TCRAP_Public/170811.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 11, 2017, Vol. 20, No. 159

                            Headlines


A U S T R A L I A

A.K.C. CARPENTRY: First Creditors' Meeting Set for Aug. 17
ALC GROUP: Former Director Gets 8 Yrs & 9 Mos. Jail for Deception
CHARLIE'S MILK: First Creditors' Meeting Set for Aug. 18
CIMCO AUSTRALIA: In Liquidation; Creditors to Meet on August 15
DIRECT SHOPFITTING: Second Creditors' Meeting Set for Aug. 17

EL ES DE ENGINEERING: First Creditors' Meeting Set for Aug. 18
FAIRCHILD MULTIMEDIA: Second Creditors' Meeting Set for Aug. 16
J & D WOODCROFT: First Creditors' Meeting Set for Aug. 17
LENDINGPOST GROUP: Second Creditors' Meeting Set for Aug. 16
MCM LAW: Second Creditors' Meeting Set for Aug. 17

RETAIL GROWTH: First Creditors' Meeting Set for Aug. 16
SYDNEY PROJECT: Second Creditors' Meeting Set for Aug. 17


I N D I A

ABHIRAM INFRA: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
ANALOGIC CONTROLS: CRISIL Cuts Rating on INR13MM Cash Loan to B+
ASIANOL SHIPPING: CRISIL Cuts Rating on INR12.04MM Loan to B+
ASSOCIATED SMALL: CRISIL Assigns B+ Rating to INR5MM Cash Loan
AZEEM INFINITE: Ind-Ra Puts 'BB' LT Issuer Rating, Outlook Stable

BABA BHUMAN: ICRA Reaffirms 'B' Rating on INR20cr Fund Based Loan
BHAGWATI RICE: ICRA Reaffirms B+ Rating on INR40.64cr Loan
BINANI CEMENT: Top Cement Players Eyeing Assets
BLOOM DEKOR: ICRA Withdraws 'B' Rating on INR18cr Cash Loan
CHANDI MATA: CRISIL Reaffirms B- Rating on INR4.85MM Loan

DEVEER DECOR: CRISIL Assigns 'D' Rating to INR19.04MM Term Loan
DEVIPRASAD SHETTY: CARE Assigns B+ Rating to INR15cr LT Loan
DUREZA GRANITO: ICRA Assigns 'B' Rating to INR29cr Loan
FLY CERAMIC: ICRA Withdraws 'B' Rating on INR8.0cr Loan
GLOBAL INFONET: CRISIL Cuts Rating on INR75MM Cash Loan to 'B'

GOLD STAR: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
GUPTA RICE: CRISIL Reaffirms 'B' Rating on INR13.13MM Cash Loan
GURU KIRPA: CRISIL Reaffirms 'D' Rating on INR14MM Cash Loan
HERITAGE LIFESTYLES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
HIND PLASTIC: CRISIL Reaffirms B Rating on INR2.7MM Cash Loan

IMPERIAL READYMADE: Ind-Ra Migrates D Rating to Not Cooperating
INDO GERMAN: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
JAGDAMBA SPONGE: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
JPV REALTORS: Ind-Ra Migrates B+ Issuer Rating to Not Cooperating
KAAMADHENU SPINNERS: CRISIL Reaffirms 'B' Rating on INR4.6MM Loan

LONDON STAR: CRISIL Cuts Rating on INR23.65MM Loan to 'D'
MANGALDEEP RICE: Ind-Ra Ups Issuer Rating to BB-, Outlook Stable
MULPURI AQUA: Ind-Ra Withdraws 'B' Issuer Rating, Outlook Stable
NAMASTE EXPORTS: CRISIL Cuts Rating on INR7.5MM Loan to 'B'
NEVATIA STEEL: ICRA Moves B-/A4 Rating to Issuer Not Cooperating

NIGAM COLD: CARE Reaffirms B+ Rating on INR6.10cr LT Loan
NORTH INDIA SURGICAL: ICRA Lowers Rating on INR11cr Loan to 'B'
PARASMANI POLYMERS: CRISIL Assigns 'B' Rating to INR5.0MM Loan
PROMINENT METAL: CARE Reaffirms B+ Rating on INR15cr LT Loan
QUALITRONICS MADRAS: CRISIL Reaffirms B- Rating on INR4.5MM Loan

R. R. AND COMPANY: CARE Ups Rating on INR5.58cr LT Loan to BB-
RELIANCE METAL: CRISIL Reaffirms B Rating on INR0.5MM Cash Loan
S. R. PRECISION: CRISIL Assigns B+ Rating to INR3.75MM Loan
SAI PRINT: Ind-Ra Lowers Issuer Rating to D, Rates New Loans D
SCHOOL BOOK: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan

SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
SILMOHAN GEMS: CARE Lowers Rating on INR9.68cr ST Loan to 'D'
SRI KUMARSWAMY: CRISIL Reaffirms 'D' Rating on INR44MM LT Loan
SRI VARALAKSHMI: CRISIL Ups Rating on INR7.5MM Term Loan to B+
TASHKENT OIL: Ind-Ra Migrates BB Issuer Rating to Not Cooperating

ZETA INDUSTRIAL: ICRA Reaffirms B+ Rating on INR4.50cr Loan


I N D O N E S I A

BANK MANDIRI: Fitch Affirms bb+ Viability Rating
MNC INVESTAMA: Moody's Lowers CFR to Caa3 on Refinancing Risk


J A P A N

JAPAN DISPLAY: To Cut 3,700 Jobs Following Q1 Net Loss
TAKATA CORPORATION: Chapter 15 Case Summary
TAKATA CORPORATION: Files for Chapter 15 to Stay U.S. Suits
TAKATA CORPORATION: Special Master Named in Wire Fraud Case
TOSHIBA CORP: Auditor to Sign Off on Fiscal 2016 Earnings in Part


M A L A Y S I A

1MALAYSIA: Gets Extension for US$600MM Payment to Abu Dhabi fund


N E W  Z E A L A N D

A&G PRICE: Several Buyers Eye Thames Foundry
BETHANY'S: Placed in Liquidation, Owes NZ$700,000 in Debt
SOLID ENERGY: Sells Last of Reefton Mines to Moore Mining


P H I L I P P I N E S

CEBU NISICO: Shuts Operations; 160 Workers Lose Jobs
FARMERS' RURAL: Depositors Have Until August 14 to File Claims


S I N G A P O R E

GLOBAL A&T: S&P Lowers LT CCR to 'D' on Missed Interest Payment


S O U T H  K O R E A

ASIANA AIRLINES: Q2 Net Loss Widens to KRW74.7 Billion


                            - - - - -


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


A.K.C. CARPENTRY: First Creditors' Meeting Set for Aug. 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
A.K.C. Carpentry Pty Ltd will be held at the offices of Cor
Cordis Chartered Accountants, Level 29, 360 Collins Street, in
Melbourne, Victoria, on Aug. 17, 2017, at 3:00 p.m.

Glenn John Spooner and Daniel Peter Juratowitch of Cor Cordis
Chartered Accountants were appointed as administrators of A.K.C.
Carpentry on Aug. 7, 2017.


ALC GROUP: Former Director Gets 8 Yrs & 9 Mos. Jail for Deception
-----------------------------------------------------------------
Following an investigation, Michael Samra, a former mortgage
broker, has been sentenced in the Adelaide District Court to 8
years and 9 months imprisonment, with a minimum of 4 years and 6
months to be served before becoming eligible for parole.

ASIC alleged that between Jan. 1, 2009 and July 31, 2009, Mr.
Samra through ALC Group Pty Ltd deceived investors to lend money
to be on-lent to builders and property developers, when in fact
the monies were not on-lent and dishonestly benefited the ALC
Group Pty Ltd or another party.

Mr. Samra pleaded guilty to six charges of deception totalling
AUD1.902 million.

ASIC Deputy Chairman, Peter Kell said, 'This is a significant
penalty reflecting the seriousness of the criminal conduct. ASIC
will continue to investigate where investors are deceived and
refer criminal conduct to the CDPP for prosecution.'

Mr. Samra has 21 days to appeal his sentence.

ASIC's alleged Mr. Samra induced investors to loan his company,
ALC Group Pty Ltd, money on the basis that it would be on-lent to
unnamed builders or property developers on a short term basis.

The Norwood-based, ALC Group Pty Ltd, collapsed in 2009 with
liabilities of approximately AUD40 million.

ASIC investigations found that approximately AUD66 million came
into the ALC Group Pty Ltd bank account over a seven month period
with the majority of funds paid to investors.

Twelve charges were laid in 2015 for 12 counts of deception
totalling over AUD12 million.  Mr. Samra has pleaded guilty to
six charges and the remaining six charges have been entered to
the court as discontinued.

The matter was prosecuted by the Commonwealth Director of Public
Prosecutions.


CHARLIE'S MILK: First Creditors' Meeting Set for Aug. 18
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Charlie's
Milk Bar Pty Ltd will be held at the offices of Creevey Russell
Lawyers, 580 Ruthven Street, in Toowoomba, Queensland, on
Aug. 18, 2017, at 11:00 a.m.

Christopher John Baskerville and Trent Andrew Devine of Jirsch
Sutherland were appointed as administrators of Charlie's Milk on
Aug. 7, 2017.


CIMCO AUSTRALIA: In Liquidation; Creditors to Meet on August 15
---------------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed as Liquidator of
Cimco Australia Pty Ltd on Aug. 4, 2017.

A meeting of creditors will be held on Aug. 15, 2017, at
11:30 a.m. on Aug. 15, 2017, at Clifton Hall, Level 3, 431 King
William Street, in Adelaide.


DIRECT SHOPFITTING: Second Creditors' Meeting Set for Aug. 17
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Direct
Shopfitting Pty Ltd has been set for Aug. 17, 2017, at 4:00 p.m.,
at the offices of Deloitte Financial Advisory Pty Ltd, Level 10,
550 Bourke Street, in Melbourne, Victoria.

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. 16, 2017, at 4:00 p.m.

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


EL ES DE ENGINEERING: First Creditors' Meeting Set for Aug. 18
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of EL ES DE
Engineering Pty Ltd will be held at the Offices of RSM Australia
Partners, 8 St Georges Terrace, in Perth, WA, on Aug. 18, 2017,
at 1:00 p.m.

Gregory Bruce Dudleyand Travis Paul Kukura of RSM Australia were
appointed as administrators of EL ES DE Engineering on Aug. 8,
2017.


FAIRCHILD MULTIMEDIA: Second Creditors' Meeting Set for Aug. 16
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Fairchild
Multimedia Pty Limited has been set for Aug. 16, 2017, at
11:00 a.m., at Level 27, 259 George Street, in Sydney.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 15, 2017, at 4:00 p.m.

Sule Arnautovic and Henry Peter McKenna of Jirsch Sutherland were
appointed as administrators of Fairchild Multimedia on July 11,
2017.


J & D WOODCROFT: First Creditors' Meeting Set for Aug. 17
---------------------------------------------------------
A first meeting of the creditors in the proceedings of J & D
Woodcroft Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Suite 1 Level 15, 9 Castlereagh
Street, in Sydney, NSW, on Aug. 17, 2017, at 12:00 p.m.

Simon Cathro of Worrells Solvency was appointed as administrators
of J & D Woodcroft on Aug. 7, 2017.


LENDINGPOST GROUP: Second Creditors' Meeting Set for Aug. 16
------------------------------------------------------------
A second meeting of creditors in the proceedings of Lendingpost
Group Pty Ltd has been set for Aug. 16, 2017, at 1:00 p.m., at
the offices of HLB Mann Judd, Level 19, 207 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 15, 2017, at 4:00 p.m.

Barry Anthony Taylor of HLB Mann Judd was appointed as
administrator of Lendingpost Group on July 21, 2017.


MCM LAW: Second Creditors' Meeting Set for Aug. 17
--------------------------------------------------
A second meeting of creditors in the proceedings of MCM Law Pty
Ltd has been set for Aug. 17, 2017, at 10:00 a.m., will be held
at the offices of Artemis Insolvency.

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. 15, 2017, at 5:00 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of MCM Law on July 12, 2017.


RETAIL GROWTH: First Creditors' Meeting Set for Aug. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Retail
Growth Pty Ltd will be held at the offices of Mackay Goodwin,
Level 2, 10 Bridge Street, in Sydney, NSW, on Aug. 16, 2017, at
11:00 a.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Mackay Goodwin on
Aug. 8, 2017.


SYDNEY PROJECT: Second Creditors' Meeting Set for Aug. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Sydney
Project Group Pty Ltd and S.E.T Services Pty Ltd has been set for
Aug. 17, 2017, at 3:00 p.m., at Sir James Fairfax Radisson Blu
Hotel Sydney, 27 O'Connell Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 16, 2017, at 5:00 p.m.

Michael Hogan and Christian Sprowles of HoganSprowles were
appointed as administrators of Sydney Project on June 16, 2017.



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


ABHIRAM INFRA: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Abhiram Infra
Projects Private Limited's (AIPPL) 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:

-- INR300 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and
-- INR1,280 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 5
December 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2009, AIPPL executes engineering, procurement and
construction contracts in water supply and underground sewerage
segments in Karnataka, Tamil Nadu, Andhra Pradesh and Kerala. The
company also undertakes road and civil construction projects.


ANALOGIC CONTROLS: CRISIL Cuts Rating on INR13MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has been consistently following up with Analogic Controls
India Limited (AC) for obtaining information through letters and
emails dated January 19 2017 and April 21 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           6.5      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             13.0      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term       0.5      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
is yet to receive information on either the financial performance
or strategic intent of AC. This restricts CRISIL's ability to
arrive at a forward-looking view on the credit quality of the
entity. CRISIL believes the information available for AC is
consistent with 'Scenario 1 outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B Rating
Category or Lower. On account of inadequate information and lack
of co-operation by the firm's management, CRISIL has downgraded
the rating to 'CRISIL B+/Stable/CRISIL A4' from CRISIL
BB+/Stable/CRISIL A4+.

Based in Hyderabad and incorporated during 1996 by Mr. TV Prasad,
ACIL is engaged in design and development of onboard and ground
electronic systems mainly used in the defence industry.


ASIANOL SHIPPING: CRISIL Cuts Rating on INR12.04MM Loan to B+
-------------------------------------------------------------
CRISIL has been seeking information from the management of
Asianol Shipping Limited (ASL) since February 2017.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.52      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A3')

   Cash Credit             2.90      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB-/Stable')

   Proposed Long Term      1.54      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BBB-/Stable')

   Term Loan              12.04      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB-/Stable')

Despite several emails and calls, the firm has not submitted any
information. CRISIL had sent letters from a director and senior
director on March 20, 2017, and July 12, 2017, respectively, to
make the firm aware of extant guidelines, and requested for
cooperation. The issuer, however, remains non-cooperative.

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 they are arrived at, without any
management interaction, and are based on best available or
limited or dated information on the company.

Detailed Rationale

Despite repeated attempts to engage with ASL's management, CRISIL
has not received any information on either the company's
financial performance or strategic intent. This restricts
CRISIL's ability to take a forward-looking view on the credit
quality. CRISIL believes that the information available for ASL
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/CRISIL A4'.

ASL, incorporated in 1999, charters out barges for transportation
of iron ore fines at Dharamtar Port, Mumbai. The company has a
fleet of eight owned barges with annual carriage capacity of
0.325 million tonne. ASL is a part of the Kolkata-based Diamond
group ' an established real estate player.


ASSOCIATED SMALL: CRISIL Assigns B+ Rating to INR5MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Associated Small Industries (ASI).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit/
   Overdraft facility        5        CRISIL B+/Stable

The rating reflects a modest scale in a competitive segment and
weak financial risk profile. These weaknesses are partially
offset by the extensive experience of partners in the
construction material trading business.

Analytical Approach

For arriving at the rating, unsecured loans from partners have
been treated as neither debt nor equity as these loans are at a
lower than market interest rate and will remain in business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
With revenue of Rs50.96 crore in fiscal 2017 (up 11% year-on-
year), scale remains modest in the competitive construction
material trading business. Turnover is expected to grow at a
moderate pace over the medium term.

* Weak financial risk profile
The financial risk profile is constrained by high gearing of 3.68
times as on March 31, 2017, and subpar debt protection metrics
due to small networth on account of large capital withdrawals
over the three years ended March 31, 2017.

Strengths

* Partners' extensive experience
The partners experience of over four decades in trading business
has helped establish relationships with suppliers and hence
source products smoothly. Also, established relationships with
reputed civil construction companies, along with local
wholesalers of construction materials, should continue to support
the business riskprofile.

Outlook: Stable

CRISIL believes ASI will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' in case of substantial growth in scale and
cash accrual, while maintaining profitability and working capital
cycle. Conversely, the outlook may be revised to 'Negative' in
case of worsening working capital management or decline in cash
accrual most likely due to decline in revenue or deterioration in
profitability.

Incorporated in 1976,ASI,a partnership between Mr. Rajendra
Parekh and Ms Vibha Parekh, based in Indore, Madhya Pradesh,
trades inall kinds of building materials, including cement,
fasteners, roofing, sheeting, construction chemicals, power
tools, and ready mix concrete.

In fiscal 2017, net profit was INR0.67crore on an operating
income of INR50.95 crore, against a net profit of INR0.83crore on
an operating income of INR45.94crore in fiscal 2016.


AZEEM INFINITE: Ind-Ra Puts 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Azeem Infinite
Dwelling India Private Limited (AIDIPL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR1,950 mil. Proposed non-convertible debentures (NCDs) - 1
    due on September 2022 assigned with Provisional IND BB/Stable
    rating; and
-- INR2,000 mil. Proposed NCDs-2 due on September 2022 assigned
    with Provisional IND BB/Stable rating.

The final rating will be assigned following the closure of the
issue and upon the receipt of final documentation, conforming to
the information already received by Ind-Ra.

KEY RATING DRIVERS

The ratings reflect moderate financing risk and high execution
and offtake risk associated with AIDIPL's upcoming projects. The
company was incorporated in 2016 to execute five residential real
estate projects in Bangalore. The total project cost is likely to
be around INR23,336 million, of which INR5,000 million will be
funded through external borrowing, INR485 million will be
contributed by the promoters and the balance will be funded
through customer advances. AIDIPL has applied for INR3,950
million of NCDs and INR1,050 million of term loans for the
acquisition of four projects and land for one project. The timely
sanction of finance is critical for timely execution of the
projects. The company has yet to start the construction of these
projects.

The ratings, however, are supported by the extensive experience
of AIDIPL's promoters. AIDIPL is associated with G M Infinite
group and its promoters have an experience of over 25 years in
the real estate industry. The group has so far completed
residential projects in Bangalore with cumulative area of 2.12
million sf. The group through other group companies is developing
7.8 million sf area. G M Infinite group began operations as a
construction contractor in 1962 and developed several projects
with total area of around 10 million sf. In 2007, the group
switched to real estate development.

The ratings are supported by AIPIPL's moderate liquidity. The
company expects to have a cash debt service coverage ratio of in
the range of 1.4x-12x over the life of projects. In accordance
with the term of NCDs, the company will have to maintain a debt
service reserve account equivalent to two quarters of interest
payments for the first 12 months of NCD subscription and
thereafter a debt service reserve account equivalent to one
quarter of interest payment.

RATING SENSITIVITIES

Positive: Fast bookings with large customer advances and timely
execution of upcoming projects without additional debt could
result in a positive rating action.

Negative: Lower-than-expected bookings and/or lower realisation
in upcoming projects and/or significant time or cost overruns in
the projects could result in a negative rating action.

COMPANY PROFILE

AIDIPL was incorporated in 2016 by G M Infinite group, a real
estate developer in Bangalore, to execute five real estate
projects. The company is managed by Gulam Mustafa and Jawind
Hussain.


BABA BHUMAN: ICRA Reaffirms 'B' Rating on INR20cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR20.0-crore fund-based limits of Baba Bhuman Shah Ji Rice Mills
(BSJR). The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      20.00      [ICRA]B; reaffirmed, 'Stable'
                                    outlook assigned

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with BSJR, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the rating, 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 the 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); NON
COOPERATION ON INFORMATION and FEE". 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 2013, BSJR is a partnership firm engaged in
milling, processing and sorting of basmati and non basmati rice.
The firm has its plant at Fazilka (Punjab) with a milling and
sorting capacity of 6 tonnes per hour each. Though it mills both
basmati as well as non-basmati rice, ~80% of its revenue is
derived from basmati rice. The firm sells its products directly
to its customers as well as through commission agents. BSJR
supplies rice mainly to Delhi, Haryana and Punjab markets. The
firm sells its products mainly to wholesalers in domestic markets
who further export it overseas.


BHAGWATI RICE: ICRA Reaffirms B+ Rating on INR40.64cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR41.00-crore
(enhanced from INR35.40-crore) bank facilities of Bhagwati Rice
Mill Pvt. Ltd. at [ICRA]B+. The rating has been assigned a Stable
outlook.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      40.64      [ICRA]B+ (Stable); reaffirmed

  Unallocated
  (Proposed Limits)       0.36      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation factors in the healthy increase in the
company's operating income (OI) in FY2017 coupled with
improvement in its working capital intensity. This was, however,
accompanied by deterioration in operating margin and gearing
level.

The rating continues to be constrained by the intense competition
in the rice milling industry and agro-climatic risks, which can
affect the availability of paddy in adverse weather conditions.
The ratings also continue to be subdued on account of the
company's weak financial profile as reflected by its thin
operating margins, resulting in low profits, elevated gearing
levels and weak debt coverage indicators. The rating, however,
continues to favourably take into account the extensive
experience of the promoters in the rice industry and the
proximity of the mill to a major rice-growing area that ensures
easy availability of paddy. Going forward, the company's ability
to profitably increase its scale of operation as well as maintain
its optimal working capital intensity and prudent capital
structure will be closely monitored.

Key rating drivers

Credit strengths

* Established track record of BRMPL's operations and extensive
   experience of promoters in the rice milling industry
* Easy availability of paddy in local markets of Mainpuri, Uttar
   Pradesh

Credit weaknesses

* Low profitability reflected by an operating margin of 1.90%
   and net margin of 0.03% in FY2017
* Intensely competitive nature of the industry characterised
   by a number of small players
* Leveraged capital structure and weak debt coverage indicators
* Owing to operations in an agro-based industry, the company's
   operations and profitability remain vulnerable to raw material
   availability; its quality and pricing also depend on climatic
   conditions and harvest

Description of key rating drivers:

The promoters and their families have been involved in the
business of rice milling for two decades. The management has a
long track record in this business, which helps the company in
adding customers and provides it an edge against competitors.
The company mainly procures pusa 1121, sharbati and non-basmati
varieties of paddy, which differ in length, breadth, aroma, etc.
The procurement is done through different wholesalers located
nearby. The rice industry is highly competitive and is
characterised by low entry barriers. Thus, the industry has a
large number of unorganised players and a few established
players. This exerts pressure on the company's margins.

Given that most of the paddy is procured during October-December
(procurement season) and is held for 6-12 months for ageing
purposes (which fetches higher realisations), the business is
inherently working capital intensive. However, for BRMPL, the
inventory-holding period is low as it is primarily engaged in
processing of the non-basmati variety of paddy, which does not
require any kind of ageing.

Also, given that the company operates in the agro-based industry,
it remains exposed to the inherent cyclicality, volatility in
prices, and changes in Government regulations - not just
domestically but also in terms of export. Analytical approach

BRMPL was established in 1996. The company is primarily involved
in rice milling at its unit at Mainpuri, Uttar Pradesh, which is
in close proximity to the local grain market. It sells rice under
its four different regional brands - Shree, Hathi, Gulab and
Ujjwal - in the domestic market.

For FY2017, the company reported a profit after tax (PAT) of
INR0.07 crore on an OI of INR204.43 crore as against a PAT of
INR0.08 crore on an OI of 153.83 crore in FY2016.


BINANI CEMENT: Top Cement Players Eyeing Assets
-----------------------------------------------
ET NOW reports that weeks after the National Company Law
Tribunal, Kolkata, admitted an insolvency plea against Binani
Cement filed by Bank of Baroda, top domestic cement players are
making a beeline for the sought-after assets of the Brij Binani
Group company in a bid to bolster their pan-India presence and a
strike a potential value buy.

"This is one of the best cement assets in the country and
multiple cement companies like Ultratech Cement, Shree Cement,
Nirma, Dalmia Bharat, JSW cement and My Home Industries have
reached out to the lenders and expressed preliminary interest in
Binani Cements. There is a lot of interest in the company and
these are early stages. The deal structure will become clearer
and potential suitors will firm up their strategy based on the
final resolution plan approved by the interim resolution
professional and the lenders," one of the multiple sources
familiar with ongoing negotiations told ET NOW on the condition
of anonymity.

"Binani Cement has export potential due to presence in the Middle
East along with substantial mine reserves at the plant location
which would result in reduced manufacturing costs and hence make
the assets attractive to any serious domestic cement player.
Moreover, the plant location in Rajasthan will provide access to
the Gujarat market," added another source elaborating on the
reasons behind high interest in the company's assets. According
to the company's website, it has a global manufacturing capacity
of 11.25 million tons per annum (mtpa) with a domestic capacity
of 6.25 mtpa with an integrated plant in India and China, and
grinding units in Dubai.

"Revival of Binani Cements would be the first priority of the
interim resolution professional along with the lenders and if a
sale process is finalized, an advisor will be appointed to run
the process," added another source familiar with ongoing
negotiations, ET NOW relays.

On July 25, the National Company Law Appellate Tribunal, Kolkata
ruled "on the basis of documents filed by the financial creditor
(Bank of Baroda) that (the) corporate debtor (Binani Cement) has
committed default in making payment of INR97.7 crore and
therefore . . . the application for initiating corporate
insolvency resolution process deserves to be admitted."

Vijaykumar Iyer, partner at Deloitte Touche Tohmatsu India Llp
was appointed as interim resolution professional for Binani
Cement and was directed by the NCLT to convene a meeting of the
committee of creditors and inform the bench about the resolution
passed by it, the report d. According to reports, Bank of
Baroda's counsel argued that the bank's insolvency plea was
supported by the lenders forum led by Edelweiss Group and that
Binani Cements was in distress due to the management's inability
to prepare a restructuring plan.

"The process is likely to be very competitive and to extract
value, the India business will be key," ET NOW quotes an i-banker
who closely tracks the cement sector as saying.

"In the last one and a half years, most of the important cement
deals have been struck in the range of $100-$135 per tonne in
terms of enterprise value and have involved sales of capacities
ranging between 5 mtpa to 20 mtpa. The capacity utilization in
the north and west regions is between 78-80% which is a healthy
number because pan- India, the capacity utilization is sub 70 %,"
said Jaspreet Singh Arora, Head of Research, Systematix Shares,
ET NOW relays.

In response to an emailed query from ET NOW, a JSW Group
spokesperson responded saying, "As a policy, JSW Cement does not
respond or comment to speculative market rumours. We remain
interested in opportunities to help us in achieving our vision of
20 MTPA by 2020."

ET NOW is awaiting an email response to its queries from Binani
Cement, other potential suitors, Edelweiss & Bank of Baroda.

Binani Cement is a subsidiary of Binani Industries, a
conglomerate with manufacturing and R&D operations. It has a
manufacturing capacity of 11.25 million tonnes (mt) per annum
with integrated plants in India and China, and grinding units in
Dubai.


BLOOM DEKOR: ICRA Withdraws 'B' Rating on INR18cr Cash Loan
-----------------------------------------------------------
ICRA has withdrawn the long-term rating to [ICRA]B on the
INR18.00-crore cash credit facility of Bloom Dekor Limited. ICRA
has also withdrawn the short-term rating of [ICRA]A4 on the
INR14.50-crore non-fund based limits of BDL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Cash
  Credit                  18.00     [ICRA]B(Stable); Withdrawn

  Non-fund based-
  LC/BG                   14.50     [ICRA]A4; Withdrawn

Rationale

The ratings assigned to Bloom Dekor Limited have been withdrawn
at the request of the company based on the no objection
certificate provided by its banker.

Incorporated in 1994, Bloom Dekor Limited (BDL) is an ISO 9001-
2000 rated company involved in manufacturing and selling high
pressure decorative laminates. The company's manufacturing
facility is located at Prantij, near Ahmedabad (Gujarat), with an
installed production capacity of 21.9 lakh sheets of laminates
per annum.


CHANDI MATA: CRISIL Reaffirms B- Rating on INR4.85MM Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Chandi Mata Cold Storage Pvt Ltd (CCSPL) at 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.1      CRISIL A4 (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

   Term Loan               2.05     CRISIL B-/Stable (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

   Working Capital         4.85     CRISIL B-/Stable (Reaffirmed;
   Facility                         Removed from 'Issuer Not
                                    Cooperating')

The ratings reflect a weak financial risk profile because of a
small networth and high gearing. The ratings also factor in
susceptibility to regulatory changes and vulnerability to delay
in payments by farmers because of adverse market conditions and
intense competition in the cold storage industry of West Bengal.
These weaknesses are partially offset by the extensive experience
of promoter.

Key Rating Drivers & Detailed Description

Weakness

* Vulnerability to delay in payments by farmers because of
adverse market conditions: As part of Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers for storing produce in private cold
storages, against pledge of cold-storage receipts. Cold storages
obtain loans from banks on behalf of farmers and traders.
However, primary responsibility to repay these loans lies with
cold storages. In case of adverse market trends and a decline in
potato prices, farmers do not find it profitable to pay rental
and interest charges, along with loan repayment, and hence do not
retrieve potatoes from cold storages. Hence, the operating margin
is impacted by defaults by farmers.

* Highly regulated and fragmented nature of industry
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association with rental rates fixed
by the Department of Agricultural Marketing. Fixed rental limits
a player's ability to earn profits based on their respective
strengths and geographical advantages.

* Weak financial risk profile
Modest scale and hence low profitability constrains the networth,
which remained small at INR0.38 crore as on March 31, 2016. The
gearing was at 17.12 times as on this date and remained high in
the previous three years. This was on account of the inherent
nature of the industry in which cash credit is availed with the
advent of the potato season. Debt protection metrics were
moderate: interest coverage and net cash accrual to total debt
ratios were at 2.04 times and 0.04 time, respectively, in fiscal
2016. The metrics are expected to remain at similar levels over
the medium term due to low accretion to reserve.

Strengths

* Promoter's extensive experience: Given his significant
experience, Mr. Ranjit Dandapat, has gained strong market
understanding and forged healthy relations with traders and
farmers. This resulted in optimum utilisation of cold storage
space. Business risk profile is likely to remain moderate over
the medium term owing to the promoter's considerable experience.

Outlook: Stable

CRISIL believes CCSPL will continue to benefit from the
promoter's longstanding experience in the cold storage business.
The outlook may be revised to 'Positive' in case of efficient
management of farmers financing, along with significant ramp-up
in scale and profitability, resulting in build-up of networth.
Conversely, the outlook may be revised to 'Negative' in case of
pressure on liquidity on account of delays in repayments by
farmers, lower-than-expected cash accrual or any debt-funded
capital expenditure.

Incorporated in 1982, CCSPL, promoted by Mr. Ranjit Dandapat,
provides cold storage facilities to potato farmers and traders.
The company was taken over in 2013. Its cold storage facility is
located in Paschim Midnapur (West Bengal). The installed capacity
of CCSPL in fiscal 2015 was 119,792 quintal consisting of two
chambers which are fully utilised.

Profit after tax was INR0.01 crore on net sales of INR1.44 crore
in fiscal 2016, against net loss of INR0.17 crore on net sales of
INR1.66 crore in fiscal 2015.


DEVEER DECOR: CRISIL Assigns 'D' Rating to INR19.04MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Deveer Decor Private Limited (DDPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              7.5       CRISIL D
   Term Loan               19.04      CRISIL D


The rating reflects delays in meeting debt obligation due to weak
liquidity, resulting from delays in commercialisation of project.

DDPL is also expected to have a modest scale due to start-up
phase and weak financial risk profile because of large, debt-
funded capital expenditure (capex). However, it benefits from
promoters' experience in manufacturing particle boards.

Key Rating Drivers & Detailed Description

Weakness

* Expected modest scale of operations: Though construction is
complete and operations are expected to start from October 2017,
scale will remain small over the medium term because of the
initial phase.

* Expected weak financial risk profile: Financial risk profile is
expected to be weak due to expected modest networth of around
INR5.7 crore and high gearing of over 5 times for fiscal 2018
owing to the large debt-funded capex undertaken for setting up
the particle boards manufacturing unit.

Strengths

* Extensive experience of promoters: Presence of over twenty
years in the industry has led to a deep understanding of the
dynamics of local market, and established relationships with
customers.

Incorporated in 2014 and promoted by Mr. Devichand Jain and Mr.
Viren Jain, DDPL is a Pune-based company that manufactures
particle boards. Commercial operations are expected to begin from
October 2017.


DEVIPRASAD SHETTY: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Deviprasad Shetty (DPS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Deviprasad Shetty
(DPS) is constrained by its small scale of operations with
proprietorship nature of business, fluctuating total operating
income, leveraged capital structure along with profitability
margin susceptible to change in raw material prices. The rating,
however, derives strength from its experienced promoter,
comfortable operating cycle days along with moderate order book
position.

Going forward, ability of the firm to execute orders in a timely
manner along with improvement in the capital structure are the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with proprietorship nature of
business operations: The firm has achieved total operating income
(TOI) of INR.14.84 crore in FY17 (Provisional, refers to period
April 1 to March 31) indicating small scale of operations of the
firm. Moreover, being a proprietorship firm, it is exposed to the
risk of withdrawal of capital by the proprietor on personal
exigencies, dissolution of firm due to death and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

Fluctuating total operating income, profitability margins,
leveraged capital structure and weak debt coverage indicators:
The TOI of the firm has been fluctuating since last three years
ended FY17 (provisional) on account of order based nature of
business operations. TOI stood at INR.14.84 crore in FY17
(Provisional) as compared to INR15.91 crore in FY16.

The PBILDT margin of the firm was also seen fluctuating trend due
to fluctuating raw material prices. The same stood at 6.26% in
FY17 (provisional) as compared to 4.02% in FY16 and 5.19% in
FY15. However, PAT margin of the firm is shown an increasing
trend on account of improvement in PBILDT levels in absolute
terms. The same stood at 2.99% in FY17 (provisional) as compared
to 2.60% in FY16.

The capital structure of the firm stood leveraged on account of
new term loans to the tune of INR16.75 crore availed by the firm
for the construction of hostel building for rent to Alva's
Education Institute. The same led to deterioration in debt
profile of the firm leading to overall gearing of 17.59x as on
March 31, 2017 (provisional) as against 9.77x as on March 31,
2016.

Total debt to GCA of the firm also deteriorated to 18.14x in FY17
(provisional) due to high debt availed for construction of hostel
building as against low cash accruals of the firm.

Margin susceptible to change in raw material prices: The prices
of raw materials i.e. sand, cements, bricks and steel etc. have
remained fluctuating in past and are also dependent upon the
availability of these raw materials. Further, the average cost of
unskilled labour has reflected increasing trend in the recent
past. Moreover, projects in hand of DPS do not contain any price
escalation clauses related to the prices of raw material. Hence,
DPS remains exposed to raw material and labour price fluctuation
risk and any adverse movement in the key raw material or
unskilled labour cost may have direct bearing on the net margins
of the DPS.

Key Rating Strengths

Experienced Promoter: Mr. Deviprasad Shetty, proprietor, has a
business experience of nearly 10 years in the construction
industry. He looks after the overall functioning of the firm and
he is assisted by his brother Mr. Devanand Shetty who is working
as a General Manager of the firm. Furthermore, the firm has a
team of well qualified and experienced personnel and has well
classified divisions for smooth execution of the projects.

Comfortable operating cycle days: DPS has comfortable operating
cycle (days) of 34 days for FY16 which further improved to 1 day
in FY17. The firm generally receives payment in one week from its
customers leading to negligible collection period in the review
period. However, on account of decline in inventory days from 52
days in FY16 to 31 days in FY17 (provisional) accompanied by
creditors days of 30 days in FY17 (provisional); operating cycle
days stands comfortable. Moreover, the firm has also not availed
any cash credit limits for the operation of the firm on account
of timely receipts from the customers.

Moderate order book position in hand: DPS has moderate track
record in the construction buildings. Over past 4 years ending
FY17 (provisional), DPS successfully completed orders to the tune
of INR58 crore. Furthermore, the firm has in hand orders to the
tune of INR28.44 crore to be executed by next 1-2 years of time
span indicating medium term revenue visibility for the firm.

DPS was established in the year 2013 by Mr. Deviprasad Shetty as
a proprietorship firm. The firm is working as a private
contractor along with subcontractor for K2K Infrastructure
Private Limited for construction of buildings. The firm has
completed various projects for some of the major clients like
Alva's Education Institute and Dhanalakshmi Cashew Exports.

DPS majorly operates in the state of Karnataka and currently have
orders to the tune of INR28.44 crore to be executed by next 1-2
years. The work orders are mainly from K2K Infrastructure Private
Limited and Alva's Education Institute.


DUREZA GRANITO: ICRA Assigns 'B' Rating to INR29cr Loan
-------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR4.00
crore fund-based cash credit facility and the INR25.00 crore term
loan facility of Dureza Granito Private Limited. ICRA has also
assigned a short-term rating of [ICRA]A4 to the INR3.50 crore
non-fund based bank guarantee facility of DGPL. The outlook on
the long-term rating is Stable.

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based Limits        29.00      [ICRA]B (Stable); Assigned
  Non-fund Based Limits     3.50      [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by the execution and
implementation risks associated with stabilisation of the plant
as per the expected operating parameters as the project is
scheduled to be operational from September 2017. Furthermore,
ICRA also notes that the financial profile of the company is
expected to remain stretched in the near to medium term, given
the debt-funded nature of project and the impending debt
repayment. The ratings further take into account the low entry
barriers in the industry resulting in intense competition in the
ceramics business, especially in Morbi (Gujarat), with large
established organised tiles manufacturers and unorganised
players.

The ratings, however, positively consider the experience of
DGPL's promoters in the ceramics industry, location advantage
with the easy availability of raw material in the vicinity of its
manufacturing plant.

ICRA expects the company's profitability to be exposed to the
cyclicality and the cash flow volatility of the end-user
industry, i.e., real estate, volatility in prices of raw material
along with the availability and fluctuation of fuel prices. Going
forward, the timely commissioning of operations within the
estimated cost will remain important from a credit perspective.
The company's ability to establish a market for its products;
scale up its operations in a profitable manner amid intense
competition and maintain a healthy financial risk profile will be
some of the key rating sensitivities.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in manufacturing
   and trading of ceramic products
* Location advantage resulting in easy access to raw material
   sources

Credit weaknesses

* Execution and implementation risks associated with
   stabilisation of the plant as per expected operating
   parameters
* Financial profile expected to remain stretched in the near
   term, given the debt-funded nature of project and impending
   debt repayment
* Competitive business environment, given the fragmented nature
   of the industry with a large number of ceramic tile
   manufacturers in the region

Description of key rating drivers

DGPL was incorporated on September 08, 2016 to manufacture glazed
vitrified tiles. It is managed by five directors. The total
estimated project cost for this Greenfield venture is INR45.00
crore, which will be funded through equity share capital of
INR12.00 crore, term loan of INR25.00 crore and unsecured loans
of INR8.00 crore. Out of the INR45.00 crore project cost, a total
cost of INR29.75 crore was incurred till June 30, 2017.
The company will have a total installed capacity of producing
52,200 MTPA and initially the company will manufacture glazed
vitrified tiles in four different sizes of 600 mm X 600 mm, 600
mm X 1,200 mm, 800 mm X 800 mm and 800 mm X 1,200 mm. At the
beginning of the project, DGPL estimated beginning the commercial
production of glazed vitrified tiles from June 01, 2017. However,
it faced delays in receiving machinery from China, hence
commercial operations are expected to commence from September 01,
2017.

Dureza Granito Private Limited (DGPL) was incorporated on
September 8, 2016. It is in the Greenfield phase with an expected
date of commencement from September 1, 2017. DGPL is presently
managed by five directors. The promoters have vast experience of
the ceramic industry through their involvement with several other
associate companies - such as Pal Marketing (trading of ceramic
products) and Calypso Ceramic Private Limited (manufacturing of
wall tiles).


FLY CERAMIC: ICRA Withdraws 'B' Rating on INR8.0cr Loan
-------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B outstanding on
the INR5.00-crore term loan facility and the INR3.00-crore cash
credit facility of Fly Ceramic (FC). ICRA has also withdrawn the
short-term rating of [ICRA]A4 outstanding on the INR0.95-crore
non-fund based bank guarantee of FC.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       8.00       [ICRA]B; Withdrawn
  Non Fund-based Limits   0.95       [ICRA]A4; Withdrawn

Rationale

The long-term and the short-term rating assigned to Fly Ceramic
have been withdrawn at the request of the firm based on the no
objection certificate provided by its banker.

Established in December 2016, Fly Ceramic (FC) is a partnership
firm which manufactures digitally printed ceramic glazed wall
tiles. The manufacturing unit of the firm is located in Morbi,
Gujarat, with an installed capacity of 30,000 MTPA. It began
commercial production from July 2013. The firm is promoted and
managed by Mr. Deepak Kanjiya, along with other family members
and relatives. FC currently manufactures digitally - printed wall
tiles of three sizes - 10"X15", 12"X18" and 12"X24" - that find
wide application in commercial as well as residential buildings.


GLOBAL INFONET: CRISIL Cuts Rating on INR75MM Cash Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Global Infonet
Distribution Private Limited (GIDPL) for obtaining information
through emails dated April 12, 2017 and May 8, 2017 among others
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              75       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Stable')

   Letter of credit &       75       CRISIL A4 (Issuer Not
   Bank Guarantee                    Cooperating; Downgraded from
                                     'CRISIL A3+')

   Proposed Fund-Based      60       CRISIL B/Stable (Issuer Not
   Bank Limits                       Cooperating; Downgraded from
                                     'CRISIL BBB/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 GIDPL. 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
Rating category or lower.' Based on the last available
information, CRISIL has downgraded the rating to 'CRISIL
B/Stable/CRISIL A4' from 'CRISIL BBB/Stable/CRISIL A3+'.

GIDPL was established in January 2008 by GDF, Jebel Ali (Dubai),
and commenced operations in May 2008. GIDPL is an IT hardware
distributor of renowned brands such as Dell, Western Digital
Corporation, Samsung, and Lenovo Group Ltd.

GIDPL is estimated to report net profit of INR7 crore on net
sales of INR1.2 crore in FY 2015 against net profit of INR8 crore
on net sales of INR12.37 crore in FY 2014.


GOLD STAR: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gold Star Steels
Private Limited (GSSPL) a Long-Term Issuer Rating of 'IND B-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR55 mil. Fund-based limits assigned with IND B-/Stable
    rating; and
-- INR25 mil. Non-fund-based limit assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect GSSPL's weak credit profile. According to
FY17 provisional financials, its revenue declined to INR112
million (FY16: INR130 million) on account lower sales due to the
closure of operations during November 2015 to December 2016.
However, interest coverage and net leverage improved to 0.2x in
FY17 (FY16: negative 1.0x) and 60.1x (negative 11x),
respectively, due to an improvement in the operating EBITDA
margins to 1.8% (negative 7.9%). The operating EBITDA margins
improved on account of a decline in the indirect expenses.

Also, the liquidity position of the company is moderate with its
97.15% average use of the working capital limits during the six
months ended May 2017.

The ratings, however, are supported by the company's directors'
around three decades of experience in the iron and steel
industry.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position and the
overall credit profile would be positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, GSSPL manufactures iron & steel products
such as wires and castings. The company is managed by Mr. Pramod
Vaswani.


GUPTA RICE: CRISIL Reaffirms 'B' Rating on INR13.13MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Gupta Rice and General Mills (GRGM).

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

   Proposed Cash
   Credit Limit             13.13    CRISIL B/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations and
exposure to intense competition. Revenue, estimated at INR32
crore in fiscal 2017, is expected to grow at 5-10% per fiscal
over the medium term backed by the extensive experience of the
promoters in the rice industry.

Liquidity is supported by minimal debt-funded capital expenditure
(capex) plans for the medium term. However, working capital
requirement is large, as reflected in estimated gross current
assets (GCAs) of 181 days as on March 31, 2017.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:
The presence of larger players in the industry restricts the
firm's ability to scale up operations. Furthermore, geographical
concentration in revenue constrains its business risk profile.

* Working capital-intensive operations: Gross current assets were
at 181 days, due to sizeable inventory of 85 days, as on
March 31, 2017. Working capital requirement is likely to remain
large over the medium term.

* Below-average financial risk profile:
The total outside liabilities to tangible networth (TOLTNW) ratio
was high, estimated at 4.27 times, as on March 31, 2017, and is
expected at 4.5-4.9 times over the medium term, due to
considerable debt. Low profitability and considerable debt have
kept debt protection metrics subdued, with interest coverage and
net cash accrual to total debt (NCATD) ratios at 1.39 times and
0.05 time, respectively, for fiscal 2017. The interest coverage
and NCATD ratios are expected at 1.8-1.9 times and 0.07-0.01
time, respectively, over the medium term.

Strength

* Extensive industry experience of the partners:
The promoters' industry experience of over 25 years should
continue to help the firm build relationships with customers and
suppliers. Revenue, estimated at INR32.30 crore in fiscal 2017,
is expected to grow 5-10% per fiscal over the medium term backed
by the promoters' experience.

Outlook: Stable

CRISIL believes GRGM will continue to benefit from its
established customer relationships. The outlook may be revised to
'Positive' if revenue, profitability, and working capital
management improve, strengthening liquidity and capital
structure. The outlook may be revised to 'Negative' if decline in
revenue or profitability, stretch in working capital cycle, or
any large debt-funded capex weakens the financial risk profile.

GRGM is a partnership firm set up by Mr. Ram Pal Singh and his
brother, Mr. Sat Pal Singh in 1986. Mr. Satpal has left the firm.
Mr. Ashwini Singh and Mr. Ashish Singh are now partners, along
with Mr. Ram Pal. GRGM mills, processes, and markets rice. Its
plant is in Kaithal, Haryana.

Net profit is estimated at INR0.22 crore on net sales of INR32.30
crore for fiscal 2017. Net profit was INR0.19 crore on net sales
of INR40.41 crore in fiscal 2016.


GURU KIRPA: CRISIL Reaffirms 'D' Rating on INR14MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with Guru Kirpa Foods
Private Limited (GKFPL) for obtaining information through letters
and emails dated April 13, 2017, and May 08, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               14       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Term Loan         1.67    CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Term Loan                   .33    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 Guru Kirpa Foods 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 forGuru Kirpa Foods 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'.

GKFPL is engaged in hulling and milling of paddy and processing
of basmati rice. It was founded by Mr. Subhash Chander in Ghubaya
village at Jalalabad (Punjab) in 2000.


HERITAGE LIFESTYLES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Heritage
Lifestyles and Developers Pvt. Ltd's (HLDPL) Long-Term Issuer
Rating at 'IND BB'. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR203.7 mil. Term loan due on July 2018-March 2021 affirmed
    with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects the completion HLDPL's three residential
redevelopment projects while four others are still under
construction and scheduled to be completed before December 2018.
The ongoing projects (INR1,127 million) are being funded by a
debt of INR175 million, a promotor contribution of INR85.6
million and a customer advance of INR230.6 million. Any
significant time or cost overruns could lead to cash flow
mismatches, as customer advances (47.5%) are the major source of
income.

The affirmation also reflects saleability risks as management
initially planned to fully sell the completed units by end-FY17,
which did not materialise, and in view of slow bookings in two of
its four under construction projects.

The ratings factor in the inherent risks associated with the
execution of redevelopment projects. Delays in obtaining
approvals, disagreements among the existing society members
and/or any construction delay will impact the construction
timelines and overall construction cost of the project.

The ratings factor in the cyclical nature of the real estate
industry and the cash flow volatility faced by industry players.
Irrespective of the high supply in the market, the company is
seeing a healthy demand for its projects as Chembur has become a
preferred location due to improved connectivity with other
locations.

The ratings are supported by HLDPL's 20-year-long operating track
record in executing redevelopment projects.

RATING SENSITIVITIES

Negative: Lower-than-expected sales volume or lower-than-expected
realisation from the projects or significant time or cost
overruns in the projects could result in a negative rating
action.

Positive: Fast bookings in the ongoing projects resulting in
increased customer advances and timely execution of the upcoming
projects without additional debt could result in a positive
rating action.

COMPANY PROFILE

Incorporated in 1994, HLDPL primarily handles redevelopment
projects. The company has completed 23 redevelopment projects,
with a total saleable area of more than 2.5 million sf mainly in
the Chembur area.


HIND PLASTIC: CRISIL Reaffirms B Rating on INR2.7MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Hind Plastic
Industries (HPI) for obtaining information through letters and
emails dated April 13, 2017, and May 8, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              2.3       CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Letter of Credit         5.0       CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Cash            2.7       CRISIL B/Stable (Issuer Not
   Credit Limit                       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 Hind Plastic Industries. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Hind Plastic Industries 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 B/Stable/CRISIL A4'.

HPI, established in 1979 as partnership firm, trades in plastic
granules and polyvinyl chloride (PVC) resins in Punjab. Mr. Amit
Goyal and his wife Ms. Kavita Goyal are the partners in the firm.


IMPERIAL READYMADE: Ind-Ra Migrates D Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Imperial
Readymade Garments Factory India Private Limited's Long-Term
Issuer Rating to the non-cooperating category. The issuer did not
participate in the surveillance 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:

-- INR100 mil. Fund-based facilities migrated to non-cooperating
    category with IND C(ISSUER NOT COOPERATING)/ IND A4(ISSUER
    NOT COOPERATING) rating;
-- INR35 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND C(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and
-- INR53.18 mil. Long-term loans migrated to non-cooperating
     category with IND D(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
25 March 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2006 in Chennai, Imperial Readymade Garments
Factory India manufactures and exports an extensive range of
apparels.


INDO GERMAN: Ind-Ra Raises Long-Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Indo German
International Private Limited's (IGIPL) Long-Term Issuer Rating
to 'IND BB' from 'IND BB-'. The Outlook is Stable. Instrument-
wise rating actions are:

-- INR150 mil. Fund-based working capital limit Long-term rating
    upgraded; Short-term rating affirmed with IND BB/Stable/IND
    A4+ rating; and

-- INR200 mil. (increased from INR80 mil.) Non-fund-based
    working capital limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in IGIPL's credit profile. As
per FY17 provisional financials, revenue surged to INR1,709.49
million (FY16: INR1,164.13 million) on account of new customer
additions. EBITDA margin improved to 0.73% in FY17P (FY16: 0.14%)
owing to a change in the company's pricing policy from FY17,
whereby it started bearing costs associated with issuance of
letter of credit which were previously borne by suppliers. Gross
leverage (total adjusted debt/operating EBITDA) improved to 0.02x
in FY17P (FY16: 0.46x) owing to an improvement in the EBITDA
margin.

However, following the change in pricing policy, interest costs
increased substantially to INR10.79 million in FY17P (FY16:
INR0.20 million) resulting in deterioration of gross interest
coverage (operating EBITDA/gross interest expense) to 1.16x
(8.05x).

The ratings continue to factor in IGIPL's comfortable liquidity
position with around 69.56% utilisation of working capital limits
during the 12 months ended June 2017.

RATING SENSITIVITIES

Positive: A substantial improvement in the operating
profitability leading to an improvement in the credit metrics on
a sustained basis could be positive for the ratings.

Negative: Deterioration in the operating profitability leading to
deterioration in the credit metrics on a sustained basis could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1995, IGIPL exports and imports iron and steel,
their alloys and other allied products. The company's head office
is located in New Delhi.


JAGDAMBA SPONGE: CRISIL Assigns B+ Rating to INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Jagdamba Sponge Private Limited (JSPL).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              5.5      CRISIL B+/Stable

The rating reflects a modest scale, and working capital intensive
nature of operations. These rating weaknesses are partially
offset by the extensive experience of the promoters in the steel
industry and a moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With estimated revenue of INR38
crore in fiscal 2017, the scale of operations remains modest in
the intensely competitive steel industry that has many small and
large players.

* Large working capital requirement: Gross current assets were
high, estimated at about 140 days, driven by large debtors and
moderate inventory, estimated at 33 days and 90 days,
respectively, as on March 31, 2017.

Strengths
* Moderate financial risk profile: The networth was adequate,
estimated at INR6.8 crore and the gearing comfortable at 0.86
time, as on March 31, 2017, while the interest coverage ratio is
estimated at 1.8 times for fiscal 2017.

* Extensive industry experience of the promoters: The promoters
have been in the steel ingot manufacturing industry for nearly
two decades and have gradually built a strong network of
customers and suppliers in Raigarh, Chhattisgarh.

Outlook: Stable

CRISIL believes JSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue while
profitability is maintained, leading to higher cash accrual. The
outlook may be revised to 'Negative' in case of low revenue or
profitability, or any significant, debt-funded capital
expenditure, weakening liquidity.

Incorporated in 2003, JSPL is promoted by Mr. Shiv Agrawal and
Mr. Ritesh Agarwal. The company, based in Raigad, manufactures
mild steel ingots.

For fiscal 2017, profit after tax (PAT) was INR0.30 crore on net
sales of INR38 crore, against a PAT of INR0.20 crore on net sales
of INR34.10 crore for fiscal 2016.


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

-- INR83 mil. Long-term loans migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and
-- INR67 mil. Proposed long-term loans migrated to non-
    cooperating category with Provisional IND B+(ISSUER NOT
    COOPERATING).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 3
June 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Set up in 2008, JPV is engaged in the redevelopment and
development of residential and commercial real estate in Mumbai.


KAAMADHENU SPINNERS: CRISIL Reaffirms 'B' Rating on INR4.6MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Kaamadhenu Spinners (KS) at 'CRISIL B/Stable'.

                       Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            4       CRISIL B/Stable (Reaffirmed)

   Long Term Loan         4.6     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.4     CRISIL B/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations and
weak financial risk profile due to small networth and high
gearing. These weaknesses are partially offset by the extensive
experience of partners in the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Small scale limits bargaining power
with suppliers and clients. Revenue was at INR15.97 crore in
fiscal 2016 against INR13.30 crore in fiscal 2015. Operating
income is estimated at INR16.78 crore for fiscal 2017.

* Small networth and high gearing: The networth remained modest,
however, it increased to INR2.78 crore as on March 31, 2017, from
INR1.09 crore as of March 2015. The increase was on account of
capital infusion by the partners. Gearing, despite remaining
high, improved to 4.04 times as on March 31, 2016 (8.85 times as
of March 2015), owing to improved networth. The gearing is
estimated at 3.44 times as of March 2017, on account of reduction
in term loan liabilities.

Strength

* Partners' extensive experience: The partners' experience of
over 20 years in the textile industry has helped build
relationships with customers and increase the operating income at
a growth rate of 20%.

Outlook: Stable
CRISIL believes KS will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' if scale-up in operations and continued
profitability result in higher-than-expected cash accrual while
financial risk profile improves. Conversely, the outlook may be
revised to 'Negative' if lower-than-expected cash accrual or
larger-than-expected, debt-funded capital expenditure weakens the
financial risk profile.

Established in 2006 as a partnership between by Mr. TK Subbaraj
and his wife Ms Deepa, KS manufactures cotton yarn primarily in
the 8-20s counts through open-ended yarn spinning technology.

The firm had an operating income of INR15.98 crore in fiscal 2016
and net profit before tax of INR32 lakh. Operating income is
estimated at INR16.78 crore for fiscal 2017.


LONDON STAR: CRISIL Cuts Rating on INR23.65MM Loan to 'D'
---------------------------------------------------------
CRISIL has been consistently following up with London Star
Diamond Company India Private Limited for obtaining information
through letters and emails dated April 12, 2017, and May 4, 2017,
among others; apart from telephonic communication. However, the
issuer has remained unresponsive.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Post Shipment Credit    23.65      CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long Term      14.35      CRISIL D (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 London Star. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. The issuer continues to remain non
cooperative. CRISIL has downgraded its rating on the long-term
bank facility of London Star to 'CRISIL D' from 'CRISIL BB-
/Stable'. The rating reflects delays of over 30 consecutive days
in servicing post-shipment credit due to weak liquidity following
stretched working capital cycle.

Set up in 1964 in Mumbai by the late Mr. S G Jhaveri, London Star
trades in polished diamonds. It is currently managed by Mr.
Kamlesh Jhaveri and his son, Mr. Rishabh Jhaveri.


MANGALDEEP RICE: Ind-Ra Ups Issuer Rating to BB-, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Mangaldeep Rice
Mills Pvt Ltd's (MRMPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable. The instruments-wise rating
actions are:

-- INR60 mil. Fund-based limits upgraded with IND BB-/Stable
    rating;
-- INR67.21 mil. (reduced from INR80 mil.) Term loan due on
    March 2022 upgraded with IND BB-/Stable rating;

KEY RATING DRIVERS

The upgrade reflects an improvement in MRMPL's scale of
operations and comfortable credit metrics. According to
provisional financials for FY17, revenue grew to INR376 million
(FY16: INR315 million) owing to an increase in rice production
backed by adequate raw material availability. EBITDA margin
expanded to 11.05% in FY17P (FY16: 9.42%) on account of overall
fluctuation in cost components. This, coupled with repayment of
term loan led to an improvement in gross interest coverage
(EBITDA/gross interest) to 2.8x in FY17P (FY16: 2.1x) and net
financial leverage (net debt/EBITDA) to 3.0x (4.9x).

The ratings factor in MRMPL's tight liquidity position with 95%
average maximum use of working capital limits during the 12
months ended June 2017, and the seasonal nature of its raw
material.

The ratings, however, benefit from the continuation of long-term
contracts with reputed companies such as HRMM Agro Overseas Pvt
Ltd and Aashirvaad International for supplying rice, as well as
its proximity to the paddy growing area for acquiring raw
material.

RATING SENSITIVITIES

Negative: A substantial improvement in revenue along with an
improvement in the credit metrics could be positive for the
ratings.

Positive: A dip in its operating profitability, leading to
deterioration in the credit metrics could be negative for the
ratings.

COMPANY PROFILE

MRMPL was incorporated in 2011 in the East Champaran district of
Bihar by Mr. Rambabu Prasad and Mr. Arun Kumar for setting up a
rice milling unit with a total paddy processing capacity of
39,420MT per year.


MULPURI AQUA: Ind-Ra Withdraws 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Mulpuri Aqua
Processors Private Limited's Long-Term Issuer Rating of 'IND B'.
The Outlook was Stable.

KEY RATING DRIVERS

Ind-Ra has withdrawn the Long-Term Issuer Rating as there is no
outstanding rated debt.

COMPANY PROFILE

Mulpuri Aqua Processors was incorporated in January 2012 to
process value-added fish fillets. The company has been
operational since April 2013 and has an installed capacity of 2
tonnes per day.


NAMASTE EXPORTS: CRISIL Cuts Rating on INR7.5MM Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Namaste Exports Limited (NEL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed its short-term rating at
'CRISIL A4'.

                          Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Export Packing Credit     7.5      CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Foreign Bill Discounting  4        CRISIL B/Stable (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit          1.5      CRISIL A4 (Reaffirmed)

The downgrade reflects deterioration in NEL's business risk
profile, given a decline in revenue over the three fiscals
through 2017 on account of low demand for leather products in the
international market. The lower demand also led to a decline in
price realisations, which, along with lower absorption of fixed
costs, resulted losses at the operating level for the three
fiscals through 2017. Although new products are expected to drive
revenue growth, continued low demand in the industry is expected
to constrain growth. The downgrade also factors in expectations
of pressure on liquidity on the back of continued losses.
Reliance on working capital borrowings has increased
significantly over the three fiscals through fiscal 2017, with
short-term bank borrowings increasing to INR9.82 crore as on
March 31, 2017, from INR6.51 crore as on March 31, 2015, despite
decline in scale. However, average bank limit utilisation
remained high at 84% over the 12 months through June 2017. The
ramp-up of revenue from new products will remain a key rating
sensitivity factor over the medium term, affecting accretion to
reserve and thus the financial risk profile and liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale in fragmented industry for leather garments export
Scale is small, as reflected in revenue of INR28.7 crore in
fiscal 2017. Most of its revenue is through exports to Europe.
The overseas market is intensely competitive, owing to presence
from players across the globe as well as from local players. The
business risk profile is constrained by small scale.

* Susceptibility to adverse movement in foreign exchange (forex)
rates
About 95% of sales are through exports. The company hedges half
of its export receivables through forward contracts. However, the
other half remain uncovered, exposing the company to forex rate
fluctuation risk. Topline and operating margin will likely remain
vulnerable to dollar-rupee fluctuation.

Strength

* Established player in the leather goods segment; longstanding
relationships with global brands
NEL has an established presence in the leather garments business
spanning over two decades. Longstanding relationships with top
global brands such as Bugatti, Spengler, Milestone, and Tommy
Hilfiger should continue to help retain its established market
position over the medium term.

Outlook: Stable

CRISIL believes the business risk profile will be constrained
over the medium term by subdued demand in the leather industry.
The outlook may be revised to 'Positive' in case of scale-up in
operations most likely on the back of ramp-up of revenue from new
products, along with an improvement in operating margin.
Conversely, the outlook may be revised to 'Negative' if operating
margin remains weak, thus weakening liquidity and financial risk
profile.

Established in 1988 by Ms Madhura Bhat, NEL manufactures and
exports leather garments. About 95% of total turnover is from
exports to Italy, Spain, France, the US, and Canada. Its products
are sold to famous fashion brands such as Bugatti, Spengler,
Milestone, and Tommy Hilfiger.

For fiscal 2017, profit after tax was INR5.5 crore on net sales
of INR28.7 crore, against a net loss of INR8.45 crore on net
sales of INR27.82 crore for fiscal 2016.

The company had sold land for INR7.25 crore as on March 31, 2017,
and the same has been classified as non-operating income. Due to
this profit after tax was INR5.5 crore. If non-operating income
is excluded there would be net loss of INR1.73 crore for fiscal
2017.


NEVATIA STEEL: ICRA Moves B-/A4 Rating to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR24.00 crores bank
facilities of Nevatia Steel & Alloys Private Limited to the
'Issuer Not Co-operating' category. The rating is now denoted as:
"[ICRA] B- (Stable)/[ICRA]A4; ISSUER NOT CO-OPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Bank limits             24.00      [ICRA]B-(Stable)/ [ICRA]A4
                                     ISSUER NOT CO-OPERATING;
                                     Rating moved to the 'Issuer
                                     not co-operating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in February 2016.
The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating
as the rating does not adequately reflect the credit risk profile
of the entity. The entity's credit profile may have changed since
the time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with Nevatia Steel & Alloys Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key rating drivers

Credit strengths

* Long experience of the promoter in manufacturing stainless
   steel wires and bright bars
* Established relationship with suppliers ensures regular supply
   of raw materials

Credit weaknesses

* Susceptibility of margins to fluctuation in raw material
   prices and competitive pressures prevalent in the business
* Exposure to regulatory risks, in terms of imposition of anti-
   dumping duty by importing nations and changes in export
   incentive structure
* Profitability also remains exposed to risks arising out of
   currency fluctuations

Description of key rating drivers:

NSAPL manufactures bright bars and different kinds of stainless
steel wires. The plant is well equipped with sophisticated
solutions, annealing and pickling facilities, multiple wire
drawing machines, bull blocks and wet drawing machines. The
company has an in-housing packaging facility wherein the final
products are packed as per standard packaging procedures, as well
as per the customer specifications. The promoter of the company
Mr. S.R. Nevatia, has extensive experience of more than 50 years
in the steel industry. The company has established relationships
with its suppliers, which ensure uninterrupted supply of raw
materials.

The profitability of the company is susceptible to slowdown in
economic conditions, any adverse currency fluctuations as well as
stiff competition from organised and unorganised players exerting
pressure on margins. The profitability is also vulnerable to
regulatory risks with regards to changes in export incentives
structure by the Government.

Nevatia Steel & Alloys Private Limited was incorporated in 1988,
and it manufactures bright bars, stainless steel wires/fine
wires, sub-arc wires etc. The company's registered office is in
Mumbai, and its plant is in Tarapur, Maharashtra (with a combined
stainless steel wire manufacturing capacity of 12,000 MT per
annum). The operations of the company are certified by T/S
16949:2009, ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007.
Apart from domestic sales, the company also supplies its products
to Argentina, Brazil, Canada, Finland, France, Greece, Germany,
Poland, UK, UAE, Turkey, etc.


NIGAM COLD: CARE Reaffirms B+ Rating on INR6.10cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nigam Cold Storage Private Ltd (NCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            6.10        CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating continues to remain constrained by its small scale of
operations, working capital intensive nature of operations, high
leverage ratios with moderate debt coverage indicators,
susceptible to vagaries of nature and high competition. The
rating, however, continues to derive strength from the experience
promoters, long track record of operations and easy accessible
storage facility to farmers due to proximity to potato growing
area.

The ability of Nigam Cold Storage Private Ltd (NCSPL) to increase
its scale of operations, maintain its profitability margins and
effective management of working capital will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations: The scale of operations of the company
remained small marked by its total operating income of INR.2.61
crore (Rs.2.88 crore in FY16) with a PAT of INR.0.12 crore
(Rs.0.17 crore in FY16) in FY17 (Provisional). Furthermore the
networth of the company also remained low at INR2.27 crore as on
March 31, 2017.

Working capital intensive nature of operations: The operations of
the company remained working capital intensive marked by high
utilization of working capital limits.

High leverage ratios with moderate debt coverage indicators: The
capital structure of the company deteriorated and remained
leveraged marked by its overall gearing ratio of 2.84x as on
March 31, 2017. Furthermore, the debt coverage indicators
remained moderate marked by interest coverage of 1.33x and total
debt to GCA of 33.69x in FY17.

Susceptibility to vagaries of nature: NCPL's operation is
seasonal in nature as potato is a winter season crop with its
harvesting period commencing in March. The loading of potatoes in
cold storages begins by the end of February and lasts till March.
Additionally, with potatoes having a perishable life of around
eight months in the cold storage, farmers liquidate their stock
from the cold storage by end of season, ie, generally in the
month of November. The unit remains non-operational during the
period from December to February. Furthermore, lower agricultural
output may have an adverse impact on the rental collections as
the cold storage units collect rent on the basis of quantity
stored and the
production of potato is highly dependent on vagaries of nature.
High competition: Despite being capital intensive, the entry
barrier for new cold storage is low, backed by capital subsidy
schemes of the government. As a result, the potato storage
business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

Long track record of operations and experienced promoters: NCPL
is into same line of business since 1995 and thus has long track
record of operations. Furthermore, the promoters of NCSPL are
having more than two decades of experience in this line of
business.

Easily accessible storage facility to farmers due to proximity to
potato growing area: The cold storage is located in potato
growing belt of Medinipur, West Bengal, having a large network of
potato growers, thereby making it suitable for the farmers in
terms of transportation and connectivity.

Nigam Cold Storage Private Ltd. incorporated on December 18, 1995
was promoted by Rana family of West Bengal to set up a cold
storage facility with a storage capacity of 2,29,880 quintals in
Midinipur district of West Bengal. NCSPL is engaged in the
business of trading of potato along with providing cold storage
facility primarily for potatoes to farmers & traders. Besides
providing cold storage facility, the company also works as a
mediator between the farmers and marketers of potato by taking
advances from marketers on behalf of the farmers in order to
facilitate sale of potato stored and it also provides advances to
farmers for farming activities against the potato stored. This
apart it also provides additional services to farmers such as
insurance of potatoes stored & drying of potatoes.


NORTH INDIA SURGICAL: ICRA Lowers Rating on INR11cr Loan to 'B'
---------------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B from [ICRA]B+ on
the INR11.0-crore fund-based limits and reaffirmed the short-term
rating at [ICRA]A4 on INR1.0-crore non-fund based limits of North
India Surgical Company. The outlook on the long-term rating is
'Stable'.

                         Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based limits        11.00      [ICRA]B; revised from
                                      ICRA]B+, 'Stable' outlook
                                      assigned

  Non-fund based limits     1.00      [ICRA]A4; reaffirmed

Rationale

The rating downgrade reflects the deterioration of NISC's
financial risk profile as reflected in the 39% decline in the
scale of operations. This was accompanied with the deterioration
in working capital intensity as reflected in the NWC/OI ratio of
94.5% in FY2017. The sales turnover had been primarily impacted
by the drop in realisation of stents as well as the unsuccessful
bid of tender to supply medical devices to one of its regular
customers.

The rating is based on limited cooperation from the entity since
the time it was last rated in July 2016. The lenders, investors
and other market participants are thus advised to exercise
appropriate caution while using this rating as it may not
adequately reflect the credit risk profile of the entity, despite
the downgrade. As part of its process and in accordance with its
rating agreement with NISC, ICRA has been trying to seek
information from the entity so as to monitor its performance and
has also been sending repeated reminders to the entity for
payment of surveillance fee that became due. However, despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
Nov. 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

NISC, a partnership firm, commenced operations in April 2012 by
taking over the operational business of a medical segment of
Jagat Steels Private Limited. NISC is the exclusive dealer of
stents made by Abbott Healthcare, spinal implants made by
Medtronic Plc, and pacemaker of St. Jude. It also trades various
disposable surgical items and medicines. The firm supplies its
exclusive products to various hospitals, such as Fortis and
Alchemist in Chandigarh, Panchkula and Mohali. It also sells its
products directly to the consumers. The firm's management
consists of two partners, Mr. Varun Singla, (B.Pharma) and Mr.
Arun Singla.


PARASMANI POLYMERS: CRISIL Assigns 'B' Rating to INR5.0MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Parasmani Polymers LLP (PPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                2.9       CRISIL B/Stable
   Cash Credit              5.0       CRISIL B/Stable
   Foreign Exchange
   Forward                  0.25      CRISIL A4

The ratings reflect the weak financial risk profile because of
small networth and leveraged capital structure, and presence in
the intensely competitive aluminium alloy industry. These
weaknesses are partly offset by partners' extensive business
experience and funding support.

Key Rating Drivers & Detailed Description

Weakness

* Constrained financial risk profile
Financial risk profile remains constrained by small networth and
leveraged capital structure. Gearing is estimated to remain high
at 5.0 times over the medium term, but should improve with build-
up in networth and gradual repayment of term loans. Debt
protection metrics are expected to remain average.

* Presence in the competitive and fragmented aluminium alloy
industry
Fragmentation in the aluminium ingot industry, with several
small, unorganised players, will continue to intensify
competition and limit bargaining power.

Strengths
* Partners' extensive experience and strong relationships with
suppliers and customers
The partners, Mr. Paresh Shah and Ms Rasila Shah, with over two
decades of business experience in related industries, have gained
insight into the industry and have been able to identify price
trends. Their experience should continue to support the business
risk profile.

Outlook: Stable

CRISIL believes PPL will benefit from the partners' experience
and funding support. The outlook may be revised to 'Positive' if
there is sustained improvement in scale and timely implementation
of its new project or if partners infuse funds, strengthening the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected profitability, delays in
implementation of the new project, or larger-than-expected
working capital requirement leads to deterioration in financial
risk profile.

Established in September 2014, PPL, a limited liability
partnership between Mr. Paresh Shah and MsRasila Shah, trades in
warp knitted fabric, PVC resin, and aluminium scrap talk. It is
setting up a unit for shredding scrap radiator to manufacture
aluminium ingots and copper tube strips.

In fiscal 2017, net profit was INR0.05 crore on operating income
of INR22.66 crore, against INR0.04 crore and INR14.71crore,
respectively, in fiscal 2016.


PROMINENT METAL: CARE Reaffirms B+ Rating on INR15cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Prominent Metal Private Limited (PMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Prominent Metal
Private Limited (PMPL) continue to remain constrained by modest
scale of operations, declining PBILDT margins, leveraged capital
structure, weak coverage indicators and elongated collection
period. The rating is further constrained by susceptibility of
margins to fluctuation in raw material prices along with presence
in a highly fragmented industry leading to stiff competition. The
rating, however, draws comfort from experienced promoters and
established customer base. Going forward; ability of the company
to profitably increase its scale of operation with effective
working capital management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Modest scale of operations with low net worth base

The scale of operations of the company has remained modest marked
by total operating income and gross cash accruals of INR66.52
crore and INR0.22 crore respectively during FY17 (FY refers to
the period April 1 to March 31; based on provisional results).
The company's net worth base was remained relatively small at
INR6.70 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Though, the risk is partially mitigated
by the fact that the scale of operation is growing continuously.
For the period FY15- FY17, PMPL's total operating income grew
from INR49.89 crore to INR66.52 crore reflecting a compounded
annual growth rate (CAGR) of 15.47% owing to higher quantity
sold. The company has achieved TOI of INR10 crore for 3MFY18
(refer to the period April 1 to June 30).

Weak financial risk profile

Despite growth in scale of operations; the PBILDT margin has been
declining on y-o-y basis as the company compromised on its
margins in order to garner market share. Interest cost further
continues to restrict the net profitability of the company. In
FY17, PBILDT declined and stood at 3.82% as against 4.12% in
FY16. The capital structure of the company continue to remain
leveraged marked by overall gearing ratio 2.94x as on March 31,
2017 as against 3.00x as on March 31, 2016 on account of high
dependence on external borrowings to meet the working capital
requirements.

The coverage indicators continues to remain weak marked by
interest coverage and total debt to gross cash accruals of 1.14x
and 88.71x respectively for FY17 on account of high interest cost
due to high debt levels against the profitability levels.

Working capital intensive nature of operations
The operations of the company continue to remain working capital
intensive in nature on account of high collection period of 118
days for FY15. The company is engaged in trading of aluminium and
copper products viz. ingots, wire rods etc. wherein the traded
goods are procured from the manufacturers against the full
advance payment. On the contrary, the company extends a credit
period of around 3-4 months as these customers includes reputed
companies. Consequently, it needs to rely majorly on working
capital borrowings to fund its day-do-day operations, thereby
resulting in higher utilization of working capital limit.
Moreover, the average utilization of working capital limits of
the company remained fully utilized for past 12 months ended
June, 2017.

Presence in highly competitive industry
PMPL is engaged in the trading of aluminium components which are
used in different industries for commercial purpose. The metal
industry in India is highly competitive in nature with low entry
barriers as reflected by a large number of independent and small
scale unorganized players which exert pressures on operating
margins of the players in the industry. Smaller companies like
PMPL in general are vulnerable to intense competition and have
limited pricing flexibility, which constrains their profitability
and pricing power considering their scale of operations.

Experienced promoters

The day to day operations of the group are primarily supervised
by Mr. Prem Chand Gupta, who has extensive experience of over 35
years in trading of metals like aluminium, copper and iron
products.

Established distribution network and customer base
PMPL primarily procure their traded goods directly from primary
producers of aluminium and copper. The group companies have been
procuring from these primary producers since inception.
Additionally, the group companies receives differential
rate/quantity discounts in the form of incentives from the
suppliers for buying in large quantities.

Furthermore, the group has over the period managed to establish a
strong relationship with its customers and has been successful in
getting repeat orders from them; the group currently has a strong
client base of over hundred customers.

Delhi based Prominent Metal Private Limited (PMPL) was
incorporated in February, 2014 by Mr. Prem Chand Gupta and his
wife Ms Madhu Lata. PMP is engaged in trading of aluminium
ingots, aluminium wire rods & all types of aluminium products &
scraps which find application in various industries including
cables, aluminium extrusion, automobile industry, utensils
industry and fabrication industry. OMP procures the traded goods
from Bharat Aluminium Company Ltd, Sesa Sterlite Limited,
Hindustan Aluminium Company, National Aluminium Company Limited
etc. It markets the products in different states across India
with major presence in northern India, viz Delhi, Haryana,
Punjab, Ghaziabad and Jammu & Kashmir. The company sells its
products directly to manufacturers & dealers and its consignment
agents, with whom the company has an agreement to sell its goods
on a commission basis. The company has associate concerns i.e.
Worldwide Metals Private Limited (CARE BB-; Stable/ CARE A4),
Olympus Metal Private Limited (CARE BB-/ CARE A4), Oyster Steel &
Iron Private Limited (CARE BB-; Stable/ CARE A4), and Duke Sponge
and Iron Private Limited, all engaged in trading of aluminium and
copper components.


QUALITRONICS MADRAS: CRISIL Reaffirms B- Rating on INR4.5MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Qualitronics
(Madras) Private Limited (QMPL) for obtaining information through
letters and emails dated April 6, 2017, and May 8, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Open Cash Credit         4.5      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital
   Term Loan                1.5      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 Qualitronics (Madras) 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 Qualitronics (Madras) 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'.


Established in 1996 as a partnership firm and later converted to
a company, Qualitronix Madras Private Limited (QMPL) is engaged
in sale of security systems like CCTV, burglar alarm, fire
alarms, and security alarms. Based in Chennai, Tamil Nadu the
company is promoted by Mr. S Raghu, Mrs. Sulochana Nagarajan and
Mr. V Ramachandran.


R. R. AND COMPANY: CARE Ups Rating on INR5.58cr LT Loan to BB-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
R. R. and Company Pvt. Ltd. (RRC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             5.58       CARE BB-; Stable Revised
                                     from CARE B+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
R. R. and Company Pvt. Ltd. (RRC) is on account of improvement in
scale of operations, profitability and improved capital structure
coupled with on-time completion of the project. However, the
ratings continue to remain constrained by its small scale of
operation, risk of non-renewal of dealership agreement from
principles, pricing constraints and margin pressure arising out
of competition from other POL and auto dealers in the market,
thin profit margins, moderate debt protection metrics and working
capital intensive nature of operation. The ratings, however,
derive strength from its experienced promoter with long track
record of operations and authorised dealership of reputed brands.
Going forward, ability to grow its scale of operations and
improve its profitability margins and ability to manage working
capital effectively will be the key rating sensitivities.
Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation: In FY17 (prov.), the company has
achieved total operating income of INR55.94 crore and a PAT of
INR0.24 crore with y-o-y increase in revenue of about 26.58% on
the back of higher demand and initiation of automobile dealership
business. The total capital employed stood at INR8.42 crore as on
March 31, 2017. In view of the same the scale of operation
continued to be on the lower side. As mentioned by the
management, during 1QFY18 the company has earned INR11.93 crore.

Risk of non-renewal of dealership agreement from principles:
RRCPL has entered into a dealership agreement with Force Motors
Limited (FML) in Jan.2016. The dealership agreement with FML is
renewable every year and the same is currently valid till March
2018 subject to renewal of the agreement afterwards, completely
at the discretion of FML. Furthermore, the agreements may get
terminated at any time on violation of certain clauses. This
apart, the company is authorized dealer of Indian Oil Corporation
Limited, where the renewal of dealership agreement has to be done
by every three years and the same is currently valid till 2018.
However, the risk is mitigated to some extent in view of its long
association with Indian Oil.

Pricing constraints and margin pressure arising out of
competition from other POL and auto dealers in the market: RRCPL
faces aggressive competition on account of established presence
of authorized dealers of other petroleum products manufacturing
companies like Hindustan Petroleum Corporation Limited, Bharat
Petroleum Corporation Limited etc. This apart, as the selling
price of POL products are largely controlled by Government, the
company has abided by the same. This apart, considering the
existing competition within automobile sector, RRCPL is required
to offer better terms like providing discounts on purchases to
attract new customers. Such discounts offered to customers create
margin pressure and may negatively impact the revenue earning
capacity of the company.

Thin profit margins, moderate capital structure and debt
protection metrics: Though the PBILDT margin and PAT margin has
improved by 115 bps and 24bps to 2.19% and 0.43% respectively,
the same still remains on the lower side due to trading nature of
business with high competition. The leverage ratios have improved
marked by below unity debt-equity ratio at 0.28x and marginally
above unity overall gearing ratio at 1.13x as on March 31, 2017.
The same has improved on the back of infusion of equity coupled
with repayment of term loan and accretion of profits to reserve.
During the same period, interest coverage ratio has declined to
2.19x on account of higher increase in interest expense. Total
debt to GCA has improved on the back of improvement of absolute
GCA level.

Working capital intensive nature of operation: The business of
RRCPL is working capital intensive mainly on account of trading
nature of business. The average utilization of working capital
limits was high at around 85% in the last 12 months ending June,
2017.

Key Rating Strengths

Experienced promoter with long track record of operations: The
company is managed by Kamal Kumar Jain, Managing Director, with
the help of other two directors. He has three decades of
experience in trading of Petroleum, Oil and Lubricants (POL)
products. Further, RRCPL commenced commercial operation since
1945 as RR&C, thus the company has over seven decades of
operational track record.

Authorised dealership of reputed brands: RRCPL is an authorised
dealer of Indian Oil Corporation Limited. The company has five
petrol pumps in and around Dibrugarh in Assam. This apart, the
company has obtained an authorised dealership status from FML.
RRCPL is getting a competitive advantage of being sole dealer of
IOCL and FML in the Dibrugarh area. Both the companies are
reputed players in its own segments and has established
distribution network, providing it a competitive advantage over
its peers.

R. R. and Company Pvt. Ltd. (RRCPL) was established as a
partnership firm namely Ramchandra Ramniwas & Co. in 1945 by one
Karwa family of Dibrugarh, Assam. Since inception, the firm has
been in operation of Eveready battery agency business and along
with an authorised dealership business of Indian Oil Corporation
Limited (IOCL). Later, in the year 1995, the firm was converted
into a private limited company and rechristened as RRCPL and the
business operation was taken over by one Jain family from
Dibrugarh. Presently, the company has five petrol pump of IOCL in
Dibrugarh, Sibsagarand and Lakhimpur district of Assam. Apart
from this, during January 2016, the company entered into an
authorised dealership business of Force Motors Limited (FML). The
company has setup a showroom cum service centre   for FML at
Chowkidinghee in Dibrugarh in the name of Vishal Motors (a unit
of RRCPL). The unit has started commercial operation from July,
2016.


RELIANCE METAL: CRISIL Reaffirms B Rating on INR0.5MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Reliance Metal
Industries (RMI) for obtaining information through letters and
emails dated April 13, 2017 and May 04, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            4.5      CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit/              0.5      CRISIL B/Stable (Issuer Not
   Overdraft 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 Reliance Metal Industries.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Reliance Metal Industries 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 B/Stable/CRISIL A4'.

RMI, based in Uttar Pradesh, was established in 2003 by Mr. Nisar
Husain as a proprietorship firm. The firm mainly trades in
various types of ferrous and non-ferrous metal scraps such as
aluminium scraps, copper and brass scraps and zinc scraps. It
also deals in mild-steel ingots, billets, and Indian artifacts on
a small scale.


S. R. PRECISION: CRISIL Assigns B+ Rating to INR3.75MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of S. R. Precision Components Private Limited.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Rupee Term Loan         2.10      CRISIL B+/Stable
   Bank Guarantee          2.75      CRISIL A4
   Cash Credit             3.75      CRISIL B+/Stable

The rating reflects diversified revenue mix and tie-up with
strong brands in crank shaft business segment. These rating
strengths are partially offset by moderate scale of operations
and weak liquidity.


Key Rating Drivers & Detailed Description

Strengths

* Diversified revenue mix: The revenue profile is diversified
with around 70 ' 75 per cent of revenue from trading of steel
scrap, 15 ' 20 per cent of revenue through job work for crank
shafts and 10 ' 15 per cent of revenue through direct sales of
crank shafts. Further, company is getting orders from railways
and defense departments, which will further diversify revenue
profile over medium term.

* Tie-up with strong brand: For crank shaft business, SRPCPL does
job work for Mahindra Swaraj Tractor Div Mohali and Tafe Motors &
Tractors. It also make direct sales of crank shafts to Preet
Tractors and Preet agro Agro Industry. The tie-up with strong
brands support the business risk profile

Weaknesses

* Moderate scale of operations: The scale of operations is
moderate with operating income estimated at INR20.9 crore as on
March 31, 2017. Further, moderate growth in operating income is
expected over medium term.

* Weak Liquidity: Liquidity is weak marked by almost fully
utilized bank limits, which is further constrained by debtor
greater than 6 months of around INR99 lakhs as on March 31, 2017.
However moderate cushion between expected cash accruals of around
INR70 - 90 lakhs against debt repayment obligation of INR45 lakhs
over medium term.

Outlook: Stable

CRISIL believes SRPCPL will continue to benefit from diversified
revenue mix and tie-up with strong brands. The outlook may be
revised to 'Positive' in case liquidity improves due to improved
working capital management and better-than-expected cash accruals
through significant increase in operating income and sustained
operating margin. The outlook may be revised to 'Negative' in
case of stretched liquidity due to significant dip in operating
income and profitability or due to any major capital expenditure.

SRPCL was incorporated in July 2011 with the company starting its
operations in March 2012. SRPCL is currently being managed by Mr.
Sukhdev Chand Gupta and Mr. Tilak Raj. SRPCL is engaged in the
trading of iron scrap and manufacturing & job work for automobile
crank shafts which are used in commercial Tractors.

Profit after tax was INR33 lakhs over operating income of INR20.9
crore for fiscal 2017 vis-a-vis profit after tax of INR22 lakhs
over operating income of INR19.3 crore in fiscal 2016.


SAI PRINT: Ind-Ra Lowers Issuer Rating to D, Rates New Loans D
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sai Print &
Pack's (SPP) Long-Term Issuer Rating to 'IND D' from 'IND
B+(ISSUER NOT COOPERATING)'. The instrument-wise rating actions
are:

-- INR30 mil. Fund-based limits (Long-term) downgraded with
    IND D rating;
-- INR5.4 mil. Term loan (Long-term) due on March 2021 assigned
    with IND D rating; and
-- INR30 mil. (increased from INR20 mil.) Fund-based limit
    (Long-term) assigned final IND D rating.

KEY RATING DRIVERS

The rating actions reflect delay in servicing of interest by SSP
in July 2017 due to tight liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1998, SPP is a proprietorship firm providing
packaging solutions. It manufactures solid fibre folding cartons,
large decorative cases, multi-coloured printed litho-laminated
corrugated cartons. The firm is managed by Mr. Anuj Dayal and has
its registered office in Faridabad.


SCHOOL BOOK: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR5.00-crore cash-credit facility and INR4.00-crore term
loans of School Book Company (SBC). The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term-Cash
  Credit                 5.00       [ICRA]B+ (Stable); reaffirmed

  Long Term-Term
  Loan                   4.00       [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation is constrained by the moderate size of
the entity in terms of turnover, presence in limited geographic
area and fragmented stationery industry with presence of large
number of organized and unorganized players. The rating is also
constrained by the seasonality in SBC's turnover as a large
portion of the demand comes from students and academic
institutions which results in higher working capital requirement
in few months. ICRA takes note of the leveraged balance sheet on
account of the low net worth base of the firm due to the regular
capital withdrawals by the partners. Nevertheless, the rating
continues to draw comfort from the long track of the firm's
operations and its established brand presence in its region of
operation.

Key rating drivers

Credit strengths

* Long track record of the firm's operations and extensive
   experience of the partners in the manufacturing of notebooks
   and trading of paper, books and other stationery items
* Established brand presence in Mangalore and nearby districts

Credit weaknesses

* Modest size in terms of turnover owing to presence limited to
   Mangalore area
* Seasonality in business as a large portion of the demand comes
   from students and academic institutes resulting in higher
   working capital requirements in few months of a financial year
* Highly fragmented industry structure with presence of large
   number of organised and unorganised players
* Leveraged capital structure; however, a part of the debt is
   secured by fixed deposits
* Partnership nature of the firm which results in risk of
   capital withdrawal by the partners as witnessed in the past,
   limiting financial flexibility

Description of key rating drivers:

SBC manufactures notebooks under its own brand such as Vindhya,
Captain, Campus etc. Notebooks contribute to bulk portion of the
total revenue i.e. ~50%, followed by trading (40%) and printing
segment (10%). The firm also has digital printing press and
provides solutions such as invitation cards, brochure, visiting
cards, certificates etc. Domestic stationery market is an
extremely fragmented industry and the players in the industry are
generally small. However, SBC benefits from its long presence in
Mangalore city. Mangalore city acts as an educational centre for
a large catchment area, as the nearest major cities are
substantially far, with Bangalore being 300 km away, Hubli-
Dharwar 350 km away and Kozhikode 232 km away. The firm's
customer profile is diversified with the top five customers
contributing to only 5% of the total revenue in FY2017. Going
forward, the extent of withdrawal of capital by the partners and
the ability of the firm to increase its turnover and improve
capital structure will be the key rating sensitivities.

SBC is based out of Mangalore and manufactures notebooks and
trades in stationary paper, other stationary items (normally used
in offices and schools) and books (school and general). It also
has a printing press which provides digital printing solutions
based on demand. The firm was established in 1922 and has a multi
storey central warehouse in Mangalore for its trading and
distribution operations, two retail shops in Mangalore (on Car
Street and on KS Rao Road) and a digital printing press. It is
being managed by 10 partners from the Bhandary family.
Based on provisional numbers, the firm has reported an operating
income of INR63.46 crore in FY2017. In FY2016, the firm reported
a profit after tax of INR1.36 crore on an operating income of
INR56.00 crore against a profit after tax of INR0.91 crore on an
operating income of INR52.73 crore in FY2015.


SHIV SHANKER: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Shiv Shanker Rice Mills (SSRM).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             9        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      8.45     CRISIL B+/Stable (Reaffirmed)

Operating revenue has been stagnant for the three years since
fiscal 2017, due to the slowdown in the rice milling industry.
However, extensive experience of the partners should help revenue
grow 5-6% in the medium term, and keep the operating margin at 2-
2.8% during this period.

Financial risk profile is likely to remain weak because of
working capital intensity in operations, though partly supported
by the absence of debt-funded capital expenditure plans. However,
liquidity remains weak, constrained by high bank limit
utilisation, averaging around 92% over the 12 months through
March 2017, and low cash accrual to cover the maturing term debt,
though aided by need-based funding support from the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile
Financial risk profile was marked by a small networth and high
total outside liabilities to tangible networth (TOL/TNW) ratio,
estimated at INR4.58 crore and 3.14 times, respectively, as on
March 31, 2017. Networth remains constrained by low accretion to
reserves and muted profitability. The TOL/TNW ratio though high,
has improved from 5.14 times reported in the previous fiscal,
driven by reduction in short-term debt. Absence of any debt-
funded capex plans in the medium term, should support financial
flexibility; nevertheless, the TOL/TNW ratio is likely to remain
high owing to high dependence on working capital debt. Debt
protection metrics have also been weak because of large debt and
low cash accrual resulting into interest coverage ratio estimated
at   xx times for fiscal 2017; expected to remain at similar
level over the medium term.

* Working capital intensity in operations
Operations are working capital intensive, as reflected in gross
current assets estimated at 93 days as on March 31 2017, owing to
large inventory requirement. Exports account for 90% of total
sales. The firm exports through agents who make payments within
10 days, but receives payment from domestic buyers only within 30
days. Further, paddy is procured from commission agents, against
minimal credit of not more than a week.

Strength

* Extensive experience of the partners in the rice industry
The decade-long experience of the partners in the rice milling
business, their healthy relationships with customers, ensuring a
flow of repeat orders, will continue to support the business risk
profile.

Outlook: Stable

CRISIL believes SSRM will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial cash accrual and better working capital
management, lower dependence on debt, and strengthen the overall
financial risk profile and liquidity. The outlook may be revised
to 'Negative' if a stretch in the working capital cycle, decline
in cash accrual, or any significant debt-funded capital
expenditure, weakens liquidity.

SSRM was established as a partnership firm by Mr. Singla and his
family in Khanauri, Punjab in 2002. The firm mills and markets
basmati rice, and sells its products in the domestic market under
the brands, Pahelwan and Bright.

Profit after tax and net sales were INR13 lakhs and INR68.7
crore, respectively, for fiscal 2016, as against INR12 lakhs and
INR68.8 crore, respectively, for the previous fiscal.

Profit after tax and net sales were estimated at INR14 lakhs and
INR69.9 crore, respectively, for fiscal 2017.


SILMOHAN GEMS: CARE Lowers Rating on INR9.68cr ST Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Silmohan Gems Private Limited (SGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short-term Bank
   Facilities             9.68       CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to bank facilities of
Silmohan Gems Private Limited takes into consideration the delay
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 the key rating drivers

Key Rating Weaknesses

Delay in debt servicing: As per the interaction with the banker,
packing credit facility of Silmohan Gems Private Limited (SGPL)
has remained overdue for more than 30 days as one of the export
order payment has not been realized.

Silmohan Gems Private Limited (SGPL) was established as a
partnership firm in the year 1975 by Mr. Naresh Shah and other
family members, later on in 2005, it was converted into a private
limited company. It is engaged in the business of trading and
processing of rough diamonds and exporting cut and polished
diamonds of various sizes and shapes. SGPL deals in diamonds
ranging from 1 cent to 2 carats comprising of different varieties
of white, natts and coloured diamonds and specializes in round,
princess, buggets and marquise cuts. The firm does not have its
own processing unit; however it outsources the work to other
processing units in Surat, Gujarat. It meets its raw material
requirements from the open market. Raw material i.e. rough
diamonds are mainly sourced directly from the open market from
few known suppliers (domestic as well as international suppliers
from USA, UAE, Belgium and other countries), depending upon the
best bargain. The marketing is mainly done through direct
interaction with the customers and/or agents on the basis of long
standing relationship with existing clients. SGPL is
predominantly an export oriented firm, with around 71% of its
overall revenues of cut and polished diamond earned from exports
and remaining from the domestic market in FY15 (refers to the
period April 1 to March 31). During FY15, it also has started
export of rough diamonds which was around 10% during FY15.


SRI KUMARSWAMY: CRISIL Reaffirms 'D' Rating on INR44MM LT Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Sri Kumarswamy
Mineral Exports Pvt Ltd (SKMEPL) continues to reflect the
company's delay in servicing its term debt because of weak
liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            44       CRISIL D (Reaffirmed)

The rating continues to reflect the company's cash flow mismatch
and large working capital requirement have led to weak liquidity
for SKMEPL. The company, however, benefits from its promoters'
extensive experience in the mining industry.

Key Rating Drivers & Detailed Description

Weakness

* CRISIL's ratings are driven by the following weakness:
Delay in repayment of term-loans: The rating reflects a delay of
43 days in servicing term-debt obligations, due to weak
liquidity, constrained by cash flow mismatches and high working
capital intensity. CRISIL will closely monitor the company's
performance, related to debt servicing obligations.

* Susceptibility to volatile iron ore prices and forex rates:
Operating margin is exposed to significant volatility, both in
iron ore prices and foreign exchange rates. Iron ore prices are
determined by global demand and supply patterns (China being a
key demand driver) and were highly volatile recently. As the
company deals in the spot market and has no long-term contracts
with suppliers or customers, it becomes vulnerable to such
volatility. Moreover, as majority of revenue is derived via e-
auctions in the domestic market, fluctuation in forex rates also
impacts the margin significantly.

Strength

* Extensive experience of promoters in the iron ore mining
business:
The promoters, Mr. Gureddi, Mr. Alva and Mr. Prasad are business
acquaintances, with experience of over two decades in mining
related activities. Relevant qualifications and extensive
experience has enabled smooth execution of business operations
through various business cycles and resulted in healthy relations
with domestic and overseas customers.

SKMEPL, set up in 1992 and based in Bellary, Karnataka, is
promoted and managed by Mr. Shantesh Gureddi, Mr. Ravindranath
Alva, and Mr. Bhavani Prasad. It has acquired iron ore mines on
lease from the Government of Karnataka.

For fiscal 2016, SKMEPL's profit after tax (PAT) was INR1.97
crore on net sales of INR13.07 crore, against a net loss of
INR11.14 crore on net sales of INR40.89 crore for fiscal 2015.


SRI VARALAKSHMI: CRISIL Ups Rating on INR7.5MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Varalakshmi Agro Tech Industries (SVAI) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit               5       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Term Loan            7.5     CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that the firm will sustain
improved liquidity over the medium term on the back of higher
cash accrual because of a 200% increase in revenue in fiscal
2017, while maintaining operating profitability at 8%. The
company is expected to report cash accruals of around Rs.5-6
crores as compared to repayment obligations of Rs.1.07 Crores
over the medium term.

The rating reflects SVAI's modest scale of operations and below-
average financial risk profile because of small networth. These
weaknesses are partially offset by the extensive experience of
its promoters.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations: The firm operates on a modest scale
in the intensely competitive paddy processing business, which has
many unorganised players catering to local demand.

* Below-average financial risk profile: Networth is estimated to
be small modest at INR4.1 crore as on March 31, 2017. Also, the
firm funds moderate inventory of 40-50 days through short-term
debt, leading to high estimated total outside liabilities to
tangible networth ratio of 4.8 times.

Strength

* Experience of promoters: Presence of 15 years in the rice
milling and trading industry has enabled the promoters to scale
up operations in the first two years to an estimated INR90 crore
in fiscal 2017.

Outlook: Stable
CRISIL believes SVAI will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if substantial increase in revenue and
profitability leads to improvement in financial risk profile, or
if there is significant capital infusion to meet working capital
requirement. The outlook may be revised to 'Negative' if stretch
in working capital or steep decline in revenue and profitability,
or capital withdrawal further weakens financial risk profile.

Set up in 2015 in Gummidipoondi, Tamil Nadu, as a partnership
firm by Mr. Chandrasekar and family, SVAI mills and processes
paddy into rice, rice bran, and husk.

SVAI booked Net loss of INR34.8 lakhs on revenues of 29 crores in
fiscal 2016, the first year of operations.


TASHKENT OIL: Ind-Ra Migrates BB Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tashkent Oil
Company Private Limited's (TOCPL) 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:

-- INR70 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and
-- INR8 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
19 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 as a private limited company in 1980, TOCPL is
engaged in manufacturing of lubricants and oils. The company
sells its product under the Tashoil brand to various government
and private organisations. Its manufacturing facility, located in
Nandesari, Gujarat, has a total installed capacity of 6 million
litres per annum.


ZETA INDUSTRIAL: ICRA Reaffirms B+ Rating on INR4.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ to the INR10.00-crore
fund-based, non-fund based and proposed limits of Zeta Industrial
Corporation Pvt. Ltd. The rating has been assigned a Stable
outlook.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       2.50      [ICRA]B+ (Stable); reaffirmed
  Non-fund Based Limits   4.50      [ICRA]B+ (Stable); reaffirmed
  Unallocated
  (Proposed Limits)       3.00      [ICRA]B+ (Stable); reaffirmed

Rationale

The rating reaffirmation factors in the slight increase in
operating income (OI) in FY2017, which was accompanied by higher
gearing levels and deterioration in interest coverage ratio.
The rating continues to be constrained by ZICPL's presence in a
highly fragmented electrical switchgear product industry, which
is marked by competition from various organised as well as
unorganised players. The rating also factors in the bidding-based
model for the contracts and the company's limited bargaining
power vis-a-vis large clients, which has led to pricing pressure.
Moreover, the rating factors in the company's high working
capital intensity of operations, primarily due to stretched
receivables. The rating continues to be subdued on account of the
company's modest scale of operations and its weak coverage
indicators, as reflected by an interest cover of 1.36 times in
FY2017.

The rating, however, derives comfort form ZICL's experienced
management and its established relationships with key customers,
which have enabled it to secure repeat orders in the past.
The company's ability to profitably increase its scale of
operations and improve its capital structure and maintain optimal
working capital intensity will be closely monitored.

Key rating drivers

Credit strengths

* Experienced promoters with established track record in the
   business
* Established relationship with both customers and suppliers as
   reflected by repeat orders
* No long-term debt repayment with total debt comprising only
   working capital borrowings and unsecured loans from friends
   and family members

Credit weaknesses

* Intensely competitive and fragmented nature of the switchgear
   industry limits the company's ability to secure fresh orders
* Susceptibility of profitability to fluctuations in prices of
   metals like steel, copper and aluminium
* Modest margins of the company with operating margin and net
   margin of 4.86% and 0.37%, respectively, in FY2017
* Relatively high gearing of 2.05 times as on March 31, 2017 and
   weak coverage indicators
* High working capital intensive nature of business as reflected
   by NWC/OI of 56% in FY2017
* Vulnerability to cyclicality in demand from end-user industry

Description of key rating drivers:

The promoters and their family members have been involved in the
business of assembling switchgears from 1960. The management has
a long track record in this business, helping the company to add
customers and gain an edge over its competitors.

The main raw material required for manufacturing panels, switch
boards, bus ducts etc. is copper, aluminium and CR sheets. The
company maintains a raw material inventory of around two-three
months to ensure uninterrupted production, which exposes it to
the volatility in the prices of the raw material inventory
maintained.
With low entry barriers in the switchgear manufacturing industry,
the company faces competition from both organised and unorganised
players in the industry, which leads to pricing pressures. With
limited product differentiation and weak bargaining power with
customers, ZICL competes by providing similar quality of products
as established players.

ZICPL is involved in the business of assembling switchgears. It
was set up by Mr. Sanjay Gujral and is now managed by his two
sons, Siddharth and Karan Gujral, who have several years of
experience in the industry. The company's facility is located at
Ghaziabad (Uttar Pradesh).

For FY2017, on a provisional basis, the company reported a profit
after tax (PAT) of INR0.05 crore on an OI of INR13.46 crore as
against a PAT of INR0.08 crore on an OI of INR12.45 crore in
FY2016.



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


BANK MANDIRI: Fitch Affirms bb+ Viability Rating
------------------------------------------------
Fitch Ratings has affirmed the international ratings on four
Indonesian state-owned banks - PT Bank Mandiri (Persero) Tbk
(Mandiri), PT Bank Rakyat Indonesia (Persero) Tbk (BRI), PT Bank
Negara Indonesia (Persero) Tbk (BNI), and Lembaga Pembiayaan
Ekspor Indonesia (Indoexim). At the same time, Fitch Ratings
Indonesia has affirmed the national ratings on Mandiri, BRI, BNI,
PT Bank Tabungan Negara (Persero) Tbk (BTN) and the ratings of
three of the banks' subsidiaries - PT Bank Mandiri Taspen Pos
(Bank Mantap), PT Mandiri Tunas Finance (MTF) and PT Bank
BRISyariah (BRIS). The rating Outlook on Indoexim is Positive,
with all other rating Outlooks Stable. A full list of rating
actions is provided at the end of this commentary.

'AAA(idn)' National Long-Term Ratings denote the highest ratings
assigned by Fitch on its national rating scale for that country.
This rating is assigned to issuers or obligations with the lowest
expectation of default risk relative to all other issuers or
obligations in the same country.

'AA(idn)' National Long-Term Ratings denote expectations of very
low default risk relative to other issuers or obligations in the
same country. The default risk inherently differs only slightly
from that of the country's highest rated issuers or obligations.

'F1(idn)' National Short-Term Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country. Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country. Where
the liquidity profile is particularly strong, a "+" is added to
the assigned rating.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The state-owned banks' Issuer Default Ratings (IDRs) and National
Ratings are support driven and, together with their Support
Ratings (SRs) and Support Rating Floors (SRFs), reflect the high
probability they would continue to receive state support in times
of need. This is based on the banks' relative systemic importance
in the Indonesian economy, including the degree of their policy
roles - especially in the case of Indoexim - as well as the
state's majority ownership in each of them. The four commercial
banks (Mandiri, BRI, BNI and BTN) together accounted for around
43% of total banking system assets at end-1H17. The National
Long-Term Ratings on BNI and BTN (market share at around 9% and
3% of total system assets at 1H17, respectively) are lower than
those of Mandiri and BRI (both around 15% share of total assets)
to reflect Fitch's view of their lower systemic importance.

Supporting regulations for the Financial System Crisis Prevention
and Mitigation Law issued in 2017 do not include explicit
provisions for the bail-in of senior creditors and as a result,
in Fitch's opinion, do not materially change the likelihood of
government support for domestic systemically important banks (D-
SIBs), including the four state-owned commercial banks. Fitch
continues to believe that the Indonesian government maintains a
high propensity to provide support for systemic banks during
times of stress. However, Fitch views state support for the four
commercial banks, Mandiri, BRI, BNI and BTN, as somewhat less
than that for Indoexim, given their greater commercial focus
(than policy roles) and lower state ownership. This is reflected
in the Positive Outlook on Indoexim's rating, which mirrors the
Outlook on Indonesia's sovereign rating.

The National Ratings of Bank Mantap, MTF (both subsidiaries of
Mandiri) and BRIS (subsidiary of BRI) reflect Fitch's expectation
of a strong probability of extraordinary support from their
respective parents, if needed. Fitch views Bank Mantap, MTF and
BRIS as strategically important subsidiaries that have key roles
in expanding their parents' pension lending, consumer finance and
sharia banking businesses, respectively. The subsidiaries'
importance to their parents is reflected in their majority
ownership, common branding and operational alignment in key
areas.

VIABILITY RATINGS

The Viability Ratings (VRs) of Mandiri, BRI and BNI consider the
gradually improving but still challenging environment for banks
in Indonesia. The banks' credit profiles, which have been
enhanced through several cycles, better position them to navigate
volatility, including in the event of a further collapse in
commodity prices and interest rate hikes by the US Federal
Reserve. The former is not Fitch's base case, whereas Fitch sees
that rate hikes are likely to be gradual rather than sharp.

Mandiri's VR of 'bb+' takes into account its position as the
largest bank in Indonesia, its good level of capitalisation
relative to overall risk appetite, satisfactory profitability
and, notwithstanding a significant deterioration during 2016, a
still-manageable asset quality. The bank's NPL ratio remained
high at 3.8% at end-1H17, above the industry average of around
3.0%, as it suffered from a more prolonged downturn in the
economic environment than originally foreseen. Credit costs have
risen, which has put pressure on its profitability. However,
Fitch expects asset-quality deterioration to moderate (of which
there are early signs already), as the domestic economy steadily
improves. In Fitch views, the bank's profitability and provision
coverage should remain sufficient to absorb potential credit
losses.

BRI's VR of 'bb+' considers its position as Indonesia's second-
largest bank. Its distribution network is the most extensive
among peers and it has an unchallenged franchise in rural micro-
lending. The latter contributes to the bank's above-peer
profitability, stronger margins and a capital position that is
considered good for its overall risk appetite. Its asset quality
has slightly weakened, in line with the industry trend, but will
continue to be mitigated by its strong credit fundamentals, which
are underpinned by its diversified credit exposures.

BNI's VR of 'bb+' considers its position as Indonesia's fourth-
largest bank, and its satisfactory capitalisation, profitability
and asset quality. However, in Fitch's view, BNI's appetite for
loan growth, including in the riskier commercial segment, is
higher than that of Mandiri and BRI, which can be seen in its
above-industry-average growth of 4.8% and 20.6% during 1H17 and
2016, respectively (industry: around 1.1% and 7.9%). Fitch
believes that this has greater potential to increase the risk of
asset quality deterioration in the future. However, Fitch expects
these risks to remain manageable for BNI and the bank's
profitability and capital buffers should enable it to withstand
any moderate increase in credit costs.

Indoexim is 100% owned by the government of Indonesia and it
plays an important policy role in supporting and developing
Indonesia's export industry, an area of strategic importance to
the country's economic development. No VR is assigned to Indoexim
as Fitch views that it is less meaningful to analytically assess
such a policy-related institution on a standalone basis.

SENIOR DEBT

The banks' rupiah and foreign-currency denominated senior bonds
and bond programmes are rated at the same levels as their IDRs
and their National Long-Term and Short-Term Ratings, in
accordance with Fitch's rating criteria.

SUBORDINATED DEBT

The subordinated sukuk securities are rated three notches below
BRIS's National Long-Term Rating of 'AA+(idn)', comprising one
notch for loss-severity and two notches for non-performance risk,
in accordance with Fitch's Global Bank Rating Criteria. This
results in a rating for these securities similar to the rating
that would be assigned had they been issued by the parent bank.

The notching for loss-severity risk is to reflect the sukuk's
subordination relative to senior unsecured instruments, the
presence of a non-viability clause and the partial or full write-
down feature at the point of non-viability. The additional two
notches for non-performance arise from deferral risk on the
payment of coupon or principal of the instrument, with
distributions required to be deferred and accumulated if such
payment could cause BRIS's capital ratios to not comply with
minimum regulatory requirements.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

A change in the government's ability and willingness to provide
extraordinary support would affect these banks' IDRs, National
Ratings, SRs and SRFs. The ratings are also sensitive to changes
to Indonesia's sovereign rating (BBB-/Positive), but an upgrade
of the sovereign may not necessarily lead to an upgrade of the
commercial banks' ratings. Deterioration in the state-owned
banks' standalone financial profiles alone is unlikely to impact
their IDRs and National Ratings unless the factors underpinning
state support also weaken. The National Ratings of BNI and BTN
could be upgraded if Fitch views that the systemic importance of
these banks has increased.

The National Ratings of Bank Mantap, MTF and BRIS are sensitive
to changes in their parent's ratings. Any significant dilution in
ownership or perceived weakening of support from the parents
would be negative for the subsidiaries' National Ratings.
However, Fitch sees this prospect as remote in the foreseeable
future given the subsidiaries' importance to their parents'
businesses.

For Bank Mantap, a material increase in ownership by Mandiri, a
significantly greater contribution from Bank Mantap to its
parent's consolidated business or other evidence of the bank's
increased strategic importance to its parent could narrow the
rating differential between the two entities. For MTF, a material
increase in ownership, leading to greater integration between
parent and subsidiary, and stronger control by Mandiri of MTF
could lead to an upgrade of the rating. For BRIS, positive rating
action could arise if there is evidence of a significant increase
in BRIS's contribution to BRI in terms of revenue, profit,
franchise or other synergies.

VIABILITY RATINGS

Rating upside on the VRs may result from further improvements in
the operating environment, including in the capital markets and
the economy, which could lead to improved and stable financial
performances by the banks. Upside could also stem from better
corporate governance, and a more visible improvement in the
banks' risk management cultures. Rating downside may result from
an unexpected sharp and protracted downturn, which in turn leads
to significant asset-quality deterioration and weakened loss-
absorption buffers. Downside could also stem from a significant
increase in risk appetite, heightening the potential for asset
quality deterioration and lower loss-absorption buffers in the
future.

SENIOR DEBT

Any changes in the IDRs, National Long-Term and Short-Term
Ratings would affect the ratings on the banks' rupiah and
foreign-currency denominated senior bonds and bond programmes.

SUBORDINATED DEBT

Any changes in the standalone credit profile of the parent, BRI,
would affect this issue's rating.

The full list of rating actions is as follows:

Mandiri:
- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
- Short-Term Foreign-Currency IDR affirmed at 'F3'
- Support Rating Floor affirmed at 'BBB-'
- Support Rating affirmed at '2'
- Viability Rating affirmed at 'bb+'
- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
   Stable
- National Short-Term Rating affirmed at 'F1+(idn)'

BRI:
- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
- Short-Term Foreign-Currency IDR affirmed at 'F3'
- Support Rating Floor affirmed at 'BBB-'
- Support Rating affirmed at '2'
- Viability Rating affirmed at 'bb+'
- National Long-Term Rating affirmed at 'AAA(idn)'; Outlook
   Stable
- National Short-Term Rating affirmed at 'F1+(idn)'
- Senior unsecured bond rating affirmed at 'BBB-'
- Medium-term notes affirmed at 'AAA(idn)'

BNI:
- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
- Long-Term Local-Currency IDR affirmed at 'BBB-'; Outlook
   Stable
- Short-Term Foreign-Currency IDR affirmed at 'F3'
- Support Rating Floor affirmed at 'BBB-'
- Support Rating affirmed at '2'
- Viability Rating affirmed at 'bb+'
- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
   Stable
- National Short-Term Rating affirmed at 'F1+(idn)'

BTN
- National Long-Term Rating affirmed at 'AA(idn)'; Outlook
   Stable
- National Short-Term Rating affirmed at 'F1+(idn)'
- Senior unsecured bond ratings affirmed at 'AA(idn)'

Indoexim
- Long-Term Foreign-Currency IDR affirmed at 'BBB-'; Positive
   Outlook
- Short-Term Foreign-Currency IDR affirmed at 'F3'
- Support Rating Floor affirmed at 'BBB-'
- Support Rating affirmed at '2'
- Senior unsecured EMTN programme and bonds issued under the
   first tranche of the programme affirmed at 'BBB-'

Bank Mantap
- National Long-Term Rating affirmed at 'AA(idn)'; Outlook
   Stable
- Senior unsecured bond ratings affirmed at 'AA(idn)'

MTF
- National Long-Term Rating affirmed at 'AA(idn)'; Outlook
   Stable
- National Short-Term Rating affirmed at 'F1+(idn)'

BRIS
- National Long-Term Rating affirmed at 'AA+(idn)'; Outlook
   Stable
- National Short-Term Rating affirmed at 'F1+(idn)'
- Subordinated sukuk rating affirmed at 'A+(idn)'


MNC INVESTAMA: Moody's Lowers CFR to Caa3 on Refinancing Risk
-------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) of MNC Investama Tbk. (P.T.) (BHIT) to Caa3 from
Caa2, and the backed senior secured rating on the notes, issued
by its wholly-owned subsidiary, Ottawa Holdings Pte. Ltd., and
unconditionally and irrevocably guaranteed by BHIT, to Ca from
Caa3.

The outlook on the ratings is negative.

BHIT is a listed investment holding company. Through its 53.31%
stake in PT Global Mediacom Tbk (BMTR), BHIT has stakes in media
operating companies PT Media Nusantara Citra Tbk (MNCN),
Indonesian's leading free-to-air broadcast company, and PT MNC
Sky Vision Tbk, Indonesia's leading pay-TV operator. BHIT also
has a significant interest in PT MNC Kapital Indonesia Tbk
(MKAP), a leading financial services company in Indonesia.

RATINGS RATIONALE

The downgrade of BHIT's CFR and backed senior secured bond
ratings reflect the significant level of refinancing risk over
the next 12 months, and the increasing likelihood of a debt
restructuring exercise being required.

At June 30, 2017, BHIT's consolidated short term debt and current
long term outstanding debt totaled IDR 5.9 trillion, including a
$250 million bank loan at MNCN maturing in September 2017.

In addition, BHIT has its $365 million 5.875% senior secured
notes maturing May 16, 2018. However, no specific details
regarding refinancing plans have been publicly announced.

"The absence of a definitive refinancing plan to address the
upcoming maturities -- particularly the notes maturing in May
2018 -- exposes the company to material refinancing risk and
market risk," says Annalisa DiChiara, a Moody's Vice President
and Senior Credit Officer.

According to disclosure in its financial statements, BHIT's debt
service account for the senior secured notes totaled $10.7
million at June 30, 2017, which is sufficient to satisfy the next
semi-annual interest payment due in November 2017 on the $365
million senior secured notes.

"However, the likelihood of a debt restructuring is increasing as
the maturity of the $365 million senior secured notes draws
closer, particularly as BHIT has limited cash on a standalone
basis which can be used for repayment of principal. Furthermore,
the bonds are secured on a pledge of shares in BMTR and the value
of these has fallen to less than 25% of that at bond issuance,
providing lower recovery prospects from this collateral than at
issuance," added DiChiara

BHIT's $365 million bond is secured by 3,276,739,031 shares of
BMTR (which was equal to 2.0x the principal amount of the notes
offered as of the date of the offering memorandum in May 2013
based on BHIT's financial statement disclosure). However, based
on the closing price on August 7, 2017, the value of those shares
was equal to around 35% of the principal amount of the senior
secured notes outstanding.

The ratings outlook is negative, capturing the likelihood that
the risk of default will continue to intensify through May 2018.
Should a default occur, Moody's estimates that the prospect of a
full recovery of principal and interest for the senior secured
bondholders will be low.

A ratings upgrade is unlikely, unless BHIT refinances its
upcoming bank and bond maturities in a timely manner and without
any significant increase in interest costs - or loss of principal
to bank lenders or bond holders - resulting in an improved
capital structure, with adequate liquidity.

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

Headquartered in Jakarta, MNC Investama Tbk. (P.T.) (BHIT) is a
listed investment holding company with strategic investments in
operating companies in media, financial services, energy and real
estate. BHIT is controlled by Mr. Hary Tanoesoedibjo.



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


JAPAN DISPLAY: To Cut 3,700 Jobs Following Q1 Net Loss
-------------------------------------------------------
The Japan Times reports that Japan Display Inc. on Aug. 9
reported a group net loss in the April to June quarter for the
fourth straight year, announcing fresh restructuring measures
including slashing some 3,700 jobs, mainly overseas.

The liquid crystal display panel maker reported a net loss of
JPY31.46 billion and an operating loss of JPY14.44 billion for
the first quarter of the 2017 business year, chiefly due to the
cost of running a new factory in central Japan, according to the
Japan Times.

Consolidated sales stood at JPY188.59 billion, up 8.2% from a
year earlier, the report discloses.

In an attempt to turn around struggling operations, it laid out
plans to cut some 3,700 jobs, including 240 in Japan, as well as
ending some overseas production and suspending operations at a
domestic factory in December, The Japan Times discloses.

For the full year through next March 31, the company said sales
may fall 15 to 25 percent from the previous year as sales of
panels for smartphones decline. It also expects to incur a one-
time loss of JPY170 billion to carry out the restructuring
measures, adds The Japan Times.

Japan Display Inc. (TYO:6740) is engaged in the development,
design, manufacture and sale of small and medium-size displays
and related products. The Mobile Field provides displays for
mobile equipment, such as smart phone and tab terminals. The In-
Vehicle Consumer and Industry (C&I) and Others Field provides in-
vehicle equipment, including automobile dashboard and car
navigation systems, consumer equipment, such as digital cameras,
video cameras and mobile game machine, medical equipment such as
x-ray photo interpretation monitors, as well as industrial
machinery.


TAKATA CORPORATION: Chapter 15 Case Summary
-------------------------------------------
Lead Debtor: Takata Corporation
             2-12-31 Akasaka
             Minato-ku, Toyko 107-0052
             Japan

Type of Business: Takata Corporation is a global innovator and
                 supplier of automotive safety systems, including
                  airbag systems, seat belts, steering wheels,
                  electronics, sensors, and child restraint
                  systems, and supplies all major automotive
                  manufacturers in the world.  Headquartered in
                  Tokyo, Japan, it operates 56 plants in 20
                  countries with approximately 46,000 global
                  employees worldwide.  Takata Corporation owns
                  100% of the equity of Takata Kyushu Corporation
                  and Takata Service Corporation, the other two
                  Japanese Debtors.

                  Web site: http://www.takata.com

Foreign
Proceeding:       Civil Rehabilitation Proceeding under the Civil
                  Rehabilitation Act of Japan, Act No. 225 of
                  December 22, 1999, before the 20th Department
                  of the Civil Division of the Tokyo District
                  Court.

Chapter 15 Petition Date: August 9, 2017

Affiliated debtors that simultaneously filed Chapter 15
petitions:

        Name                               Case No.
        ----                               --------
        Takata Corporation                 17-11713
        Takata Kyushu Corporation          17-11714
        Takata Services Corporation        17-11715

Court: United States Bankruptcy Court
       District of Delaware (Delaware)

Judge: Hon. Brendan Linehan Shannon

Foreign Representative: Hiroshi Shimizu
                        Executive Vice President
                        and Executive Director

Chapter 15 Debtors'
U.S. Counsel:       Robert S. Brady, Esq.
                    Pauline K. Morgan, Esq.
                    Ryan M. Bartley, Esq.
                    YOUNG, CONAWAY, STARGATT & TAYLOR, LLP
                    Rodney Square
                    1000 North King Street
                    Wilmington, Delaware 19801
                    Tel: (302) 571-6600
                    Fax: (302) 571-1253
                    E-mail: rbrady@ycst.com
                            pmorgan@ycst.com
                            rbartley@ycst.com

                          - and -

                    Nobuaki Kobayashi, Esq.
                    NAGASHIMA OHNO & TSUNEMATSU
                    JP Tower
                    2-7-2 Marunouchi, Chiyoda-ku
                    Tokyo 100-7036, Japan
                    Tel: +81-3-6889-7000
                    Fax: +81-3-6889-8000

Estimated Assets: Not Indicated

Estimated Debt: Not Indicated

A full-text copy of Takata Corp.'s Chapter 15 petition is
available for free at:

           http://bankrupt.com/misc/deb17-11713.pdf

U.S. and Mexican affiliates that sought Chapter 11 protection in
Delaware (Bankr. D. Del.) on June 25, 2017, which cases remain
pending:

    Debtor                                         Case No.
    ------                                         --------
    Takata Americas                                17-11372
    TK Finance, LLC                                17-11373
    TK China, LLC                                  17-11374
    TK Holdings Inc.                               17-11375
    Takata Protection Systems Inc.                 17-11376
    Interiors in Flight Inc.                       17-11377
    TK Mexico Inc.                                 17-11378
    TK Mexico LLC                                  17-11379
    TK Holdings de Mexico, S. de R.L. de C.V.      17-11380
    Industrias Irvin de Mexico, S.A. de C.V.       17-11381
    Takata de Mexico, S.A. de C.V.                 17-11382
    Strosshe-Mex, S. de R.L. de C.V.               17-11383


TAKATA CORPORATION: Files for Chapter 15 to Stay U.S. Suits
-----------------------------------------------------------
Takata Corporation ("TKJP") and two affiliates filed Chapter 15
cases in Delaware to seek U.S. recognition of their restructuring
proceedings in Japan.

Specifically, Takata wants the U.S. Bankruptcy Court to enter an
order recognizing the Civil Rehabilitation Proceedings (the
"Japanese Proceedings") under the Civil Rehabilitation Act
of Japan, Act No. 225 of December 22, 1999 (the "Civil
Rehabilitation Act") before the 20th Department of the Civil
Division of the Tokyo District Court Japan, as "foreign main
proceedings."

As widely reported, automotive safety company Takata has
experienced financial distress due to issues relating to certain
of its products.  Specifically, certain airbag inflators
containing phase-stabilized ammonium nitrate (the "PSAN
Inflators") manufactured by Takata have ruptured during
deployment of the airbag. The rupture of these PSAN Inflators
prompted Takata and certain original equipment manufacturers
(each an "OEM") to take actions to initiate wide-ranging recalls
of vehicles globally, including in Japan and the United States,
in coordination with regulatory authorities including the
National Highway Transportation Safety Administration in the
United States and the Ministry of Land, Infrastructure, Transport
and Tourism in Japan. The OEMs have asserted substantial
liabilities against the Takata entities, including the Japanese
Debtors, arising out of claims, rights of reimbursement,
indemnification, setoff and other similar rights against Takata
for the costs and expenses incurred by the OEMs arising out of
the airbag system recall.

On top of the massive cost of these recalls, Takata is subject to
a plea agreement (the "Plea Agreement") resulting from a two-year
investigation by the DOJ. The Plea Agreement culminated with the
entry of the Restitution Order by the United States District
Court for the Eastern District of Michigan, which imposes
significant fines and penalties that must be satisfied in full
for Takata to have any hope of continuing its operations going
forward.  While some of the penalties and Restitution Payments
have already been satisfied, presently under the Restitution
Order, Takata must satisfy in full $850 million of Restitution
Payments by March 4, 2018.  Should Takata fail to do so, the DOJ
retains the right to withdraw the Plea Agreement and pursue
criminal charges and penalties above and beyond those that were
settled under the Plea Agreement against all Takata entities,
including the Japanese Debtors.

TKJP appointed an independent advisory committee consisting of
five legal and financial professionals (the "Steering Committee")
in February 2016 for the purpose of formulating a comprehensive
restructuring plan for Takata.  TKJP, including through the
Steering Committee, engaged in extensive efforts to address the
liabilities associated with the recalls of PSAN Inflators, in an
effort to ensure the continued viability of Takata's business and
to preserve and maximize the value of its business for
stakeholders.  Takata first explored an out of court transaction
because, among other things, Takata believed that would provide
the most stability for Takata to ensure an uninterrupted, stable
supply of its products to its customers.  During this process,
Takata selected Key Safety Systems, Inc. ("KSS") as the potential
sponsor for a restructuring of the Takata business.  Takata,
however, was not able to garner enough support for an out-of-
court restructuring.

As a result, and in the face of a rising tide of liabilities,
certain Takata entities commenced coordinated restructuring
proceedings -- the Chapter 11 Cases in the United States
and the Japanese Proceedings -- to pursue a global sale of
substantially all of Takata's assets to KSS, but excluding the
assets related to the PSAN Inflators business.  Takata and KSS
have reached a tentative agreement in principle for a sale
transaction with a base purchase price targeted at $1.588
billion, subject to certain adjustments. Importantly, the
transaction proposes that the obligation to pay the $850 million
of Restitution Payments under the Plea Agreement will be
satisfied through the sale proceeds from KSS.  In addition to the
base purchase price, KSS has agreed to an "earn out" payment to
Takata of up to $400 million depending upon achievement of
certain financial metrics post-closing.  Takata expects to obtain
support for the transaction with KSS from OEMs that, in the
aggregate, purchased approximately ninety percent (90%) of PSAN
Inflators sold by Takata as of March 2017 and hold a substantial
majority of the total unsecured claims against the Takata
entities.

Through the Verified Petition, Takata asks the U.S. Bankruptcy
Court to:

   (a) grant recognition to the Japanese Proceedings as foreign
main proceedings under section 1517 of the Bankruptcy Code; and

   (b) recognize TKJP as the "foreign representative" as defined
in section 101(24) of the Bankruptcy Code in respect of the
Japanese Proceedings.

Doing so will assist the Japanese Court in administering the
Japanese Proceedings and assist the Japanese
Debtors in undergoing civil rehabilitation.

                            U.S. Assets

TKJP's primary asset in the United States is its equity ownership
of TK Holdings Inc. ("TKH"), a major United States-based
affiliate of the Japanese Debtors and one of the Chapter 11
Debtors with cases pending before the Court.  TKJP also holds an
interest in a retainer held by the Japanese Debtors' Delaware
counsel in these Chapter 15 Cases, Young Conaway Stargatt &
Taylor, LLP, maintained in a Delaware bank account.

                          U.S. Suits

Takata said that the Chapter 15 Cases have been commenced for the
purpose of obtaining the assistance of this Court to ensure the
effective and economical administration of the Japanese
Proceedings by, among other things, restricting certain creditors
from taking certain actions in the United States that would
undermine the unified, collective and equitable resolution of the
Japanese Debtors' liabilities in the Japanese Proceedings before
the Japanese Court.

"Absent the relief requested, actions may continue against the
Japanese Debtors (and new actions may be commenced), which would
interfere with the orderly determination of claims in the foreign
proceeding and substantially frustrate the efforts to restructure
the Takata business.  If creditors unilaterally pursue collection
or enforcement efforts, such efforts could diminish the value of
the Japanese Debtors' assets and cause significant delay and
disruption to the Japanese Debtors' restructuring process,"
Takata's counsel, Pauline K. Morgan, Esq., at Young Conaway
Stargatt & Taylor, LLP, explains.

A hearing on the Debtors' motion is scheduled for Aug. 11, 2017,
at 9:00 a.m., before Bankruptcy Judge Brendan Linehan Shannon in
Delaware.

                      About Takata Corp

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

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

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

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

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

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

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

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

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TAKATA CORPORATION: Special Master Named in Wire Fraud Case
-----------------------------------------------------------
Judge George Caram Steeh of the U.S. District Court for the
Eastern District of Michigan has issued an order appointing Eric
D. Green as Special Master with respect to the custody,
administration and distribution of the Restitution Funds that
Takata Corporation will pay in the case styled UNITED STATES OF
AMERICA, v. TAKATA CORPORATION, Defendant, Case No. 16-CR-20810-
04, (E.D. Mich.).

On February 27, 2017, Takata Corporation pled guilty to one count
of wire fraud in violation of 18 U.S.C. Section 1343. On the same
date, the Court entered a Restitution Order requiring Takata to
pay restitution in the amount of $125,000,000 to the individuals
who suffered or will suffer personal injury caused by the
malfunction of a Takata airbag inflator and who have not already
resolved their claims against Takata and $850,000,000 in
restitution to auto manufacturers that purchased airbags with
phase-stabilized ammonium nitrate inflators from Takata or any of
its subsidiaries (the "OEM Restitution Fund").

As part of the Rule 11 Plea Agreement, the United States and
Takata recommended that the Court appoint a Special Master to
determine the proper administration and disbursement of the
$975,000,000 in restitution monies Takata will pay in this case.

Accordingly, on July 10, 2017, the Court issued a notice of
intent to appoint Eric D. Green as Special Master, which
addressed the qualifications of Mr. Green, and required Mr. Green
to file an affidavit disclosing whether there were any grounds
for disqualification, and requested that all parties consent in
writing to the appointment of Mr. Green. Takata and the United
States consented to the appointment of Mr. Green as Special
Master.

On March 29, 2017, Takata paid, directly and through certain of
its affiliates, the $125,000,000 for the Individual Restitution
Fund. Pursuant to the Restitution Order, Takata is directed to
pay, directly or through its affiliates or subsidiaries, the
$850,000,000 for the OEM Restitution Fund within five days after
the closing of the currently anticipated sale, merger,
acquisition, or combination involving a transfer of control of
Takata, which must occur within one year after entry of the plea.

A full-text copy of the Order dated July 31, 2017, is available
at https://is.gd/4uUTG8 from Leagle.com.

                      About Takata Corp

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

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

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

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

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

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

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

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

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TOSHIBA CORP: Auditor to Sign Off on Fiscal 2016 Earnings in Part
-----------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp's auditor intends
to grant a qualified approval of the conglomerate's earnings
report for the year ended in March, turning the focus to clearing
the embattled group's massive debt in the fight to keep its
shares listed.

According to The Nikkei, Toshiba has continued to negotiate with
auditing firm PricewaterhouseCoopers Aarata over when the
Japanese company realized massive losses on a U.S. nuclear power
unit. On Aug. 9, the company confirmed it would submit the
largely approved report to the Kanto Local Finance Bureau the
following day, the report relates. It aims to sell its profitable
memory unit to meet a March 2018 target for resolving its
negative net worth.

As part of the overall ruling, PwC Aarata will apparently issue
an adverse opinion deeming improper the internal governance
report accompanying Toshiba's fiscal 2016 financial statements.
It is also expected to give a partial approval of the
conglomerate's April-June earnings, attaching a qualified
opinion. It will continue discussions with U.S. partner
PricewaterhouseCoopers through Thursday, Aug. 10, The Nikkei
relates.

According to the report, Toshiba shares carry a special warning
from the Tokyo Stock Exchange for inadequate internal controls.
Delisting probably would have grown more likely had PwC Aarata
rejected the fiscal 2016 report outright, or issued a disclaimer
of opinion indicating it did not receive enough information or
cooperation to approve or deny.

The Nikkei notes that Toshiba brought PwC Aarata on as its
auditor in fiscal 2016 after accounting improprieties came to
light in 2015. Ernst & Young ShinNihon had done the job through
fiscal 2015.

In April, PwC Aarata issued a disclaimer of opinion on Toshiba's
earnings for the April-December 2016 period, while continuing to
negotiate on the full-year statement, the report relates.
According to The Nikkei, the auditor said the approximately
JPY600 billion ($5.43 billion) in losses associated with
Westinghouse Electric's nuclear power operations could have been
realized immediately after the purchase of a U.S. nuclear plant
construction company at the end of 2015, and urged Toshiba to
revise its books to reflect part of the loss in fiscal 2015.

But Toshiba insisted, with the backing of third parties that also
looked into the matter, that it did not learn of the losses until
around autumn 2016, the report says. Ernst & Young ShinNihon also
said the fiscal 2015 report was correct and did not need
revising. Following continued discussions after the earnings
report was postponed, Toshiba intends to accept the limited
approval PwC Aarata now appears set to offer, The Nikkei relates.

That approval, however, should be a step toward maintaining
Toshiba's listing, the report notes. If the qualification stemmed
from false reports or other misconduct, there would be more of a
problem, but in this case it appears largely the effect of a
difference of opinion between the prior and current auditors.

Nevertheless, this situation leaves Toshiba with roughly
JPY580 billion in liabilities in excess of assets as of the end
of fiscal 2016. If it cannot resolve that negative net worth by
the end of the current fiscal year in March, it will
automatically be delisted, adds The Nikkei.

                          About Toshiba

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

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

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



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


1MALAYSIA: Gets Extension for US$600MM Payment to Abu Dhabi fund
----------------------------------------------------------------
Bloomberg News reports that 1Malaysia Development Bhd. received
an extension to make a payment of more than $600 million to an
Abu Dhabi sovereign wealth fund after missing a deadline last
month.

1MDB is in talks with International Petroleum Investment Co. on
the new arbitration settlement date, Malaysian Treasury Secretary
General Irwan Serigar Abdullah told reporters on Aug. 8,
according to Bloomberg. Irwan is also the chairman of 1MDB's
board of directors.

"It's a question of time," Bloomberg quotes Irwan as saying. "In
due course when the time comes, we will pay off."

1MDB was due to make a payment to IPIC by the end of July and had
a five-business day grace period to meet the obligation,
Bloomberg says. The settlement would have been made from proceeds
of a 1MDB rationalisation plan that involved the monetization of
so-called investment fund units.

The money that was expected to arrive last month had been delayed
till August, 1MDB said in a statement last week, Bloomberg
recalls. The holdup was due to the need for additional regulatory
approvals, it said. 1MDB didn't foresee the time it would take to
sell the units and meet regulatory requirements, Irwan, as cited
by Bloomberg, said.

According to Bloomberg, the payment to IPIC is part of a
US$1.2bil settlement over a debt dispute and is half the amount
1MDB and the Malaysian finance ministry agreed to make to IPIC.
The second installment is due by the end of 2017.

1MDB's 5.99% notes due 2022 rose to 108.291 to the dollar as of
2:07 p.m., on Aug. 8, in Kuala Lumpur, according to prices
compiled by Bloomberg. The yield has dropped about 48 basis
points in 2017.

                             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.



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


A&G PRICE: Several Buyers Eye Thames Foundry
--------------------------------------------
Teresa Ramsey at Stuff.co.nz reports that several parties are
currently showing interest in buying the A&G Price foundry in
Thames.

About 100 workers, ranging from foundry tradesmen, machinists,
fitters, welders and engineers, were told at a meeting on July 26
that they had lost their jobs at the Thames engineering company
after the business went into liquidation, Stuff relates.

According to Stuff, liquidator Ecovis KGA Ltd director Gareth
Hoole said he was trying to sell the foundry and was currently
talking to several potential buyers.

"I'm trying to sell the business and there's a number of parties
that are interested in it," the report quotes Mr. Hoole as
saying.

The foundry was currently open on a very limited scale so a
skeleton staff could finish off a few jobs over the next month
under a Thames-based manager, he said, Stuff relays.

"In the meantime, I'm trying really hard to try and sell this."

Meanwhile, staff had been paid their final wages, he said.

"I will address the holiday pay and any redundancies that rank as
preferential as money comes available."

E tu, which represents A&G Price workers, is working alongside
its members as they deal with the aftermath of the closure,
according to Stuff.

Stuff relates that Union organiser Myles Leeson said the union's
priority was the welfare and support of the workers.

"Prices is a long-standing business in Thames. It's one of the
town's primary employers and this will hit our members and the
town hard," the report quotes Mr. Leeson as saying.  "These are
good quality jobs and new jobs will be hard to find. There will
be many households in Thames where people will be worried about
their future."

Stuff adds that Mr. Leeson said the union would be working with
the liquidators to ensure workers were paid any outstanding wages
and got their redundancy and other entitlements.

A & G Price Ltd is a New Zealand-based heavy engineering company.


BETHANY'S: Placed in Liquidation, Owes NZ$700,000 in Debt
---------------------------------------------------------
Jono Galuszka, writing for Stuff.co.nz, reports that high
overheads, over-staffing and a lack of working capital has landed
a respected restaurant more than NZ$700,000 in debt.

The report relays the owners have pointed to a previous
accountant, who they say gave them bad advice.

The report discloses that Bethany's, on The Square in Palmerston
North, was placed into liquidation in July by its owners Reuben
and Lynne Leung Wai, who ran the restaurant for eight years.

According to the report, located in the Palmerston North City
Council's building, Bethany's was named after the Leung Wais'
daughter, who died after an eight-month battle with bone cancer.

According to the first liquidation report from Imran Kamal of
Liquidation Management, Bethany's had "high overheads, was under-
capitalised, over-staffed" and had "a lack of working capital",
says the report.

Stuff notes that the restaurant's two floors meant higher staff
costs, and cashflow was especially low during winter.

The company's directors, the Leung Wais, said they had received
"substandard advice" from a previous accountant, Kamal said in
his report, note Stuff.

The report discloses debts began to mount, the restaurant fell
behind on its tax obligations and a new accountant was unable to
negotiate a payment plan with Inland Revenue.

"Based on the financials, the company has been insolvent for
several years," the report Kamal as saying.

The report says financial figures attached to the liquidation
report show Bethany's owes NZ$777,364. Among those owed money are
Inland Revenue, NZ$431,920, and the ANZ Bank, NZ$288,720.  The
city council is owed NZ$20,899 in rent, although Kamal has
arranged to pay all future rent while the business trades.

He said it made sense to trade through liquidation,
the report discloses.

"The business has great potential, is in a great location and has
a good customer base."

The report says almost all the restaurant's staff had been
retained on a casual basis, with Reuben Leung Wai working as the
head chef, while suppliers had allowed Bethany's to purchase
goods in the meantime, Kamal said.


SOLID ENERGY: Sells Last of Reefton Mines to Moore Mining
---------------------------------------------------------
Stuff.co.nz reports that Solid Energy has sold the last of its
mines in the West Coast town of Reefton.

Stuff relates that the company entered voluntary administration
in 2015 after directors concluded there was no way of refinancing
significant debt, and has been selling off assets since.

The sale of Reddale and Burkes Creek mining operations to Moore
Mining includes plant and equipment, the report says.

According to Stuff, Solid Energy said it brought to an end all of
its operations in Reefton, which began in 1989 when the company
purchased the Terrace underground mine.

Two weeks ago, BT Mining Limited gained Overseas Investment
Office approval for the purchase of the North Island and Stockton
assets. This transaction is expected to settle at the end of
August, the report relates.

"With that sale, we will be progressively completing remaining
operational and administrative activities by December 2017 prior
to the company going into solvent liquidation by March 2018," the
report quotes Solid Energy chief executive Tony King as saying.

                        About Solid Energy

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

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

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

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



=====================
P H I L I P P I N E S
=====================


CEBU NISICO: Shuts Operations; 160 Workers Lose Jobs
----------------------------------------------------
Sunstar Cebu reports that a total of 160 employees will lose
their jobs after the Cebu Nisico Corp. (CNC) announced its
closure effective Aug. 5, 2017 allegedly due to bankruptcy.

According to Sunstar, CNC Employees Union president Ednie Rapiza
said company officials ordered them to get out of their workplace
and pack up their things. Then as they left the premises, the
closure notice was served at the guard house last Aug. 5, and
they were told they would receive their salary until Sept. 5 but
could not work anymore, Sunstar relates.

When sought for comment, lawyer Jonas Asis, Associated Labor
Unions-Trade Union Congress of the Philippines regional vice
president for the Visayas, said the CNC closure is purely union
busting because the company does not want a labor union,
according to the report.

"This is a classic example of union busting amounting to unfair
labor practice (ULP). This can be seen from the fact that despite
the union winning in the Certifications Elections, without any
basis, the company still questioned it before the Dole
(Department of Labor and Employment)," the report quotes Mr. Asis
as saying. "Now that the Dole has finally resolved that the Cebu
Nisico Corp. Employees Union-ALU-TUCP is the sole and exclusive
bargaining agent in the company, they are now ceasing operations
on a flimsy reason of undue financial conditions."

Mr. Asis added that the ALU-TUCP will make sure that their
actions will not go unpunished and that the company officers will
be held liable for this ULP.

"Within this week, we will be filing a complaint for Union
Busting/ULP. We will make sure that the company and its officers
in their personal capacity will be held liable," Mr. Asis, as
cited by Sunstar, said.

Sunstar relates that Mr. Asis said that because they were already
declared the sole and exclusive bargaining agent in the company,
they submitted to them their proposal for a Collective Bargaining
Agreement.

"What we have as a reply is a notice that they will cease
operation. A clear act of ULP," Mr. Asis said, notes the report.

Dole 7 Assistant Regional Director Lilia Estillore said they have
not yet received any notice of closure from CNC, adds Sunstar.

CNC is a manufacturer of high-definition optical lenses at the
Mactan Economic Zone (MEZ) 1 in Pusok, Lapu-Lapu City.


FARMERS' RURAL: Depositors Have Until August 14 to File Claims
--------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Farmers' Rural Bank, Inc. to file their
deposit insurance claims on or before the last day of filing
claims for insured deposits on Aug. 14, 2017 either through mail
addressed to the PDIC Public Assistance Department, 6th Floor,
SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St., Makati City,
or personally during business hours at the PDIC Public Assistance
Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino Street, in Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims.
Farmers' Rural Bank was ordered closed by the Monetary Board of
the Bangko Sentral ng Pilipinas on August 14, 2015.

According to PDIC, deposit insurance claims for 673 deposit
accounts with aggregate insured deposits amounting to PHP1.7
million have yet to be filed by depositors. Data showed that as
of June 30, 2017, PDIC had paid depositors of the closed Farmers'
Rural Bank the total amount of PHP52.3 million, corresponding to
96.3% of the bank's total insured deposits amounting to PHP54.2
million.

After August 14, 2017, PDIC shall no longer accept any deposit
insurance claims from depositors of Farmers' Rural Bank. Their
recourse is to file claims against the assets of the closed bank
through PDIC as liquidator. Payment of claims shall depend on
available assets of the bank for distribution to creditors and
the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney
may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements
indicated in the letter.

The procedures and requirements for the filing of deposit
insurance claims are posted in the PDIC website, www.pdic.gov.ph.

Depositors who have outstanding loans or payables to the bank
will be referred to the duly designated Loans Officer prior to
the settlement of their deposit insurance claims. For more
information, depositors and depositor-borrowers may contact the
Public Assistance Department at telephone numbers (02) 841-4630
to 31, or e-mail at pad@pdic.gov.ph. Those outside Metro Manila
may call the PDIC toll free at 1-800-1-888-PDIC or 1-800-1-888-
7342. Inquiries may also be sent as private message at Facebook
through www.facebook.com/OfficialPDIC.



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


GLOBAL A&T: S&P Lowers LT CCR to 'D' on Missed Interest Payment
---------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on Global A&T Electronics Ltd. (GATE) to 'D' from 'CCC-'. A&P
said, "At the same time, we lowered our long-term ASEAN regional
scale rating on the company to 'D' from 'axCCC-'. We also lowered
our long-term issue rating on GATE's senior secured notes to 'D'
from 'CCC-'. Singapore-based GATE is an outsourced semiconductor
assembly and test services (OSAT) company.

"We lowered the ratings because GATE has not made a US$56 million
interest payment due Aug. 1, 2017, on its senior secured notes
maturing in 2019.

"The company has a 30-day grace period to make the payment.
However, we view a payment as unlikely because the interest
payment would consume substantially all of the company's cash.
GATE ended the second quarter of 2017 with US$69 million in cash,
and stated that it can choose to make the payment at any time
during the grace period as it evaluates various options. However,
we believe the company will opt to use the cash to continue
operations.

"GATE has proposed a consensual restructuring of the notes.
However, we would view such a transaction as a distressed
exchange and default under our definitions because it would imply
a haircut to the face value. GATE also said that, if a consensual
agreement cannot be reached, the company could file for Chapter
11 protection so that it can seek debtor-in-possession financing
to fund legal and business expenses."



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


ASIANA AIRLINES: Q2 Net Loss Widens to KRW74.7 Billion
------------------------------------------------------
Yonhap News Agency reports that Asiana Airlines Inc. said on
Aug. 10 its losses widened in the second quarter from a year
earlier.

Net loss reached KRW74.7 billion (US$65.3 million) in the April-
June period, compared to a loss of KRW26.7 billion a year
earlier, the company said in a statement, Yonhap relates.

Operating income surged 49 percent on-year to reach KRW42.8
billion, with sales rising 8.5 percent to KRW1.49 trillion over
the cited period, Yonhap discloses.

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business
portfolio includes tire manufacturing and chemical production.



                             *********

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 ***