 years in the civil explosives business
benefitting the company's business profile

VEPL was set up as a partnership firm in Salem, Tamil Nadu, in
1999, and was reconstituted as a closely held private limited
company in 2000. Till fiscal 2013, it only manufactured civil
explosives. Since fiscal 2014, post-merger with Sivasakthi
Hotels, it has been operating a 4-star hotel in Salem.

Profit after tax (PAT) was INR4.3 crore on operating income of
INR139.8 crore in fiscal 2016, as against a PAT of INR1.8 crores
on operating income of INR113.6 crores in fiscal 2015


VISHNU CARS: Ind-Ra Migrates Issuer Rating to 'B' Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vishnu Cars Pvt
Ltd's (VCPL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR200 mil. Fund-based working limits migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR66.03 mil. Long-term loans migrated to non-cooperating
    category with IND B(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

VCPL was incorporated in 2005 as the authorised dealer for
Hindustan Motors Ltd. In 2010, the company switched to the
dealership of Maruti Suzuki India Limited. It has five showrooms,
seven service centres and one stockyard in Chennai.



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


TOSHIBA CORP: Creditors Involved in Workout Push for Bankruptcy
---------------------------------------------------------------
Kosaku Narioka, Takashi Mochizuki and Peter Landers of The Wall
Street Journal report that a number of creditors and others
involved in Toshiba Corp.'s restructuring are pushing for a
Toshiba bankruptcy filing as the best path to rebirth after its
effort to raise money through a chip-unit sale stalled.

People involved in talks over Toshiba's workout, including
business partners, lawyers and people with ties to the company's
main bankers, said bankruptcy is worth serious study, the Journal
relates. Some of them said it is the best available option and
that they are advocating it in discussions with Toshiba or
creditors. They said a bankruptcy filing by Toshiba, the core of
an industrial conglomerate, could free it of burdens that include
lingering liabilities from the March bankruptcy of its
Westinghouse Electric Co. nuclear unit in the U.S., the Journal
relays.

According to the Journal, Toshiba's chief executive, Satoshi
Tsunakawa, said at a recent news conference that seeking debt
relief through the courts isn't an option.

A Toshiba spokesman reiterated last week that the company has "no
specific plan" to seek bankruptcy protection, the Journal 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 CORP: Ordered to Notify WD of Any Deal to Sell Chip Unit
----------------------------------------------------------------
The Japan Times reports that a request to block Toshiba Corp.
from raising much-needed cash by selling a flash-memory venture
was taken off the table in a California court on July 28.

The report says Toshiba and Western Digital agreed to an order
recommended by a state court judge who asked the companies to
collaborate on an agreement instead of dueling over an injunction
requested by Western Digital.

Toshiba said the agreement requires the company to publicly
announce the signing of any deal to sell the venture and provide
Western Digital two weeks' notice before any such sale closes,
according to the report.

The notice would give Western Digital time to react to a sale in
court or with an arbitration panel, the report relates.

"We are very pleased to have reached this mutually acceptable
understanding which is effective for a very limited time and
which recognizes Toshiba's right to negotiate and sign a
definitive agreement for the sale of its memory business,"
Toshiba Corp. Senior Executive Vice President Yasuo Naruke said
in a release announcing the stipulated agreement, the Japan Times
relays.

Toshiba expected that such a deal would take months to
consummate, the report says.

The agreement is to remain in effect until 60 days after an
international arbitration panel has been created to consider the
matter, the Japan Times notes.

The report says while the battle playing out in a San Francisco
court has captured attention, the clash between the companies is
expected to be resolved in arbitration.

"We don't expect to close a deal during the period addressed in
the order," the report quotes Toshiba as saying in a released
statement.  "Toshiba therefore remains focused on preparing for
the ICC (Chamber of Commerce) arbitration process, which we
believe is the appropriate venue to address these issues."

According to the report, the hearing on July 28 was held to
consider a request by Western Digital for an injunction stopping
Toshiba from selling interests in three NAND flash-memory joint
ventures operated with Western Digital's SanDisk subsidiaries.

The report relates that Toshiba was free to continue negotiations
for the sale of the chip division as the matter made its way to
likely arbitration in an international forum.

Western Digital said in a release that the agreement protects
SanDisk's interests while waiting to face off with Toshiba in
international arbitration.

"Our ongoing discussions with Toshiba and its stakeholders have
been constructive, and we will continue to work to seek a
solution that is in the best interests of all parties," Western
Digital, as cited by the Japan Times, said in a release.

Toshiba has a negative net worth, and a second consecutive
failure to erase it may result in its delisting from the Tokyo
Stock Exchange, the report discloses.

The Japan Times notes that the chip unit sale is seen as key to
Toshiba's turnaround. Western Digital, which jointly runs a key
chip plant in Japan with Toshiba, opposes the sale.

According to the report, Toshiba's CEO had blasted the U.S.
firm's bid for a court injunction as "unfair interference."

Toshiba later said it has filed a JPY120 billion ($1 billion)
lawsuit against its U.S. partner over the disputed deal, adds The
Japan Times.

                          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.



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


SOLID ENERGY: Regulatory Approval Clears Way for Liquidation
------------------------------------------------------------
Solid Energy said on July 28 that BT Mining Limited has received
approval from the Overseas Investment Office for the purchase of
the Stockton export coal operation and the two Waikato mines,
Rotowaro and Maramarua, and looks forward to settling the
transaction at the end of August.

Solid Energy Chief Executive Tony King said that this milestone
represents the last major transaction in the company's asset sale
process and effectively signals the beginning of the company's
wind down process as it heads into solvent liquidation.

"Once the sale of these assets to BT Mining is concluded we will
be progressively completing remaining operational and
administrative activities by December 2017 prior to the company
going into liquidation by March 2018," said Mr. King.

Mr. King said that the liquidation of Solid Energy has been the
planned outcome since the company entered a Deed of Company
Arrangement with creditors in September 2015. That arrangement
has seen the company's land, mines and other assets sold to a
range of purchasers.

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.



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


DAEWOO ENGINEERING: KDB Picks 2 Candidates to Manage Sale
---------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank (KDB) said on July 24 it has picked Bank of America Merrill
Lynch and Mirae Asset Daewoo as candidates to lead and manage the
planned sale of its controlling stake in Daewoo Engineering &
Construction Co.

According to Yonhap, KDB will select a lead manager after
negotiating prices and other terms with the two candidates before
making a formal announcement of the sale of its 50.75 percent
stake in the builder by the end of September.

The stake owned by the lender is valued at some KRW1.65 trillion
(US$1.47 billion) and is held by a private equity fund owned by
KDB, the report discloses.

In 2010, KDB, a key creditor of Kumho Asiana Group, purchased
Daewoo Engineering to help the debt-ridden parent group
restructure its finances, Yonhap recalls.

Kumho Asiana's two subsidiaries -- Kumho Tire and Kumho
Industrial -- have been under a debt restructuring program since
early 2010 due to a severe cash crunch sparked by the group's
purchase of Daewoo Engineering in 2006, says Yonhap.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.


KUMHO TIRE: Creditors OK Kumho Asiana's Proposal in Brand Dispute
-----------------------------------------------------------------
Yonhap News Agency reports that creditors of Kumho Tire Co. have
decided to accept the offer by the tiremaker's parent group in a
brand dispute with the Chinese buyer, clearing the final hurdle
in the sale of South Korea's No. 2 tiremaker, an official the
main creditor said on July 28.

In March, China's Qingdao Doublestar Co. signed a KRW955 billion
(US$852 million) deal to acquire a 42 percent stake in Kumho
Tire, but the process of acquisition hit a snag over how much
Kumho Tire should pay for the use of the Kumho brand name, Yonhap
relates.

Yonhap notes that Kumho Asiana Group, Kumho Tire's parent group,
has demanded that Kumho Tire pay 0.5 percent of its sales as a
brand usage fee to Kumho Asiana Group for 20 years.

Under the agreement approved by more than 75 percent of creditors
of Kumho Tire, the tiremaker is required to pay 0.2 percent of
its sales as a brand usage fee to Kumho Asiana Group for 20
years, an official of the state-run Korea Development Bank,
according to Yonhap.

Yonhap relates that the official also said the creditors would
give 0.3 percent of Kumho Tire's sales to Kumho Tire, which then
pay the money to Kumho Asiana Group.

Given that Kumho Tire has annual sales of about KRW3 trillion,
the difference of 0.3 percentage point was estimated to be some
KRW9 billion, Yonhap reports citing creditor bank officials.

The official said the creditors' decision would remove obstacles
in the sale of Kumho Tire to Qingdao Doublestar, Yonhap reports.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.



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


TAIWAN FINANCE: Fitch Affirms 'bb+' Viability Rating
----------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) on
six Taiwanese bills finance companies (BFCs): International Bills
Finance Corporation (IBF), China Bills Finance Corporation (CBF),
Grand Bills Finance Corporation (Grand), Taching Bills Finance
Corporation (Taching), Dah Chung Bills Finance Corporation (Dah
Chung) and Taiwan Finance Corporation (TFC).

At the same time, Fitch has affirmed the ratings of Waterland
Financial Holdings (Waterland Financial) and Waterland Securities
Corporation (Waterland Securities), which are driven by and
equalised with the ratings of IBF, the principal operating
subsidiary of the group. The Outlooks are all Stable. A full list
of rating action is provided at the end of this commentary.

KEY RATING DRIVERS
IDRS AND NATIONAL RATINGS

The IDRs and National Ratings of IBF, CBF, Grand, Taching and Dah
Chung are driven by their standalone credit profiles, which are
reflected in their Viability Ratings. The Stable Outlooks
underline Fitch's expectation that these BFCs will maintain
satisfactory capital strength and adequate liquidity relative to
their large commercial paper guarantees and fixed-income
investments and to manage unexpected losses in their bond
investments if interest rates rise abruptly.

TFC's IDRs and National Ratings reflect potential institutional
support from its largest shareholders - Mega International
Commercial Bank Company Limited, IBF and Cathay United Bank -
which is reflected in its Support Rating. The Stable Outlook is
based on Fitch's belief that shareholder support is not likely to
weaken in the near to medium term.

The 'bbb' Viability Ratings of IBF and CBF reflect the companies'
strong market positions in Taiwan's bills finance sector,
generally consistent risk appetite over economic cycles and sound
capitalisation. The ratings also take into account the sector's
inherently weak business model, which has limited business scope,
high concentration risk, complete wholesale funding and
susceptibility to market volatility.

The 'bbb-' Viability Ratings of Dah Chung, Grand and Taching are
based on the companies' modest franchises in guarantee and fixed-
income market making, more variable risk appetite over economic
cycles and higher concentrations in repo counterparties. Their
focus on creditworthy corporates and maintenance of sound capital
buffers helps mitigate the associated risks.

TFC's lower Viability Rating of 'bb+' considers its smaller
franchise and higher growth risk against other rated BFCs. The
company is a price taker in the guarantee business and lacks a
competitive niche. That being said, TFC's capitalisation is
adequate relative to its risk profile.

Fitch expects the BFCs' profitability to moderate in 2017 and
2018 on the basis of no major changes in the central bank policy
rate. Spreads are likely to narrow as some of the higher-yield
bonds mature and abundant system liquidity pressures guarantee
pricing. Rated BFCs reported an average return on assets of 0.8%
in 2016, slightly down from 0.9% in 2015, due to modest foreign-
exchange losses and lower equity trading gains.

Fitch expects the BFCs' growth of risk assets to slow in 2017-
2018, given capitalisation constraints. The pressure on spreads
amid the low interest-rate environment has led to the BFCs
increasing their exposure to guarantees and fixed-income
investments to hold up their earnings. As such, the average
regulatory capital ratio and Fitch Core Capital ratio of rated
BFCs have declined to around 13.8% at end-2016, from 14.4% and
14.7%, respectively, at end-2015. The companies aim to maintain
their regulatory capital ratios at around 13%-14%.

The risk of rapid guarantee exposure increases in 2016 is
mitigated by the BFCs' focus on established, creditworthy
borrowers and their adequate collateralisation and provisioning.
The reserves of rated BFCs covered 1.4% of total guarantees at
end-2016. Meanwhile, interest-rate risk exposures remain modest.
The impact of a 100bp rate hike would have been 11.3% of rated
BFCs' equity at end-2016.

WATERLAND FINANCIAL AND WATERLAND SECURITIES

The rating of Waterland Financial and the Stable Outlook are
aligned with those of IBF, based on the high level of integration
between the two companies and the parent's modest leverage and
sound standalone liquidity. The rating of Waterland Securities
and the Stable Outlook are aligned with that of Waterland
Financial, reflecting the obligatory support from the holding
parent under Taiwan's Financial Holding Company Act and huge
reputational risk to the parent in case of subsidiary default.

SUPPORT RATING AND SUPPORT RATING FLOOR

IBF's and CBF's '4' Support Ratings and 'B+' Support Rating
Floors reflect a limited probability of government support, if
needed, due to their low systemic importance. The Support Ratings
and Support Rating Floors of Grand, Taching and Dah Chung reflect
Fitch's view that state support cannot be relied on due to their
lack of systemic importance. TFC's Support Rating is driven by
Fitch's expectation that its bank shareholders would provide
support to the company, if needed.

RATING SENSITIVITIES

IDRS AND NATIONAL RATINGS
The IDRs and National Ratings of IBF, CBF, Grand, Taching and Dah
Chung are sensitive to the same factors affect their Viability
Ratings. A change in Fitch's assessment of the ability or
propensity of TFC's largest shareholders to provide support is
likely to result in a change in its IDRs and National Ratings.

VIABILITY RATINGS

IBF's and CBF's Viability Ratings have limited upside due to
their concentrated business model and modest franchise compared
with similarly rated domestic banks. An upgrade for Dah Chung,
Grand, Taching and TFC could be considered if the companies
meaningfully improve their franchise, demonstrate a more
consistent risk appetite through economic cycles and moderate
concentration risk in credit and liquidity. Negative rating
action may result from weakened capital strength due to further
aggressive growth in the guarantee book or market risk, but this
is not Fitch base-case scenario.

WATERLAND FINANCIAL AND WATERLAND SECURITIES

Waterland Financial's ratings are driven by the financial
strength of its principal operating subsidiary, IBF. Any
weakening of IBF's credit profile or Waterland Financial's
standalone liquidity and leverage could pressure its ratings.
Waterland Securities' ratings will move in tandem with the
ratings of its parent, Waterland Financial.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings and Support Rating Floors of IBF, CBF, Grand,
Taching and Dah Chung are sensitive to changes in assumptions
around the propensity of the government to provide timely
support. TFC's Support Rating may be downgraded if the
willingness or ability of its large bank shareholders to extend
support was deemed to have deteriorated.

The rating actions are:

IBF:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'

Waterland Financial:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'

Waterland Securities:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'

CBF:
Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'

Dah Chung:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'

Taching:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'

Grand:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'

TFC:
Long-Term IDR affirmed at 'BBB-'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bb+'
Support Rating affirmed at '2'


===============
X X X X X X X X
===============


REPUBLIC OF FIJI: S&P Affirms B+ Sovereign Rating, Outlook Stable
-----------------------------------------------------------------
On July 27, 2017, S&P Global Ratings affirmed its long-term
foreign and local currency sovereign ratings on the Republic of
Fiji at 'B+'. S&P also affirmed its short-term rating on Fiji at
'B'. The outlook is stable. Fiji's transfer and convertibility is
'B+'.

RATIONALE

S&P said, "The rating affirmation on Fiji reflects our view of
the country's weak institutional settings, limited monetary
policy flexibility, income levels, and weakening fiscal metrics
constrain the government's credit-standing. Mitigating these
weaknesses are the government's falling interest costs and its
sound external position.

"Cyclone Winston's effect on the economy and fiscal balance is
likely to be temporary, and we expect Fiji's credit quality to
remain stable. On Feb. 20, 2016, tropical Cyclone Winston caused
major damage and disruptions to the economy, with a significant
proportion of the damage being to private property, including
housing, rather than government-owned infrastructure. The cyclone
damaged roads, agriculture, and the sugar industry. The central
business district in Suva and key tourism areas around Nadi
avoided the brunt of the cyclone and incurred relatively limited
damage to key infrastructure.

"We forecast real economic growth to rise to 3.8% in 2017 as the
economy recovers from Cyclone Winston. This will help drive
Fiji's GDP per capita to more than US$5,400 by the end of 2017
and improve the country's economic outlook in the medium-term.
Reconstruction works, Fiji National Provident Fund's assistance
(worth about FJ$260 million in total), government assistance, and
donor and multilateral agency aid will support economic growth
and offset the temporary the effect on the agriculture and sugar
industries. Growth slowed to about 2.0% in fiscal 2016, following
Cyclone Winston and capacity constraints during the
reconstruction effort.

"We forecast the government's fiscal position to weaken in 2018
after performing better than expected in 2016. The 2017-2018
budget announced several large spending initiatives that will be
only partially offset by higher tax receipts, driving Fiji's
deficit to more than 6% of GDP. We forecast public sector
reforms, including higher wages; tertiary education spending; and
infrastructure spending to increase total expenditure by more
than 40% in 2018 from a year earlier. Part of this increase
reflects re-profiling of expenditure from 2017 to 2018. To fund
this, the government forecasts total receipts will increase about
26% in 2018 with higher tax and VAT receipts, custom duties,
dividends and asset sales.

"We forecast fiscal deficits to average about 4% of GDP for the
next three years, resulting in the annual change in general
government debt rising to about 3.5% of GDP between 2017 and 2019
as Fiji funds infrastructure and operating expenses, including
higher public service wages. This will increase net general
government debt to 46% of GDP in 2018, which is about two years
later than we previously expected. Interest expenditure will
average about 9% of revenues, down from more than 10% in the
past. Falling interest costs reflect improved market pricing on
the refinancing of the government's international bond in 2015,
and a higher proportion of concessional borrowings from the Asian
Development Bank and World Bank than in the past."

Shortcomings in infrastructure and basic services, and the urgent
need for reconstruction after Cyclone Winston constrain the
government's budgetary flexibility, especially because the
increase in receipts that the government has forecast for 2018
will be more than offset by higher recurring expenditure.

Fiji's external metrics remain supportive of the sovereign
ratings. External liquidity--measured by gross external financing
needs as a percentage of current account receipts and usable
reserves--is likely to average about 93% between 2017 and 2019.
Meanwhile, external borrowings (measured by narrow net external
debt) are likely to rise to 10% of CAR in 2018.

S&P said, "We expect tourism to support Fiji's services receipts
and external position as current account deficits remain at
similar levels to 2016. The current account widened in 2016, when
imports rose because of reconstruction activity and goods exports
such as sugar and timber fell in the aftermath of Cyclone
Winston. During 2016, foreign aid and inward remittances sent to
support relatives funded a large proportion of the current
account deficit. Official reserves remain comfortable at more
than US$900 million (equal to about four months of import
coverage). Weighing on external metrics is Fiji's high reliance
on foreign financing, as indicated by its much greater level of
net external liabilities relative to narrow net external debt.
This could make Fiji more susceptible to shifts in foreign
investor sentiment.

"We regard the Reserve Bank of Fiji's ability to support
sustainable economic growth while attenuating economic or
financial shocks to be constrained. The pegged currency
arrangements restrict the country's monetary flexibility. This
policy requires the authorities to focus on exchange-rate
stability at the expense of stability in domestic prices and
economic growth. A lack of effective monetary policy transmission
to the economy, which is a result of Fiji's underdeveloped
financial system, further limits flexibility."

Extensive foreign-exchange restrictions are a further hindrance,
though they have gradually eased in recent years as Fiji has
rebuilt its official reserves.

The political state in Fiji appears to have stabilized since
democratic elections were held in 2014. This is reflected in
improved relations with the international community, including
donor agencies. The effectiveness of policymaking remains mixed,
with limited checks and balances. While the quality and
timeliness of data are improving, there are still some
deficiencies in this area.

OUTLOOK

S&P said, "The stable outlook reflects our expectations that the
Fijian government will ensure that Cyclone Winston has only a
temporary effect on the nation's fiscal position and economy and
will safeguard the country's external position and reserve
levels.

"We could lower the ratings within the next 12 months if the
government's fiscal position weakens substantially beyond our
forecasts, resulting in net debt rising toward 60% of GDP. A
downgrade also could occur if the political and policy
environment becomes unpredictable, causing a decline in domestic
and foreign investor confidence, and the withdrawal of donor and
multilateral support.

"We might raise our ratings if Fiji's economic growth remains
strong, enabling the government to replace lost capital after
Cyclone Winston, while improving its fiscal position. At the same
time, an upgrade would be predicated on the government reducing
its foreign-exchange restrictions and maintaining a healthy level
of reserves.

"In accordance with our relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And Research'). At
the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.  The committee
agreed that no assessment had changed. All other key rating
factors were unchanged. The chair ensured every voting member was
given the opportunity to articulate his/her opinion. The chair or
designee reviewed the draft report to ensure consistency with the
Committee decision. The views and the decision of the rating
committee are summarized in the above rationale and outlook. The
weighting of all rating factors is described in the methodology
used in this rating action (see 'Related Criteria And Research').

RATINGS LIST
  Ratings Affirmed

    Republic of Fiji
     Sovereign Credit Rating                B+/Stable/B
  Transfer & Convertibility Assessment
      Local Currency                        B+
  Republic of Fiji
     Senior Unsecured                       B+


                             *********

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

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

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


                            *********


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

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

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

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

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



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