TCRAP_Public/170804.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

            Friday, August 4, 2017, Vol. 20, No. 154

                            Headlines


A U S T R A L I A

BFTC PTY: Second Creditors' Meeting Set for Aug. 14
CLIFFS NATURAL: Moody's Hikes Sr. Unsecured Notes Rating to B2
GOLDSCENE CORP: Second Creditors' Meeting Set for Aug. 10
HINDMARSH LIGHTSVIEW: First Creditors' Meeting Set for Aug. 11
LIFT INVESTMENTS: First Creditors' Meeting Set for Aug. 14

* Moody's Says Australian Auto ABS Delinquencies Rose in May 2017


C H I N A

CHINACAST EDUCATION: Taps Paritz & Company as Accountant
SUNAC CHINA: S&P Rates New US$ Sr. Notes 'B', On CreditWatch Neg.


H O N G  K O N G

CHINA FISHERY: Hires Kwok Yih & Chan as Special Counsel
NOBLE GROUP: 'Sinking in Perfect Storm,' Iceberg Research Says


I N D I A

ASHIANA LANDCRAFT: CARE Lowers Rating on INR114.92cr Loan to D
BABASAHEB DESHMUKH: CRISIL Reaffirms D Rating on INR22.4MM Loan
BUILDING BLOCKS: CRISIL Lowers Rating on INR10MM LT Loan to B
ELLORA CONSTRUCTION: CRISIL Cuts Rating on INR14.27MM Loan to D
GHSPL JEYPORE: CRISIL Reaffirms B+ Rating on INR7.61MM Loan

GHSPL SAMBHAV: CRISIL Reaffirms B+ Rating on INR8.49MM Loan
GOVERDHAN VERMA: ICRA Reaffirms B+ Rating on INR6.20cr Loan
GREEN ASIA: CRISIL Assigns B+ Rating to INR3MM LT Loan
IMPERIAL DEVELOPERS: ICRA Withdraws 'D' Rating on INR38cr Loan
INDROYAL PROPERTIES: CARE Reaffirms BB Rating on INR23.50cr Loan

JAS ORCHID: CRISIL Reaffirms 'D' Rating on INR30.62MM LT Loan
JAYARAM TEXTILES: CARE Reaffirms 'D' Rating on INR20.52cr Loan
K.B. GEMS: Ind-Ra Rates Additional Bank Loans 'BB+'/Stable
KAMAKHYA BOARD: ICRA Reaffirms B Rating on INR1.0cr Loan
KHUSHI TRADEX: CRISIL Lowers Rating on INR10MM Loan to B-

KK FINECOT: CRISIL Raises Rating on INR5.25MM Cash Loan to BB-
LINNHOFF INDIA: Ind-Ra Cuts Issuer Rating to BB+, Outlook Stable
LOTUS LANDMARKS: CRISIL Reaffirms B Rating on INR8MM LT Loan
M/S MARBELLO: Ind-Ra Assigns 'D' Long-Term Issuer Rating
N.B HI-TECH: ICRA Reaffirms B- Rating on INR8.43cr Term Loan

NAVBHARAT EXPLOSIVES: CARE Lowers Rating on INR8.50cr Loan to D
NAVBHARAT FUSE: CARE Lowers Rating on INR31.30cr Loan to 'D'
OCTOPUS PAPERS: CARE Lowers Rating on INR8.88cr LT Loan to D
PARAMOUNT RICE: ICRA Reaffirms B+ Rating on INR15cr LT Loan
POWERMAX RUBBER: CRISIL Lowers Rating on INR6MM Term Loan to D

RAGHUVIR OIL: CARE Lowers Rating on INR8.95cr Loan to 'D'
RATHI HATCHERIES: CRISIL Reaffirms B Rating on INR6.55MM Loan
RIVU ENTERPRISES: Ind-Ra Moves Issuer Rating to D Not Cooperating
S.M. COLD: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
SAI INDIA: ICRA Raises Rating on INR5.10cr Cash Loan to B+

SARVESH BLISS: ICRA Reaffirms 'B' Rating on INR9.20cr Term Loan
SBS TRANSPOLE: CARE Lowers Rating on INR100cr LT Loan to 'D'
SHAPE MACHINE: CRISIL Reaffirms B Rating on INR5.5MM Cash Loan
SHASHIRADHA COLD: CRISIL Reaffirms B- Rating on INR5.50MM Loan
SHREE DEV: CRISIL Reaffirms B- Rating on INR7MM Loan

SHREE KRISHAN: Ind-Ra Moves Issuer Rating to BB Not-Cooperating
SHREE SAINARAYAN: CRISIL Reaffirms D Rating on INR11.5MM Loan
SHRI MAHAVIR: CARE Reaffirms 'D' Rating on INR537.74cr Loan
SRI LAXMI: CARE Downgrades Rating on INR9.14cr LT Loan to D
STAR DIAMOND: CARE Lowers Rating on INR12.85cr Loan to D

SURAJ UDYOG: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
TAG OFFSHORE: CARE Downgrades Rating on INR929cr Loan to 'D'
VAISHNAVI COTTON: ICRA Reaffirms 'B' Rating on INR7cr Loan
VENKATALAKSHMI PAPER: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
VISHWAS BUILDERS: ICRA Withdraws B+ Rating on INR33cr Loan

WELCOME TILES: ICRA Reaffirms B+ Rating on INR7.35cr Loan


I N D O N E S I A

GARUDA INDONESIA: Posts $283.8M Loss for 1H 2017


M A L A Y S I A

1MALAYSIA: Payment to IPIC Delayed Due to Technical Matter
MALAYSIAN NEWSPRINT: PwC Appointed as Interim Liquidator


N E W  Z E A L A N D

CHATHAM ISLAND: Placed Into liquidation


S I N G A P O R E

GLOBAL A&T: Fitch Cuts IDR to 'C' on Missed Coupon Payment


S O U T H  K O R E A

LEO MOTORS: L&L CPAs Replaces DLL CPAs as Accountants

* SOUTH KOREA: 25 Firms Need Restructuring, FSS Says


                            - - - - -


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A U S T R A L I A
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BFTC PTY: Second Creditors' Meeting Set for Aug. 14
---------------------------------------------------
A second meeting of creditors in the proceedings of BFTC Pty Ltd,
formerly trading as 1800ARANDA & ARANDA Towbars has been set for
Aug. 14, 2017, at 2:30 p.m., at the offices of McLeod & Partners,
Hermes Building, Level 1, 215 Elizabeth Street, in Brisbane,
Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 11, 2017, at 5:00 p.m.

Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of BFTC Pty on July 19, 2017.


CLIFFS NATURAL: Moody's Hikes Sr. Unsecured Notes Rating to B2
--------------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 Cliffs Natural
Resources, 5.75% guaranteed senior unsecured notes due 2025,
following the addition of $575 million to these notes. The B2
Corporate Family Rating (CFR), B2-PD Probability of Default
Rating, Ba3 rating on the 8.25% senior secured first lien notes
and Caa1 senior unsecured ratings were all affirmed. The
Speculative Grade Liquidity Rating remains unchanged at SGL-2.

Proceeds from the addition to the 5.75% notes will be used to
repurchase or redeem the 8.25% senior secured first lien notes
due 2020. The rating on these notes will be withdrawn upon
repayment.

The upgrade to B2 in the guaranteed senior unsecured notes
reflects their improved position in the capital structure under
Moody's Loss Given Default methodology following the repayment of
the senior secured first lien notes.

Upgrades:

Issuer: Cliffs Natural Resources Inc.

-- Senior Unsecured Regular Bond/Debenture, Upgraded to B2 (LGD3)

    from B3 (LGD4)

Issuer: Cliffs Natural Resources Inc.

-- Outlook, Remains Stable

Affirmations:

Issuer: Cliffs Natural Resources Inc.

-- Probability of Default Rating, Affirmed B2-PD

-- Corporate Family Rating, Affirmed B2

-- Senior Secured Regular Bond/Debenture, Affirmed Ba3 (LGD2)

-- Senior Unsecured Regular Bond/Debenture, Affirmed Caa1 (LGD5)

RATINGS RATIONALE

The B2 Corporate Family Rating (CFR) for Cliffs Natural Resources
(Cliffs) reflects the company's strengthening debt protection
metrics, reduced leverage, improved operating performance and
strong position in the North American iron ore markets. The
rating also considers the contract nature of Cliffs' US iron ore
operations (USIO) and the symbiotic relationship the company has
with the US steel mills, which cannot economically source their
iron ore requirements from overseas producers. Although Moody's
expects iron ore prices to drift lower over the duration of 2017,
the CFR anticipates that Cliffs will continue to control costs
and achieve strong margins.

The SGL-2 speculative grade liquidity rating is supported by
improved cash flow generation, approximately $322 million in cash
at June 30, 2017, and a $550 million ABL, which expires the
earlier of March 30, 2020 or a date that is 60 days prior to the
maturity of existing debt as defined in the ABL. The facility is
available to US domestic subsidiary borrowers and Australian
subsidiary borrowers with respective guarantees. The facility
contains a 1:1 fixed charge coverage requirement should
availability be less than the greater of $75 million or 10% of
the aggregate facility. At June 30, 2017 there were no borrowings
under the ABL and $82.5 million in letters of credit issued.
Given the level of receivables and inventory, the full commitment
was not available and borrowing capacity at June 30, 2017 was $
214.1 million, net of the letters of credit.

The stable outlook reflects Moody's expectations that Cliffs will
continue to evidence an improving trend in its earnings
performance and cash generation and be free cash flow generative
in 2017. The outlook also reflects the improved maturity profile
following the repayment of the senior secured first lien notes
due in March 2020.

The Caa1 rating on the senior unsecured notes reflects their
junior position in the capital structure under Moody's Loss Given
Default Methodology behind the senior guaranteed unsecured notes,
the ABL facility and priority payables. The senior guaranteed
unsecured notes are guaranteed by substantially all domestic
operating subsidiaries, which provides them a slightly more
favorable position in the capital structure relative to the
existing senior unsecured notes. The ABL is primarily secured by
receivables, inventory and certain equipment.

Should the company be able to achieve and sustain leverage, as
measured by the debt/EBITDA ratio of no more than 4x,
EBIT/interest of at least 3x, and (cash from operations less
dividends)/debt of at least 15% an upgrade could be considered.
The rating could be downgraded should performance not show an
improving trend or should liquidity contract. Specifically,
should debt/EBITDA continue above 5.5x, and EBIT/interest not
improve to at least 2x, the rating could be downgraded.

Headquartered in Cleveland, Ohio, Cliffs is the largest iron ore
producer in North America with approximately 20 million equity
tons of annual capacity. In addition, the company participates in
the international seaborne iron ore markets through its
subsidiary in Australia. Cliffs' operations at Bloom Lake are
being restructured under the Canadian Companies' Creditors
Arrangement Act CCAA) and in May 2015, its Wabush iron ore
operations in Canada, which had been permanently closed, were
included in the CCAA filing. For the twelve months ending
June 30, 2017 Cliffs had revenues of $2.3 billion.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.


GOLDSCENE CORP: Second Creditors' Meeting Set for Aug. 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Goldscene
Corporation Pty Ltd has been set for Aug. 10, 2017, at
10:30 a.m., at the office of Worrells Solvency and Forensic
Accounting, Level 3, 15 Ogilvie Road, in Mount Pleasant, WA.

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. 9, 2017, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells was appointed as administrator
of Goldscene Corporation on July 6, 2017.


HINDMARSH LIGHTSVIEW: First Creditors' Meeting Set for Aug. 11
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hindmarsh
Lightsview Pty Ltd will be held at the offices of DuncanPowell,
Level 4, 70 Pirie Street, in Adelaide, South Australia, on
Aug. 11, 2017, at 10:00 a.m.

Nicholas David Gyss and Stephen James Duncan of DuncanPowell were
appointed as administrator of Hindmarsh Lightsview on Aug. 1,
2017.


LIFT INVESTMENTS: First Creditors' Meeting Set for Aug. 14
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lift
Investments VIC Pty Ltd will be held at the offices of RSM
Australia Partners, Equinox Building 4, Level 2, 70 Kent Street,
in Deakin, ACT, on Aug. 14, 2017, at 3:00 p.m.

Frank Lo Pilato of RSM Australia was appointed as administrator
of Lift Investments on Aug. 2, 2017.


* Moody's Says Australian Auto ABS Delinquencies Rose in May 2017
-----------------------------------------------------------------
Moody's Investors Service says that delinquencies for Australian
auto loan asset-backed securities (ABS) increased in May 2017
from April 2017, while those for prime residential mortgage-
backed securities (RMBS) fell.

Specifically, 30+ day delinquencies for Australian auto loan ABS
transactions rose to 1.77% in May 2017 from 1.66% in April 2017
and May 2016.

Delinquencies for prime RMBS transactions decreased to 1.69% in
May 2017 from 1.71% in April 2017, but rose from 1.48% in May
2016.

"Looking ahead, Moody's expects delinquencies for Australian auto
loan ABS and prime RMBS will continue to rise in 2017," says
Alena Chen, a Moody's Vice President and Senior Analyst.

"Weaker economic conditions in states reliant on the mining
industry, rising underemployment, weak wage growth and less
favorable housing market conditions will drive delinquencies
higher," adds Chen.

Chen was speaking on the release of the latest edition of Moody's
monthly Global Structured Finance Collateral Performance Review
report.

ABOUT MOODY'S GLOBAL STRUCTURED FINANCE COLLATERAL PERFORMANCE
REVIEW REPORT

Moody's Global Structured Finance Collateral Performance Review
report is updated monthly and covers the collateral performance
of various structured finance sectors located globally.

The report features typical aggregate performance metrics, such
as delinquencies and losses, as well as sector-specific metrics
that include residential and commercial property prices, loans in
special servicing, refinancing profiles, average weighted-average
rating factor levels, senior over-collateralization levels,
payment rates, and excess spread. The underlying data is also
included. The metrics are accompanied by sector commentary and
outlooks, and projected losses by vintage where applicable.



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


CHINACAST EDUCATION: Taps Paritz & Company as Accountant
--------------------------------------------------------
ChinaCast Education Corporation seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
an accountant.

The Debtor proposes to hire Paritz & Company, P.A. to, among
other things, review and revise its tax returns for the periods
from 2011 to 2016, and communicate with the Internal Revenue
Service regarding the agency's claim.

The hourly rates charged by the firm are:

     Partner       $350 - $425
     Manager              $275
     Staff Accountant     $225

Brian Serotta, a certified public accountant, disclosed in a
court filing that his firm is a "disinterested person" as defined
in section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Brian A. Serotta
     Paritz & Company, P.A.
     15 Warren Street, Suite 25
     Hackensack, NJ 07601
     Phone: (201) 342-7753
     Email: info@paritz.com

                    About Chinacast Education

Chinacast Education Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-13121) on
Nov. 9, 2016.  The petition was signed by Douglas Woodrum, chief
financial officer.

The case is assigned to Judge Mary Kay Vyskocil.  Klestadt
Winters Jureller Southard & Stevens, LLP represents the debtor as
its bankruptcy counsel.

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

No trustee, examiner or creditors' committee has been appointed.

On March 1, 2017, the Debtor filed a disclosure statement, which
explains its proposed Chapter 11 plan of reorganization.


SUNAC CHINA: S&P Rates New US$ Sr. Notes 'B', On CreditWatch Neg.
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes
by Sunac China Holdings Ltd. (B+/WatchNeg/--). The issue ratings
are on CreditWatch with negative implications.

The issue rating is one notch lower than the long-term corporate
credit rating on Sunac to reflect the structural subordination
risk. S&P said, "The rating is subject to our review of the final
issuance documentation. Sunac intends to use the proceeds to
refinance its existing debt.

"The ratings on Sunac are on CreditWatch with negative
implications to reflect our view that the developer's financial
leverage could deteriorate following its aggressive land
acquisitions and expansion in the non-core segments.

"We may lower the rating on Sunac if we assess that the high
growth and expansion appetite will persist and the company's
financial leverage is unlikely to improve in the coming 12
months. This is despite our assumption of material growth in
sales of more than 30% to Chinese renminbi (RMB) 225 billion in
2017.

"We may affirm the rating with negative outlook if we believe
Sunac's financial leverage will improve this year despite the
large investment and acquisitions. This could happen if Sunac's
contracted sales are significantly larger than our forecast and
the company has clear plans to deleverage."

Sunac has achieved satisfactory sales so far this year with total
contracted sales of RMB108.85 billion in the first six months.
However, during the year, Sunac remained aggressive in land
acquisitions and expansion in non-core businesses. Including the
recently announced Dalian Wanda Commercial Properties Co. Ltd.
deal, Sunac has already spent RMB100 billion - RMB110 billion on
acquisitions this year. In July 2017, Sunac completed a share
placement to raise about HK$4 billion for general working capital
purposes.



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


CHINA FISHERY: Hires Kwok Yih & Chan as Special Counsel
-------------------------------------------------------
China Fishery Group Limited (Cayman), et al., seek authority from
the U.S. Bankruptcy Court for the Southern District of New York
to employ Messrs. Kwok Yih & Chan, as special counsel to the
Debtors.

On November 25, 2015, after certain allegations were made in
reports by FTI Consulting, the High Court of Hong Kong issued an
order for the appointment of provisional liquidators ("PLs") in
Hong Kong for CFGL and CFIL.

In light of the FTI Allegations, certain affiliates of CFGL and
CFIL established, as is common practice in Hong Kong, a committee
of independent non-executive directors to investigate the
allegations and appointed third party professional advisors,
including forensic accountants, to assist with such
investigations.

On December 10, 2015, the board of directors of PAIH resolved to
establish an independent review committee (the "PAIH IRC") to (i)
investigate the circumstances giving rise to the appointment of
the PLs; (ii) provide the board of directors of PAIH a summary of
its findings; and (iii) recommend appropriate action.

On December 31, 2015, the board of directors of PARD resolved to
establish an independent review committee (the "PARD IRC" and,
together with the PAIH IRC, the "IRCs") to (i) investigate the
circumstances giving rise to the appointment of the PLs; (ii) to
procure the engagement of an independent accounting firm to (a)
undertake an independent reporting accountant role and (b) to
conduct an independent forensic review in relation to the
financial aspects of PARD and its subsidiaries.

By a written resolution of PAIH, dated December 16, 2015, PAIH
authorized the PAIH IRC to appoint independent professional
advisors in connection with discharging its duties.
On December 28, 2015, the Pacific Andes Group engaged Kwok Yih &
Chan. On that same date, and pursuant to a separate engagement
letter, the PAIH IRC engaged Kwok Yih & Chan.

On December 28, 2015, the PAIH IRC instructed Kwok Yih & Chan to
engage PricewaterhouseCoopers Consulting Hong Kong Limited
("PwC") as independent forensic accountant to conduct an
independent forensic review on the financial aspects of the
Pacific Andes Group in response to the FTI Allegations. PwC's
forensic review commenced on March 17, 2016.

The PAIH IRC determined, in consultation with certain creditors,
that it was in the best interests of the investigation to replace
PwC as forensic accountant and, on June 6, 2016, Kwok Yih & Chan
engaged RSM Corporate Advisory (Hong Kong) Ltd. ("RSM") to
replace PwC, conduct an independent forensic review, and prepare
a forensic report.

On July 5, 2016, Kwok Yih & Chan was appointed as counsel for the
PARD IRC. On the same date, the PARD IRC, through Kwok Yih &
Chan, also engaged RSM to conduct an independent forensic review.

China Fishery requires Kwok Yih & Chan to:

   (a) engage RSM to perform an independent forensic review on
       the circumstances giving rise to the appointment of
       provisional liquidators for CFGL and CFIL and to issue a
       forensic report in connection therewith (such report, the
       "RSM Report");

   (b) act as secretary to the PAIH IRC;

   (c) attend meetings convened by the PAIH IRC and prepare the
       minutes for such meetings;

   (d) attend meetings convened by the PARD IRC;

   (e) liaise with the external independent advisers and overseas
       legal advisers engaged by the IRCs;

   (f) prepare, review, and comment on periodic updates on behalf
       of the IRCs;

   (g) review reports and documents issued by RSM to the IRCs and
       provide the IRCs with comments with respect thereto;

   (h) respond to inquiries from both IRCs and provide legal
       advice to the PAIH IRC or as appropriate, the PARD IRC,
       with respect to discharging their duties;

   (i) advise the PAIH IRC with respect to The Rules Governing
       the Listing of Securities on the Stock Exchange and the
       Securities and Futures Ordinance (Cap 571 of Laws of Hong
       Kong); and

   (j) liaise with RSM in the course of conducting forensic
       review and publishing the RSM Report.

Kwok Yih & Chan will be paid at these hourly rates:

     Senior Partners               $852
     Consultants                   $780
     Partners                      $718.40
     Associates                    $574.40
     Trainee Solicitors            $388.40

The Debtor owned Kwok Yih & Chan the amount of $287,353.86 for
accrued and unpaid postpetition fees and expenses.

Kwok Yih & Chan will also be reimbursed for reasonable
out-of-pocket expenses incurred.

In accordance with Appendix B-Guidelines for Reviewing
Applications for Compensation and Reimbursement of Expenses Filed
under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11
Cases, the following is provided in response to the request for
additional information:

   Question:  Did you agree to any variations from, or
              alternatives to, your standard or customary billing
              arrangements for this engagement?

   Response:  Kwok Yih & Chan agreed to reduce its hourly
              rates by 15% for services provided to the IRCs. At
              the request of PAIH and given the Pacific Andes
              Group's financial status, since its invoice date
              May 15, 2016, Kwok Yih & Chan further agreed to
              reduce its hourly rates by 20% for services
              provided to the IRCs and such arrangement has
              continued after the Commencement Date.

   Question:  Do any of the professionals included in this
              engagement vary their rate based on the geographic
              location of the bankruptcy case?

   Response:  No.

   Question:  If you represented the client in the 12 months
              prepetition, disclose your billing rates and
              material financial terms for the prepetition
              engagement, including any adjustments during the
              12 months prepetition. If your billing rates and
              material financial terms have changed postpetition,
              explain the difference and the reasons for the
              difference.

   Response:  Kwok Yih & Chan agreed to reduce its hourly
              rates by 15% for services provided to the IRCs. At
              the request of PAIH and given the Pacific Andes
              Group's financial status, since its invoice date
              May 15, 2016, Kwok Yih & Chan further agreed to
              reduce its hourly rates by 20% for services
              provided to the IRCs and such arrangement has
              continued after the Commencement Date. Pursuant to
              the terms of their engagement with Kwok Yih & Chan,
              the Debtors (excluding N.S. Hong) shall reimburse
              Kwok Yih & Chan for all expenses. Kwok Yih & Chan
              has generally submitted invoices to PAE HK on a
              monthly basis. Kwok Yih & Chan has agreed to
              continue to reduce its hourly rates by 20% for
              services provided after the Commencement Date. No
              other billing rates or material financial terms
              have changed since the Commencement Date.

              Applying the 20% reduction to Kwok Yih & Chan's
              standard hourly rates, Kwok Yih & Chan's hourly
              rates for services provided to the IRCs after the
              Commencement Date are as follows:

                          Senior Partners        $852
                          Consultants            $780
                          Partners               $718.40
                          Associates             $574.40
                          Trainee Solicitors     $388.40

   Question:  Has your client approved your prospective budget
              and staffing plan, and, if so for what budget
              period?

   Response:  Kwok Yih & Chan is currently working with the
              Debtors to develop a prospective budget and
              staffing plan.

Larry Lam Kwong Kwok, partner of Messrs. Kwok Yih & Chan, assured
the Court that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code and (a) is
not creditors, equity security holders or insiders of the
Debtors; (b) has not been, within two years before the date of
the filing of the Debtors' chapter 11 petition, directors,
officers or employees of the Debtors; and (c) does not have an
interest materially adverse to the interest of the estate or of
any class of creditors or equity security holders, by reason of
any direct or indirect relationship to, connection with, or
interest in, the Debtors, or for any other reason.

Kwok Yih & Chan can be reached at:

     Larry Lam Kwong Kwok, Esq.
     Suites 2103-05, 21st Floor,
     9 Queen's Road Central, Hong Kong

            About China Fishery Group Limited (Cayman)

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

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

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

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


NOBLE GROUP: 'Sinking in Perfect Storm,' Iceberg Research Says
--------------------------------------------------------------
Jasmine Ng at Bloomberg News reports that Noble Group Ltd.
received a fresh broadside from Iceberg Research as the commodity
trader's long-time foe predicted that the company will probably
fail, while telling executives that the anonymous commentator
will not be silenced by being sued. The trader's shares fell,
Bloomberg says.

"Noble is sinking in a perfect storm," the researcher said in a
report on Aug. 3. "The company is walking toward bankruptcy and
liquidation. Its cost of fund is prohibitive. Noble is losing the
confidence of its counterparties and of its banks. Key traders
are leaving."

An external media spokesperson for Noble Group declined to
comment on the report when contacted by Bloomberg. According to
Bloomberg, Iceberg Research, which doesn't identify its analysts,
has been sparring with the Hong Kong-based company for more than
two years. The trader has repeatedly denied Iceberg's
allegations, Bloomberg states.

Once Asia's largest commodity trader, Noble Group has been in
decline since 2015, marked by losses, concern it won't be able to
pay its debt, and accusations from Iceberg it inflated the value
of some contracts, Bloomberg says. Last week, the company warned
of a quarterly loss of as much as $1.8 billion -- including
impairments of some hard-to-value contracts -- and announced more
asset sales. Moody's Investors Service Inc. said the risk of
default is elevated, according to Bloomberg.

"Noble expects a massive loss of $1.8 billion in its second
quarter," Iceberg said, adding that the arguments it has made
against the company have been confirmed, Bloomberg relays. It
needs "billions from a new investor to repair its balance sheet
and reverse its huge operating cash outflow," the researcher
said.

Bloomberg notes that the trader said last week it agreed to sell
its gas-and-power unit to rival Mercuria Energy Group for $248
million and is seeking buyers for its global oil-liquids
business. It's also made a semi-annual coupon payment of $39.7
million on its 2020 bonds, and attention has now shifted to a
$32.8 million payment on its 2022 notes due Sept. 9, according to
Bloomberg-compiled data.

Noble Group's shares declined after the release of Iceberg's
report, trading 3.8 percent lower at 38 Singapore cents by 2:01
p.m, Bloomberg discloses. The stock has plunged 78 percent this
year, following double-digit declines in 2016 and 2015.

According to Bloomberg, the trader has lost more than 90 percent
of its market value since 2015, when its accounts and disclosure
were first challenged by Iceberg. The company has rejected those
claims, saying they're the work of a disgruntled ex-employee it
had fired and embarked on litigation against him.

"The lawsuit initiated by Noble against us is ongoing, although
progressing at an extremely slow pace," Iceberg Research, as
cited by Bloomberg, said in the report. "One of the objectives of
this lawsuit was to silence us. We don't write less when we are
sued. We write more."

Bloomberg adds that Iceberg also commented on the role of
Singapore's financial market regulators, saying that Singapore
Exchange Ltd., which runs the stock exchange, and the Monetary
Authority of Singapore, the country's de facto central bank, had
failed to make adequate checks on Noble Group. SGX spokeswoman
Maynah Chin said she couldn't immediately comment, Bloomberg
says.

                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 1, 2017, Moody's Investors Service said that Noble Group
Limited's (Caa1 negative) profit warning for its 2Q 2017 results
is credit negative, and will further increase the challenges the
company faces in turning around its operations and tackling large
near-term debt maturities.

The TCR-AP reported on June 27, 2017, that Fitch Ratings has
downgraded Noble Group Limited's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC' from 'B-'. At the same time,
the agency has downgraded Noble's senior unsecured rating and the
ratings on all its outstanding senior unsecured notes to 'CCC'
from 'B-'. The Recovery Rating is 'RR4'. Fitch has removed these
ratings from Rating Watch Negative.

The TCR-AP also reported on May 18, 2017, Moody's Investors
Service has downgraded Noble Group Limited's corporate family
rating and senior unsecured bond ratings to Caa1 from B2, and the
rating on its senior unsecured medium-term note (MTN) program to
(P)Caa1 from (P)B2.  The ratings outlook remains negative.



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


ASHIANA LANDCRAFT: CARE Lowers Rating on INR114.92cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ashiana Landcraft Realty Pvt Ltd (ALRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-convertible
   Debentures-I          114.92      CARE D Revised from
                                     CARE BB (SO); Outlook
                                     Negative

   Non-convertible
   Debentures-II          29.01      CARE BB-; Revised from
                                     CARE BB (SO); Outlook
                                     Negative
   Optionally
   Convertible
   Debentures             10.00      CARE BB-; Revised from
                                     CARE BB (SO); Outlook
                                     Negative
   Long-term Bank
   Facilities            175.00      CARE BB-; Revised from
                                     CARE BB (SO); Outlook
                                     Negative

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the secured Non-
convertible Debentures-I of Ashiana Landcraft Realty Pvt Ltd
(ALRPL) takes into account ongoing delays in interest servicing
by the company. The revision in rating assigned to the bank
facilities and other instruments (NCD-II of INR29.01cr and OCD of
INR10.00cr) of Ashiana Landcraft Private Limited (ALRPL) takes
into consideration the standalone financials and operational
strength of the company which was earlier based on the combined
risk profile of Ashiana Homes Pvt Ltd (AHPL), Ashiana Landcraft
Realty Private Limited (ALRPL) and Ashiana Dwellings Private
Limited (ADPL).

The rating of ALRPL is constrained due to nascent stage of the
projects leading to execution and funding risk coupled with slow
demand off-take. The rating however derives strength from
experienced promoters with their established track record and
recognized brand name in the NCR region.

Outlook: Negative

The outlook is "Negative" on the back of subdued demand in the
real estate sector specifically in Gurgaon (Haryana) region which
may have a further adverse impact on the collections and future
sales of the company. The outlook may be revised to stable with
timely pick up in the booking status of the project.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing Delays in Debt Servicing: There are ongoing delays in
servicing of interest obligations of the secured NCD's. The
company has made part payment of interest on April 11, 2017 out
of the total amount due. This could be attributed to the tight
liquidity position of the company owning to slowdown in real
estate market leading to slow sales and collection from
customers.

Project execution risk: ALRPL is currently executing 1 project,
namely "The Centre Court". Out of the total project cost of
INR966cr, the company has incurred ~53% of total cost till Apr-
17. With major portion of cost yet to be executed, the company
remains exposed to execution risk.

Project funding risk: Though, debt has been fully tied-up for the
project, majority of pending cost of INR453cr is to be funded
through customer advances. In light of the prevailing subdued
demand scenario in the real estate industry, the projects
continue to remain exposed to funding risk.

Slow demand off-take of project: The company has recorded
bookings for about 38% of total saleable area of 14.00lsf till
April 17. Due to overall subdued demand scenario in the industry,
there has been slowdown in sales momentum during the last 12
months ending April 17.

Subdued Industry Scenario: The real estate sector is moving
towards a more rational regime with developers now focusing on
project execution and delivery. Further, with the introduction of
RERA Act, the sector will move ahead to transparent and credible
measures with sustenance for organized players. Moreover, the
expected renewed interest by the banks in funding the developers
is likely to result in the timely completion of the projects. As
per market sentiments the India Real Estate Market may not
witness a sharp reversal in FY17 but its long term the growth
prospects remain strong as the sector continues to remain
troubled with issues of high unsold inventory.

Key Rating Strengths

Investment from Piramal Group and India Infoline: Piramal group
has invested in ALRPL through its private equity fund; 'Indiareit
Fund Scheme V'. Indiareit has also invested in form of OFCDs
(optionally fully convertible debentures) and NCDs (Non-
convertible debentures) in ALRPL's project. Financial services
company; India Infoline (IIFL) has also invested in the project
in the form of NCDs and OFCDs.

Experienced promoters with established track record of
operations: The company derives strength from experience of the
promoters -- Ashiana Homes Pvt ltd (ALR) and Landcraft Projects
Pvt Ltd (LDPL) in the real estate sector. Both the companies have
a cumulative track record of about 34 years of successful
completion of several real estate projects. Till March 2016, both
the companies have completed 15 real estate projects with the
total developed area of 75.04 Lacs square feet (lsf) in the NCR
region.

Incorporated in 2012, ALRPL is a joint development between
Ashiana Homes Pvt Ltd (AHPL) and Landcraft Projects Pvt Ltd
(LPPL) formed solely for a premium real estate residential
project development named 'The Center Court' located at Sector
88A, Gurgaon. Indiareit, the real estate private equity arm of
the Piramal group has invested INR100 crore and financial
services company, India Infoline Ltd. (IIFL) has invested INR83
crore in ALRPL.


BABASAHEB DESHMUKH: CRISIL Reaffirms D Rating on INR22.4MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Babasaheb Deshmukh
Shetkari Sahakari Soot Girni Maryadit (Babasaheb) for obtaining
information through letters and emails dated February 14, 2017,
and April 17, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                22.4      CRISIL D (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 Babasaheb. 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 Babasaheb 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 D'.

Set up in 1990, Babasaheb manufactures cotton yarn at its unit in
Sangli (Maharashtra), which has installed capacity of 19,488
spindles. Operations are managed by Mr. Sukumar Powar.


BUILDING BLOCKS: CRISIL Lowers Rating on INR10MM LT Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Building Blocks
Projects India Private Limited (BBPPL) for obtaining information
through letters and emails dated October 22, 2016, and April 21,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term        10      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                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 Building Blocks Projects India
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 Building Blocks
Projects India Private Limited 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 is downgraded the rating
at 'CRISIL B/Stable'.

BBPPL was incorporated in 2008 under the name of Magik Homes
India Pvt Ltd; it got its current name in 2009. The company has
been involved in land trading and development of residential
plotted schemes in Andhra Pradesh. The company is presently
managed by Mr. Kishen Singh, Mr. Magesh Kumar, Mr. Madhusudhan
Reddy, Mrs. Pooja Reddy and Mr. Mallikarjuna Reddy.


ELLORA CONSTRUCTION: CRISIL Cuts Rating on INR14.27MM Loan to D
---------------------------------------------------------------
CRISIL has been consistently following up with Ellora
Construction Private Limited (ECPL) for obtaining information
through letters dated February 14, 2017 and July 12, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit             14.27     CRISIL D (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

CRISIL has downgraded its rating on the long-term bank facilities
of ECPL to 'CRISIL D' (Issuer Not Cooperating) from 'CRISIL
B/Stable.' The rating downgrade reflects overdrawals of more than
30 days in the cash credit limit.

Key Rating Drivers & Detailed Description

* Overdrawals in bank limit: Bank limit has been overdrawn for
funding incremental working capital requirement on account of
delay in realisation from customers.

Set up in December 2005 as a partnership between Mr Saleem Ahmed
Bismillah Khan and his wife Mrs Sameena Sultana, Ellora was
reconstituted as a private limited company in April 2008. The
company undertakes construction and executes work orders for
buildings, roads, and infrastructure projects.


GHSPL JEYPORE: CRISIL Reaffirms B+ Rating on INR7.61MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of GHSPL Jeypore Healthcare LLP (Jeypore, part of the
Glocal group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan          7.61     CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       2.39     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the group's modest scale of
operations and weak profitability, and below-average financial
risk profile.  These rating weaknesses are mitigated by the
promoters' extensive experience in the healthcare sector, and
their financial support.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Jeypore and Glocal Healthcare Systems
Pvt Ltd (Glocal) as they are in the same line of operations,
under a common management and have financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and weak profitability: Scale of
operations remains modest with revenue of INR51.19 crore, and
profitability continues to be weak, with cash loss of INR27.22
crore in fiscal 2017. This is on account of low occupancy levels
during the year.

* Below-average financial risk profile and weak liquidity:
Financial risk profile is weak with networth eroding to INR7.26
crore as on March 31, 2017, from INR13.36 crore a year ago. The
erosion follows continuous incurrence of losses by the group over
the two years through fiscal 2017. Past losses, weak financial
flexibility, and large outstanding debt have considerably
weakened debt protection metrics. Liquidity will remain stretched
over the medium term. The timeliness of the promoters' funding
support in servicing debt will remain a key rating sensitivity
factor.

Strengths

* Extensive experience of the promoters: Glocal is promoted by Dr
Syed Sabahat Azim and Mr Meleveetil Damodaran. Dr Azim has
experience of more than two decades in the industry, while Mr
Damodaran has held key positions in both Central and state
governments in India's financial sector, before demitting office
as chairman of Securities and Exchange Board of India in 2008.
The promoters' extensive experience should continue to support
the group's business risk profile.

Outlook: Stable

CRISIL believes the Glocal group will continue to benefit from
its promoters' extensive experience and funding support. The
outlook may be revised to 'Positive' if higher-than-expected
revenue and accrual strengthens financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
if low accrual or any large, debt-funded capital expenditure
weakens the group's financial risk profile further.

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary
hospitals of 100 beds each. Incorporated in 2013, Jeypore is a
secondary care hospital in in Jeypore, Odisha.

Group Group, on a consolidated basis, had net loss of INR34.41
crores on net sales of INR51.19 crores for fiscal 2017, against
net loss of INR22.57 crores on net sales of INR33.67 crores for
fiscal 2016.


GHSPL SAMBHAV: CRISIL Reaffirms B+ Rating on INR8.49MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of GHSPL Sambhav KNJ Healthcare LLP (Sambhav, part of
the Glocal group).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan          8.49     CRISIL B+/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       1.51     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the group's modest scale of
operations and weak profitability, and below-average financial
risk profile.  These rating weaknesses are mitigated by the
promoters' extensive experience in the healthcare sector, and
their financial support.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Sambhav and Glocal Healthcare Systems
Pvt Ltd (Glocal) as they are in the same line of operations,
under a common management and have financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and weak profitability: Scale of
operations remains modest with revenue of INR51.19 crore, and
profitability continues to be weak, with cash loss of INR27.22
crore in fiscal 2017. This is on account of low occupancy levels
during the year.

* Below-average financial risk profile and weak liquidity:
Financial risk profile is weak with networth eroding to INR7.26
crore as on March 31, 2017, from INR13.36 crore a year ago. The
erosion follows continuous incurrence of losses by the group over
the two years through fiscal 2017. Past losses, weak financial
flexibility, and large outstanding debt have considerably
weakened debt protection metrics. Liquidity will remain stretched
over the medium term. The timeliness of the promoters' funding
support in servicing debt will remain a key rating sensitivity
factor.

Strengths

* Extensive experience of the promoters: Glocal is promoted by Dr
Syed Sabahat Azim and Mr Meleveetil Damodaran. Dr Azim has
experience of more than two decades in the industry, while Mr
Damodaran has held key positions in both Central and state
governments in India's financial sector, before demitting office
as chairman of Securities and Exchange Board of India in 2008.
The promoters' extensive experience should continue to support
the group's business risk profile.

Outlook: Stable

CRISIL believes the Glocal group will continue to benefit from
its promoters' extensive experience and funding support. The
outlook may be revised to 'Positive' if higher-than-expected
revenue and accrual strengthens financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
if low accrual or any large, debt-funded capital expenditure
weakens the group's financial risk profile further.

Incorporated in July 2010, Glocal is the flagship company of the
Glocal group promoted by Dr Syed Sabahat Azim and Mr Meleveetil
Damodaran to provide basic secondary healthcare services to the
suburban and rural populations of the country. Glocal runs 8
(including 6 as special purpose vehicles) basic secondary
hospitals of 100 beds each. Incorporated in 2013, Sambhav is a
secondary care hospital in Krishnanagar, West Bengal.

Group Group, on a consolidated basis, had net loss of INR34.41
crores on net sales of INR51.19 crores for fiscal 2017, against
net loss of INR22.57 crores on net sales of INR33.67 crores for
fiscal 2016.


GOVERDHAN VERMA: ICRA Reaffirms B+ Rating on INR6.20cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the Rs.6.20-crore
cash credit facility of Goverdhan Verma Punjab Jewellers Private
Limited. The outlook on the long term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Cash
  Credit                  6.20      [ICRA]B+ (Stable); Reaffirmed

Rationale

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

GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged
in the retailing of gold and diamond jewellery and other similar
items. The company has its showroom at Karol Bagh in Delhi.


GREEN ASIA: CRISIL Assigns B+ Rating to INR3MM LT Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Green Asia Impex Private Limited (GAIPL).
The ratings reflect the company's exposure to modest scale of
operations in an intensely competitive industry and below-average
financial risk profile. These weakness are partially mitigated by
extensive managerial experience of the promoters and established
relationship with customers in the South-East Asian markets.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term
   Bank Loan Facility        3       CRISIL B+/Stable

   Cash Credit               3       CRISIL B+/Stable

   Packing Credit            4       CRISIL A4

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to intense competition:
Scale of operations has been modest, with operating income of
around INR57 crore for fiscal 2017, due to intense competition
and GAIPL's limited track record of operations.

* Below-average financial risk profile: Modest debt protection
metrics and leveraged capital structure weakens financial risk
profile.

Strengths:

* Experience of promoters and established relationship with
customers: Benefits from the promoters' experience and
established clientele should continue to support the business
risk profile, over the medium term.

Outlook: Stable

CRISIL believes GAIPL shall continue to benefit over the medium
term from experience of promoters and established relationship
with customers. The outlook may be revised to 'Positive' if
sustainable increase in scale of operations and profitability
strengthens financial risk profile. Conversely, the outlook may
be revised to 'Negative' if large, debt-funded capital
expenditure or stretch in working capital cycle weakens financial
risk profile.

Established in 2014, GAIPL exports various types of red chillies.
It is based in Tadepalligudem, Andhra Pradesh, and is managed by
its managing director, Mr Rama Rao P.

On provisional basis, for fiscal 2017, the company reported net
profit of INR0.29 crore on total sales of INR57.1 crore, against
INR0.09 crore on total sales of INR26.8 crore respectively, for
fiscal 2016.


IMPERIAL DEVELOPERS: ICRA Withdraws 'D' Rating on INR38cr Loan
--------------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D assigned to the INR38.00
crore fund based bank facility of Imperial Developers since there
is no amount outstanding against the rated instrument.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund Based Limit        38.00       [ICRA]D; withdrawn

Rationale:
The rating is withdrawn as there is no amount outstanding against
the rated instrument.

Imperial Developers was established in August, 2011 as a
partnership firm and is engaged in real estate development. The
partners of the firm are Mr. Bimal Vaniawala, Mr. Kamlesh Patel,
Mr. Krishnagopal Patel, Mr. Dipanbhai Desai, Mr. Ajay Boghawala
and Mrs. Dipika Boghawala. The firm is based out of Surat
(Gujarat) and it undertook development of its first project,
"Blossom". The project targets a high income group and comprises
ten towers with a total of 206 nos. of 4BHK, 5 BHK and 6 BHK
flats. The firm also has other group concerns engaged in real
estate development in Surat.


INDROYAL PROPERTIES: CARE Reaffirms BB Rating on INR23.50cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Indroyal Properties Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             23.50      CARE BB; Issuer not
                                     cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Indroyal Properties
Private Limited to monitor the rating vide e-mail communications
dated May 22, 2017, June 8, 2017, July 7, 2017, letter dated
July 10, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Indroyal Properties Private Ltd.'s
bank facilities will now be denoted as CARE BB; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 15, 2016 the following were
the rating weaknesses and strengths.

Key Rating Weaknesses

Initial stages of project construction and inherent execution and
salability Risk
The project was launched in February 2015 and the company had
completed about 15% of the project construction as on June 15,
2016. The company has outsourced the execution of the project to
a contractor with escalation clause for variation in price of
Steel and Cement. The contract also provides for penalties in
case of delay in execution of the project. The ability of the
company to ensure completion of the project within the estimated
timelines and cost will be important. Furthermore, the proposed
project, Uptown, is one of the largest luxury residential
projects in Trivandrum with total of 213 units. With a project of
this size, the ability of the company to find enough buyers for
its units is to be seen.

High Dependence on Customer Advances
The company is planning to fund the project construction mainly
through customer advances and bank debt, while the land purchase
was funded by promoter's equity. The total project cost is about
INR129 crore and the dependence on customer advances is high at
76.5% of project cost and dependence on debt is about 18.2% of
total project cost. The company had collected INR3.73 crore of
customer advances as June 15, 2016.

Key Rating Strengths
Strong promoter group having experience in construction
activities Indroyal is part of the "Royal Palace Furniture"
group, a multinational business entity with diversified
interests. Royal Furniture is one of the largest manufacturing
and trading companies in furniture and furnishing accessories,
across Middle East and Asia. The group also has presence in the
hospitality industry and operates properties under the "Tulip
Inn" franchise in UAE. Though 'The Uptown' is the maiden real
estate project of Indroyal, the group has experience in
construction of hospitality and industrial projects. The group
has constructed a 212 room 5 star hotel in Kochi, Kerala which
has been operational since 2011 and also has constructed 5
properties in UAE comprising around 600 hotel/apartment suites.

Trivandrum based Indroyal is engaged in development of real
estate projects. The upcoming project "The Uptown" is a high end
luxury residential project comprising of 3 bed room condominiums,
penthouses and garden houses and a total of 213 units. The
project was launched in February 2015 and is located at PMG-
Kannammoola Road, Trivandrum.


JAS ORCHID: CRISIL Reaffirms 'D' Rating on INR30.62MM LT Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Jas Orchid Resorts
Private Limited (JAS) for obtaining information through letters
and emails dated January 24, 2017 and February 14, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           1.2      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              2.6      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term     30.62      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               9.58      CRISIL D (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 Jas Orchid Resorts 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 Jas Orchid Resorts 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 reaffirmed the rating at 'CRISIL D/CRISIL D'.


JAYARAM TEXTILES: CARE Reaffirms 'D' Rating on INR20.52cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jayaram Textiles (JT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            20.52       CARE D Reaffirmed

   Short-term Bank
   Facilities             0.18       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Jayaram Textiles
(JT) continues to be constrained by ongoing delays in servicing
its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in servicing the debt obligations: The banker has
indicated that there are on-going delays in servicing the
principal and interest commitments in both the term loans for the
months of May 2017 and June 2017 and there are overdrawals
observed in the cash credit account for the months of May 2017
and June 2017.

Decline in total operating income: The total operating income of
the firm declined by 18% from INR36.82 crore in FY15 (refers to
the period April 1 to March 31) to INR30.20 crore in FY16 on the
back of decrease in the number of orders and unfavorable market
conditions. Due to the same, the firm was unable to meet its debt
obligations on time. With decline in TOI, the cash accruals also
declined by 14% and stood at INR3.20 crore in FY16.

The PBILDT margin of the firm increased by 176 bps and stood at
22.60% in FY16 as compared to 20.83% in FY15 on the back of
decrease in the material costs associated with less number of
orders received. However, the PAT margin of the firm declined by
16% from 6.20% in FY15 to 6.04% in FY16 on the back of decrease
in PBILDT in absolute terms.

Deterioration in debt protection metrics: The debt protection
metrics deteriorated in FY16 marked by TD/GCA of 7.69x in
FY16 as compared to 7.12x in FY15 on the back of decline in the
cash accruals. Interest coverage ratio also declined marginally
from 1.94x in FY15 to 1.88x in FY16 on the back of decline in
PBILDT.

Working capital intensive nature of operations: With less number
of orders in FY16, the inventory of the firm piled up and stood
at INR15.64 crore as of March 31, 2016. Due to the same, the
inventory period stood elongated at 217 days in FY16 as against
157 days in FY15. As the creditors as of March 31, 2016 was very
low (Rs.0.14 crore), the average credit period stood at 1 day for
FY16 and this led to elongated operating cycle which stood at 280
days as against 212 days in FY15. The working capital facility is
utilized in full for the last 12 months ended June 2017.

Intense competition in a highly fragmented industry structure:
The textile industry in India is highly fragmented and dominated
by a large number of independent and small unorganized players
leading to high competition among industry players. Thus JT is
exposed to significant competition in the market.

Key Rating Strengths

Vast experience of promoters for more than two decades in weaving
business: The promoters of Jayaram Textiles have more than twenty
five years of experience in the textile industry. All the
promoters are actively involved in managing the day-to-day
operations of the firm. Mr. P.M. Thirumoorthy looks after the
operations of yarn manufacturing and suzler looms while Mr.
P.M.Balasubramaniam and Mr. P.M. Ganeshmoorthy look after
operations of power looms.

Moderate capital structure: The capital structure stood moderate
marked by debt equity ratio which improved from 0.75x as of
March 31, 2015 to 0.57x as of March 31, 2016 on back of reduction
in the reduction in the debt levels owing to repayment of the
same. Overall gearing ratio also improved from 1.30x as of
March 31, 2015 to 1.12x as of March 31, 2016 on back of increase
in the tangible networth with accretion of profits.

Jayaram Textiles (JT) was established as a partnership firm in
1985 by Mr. P M Thirumoorthy, Mr. P M Balasubramaniam and Mr. P M
Ganeshmoorthy (brothers). The firm was started as a fabric
manufacturing unit with an initial capacity of 78 power looms in
Tirupur, Tamil Nadu. Since then, the firm has expanded its
weaving operations to the current levels. The present installed
capacity is 12,000 spindles, 140 power looms and 32 suzler looms.
The firm produces yarn in counts of 32's, 40's and 60's which is
used for its own fabric production. The fabric produced by JT
finds application in linen, curtains etc. The firm sells the
fabric to a number of distributors and agents in the markets like
Tirupur, Ahmedabad, Mumbai and New Delhi, who in turn sells the
fabric to linen and garment manufacturing units.


K.B. GEMS: Ind-Ra Rates Additional Bank Loans 'BB+'/Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated K.B. Gems'
additional bank facilities as follows:

-- INR20 mil. Fund-based cash credit assigned with IND
    BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

For K.B. Gems' rating rationale, please click here.

RATING SENSITIVITIES

Negative: A substantial decline in profitability resulting in
sustained deterioration in credit metrics will lead to a negative
rating action.

Positive: A substantial increase in revenue, along with an
improvement in credit metrics, will be positive for the ratings.

COMPANY PROFILE

K.B. Gems was established in 1988 by Mr Kiran Shah as a
proprietorship concern and was incorporated as a partnership firm
in 1994. KBG is a Mumbai-based company, engaged in the processing
and export of cut and polished diamonds. It is a family-owned
business.


KAMAKHYA BOARD: ICRA Reaffirms B Rating on INR1.0cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR1.00 crore fund-based cash credit facility of Kamakhya Board
(KB). ICRA has also reaffirmed the short-term rating of [ICRA]A4
to the INR5.75-crore (enhanced from INR4.75 crore) non-fund based
Inland Import LC cum Buyers Credit facility of KB. The outlook on
the long-term rating is Stable.

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based Limits         1.00     [ICRA]B (Stable); Reaffirmed
  Non-fund Based Limits     5.75     [ICRA]A4; Reaffirmed

Rationale

The reaffirmation of ratings take into account KB's relatively
small scale of operations and its weak financial profile
characterised by low profit margin, leveraged capital structure
and modest coverage indicators. The ratings also take into
account the high working capital intensity of business on account
of elongated receivables. ICRA also considers the competitive
business environment due to the fragmented nature of the industry
and the presence of multiple players in the organised as well as
unorganised segments, which exert pressure on its margin.
Furthermore, the ratings factor in the susceptibility of KB's
margins to fluctuation in timber prices and any adverse movements
in foreign exchange in the absence of a formal hedging policy.
ICRA also notes that KB is a proprietorship firm and any
significant withdrawals from the capital account could adversely
impact its net-worth, and thereby the credit profile.

The ratings, however, continues to positively consider the
extensive experience of the promoters in the timber industry and
the plant's proximity to Kandla port, which results in logistical
advantages.

Going forward, the firm's ability to grow its scale of operations
along with increasing profitability, improve its capital
structure and manage working capital effectively will remain
critical from the credit perspective.

Key rating drivers

Credit strengths

  * Significant experience of the management in the timber
    industry spanning close to three decades
  * Proximity to the Kandla port provides cost advantage to
    the firm

Credit weaknesses

  * Modest scale of operations
  * Weak financial profile characterised by low profitability,
    a leveraged capital structure and modest coverage indicators
  * High working capital intensity owing to elongated receivables
  * Competitive business environment due to the presence of large
    as well as unorganised players
  * Profit margins remain exposed to forex fluctuations in the
    absence of any hedging mechanism
  * Withdrawals from capital account impacts the net worth and
    thereby the gearing levels

Description of key rating drivers

Founded in 1999, KB is involved in manufacturing wooden pallets,
sawn timbers, teak wood margins and mouldings as well as trading
of green timbers. It undertakes seasoning and sizing processes on
the pallets. KB requires pine wood as a major raw material, which
it primarily imports against letter of credit of 150 days and
procures through high seas sales. Pine wood is mainly imported
from Singapore, followed by New Zealand, USA, Canada, France and
Russia. The direct import contributed around 77% to total
purchases in FY2016 (over 57% in FY2015). However, in the absence
of any formal hedging mechanism, its profitability remains
exposed to any adverse movement in foreign exchange rates.

KB's operating income declined by ~12% in FY2017 to INR19.2 crore
from INR21.8 crore in FY2016 due to minimal sales during the
period of demonetisation. KB also faced a delayed receivables
cycle post demonetisation, resulting in elongated receivable days
of 159 days by the end of FY2017. Consequently, working capital
intensity also increased from 16% by the end of FY2016 to 23% by
the end of FY2017.

Established in 1999, Kamakhya Board manufactures wooden pallets,
sawn timber and teak wood margins. The firm derives most of its
revenues from the sale of timber (contributing 82% to revenues in
11M FY2017), followed by the sale of wooden pallets (17% in 11M
FY2017). Mr. Shashi Nath Sharma, the proprietor of the firm, has
over three decades of experience in the sector.


KHUSHI TRADEX: CRISIL Lowers Rating on INR10MM Loan to B-
---------------------------------------------------------
CRISIL has been consistently following up with Khushi Tradex
Private Limited (KTPL) for obtaining information through emails
dated February 24, 2017 apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

   Inventory Funding        10       CRISIL B-/Stable (Issuer Not
   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 KTPL. 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
the company 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 to 'CRISIL B-/Stable' from
CRISIL B+/Stable'.

Incorporated in 2005, KTPL started commercial operations from
January 2010. It is an authorised dealer for General Motors India
Pvt Ltd in Wazirpur Industrial Area, Delhi. KTPL operated one
showroom, Triumph Motors, and two service stations in New Delhi.
KTPL, previously promoted by the Rajasthan-based Mehra family,
was taken over by the Delhi-based Bhatia family in June 2012. Mr
GS Bhatia, Mr PK Bhatia, and Mr Gaurav Bhatia are the key
promoters.

The company reported net profit of INR7.55 lakh on net sales of
INR19.75 crore in for fiscal 2016 against net loss of INR1.61
lakh on net sales of INR37.74 crore for fiscal 2015.


KK FINECOT: CRISIL Raises Rating on INR5.25MM Cash Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities KK Finecot
Private Limited (KKPL; part of the KK group) to 'CRISIL BB-
/Stable' from 'CRISIL B+/Stable'. The rating upgrade reflects the
improvement in business risk profile of the company of operations
of the company with stable liquidity as well as the financial
risk profile of the company.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              5.25     CRISIL BB-/Stable (Upgraded
                                     from 'CRISIL B+/Stable')

   Proposed Long Term       1.90     CRISIL BB-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B+/Stable')

The rating upgrade also reflects the groups average financial
risk profile because of a modest net worth, moderate gearing, and
moderate debt protection metrics. The rating also factors in a
small scale of operations with low operating profitability in the
highly fragmented cotton industry, and susceptibility to changes
in government policies and to volatility in cotton prices. These
rating weaknesses are partially offset by the extensive industry
experience of the group's promoters, and funding support received
from them.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of KKF and KKPL. This is because both the
entities, together referred to as the KK group, are engaged in a
similar business, managed by common promoters, and have
operational linkages in the form of common procurement.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of promoters: Benefits from the promoters'
experience should continue to support business risk profile.
Their keen insights into business trends, and strong
relationships with customers and suppliers have helped post
robust growth in topline. Furthermore, to utilise cotton seeds
produced in-house, promoters leased out an oil extraction unit.
Large demand for cotton oil should support the revenue as well as
profitability over the medium term.

* Availability of need-based funding support from promoters:
Promoters should continue to support liquidity and working
capital requirement by extending unsecured loans.

Weaknesses

* Average financial risk profile, marked by modest net worth,
moderate gearing, and moderate debt protection metrics: Net
worth, at INR8.16 crores as on March 31, 2017, was small, driven
by low accretion to reserves because of modest profitability. The
net worth, which has increased on account of equity infusion by
promoters in fiscal 2017.  Capital structure should remain
moderate over the medium term, as reflected in gearing estimated
at 2.44 times as on March 31, 2017, on the back of its continued
low cash accrual owing to modest operating profitability,
resulting in large working capital borrowings. Gearing has
improved from 4.04 times as on March 31, 2013. The working
capital intensity is expected to keep gearing at 2.30-2.40 times
over the medium term. Expected low cash accrual and moderate debt
should keep the debt protection metrics moderate, as reflected in
average net cash accrual to total debt and interest coverage
ratios of 0.03 time and 1.25 times, respectively, in fiscal 2017.

* Exposure to risks related to changes in government policies and
to fluctuation in cotton prices: The Government of India (GoI)
fixes a minimum support price (MSP) for every crop year. When the
price of any variety of cotton declines below the MSP, the Cotton
Corporation of India and National Agricultural Co-operative
Marketing Federation resort to immediate market intervention and
purchase cotton at the MSP without any quantitative limit. This
helps cotton farmers sell their produce at the MSP and avoid
distress sales. Profitability could be adversely affected by any
adverse regulatory change over the medium term.

Outlook: Stable

CRISIL believes the KK group will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' in case of
significant improvement in the financial risk profile,
particularly liquidity, most likely because of substantial cash
accrual or infusion of fresh capital. The outlook may be revised
to 'Negative' in case of a decline in profitability or increase
in working capital requirement, leading to deterioration in the
financial risk profile, particularly liquidity.

The KK group, based in Khargone, Madhya Pradesh, is promoted by
the Agrawal family. KKF, a partnership firm established in 2006,
gins and presses raw cotton and sells cotton seeds. It has an in-
house oil mill for extracting oil from cotton seeds. KKFL,
incorporated in fiscal 2012, also gins and presses raw cotton.

The group generated net sales of INR270.07 crores in 2016-17
(refers to period from 1st April 2016 to 31st March 2017), with
Profit after tax (PAT) of INR0.54 crores as compared to net sales
of INR189.42 crores with PAT of INR0.82 crores in 2015-16.


LINNHOFF INDIA: Ind-Ra Cuts Issuer Rating to BB+, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Linnhoff India
Private Limited's (LIPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'. The Outlook is Stable. The instrument-wise
rating actions are:

-- USD1.78 mil. (reduced from USD5.65 mil.) Foreign currency
    term loans due on December 2018 downgraded with IND
    BB+/Stable rating;
-- INR 165 mil. Fund-based facilities downgraded with IND
    BB+/Stable rating; and
-- INR100 mil. Non-fund-based facilities downggraded with
    IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in LIPL's EBITDA gross
interest coverage (operating EBITDA/gross interest expense) to
2.06x in FY17 (unaudited) (FY16: 2.25x; FY15: 1.8x) against Ind-
Ra's expectations of an improvement, due to a decline in EBITDA
margin to 5.4% (5.8%; 6.9%) and an increase in interest expenses
to INR41 million (INR39 million; INR41 million). Moreover, net
leverage (total adjusted net debt/operating EBITDAR) was 5.0x in
FY17 (FY16: 4.13x; FY15: 5.5x). The deterioration in net leverage
was primarily due to a rise in debt to INR421 million in FY17
(FY16: INR366 million) to meet working capital requirements. The
management expects credit metrics to improve in the medium term
on account scheduled repayment of term debt and absence of debt-
funded capex.

The ratings reflect continued decline in EBITDA margin due to an
increase in raw material prices and variable expenses. The
management expects EBITDA margin to improve to 7%-8% in the
short- to medium-term in view of likely high margins from its
newly launched machinery Pevar.

The ratings also reflect deterioration in LIPL's liquidity
profile. Its average maximum peak utilisation of fund-based
working capital limits was 100% for the 12 months ended June 2017
due to a stretch in receivables from customers due to
demonetisation.

The ratings, however, are supported by marginal 3.4% yoy growth
in revenue (moderate scale of operations) to INR1,561 million
(FY16: 1,510 million; FY15: INR1,550 million). The management
expects significant revenue growth in FY18, considering higher
orders for new products (concrete mix machine and Pevar) in FY18.
As of June 2017, the company had an order book position of
INR1,400 million, executable by end-December 2017, providing
revenue visibility for the short term.

RATING SENSITIVITIES

Negative: A decline in EBITDA margin leading to EBITDA interest
coverage reducing below 1.5x on a sustained basis and/or further
stress in liquidity will be negative for the ratings.

Positive: A rise in EBITDA margin leading to EBITDA interest
coverage exceeding 2.5x on a sustained basis, along with an
improvement in liquidity, will be positive for the ratings.

COMPANY PROFILE

Incorporated in 2012, LIPL is a joint venture between S-T Group
and IPS Lintech Asia Pacific Pte Ltd. It manufactures asphalt and
concrete batch-mixing machines for road contractors. LIPL has an
annual manufacturing capacity of 50-53 machines and an 80%
capacity utilisation.


LOTUS LANDMARKS: CRISIL Reaffirms B Rating on INR8MM LT Loan
------------------------------------------------------------
CRISIL has been consistently following up with Lotus Landmarks
(India) Private Limited for obtaining information through letters
and emails dated January 31, 2017, and April 17, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term        8       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 LLPL. 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
LLPL 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'

Incorporated in 2007, LLPL undertakes residential real estate
development. The company is promoted by Mr. Satish Giri who is
based out of Amravati, Mumbai (Maharashtra). The company has
completed 19 projects in Pune and Amravati and its suburbs with
construction area of over 3 lakh square feet.


M/S MARBELLO: Ind-Ra Assigns 'D' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/S Marbello a
Long-Term Issuer Rating of 'IND D'. The instrument-wise rating
action is given below:

-- INR150 mil. Fund-based working capital limits (Long
    Term/Short term) assigned with IND D/IND D rating.

KEY RATING DRIVERS

The ratings reflect Marbello's tight liquidity position with
continuous overutilisation of the fund-based limits for more than
30 days during the three months ended May 2017.

RATING SENSITIVITIES

Positive: Utilisation of the facilities within the sanctioned
limits for three consecutive months could be positive for the
ratings.

COMPANY PROFILE

Marbello was established in 1991 as a proprietorship firm by
Agarwal family. Presently, the proprietor is Ms.  Usha Agarwal.
It derives 80% revenue from trading of grey fabrics and remaining
from the trading of Italian marbles.


N.B HI-TECH: ICRA Reaffirms B- Rating on INR8.43cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the Rs 2.51
crore cash credit facility and INR8.43 crore term loans of
N.B Hi-Tech Cold Storage at [ICRA]B-. The outlook on the long-
term rating is 'Stable'.

                    Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Cash Credit         2.51      [ICRA]B- (Stable) Reaffirmed
  Term Loans          8.43      [ICRA]B- (Stable) Reaffirmed

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

Incorporated in 2012, N.B Hi-Tech Cold Storage (NBCS) is engaged
in providing cold storage facility to potato chip manufacturers
and traders on a rental basis and has commenced commercial
operations from February 2013. The firm has a modified atmosphere
cold storage facility located at Deesa, Gujarat having a capacity
to store 1,40,000 bags each weighing 50 kg (i.e. about 7000 MT of
potatoes). The firm has been promoted by Mr. Dalpat Mali along
with his relatives who have long experience in potato farming,
trading business and cold storage business. The partners have two
other cold storages in Deesa, Somnath Cold Storage and Amarnath
Cold Storage having an installed capacity of storing 5250 MT and
10550 MT respectively.


NAVBHARAT EXPLOSIVES: CARE Lowers Rating on INR8.50cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Navbharat Explosives Company Limited (NECL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             8.50       CARE D; Issuer not
                                     Cooperating (Revised from
                                     CARE B+: Issuer not
                                     Cooperating)

   Short term Bank
   Facilities             7.50       CARE D; Issuer not
                                     Cooperating (Revised from
                                     CARE A4: Issuer not
                                     Cooperating)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Navbharat Explosives
Company Limited (NECL) to monitor the ratings vide email
communications/letter dated September 14, 2016, November 8, 2016,
December 26, 2016, February 7, 2017, July 6, 2017 and July 12,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company 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
public available information which; however in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on NECL's
bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of delays with respect
to debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: The liquidity position of the
company has been severely impacted leading to ongoing delays in
servicing of its debt obligations.

Incorporated in the year 1984, NECL is a part of the Navbharat
group of companies based in Raipur, Chhattisgarh. Controlled by
the Singh family, the group has interests in steel, mining,
explosives and real estate sector. NECL is a manufacturer of
industrial explosives and accessories, which encompass cartridge
explosives, bulk explosives, detonating fuse and cast booster.
The company has three manufacturing facilities, with a combined
installed capacity of 28,000 Metric Tonnes Per Annum (MTPA).


NAVBHARAT FUSE: CARE Lowers Rating on INR31.30cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Navbharat Fuse Company Limited (NFCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         31.30      CARE D; Issuer not
   Facilities                        Cooperating (Revised from
                                     CARE B+: Issuer not
                                     Cooperating)
   Short term Bank
   Facilities             23.50      CARE D; Issuer not
                                     Cooperating (Revised from
                                     CARE A4: Issuer not
                                     Cooperating)

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Navbharat Fuse Company
Limited (NFCL) to monitor the ratings vide email
communications/letter dated September 14, 2016, November 8, 2016,
December 26, 2016, February 7, 2017, July 6, 2017 and July 12,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requiste information
for monitoring the ratings. In line with the extant SEBI
guidelines CARE has reviewed the rating on the basis of the
public available information which; however in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on NFCL's
bank facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above ratings.

The ratings have been revised on account of delays with respect
to debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses
Ongoing delays in debt servicing: The liquidity position of the
company has been severely impacted leading to ongoing delays in
servicing of its debt obligations.

NFCL was incorporated in 1988 for manufacturing of industrial
explosives at Raipur, Chhattisgarh. The company produces bulk and
cartridge explosives with an aggregate installed capacity of
50,000 tons per annum (TPA). The company supplies explosives
majorly to Coal India Ltd (CIL) and its subsidiaries including
South Eastern Coalfields Ltd, Northern Coalfields Ltd, Eastern
Coalfields Limited, etc. This apart, the company is also engaged
into manufacturing of sponge iron with a 60,000 TPA plant at
Jagdalpur, Chhattisgarh. Main promoters of the group-the Singh
family of Raipur-have over three decades of track record in the
industrial explosives segment.


OCTOPUS PAPERS: CARE Lowers Rating on INR8.88cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Octopus Papers Limited (OPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.88       CARE D Revised from
   Facilities                        CARE BB-; Issuer Not
                                     Cooperating

Detailed Rationale & Key Rating Drivers

Ongoing delay in debt servicing:
The revision in the rating assigned to the bank facilities of OPL
is primarily due to irregularity in servicing its debt
obligations

Octopus Papers Limited (OPL) was initially incorporated as
Octopus Paper Private Limited (OPL) on March 19, 2007 by Mr.
Bharat Khara, Mr. Vishal Khara and Mrs. Jyoti Khara.
Subsequently, during August 2015, it rechristened itself to OPL.
OPL is engaged into manufacturing and trading of notebooks,
copier papers and paper related office stationary and also does
Offset Printing. OPL sells its products in four different
categories i.e. school stationery products (includes long book,
note book, jumbo book A4 long book, drawing book and graph book),
office stationery products (registers, cash memo, copier papers
and pocket memo), other paper products and offset printing.

The manufacturing plant of the company is located at Vapi
G.I.D.C. All the business activities are done under the brand
name "Octopus". OPL markets its products into three different
categories i.e. Industrial (all industries), Domestic (schools
and offices) and Customers Base (wholesalers and retailers).OPL
has diversified product portfolio as it supplies its products to
various clients such as banking sectors, government and semi
government bodies, corporate sectors, education sector and
retail. Major banking sectors include Bank of Baroda, Gujarat
Gramin Bank, HDFC Bank, Ratnakar Bank Limited.


PARAMOUNT RICE: ICRA Reaffirms B+ Rating on INR15cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ with stable
outlook assigned to the Rs 21.86 crore fund based facilities of
Paramount Rice Pvt. Ltd.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term Fund
  Based-CC               15.00      [ICRA]B+ (Stable); Reaffirmed

  Long Term Fund
  Based-TL                6.86      [ICRA]B+ (Stable); Reaffirmed

Rationale

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

Key rating drivers

Credit strengths

  * Experienced promoters with long presence in the industry

Credit weaknesses

  * Intensely competitive nature of the industry characterized
    by a number of small players
  * Agro climatic risks, which can affect the availability of
    the paddy in adverse weather conditions

Description of key rating drivers:

The directors of the company are Mr. P.L. Jhanwar, Mr. K.C.
Jhanwar, Mr. M.P. Jhanwar and Ms. Lalita Devi Nyati. Directors
have around 2 decades of experience in similar line of business.
Rice industry is exposed to agro climatic risks and intense
competition.

Incorporated in 1998, PRPL was promoted by the Jhanwar family.
PRPL undertakes milling of rice at its sole manufacturing
facility located at Bundi (Rajasthan) and having an installed
capacity of 10 tonnes per hour (tph) for paddy milling as on
January 31, 2017. All the shareholders of PRPL were previously
associated with a partnership firm, Rameshwar Industry, which was
engaged in the same line of business for more than 10 years.


POWERMAX RUBBER: CRISIL Lowers Rating on INR6MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Powermax Rubber Factory to 'CRISIL D' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Term Loan            6       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Proposed Long Term        4       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The downgrade reflects delays in meeting debt obligation on
account of weak liquidity owing to delay in commencement of
operations.

The rating reflects exposure to implementation, stabilisation,
and sales risks associated with the firm's ongoing project, and
expected modest scale of operations. However, PRF benefits from
the experience of its promoters in the tyre manufacturing
business.

Key Rating Drivers & Detailed Description

Weakness

* Implementation, stabilization, and sales risks associated with
ongoing project: PRF is setting up a manufacturing facility in
Gummadipondi, Tamil Nadu. Operations were earlier expected to be
started by September 2016. However, with delays in installation
of equipment and civil construction, the project is expected
start commercial production from August 2017. Furthermore, the
firm has to successfully complete trial runs and remains exposed
to implementation risks.

Strengths

* Extensive experience of promoter: The promoter has longstanding
presence in the tyre manufacturing business.

Set up in 2015 as a partnership firm by Mr. Rajesh Jain, Chennai-
based PRF is part of the Powermax group that exports tyres. The
firm is currently setting up a facility in Gummadipondi to
manufacture different types of tyres.


RAGHUVIR OIL: CARE Lowers Rating on INR8.95cr Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Raghuvir Oil Mill (ROM), as:

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

   Short-term Bank        8.95       CARE D; Issuer Not
   Facilities                        Cooperating (Revised from
                                     CARE A4) on the basis of
                                     best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Raghuvir Oil Mill (ROM) to
monitor the rating(s) vide e-mail communications/letters and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, ROM has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Raghuvir Oil Mill's bank
facilities will now be denoted as CARE D /CARE D; ISSUER NOT
COOPERATING.

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

The revision in ratings assigned to the bank facilities of
Raghuvir Oil Mill factors in the delays in debt servicing
obligation owing to stretched liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligation:

There are ongoing delays in debt servicing of Raghuvir Oil Mill
owing to stretched liquidity.

Established in 1995, Raghuvir Oil Mill (ROM) is engaged in the
business of crushing and processing of groundnut seeds to
produce groundnut oil and groundnut cake. Its present partners,
Mr. Bharat Gami and Mr. Kantilal Gami took over the business in
2010. ROM's manufacturing facility is located at Keshod, Gujarat
with installed capacity of 1,450 Metric Tonne Per Annum (MTPA)
for groundnut seed crushing and 15,000 Metric Tonne Per Annum
(MTPA) for groundnut seed processing as on Mar. 31, 2015.


RATHI HATCHERIES: CRISIL Reaffirms B Rating on INR6.55MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Rathi Hatcheries
Private Limited (RHPL; part of the Rathi group) for obtaining
information through letters and emails dated February 08, 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              6.55     CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       0.95     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                4.50     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 Rathi Hatcheries 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 Rathi Hatcheries 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 reaffirmed the rating at 'CRISIL
B/Stable'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of RHPL, Rathi Feeds India Pvt. Ltd.
(RFPL) and Gourav Poultries India Pvt Ltd (GPPL). This is because
the companies, collectively referred to as the Rathi group are in
the same line of business, extend financial support to each
other, and have a common management.

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi
and his family members as a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 220,000 parent birds
in Jind Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It
has day-old chick breeder farms with capacity of 150,000 parent
birds in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets
the group's feed requirements. The group internally consumes
around 60 per cent of feed processed by RFPL and sells the
balance in the open market. Its feed processing capacity is 200
tonne per day.


RIVU ENTERPRISES: Ind-Ra Moves Issuer Rating to D Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rivu Enterprises
Pvt Ltd's (REPL) 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 D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR27.4 mil. Long-term loans (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and
-- INR25 mil. Fund-based working capital limit (long-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
June 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, REPL is engaged in chicken processing in
Kolkata, West Bengal.


S.M. COLD: Ind-Ra Assigns 'B+' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned S.M. Cold
Storage Private Limited (SMCSPL) a Long-Term Issuer Rating of
'IND B+'. The Outlook is Stable. Instrument-wise rating actions
are given below:

-- INR36.32 mil. Fund-based limit - Short-term bulk finance
    assigned with IND A4 rating;
-- INR9.74 mil. Fund-based limit - Short-term operating expenses
    assigned with IND A4 rating;
-- INR3.52 mil. Fund-based limit - Secured overdraft limit
    assigned with IND A4 rating; and
-- INR2.60 mil. Non-fund-based limit - Letter of guarantee
    assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect SMCSPL's small scale of operations and weak
credit metrics. As per FY17 provisional financials, revenue was
INR19.7 million (FY16: INR24 million), gross interest coverage
(EBITDA/interest) was 1.1x (1.5x) and net leverage (net
debt/EBITDA) was 4.6x (15.7x). The improvement in net leverage
resulted from an improvement in operating margin to 38.3% in FY17
(FY16: 19.9%) owing to an increase in operating income, and a
decline in total debt. However, despite the improvement, net
leverage continued to remain weak.

The ratings are constrained by the firm's exposure to agro
climatic risk as it generates income solely from storage of
potatoes.

The ratings are further constrained by SMCSPL's tight liquidity
position with full use of non-fund-based limits during the 12
months ended June 2017.

The ratings, however, derive support from the partners' two
decades of experience in the cold storage business.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and credit
metrics will be positive for the ratings.

Negative: Deterioration in the credit metrics will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1985, SMCPL provides cold storage for potatoes.
The firm's cold storage unit, located at Bankura District in West
Bengal, has a total storage capacity of 170,000 quintals.


SAI INDIA: ICRA Raises Rating on INR5.10cr Cash Loan to B+
----------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR0.35-crore (reduced from INR1.73-crore) term loans,
the INR5.10-crore (enhanced from INR4.75 crore) cash-credit
facility and the INR1.45-crore (enhanced from INR0.17 crore)
unallocated limits of Sai India limited (SIL). ICRA has re-
affirmed the short-term rating at [ICRA]A4 for the INR1.10-crore
non-fund based limits and the INR1.45-crore unallocated limits of
SIL. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Term Loan     0.35      [ICRA]B+ (Stable); upgraded
                                    from [ICRA]B

  Long-term-Fund-
  based Cash Credit       5.10      [ICRA]B+ (Stable); upgraded
                                    from [ICRA]B

  Short-term-Non-fund
  Based Facilities        1.10      [ICRA]A4; reaffirmed

  Long/Short-term-
  Unallocated Limits      1.45      [ICRA]B+ (Stable)/[ICRA]A4;
                                    upgraded from [ICRA]B/
                                    [ICRA]A4

Rationale

The rating upgrade reflects the improvement in the company's
revenues over the last two fiscals, with rising demand in the
end-user industry (mining and construction equipment industries)
and improvement in profitability owing to better absorption of
fixed costs and improvement in cost structure. The rating
continues to derive comfort from the long experience of the
promoters in the manufacturing of hydraulic motors and support
from its parent and group companies in terms of technology. The
ratings also consider the strong relationship of the company with
its renowned client base and low competition in hydraulic radial
piston motor manufacturing segment, thus reducing the competitive
intensity, notwithstanding the risk faced by the company from
substitute products. The ratings are, however, constrained by the
company's moderate scale of operations, restricting operational
and financial flexibility to a major extent and the high working
capital intensity on account of stretched receivable position.
The ratings take into account the vulnerability of profitability
to fluctuations in raw material prices, partially mitigated by
procurement of raw materials against firm orders and high fixed
costs, which includes machine maintenance, power and fuel and
other manufacturing expenses. The ratings are also constrained by
low, albeit improving, capacity utilisation and high customer
concentration of group companies which resulted in stretched
receivable cycle. Going forward, the firm's ability to maintain
healthy revenue growth, improve its profitability levels and
manage its working capital requirements would remain the key
rating sensitivities.

Key rating drivers

Credit Strengths

  * Long experience of the promoters (more than 25 years)
    in the hydraulic radial piston motor-manufacturing industry
  * Strong support from the parent company in terms of
    technology, raw material supply and exposure to export market
  * Established relationship with suppliers and customers, as
    evident from repeat orders
  * Improvement in operating margin with better utilisation of
    existing capacities and improvement in cost structure

Credit Weaknesses

  * Modest scale of operations, restricting economies of scale
    and financial flexibility
  * High working capital intensity owing to delayed payments
    from major customers
  * High dependence on creditor funding resulting in TOL/TNW of
    2.11 times as on March 31, 2017
  * High sector concentration risk with mining and construction-
    equipment manufacturing companies contributing majorly to
    the revenue; recent diversification into agriculture and
    marine sectors mitigate the same to some extent

Description of key rating drivers:

The company manufactures custom designed hydraulic radial piston
motors which find application predominantly in mining and
construction-equipment manufacturers. The products also find
application across other industries like plastic moulding,
agriculture equipment, marine equipment etc. With improving
demand from the end-user industry and diversification into other
sectors like agriculture and marine equipment, the capacity
utilisation improved from 38.08% in FY2015 to 42.43% in FY2017.
The operating income of the company grew by 11.28% in FY2017 from
INR18.10 crore in FY2016 to INR20.14 crore in FY2017. The company
imports ~30% of its requirements, which exposes the margins to
foreign exchange rates fluctuations in the absence of any formal
hedging mechanism. Additionally, the company's profitability
continues to be vulnerable to fluctuation in raw material prices,
partially mitigated by procurement of raw materials against firm
orders. SIL's capital structure remained healthy with gearing of
0.75 times as on March 31, 2017 and the coverage indicators
remained moderate with interest cover (OPBITDA / Interest &
Finance charges) at 2.12 times and NCA/Debt at 27.68% during
FY2017. The working capital intensity remained high at 30.50% in
FY2017 owing to delayed payments from major customers. However,
with the improving market conditions in the end-user industry,
the working capital intensity is expected to reduce, going
forward.

Sai India Limited was incorporated in 1989 with the objective of
marketing various hydraulic products of SAI s.p.a, Italy. The
company started commercial production in 1992 after obtaining
Foreign Collaboration Agreement. FIN.OL.IM, Italy became the
holding company of Sai India Limited in 2003 by purchasing SAI
s.p.a's stake. Yuken India Limited, an oil hydraulic equipment
manufacturing company holds a 40% stake in Sai India Limited. Sai
s.p.a continues as the Licenser for Sai India Limited to
manufacture and sell the products under the brand name of SAI.
The company manufactures hydraulic radial piston motors along
with the associated drives, incorporating gearbox and brakes for
various
industrial and mobile applications. SIL has a production capacity
of 12,000 units of hydraulic motors per annum. The company has
manufacturing units at Mahadevpura, Bangalore and Shimoga,
Karnataka.

SIL recorded a net profit of INR0.78 crore on an operating income
of INR20.14 crore, as per the provisional financials for the year
ending March 31, 2017.


SARVESH BLISS: ICRA Reaffirms 'B' Rating on INR9.20cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B assigned to
the INR10.70 crore fund based limits and the short term rating of
[ICRA]A4 assigned to the INR1.00 crore non fund based limits of
Sarvesh Bliss Healthcare Private Limited. The outlook on the long
term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Term
  Loan Limits             9.20      [ICRA]B/Stable Reaffirmed

  Fund Based Cash
  Credit Limits           1.50      [ICRA]B/Stable Reaffirmed

  Non Fund Based
  Letter of Credit
  Limits                  1.00      [ICRA]A4 Reaffirmed

Rationale

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

Key rating drivers

Credit strengths

  * Long standing experience of key management personnel
    in contraceptive industry

Credit weakness

  * Nascent stage of operations
  * Delays in project execution

Description of key rating drivers:

The promoters of SBH have long standing experience in the
contraceptive industry. The company had planned to set up a
manufacturing unit in Aurangabad (Maharashtra) with an initial
manufacturing capacity of 76.50 million condoms per annum with a
future provision of expansion upto 300 million condoms. The
project under consideration is facing execution delays thereby
exposing the company to project execution and funding risks. The
revenue generation and profitability of the company, given its
nascent stage of operations are contingent on the execution of
the project.


SBS TRANSPOLE: CARE Lowers Rating on INR100cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SBS Transpole Logistics Pvt Ltd (STLPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        100.00     CARE D; Issuer not
   Facilities                       Cooperating (Revised from
                                    CARE BB) on the basis
                                    of best available information

   Short-term Bank       116.00     CARE D; Issuer not
   Facilities                       Cooperating (Revised from
                                    CARE A4) on the basis
                                    of best available information

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facility of
SBS Transpole logistics Pvt Ltd (STLPL) takes into account delays
in servicing debt obligation.

Detailed description of the key rating drivers
Delays in debt servicing: There have been on-going delays by SBS
Transpole Logistics Pvt Ltd in servicing of its debt obligations.

The company was incorporated in August, 2004 by the name of
Transpole Logistics Private Limited and is engaged in integrated
logistics services. Subsequently, in Oct, 2014; the name was
changed to the current one, SBS Transpole Logistics Private
Limited (STLPL). STLPL is promoted by Mr. Anant Chaudhary and Mr.
Vivek Shukla and the company business segment offers general
logistics, including 3PL, international logistics, warehouse
logistics and various other multi-modal logistics solutions.

As per provisional results, the total operating income of the
company has declined to INR615.41 crore in FY16 (Prov.) as
against 796.37 crore in FY15 (A).


SHAPE MACHINE: CRISIL Reaffirms B Rating on INR5.5MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shape Machine Tools
Pvt Ltd (SMTPL), the rating continues to reflect the company's
modest scale of operations and exposure to intense competition.
Revenue, estimated at INR19.03 crore in fiscal 2017, is expected
to grow moderately by 10-15% annually over the medium term,
backed by order book of INR15 crore and extensive experience of
the promoters in the electronics and communications industry.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          0.5       CRISIL A4 (Reaffirmed)
   Cash Credit             5.5       CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit            2.0       CRISIL B/Stable (Reaffirmed)

Liquidity is constrained by large working capital requirement,
reflected in estimated gross current assets (GCAs) of 320 days as
on March 31, 2017.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in an intensely competitive industry:
The scale of operations is modest, with estimated operating
revenue at INR19.03 crore in fiscal 2017, in this highly
fragmented industry. Thus intense competition from large players
restricts its capability to expand into new markets, limits its
ability to bargain with suppliers and customers, and prevents it
from enjoying benefits associated with economies of scale. SMTPL
should be able to gradually scale up its operations over the
medium term.

* Customer concentration in revenue:
Two customers, Beekay Engineering Corporation (rated 'CRISIL
BBB/Negative/CRISIL A3+') and McNally Sayaji Engineering Ltd,
contribute to 45-50 percent of the total revenue, exposing SMTPL
to higher customer concentration risk and thereby limiting its
bargaining power with them. The revenue will likely be affected
by the trend in which customer's revenues moves and thus exposes
it to higher customer concentration risk despite maintaining
healthy relationships with them.

* Below average financial risk profile:
SMTPL has modest INR4.67 crore as on March 31, 2017. The net
worth has remained constrained because of modest accretion to
reserves, and is likely to remain at similar levels. Company has
high TOLTNW ratio of 4.15 times in 2016-17 and in absence of any
debt funded capex it is expected to be around 2-3 time over
medium term. Average debt protection metrics as indicated by
interest coverage of 1.52 times and NCATD of 0.07 times in 2016-
17 and is expected to be in the range of 1.58-1.7 time and 0.074-
0.10 times respectively over medium term.

* Working capital-intensive operations:
Operations are working capital intensive as reflected in gross
current assets estimated at around around 320 days as on March
31, 2017, on account of high debtors and inventory. The debtor
and inventory remained high estimated at around 111 days and 160
days as on March 31st 2017. The high inventory levels because
company keeps large variety of smaller components that its deals
in and does machining for. However, any substantial stretch in
the working capital requirement will likely affect the liquidity.

Strengths
* Established position and promoters' extensive experience in the
industry:
SMTPL has a track record of nearly 27 years in this industry.
Also, promoters have extensive industry experience through this
business and a sister concern, Press Tools Industries Pvt Ltd and
this is going to benefit SMTPL in terms of sustained scale and
profitability. Established market position, relationships with
customers and the extensive experience of promoters should
continue to help over the medium term.

CRISIL believes that Icon's business risk profile will benefit
from the diversification initiatives of its promoters and their
extensive experience in the electronics and communications
industry.

Outlook: Stable

CRISIL believes SMTPL will continue to benefit over the medium
term from its established position and the extensive experience
of its promoters. The outlook may be revised to 'Positive' if
significant growth in topline, profitability and cash accrual,
sizeable equity infusion, or efficient working capital management
strengthens financial metrics. Conversely, the outlook may be
revised to 'Negative' if low revenue and profitability, or large
working capital requirement, or debt-funded capital expenditure
further weakens financial risk profile.

SMTPL is a Ghaziabad based company, set up in 1989 by Mr. Ranjeet
Anand. His son Mr. Anuj Anand currently manages operations. The
company machines casted components such as gears, mill hoods,
trunnions and pinions for sugar mills, cement and steel
industries. It also undertakes job work in the same line of
business. The manufacturing facility is in Ghaziabad.

Net profit and net sales estimated at INR0.16 crore and INR19.03
crore, respectively, in fiscal 2017, against losses of INR0.17
crore and INR16.93 crore, respectively, in fiscal 2016.


SHASHIRADHA COLD: CRISIL Reaffirms B- Rating on INR5.50MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of Shashiradha Cold Storage Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.69     CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.31     CRISIL B-/Stable (Reaffirmed)

   Term Loan               5.50     CRISIL B-/Stable (Reaffirmed)

The rating reflects the weak financial risk profile and exposure
to the highly regulated and intensely competitive cold storage
industry in West Bengal. These weaknesses are mitigated by the
extensive experience of the promoters in the cold storage and
potato trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Small networth and high gearing,
estimated at INR2.69 crore and 3.65 times, respectively, as on
March 31, 2017, constrain the financial risk profile. Muted
accretion to reserves will keep the networth small, though
gearing may improve with gradual repayment of term debt.

* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing. This prevents from earning profit based on their
strengths and geographical advantages. Furthermore, intense
competition in the cold storage industry, where the largest
player has less than 0,5% market share constrains the bargaining
power, and forces players to offer discounts to ensure healthy
utilisation of capacity.

Strength

* Extensive experience of the promoters: The two decade-long
experience of the promoters, in the cold storage industry, and
their healthy relationships with potato farmers and traders, will
continue to support the business risk profile.

Outlook: Stable

CRISIL believes SCS will benefit from the extensive experience of
its promoters, over the medium term. The outlook may be revised
to 'Positive' if the company reports a successful ramp up in
scale of operations, adequate cash accrual and efficient
management of farmer's financing. The outlook may be revised to
'Negative' if lower-than-expected cash accrual or stretch in
realisation of loans from farmers, weakens liquidity.

Incorporated in July 2015, SCS has set up a potato cold storage
facility at Medinipore, West Bengal.

In the first year of operations in fiscal 2017, SCS is estimated
to have reported net sales of INR3.50 crores.


SHREE DEV: CRISIL Reaffirms B- Rating on INR7MM Loan
----------------------------------------------------
CRISIL has been consistently following up with Shree Dev Wheels
Private Limited (SDWPL) for obtaining information through letters
dated January 24, 2017, February 14, 2017 and among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Channel Financing         7       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan            2.58    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 SDWPL. 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
SDWPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information on the basis of best
available information.' Based on the last available information,
CRISIL has reaffirmed its ratings on long-term bank facilities of
Sumitra Sons at 'CRISIL B-/Stable' (issuer not cooperating)'.

Uttar Pradesh-based SDW, established in 2008-09 (refers to
financial year, April 1 to March 31), is an automotive dealer for
passenger vehicles of TML. The company is promoted by Mr. Yogesh
Pratap Singh and Mr. Gaurav Pratap Singh.


SHREE KRISHAN: Ind-Ra Moves Issuer Rating to BB Not-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Krishan
Co. (Mfrs) Pvt Ltd's (SKCMPLI) 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 BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR154.7 mil. Term loans migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating;
-- INR33 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating; and
-- INR17.5 mil. Non-fund based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1975, SKCMPLI started its commercial operation in
2013. It manufactures chips and snacks. The company has an
installed capacity of 6,700 metric tonnes per annum and sells its
products under its own brand name 'Njoy'. It is managed by Mr. K.
D. Agarwal and its registered office is located in Howrah, West
Bengal.


SHREE SAINARAYAN: CRISIL Reaffirms D Rating on INR11.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Shree Sainarayan
Plastics Private Limited (SSPPL) 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              11.5     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        1.5     CRISIL D (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 Shree Sainarayan Plastics
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 Shree Sainarayan
Plastics 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 reaffirmed the rating at 'CRISIL D'.

Set up in 1986, SSPPL manufactures household items, quality
tanks, cans, containers, pots, buckets, and water tanks. It has a
manufacturing facility in Aurangabad and Pune, Operations are
managed by its directors, Mr. Somnath Sakre and Mr. Santosh
Gangwal.


SHRI MAHAVIR: CARE Reaffirms 'D' Rating on INR537.74cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shri Mahavir Ferro Alloys Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            537.74      CARE D Reaffirmed

   Short term Bank
   Facilities             15.50      CARE D Reaffirmed

Rating Rationale

The ratings assigned to the bank facilities of Shri Mahavir Ferro
Alloys Private Limited continued to be constrained by past and
ongoing delays in debt servicing due to stretched liquidity
position on account of deterioration in financial performance in
FY17. Going forward, improvement in operating cycle, improvement
in liquidity position and regularization of the debt will remain
the key rating sensitivities.

Detailed description of the key rating drivers

Past & ongoing delays in debt servicing

There are ongoing delays in payments of term loan instalment &
interest. Furthermore, there are regular occasions of delays in
servicing of interest of cash credit account beyond 90 days due
to heavy cash loss incurred in FY16 and poor offtake from
recently commissioned pellet plant, which has resulted into
tightening of liquidity position of the company.

Deterioration in financial performance in FY16 & FY17 In FY17,
SMFAPL reported loss of INR93.07 crore (as against loss of
INR61.14 crore in FY16) on total operating income of INR224.48
crore (as against INR112.08 crore in FY16). The company's net-
worth got completely eroded from positive INR52.94 crore in FY16
to negative INR40.13 crore in FY17 due to significant loss
incurred by the company.

Shri Mahavir Ferro Alloys Private Limited (SMFAPL), incorporated
in 2001 (commenced operation from September 2013), is promoted by
Mr. Suresh Chand Jain and Mr. Vicky Jain. SMFAPL is engaged
in manufacturing of steel intermediary products. The plant is
located at Rourkela, Odisha, having sponge iron capacity of
90,000 MTPA; MS ingot capacity of 57,600 MTPA and pellet capacity
of 6,00,000 MTPA.

As per the provisional results for FY17, SMFAPL reported a loss
of INR93.07 crore (as against loss of INR61.14 crore in FY16-
Audited) on a total operating income of INR224.48 crore (as
against INR112.08 crore in FY16- Audited).


SRI LAXMI: CARE Downgrades Rating on INR9.14cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Laxmi Enterprises, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.14       CARE D Revised from
   Facilities                        CARE BB-

   Short-term Bank        5.00       CARE D Revised from
   Facilities                         CARE A4

Detailed description of the key rating drivers

Key Rating Weaknesses
Delays in debt servicing: There are delays in servicing of debt
obligations by Sri Laxmi Enterprises on account of stretched
liquidity position of the company.

Sri Laxmi Enterprises (SLE) has been incorporated by Mr. Om
Prakash Agarwal and his family members in the year 2003. The firm
is engaged in cotton ginning and pressing with installed capacity
of 750 MT per annum. The firm primarily sources its raw material,
Kapas, from local farmers in Telangana and sells its finished
product in the states of Telangana, Maharashtra, Madhya Pradesh
and Tamil Nadu.


STAR DIAMOND: CARE Lowers Rating on INR12.85cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Star Diamond Company (India) Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term/Short
   Term Bank
   Facilities             10.80      CARE D/CARE D Revised from
                                     CARE BB/CARE A4

   Short Term Bank
   Facilities             12.85      CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to bank facilities of London
Star Diamond Company (India) Private Limited is mainly on account
of delays in debt servicing.

Ability of the company to establish a clear track record of
timely servicing of debt obligations with improvement in
liquidity position is key rating sensitivity.

Detailed description of key rating drivers

Key rating weaknesses

Delay in debt servicing: As per the interaction with the banker,
the account has been turned into NPA.

Analytical approach: Standalone

Incorporated in 1964, London Star Diamond Company (India) Private
Limited (LSDCPL) is engaged in trading of cut and polished
diamond (forming ~96.89% of total income in FY15) and rough
diamond (forming 0.56% of total income in FY15). The company is
not a DTC sight-holder and it procures the diamonds from the
domestic market (forming ~95% of purchase in FY15) and from
Belgium (remaining portion). The major customers of LSDCPL for
its cut and polished diamonds comprise of wholesalers who in turn
sell the polished diamonds to jewellery manufacturers. LSDCPL is
predominantly an export oriented firm with around 90% of its
overall revenues earned from exports (mainly in Japan, Hongkong
and Belgium) and remaining from domestic market in FY15. The
company procures majority of its raw material i.e. rough diamond
in the local market and imports around 5% from Belgium. LSDCPL is
a member of Bharat Diamond Bourse and Gem & Jewellery Export
Promotion Council.


SURAJ UDYOG: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Suraj Udyog (SU)
a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable.
The instrument-wise rating action is:

-- INR150 Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SU's moderate scale of operations and weak-
to-moderate credit metrics. As per FY17 provisional financials,
revenue grew at a CAGR of 51.06% to INR1,195 million during FY14-
FY17 (FY16: INR589 million) on account of an increase in the
quantum of orders received from existing and new customers.
EBITDA margins declined to 3.13% in FY17P (FY16: 5.75%) owing to
an increase in raw material cost and the company's strategy of
lowering its margins to push sales. Gross interest coverage
(operating EBITDAR/gross interest expense + rent) improved to
1.53x in FY17P (FY16: 1.27x) and net leverage (total adjusted net
debt/operating EBITDAR) to 4.16x (6.40x) on the back of a
decrease in total debt and the subsequent reduction in gross
interest expense.

The ratings also factor in SU's tight liquidity position as
reflected by full utilisation of the working capital facilities
during the 12 months ended June 2017.

However, the ratings are supported by the promoters' more than 10
years of experience in manufacturing metallic ingots and
industrial zinc products.

RATING SENSITIVITIES

Negative: Any further deterioration in EBITDA margins leading to
EBITDA interest coverage falling below 1.5x on a sustained basis
could be negative for the ratings.

Positive: An improvement in the EBITDA margins, leading to EBITDA
interest coverage exceeding 2.5x on a sustained basis could be
positive for the ratings.

COMPANY PROFILE

Established in 2001, SU is a proprietorship unit engaged in the
manufacturing of metallic ingots and industrial zinc products for
paint, rubber, ceramic and pharmaceutical companies. Its
corporate office is located at Gurgaon, Haryana. It has two
manufacturing units, one each in Tauru, Haryana and Alwar,
Rajasthan. SU utilises 80% of its total installed manufacturing
capacity of 15,000MTPA.


TAG OFFSHORE: CARE Downgrades Rating on INR929cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
TAG Offshore Ltd. (TOL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          929       CARE D; Issuer Not
   Facilities-                       Cooperating (Revised from
   Term Loan                         CARE BBB; Outlook: Negative)
                                     on the basis of best
                                     available information

   Long-term Bank           30       CARE C; Issuer Not
   Facilities-Fund-                  Cooperating (Revised from
   Based                             CARE BBB; Outlook: Negative)
                                     on the basis of best
                                     available information

   Short-term Bank          56       CARE A4; Issuer Not
   Facilities Non-                   Cooperating (Revised from
   fund-based                        CARE A3+) on the basis of
                                     best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TAG Offshore Ltd. (TOL) to
monitor the ratings vide e-mail communications dated May 11,
2017, June 6, 2017, June 14, 2017, June 20, 2017, June 26, 2017,
June 28, 2017, July 3, 2017, July 6, 2017, July 7, 2017, July 11,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company 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 best
available information. The rating on TOL's bank facilities will
now be denoted as CARE D/CARE C/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of recent delays in debt
servicing of the term loans of TOL.

Furthermore, the ratings take into consideration the heightened
business risk profile and stretched liquidity position of the
company in view of deployment of vessels which were due for
renewal at a much lower rate as compared to the rates envisaged
earlier coupled with softness in the offshore vessel markets.The
ratings also factor in the uncertainty in receiving a new
contract from ONGC for painting of its platforms, concentration
of revenues from offshore services, high average age of fleet and
redeployment risk at competitive rates. However, the ratings
continue to derive strength from its established position in the
offshore servicing industry and its long-standing business
relationship with clients. Any further revision in chartering
rates by ONGC within the contracted period remains the key rating
monitorable.

Detailed description of the key rating drivers
At the time of last rating on May 26, 2017, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Downward revision in charter rates and re-deployment risk
associated with vessels off contract and going-off contract
in near term
The global vessel chartering rates have seen a significant
decline in the last 12 months on account of an significant
decline
in demand for these vessels due to reduction in the E&P
activity/spending, owing to subdued crude oil prices. Taking the
lead from the global markets, the charter rates in India have
also witnessed a declining trend.

Highly geared capital structure due to high capital intensity of
business
Owing to inherently high capital intensity of the business and
primarily debt funded vessel acquisition carried out, TOL's
gearing levels have remained high. The company's debt servicing
capability continues to derive comfort from the assured nature of
its contractual revenues and the relatively long-tenure of its
debt. However, the credit risk profile of TOL remains sensitive
to the company's expected improvement in capital structure going
forward.

Cyclical nature of the oil and gas exploration industry in turn
affecting the offshore industry
The prospect for the offshore services industry hinges upon the
growth of oil and gas Exploration and Production (E&P)
activities. Any fall in E&P spending by upstream oil companies
can have a negative impact on the demand for offshore service
vessels, which would put pressure on the day rates.

Shortage of skilled man-power in the industry
Availability of the skilled man-power for the offshore services
industry is another cause of concern for majority of the players.
This has reflected in the increase in crew cost for majority of
the players.

Key Rating Strengths
Long-term relationship with ONGC and port trusts
TAG has a long-standing relationship with various Port Trusts and
ONGC and has deployed some of its vessels with these entities on
a long-term charter year after year. As on March 31, 2016, 22 out
of 26 vessels were deployed with them.

Deployment of majority of the vessels under long-term charter
providing revenue visibility
The business model of the company is primarily based on long-term
contracts, with tenures ranging from two to seven years. This
gives visibility of the revenue for TOL, over the next two years.
Of the 26 vessels currently owned and managed by TAG, only three
vessels are deployed on spot basis. The good track record of the
company in terms of contract renewal/extensions provides rating
comfort.

Preference for Indian players by state-owned oil and gas
companies
Indian bidders enjoy the Right of First Refusal to undertake
contracts at the lowest price offered by international bidders.
The preference for Indian flagged vessels is expected to benefit
players like TOL.

TAG Offshore Ltd. (TOL) was incorporated in March 2003, to
provide marine support service to ports/terminals, offshore
exploration and production and marine construction activities.
Subsequent to the incorporation, TOL acquired the offshore
business of Essar Shipping Ports and Logistics Limited (the
erstwhile Essar Shipping Limited [ESL]) in 2003. Under the said
acquisition, TOL purchased three Anchor Handling Tug Supply
Vessels (AHTSV) owned by Essar Shipping along with the entire
manpower associated with these vessels. TOL caters to the
offshore services requirements of Oil and Natural Gas Corporation
(ONGC) as well as port/terminal requirements of Jawaharlal Nehru
Port Trust (JNPT), Cochin Port Trust (CPT) and Kandla Port Trust
(KPT) with its fleet of 26 vessels. Majority of the vessels (22
out of 26 i.e. around 85%) are deployed on long-term contract
with tenure ranging from 2 years to 5 years. The vessel profile
consists of 13 AHTSV (Anchor Handling Tug Supply vessels), 6 HT
(Harbour Tugs), 1 FFSV and 6 PSV (Platform Supply Vessels).

As on March 31 2016, average age of the 16 out of the 26 vessels
was around 7 years, for another four vessels the average age was
around 31 years, while the average age of the four new vessels
that were bought in FY16 (refers to the period April 1 to
March 31) is around 20 years.

Singapore based PE Callisto High growth fund hold around 16% in
the company. The fund has infused around INR173 crore
in tranches in the last three years with  INR116 crore being
infused in FY16.

During FY16 (refers to the period April 1 to March 31), TAG
reported a PAT of  INR89.71 crore (PY:  INR70.31 crore) on a
total operating income of  INR391.61 crore (PY:  INR304.58
crore). During H1FY17 the company had reported an EBITDA of
INR128.11 crore on total income of INR184.51 crore.


VAISHNAVI COTTON: ICRA Reaffirms 'B' Rating on INR7cr Loan
----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B assigned to
the INR7.00 crore bank facility of Vaishnavi Cotton Industries.
The outlook assigned to the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit        7.00      [ICRA]B(Stable); Re-affirmed

Rationale

The rating re-affirmation continues to factor in the firm's weak
financial profile, marked by a leveraged capital structure and
weak coverage indicators. Furthermore, the rating remains
constrained by the vulnerability of the firm's profitability to
agro-climatic risks, movements of raw cotton prices, including
Government regulations regarding Minimum Support Price (MSP) of
raw cotton and exposure to stiff competition. ICRA also notes
that VCI is a partnership firm and any significant withdrawals
from the capital account could adversely impact its net-worth and
thereby the credit profile.

The rating, however, continues to draw comfort from the extensive
experience of the promoters in the cotton ginning industry and
the presence of the firm in the cotton producing state of
Gujarat, giving it easy access to quality raw cotton.

Key rating drivers

Credit strengths

  * Extensive experience of the promoters in the cotton industry
  * Proximity of the manufacturing unit to the cotton producing
    belt of Gujarat provides regular and easy access to raw
    materials
Credit weaknesses

  * Weak financial profile characterised by leveraged capital
    structure with weak coverage indicators
  * Profitability vulnerable to movement of raw cotton price due
    to inventory holdings, however, historically the inventory
    holding remained low
  * Limited value addition; highly competitive and fragmented
    industry structure with low entry barriers restrict pricing
    flexibility
  * Risk of capital withdrawals inherent in the partnership
    nature of the firm

Description of key rating drivers:

Vaishnavi Cotton Industries is involved in the cotton ginning and
pressing sector, which is a low value additive process without
much product differentiation because of which the profit margins
tend to be thin. Due to increase in working capital utilised, the
total debt increased as on March 31, 2017, which has led to the
leveraging of the capital structure, with the gearing at 1.41
times, increased from 0.53 time as on March 31, 2016. Low
profitability along with high debt have caused weakening of the
coverage indicators, with the Total Debt/OPBDITA at 11.31 times
and NCA/Total debt at 2% for FY2017 (3.11 times and 4%,
respectively, in FY2016).

The cotton ginning industry is highly fragmented with numerous
players operating in Gujarat, leading to high competition. The
industry is also exposed to regulatory risks with the Government
imposing MSP on the purchase of raw cotton during over-supply in
the market and restricting export of cotton bales to support the
domestic cotton textile industry. Although VCI is located
strategically in Kadi (Gujarat) with easy availability of raw
cotton, local competition might prevent margins from improving
further.

Going forward, the ability of the firm to manage the impact of
raw material price fluctuations on its profitability in a highly
competitive business environment and improve its capital
structure by managing working capital requirements will remain
the key rating sensitivities.

Vaishnavi Cotton Industries was set up as a partnership firm in
2006 by Mr. Mukesh Patel and other family members. It processes
raw cotton to produce cotton bales and cotton seeds. The
manufacturing plant of the firm is situated in Kadi and is
equipped with 30 ginning machines which have a total installed
capacity to process 126 MT of raw cotton per day.

VCI recorded a net profit of INR0.36 crore on an operating income
of INR40.07 crore for the year ending March 31, 2016 and a net
profit of INR0.40 crore on an operating income of INR37.53 crore
for the year ending March 31, 2017 (provisional numbers).


VENKATALAKSHMI PAPER: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Venkatalakshmi
Paper and Boards Private Limited's (formerly, V.G. Paper And
Boards Ltd; VPBPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR53.1 mil. (reduced from INR109.3 mil.) Long-term loans due
    on September 2020 affirmed with IND BB/Stable rating; and
-- INR250 mil. Fund-based facilities affirmed with IND
    BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects VPBPL's continued small scale of
operations, despite revenue growth, and weak EBITDA margin and
credit metrics. Revenue rose to INR847.6 million in FY17
(provisional) from INR817.3 million in FY16, driven by the
addition of new customers. At end-July 2017, VPBPL had an
outstanding order book of INR23 million, which will be executed
within 20 days, providing revenue visibility for the near term.
VPBPL booked INR270 million in revenue for 1QFY18. Ind-Ra expects
revenue to increase in FY18 based on a continuous order inflow.

EBITDA margin fell to 10.0% in FY17 from 14.8% in FY16 owing to
an increase in variable costs.  In FY17, EBITDA interest coverage
(operating EBITDA/gross interest expense) was 2.5x (FY16: 3.5x)
and net leverage (adjusted net debt/operating EBITDAR) was 4.3x
(3.4x) due to a decline in profitability. Ind-Ra expects improved
credit metrics and stable EBITDA margin in the medium term on
account of scheduled repayment of term loans and an increase in
the scale of operations, respectively.

The ratings, however, are supported by VPBPL's comfortable
liquidity position, indicated by a fund-based facility
utilisation of about 85.3% during the 12 months ended June 2017.

The ratings continue to be supported by the company's promoter's
experience of more than two decades in the paper manufacturing
industry, leading to established relationships with customers and
suppliers.

RATING SENSITIVITIES

Negative: Any decline in revenue and profitability leading to
sustained deterioration in credit metrics will be negative for
the ratings.

Positive: Substantial growth in revenue and profitability leading
to an improvement in credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1986, Tirupur-based VPBPL manufactures paper for
newspaper printing.


VISHWAS BUILDERS: ICRA Withdraws B+ Rating on INR33cr Loan
----------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]B+ assigned to the
INR33.00 crore fund based bank facility of Vishwas Builders since
there is no amount outstanding against the rated instrument.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit       33.00      [ICRA]B+(Stable); withdrawn

Rationale:

The rating is withdrawn as there is no amount outstanding against
the rated instrument.

Vishwas Builders was established in February 2014 as a
partnership firm and is engaged in construction of the
residential cum commercial real estate project 'Opera Palace -I'
in Surat. The firm currently has six partners and they have
executed several projects in Surat under different partnership
concerns. The projects are marketed under the brand Anjani group.


WELCOME TILES: ICRA Reaffirms B+ Rating on INR7.35cr Loan
---------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR7.35 crore fund-based facilities of Welcome Tiles Private
Limited (WTPL). ICRA has also reaffirmed the short-term rating of
[ICRA]A4  to the INR1.35 crore non-fund based facilities of WTPL.
ICRA has further reaffirmed the long-term rating of [ICRA]B+ and
the short-term rating of [ICRA]A4 to the INR3.65 crore
unallocated limits of WTPL. The outlook on the long-term rating
is 'Stable'.

                         Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based Limits        7.35      [ICRA]B+(Stable); Reaffirmed
  Non-fund Based Limits    1.35      ICRA]A4; Reaffirmed
  Unallocated Limits       3.65      [ICRA]B+(Stable)/[ICRA]A4;
                                     Reaffirmed

Rationale

The ratings reaffirmation continues to factor in the company's
weak financial profile as evident from its low profitability,
leveraged capital structure and moderate coverage indicators. The
ratings also take into account the decline in revenues in FY2017,
primarily on account of weak domestic demand; limited product
diversification; and high working capital intensity because of
elongated receivables. The ratings are further constrained by the
company's imminent debt-funded capacity expansion plan, which is
likely to exert pressure on the profitability and cash flows
owing to associated finance costs and servicing obligations. ICRA
notes the dependence of WTPL's operations and cash flows on the
performance of the real estate industry; and its vulnerability to
adverse movements in prices of key input materials and gas.
Nonetheless, the ratings positively take into account the long
experience of the promoters in the ceramic industry; and the
favourable location of the company's plant, resulting in easy
access to raw material sources. ICRA further notes that the use
of coal-based gasifiers by WTPL has resulted in savings in fuel
cost, alleviating the cost pressures to some extent.
Going forward, WTPL's ability to increase its scale of
operations, improve its profitability, maintain a prudent capital
structure and effectively manage working capital requirements,
will remain the key rating considerations.

Key rating drivers

Credit strengths
  * Extensive experience of the promoters in the ceramic industry
  * Favorable location of manufacturing facility eases
procurement

Credit weaknesses
  * De-growth in operating income in FY2017 due to unfavorable
    domestic demand and limited product diversification
  * Financial profile characterised by low profitability,
    leveraged capital structure, moderate coverage indicators
    and high working capital intensity
  * Imminent debt-funded capex likely to exert pressure on
    capitalisation and coverage indicators
  * Susceptibility to adverse fluctuations in prices of key raw
    materials and gas, which are the major components of the
    total manufacturing cost
  * Competitive business environment due to large, established
    tile manufacturers as well as unorganised players

Description of key rating drivers;

The company manufactures digitally-printed ceramic wall tiles in
sizes of 10"X15", 10"X18" and 12"X12". Its manufacturing facility
at Morbi (Gujarat) has an annual capacity to produce 25,988
metric tonnes of wall tiles. WTPL procures raw materials locally
from suppliers in Gujarat and Rajasthan and sells its products
under the brand, 'Welcome Tiles' and 'Large Tiles' through a
network of distributors/dealers on a pan India basis. The firm
also exports wall tiles to West Asia and Africa.

WTPL's operating income declined by ~13% in FY2017 to INR18.05
crore from INR20.66 crore in FY2016 due to lower sales volumes
because of a slowdown in the ceramic industry, mainly the wall
tiles segment. The working capital intensity of the company's
operations remained high at 26.7% in FY2017, mainly due to
stretched receivables at the year-end. The company has planned to
incur debt-funded capex in FY2018 for increasing its
manufacturing capacity, which is likely to impact its
capitalisation and coverage indicators in the near term.

The company's presence in the highly-fragmented and competitive
ceramic industry limits its pricing flexibility and ability to
effectively pass on the increase in raw material prices to
customers. However, the decline in gas prices and the application
of coal-based gasifiers for meeting fuel requirements is expected
to alleviate cost pressures and improve margins. Furthermore,
with increased focus on the exports markets, WTPL's margins will
be vulnerable to volatility in foreign currency exchange rates.



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


GARUDA INDONESIA: Posts $283.8M Loss for 1H 2017
------------------------------------------------
The Jakarta Globe reports that Garuda Indonesia reported a net
loss of $283.8 million during the first half of 2017 due to a tax
amnesty hit and the weak performance at its operations.

In a filing to the Singapore stock exchange, the state-controlled
carrier sought consent to amend certain terms on its $500 million
global sukuk bonds due 2020 because of its poor financial result,
according to the report.

For the six months ended June 30, $138.3 million of the net loss
was due to the cost incurred for taking part in Indonesia's tax
amnesty scheme, while the rest was related to operations, Garuda
said, The Jakarta Globe relays.

The report says Garuda's director of finance and risk management,
Helmi Imam Satriyono, confirmed the loss. The airline was
expected to report its first-half financial results in Jakarta
later on Aug. 4.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves 10 other domestic routes.  Garuda also
ships about 200,000 tons of cargo a month and operates a
computerized tracking system.



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


1MALAYSIA: Payment to IPIC Delayed Due to Technical Matter
----------------------------------------------------------
The Star reports that the 1Malaysia Development Bhd's (1MDB)
payment to the International Petroleum Investment Co (IPIC) is
delayed due to a technical matter, said Prime Minister Datuk Seri
Najib Tun Razak.

"A statement was already issued on this matter, so this is a
question of technicality and not about being unable to afford
repayments.

"This is not expected to affect confidence in our national
economy," he said in reply to a supplementary question by Datuk
Seri Dr. Wan Azizah Wan Ismail (PKR-Permatang Pauh) in Parliament
on Aug. 3, the Star relays.

The US$602.73mil (MYR2.56 billion) was due on July 31 and is the
first of a two-part payment that 1MDB has to pay IPIC under a
debt-settlement agreement amounting to US$1.205 billion (MYR5.16
billion) that was reached in April this year, according to the
Star.

The second payment of US$602.73 million (MYR2.58 billion) is due
at the end of this year, the report notes.

The Star adds that on Aug. 2, in a three-paragraph statement,
1MDB said it had written to IPIC to inform them that the
obligations would be made in August.

It said the delay was because the payments would be made from the
proceeds of the 1MDB rationalisation plan, which was originally
due last month but had been pushed back due to additional
regulatory approvals, according to the Star.

On Wan Azizah's question about national debt, Najib said it was
within control and had in fact been reduced to 52.5% from 54%
previously, the Star adds.

                             About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015.  The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.


MALAYSIAN NEWSPRINT: PwC Appointed as Interim Liquidator
--------------------------------------------------------
The Star reports that Malaysian Newsprint Industries Sdn Bhd
(MNI), a regional paper manufacturer and supplier owned partly by
The New Straits Times Press (M) Bhd (NSTP) and Hong Leong
Industries Bhd (HLI), has begun creditors' voluntary winding-up
proceedings.

In filings with Bursa Malaysia, Media Prima Bhd and HLI said the
board of their associated company MNI had on Aug. 1 appointed Lim
San Peen of PricewaterhouseCoopers Advisory Services Sdn Bhd as
the interim liquidator, the Star relates.

"The board of MNI was of the opinion that MNI could not continue
its business. MNI had been operating under very difficult market
conditions, especially declining newsprint demand, and has
incurred losses for the past three years," Media Prima and HLI
said in separate announcements, the Star relays.

Arising from the creditors' voluntary winding-up, Media Prima
will make a full impairment of RM142.4mil which is the group's
carrying amount of investment in MNI as at June 30, the report
discloses.

According to the report, the HLI group will make a full
impairment provision of RM171.5mil, representing its carried
amount of investment as at the same date.

Both Media Prima and HLI said the provisions would have an
adverse impact on their financial quarter ended June 30, 2017,
the Star relates.

They said that apart from the one-off impairment, the liquidation
of MNI would not have any other adverse impact on their
respective group, and going forward, their group would no longer
have to equity account the results of MNI, the Star relays.

Malaysian Newsprint Industries Sdn Bhd (MNI), incorporated on
Aug. 4, 1976, is an indirect associate of Media Prima by virtue
of NSTP's 21.36% direct equity interest. HLI, meanwhile, has a
33.65% interest. Oslo-based Norske Skog, one of the world's
largest producers of publication paper, owns the same level of
stake in MNI as HLI, at 33.65%, while the Rimbunan Hijau group
owns the remaining 11.34%.



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


CHATHAM ISLAND: Placed Into liquidation
---------------------------------------
Jonathan Underhill at BusinessDesk reports that Chatham Island
Wind, an Australian-owned business that had promised to slash
power bills for islanders dependent on diesel generators, has
been put into liquidation three years after its parent went into
voluntary administration.

BusinessDesk relates that the two French-designed 225kW turbines
were installed on land leased from Chatham Mayor Alfred Preece
after the local utility, Chatham Islands Electricity, signed a
20-year build own operate transfer (Boot) agreement with Chatham
Island Wind in 2010. According to the report, the contract was
terminated in 2014 after the parent of Chatham Island Wind, now
known as BlueNRGY Group, got into financial difficulties. While
BlueNRGY emerged from administration in 2015, efforts to
renegotiate the agreement on terms more favorable to the local
community and get the turbines running again were unsuccessful.

BusinessDesk says the second turbine was dismantled this week and
the equipment is now in the hands of liquidator Vivien Madsen-
Ries of Deloitte, who was appointed after Inland Revenue sought
to have Chatham Island Wind wound up. As of last year, the local
utility had planned to take possession of the turbines and invest
in battery storage but nothing came of that. Chatham Islands
Electricity wrote off the value of the wind turbine resource
consents last year, the report relates.

"We've discontinued our relationship. There's a significant
amount of money that needs to be expended on the turbines," said
Brian Harris, chief executive of Chatham Islands Enterprise
Trust, which oversees the power company as well as the airport,
forestry, port and fishing quota companies, BusinessDesk relays.
Any proposal to get the turbines up and running again "needs to
be cost-effective and reduce energy costs on the island."

BlueNRGY, which has stock that trades on the over the counter
'pink' market in the US, where managing director William Morro is
based, didn't respond to requests for comment but it may be
focused on bigger issues, BusinessDesk notes. The stock was last
at 10 US cents and has been as high as 80 US cents this year,
although it trades infrequently, the report discloses.



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


GLOBAL A&T: Fitch Cuts IDR to 'C' on Missed Coupon Payment
----------------------------------------------------------
Fitch Ratings has downgraded Singapore-based outsourced assembly
and testing (OSAT) services company Global A&T Electronics Ltd's
(GATE) Long-Term Foreign-Currency and Local-Currency Issuer
Default Ratings (IDRs) to 'C' from 'CC'.

KEY RATING DRIVERS

Missed Coupon, Untenable Debt Stock: The rating downgrade
reflects GATE's announcement that it is unable to pay the semi-
annual coupon of USD56 million on its USD1.1 billion notes due.
The company has entered into a 30-day grace period following the
non-payment event. The company disclosed that it is currently in
talks with certain bondholders for potential debt restructuring
as its capital structure is unsustainable, with insufficient cash
generation to support the USD1.1 billion debt due in February
2019.

Severe Liquidity Crunch: GATE reported cash balance of USD73
million at end-June 2017, which is insufficient to run the
company's operations and service its interest obligations on
debt. Due to weak finances and an on-going legal dispute, it has
limited access to external financing. Fitch anticipates 2H2017
free cash flow deficit of at least USD35 million-40 million as
cash flow from operations will be insufficient to cover interest
cost of USD56 million and maintenance capex of USD50 million. It
had only USD11.5 million of undrawn committed bank facilities at
end-June 2017.

Compromised Business Model: Fitch expects 2017 EBITDA to decline
by 10%-15%, underpinned by slow recovery in global demand for
semiconductors. EBITDA could decline faster if customers decide
to withhold new service orders if the company does not provide
clarity on debt restructuring or files for bankruptcy. Aside from
its financial challenges, GATE is constrained by its lack of
technological capabilities and pricing power in the fragmented
USD25 billion OSAT industry. It reported an EBITDA of USD77
million during 1H2017.

GATE's independent auditor has given a disclaimer of opinion,
concluding that it is unable to obtain sufficient evidence
regarding the likely outcome of any negotiations with bondholders
over interest payment. Therefore, the auditor has not expressed
an opinion on the 2016 financial statements.

Debt Restructuring, Uncured Payment Default: Management has
presented a long-term capital structure in its debt restructuring
talks with bondholders. Given the extent of challenges facing
GATE, any restructuring will involve a material reduction in
terms for the existing note holders, which would be considered a
Distressed Debt Exchange (DDE) under Fitch's relevant criteria.
The completion of a debt restructuring that would be treated as a
DDE or the failure to cure the payment default in 30 days would
lead to a downgrade of GATE's ratings to 'RD' (restricted
default).

However, Fitch will downgrade the IDR to 'D' if the company
enters into bankruptcy filings, administration, receivership,
liquidation or other formal winding-up procedures.

DERIVATION SUMMARY

GATE's rating of 'C' follows the missed coupon on August 1, 2017
and the start of the company's 30-day cure period.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue to decline by 4%-5% in 2017.
- Operating EBITDA to decline by 10%-15% (2016: USD154 million).
- Annual capex of USD90 million-100 million in 2017-2018.
- Annual cash taxes and cash interest of around USD10 million
   and USD113 million, respectively.
- No asset sales or capital injection.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- failure to pay the missed coupon within the 30-day cure period
   or completion of a debt restructuring that is considered by
   Fitch to be a Distressed Debt Exchange.
- The IDR will be downgraded to 'D' if GATE enters the
   bankruptcy process.

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- an improvement in its liquidity position.

LIQUIDITY

Extremely Poor Liquidity: As stated above, GATE's liquidity is
extremely weak due to poor cash generation relative to debt
servicing costs and maintenance capex requirements.



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


LEO MOTORS: L&L CPAs Replaces DLL CPAs as Accountants
-----------------------------------------------------
Leo Motors, Inc., was notified by DLL CPAs, LLC on July 25, 2017,
of its decision to discontinue the performance of public company
audit services and of its resignation, effective on that date, as
the Company's independent registered public accounting firm.  The
Former Auditor served as the auditors of the Company's financial
statements for the period from Jan. 5, 2017, through the
effective date of resignation.

The reports of DLL CPAs on the Company's consolidated financial
statements for the Company's fiscal years ended Dec. 31, 2016,
and 2015 did not contain any adverse opinion or a disclaimer of
opinion and were not qualified or modified as to uncertainty,
audit scope or accounting principle.

During the Company's two most recent fiscal years ended Dec. 31,
2016, and 2015, and for the subsequent period through July 31,
2017, there were no disagreements with the Former Auditor on any
matter of accounting principles or practices, financial statement
disclosure, or auditing scope or procedure.

On July 25, 2017, the Company engaged L&L CPAs, PA to serve as
the Company's independent registered public accounting firm,
effective July 26, 2017.  The Company disclosed that during the
two most recent fiscal years and through July 31, 2017, it did
not consult with L&L regarding (a) the application of accounting
principles to a specified transaction, either completed or
proposed, (b) the type of audit opinion that might be rendered on
the Company's financial statements by L&L.

                       About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.  In 2011, the Company determined its investment in
Leo B&T Inc. an investment account was impaired and recorded an
expense of AUD4.5 million.  During the 2012 year the Company had
a net non operating income largely from the result of the
forgiveness of debt for AUD1.3 million.

Leo Motors reported a net loss of US$6.41 million for the year
ended Dec. 31, 2016, a net loss of US$4.49 million for the year
ended Dec. 31, 2015, a net loss of US$4.48 million for the year
ended Dec. 31, 2014.

As of Dec. 31, 2016, Leo Motors had US$5.70 million in total
assets, US$7.09 million in total liabilities, and a $1.38 million
total deficit.

DLL CPAs LLC issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2016.

The Company has suffered recurring losses from operations and
negative cash flows from operations the past two years.  These
factors raise substantial doubt about its ability to continue as
a going concern.


* SOUTH KOREA: 25 Firms Need Restructuring, FSS Says
----------------------------------------------------
Yonhap News Agency reports that the Financial Supervisory Service
(FSS) said on Aug. 2 that 25 local companies must carry out
restructuring this year, but the number of firms on the annual
list fell from last year in a sign of an improvement in the
corporate sector.

The decline came after restructuring in shipping and shipyard
sectors was nearing completion, said officials at the FSS, Yonhap
relates.

Last year, 32 firms with combined assets of KRW24.4 trillion
(US$21.6 billion) were placed on the list of businesses requiring
restructuring efforts, Yonhap says.  The combined assets for the
25 firms stood at KRW3.1 billion, and no listed firms were said
to be included on this year's list.

The combined borrowings of the 25 firms stood at KRW2.5 trillion,
compared with KRW19.5 trillion for troubled firms last year, the
report discloses.

According to Yonhap, the FSS unveiled the list, without
identifying the 25 firms by name, after conducting a credit risk
analysis on 631 companies, which were selected out of 1,902 owing
over KRW50 billion to banks and showing signs of financial health
problems.

Yonhap relates that the FSS rated all firms in a category ranging
from A to D, with A and B being considered financially healthy.
It put the 25 companies in groups C and D, meaning they should be
placed on court receivership.

By industry, eight construction firms, three shipyards and two
mechanics firms were among this year's list, the FSS, as cited by
Yonhap, said.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***