TCRAP_Public/170816.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

           Wednesday, August 16, 2017, Vol. 20, No. 162

                            Headlines


A U S T R A L I A

ALPHA59 PTY: Second Creditors' Meeting Set for Aug. 22
BRISCONNECTIONS: Trial on Arup Dispute with Receivers Set Oct.
DICK SMITH: Deloitte Faces Suit Over Financials Auditing
FRENCH VILLA: Second Creditors' Meeting Set for Aug. 23
MANNAGUM ENTERPRISES: First Creditors' Meeting Set for Aug. 23

POSP HOLDINGS: Second Creditors' Meeting Set for Aug. 22
TORBEY INVESTMENTS: Second Creditors' Meeting Set for Aug. 22
WANDER MMO: First Creditors' Meeting Scheduled for Aug. 24


H O N G  K O N G

ASIA TELEVISION: Scheme Meeting Scheduled for September 12


I N D I A

ALFA TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR12.04MM Loan
ALPHA EDUCATIONAL: CRISIL Assigns 'B' Rating to INR4MM Term Loan
ANJANEYA JEWELLERY: CRISIL Cuts Rating on INR20MM Loan to 'B'
ASHRO TEXTILES: CRISIL Lowers Rating on INR4.5MM Cash Loan to D
AUGUSTAN TEXTILE: CRISIL Cuts Rating on INR8MM LT Loan to 'D'

AVANI BUILDCON: CRISIL Assigns 'B' Rating to INR5MM Term Loan
C. S. INFRA: CRISIL Lowers Rating on INR125MM Bank Loan to 'D'
DHARANI HI-TECH: CRISIL Lowers Rating on INR1MM Bank Loan to 'D'
DIANA HEIGHTS: CRISIL Reaffirms 'D' Rating on INR9MM Term Loan
DOOTERIAH & KALEJ: CRISIL Assigns B- Rating to INR8.1MM LT Loan

FRONTIER KNITTERS: CRISIL Cuts Rating on INR20MM Loan to 'D'
HIMAVASINI MOTORS: CRISIL Cuts Rating on INR5MM Cash Loan to D
IENERGIZER LIMITED: Moody's Hikes CFR to B3; Outlook Stable
MALABAR ASSOCIATES: CRISIL Assigns 'B' Rating to INR8MM Loan
METENERE LTD: CRISIL Cuts Rating on INR214.6MM Loan to 'D'

MOHTA PLYWOOD: CRISIL Assigns 'C' Rating to INR.5MM Loan
MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR9MM Loan
RAJEEV K: CRISIL Assigns 'B' Rating to INR4MM LT Loan
REVIVE CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR65MM Loan
S.S MEDICAL: CRISIL Assigns 'C' Rating to INR6MM Cash Credit

SATPAL STRIPS: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
SIDDHI SALES: CRISIL Assigns B+ Rating to INR9MM Packing Loan
SMT MACHINES: CRISIL Reaffirms 'D' Rating on INR9MM Cash Loan
SREE RAJYALAKSHMI: CRISIL Assigns 'B' Rating to INR7.5MM Loan
SHREE SAIBABA: CRISIL Reaffirms 'D' Rating on INR8.8MM Term Loan

SHRI KALYANIKA: CRISIL Lowers Rating on INR10MM Term Loan to D
SRI AMBIKA: CRISIL Reaffirms B+ Rating on INR3.45MM Cash Loan
SRI BALAJI: CRISIL Reaffirms 'B' Rating on INR15MM Bank Loan
SRI MAHALAXMI: CRISIL Assigns B+ Rating to INR4MM Secured Loan
SRI VENKATA: CRISIL Reaffirms B+ Rating on INR8.0MM Cash Loan

SRI VENKATA SUBRA: CRISIL Ups Rating on INR17MM Loan to B+
SUPRIMA COSMO: CRISIL Assigns B+ Rating to INR8MM LT Loan
SUSHIL KUMAR: CRISIL Assigns 'B' Rating to INR10MM Loan
TATA CERAMICS: CRISIL Revises Rating on INR5.0MM Loan from 'D'
TONZA PAPER: CRISIL Reaffirms B+ Rating on INR9.94MM Term Loan

TRIDENT SUGARS: CRISIL Continues to Put C Ratings on Watch Dev.
VAJRAKALPA COTTON: CRISIL Reaffirms B+ Rating on INR14MM Loan
VENUS ENTERPRISES: CRISIL Assigns 'B' Rating to INR10MM LT Loan


M A L A Y S I A

MALAYAN BANKING: Fitch Affirms BB+ Tier 1 Securities Rating


P H I L I P P I N E S

WORLD PARTNERS: Placed Under PDIC Receivership


S I N G A P O R E

EZION HOLDINGS: Posts US$2.6MM 2nd Qtr Loss; Debt Revamp Starts
MARCO POLO: Net Loss Widens to $304MM in 3rd Qtr Ended June 30
NAM CHEONG: Posts MYR2.02BB Net Loss in Second Qtr Ended June 30
SWISSCO HOLDINGS: Ernst & Young Appointed as Unit's Liquidators


T H A I L A N D

POLARIS CAPITAL: SEC Probes Following Surprise Receivership


X X X X X X X X

* Asian High-Yield Corps. Default Rate to Remain Low at End-2017


                            - - - - -


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A U S T R A L I A
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ALPHA59 PTY: Second Creditors' Meeting Set for Aug. 22
------------------------------------------------------
A second meeting of creditors in the proceedings of Alpha59 Pty
Ltd has been set for Aug. 22, 2017, at 11:00 a.m., at the offices
of PCI Partners Pty Ltd, Level 8, 179 Queen Street, in Melbourne.

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. 21, 2017, at 5:00 p.m.

Philip Newman and David Charles Quin of PCI Partners were
appointed as administrators of Alpha59 on July 21, 2017.


BRISCONNECTIONS: Trial on Arup Dispute with Receivers Set Oct.
-------------------------------------------------------------
Bridget Carter at The Australian reports that the prolonged legal
battle between the receivers of BrisConnections and Arup is once
again heating up, with a trial in the Federal Court set for mid-
October.

The trial will proceed if the two parties cannot reach a
settlement through mediation, which has recently been ordered by
the Federal Court, The Australian says.

According to the report, Arup is facing allegations over
inaccurate forecasts for traffic volumes for the Brisbane
AirportlinkM7 when it was constructed, and is being sued for as
much as AUD2 billion.

The project collapsed in receivership in 2013 and was sold to
Transurban for about AUD2 billion in 2015, the report recalls.

The Australian says the case is before Michael Lee in the Federal
Court, who has ordered mediation to occur between the pair in the
weeks before the trial.

It comes after Los Angeles-based engineering design firm AECOM
settled a major lawsuit over forecasts it made for Brisbane's
Clem7 tunnel, The Australian notes.

The report notes that AECOM was blamed for Rivercity's collapse
into receivership in 2011, with AUD1.3 billion worth of debts,
and its settlement involved a AUD280 million payment to
creditors.

The Australian relates that the toll road cost AUD2.2 billion to
build but was sold for only AUD618 million in 2013 after it
attracted only a fraction of the traffic engineers had forecast.

BrisConnections receiver is PPB and should it be successful in
its case, it would likely have major ramifications for Arup,
which employs 1.500 staff in Australia and generates AUD360
million in annual revenue, The Australian says.

                     About BrisConnections Group

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group, the owner and operator of the AirportlinkM7 toll road on
Feb. 19, 2013.  This follows the appointment of partners of
McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

Yahoo!7, citing a release to the ASX, reported that
BrisConnections went into administration citing low traffic
levels and debts worth more than the tunnel.

BrisConnections entered negotiations to restructure its debt, but
the board was told lenders were not prepared to support the
proposals, according to Yahoo!7.


DICK SMITH: Deloitte Faces Suit Over Financials Auditing
--------------------------------------------------------
Leon Spencer at ARN reports that Deloitte Touche Tohmatsu has
been drawn into the legal battle being waged between the
receivers of failed retailer, Dick Smith, and its former
directors.

ARN relates that Dick Smith Holdings' (DSH) receivers, Ferrier
Hodgson, in conjunction with National Australia Bank (NAB) and
HSBC -- two of Dick Smith's largest creditors -- mounted a legal
action in March against former directors and executives of the
collapsed electronics retailer in a damages claim worth millions.

ARN relates that broadly speaking, the legal action alleges that
Dick Smith's earnings in 2015 were inflated thanks to the use of
a "rebate maximising" strategy that compelled managers to make
stock purchasing decisions based on rebates instead of customer
demand.

ARN says the collapse of the retailer in early 2016, along with
the closure of its stores, followed close behind a AUD60 million
inventory write-down revealed in late 2015. The rebate-focused
inventory buying policy was one of the one of the main triggers
of the company's collapse, according to a subsequent creditors'
report.

According to ARN, the claim filed against the former directors,
including former Dick Smith CEO, Nick Abboud, and former CFO,
Michael Potts, allege that the company's directors and officers
breached their duties to Dick Smith Holdings - as a publicly-
listed company - through failures associated with a rebate-driven
buying policy.

"While under the control of its former directors and officers,
DSH adopted a policy for the DSE Group of seeking to obtain and
maximise certain types of rebates from suppliers," the receivers'
claim against the former directors stated, ARN relays.

"This policy led to the purchase of inventory on behalf of the
DSE Group being driven by the rebates available, rather than
being driven by current or likely future customer demand.

"A substantial part of the inventory purchased because of this
policy was unsaleable at all or for an appropriate margin within
an appropriate timeframe because there was no or inadequate
customer demand (Bad Stock)," the court documents allege.

Ultimately, the receivers allege that, despite the potential
problems arising from this so-called "Bad Stock", the company's
directors and officers failed to put in place and implement any
adequate procedures, practices or systems to monitor the purchase
and impairment of inventory by the Dick Smith Group, according to
ARN.

Now, thanks to fresh cross-claims filed by representatives for at
least two of the company's former executives, Abboud and Potts,
the firm charged with auditing the retailer's financials in 2014
and 2015, Deloitte Touche Tohmatsu, has also been drawn into the
line of fire.

ARN, citing a cross-claim filed with the NSW Supreme Court on
July 14, notes that if Abboud is found liable to the charges laid
against him by Dick Smith Holdings' receivers, the former CEO's
legal team will launch cross-claims against Deloitte for "damages
and/or contribution".

Until now, Deloitte's involvement in the case had remained
relatively peripheral, and the firm had escaped being officially
joined in the legal action. Now, with the latest cross-claims
from the former directors' camp, the firm could see itself pulled
front and centre in the ongoing legal battle, ARN says.

ARN says Abboud's cross-claim against Deloitte broadly alleges
that, during the period in question - specifically the 2014 and
2015 financial years - the firm, in its capacity as the auditor
of Dick Smith's financial reports, did not raise major issues
with the company's accounting treatment of supplier rebates or
its associated inventory controls.

"The representation is implied from Deloitte's description of the
FY15 Audit Rebate Procedures . . . and the fact that Deloitte,
having performed the FY15 Audit Rebate Procedures, did not
identify and report any material deficiency in the controls and
systems in place at DSH in respect of recording, calculating and
recognising rebates," the court documents, as cited by ARN,
stated.

Ultimately, if the allegations against Deloitte made by Abboud's
legal team can be established in court, it could open the door
for the consulting firm to come under fire for at least some of
the factors leading up to the electronics retailer's demise, ARN
states.

For its part, Deloitte remains confident of its position.

"Deloitte stands behind its audit and will continue to do so," a
spokesperson for Deloitte told ARN. "We won't comment further
while the matter is before the court."

                         About Dick Smith

Dick Smith Holdings Limited Ltd was a retailer of consumer
electronics products in Australia.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners James Stewart, Jim Sarantinos and
Ryan Eagle were appointed Receivers and Managers over DSH and
a number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

The TCR-AP, citing Otago Daily Times, reported on July 26, 2016,
that the creditors of Dick Smith have voted in favor of
liquidation.  According to the report, administrator McGrathNicol
will take over as liquidator of 10 companies within the Dick
Smith group following the vote by creditors at a meeting in
Sydney on July 25. ODT related that McGrathNicol will continue
to focus on the exact reasons for Dick Smith's collapse, and who
is to blame.


FRENCH VILLA: Second Creditors' Meeting Set for Aug. 23
-------------------------------------------------------
A second meeting of creditors in the proceedings of French Villa
Pty Ltd has been set for Aug. 23, 2017, at 3:30 p.m., at the
offices of Worrells Solvency and Forensic Accountants, Suite
601B, Level 6, 91 Phillip Street, in Parramatta, 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. 22, 2017, at 5:00 p.m.

Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of French Villa on July 19, 2017.


MANNAGUM ENTERPRISES: First Creditors' Meeting Set for Aug. 23
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Mannagum
Enterprises Pty Ltd will be held at the offices of Rodgers Reidy,
Level 3, 326 Williams Street, in Melbourne, Victoria, on Aug. 23,
2017, at 11:00 a.m.

Neil McLean of Rodgers Reidy was appointed as administrator of
Mannagum Enterprises on Aug. 14, 2017.


POSP HOLDINGS: Second Creditors' Meeting Set for Aug. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of POSP Holdings
Pty Ltd has been set for Aug. 22, 2017, at 12:00 p.m., at the
offices of PCI Partners Pty Ltd, Level 8, 179 Queen Street, in
Melbourne.

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. 21, 2017, at 5:00 p.m.

Philip Newman and David Charles Quin of PCI Partners were
appointed as administrators of Alpha59 on July 21, 2017.


TORBEY INVESTMENTS: Second Creditors' Meeting Set for Aug. 22
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Torbey
Investments Corporated Pty Ltd has been set for Aug. 22, 2017, at
11:00 a.m., at the offices of Veritas Advisory, Level 5, 123 Pitt
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. 21, 2017, at 4:00 p.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Torbey Investments on July 20,
2017.


WANDER MMO: First Creditors' Meeting Scheduled for Aug. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Wander MMO
Pty Ltd will be held at the offices of SM Solvency Accountants,
Level 8/490, Upper Edward Street, in Spring Hill, Queensland, on
Aug. 24, 2017, at 11:00 a.m.

Brendan J. Nixon and Leon Lee of Wander MMO were appointed as
administrators of Wander MMO on Aug. 11, 2017.



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


ASIA TELEVISION: Scheme Meeting Scheduled for September 12
----------------------------------------------------------
The High Court of Hong Kong entered an order dated July 21, 2017,
directing Asia Television Limited to convene a meeting of
unsecured creditors for the purposes of considering and, if
thought fit, approving a scheme of arrangement (the Scheme)
proposed to be made between the Company and the unsecured
creditors.

The Scheme meeting will be held at 25-37 Dai Shing Street, Tai Po
Industrial Estate, Tai Po, New Territories, Hong Kong, at 4:00
p.m. on Sept. 12, 2017.

The Court has appointed Mr. Yat Kit Jong or, failing him, Mr. Man
Chun So of PwC as Chairman of the Scheme Meeting and has directed
the Chairman to report the result of the Scheme Meeting to the
Court.

Asia Television Limited is one of the two free television
broadcasters in Hong Kong. It was established in 1957, the first
Chinese television station in the world.



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I N D I A
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ALFA TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR12.04MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
Alfa Transformers Limited (Alfa) to 'CRISIL B+/Stable/CRISIL A4'

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4.00     CRISIL A4 (Reaffirmed)

   Cash Credit            12.04     CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                 0.13     CRISIL A4 (Reaffirmed)

   Letter of Credit        5.25     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.08     CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of Alfa continue to
reflect the company's modest financial risk profile marked by
moderate networth and weak debt protection metrics. This rating
weakness is partially offset by an established track record, and
adequate technical competence, in the transformer industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest Financial Risk Profile: Alfa's financial risk profile is
modest marked by its moderate net worth and weak debt protection
metrics. The net worth remains moderate at around INR14.80 Crores
as on March 31, 2017 due to moderate initial paid-up capital and
moderate reserves; the latter is a result of small scale of
operations and modest profitability margins

* Exposure to risks inherent in tender-based business: ATL
operates in a tender-based business. It faces competition not
only from companies from other national-level, large players.
Beside this, it also faces competition from many local and small
unorganized players. As almost all the sales are tender based,
revenue is dependent on its ability to bid successfully for
tenders. Furthermore, the tender-based business model restricts
the pricing power and hence profitability. The business risk
profile may remain vulnerable to intense competition from other
players over the medium term coupled with its continued ability
to bid successfully for tenders

Strengths

* Established track record with adequate technical competence in
the transformer industry:-Alfa has been in the transformer
industry for more than 25 years. It manufactures distribution and
power transformers and provides a gamut of related services,
including consultancy and repair work. It has acquired
technologies to manufacture specialised transformers, such as
furnace, stabilised output, single-phase, and amorphous metal
alloy transformers.

Outlook: Stable

CRISIL believes Alfa will continue to benefit over the medium
term from its promoters' extensive industry experience and its
technical expertise. The outlook may be revised to 'Positive' in
case of sustainable increase in scale of operations and
profitability, along with improvement in debt protection metrics
and liquidity. Conversely, the outlook may be revised to
'Negative' in case of low revenue or profitability, or a
stretched working capital cycle, leading to deterioration in the
financial risk profile, particularly liquidity.

Set up by Mr. D K Das in 1982, Alfa manufactures small
distribution transformers and offers related technical assistance
and services, including repair work. Its manufacturing units are
in Bhubaneswar and Vadodara.

Net Loss was INR51 lakhs on revenue of INR26.62 crore in fiscal
2016, against net loss of INR110 lakhs on revenue of INR25.83
crore in fiscal 2015.


ALPHA EDUCATIONAL: CRISIL Assigns 'B' Rating to INR4MM Term Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Alpha Educational Society.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               3        CRISIL B/Stable
   Cash Term Loan            4        CRISIL B/Stable

The rating reflects modest scale of operations and vulnerability
to regulatory risks associated with educational institutions.
These weaknesses are partially offset by extensive experience of
the society's management in the education sector.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: The society's scale of operations
is modest as reflected in revenues of about INR.20 Cr for fiscal
2017, largely on account of lower occupancy levels in engineering
and arts & science colleges.

* Vulnerability to regulatory risks associated with educational
institutions: The various courses offered by Alpha have to comply
with specific operational and infrastructure norms set by
regulatory bodies and state authorities. Thus, the society needs
to regularly invest in its workforce and infrastructure.

Strengths

* Extensive experience of the society's management in the
education sector:  Established in the year 1967, the society is
reputed in Chennai for offering primary and secondary education
under state board and central board of secondary education
(CBSE). The society's management was able to diversify the
revenues, over the past few years, by adding courses under arts &
sciences and engineering.

Outlook: Stable

CRISIL believes that the society will continue to benefit from
the extensive experience of its promoters. The outlook may be
revised to 'Positive' in case of higher than expected growth in
revenues or significant improvement in operating profitability
leads to improvement in its financial risk profile.  Conversely,
the outlook may be revised to 'Negative' in case of an unexpected
debt-funded capex and/or any adverse changes in the regulations
thereby impacting its educational institutions.

Alpha was established in 1967 and is currently engaged in
operating two schools - Alpha CBSE School and Alpha Matriculation
Higher Secondary School, along with two colleges - Alpha College
of Engineering and Alpha Arts and Sciences. Both the schools are
located in prime areas of Chennai and are managed by key members
- Mrs Grace George and Mrs Suja George.

For fiscal 2016, the society had reported deficit of INR2.04
crore on income of INR19.81 crore, against surplus of INR0.88
crore on income of INR21.6 crore for fiscal 2015. On provisional
basis, the society had reported income of INR20.6 crore for
fiscal 2017.


ANJANEYA JEWELLERY: CRISIL Cuts Rating on INR20MM Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Anjaneya Jewellery to 'CRISIL B/Stable' from 'CRISIL BB-
/Stable.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               20       CRISIL B/Stable (Downgraded
                                      from 'CRISIL BB-/Stable')


The downgrade reflects stretched liquidity, reflected in high
bank limit utilisation and insufficient cash accrual against
large debt obligation. Financial risk profile also deteriorated
because of high gearing and below-average debt protection
metrics.

The rating reflects AJ's weak financial risk profile because of
high gearing and muted debt protection metrics, and exposure to
intense competition in the jewellery retail business. These
weaknesses are partially offset by the extensive experience of
its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile
Financial risk profile is weak because of high gearing and
average debt protection metrics.

* Exposure to intense competition
The firm faces intense competition from regional, and branded
players such as Joyalukkas India Ltd, Lalitha Jewellery Mart Pvt
Ltd, and Kalyan Jewellers, which have pan India presence and
enjoy better economies of scale.

Strength

* Extensive experience of promoters
The promoters have been in the gold retailing segment for over
two decades.

Outlook: Stable

CRISIL believes AJ will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if there is a substantial and sustained
improvement in profitability margins, or if capital structure
improves significantly on the back of sizeable capital infusion
from promoters. The outlook may be revised to 'Negative' if
profitability margins decline sharply, or capital structure
weakens further because of large, debt-funded capital expenditure
or stretch in working capital cycle.

Set up in 2005 as a partnership firm by MrVenkat Rao and family,
AJ retails plain and diamond-studded gold jewellery at its
showroom in Vijayawada, Andhra Pradesh.

In fiscal 2017, net profit was INR1.79crore on an operating
income of INR152.35crore, against a net loss of INR2.08crore on
an operating income of INR210.88crore in fiscal 2016.


ASHRO TEXTILES: CRISIL Lowers Rating on INR4.5MM Cash Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Ashro Textiles Private Limited (ATPL; part of Ashro group) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit              4.5       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Long Term Loan           2.5       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects instances of delays by ATPL in servicing
its scheduled debt obligations because of weak liquidity.

The Ashro group also has below-average financial risk profile, an
improving yet modest scale of operation and large working capital
requirements. However it benefits from the extensive experience
of its promoters in the ready-made garments (RMG) industry and
reputed clientele.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of ATPL and RA Fashions Pvt Ltd (RAFPL).
This is because these entities collectively referred to herein as
the Ashro group, have a common management and have significant
business and financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Recent delays in debt servicing due to weak liquidity: The
Ashro group has delayed in servicing its term debt obligations
recently. Also the cash credit limits have remained overdrawn for
over 30 days consecutively. The delays/irregularities are due to
weak liquidity owing to large fund requirements and stretch in
receivables from domestic customers.

* Below average financial risk profile: The group's financial
risk profile is below average marked by a modest networth and
average gearing due to large working capital requirements and
debt funded capex in the past. However, promoters have provided
funding support to the group in the form of unsecured loans.

* Modest scale of operations and working capital intensive
operations: The group's scale of operations, although increasing
are modest with an operating income of INR39 crores as on
March 31, 2017. The scale has improved from INR26 crore in fiscal
2014 to present level. The operations are also working capital
intensive driven by high inventory and debtors leading to gross
current assets of over 200 days.

Strengths

* Extensive Experience of its promoters in the ready-made
garments (RMG) industry-The group benefits from promoters'
extensive experience of more than 3 decades in the readymade
garments and fabric industry.

* Reputed clientele: The group deals with reputed companies in
India and in overseas markets. The group has been associated with
reputed brands in Europe and America such as Mango, Zara, K-Mart
etc. In FY17, the company has added Inditex's leading brand
'Bershke' in its scope which would help the company to ramp up
its operations in the current year.

The Ashro group was established by Mr. Ravinder Agarwal in 2011.
Currently the operations of the group are managed by Mr. Ravinder
Agarwal and his son Mr. Rohan Agarwal.

Incorporated in 2011, ATPL is promoted by Mr. Ravindra Agarwal
and his sons, Mr. Rohan Agarwal and Mr. Ashwin Agarwal. The
company manufactures readymade garments and fabrics for both the
export and domestic markets.. ATPL has a weaving unit in Wada
(Maharashtra) and a stitching unit in Bengaluru.

Incorporated in 2011 by Mr. Ravinder Agarwal, RAFPL manufactures
readymade garments such as women's tops and men's t shirts for
export and domestic markets.

The group reported an estimated profit after tax of INR0.28 crore
on total revenue of INR39.29 crore in fiscal 2017, as against
INR0.45 crore and INR32.89 crore, respectively, in fiscal 2016.


AUGUSTAN TEXTILE: CRISIL Cuts Rating on INR8MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Augustan Textile Colours Private Limited to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           1.34      CRISIL D (Downgraded
                                      from 'CRISIL A4')

   Cash Credit              6         CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Long Term Loan           8         CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Proposed Long Term       1.58      CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B-/Stable')

   Proposed Term Loan       5.00      CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The ratings downgrade reflects instances of delay in servicing
term debt; the delays were on account of weak liquidity from
modest scale of operations.

The ratings also reflect ATPL's small scale of operations,
limited revenue diversity and exposure to intense competition in
the textile industry. These weaknesses are partially offset by
the industry experience of promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to competition: With
stable revenue estimated around INR41.6 crore in fiscal 2017,
scale of operations remains small, restricting benefits from
economies of scale enjoyed by large entities.

* Limited revenue diversity: ATPL dyes and bleaches fabric and
yarn majorly for players in Tamil Nadu. Thus customer and
geographical concentration in revenue profile is high.

Strengths

* Extensive experience of the promoters: Long-standing presence
in the textile industry has helped maintain stable income over
the years.

Incorporated in 2005, Coimbatore-based ATPL undertakes printing,
bleaching, and dyeing of fabric and yarn.

The company reported loss of around INR5 crore on revenue of
INR42.5 crore for fiscal 2016 against profit after tax of INR2.1
crore on revenue of INR46.3 crore the previous fiscal.


AVANI BUILDCON: CRISIL Assigns 'B' Rating to INR5MM Term Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' rating to the long-term
bank facilities of Avani Buildcon (AB).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                5         CRISIL B/Stable

The rating reflects the firm's exposure to project implementation
risks primarily off-take and funding given the initial stage of
execution. The rating also factors in susceptibility to
cyclicality in the real estate sector. These weaknesses are
partially offset by the extensive experience of AB's partners in
the real estate industry.

Key Rating Drivers & Detailed Description

Weakness

* High project implementation risks: The project is in the
initial phase of execution with 40% of the total cost incurred.
Also with bookings yet to commence, off-take and funding risks
are high. About 28% of the project is to be funded by customer
payments, hence slower bookings or delay in inflow of advances
may impact the project implementation and liquidity.

* Susceptibility to cyclicality in the real estate sector: The
real estate sector in India is cyclical and marked by sharp
movements in prices and a highly fragmented market structure. The
overall uncertain economic climate and changing regulatory
environment exposes the firm to cyclicality in the sector.

Strengths

* Extensive experience of partners: The partners have been in the
real estate industry for over two decades and have completed
several projects in Nagpur, Maharashtra, leading to established
presence.

Outlook: Stable

CRISIL believes AB will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if cash flows are higher-than-expected due to sizeable
bookings and accelerated execution of projects. The outlook may
be revised to 'Negative' if cash flow is low because of subdued
response to project or if lower-than-envisaged flow of advances
weakens financial risk profile.

AB was established in April 2009 as a partnership firm by Mr
Sanjeev Sharma and Mr Milind Bhalerao. The firm is engaged in
real estate development and is currently undertaking 'Avani
Heights' to be constructed on Wardha Road, Nagpur.

In fiscal 2017, profit after tax was INR63 lakh on total sales of
INR3.27 crore, against a profit after tax of INR12 lakh on total
sales of INR4.55 crore in fiscal 2016.


C. S. INFRA: CRISIL Lowers Rating on INR125MM Bank Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
C. S. Infraconstruction Limited (CSIL) to 'CRISIL D/CRISIL D'
from 'CRISIL BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           125      CRISIL D (Downgraded from
                                     'CRISIL A3')

   Cash Credit               30      CRISIL D (Downgraded from
                                     'CRISIL BBB-/Stable')

   Term Loan                  5      CRISIL D (Downgraded from
                                     'CRISIL BBB-/Stable')

The downgrade reflects recent instances of delay in servicing
debt, caused by pressure on liquidity, due to a stretch in the
working capital cycle over the past three months. Bank limit
utilisation averaged 85% in the 12 months through May 2017.
Though the company had unencumbered cash balance of over INR40
crore as on March 31, 2017, delay in payment from customers,
weakened the cash flow situation, leading to delay in servicing
term debt, and over-utilisation of working capital limit.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in debt servicing: There were recent instances of delay
in servicing debt, owing to pressure on liquidity, caused by a
stretched working capital cycle.

* Geographical and customer concentration in revenue: The company
mainly executes road and highway projects in UP, thus leading to
geographic and segmental concentration.

* Exposure to risks from intense competition and tender-based
business: CSIL faces competition from both, companies based in
the northern and eastern parts of the country, and other pan-
India players. The tender-based business model further restricts
the pricing power and hence, profitability.

Strength
* Moderate scale of operations, though highly volatile: The
company operates on a moderate scale, as reflected in estimated
revenue of INR403 crore in fiscal 2017, though far lower than
INR495 crore reported in the previous fiscal,. Drop in revenue
could be attributed to risks related to customer and geographical
concentration.

Established in 2002 as a partnership firm, Chhatrashakti
Construction Company, by Mr. Uma Shankar Singh, the firm was
reconstituted as a private limited company and renamed CSIL in
2009. The company undertakes civil construction works in UP,
primarily construction of roads and bridges. Ms Pushpa Singh, Mr.
Ramesh Singh, Mr. Saumen Bose, Mr. Ghurahu Singh, Mr. Bhuneswar
Singh, Mr. Shyam Narayan Singh, Ms Pratima Singh, and Ms Priyanka
Jain are the directors.

For fiscal 2017, CSIL reported profit after tax (PAT) of INR32.26
crore on operating income of INR402.5 crore on a provisional
basis, against INR32.41 crore and INR495.1 crore, respectively,
in fiscal 2016.


DHARANI HI-TECH: CRISIL Lowers Rating on INR1MM Bank Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Dharani Hi-Tech Projects Private Limited (DHPPL) to 'CRISIL
D/CRISIL D' from 'CRISIL C/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            1        CRISIL D (Downgraded from
                                       'CRISIL C')
   Overdraft                 5        CRISIL D (Downgraded from
                                       'CRISIL C')

The rating downgrade reflects continuous overdrawl in the working
capital facilities for more than 30 days on account of stretched
receivables. The rating also reflects DHPPL's modest scale of
operations in the civil construction industry and its below-
average financial risk profile marked by a highly leveraged
capital structure. These rating weaknesses are partially offset
by the promoters' extensive experience in the civil construction
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a fragmented industry: DHPPL's
revenues were estimated around INR31 crores in fiscal 2017,
underpinning its small scale of operations in the industry marked
by presence of numerous small and large companies, constraining
its business risk profile.

* Below-average financial risk profile: Financial profile is
marked by small net worth and an aggressive capital structure
because of its small scale of operations leading to modest
accretion to reserves over the medium term.

Strengths

* Extensive experience of the promoter in civil construction
segment: DHPPL's promoters have been executing civil contracts
for more than 15 years and have established relationship with
various government bodies like highways department, Public Works
Department (PWD) and various municipalities leading to repeat
orders from these customers.

DHPPL, set up in 1995, was reconstituted as a private limited
company in 2010. It operates in the civil construction industry.
The company's day-to-day operations are managed by Mr. S Kamaraj
and Mr. Senthamil Selvan.

Profit after tax (PAT) was provisionally reported at INR1.05
crores on revenue of INR31.1 crores for fiscal 2016 against
INR1.18 crores on net sales of INR39.9 crores, respectively in
the previous fiscal.


DIANA HEIGHTS: CRISIL Reaffirms 'D' Rating on INR9MM Term Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Diana Heights (DH)
for obtaining information through letters and emails dated May
12, 2017 and July 12, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 9        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 Diana Heights. 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 Diana Heights 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'.

DH was established as Diana Tourist Home in Athani (Kerala) in
2010. The firm got its present name in 2012. It is promoted by
Kerala-based Mr. Jose G Mathew and family. The firm commenced
operations in April 2010 as a restaurant-bar in Athani and
started operating as a five star hotel since March 2015.


DOOTERIAH & KALEJ: CRISIL Assigns B- Rating to INR8.1MM LT Loan
---------------------------------------------------------------
CRISIL has assigned the 'CRISIL B-/Stable' rating to the long-
term bank facilities of Dooteriah & Kalej Valley Tea Estates Pvt
Ltd.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit             7.5        CRISIL B-/Stable
   Long Term Loan          8.1        CRISIL B-/Stable


The rating reflects the extensive experience of the promoters in
the matured tea industry. This rating strength is partially
offset by the small scale of operations, working capital intense
operations, muted profitability, susceptibility to weather
conditions, and the weak financial risk profile.


Key Rating Drivers & Detailed Description

Weakness

* Working capital intensity in operations
Operations are likely to remain working capital intensive in the
medium term. Gross current assets ranged between 100 and 325 days
over the three years ending March 31, 2017, mainly due to the
large inventory requirement, given the seasonal nature of the
product, and to cater to demand throughout the year. Payments
from customers are received over 30-90 days, also leading to a
stretch in the working capital cycle.

* Small scale of operations and limited growth prospects
Scale of operations remains small, as reflected in the annual
production capacity of 4.5 lakh kilograms (kg) of tea. Growth
prospects are constrained, as the domestic tea industry has
reached a mature phase, and is growing at a slower pace.

* Low profitability
Profitability is likely to remain low in the medium term, on
account of lower realisations from sale of tea, high labour cost,
which is mostly fixed, and change in weather conditions, limiting
the production.

* Susceptibility to weather conditions
As tea is a seasonal product, bad weather conditions and monsoons
directly impact the plantation yield and consequently, tea
production. With bulk of the costs being fixed, any change in
yield can have a substantial effect on profitability.

* Weak financial risk profile
Operating losses incurred in the past have led to an erosion in
networth estimated at negative INR 49.18 crores as on March 31,
2017. Gearing was negative at negative 1.58 times as on same
date, owing to the negative networth and large working capital
debt. Debt protection metrics may continue to be weak, due to low
profitability, volatility in operating margin, and tightly
matched cash accrual against the term debt.

Strengths

* Extensive experience of promoters
The company operates three tea estates in Darjeeling- Dooteriah
Tea Estate, Kalej Valley Tea Estates and Pashok Tea Estates,
which meet 80% of the annual raw material. The three decade-long
experience of the promoters and their established relationships
with key auctioneers and customers, have helped the company
sustain operations across various cycles.

Outlook: Stable

CRISIL believes DKVTE will continue to benefit from the extensive
experience of its promoters in the tea industry. The outlook may
be revised to 'Positive' if growth in revenue and profitability,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if a stretch in the working capital cycle
or drop in cash accrual, weakens the financial risk profile,
especially liquidity.


DKVTE, incorporated in January 1983 is engaged in manufacture,
supply and export of various kinds of tea, including green tea,
and black tea. The company has three tea estates, Dooteriah,
Kalej Valley and Pashok in Darjeeling.

Profit after tax is estimated at INR 0.32 crores against revenues
of INR 25.07 crores in fiscal 2017 against INR 0.72 crores and
INR 18.31 crores respectively in previous fiscal.


FRONTIER KNITTERS: CRISIL Cuts Rating on INR20MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Frontier Knitters Pvt Ltd (FKPL) to 'CRISIL D/CRISIL D' from
'CRISIL BB+/Stable/CRISIL A4+'.

                             Amount
   Facilities               (INR Mln)     Ratings
   ----------               ---------     -------
   Bank Guarantee               0.1       CRISIL D (Downgraded
                                          from 'CRISIL A4+')

   Export Packing Credit       20.0       CRISIL D (Downgraded
                                          from 'CRISIL A4+')

   Foreign Bill Discounting    16.0       CRISIL D (Downgraded
                                          from 'CRISIL A4+')

   Letter of Credit             1         CRISIL D (Downgraded
                                          from 'CRISIL A4+')

   Long Term Loan              27.5       CRISIL D (Downgraded
                                          from 'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility           1.2       CRISIL D (Downgraded
                                          from 'CRISIL A4+')

   Standby Line of Credit       3.7       CRISIL D (Downgraded
                                          from 'CRISIL A4+')

The downgrade reflects delays in servicing term debt because of
weak liquidity following stretch in receivables.

The company also has customer concentration in revenue profile.
However, FKPL benefits from its extensive experience of the
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Stretch in liquidity: FKPL's operations is working capital
intensive owing to delay in export receivables resulting in
stretched liquidity

* Customer concentration in revenue: Top three clients account
for more than 80% of turnover. Though revenue concentration is
expected to reduce with diversification, this will be gradual
constraining the business risk profile

Strengths

* Extensive experience of the promoters
The promoters have extensive experience in the textile industry.
Mr Mohammed Thajutheen has been in the business for more than 2
decades.

Established as a partnership firm in 1988 by Mr. Mohammed
Thajutheen in Tiruppur, Tamil Nadu, and reconstituted as a
private limited company in October 2010, FKPL manufactures and
exports a wide range of knitted garments.

Profit after tax (PAT) was INR3.1 crore on an operating income of
INR146.8 crore in fiscal 2016, against a PAT of INR3.1 crore on
an operating income of INR138.6 crore in fiscal 2015


HIMAVASINI MOTORS: CRISIL Cuts Rating on INR5MM Cash Loan to D
--------------------------------------------------------------
CRISIL has been consistently following up with Himavasini Motors
Private Limited (HMPL) for obtaining information through letters
and emails dated January 20, 2017, and February 10, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               5        CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B/Stable')

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

   Term Loan                1.84      CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HMPL. 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
HMPL 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 D' as the company has been
delaying on its term loan repayments.

HMPL was a founded in Krishnagiri (Tamil Nadu) in 2010. The
company is promoted by Mr. Suresh Kumar and his family members,
and runs a commercial vehicle showroom in the district. HMPL is
an authorised dealer for commercial vehicles of Tata Motors Ltd.


IENERGIZER LIMITED: Moody's Hikes CFR to B3; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has upgraded iEnergizer Limited's
corporate family and backed senior secured bank credit facility
ratings to B3 from Caa1.

The outlook on all ratings is stable.

RATINGS RATIONALE

"The ratings upgrade reflects the continued stable operating
performance and the increase in headroom available under the
company's bond covenants," says Saranga Ranasinghe, a Moody's
Assistant Vice President and Analyst.

For the financial year ending 31 March 2017 (FY17), iEnergizer
reported an EBITDA of $36 million, marginally better than $34
million for FY16. The improved performance was driven by higher
revenue from its real-time processing and back office services
businesses, as well as the company's continuing cost-savings
initiatives.

It has established a track record of stability in operations
since the reduction in revenue and earnings in FY15, due to the
exit of two high margin customers.

At the same time, given scheduled amortization of debt,
iEnergizer reduced its total debt outstanding to $61 million in
FY17 from $74 million in FY16.

As such, the company's leverage improved to 2.3x from 2.6x at
FY16. With the decrease in leverage, iEnergizer has been able to
increase the headroom available under its loan covenant threshold
of 2.85x.

"Moody's expects further improvements in iEnergizer's credit
metrics and an increase in covenant headroom, given quarterly
scheduled principal amortizations and expected stability in
revenues and earnings," adds Ranasinghe, who is also Moody's lead
analyst for iEnergizer.

Moody's expects the company to continue generating consistent
positive free cash flows as it does not make dividend payments
and has limited capital expenditure requirements. Available cash
flows are applied towards scheduled debt repayments of around
$3.4 million per quarter, and which iEnergizer has to make under
the terms of its loan agreement.

The upgrade in ratings also reflects the stability in the
company's senior management following several departures.

In February 2016, the company's board re-designated its founder
and former CEO, Mr. Anil Aggarwal, as CEO and executive director,
filling the position that had been vacant for 14 months. It also
appointed Mr. Richard Day as CFO after the position was vacant
for 7 months. The CEO and CFO office positions continue to be
held by Mr. Aggarwal and Mr. Day respectively. In Moody's views,
this stability in senior management will support the company's
revenue and earnings growth and drive its improving trajectory.

Following rating action, Moody's does not anticipate another
rating action over the next 12-18 months.

However, over the longer term, the ratings could be upgraded if
the company further improves its operating performance by
securing new contracts, such that EBITDA rises to over $45
million on a sustained basis and continues to generate positive
free cash flow. At the same time, any ratings upgrade will also
be contingent on the successful refinancing of the remainder of
the term loan prior to maturity.

The ratings could be downgraded if the company (1) loses any
existing contracts and/or is unable to replace such contracts;
(2) experiences a weakening operating performance, such that the
last 12 months EBITDA falls below $28-30 million; (3) there is a
reduction in headroom available under its covenants; and/or (4)
refinancing is not addressed 12 months prior to loan maturity.

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

iEnergizer Limited is an international Business Process
Outsourcing (BPO) company, incorporated in Guernsey, and listed
on the Alternative Investment Market (AIM) of the London Stock
Exchange on September 14, 2010.

iEnergizer is primarily engaged in call center operations, BPO
services, content delivery services and back-office services
(legacy operations). Following the acquisition of Aptara Inc. in
2012, for $150 million, iEnergizer expanded its business services
to the provision of content process outsourcing solutions,
delivering a comprehensive offering for the transformation and
management of content, such as text, audio, video and graphic
files.

iEnergizer reported revenues totaling $146 million in the
financial year ending March 31, 2017.


MALABAR ASSOCIATES: CRISIL Assigns 'B' Rating to INR8MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Malabar Associates (MA). The ratings
reflect the firm's below-average financial risk profile, modest
scale of operations in the highly fragmented construction
industry and limited scalability of operations. These rating
weaknesses are partially offset by the long-standing industry
experience of its proprietor family.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            5        CRISIL A4
   Cash Credit               8        CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:
MA's financial risk profile is below-average, marked by a modest
net worth of INR4.96 crores as at March 31, 2017. Besides, MA's
debt protection metrics are currently average with interest
coverage and net cash accruals to total debt ratios estimated to
be at 1.96 times and 0.20 times, respectively, as at March 31,
2017. MA's financial risk profile shall continue to remain below-
average in the medium term.

* Modest scale of operations in a highly fragmented industry:
MA's scale of operations is modest, as reflected in its estimated
revenues of INR12.33 crore in fiscal 2017. This is mainly due to
tender-based nature of operations, which apart from limiting the
scale of the firm also leads to volatility in its operating
margin, as the same may vary across contracts. Besides, the civil
construction industry is characterised by low entry barriers
leading to high fragmentation and intense pricing pressures.
CRISIL believes that the modest scale of operations and high
fragmentation in the industry will continue to make MA vulnerable
to significant business risk.

* Limited scalability of operations:
The firm undertakes all of its projects in Kerala, narrowing its
operations to a limited geography. Also, it has presence only in
the roads and bridges, with no revenue diversity by way of
presence in other segments such as power, irrigation, etc. Any
events such as slowdown in the infrastructure spending in Kerala
or operational delays may affect the flow of orders for the firm
and thus impact its revenue growth. Further, the firm faces a
high degree of customer concentration as it undertakes contracts
for Public Works Department (PWD) and Kerala State Road Transport
Corporation (KSRTC) only. MA's operations shall continue to be
constrained by its presence in a limited geography, lack of
revenue diversity and high customer concentration.

Strengths

* Proprietor family's long-standing experience in the civil
construction industry: The operations of MA are managed by Mr.
Ahamed Kutty and his family members. The proprietor is an alumnus
of National Institute of Technology, Calicut. The family's
collective industry experience has enabled MA to bag projects
frequently from PWD. MA currently has a healthy order book of
around INR30 crores, to be executed over the next 15 to 18
months. The healthy order book provides the firm with clear
revenue visibility for the immediate future. CRISIL believes that
MA will continue to benefit over the medium term from its
proprietor family's extensive industry experience and its strong
revenue visibility.

* High operating margins: MA's operating margin has remained in
the range of 12 to 13 percent over the two years ended March 31,
2017, since all its work is undertaken for PWD and KSRTC, which
offer better profitability as compared to private parties. The
high margin is also supported by the fact that most of the work
is undertaken by the firm itself, without any sub-contracting,
and that the firm has its own machinery to execute the work. MA's
operating margin is expected to remain at similar levels in the
medium term.

Outlook: Stable

CRISIL believes that MA will continue to benefit over the medium
term from the industry experience of its promoters in the civil
construction industry. The outlook may be revised to 'Positive'
if MA scales up its operations significantly and improves its
working capital management resulting in improvement in the firm's
liquidity. Conversely, the outlook may be revised to 'Negative'
if there is a decline in MA's revenues and margins owing to delay
in execution of various projects and or its working capital
management deteriorates resulting in stretch in its liquidity or
if the firm undertakes a large debt funded capex leading to
weakening in its financial risk profile.

Incorporated in 1998 and based out of Manjeri, Kerala, MA is
engaged in execution of civil contracts, primarily roads and
bridges for PWD and buildings for KSRTC in Kerala. The firm was
founded and is managed by Mr. Ahamed Kutty and his family
members.

MA is estimated to report Profit after Tax (PAT) of INR0.80
crores on net sales of INR12.33 crores in fiscal 2017 as against
reported PAT of INR0.93 crores on net sales of INR13.81 crores in
fiscal 2016.


METENERE LTD: CRISIL Cuts Rating on INR214.6MM Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Metenere Ltd to 'CRISIL D/CRISIL D' from 'CRISIL
BBB+/Stable/CRISIL A2'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Buyer's Credit a          35      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Buyer's Credit b         127.5    CRISIL D (Downgraded from
                                     'CRISIL A2')

   Buyer's Credit b          10.0    CRISIL D (Downgraded from
                                     'CRISIL A2')

   Buyer's Credit c          53.0    CRISIL D (Downgraded from
                                     'CRISIL A2')

   Cash Credit d1            89.50   CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit               49      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit f             50      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit f            130      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit f             95      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit g             30      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit h            190      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit i1           117      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit j1           117      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit k             70      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit l             50      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit l             35      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit               47      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Cash Credit                5      CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

   Letter of Creditm1        75      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Letter of Creditm         65      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Letter of Creditm         40      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Letter of Creditm         15      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Letter of Credit          20      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Packing Credit in
   Foreign Currency          72      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Post Shipment Credit      26      CRISIL D (Downgraded from
                                     'CRISIL A2')

   Proposed Long Term       122.9    CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BBB+/Stable')

   Proposed Short Term       84.5    CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A2')

   Term Loan                214.6    CRISIL D (Downgraded from
                                     'CRISIL BBB+/Stable')

The ratings downgrade reflect instances of delay in servicing
term debt and continuous over-utilisation of the working capital
limit for more than 30 days due to liquidity constraints.

Key Rating Drivers & Detailed Description

* Delay in servicing term debt, as confirmed by the company and
the bankers.

Metenere was set up by Mr. Raman Gupta and his family in 1997.
The company began operations in lead recycling, and subsequently
diversified into manufacturing tin products. In fiscals 2009 and
2010, a new capacity to manufacture aluminium was set up.

Shrey Industries Pvt Ltd (SIPL), part of the Gupta group, was
merged with Metenere, effective from April 1, 2012. SIPL
manufactured aluminium billets/extrusions, rods, and alloys from
aluminium scrap.

Profit after tax and turnover was INR72.03 crore and INR3130
crore, respectively, in fiscal 2016, vis-a-vis INR65.95 crore and
INR2,880 crore, respectively, in fiscal 2015.


MOHTA PLYWOOD: CRISIL Assigns 'C' Rating to INR.5MM Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL C/CRISIL A4' ratings on the bank
facilities of Mohta Plywood Industries Private Limited (MPIPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit            6        CRISIL A4
   Letter of Credit          4        CRISIL A4
   Bill Discounting         13        CRISIL A4
   Cash Credit               0.5       CRISIL C

The rating reflects weak financial risk profile and intensive
working capital operations. However these weakness are partially
offset by extensive experience of promoters in the ready-made
garment manufacturing industry.


Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Modest networth and moderate
gearing (Rs 7.55 crore and 2.71 times) represent weak financial
risk profile. Debt protection metrics is weak marked by interest
coverage ratio of around 1.08 times for fiscal 2016.

* Intensive working capital operations: Working capital-intensive
operations on account of delay in receipt of payment from
customers (226 days as on March 31, 2016) have resulted in high
reliance on external debt and stretched liquidity leading to full
utilization of bank limits. Gross current assets were at 242 days
as on March 31, 2016.

Strengths

* Extensive experience of promoters: Business risk profile is
strengthened by extensive industry experience of promoters in the
ready-made garment manufacturing industry.

Incorporated in 1981 and promoted by Mr. Pawandeep Sachdeva and
family, MPIPL is engaged in manufacturing and exports of the
ready-made garments. Company is also engaged in manufacturing and
trading of plywood.

Company reported net loss of INR0.03 crore on operating income of
INR70.67 crore in fiscal 2016 against PAT of INR0.01 crore on
operating income of INR73.69 crore in fiscal 2015.


MUTHOOT AUTOMOTIVE: CRISIL Reaffirms B+ Rating on INR9MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Muthoot Automotive India Private Limited (MAPL) at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding
   Facility                  9      CRISIL B+/Stable (Reaffirmed)
   Standby Line of Credit    1      CRISIL B+/Stable (Reaffirmed)


The rating continues to reflect MAPL's modest scale of operation
in the automotive dealership business, exposure to geographic
concentration risk, and its below-average financial risk profile
marked by weak capital structure. These rating weaknesses are
partially mitigated by the promoters' extensive experience in
automotive dealership business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and geographic concentration in
revenues: MAPL has a modest scale of operations as indicated by
estimated revenue of INR98.6 crores in fiscal 2017 and the entire
sale is from Kerala market leading to geographical concentration
risk in revenue profile. Revenues are expected to gradually
improve over the medium term, however, within the geography.

* Below-average financial risk profile: Financial risk profile
was below-average marked by modest net worth and high gearing
levels. Gearing is expected to improve over the medium term with
stable accretion to reserves. Debt protection metrics are weak
with net cash accruals to total debt and interest coverage
estimated around 0.08 time and 2.1 times, respectively for fiscal
2017.

Strengths

* Extensive experience of promoters in the industry: MAPL
benefits from the extensive experience of the promoters in the
automotive industry and their established relations with the
principal. The promoter group has extensive entrepreneurial
experience and have business interest in various industries
including non-banking financial business, power generation,
automobile dealership, real estate, and infrastructure
development among others.

Outlook: Stable

CRISIL believes MAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if substantial increase in
revenue and cash accrual, leads to significant improvement in
financial risk profile. Conversely, the outlook may be revised to
'Negative' if cash accrual is below expectation, or if large
debt-funded capital expenditure, results in further weakening of
financial risk profile.

MAPL, incorporated in 2010, deals in Honda Cars (India) Limited's
passenger cars. Operations are managed by Ms Remy Thomas Muthoot.
The company is a part of the Muthoot Pappachan group, which has
interests in diverse fields such as non-banking financial
services, power generation, automobile dealership, and real
estate and infrastructure development.

Profit after tax (PAT) was estimated at INR0.66 crore on
estimated revenue of INR98.6 crore for fiscal 2017 against loss
of INR0.43 crore on net sales of INR103.6 crore in the previous
fiscal.


RAJEEV K: CRISIL Assigns 'B' Rating to INR4MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Rajeev K (RK).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        4        CRISIL B/Stable

   Bank Guarantee            2        CRISIL A4

   Cash Credit               4        CRISIL B/Stable

The rating reflects below average financial risk profile and
modest scale of operations and susceptibility to intense
competition from large players. These rating weakness have been
partially offset by experience of promoters in the civil
construction industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile
The firm has below average financial risk profile marked by
moderate gearing of 1.5 times and modest net worth of INR2 crs as
on March 31, 2017. RK has moderate debt protection metrics with
net cash accrual to Total debt (NCATD) and interest coverage
ratios of over 0.18 and 2.16 times, respectively, for 2016-17.
CRISIL believes the financial risk profile may remain below
average over the medium term constrained by modest net worth.

* Modest scale of operations and susceptibility to intense
competition from large players.
RK is exposed to intense competition in the civil construction
industry which is highly fragmented with the presence of large
organized players and several unorganized players. The same is
reflected by the modest turnover of INR6.5 cr. as on March 31,
2017. CRISIL believes that the small size will limit its ability
to undertake projects of significant size, limit its bargaining
power with its customers and the firm's revenue profile will
remain more susceptible to down turns as compared to the larger
players in the industry.

Strengths

* Experience of promoters in the civil construction industry
RK benefits from the extensive experience of its promoter in the
civil construction industry. The firm is promoted by Mr. Rajeev
who has been associated with the civil construction industry for
the past 2 decades. CRISIL believes that the business risk
profile of RK will continue to benefit from the extensive
experience of its promoters in the civil construction industry.

Outlook: Stable

CRISIL believes that RK will benefit over the medium term from
the experience of its promoters in civil construction industry.
The outlook may be revised to 'Positive', if RK increases its
scale of operations and operating profitability significantly
over the medium term in a sustainable fashion there by leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if the company undertakes
any significant debt-funded capital expenditure or if its
revenues and operating profitability decline or if its working
capital cycle elongates or there are significant capital with
drawls leading to deterioration in its financial profile.

Set up in 2007, RK is a proprietorship firm involved in civil
construction works like construction of roads, bridges and
construction and maintenance for irrigation facilities in
Kerala. The firm is being managed by Mr. Rajeev.

For fiscal 2017, profit after tax (PAT) was INR0.43 crore on net
sales of INR6.24 crore. Profit after tax (PAT) was INR0.3 crore
on net sales of INR3.5 crore for fiscal 2016.


REVIVE CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR65MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Revive Construction Company India Private Limited (RCIPL) at
'CRISIL B+/Stable/CRISIL A4'.  CRISIL had upgraded its rating on
bank facilities to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL B-
/Stable/CRISIL A4' on March 8, 2017. The upgrade reflected
improvement in scale of operations and working capital management
leading to higher cash accrual; and revenue visibility supported
by a strong order book.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           35      CRISIL A4 (Reaffirmed)
   Overdraft                65      CRISIL B+/Stable (Reaffirmed)

The ratings reflect RCIPL's modest scale of operations in the
civil construction industry, large working capital requirements,
and average financial risk profile. These weaknesses are
partially offset by extensive experience of promoters in the
civil construction business and their funding support.

Analytical Approach

Unsecured loans of INR 10 crs from promoters have been treated as
neither debt nor equity as they are expected to remain in
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness
* Modest scale of operations in an intensely competitive
industry: The company has booked modest scale of operation of
around INR 81 crs in 2016-17 (refers to financial year, April 1
to March 31). The modest scale of operations restricts the
company's ability to bid for large projects. Given the low entry
barriers in the civil construction segment and the tender based
nature of RCIPL's operations, the company faces intense
competition from other players. Furthermore, the company's
revenues are entirely tender based and thus are highly
susceptible to the quantum of tenders floated by the customer and
the ability to successfully bid for the same.

* Working capital intensive operations: The company's operations
are highly working capital intensive reflected in its high gross
current assets (GCA) at around 220 days as on March 31, 2017,
primarily on account of high debtors. However, this is partly
assuaged by high credit period from suppliers.

* Average financial risk profile: The company has average
financial risk profile as reflected in its high gearing and
average debt protection metrics. The company has a high gearing
ratio of around 2.48 as on 31.03.2017 on account of high
utilization of bank limits. RCIPL has average debt protection
metrics marked by net cash accruals to total debt of 0.15 time
and interest coverage ratio of 2.60 times estimated as on
31.03.2017.

Strengths
* Extensive experience of promoters: Extensive experience in the
civil construction segment has enabled the promoters to
successfully execute orders and established strong relationship
with suppliers.

* Funding from promoters: Liquidity is supported by need-based
fund infusion by promoters in the form of unsecured loans.

Outlook: Stable

CRISIL believes RCIPL will benefit over the medium term from the
extensive experience of its promoters in the civil construction
industry. The outlook may be revised to 'Positive' if increase in
cash accrual, fall in working capital requirement, or any equity
infusion strengthens financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile deteriorates
owing to lower revenue and profitability, or stretch in working
capital requirement.

Set up in 2009, by Mr. Abdul Rahuman Nasarudeen and his family,
RCIPL undertakes civil construction works, related to laying and
repair of roads. It is head quartered in Thiruvananthapuram,
Kerala.

Profit after tax was around INR 1.9 crs on estimated operating
income of INR 81.2 crs in fiscal 2017, against profit after tax
of INR 0.9 crs on operating income of INR 39.1 crs in fiscal
2016.


S.S MEDICAL: CRISIL Assigns 'C' Rating to INR6MM Cash Credit
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of S.S Medical Systems (India) Private Limited
(SSMSPL), and has assigned its 'CRISIL C/CRISIL A4' rating to the
facility. CRISIL had, on August 24, 2016, suspended the ratings
as SSMSPL had not provided the necessary information for a rating
review. The company has now shared the requisite information,
enabling CRISIL to assign a rating.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            2        CRISIL A4 (Assigned;
                                      Suspension Revoked)

   Cash Credit               6        CRISIL C (Assigned;
                                      Suspension Revoked)

The ratings reflect the company's stretched liquidity because of
working capital-intensive operations resulting in near full
utilisation of working capital limits. The ratings also reflect
its small scale of operations in the highly competitive medical
equipment industry, and weak financial risk profile because of
high gearing and muted debt protection metrics. These weaknesses
are partially offset by the extensive industry experience of its
promoter.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations, and large working capital
requirement: With operating income of INR7.5 crore in fiscal
2016, the company's scale remains small due to presence of many
unorganised players in the industry. Furthermore, operations are
working capital intensive, reflected in gross current assets of
745 days as on March 31, 2016, driven by large receivables and
inventory.

* Weak financial risk profile: Debt protection metrics are
subdued, with interest coverage ratio at 1.3 times and net cash
accrual to total debt ratio at 0.04 time for fiscal 2016. Gearing
was high, at 3.3 time as on March 31, 2016, on account of large
debt.

Strengths

* Promoter's industry experience and established customer base:
Mr Monish Bhandari has experience of 15 years in the medical
equipment industry, and has developed technical expertise and
established strong relationships with customers.

Established in 1975, SSMSPL manufactures and assembles medical
equipment used in hospitals, pathologies, laboratories, at its
unit at Bhimtal in Nainital.

Net profit was INR0.04 crore on net sales of INR6.97 crore in
fiscal 2016, against a net profit of INR0.08 crore on net sales
of INR8.45 crore in fiscal 2015.


SATPAL STRIPS: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Satpal Strips Pvt Ltd (SSPL; part of the Satpal group) at
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     3.5       CRISIL B+/Stable (Reaffirmed)

Revenue, through modest, increased 33% in fiscal 2017 on account
of correction in steel prices and increase in quantity sold.
However, operating margin declined due to discounts offered to
boost sales, and is expected to remain in the 3-3.5% range over
the medium term. Business risk profile will remain constrained by
small scale of operations and revenue concentration in Punjab,
Delhi, and Haryana.

Net cash accrual is sufficient against nil debt repayment, and
minimal capital expenditure (capex) and incremental working
capital requirements. Hence, dependence on bank borrowing is
limited. Liquidity is also supported by need-based funding from
promoters. Nevertheless, bank limit utilisation was around 88%
for the 12 months ended May 2017 due to large working capital
requirement.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SSPL and Satpal Metals Pvt Ltd (SMPL).
This is because both the companies, together referred to as the
Satpal group, are under a common management and have significant
business and financial linkages. Also, SMPL sells products
manufactured by SSPL while the entire raw material requirement of
SMPL is met by SSPL.

Key Rating Drivers & Detailed Description

Strengths

* Below-average financial risk profile: Gearing is moderate, debt
protection metrics subdued, and networth small. With low
profitability and large working capital requirement, financial
risk profile is expected to remain below average over the medium
term.

* Small player in fragmented industry: With turnover of around
INR90.59 crore in fiscal 2017 and installed capacity of 45,000
tonne per annum (tpa) of cold-rolled (CR) coils/strips and 27,000
tpa of electric resistance welding (ERW) pipes, the group remains
a modest player in a competitive industry. Revenue is expected to
witness moderate growth of 10-15% over the medium term. Despite
healthy ramp-up in operations of the pipe and tube manufacturing
unit within six months, modest scale will continue to limit
ability to bargain with suppliers and customers, leading to
limited pricing flexibility.

* Susceptibility of operating margin to volatility in steel
prices: Since steel prices are highly volatile, margin remains
susceptible to any sharp movement in steel rates. This is
compounded by large inventory of 30 days. The group does not have
any long-term contract with suppliers for quantities and prices,
thereby further constraining profitability.

Strengths

* Extensive experience of promoters and established customer
base: Presence of more than 20 years in the steel industry has
enabled the promoters to establish strong relationship with
suppliers, distributors, and traders. The group manufactures a
large variety of products under ERW pipes with sizes in the 41-88
millimetre range for the outer diameter.

Outlook: Stable

CRISIL believes the Satpal group will continue to benefit over
the medium term from the extensive experience of its promoters
and established client relationship. The outlook may be revised
to 'Positive' in case of ramp up in revenue and profitability and
improvement in financial risk profile, particularly liquidity,
through higher cash accrual. The outlook may be revised to
'Negative' if liquidity weakens significantly because of low cash
accrual or stretch in working capital cycle, or if any large,
debt-funded capex affects capital structure.

Incorporated in 2007 and promoted by Mr Amit Jain and Mr Atul
Jain, SSPL manufactures cold-rolled coils, strips, and sheets. In
fiscal 2011, promoters forward-integrated into manufacturing ERW
pipes under SMPL. Facility is in Gobindgarh, Punjab.

Profit after tax (PAT), on a standalone basis, is estimated at
INR5 lakh on revenue of INR85.24 crore for fiscal 2017; PAT was
INR1 lakh on revenue of INR64.56 crore for fiscal 2016.


SIDDHI SALES: CRISIL Assigns B+ Rating to INR9MM Packing Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Siddhi Sales Corporation (SSC) and has assigned its
'CRISIL B+/Stable' rating to the bank facilities of SSC. CRISIL
had suspended the rating on June 29, 2016, as the firm had not
provided the necessary information required for a rating review.
SSC has now shared the requisite information enabling CRISIL to
assign the rating.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Packing Credit            9        CRISIL B+/Stable (Assigned;
                                      Suspension Revoked)

   Proposed Long Term        1        CRISIL B+/Stable (Assigned;
   Bank Loan Facility                 Suspension Revoked)

The rating reflects SSC's below average financial risk profile
marked by modest networth and low operating profitability. These
weaknesses are partially offset by the benefits the firm derives
from the extensive industry experience of partners.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Modest networth and high
total outstanding liabilities to adjusted networth ratio (Rs 4
crore and 5.5 times respectively as on March 31, 2017) represent
below average financial risk profile. Debt protection metrics is
subdued with interest coverage ratio estimated at 1.2 times
fiscal 2017.

* Low operating profitability: Firm's operating profitability was
low at 1.78% in fiscal 2017 against 2.06 % in fiscal 2016 on
account of low value addition due to trading nature of business.

Strengths

* Extensive experience of Partners: The partners' extensive
experience of more than three decades in the industry has helped
SSC develop strong relations with its customers and suppliers.

Outlook: Stable

CRISIL believes SSC will benefit from extensive industry
experience of promoters in trading industry. The outlook may be
revised to positive in case of higher than expected increase in
scale of operations or profitability leading to higher than
expected cash accruals and or improvement in capital structure on
account of capital infusion. The outlook may be revised to
negative in case of lower than expected profitability or stretch
in working capital cycle leading to deterioration in liquidity
and capital withdrawal from promoters leading to deterioration in
financial risk profile.

SSC was established in 1985 as partnership firm by Mr. Rintu
Pandya and his father. SSC is engaged in exports of cotton yarn.

Firm reported profit after tax (PAT) of INR0.23 crore on net
sales of INR108.37 crore for fiscal 2017 against PAT of 0.46
crore on net sales of INR102.98 crore in fiscal 2016.


SMT MACHINES: CRISIL Reaffirms 'D' Rating on INR9MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of SMT Machines India Ltd (SMT) at 'CRISIL D'. The rating
continues to reflect instances of delay in servicing term debt
due to weak liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               9        CRISIL D (Reaffirmed)
   Term Loan                 0.2      CRISIL D (Reaffirmed)
   Working Capital
   Demand Loan               0.7      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan                 4        CRISIL D (Reaffirmed)

The financial risk profile is weak because of subdued debt
protection metrics and a modest networth. However, the company
benefits from the extensive experience of its promoters in the
industry and geographically diverse revenue profile.


Key Rating Drivers & Detailed Description

Weakness

* Instances of delay in debt repayment servicing and overdrawals
in cash credit facility: The liquidity profile of the company is
stretched with GCA days of 371 days in fiscal 2017 driven by
inventory pile-up (246 days) and delays in realising receivables
(74 days), leading to high dependency on bank borrowing. Ability
to service debt on time will depend to timely realisation of
receivables, extent of inventory holding, and funding support
from the promoters.

* Weak financial risk profile: The networth was modest at INR8.61
crore as on March 31, 2017, and debt protection metrics weak,
with interest coverage ratio of 1.1 time in fiscal 2017.

* Small scale of operations: With an operating income of INR15.75
crore in fiscal 2017, the scale remains small in a competitive
industry.

Strength

* Extensive industry experience of the promoters: The promoters
have been in the industry for around three decades.


Incorporated in 1992 and promoted by Mr. Surinder Kumar Mittal
and his family, SMT (formerly, Aman Multilateral Pvt Ltd; name
changed in the late 1990s) designs and manufactures equipment for
steel rolling mill plants.

SMT on provisional basis reported net profit of INR0.21 crore on
operating income of INR15.75 crores in fiscal 2017 against the
net profit of INR.4.01 crore on operating income of INR22.52
crore in fiscal 2016.


SREE RAJYALAKSHMI: CRISIL Assigns 'B' Rating to INR7.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sree Rajyalakshmi R & B Rice Mill (SRERBM).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               7.5      CRISIL B/Stable

The rating reflects the firm's exposure to intense competition
and to volatility in raw material prices, and dependence on
monsoon. These weaknesses are partially offset by the extensive
experience of its promoters and moderate working capital
requirement.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile:
The firm's financial risk profile is below average due to low net
worth of INR.5 cr as on March 31,2017 with low gearing of 1.5
times as on March 31, 2017 .Debt protection as also sub-due
metrics with interest coverage and NCATD of 1.5 and 0.07 ratio.
CRISIL believes that the financial risk profile of the firm is
expected to remain below average going ahead as well.

* Working-capital-intensive operations:
The SRERBM firm has high working capital requirements it has GCA
of 66 days in FY 17 due to high inventory days of 70 as on March
31, 2017. The debtor of the firm gets credit period of around 7
days as on March 31,2017. Rice industry is highly intensive
working capital intensive in nature as operations involve high
inventory storage.

Strengths

* Extensive experience of promoters: Presence of more than 12
years of experience in the business of trading in rice, has
enabled the promoters to establish strong relationship with
customers and suppliers and understand market dynamics. CRISIL
believes that the proprietor's extensive experience will help the
firm sustain its business risk profile over the medium term.

Outlook: Stable

CRISIL believes SRERBM will benefit over the medium term from the
extensive experience of its promoters and stable demand for rice.
The outlook may be revised to 'Positive' if substantial ramp up
in operations, improvement in profitability, and higher cash
accrual lead to a better financial risk profile, especially
liquidity. The outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital cycle, or any large, debt-
funded capital expenditure weakens financial risk profile,
particularly liquidity.

Set up 2002 as a partnership firm by Mr. K.Ravi, Mr. K.
Ramanamma, Mr. K. Rajeshwari, and Mr.B. Santhi , Mr. B.Vasantha
SRERBM  in processes steamed and raw rice at its facility in
nellore, Andhra pradesh. The promoters have been in the rice
milling business since 2002.

For fiscal 2017, Estimated profit after tax (PAT) was INR0.5
crore on net sales of INR61 crore, against a PAT of INR0.4 crore
on net sales of INR43 crore for fiscal 2016.


SHREE SAIBABA: CRISIL Reaffirms 'D' Rating on INR8.8MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Shree Saibaba Jeevandhara Hospital India Private Limited to
'CRISIL D' from 'CRISIL D' Issuer Not Cooperating. CRISIL had, on
May 30, 2017, reaffirmed the rating to CRISIL D and assigned
'issuer not co-operating' as Shree Saibaba Hospital had not
provided the requisite information. The firm has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                8.8       CRISIL D (Removed from
                                      Issuer Not Cooperating;
                                      Rating Reaffirmed)

The rating reflects instances of delay by the company in
servicing its term debt. The delays have been caused by the
company's weak liquidity, on account of low occupancy rate in the
hospital resulting in low revenues.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in repayment of term debt obligations: Shree Saibaba
Hospital has repayment obligations of around INR.0.1 crore every
month, which have been serviced with a delay. The delays have
been caused because of stretch in the company's liquidity, which,
in turn, is caused by low occupancy rate in the hospital.

* Below-average financial risk profile: Shree Saibaba hospital
funded its hospital project in a debt-to-equity ratio of 2:1. It
had high gearing of around 5 times as on March 31, 2017, due to
aggressive project funding and delayed start of the commercial
operations. Despite start of term debt repayments, gearing is
expected to remain high on account of low expected cash accruals
and the company's plans to contract additional term debt for
hospital equipment. Furthermore, due to the start-up nature of
operations, the company's profitability is expected to remain low
in the initial years. Low profitability, along with high debt
levels, will lead to weak debt protection measures.
CRISIL believes that Shree Saibaba hospital's financial risk
profile will remain below average over the near to medium term on
account of high existing debt levels and low profitability in the
initial years of operations.

Strength

* Extensive experience of promoters in healthcare industry: The
promoters of the company have extensive experience not only in
medical profession but also in other business ventures. The
Haldiwal family is already running a 40-bed hospital in Barwani
since 1998. The operations and management of the hospital will be
done under the guidance of Dr. Jagdish Chandra Yadav. Dr. Yadav
has an MBBS and a diploma in medical radio diagnosis along with
vast experience in the medical field. He had served as a medical
officer at the Government Hospital, Barwani, for around 10 years
and after that he started his own practice in 1992. Since 1992,
he has been running a small hospital along with the clinic in
Barwani. Furthermore, Barwani does not have any hospital as big
as the proposed hospital.

SSBJDHIPL was set up in 2012-13 (refers to financial year, April
1 to March 31) by Mr. Anand Haldiwal, Mr. Omprakash Haldiwal,
Mrs. Rakhi Haldiwal, Dr. Jagdish Chand Yadav, Dr. Manoj Gurjar,
and Dr. Vishal Yadav. The company runs a hospital in Barwani
(Madhya Pradesh). It started operations in July 2014.

Profit after tax (PAT) was negative INR0.04 crores on net sales
of INR.4.33 crore in fiscal 2017, against PAT of INR.0.38
croreson net sales of INR.3.9 crore in fiscal 2016.


SHRI KALYANIKA: CRISIL Lowers Rating on INR10MM Term Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating to 'CRISIL D' from 'CRISIL
B+/Stable' on the long term bank facility of Shri Kalyanika
Promotors and Developers Private Limited (SKPDPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Term Loan                 10       CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The rating downgrade reflects instances of delay by the company
in servicing its interest obligations for the term loan. The
delays have been caused by the company's weak liquidity, on
account muted inflow of customer advances for its residential
project.

Key Rating Drivers & Detailed Description

Weakness

* Delay in repayment of interest obligations: SKPDPL has a term
loan of INR.10 crores, the repayments for which are expected to
start from 2019. However the interest obligations of the company
are serviced with instances of delays. The delays have been
caused because of weak liquidity profile of the company, which,
in turn, is caused by muted inflow of customer advances for its
residential project.

* Vulnerability to risks and cyclicality inherent in the Indian
real estate industry: SKPDPL is susceptible to risks pertaining
to the real estate sector such as long gestation period of
projects. Any time or cost overrun or delay in obtaining
necessary approvals could affect the realisations and
profitability of its projects. The demand for residential
projects is affected by the level of interest rates and overall
level of economic activity. Lower-than-expected customer interest
in the ongoing projects, or any delays in implementation of these
projects, could constrain the credit risk profile.

* Project and geographical concentration risk: SKPDPL faces
geographical concentration risks as it has only one ongoing
project which is located in Jabalpur, exposing the company to
fluctuations in the region's real estate market. The project
demand is dependent on the level of economic activity in the
Jabalpur market. Any slowdown in the real estate market in
Jabalpur will impact the demand for the company's projects.
Moreover, any revision in rates too will significantly affect the
profitability margin.

Strengths

* Extensive experience of promoters in the real-estate business:
SKPDPL's promoters have been in the real estate business for the
past 35 years through well-known real estate development
companies in Jabalpur. Mr Parwani has been involved in real
estate business over the past three and a half decade in Madhya
Pradesh. During these years, the promoters gained necessary
experience and understanding of the real estate industry to
undertake bigger projects. CRISIL believes that SKPDPL will
continue to maintain its business risk profile over the medium
term supported by the promoters' extensive experience in the real
estate business.

SKPDPL was set up in 2012-13 (refers to financial year, April 1
to March 31) by Mr. Anand Haldiwal, Mr. Omprakash Haldiwal, Mrs.
Rakhi Haldiwal, Dr. Jagdish Chand Yadav, Dr. Manoj Gurjar, and
Dr. Vishal Yadav. The company runs a hospital in Barwani (Madhya
Pradesh). It started operations in July 2014.

Profit after tax (PAT) was negative INR0.57crores on net sales of
INR.0 crore in fiscal 2016, against PAT of negative INR.0.22
crores on net sales of INR.0 crore in fiscal 2015.


SRI AMBIKA: CRISIL Reaffirms B+ Rating on INR3.45MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Sri Ambika Rice Mill (SARM).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Cash Credit              3.45    CRISIL B+/Stable (Reaffirmed)

   Working Capital
    Demand Loan             2.00    CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile, with modest net worth, moderate gearing
and average debt protection metrics. The rating also factors in
modest scale of operations, and exposure to intense competition
in the rice milling industry. These weaknesses are partially
offset by the extensive experience of the promoter in the rice
milling industry.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR 1.85 crore (as on March 31, 2017) extended to SARM by its
promoters as neither debt nor equity as the loans are expected to
be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:
The firm's financial risk profile is below average with modest
net worth of INR 3 cr and gearing of 1.6 times as on March 31,
2017. SARM is expected to have Net Cash Accruals to Total Debt
(NCATD) and interest coverage ratios of over 0.10 and 1.95 times,
respectively, for 2016-17.

* Modest scale of operations and exposure to intense competition
in the rice milling industry
With estimated revenue of around INR16.5 cr. for 2017-18 (refers
to financial year, April 1 to March 31) and installed milling
capacity of 8 tonne per hour (tph), scale remains small in the
intensely competitive rice processing industry that has large
players with 50-70 tph capacity. Modest scale restricts pricing
power and limits ability to bargain with customers, thereby
affecting operating margin, which is estimated to be 8.1 percent
in 2016-17. Profitability margin also remains exposed to
competition.

Strengths

* Extensive experience of promoters:
Presence of over two decades in the rice milling business has
enabled the promoters to establish strong relationship with Food
Corporation of India (FCI) and suppliers (farmers). Moreover,
mill is strategically located in the middle of heavy paddy-
growing areas. Also, since promoters are high net worth
individuals, they have robust ties with the lending community.

Outlook: Stable

CRISIL believes SARM will continue to benefit over the medium
term from the extensive industry experience of the promoter. The
outlook may be revised to 'Positive' if significant and sustained
increase in revenue and profitability, or substantial infusion of
capital strengthens financial risk profile. Conversely,
considerable weakening in the financial profile on account of
decline in revenue and profitability, or any large capital
expenditure or capital withdrawal, may drive a revision in
outlook to 'Negative'.

SARM mills and processes paddy into rice, rice bran, broken rice
and husk. It is promoted by Mr. K. Ravindra Reddy and his family,
and is based in Siguguppa, Bellary District (Karnataka).

For fiscal 2017, SARM's estimated profit after tax (PAT) was
INR0.29 crore on net sales of INR16.54 crore, against a PAT of
INR0.28 crore on net sales of INR18.03 crore for fiscal 2016.


SRI BALAJI: CRISIL Reaffirms 'B' Rating on INR15MM Bank Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings at 'CRISIL B/Stable/CRISIL A4'
on the bank facilities of Sri Balaji Raw And Parboiled Rice Mills
Private Limited.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee            3       CRISIL A4 (Reaffirmed)
   Cash Credit              15       CRISIL B/Stable (Reaffirmed)
   Warehouse Financing      15       CRISIL B/Stable (Reaffirmed)


The rating reflects Balaji's moderate scale of operations in the
intensely competitive rice-milling industry and the
susceptibility of the company's operating profitability to
volatility in raw material prices and changes in government
regulations. The rating also reflects it's weak financial risk
profile because of low net worth, high gearing and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the rice industry.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations in the intensely competitive rice-
milling industry: Balaji's business risk profile is marginally
constrained on account of its moderate scale of operations in the
fragmented and intensely competitive rice milling industry. The
company reported revenues INR97.12 crore for Fiscal 2016-17
(refers to financial year April 1 to March 31). Company's
revenues are expected to increase but should remain moderate over
the medium term.

* Susceptibility of the firm's operating profitability to
volatility in raw material prices and changes in government
regulations: Raw material (Paddy) accounts for around 80-85% of
the total cost exposing the company to the risk arising due to
volatility in the same. Furthermore domestic rice industry is
highly regulated because of which the company is exposed to the
risk of any unfavorable change in the same.

* Weak financial risk profile: Financial risk profile is weak
marked by low net worth, high gearing and weak debt protection
metrics. Net worth was low at around INR11.3 crore against a
total debt outstanding of Rs27.25 crore resulting in high gearing
of 2.4 times as on March 31 2017. Debt protection metrics was
also weak as reflected in interest coverage ratio and net cash
accruals to total debt of 1.06 times and 0.7% for the Fiscal
2016-17.

Strengths

* Extensive experience of promoters
Balaji's promoters have been in the rice milling business for
more than three decades. Balaji is the latest venture of the
promoters who already have other group companies in the same line
of business. Long standing experience of promoters has enabled
the firm in establishing strong relationship with the suppliers
and customers because of which the company has been able to ramp
up its operations quickly.

Outlook: Stable

CRISIL believes Balaji will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if substantial and sustainable improvement
in revenue and profitability, or a sizeable equity infusion
strengthens liquidity and financial risk profile. Conversely, the
outlook may be revised to 'Negative' if a steep decline in
profitability, or stretch in working capital cycle or large debt
funded capital expenditure weakens the financial risk profile.

Set up in June 2013 by Mr. Viswanadham and his family, Balaji
mills and processes paddy into rice; it also generates by-
products, such as broken rice, bran, and husk. The mill is in
Vijayawada.

Balaji reported profit after tax (PAT) of INR0.16 crore on
revenues of around INR97.12 crore in fiscal 2017, against 0.12
crore and INR102.51 crore in fiscal 2016.


SRI MAHALAXMI: CRISIL Assigns B+ Rating to INR4MM Secured Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Sri Mahalaxmi Timbers (SMT). The
ratings reflect modest scale of and working capital intensive
operations in the intensely competitive timber industry. The
ratings draw comfort from the extensive experience of partners.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Letter of Credit         3         CRISIL A4
   Secured Overdraft
   Facility                 4         CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Scale of
operations remains modest as reflected in revenue of INR16 crore
for fiscal 2017. Furthermore, intense competition lowers the
bargaining power with customers.

* Working capital intensive operations: Operations are working
capital intensive as indicated by high estimated gross current
assets (GCA) of 226 days as on March 31, 2017, driven by high
inventory holding requirement and credit offered to customers.

Strength

* Extensive experience of partners: The partners' two-decade long
experience in the industry has helped the firm to establish
healthy relationship with key suppliers in South East Asia.

Outlook: Stable

CRISIL believes SMT will benefit from the extensive industry
experience of its partners. The outlook may be revised to
'Positive' if operations scale-up and profitability is stable, or
efficient working capital management strengthens financial risk
profile. The outlook may be revised to 'Negative' if decline in
profitability or increase in working capital requirement
strengthens financial risk profile.

SMT is engaged in processing (i.e. cutting and sawing) and
trading of timber in Bengaluru, Karnataka, The firm processes
various types of wood including teak, hard and fine woods. The
daily operations are managed by the partners - Mr. Bipin Patel
and Mr. Praveen Patel.

SMT booked Net Profit of INR21.8 lakhs on revenues of INR16
crores in fiscal 2017 against INR7.39 lakhs on revenues of INR8.5
crores in fiscal 2016


SRI VENKATA: CRISIL Reaffirms B+ Rating on INR8.0MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Sri Venkata Srinivasa Polymers Private Limited (SVSPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          0.3      CRISIL A4 (Reaffirmed)

   Inland/Import
   Letter of Credit        2.0      CRISIL A4 (Reaffirmed)

   Open Cash Credit        8.0      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect SVSPL's working capital-intensive
operations and below-average financial risk profile because of
leveraged capital structure and weak debt protection metrics.
These weaknesses are partially offset by the company's
established regional position in the packaging industry,
diversified customer base, and extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets were
319 days as on March 31, 2017, due to sizeable inventory of 208
days.

* Below-average financial risk profile: Networth is small,
capital structure leveraged, and debt protection metrics weak.

Strengths

* Established regional position and diversified customer base:
The Company has strong brand recall in Andhra Pradesh's north-
eastern part. Clientele is diverse, with top 10 customers
accounting for less than 35% of sales.

* Extensive experience of promoters: Presence of over two decades
in the plastic packaging segment has enabled the promoters to
establish strong relationship with suppliers and customers.

Outlook: Stable

CRISIL believes SVSPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if significant and sustained growth
in revenue, better profit margins, and improvement in working
capital cycle lead to sizeable net cash accrual and healthy debt
protection metrics. The outlook may be revised to 'Negative' if
financial risk profile weakens further due to stretched working
capital cycle, decline in revenue and profitability, or large,
debt-funded capital expenditure.

Incorporated in 1996 in Rajam, Andhra Pradesh, SVSPL manufactures
plastic packaging material. Operations are managed by the
promoters Mr. Janardhana Rao Inuganti, Mr. Rajagopal Chelikani,
and Mr. Ramakrishna Inuganti.

In fiscal 2017, profit before tax (PBT) was INR36.41 lakh on net
sales of INR21.9 crore, against a PBT of INR5.98 lakh on net
sales of INR18.7 crore in fiscal 2016.


SRI VENKATA SUBRA: CRISIL Ups Rating on INR17MM Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on long term bank facilities of
Sri Venkata Subrahmanyeswara Modern Raw and Boiled Rice Mill
(SVS) to 'CRISIL B+/Stable' from 'CRISIL B/Stable' while
assigning the rating of 'CRISIL A4' to its short term bank
facility

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           3.84      CRISIL A4 (Reassigned)

   Long Term Loan           1.59      CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Open Cash Credit        17         CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The upgrade reflects CRISIL's belief that firm's liquidity will
improve with expected cash accruals, of around INR1 crore,
annually, to be sufficient for the maturing debt obligations of
around INR0.3 crore, annually, over the next two years. Liquidity
is constrained on account of high bank limit utilization and
current ratio of just above 1 time, estimated as on March 31
2017.

The rating continues to reflect SVS's modest scale of operations
in the intensely competitive rice-milling industry and the
susceptibility of the firm's operating profitability to changes
in government regulations and to volatility in raw material
prices. The rating also reflects the firm's weak financial risk
profile because of a below-average capital structure and subdued
debt protection metrics. These weaknesses are partially offset by
the extensive experience of the partners' in the rice industry
and established relations with customers and suppliers.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
extended by the promoters of SVS, as neither debt nor equity as
these loans carry no interest rate and are likely to remain in
the business over the medium term.


Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With estimated revenue of INR45.5
crore in 2016-17 (refers to financial year, April 1 to March 31),
scale of operations remains modest in the intensely competitive
rice milling industry that has many small and large players. This
limits bargaining power with customers, which in turn constrains
profitability and stretches receivables.

* Susceptibility of operating margin to change in government
regulation and volatility in raw material prices: Operating
profitability was 5.64 percent in 2014-15 which dropped to around
4.4% in the Fiscal 2016. Operating margins in Fiscal 2017 are
estimated to be in line with the margins of the Fiscal 2016.  The
domestic rice industry is highly regulated in terms of paddy
prices, export/import policy for rice, and rice release
mechanism, which affect credit quality of players.

* Weak financial risk profile: Financial risk profile is weak
marked by below-average capital structure and subdued debt
protection metrics. Net worth is estimated to be at INR3.4 crore
resulting in high gearing for the company. Though gearing is
estimated to be low at 1.5 times as on March 31 2017 the same is
on account of low cash credit utilization as on the same date.
Debt protection metrics is constrained by low interest coverage
ratio of 1.9 times (Estimated for the fiscal 2017).

Strengths

* Extensive experience of partners and established customer and
supplier relationship: More than three decades of experience in
the rice processing industry has enabled the promoters to
establish strong relationship with customers (Wholesalers and
retailers in Kerala) and suppliers. CRISIL believes that
extensive experience of promoters will continue to benefit the
firm over the medium term.

Outlook: Stable

CRISIL believes SVS will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability leads to a better financial risk profile, or if
significant capital infusion improves capital structure. The
outlook may be revised to 'Negative' if large, debt-funded
capital expenditure or more-than-expected withdrawals further
weaken financial risk profile.

Set up in 1984 as a partnership firm, SVS mills and processes
paddy into rice, rice bran, broken rice, and husk at its unit
Kakinada, Andhra Pradesh. Operations are managed by Mr. Bhaskara
Rao.

SVS is estimated to report profit after tax (PAT) of INR0.25
crore on revenues of around INR45.4 crore in fiscal 2017, against
INR0.16 crore and INR36.92 crore in fiscal 2016.


SUPRIMA COSMO: CRISIL Assigns B+ Rating to INR8MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Suprima Cosmo- Tech (SCT).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        8        CRISIL B+/Stable
   Proposed Cash
   Credit Limit              .65      CRISIL B+/Stable
   Cash Credit               .85      CRISIL B+/Stable
   Long Term Loan            .50      CRISIL B+/Stable

The rating reflects the extensive experience of proprietor in
manufacturing baby care and personal care products. Also,
efficiently managed working capital cycle reduces dependence on
working capital borrowings. These strengths are partially offset
by modest scale, small networth, and stabilisation of debt-funded
capital expenditure (capex) in the medium term.

Key Rating Drivers & Detailed Description

Strengths

* Proprietor's extensive experience:
Benefits from the proprietor's experience of over 15 years and
strong relationships with customers and suppliers should continue
to support the business risk profile. SCT is a 100% export-
oriented unit and having approval for its products from more than
40 countries.

* Efficiently managed working capital cycle
Operations remain well managed, with gross current asset days of
65 as of March 2017, because of low debtor days of 30-50 days
over the past fouryears and inventory at 15-20 days.

Weakness

* Modest scale
With revenue of INR15.68crore in fiscal 2017, it is expected to
remain at moderate levels in the medium term because SCT has more
concentration on the export market, which is more profitable.

* Average financial risk profile
Gearing was moderate at 0.65 time as on March 31, 2017, but the
financial risk profile remains constrained by small networth of
Rs2.50 crore.

* Stabilisation of debt-funded capex in the medium term
SCT is currently undertaking a capex to fully automate its
production facility. The capex of Rs10.00 crore is likely to be
funded through bank borrowing of Rs8.00 crore. Stabilization of
capex remains a key rating sensitivity factor.

Outlook: Stable

CRISIL believes SCT will continue to benefit over the medium term
from the extensive experience of proprietor. The outlook may be
revised to 'Positive' in case of substantial scaling up of
operations, cash accrual, and profitability, while maintaining
working capital cycle. The outlook may be revised to 'Negative'
in case of unexpected capital withdrawals, decline in working
capital management, revenue, profitability, and cash accrual.

Established in 2001 as a proprietorship firm by Mr. Sunil
Mahajan, SCT manufactures baby care and personal care products.
It is a 100% export-oriented unit, exporting mainly to the US,
Latin America, and South America.

In fiscal 2017, net profit was INR1.50 crore and operating income
was INR15.68 crore, against INR78lakhand INR14.31 crore,
respectively, in fiscal 2016.


SUSHIL KUMAR: CRISIL Assigns 'B' Rating to INR10MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Sushil Kumar Munish Kumar.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Warehouse Receipts        10       CRISIL B/Stable

The rating reflects the firm's low operating margin owing to
trading nature, weak financial risk profile and susceptibility of
operating margins to fluctuations in cotton prices and regulatory
changes. These weaknesses are partially offset by the extensive
experience of its partners and established relationship with
suppliers and customers

Key Rating Drivers & Detailed Description

Weakness

* Low operating profitability: SKMK primarily trades in cotton,
and hence, the value addition is limited. Consequently, SKMK
reported low operating margin of around 0.3 percent over the two
years ended 2016-17. CRISIL expects SKMK's operating
profitability to remain low at less than 1% over the medium term.

* Weak financial risk profile: Financial risk profile is
constrained by high TOL/TNW of 6.01 times as on March 31, 2017,
and weak debt protection metrics, with interest coverage ratio at
1.31 times and net cash accrual to total debt ratio at 0.01 time
for fiscal 2017.

* Susceptibility of profitability to fluctuations in cotton
prices and regulatory changes: Operating margins of cotton
traders are susceptible to changes in cotton prices, which have
been highly volatile in the past and are expected to remain so.
This is because cotton prices depend on monsoon and are also
affected by international demand.

Strength

* Extensive experience of partners: Presence of over two decades
in the cotton trading segment has enabled the partners to
understand local market dynamics and establish strong
relationship with suppliers and customers.

Outlook: Stable

CRISIL believes SKMK will continue to benefit over the medium
term from the experience of its promoters and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of higher-than-expected revenue,
while improving profitability and capital structure lead to
higher accruals. The outlook may be revised to 'Negative' if
decline in revenue or profitability or large, debt-funded capital
expenditure further weakens financial risk profile.

Based in Hissar (Haryana), SKMK is engaged in trading of cotton
bales. The firm was incorporated in 2005 as a partnership firm by
partners Mr.Sushil Kumar and his son, Mr. Munish Kumar.

For fiscal 2017, the firm had a net profit of INR0.05 crore on
net sales of INR128.28 crore on provisional basis, against a net
profit of INR0.03 crore on net sales of INR80.80 crore in fiscal
2016.


TATA CERAMICS: CRISIL Revises Rating on INR5.0MM Loan from 'D'
--------------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of Tata
Ceramics Limited (TCL) from 'CRISIL BBB-/Stable/CRISIL A3' to
'CRISIL D/CRISIL D' and simultaneously upgraded the ratings to
'CRISIL BBB-/Stable/CRISIL A3'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           0.5       CRISIL A3 (Revised from
                                      'CRISIL A3' to 'CRISIL D'
                                      and simultaneously upgraded
                                      to 'CRISIL A3')

   Export Packing Credit   18.5       CRISIL A3 (Revised from
                                      'CRISIL A3' to 'CRISIL D'
                                      and simultaneously upgraded
                                      to 'CRISIL A3')


   Letter of Credit         4.5       CRISIL A3 (Revised from
                                      'CRISIL A3' to 'CRISIL D'
                                      and simultaneously upgraded
                                      to 'CRISIL A3')

   Non-Fund Based Limit    13.0       CRISIL A3 (Revised from
                                      'CRISIL A3' to 'CRISIL D'
                                      and simultaneously upgraded
                                      to 'CRISIL A3')

   Rupee Term Loan          5.0       CRISIL BBB-/Stable (Revised
                                      from 'CRISIL BBB-/Stable'
                                      to 'CRISIL D' and
                                      simultaneously upgraded to
                                      'CRISIL BBB-/Stable')

The rating revision to 'CRISIL D/CRISIL D', takes into account an
instance of delay in repayment of a term loan instalment due on
June 30, 2017, which was paid on July 21, 2017.

The rating upgrade to 'CRISIL BBB-/Stable/CRISIL A3', from
'CRISIL D', reflects CRISIL's belief that the payment delay was a
one-off event due to procedural reasons, and TCL's ability and
willingness to meet debt obligation in a timely manner - the key
parameters of credit risk evaluation - remain intact.
Furthermore, the support from the Tata group remains unchanged.
TCL missed the payment on account of procedural issues despite
having adequate funds and flexibility of accessing funds from
other group companies. The company has also undertaken to ensure
timely servicing of debt obligations going forward and to
strengthen its internal controls and instil higher financial
discipline.

The 'CRISIL BBB-/Stable/CRISIL A3' ratings factor in the
financial flexibility, derived from being part of, the Tata
group, and a longstanding customer relationship supported by good
product quality. These strengths are partially offset by a weak
financial risk profile because of high gearing and inadequate
debt protection metrics, susceptibility to increase in raw
material prices, and large working capital requirement.


Key Rating Drivers & Detailed Description
Strengths
* Benefits derived from being a Tata group company
The Tata group holds 88.4% stake in TCL - Tata International Ltd
holds the largest stake of 40.5% followed by The Tata Power Co
Ltd (Tata Power; 'CRISIL AA-/Stable/CRISIL A1+') along with its
subsidiary Af-Taab Investment Co Ltd with 30.6% stake. The Tata
group companies have extended financial, managerial, and
operational support to TCL. In fiscal 2014, TCL issued preference
shares of INR12 crore to the Tata group companies. Moreover, Tata
Power, through its wholly owned subsidiary, has undertaken to
provide interim financial support to TCL if required. In fiscal
2014, Mr Bhaskar Bhat, managing director of the Tata group's
Titan Company Ltd ('CRISIL AA+/Stable/CRISIL A1+') was appointed
as chairman of TCL.

* Longstanding customer relationship, supported by good product
quality
The company manufactures bone china crockery of superior quality.
Over more than two decades, it has established a healthy customer
base, supported by its product quality. Its clientele includes
Rashtrapati Bhavan, all Indian embassies overseas, and leading
hotels such as Taj and ITC. TCL has also been supplying to global
brands such as Wedgwood, Royal Doulton, and Churchill. The
company has had dealings with these customers for several years,
and has established itself as an important player in the value
chain.

Weaknesses

* Weak capital structure and debt protection metrics
TCL's financial risk profile is constrained by high gearing and
inadequate debt protection metrics because of sizeable working
capital debt. The net cash accrual to total debt and interest
coverage ratios were at 0.08 time and 1.14 times, respectively,
for fiscal 2017.

* Vulnerability to increase in input prices
The entire calcined bone ash requirement is imported from one
supplier in the UK through annual contracts. While the company
enters into volume-based contracts with the supplier, increase in
raw material prices cannot be completely passed on to customers.
Also, there is intense price competition because of surplus
export from China, one of the lowest-cost producers of bone china
crockery and tableware.

* Large working capital requirement
Gross current assets were at 213 days as on March 31, 2017,
because of considerable inventory (176 days) to meet customer
demand on time. Part of the inventory also pertains to second-
quality stock.

Outlook: Stable

CRISIL believes TCL will continue to receive strong financial
support from the Tata group. The outlook may be revised to
'Positive' if the financial risk profile improves significantly
because of sustained increase in revenue and profitability. The
outlook may be revised to 'Negative' if the financial risk
profile weakens because of larger-than-expected, debt-funded
capital expenditure or a subdued operating performance.

TCL was set up in 1991 by the erstwhile Tata Oil Mills Company
Ltd (merged with Hindustan Lever Ltd) and Kerala Ceramics Ltd.
The company has a 100% export-oriented unit in Cochin Special
Economic Zone for manufacturing tableware and crockery mixed with
bone china. Apart from domestic sales, it exports mainly to the
European Union.

Net profit is estimated at INR0.3 crore and net sales at INR44.3
crore for fiscal 2017; net loss was INR3.2 crore and net sales of
INR39.3 crore for fiscal 2016.


TONZA PAPER: CRISIL Reaffirms B+ Rating on INR9.94MM Term Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Tonza Paper LLP at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Cash Credit             5.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility      1.35     CRISIL B+/Stable (Reaffirmed)
   Term Loan               9.94     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect exposure to risks related to
timely stabilisation of operations, and commensurate ramp-up in
revenue, amid intense competition in the paper industry, and the
average financial risk profile. These weaknesses are partially
offset by extensive entrepreneurial experience of, and funding
support received from, the promoters and favourable location of
the plant and proximity to packaging customers.

Analytical Approach

For arriving at the ratings, CRISIL has treated as neither debt
nor equity, unsecured loans received from TPL's promoters and
their families. That is because the loans are expected to remain
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stabilisation, and ramp-up in
revenue
TPL commenced commercial operations at its newly established
kraft paper manufacturing unit from July 2017. Timely
stabilisation of operations, and commensurate ramp-up in revenue
and operating profitability, during the initial phase of
operations, remain critical.

* Average financial risk profile
Financial risk profile may remain average, owing to the debt-
funded capital expenditure, with gearing expected to be in the
range of 1.6-1.8 times in the medium term.

* Intense competition and susceptibility to volatile waste paper
prices
The domestic kraft paper industry is hugely fragmented, with
unorganised players accounting for bulk of the production. Though
high customisation levels limit the threat of imports, presence
of a large number of players has intensified competition.
Further, revenue and profitability remain susceptible to
volatility in waste paper prices.

Strengths

* Extensive experience of the promoters in the packaging
industry:
Benefits from the two decade-long presence of the promoters in
the kraft paper, ceramic and packaging industry, their keen grasp
over local market and business dynamics, and established
relationships with suppliers and customers, will continue.

* Favorable location of the plant and proximity to packaging
customers
The favorable location of the unit, at Morbi, Gujarat, will
support growth in the medium term, as increasing number of
ceramic tiles manufacturers in the vicinity, will drive demand
for kraft paper.

Outlook: Stable

CRISIL believes TPL will benefit from the extensive
entrepreneurial experience of its promoters and strategic
location of the plant, over the medium term. The outlook may be
revised to 'Positive' if timely stabilisation and ramp-up of
operations generates higher cash accrual. The outlook may be
revised to 'Negative' if a delay in ramp up of operations, leads
to lower cash accrual, and weakens the financial risk profile,
especially liquidity.

TPL was established in 2016 by the partners, Mr Dinesh Detroja,
Mr Jaykumar Detroja, Mr Narendra Nayakpara, Mr Baldev Nayakpara,
Mr Girishkumar Detroja and their family members. The company has
set up a 36,000 MTPA plant at Morbi, Gujarat for manufacturing
kraft paper, mainly used in product packaging and corrugated
boxes. Commercial production has commenced from July 2017.


TRIDENT SUGARS: CRISIL Continues to Put C Ratings on Watch Dev.
---------------------------------------------------------------
CRISIL rating on the bank facilities of Trident Sugars Limited
(TSL) remains on 'Rating Watch with Developing Implications'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       34.2      CRISIL C (Continues on
   Bank Loan Facility                 'Rating Watch with
                                       Developing Implications')

   Rupee Term Loan          15.8      CRISIL C (Continues on
                                      'Rating Watch with
                                       Developing Implications')


On April 29,  2017, CRISIL had placed the ratings on the bank
facilities of TSL on Rating Watch with Developing Implications.
The rating action followed the announcement by Rajshree Sugars
and Chemicals Limited (RSCL) confirming divestment of its entire
stake in TSL to Natems Sugars Private Limited (NSPL). CRISIL will
continue to follow up with NSPL's management to evaluate the
extent of impact of any potential corporate action on its credit
risk profile and will remove the ratings from watch and take a
final rating action upon receiving adequate clarity and
information.

Analytical Approach

The ratings continue to reflect TSL's below-average financial
risk profile marked by high gearing and below average debt
protection metrics, and the company's susceptibility to
regulatory risks in the sugar industry. These rating weaknesses
are partially offset by TSL's long-standing regional presence.


Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The Company's financial risk
profile continue to be weak marked by high gearing and subdued
debt protection metrics. Substantial losses incurred in the past
and sizeable debt has resulted in leveraged capital structure.
Debt protection metrics remains subdued marked by interest
coverage of 0.84 for fiscal 2017.

Strength

* Long-standing regional presence in Telanagana: TSL has a long
standing presence in Zaheerabad, Telangana region. The plant
currently has a crushing capacity of 3000 TCD (tonnes of cane per
day).  TSL's plant (crushing unit) is located close to sugar
crane growing region. CRISIL believes that long standing presence
in Telangana region and plant's proximity to crane growing
regions will benefit TSL over the medium term.

Based in Zaheerabad (Telanagana), TSL was incorporated in 2002 is
into manufacturing of sugar and has a crushing capacity of 3000
TCD (tonnes of cane per day).

For the fiscal 2017, TSL reported net loss of INR0.8 crores on
income from operations of INR114 crore. The company reported net
loss of INR4.96 crore on income from operations of INR143 crore
for fiscal 2016.


VAJRAKALPA COTTON: CRISIL Reaffirms B+ Rating on INR14MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating at 'CRISIL B+/Stable' rating on
the long-term bank facility of Vajrakalpa Cotton (VC).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            14       CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of VC continue to reflect
the firm's low operating efficiency, below average financial risk
profile because of a small net worth, moderate gearing, and weak
debt protection metrics, and working capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of VC's partner, and established
relationship with customers.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Financial risk profile is
expected to remain below-average, with net worth and gearing
likely to be at INR6.83 crore and 3.32 times, respectively, as on
March 31, 2017. Debt protection metrics also should be below
average, with net cash accrual to adjusted debt ratio of 0.03
time and interest coverage ratio of 1.39 times for fiscal 2017.

* Moderate Working capital-intensive operations: Working capital
requirement is moderate as reflected in gross current assets at
71 days as on March 31, 2017, driven by inventory of 37 days and
debtors of 33 days.

* Low margin Susceptibility to volatility in raw material prices:
Operating margins of VC are low at 1 per cent and susceptible to
changes in raw material prices as the players are unable to fully
pass price increases to customers.

Strengths

* Promoters' extensive experience:
VC's promoters have been in the Cotton industry for more than
twenty years and have established strong relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes that VC will benefit from its promoter's
extensive experience in the cotton ginning industry. The outlook
may be revised to 'Positive' if there is a material improvement
in operating profitability leading to improvement in its cash
accruals and thereby the financial and liquidity profiles.
Conversely, the outlook may be revised to 'Negative' if the
company's operating margin decreases or its working capital
management deteriorates, thereby weakening its liquidity profile.

VC is a partnership firm established in 1999 and is engaged in
the ginning & pressing of raw cotton, oil extraction and trading
of cotton lint in Telangana.

VC's profit after tax (PAT) was INR0.76 crore on total revenue of
INR162.81 Cr for fiscal 2017, against a PAT of INR0.48 crore on
total revenue of INR147.79 Cr for fiscal 2016.


VENUS ENTERPRISES: CRISIL Assigns 'B' Rating to INR10MM LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Venus Enterprises - Chennai (Venus).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility        10       CRISIL B/Stable

The rating reflects the firm's modest scale of operations in a
highly fragmented industry and geographical concentration in
revenue profile. These weaknesses are partially offset by the
extensive experience of its proprietor in the manpower management
services and established customer relationship.

Key Rating Drivers & Detailed Description
Weakness

* Modest scale of operations
With estimated revenue of Rs20.7 crore for fiscal 2017, scale
remains small.

* Exposure to intense competition and geographical concentration
in revenue profile
The firm has to compete with many unorganised players in the
manpower management services. Furthermore, revenue is
concentrated in Chennai.

Strengths

* Extensive experience of proprietor
Presence of around a decade in the manpower management services
segment has enabled the proprietor to establish a robust market
position.

Outlook: Stable

CRISIL believes Venus will benefit over the medium term from its
proprietor's experience and established customer relationship.
The outlook may be revised to 'Positive' if substantial
improvement in scale of operations and profitability leads to
large cash accrual. The outlook may be revised to 'Negative' if
stretch in receivables puts pressure on liquidity.

Set up as a proprietorship firm by Mr Pandurangan Murali in 2008,
Venus provides manpower services to manufacturing and logistics
companies. The firm is based in Chennai and has a workforce of
1200 workers (as on June 30, 2017).

In fiscal 2017, provisional net profit was Rs0.75 crore on
operating income of INR20.7crore; net profit was INR0.50 crore on
an operating income of INR17.06 crore in fiscal 2016.



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


MALAYAN BANKING: Fitch Affirms BB+ Tier 1 Securities Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of three Malaysian banks - Malayan Banking Berhad
(Maybank), Hong Leong Bank Berhad (HLBB) and Export-Import Bank
of Malaysia Berhad (MEXIM) - at 'A-'. The ratings are on Stable
Outlook.

KEY RATING DRIVERS
IDRs AND VIABILITY RATINGS - MAYBANK AND HLBB

Maybank's IDRs and Viability Rating are underpinned by its
substantial franchise, which commands an 18% market share of
Malaysia's banking system deposits and loans. The bank's strong
company profile underpins its stable funding and liquidity and
has helped deliver sound performance through economic cycles.
Maybank's steady pre-provision earnings and balance-sheet buffers
should help it weather the rise in its impaired loan ratio (end-
1Q17: 2.4%; end-2015: 1.9%), which has originated partly from its
oil- and gas-related exposures regionally.

HLBB's IDRs and Viability Rating are underpinned by its
conservative risk appetite, which is reflected in its low
impaired-loan ratio of 0.9% at end-March 2017, compared with the
sector average of 1.6%, and steady funding and liquidity profile.

The Stable Outlooks on the IDRs reflect Fitch's view that the
banks' intrinsic credit profiles should stand resilient in the
face of sustained moderate asset-quality pressure.

Pockets of asset-quality risk remain for the overall economy; in
the oil and gas sector, certain oversupplied commercial property
segments and among more vulnerable lower-income household
borrowers. However, Fitch expects any further deterioration to be
manageable for the banks due to their diversified loan
portfolios, stable underwriting standards and improved
capitalisation over the previous few years, coupled with Fitch
expectations of steady economic growth over the next one to two
years.

Malaysia's economy has proven resilient despite of a number of
challenges, including a sharp oil-price correction, significant
currency depreciation, weakened domestic sentiment and volatile
capital flows. Fitch expects improving global growth to boost
domestic economic activity in the near term.

SUPPORT RATINGS AND SUPPORT RATING FLOORS - MAYBANK AND HLBB

Maybank's and HLBB's Support Ratings and Support Rating Floors
reflect Fitch's expectation of a high probability of sovereign
support for both banks, if needed.

Maybank's Support Rating of '2' and Support Rating Floor of 'BBB'
reflect its extremely high systemic importance stemming from its
large domestic market share and indirect state shareholding
through various state-owned funds of around 60%-70%.

HLBB's Support Rating of '2' and Support Rating Floor of 'BBB-'
reflect its systemic importance as the fifth-largest local bank,
accounting for around 9% of system-wide deposits, as well as its
private ownership, unlike certain large Malaysian banks.

DEBT RATINGS - MAYBANK AND HLBB

The ratings on Maybank's senior notes and the medium-term note
programmes (MTN) of Maybank and HLBB are at the same level as the
banks' IDRs. This is because the notes and programmes constitute
their direct, unconditional and unsecured obligations.

Maybank's legacy Basel II-compliant subordinated notes are rated
one notch below its Viability Rating, reflecting the note's
subordinated status relative to claims from senior unsecured
creditors and the absence of a going-concern loss-absorption
mechanism.

Maybank's Basel II-compliant hybrid securities are rated four
notches below its Viability Rating to reflect the securities'
deep subordination status, the presence of going-concern loss-
absorption mechanisms and look-back provisions in the optional
dividend deferral.

IDR, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT - MEXIM

MEXIM's IDR, Support Rating Floor, senior debt and programme
ratings are equalised with the Malaysian sovereign IDR at 'A-'.
This reflects Fitch's view that the probability of extraordinary
state support for MEXIM is extremely high, if necessary.

MEXIM's unique policy mandate, full state ownership and past
instances of support anchor Fitch expectations for an extremely
high likelihood of state support. MEXIM is a development
financial institution with a specific mandate to finance and
support Malaysian export and import activities and overseas
projects.

MEXIM is small in relation to Malaysia's GDP and its domestic
banking system, implying that the sovereign is very likely to
have the ability to support the bank, if needed.

RATING SENSITIVITIES
IDRS AND VIABILITY RATINGS - MAYBANK AND HLBB

There is little scope for the Long-Term IDRs of Maybank and HLBB
to be upgraded for the foreseeable future, as they are on par
with those of the Malaysian sovereign.

A significant rise in risk appetite could lead to negative rating
action, unless accompanied by an offsetting rise in loss-
absorption buffers. Higher risk appetite may be evidenced through
excessive loan growth, a significant shift in exposures towards
higher-risk sectors or geographies or aggressive acquisition
activity. A severe downturn in the operating environment, to the
extent that it severely weakens the banks' profitability,
capitalisation or funding and liquidity profiles, would also be
negative for their ratings.

SUPPORT RATINGS AND SUPPORT RATING FLOORS - MAYBANK AND HLBB

A shift in the government's ability or propensity to provide
extraordinary support to Maybank and HLBB would affect their
Support Ratings and Support Rating Floors. This could arise from
a change in the sovereign ratings or the introduction of senior
debt bail-in requirements in line with developments in other
jurisdictions globally - though Fitch views the latter to be a
longer-term risk for the Malaysian banking system.

DEBT RATINGS - MAYBANK AND HLBB

The ratings on Maybank's senior notes and the MTN programmes of
Maybank and HLBB are sensitive to changes in their respective
IDRs, while the ratings on Maybank's Basel II subordinated notes
and hybrid securities depend on changes in the bank's Viability
Rating.

IDR, SUPPORT RATING, SUPPORT RATING FLOOR AND SENIOR DEBT - MEXIM

MEXIM's ratings are sensitive to changes in the sovereign's
creditworthiness and ratings, and to any perceived weakening in
the sovereign's propensity to support the bank. Its ratings may
be notched down from the sovereign if Fitch believes the
sovereign's propensity to support the bank has diminished, such
as with a reduction of the bank's policy role or decrease in the
sovereign's stake in the bank. However, Fitch does not expects
such scenarios to occur in the near to medium term.

The rating actions are as follows:

Maybank
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
   Stable
- Short-Term Foreign-Currency IDR affirmed at 'F2'
- Long-Term Local-Currency IDR affirmed at 'A-'; Outlook Stable
- Viability Rating affirmed at 'a-'
- Support Rating affirmed at '2'
- Support Rating Floor affirmed at 'BBB'
- Senior notes (including the multicurrency MTN programme)
   affirmed at 'A-'
- Basel II-compliant subordinated notes affirmed at 'BBB+'
- Basel II-compliant hybrid Tier 1 securities affirmed at 'BB+'

HLBB
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
   Stable
- Short-Term Foreign-Currency IDR affirmed at 'F2'
- Viability Rating affirmed at 'a-'
- Support Rating affirmed at '2'
- Support Rating Floor affirmed at 'BBB-'
- MTN programme rating affirmed at 'A-'

MEXIM
- Long-Term Foreign-Currency IDR affirmed at 'A-'; Outlook
   Stable
- Support Rating affirmed at '1'
- Support Rating Floor affirmed at 'A-'
- Senior debt (including the MTN and sukuk programmes) affirmed
   at 'A-'



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


WORLD PARTNERS: Placed Under PDIC Receivership
----------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited World Partners Bank (A Thrift Bank), Inc. from doing
business in the Philippines. Under Resolution No. 1340 dated
August 11, 2017, the MB directed the Philippine Deposit Insurance
Corporation (PDIC) as Receiver to proceed with the takeover and
liquidation of the bank. PDIC took over the bank on August 11,
2017.

World Partners Bank is a five-unit thrift bank with Head Office
located at #74 A. Mabini St., Brgy. Poblacion, San Pedro City,
Laguna. Its four branches are located in Meycauayan and Sta.
Maria in Bulacan, San Pablo City in Laguna, and Tanauan City in
Batangas. Based on the General Information Sheet filed by the
bank with the Securities and Exchange Commission as of
December 31, 2016, World Partners Bank is owned by Ang Hortaleza
Corp. (60.0%) and Rosalinda A. Hortaleza (40.0%). The Bank's
Chairman is Rosalinda A. Hortaleza and its President is Leonora
G. Sioco.

Latest available records show that as of June 30, 2017, World
Partners Bank had 22,613 deposit accounts with total deposit
liabilities of PHP559.5 million. Total insured deposits amounted
to PHP411.0 million equivalent to 73.5% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with World Partners Bank or acted as co-
makers of these obligations. Depositors have to ensure that they
have complete and updated addresses with the bank. They may
update their addresses until August 25, 2017 using the Mailing
Address Update Forms to be distributed by PDIC representatives at
the bank premises.

For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and PDIC's official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed World Partners Bank and to transact only with
designated PDIC representatives at the bank premises. For more
information on the requirements and procedures for filing claims
and settlement of loan obligations, all depositors and borrowers
of the bank are enjoined to attend the Depositors-Borrowers'
Forum which will be held in venues near the premises of the bank
on August 23 to 25, 2017. Details will be posted in the bank
premises and in other public places.

Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC.



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


EZION HOLDINGS: Posts US$2.6MM 2nd Qtr Loss; Debt Revamp Starts
----------------------------------------------------------------
The Business Times reports that Ezion Holdings stopped short of
acknowledging it has kicked off debt restructuring when it called
for a trading suspension on Aug. 14.

It said that discussions have been ongoing with stakeholders
including bank lenders and other creditors regarding its
financing and capitalisation structure, the report relates.

This is taking place as the group that was once touted as a
potential survivor from this O&M downturn, posted its third
consecutive quarterly loss, according to the Business Times.

The Business Times discloses that the group slipped into the red
for the third reporting season in a row with a net loss of
US$2.57 million for the second quarter ended June 30, a reversal
from a net profit of US$8.14 million for the year-ago period.

Loss per share was 0.30 US cents compared to earnings per share
of 0.38 US cents a year ago, the report says.

According to the Business Times, the group blamed lower charter
rates and fleet utilisation for service rigs and offshore support
vessels for a 19.5% decrease in its Q2 revenue to US$67.38
million.

It recognised that the charter rates and fleet utilisation have
faced significant depression. This suggests the service rig or
liftboat-focused O&M player has not been spared the brunt of
demand destruction and overcapacity triggered by the 2014 oil
price crash, contrary to earlier projections from some equity
analysts, the report notes.

Instead, Ezion said that a protracted downturn has presented
"many challenges" to its cash flow and it warned that if such
adverse conditions persist, its business fundamentals will come
under threat, the Business Times relays.

The Business Times notes that the group has seen its cash and
cash equivalents almost halved to US$93.46 million as at June 30,
2017, on negative net cash flows from operating and investing
activities, down from US$181.11 million a year ago.

Net cash from operating activities was negative US$2.35 million
for Q2 FY17 as trade and other payables surged to US$30.50
million from US$3.58 million. This compared unfavorably to
US$28.25 million in positive net cash from operating activities
for Q2 FY16, the Business Times discloses.

Not helping matters were significant cash outflows from investing
activities. Advance payments for purchase of plant and equipment
ballooned to US$16.17 million from US$243,000 while US$11.45
million more was pumped in as investments in an associate.

In the absence of US$20.4 million proceeds from disposal of
assets held for sale during Q2 FY16, net cash from investing
activities came up to negative US$40.31 million, the report
states.

As at June 30, 2017, non-current assets were also lower at
US$2.39 billion, down from US$2.45 billion six months ago, due to
depreciation charges on plant and equipment and lower values in
the group's joint ventures, The Business Times says.

According to the report, Ezion said that it intends to work
together with all its stakeholders to discuss financing options
in order to ride through to the next sectoral upswing.

Singapore-based Ezion Holdings Limited engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.


MARCO POLO: Net Loss Widens to $304MM in 3rd Qtr Ended June 30
--------------------------------------------------------------
The Straits Times reports that Marco Polo Marine saw widening
losses in the third quarter, posting a $304.2 million net loss
for the three months ended June 30, from a $6.4 million net loss
the year before.

Revenue stayed relatively flat year-on-year, at $9.1 million, the
report says.

The Straits Times relates that the ailing company has suspended
trading of its shares since May 2017, as a debt refinancing and
restructuring plan got underway.

According to the report, Marco Polo Marine said it is in advance
negotiations with potential investors to raise fresh funding.

"The long-term prospects of the group, in particular, its ability
to continue its business and operations in the next 12 months,
are dependent on the ability of the group to achieve a successful
refinancing and debt restructuring," Marco Polo, as cited by The
Strait Times, said.

But the board of directors noted that there is no assurance that
the group may successfully complete its refinancing exercise or
raise enough fresh funds to sustain operations for the next 12
months - especially with the gloomy outlook for the oil and gas
and marine industries, the report relays.

Loss per share stood at 91.81 cents, against 2.23 cents in the
same period a year ago, while net liability value per share
amounted to 44.8 cents, The Straits Times discloses.

The Straits Times notes that Marco Polo Marine draws its revenue
from two key segments - ship chartering and ship building and
repair.

While it has improved utilisation of its tugboat and barge fleet,
the gain in turnover was offset by a decline in dry-dock and
repair jobs, the report says.

It noted that there is nothing due from customers in the present
quarter, with net liabilities having ballooned to $150.8 million
against assets of $158.8 million as at Sept 30, 2016, adds The
Straits Times.

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering
services, which relates to charter hire activities, and Ship
building and repair services, which relates to ship building and
ship repair activities.  Its shipping business consists of
offshore support and marine logistics services, and relates to
the chartering of offshore supply vessels (OSVs), which include
anchor handling tug supply vessels (AHTS) for deployment in the
regional waters, including the Gulf of Thailand, Malaysia,
Indonesia and Australia, as well as the chartering of tugboats
and barges to customers, which are engaged in the mining,
commodities, construction, infrastructure and land reclamation
industries.  Its shipyard business relates to ship building, as
well as the provision of ship maintenance, repair, outfitting and
conversion services that are carried out through its shipyard in
Batam, Indonesia.


NAM CHEONG: Posts MYR2.02BB Net Loss in Second Qtr Ended June 30
----------------------------------------------------------------
The Straits Times reports that beleaguered Nam Cheong posted a
whopping second quarter net loss of MYR2.02 billion (SGD652
million), reversing from a profit of MYR3 million previously.

This was due to massive asset impairment and write-down totalling
MYR2 billion for the three months ended June 30, the report says.

According to the report, this can be broken down to the
following:

   * Asset impairment and write-down amounting to MYR1.88
     billion;

   * Impairment on investment in associate of MYR54.4 million;
     and

   * Impairment on amounting owing by jointly controlled entities
     totalling MYR61.8 million.

The Straits Times says the accumulated losses have wiped out
shareholders' equity, plunging the group into a net liability
position.

As at end June, Nam Cheong's net liability per share amounted to
33.4 sen, compared to net asset value of 65.3 sen as at Dec. 31,
the report discloses.

Loss per share was 96.56 sen against earnings of 0.14 sen
previously.

The only bright spot was a 29% rise in revenue to MYR151.2
million, the report notes.

According to the Straits Times, revenue from the shipbuilding
segment increased by 17% to MYR133.7 million, mainly due to the
sale and delivery of two vessels.

The report relates that the vessel chartering revenue recorded an
increase of 4185 to MYR17.6 million, mainly due to the addition
of three vessels to the chartering fleet during the quarter.

Prospects remain bleak, the report notes.

According to the report, the outlook for the oil and marine
sector remains weak and the group anticipates heavy going in
vessel sales and shipbuilding.

It has deferred the schedule of deliveries of its vessels
currently under construction, both at customers' requests and
also at its own initiative.

The Straits Times relates that Nam Cheong said it has also taken
steps to review its options to restructure its businesses,
operations and balance sheet.

It has had ongoing discussions with its principal lenders on
restructuring of debts, The Straits Times notes.

Last week, its wholly-owned subsidiary, Nam Cheong Dockyard, was
served a writ of summons by AmBank in Kuala Lumpur for MYR70.4
million, the report adds.

Nam Cheong Ltd is an investment holding company. The Company and
its subsidiaries operate as an offshore marine company. It
operates through two segments: Shipbuilding and Vessel
chartering. The Company's business is the construction and supply
of offshore support vessels (OSVs) used in the offshore oil and
gas exploration and production, and oil services industries,
including safety standby vessels, anchor handling tug supply
(AHTS) vessels, accommodation work barges and maintenance work
vessels. AHTS vessels are designed to provide anchor handling for
offshore drilling rigs, tow offshore drilling rigs, barges and
other types of OSVs. Accommodation Work Barges are vessels
designed to house and accommodate crew. Maintenance Work Vessel
are vessels designed as a platform for the loading and unloading
of cargo. Platform Supply Vessel is designed for the
transportation of supplies and equipment to and from offshore oil
and gas support production platforms and offshore drilling rigs.


SWISSCO HOLDINGS: Ernst & Young Appointed as Unit's Liquidators
----------------------------------------------------------------
Reuters reports that Swissco Holdings Ltd announced provisional
liquidation of Scott and English Energy Pte. Ltd.

According to Reuters, Swissco said the unit made a statutory
declaration that S&E cannot by reason of its liabilities continue
its business.

Aaron Loh Cheng Lee & Lee Meng Yen Angela of Ernst & Young
solutions were appointed as joint and several provisional
liquidators of S&E effective Aug. 11, Reuters relates.

In April 2017, a Singapore court approved the application made by
Swissco to be placed under judicial management after the debt-
ridden company failed to receive support from its major
creditors, Seatrade Maritime reported.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.



===============
T H A I L A N D
===============


POLARIS CAPITAL: SEC Probes Following Surprise Receivership
-----------------------------------------------------------
The Nation reports that the Securities and Exchange Commission
(SEC) is investigating Polaris Capital after the listed company
received an order from the Central Bankruptcy Court on August 3
to enter receivership, deputy secretary-general Prakid
Punyashthiti said on Aug. 7.

According to the report, Mr. Prakid said the SEC is investigating
the matter as the company received the court's bankruptcy order
without having notified the stock-exchange authorities of its
intention to enter receivership, which is a move affecting all
Polaris Capital shareholders.

The company had also failed to provide more information about its
financial results for 2016 despite the regulator's request that
it do so early this year, he added, The Nation relates.

"We are investigating the company and will take legal action [as
necessary]. When we have more information, we will disclose it to
the public as soon as possible," the report quotes Mr. Prakid as
saying.

Polaris Capital Public Company Limited, formerly known as Wattana
Capital Public Company Limited, is a Thailand-based company
engaged in property development for sale business. The Company
and its subsidiaries operate two business segments: property
development business and rent, services and sale of property
business for housing, townhouses, home offices and condominiums.
The Company's projects include Grand Living Nara Rangsit,
Maneekraam Ville, Poonsin Privacy Plus and Clover Ladprao 83. Its
subsidiaries comprise Top Line Living Co., Ltd., Nantapop Co.,
Ltd., Tangerine Property Co., Ltd. and Platinum Executive Co.,
Ltd.


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


* Asian High-Yield Corps. Default Rate to Remain Low at End-2017
----------------------------------------------------------------
Moody's Investors Service says that the default rate for Asian
high-yield non-financial corporates will remain low, registering
2.9% at end-2017.

"The low projected default rate reflects broad-based global
growth, the recovery of commodity prices, and Moody's
expectations of cautious monetary tightening in major economies,
including the US, China and EU," says Clara Lau, a Moody's Group
Credit Officer.

"And, the gradual normalization of monetary policy in these major
economies will support near-term market liquidity," adds Lau.
"Meanwhile, a buoyant bond market since the start of 2017 has
allowed many Asian companies to raise funds to meet their
refinancing and capital needs; thereby easing liquidity pressure
and lowering default risks."

Moody's analysis is contained in its just-released report titled
"Default Report - Asian high-yield non-financial corporates'
default rate to remain low at end-2017," and is authored by Lau.

On metals & mining companies which were major default
contributors in the past two years , Moody's report says that
easing pressure on such businesses because of the bottoming out
of commodity sectors and recovery in commodity prices will help
keep the overall default rate low.

Moody's points out that the Asian trailing 12-month non-financial
high-yield corporate default rate was at 1.5% at end-June 2017.
This result was lower than the 4.9% at end-June 2016, and in line
with the default trend in Moody's global and US portfolios.


Moody's global and US speculative-grade default rates fell to
3.2% and 3.8% at end-June 2017 from 4.7% and 5.5% at end-June
2016.

In Europe, the default rate stayed flat at 2.7% at end-June 2017
versus 2.6% the year before.




                             *********

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

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

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


                            *********


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

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

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

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

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



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