TCRAP_Public/170818.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, August 18, 2017, Vol. 20, No. 164

                            Headlines


A U S T R A L I A

ADVANCED SALES: First Creditors' Meeting Set for Aug. 25
FLEET VEHICLE: First Creditors' Meeting Set for Aug. 25
HAY DIRECT: First Creditors' Meeting Scheduled for Aug. 28
HESLOP CONTRACT: First Creditors' Meeting Set for Aug. 25
JACKSON LANGFORD: First Creditors' Meeting Set for Aug. 28

ORIGIN ENERGY: Moody's Affirms Ba2 Preference Stock Rating
QUEENSLAND NICKEL: Interpol Track Clive Mensink to Hong Kong
SCUPA DUPA: First Creditors' Meeting Set for Aug. 25
TEN NETWORK: Could Enter Deed of Arrangement to Avoid Liquidation


C H I N A

CHINA HUIYUAN: Fitch Assigns Final B+ Rating to US$150MM Notes
CHINA JINJIANG: 1H 2017 Results No Impact on Moody's Ba2 CFR
CIFI HOLDINGS: Moody's Rates Proposed USD Sr. Securities B1
EHI CAR: Fitch Assigns Final BB- Rating to US$400MM Sr. Notes
YANLORD LAND: Strong Profit Margin Supports Moody's Ba2 CFR


H O N G  K O N G

EPIC MMA: Shuts 6 Hong Kong Branches; 40 Jobs Axed


I N D I A

AFTAAB SOLAR: Ind-Ra Withdraws INR500MM WD Bank Loan Rating
AURAD SOLAR: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
BAGHMARI TEA: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
BALDVA TEXTILES: CRISIL Reaffirms B+ Rating on INR12MM Loan
BEEPEE ENTERPRISE: CRISIL Reaffirms B+ Rating on INR3.5MM Loan

BELLONA PAPER: CRISIL Reaffirms B+ Rating on INR7.35MM Loan
CHEERANS STRUCTURALS: CRISIL Cuts Rating on INR22MM Loan to B
CLEARSKY SOLAR: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
ESHA IRON: CRISIL Lowers Rating on INR6MM Cash Loan to B
ETICA DEVELOPERS: CRISIL Lowers Rating on INR4.35MM Loan to B

GOMATHI STEELS: CRISIL Lowers Rating on INR14MM Cash Loan to D
GOVINDAM FOOD: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
GSCO INFRASTRUCTURE: Ind-Ra Assigns BB+ LT Issuer Rating
INFINITI SOFTWARE: CRISIL Lowers Rating on INR7MM Cash Loan to B
J.R.D. INTERNATIONAL: CRISIL Cuts Rating on INR25MM Loan to B-

JOHNS UMBRELLA: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
JOSEPH RUBBERS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
K P N TEXTILE: CRISIL Lowers Rating on INR5.0MM Loan to 'B'
K. SUBRAYA: CRISIL Lowers Rating on INR3.5MM Loan to 'B'
K.R. THANGA: CRISIL Cuts Rating on INR5MM Cash Loan to 'B'

KAMRAN EXPORTS: CRISIL Lowers Rating on INR25MM Loan to D
KOTHAINAYAGI A: CRISIL Assigns 'D' Rating to INR8MM LT Loan
MIR BUILDERS: CRISIL Lowers Rating on INR18MM LT Loan to 'B'
MIR REALTORS: CRISIL Lowers Rating on INR10MM LT Loan to 'B'
NAGARJUNA HOSPITALS: CRISIL Reaffirms B Rating on INR13.2MM Loan

NETTOS EXPORTING: CRISIL Assigns B+ Rating to INR13MM Loan
RA FASHIONS: CRISIL Cuts Rating on INR4.4MM Cash Loan to 'D'
R G SCIENTIFIC: CRISIL Cuts Rating on INR10MM Cash Loan to B+
RP MODERN: CRISIL Downgrades Rating on INR3.0MM Loan to 'B'
SAKTHI TARPAULIN: CRISIL Reaffirms B Rating on INR4MM Cash Loan

SCHEMA ENTERPRISES: CRISIL Lowers Rating on INR20.5MM Loan to B
SHASHI STRUCTURAL: CRISIL Cuts Rating on INR12.25MM Loan to 'D'
SHOELINE: CRISIL Lowers Rating on INR2.25MM LT Loan to 'B'
SHRENIK MARBLE: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
SREEPATHY TRUST: CRISIL Lowers Rating on INR5MM LT Loan to 'B'

SRI LAXMI: CRISIL Lowers Rating on INR9MM Cash Loan to 'D'
SRI VIJAYA: CRISIL Raises Rating on INR7MM Cash Loan to B+
SUNDIAL MINING: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
SUNRISE TIMPLY: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
TRIVANDRUM APOLLO: CRISIL Reaffirms 'D' Rating on INR15MM LT Loan

YAMUNA MACHINE: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable


J A P A N

TOSHIBA CORP: Court Order Will Not Affect TMC's Memory Business
TOSHIBA CORP: Three Big Brokers Upgrade Outlook


X X X X X X X X

* Cambodia & Vietnam Share Strong Growth Prospects, Moody's Says


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A U S T R A L I A
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ADVANCED SALES: First Creditors' Meeting Set for Aug. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Advanced
Sales Training Pty Ltd will be held at the offices of Condon
Associates Group, Level 6, 87 Marsden Street, in Parramatta, NSW,
on Aug. 25, 2017, at 11:00 a.m.

Schon Gregory Condon of Condon Associates was appointed as
administrator of Advanced Sales on Aug. 16, 2017.


FLEET VEHICLE: First Creditors' Meeting Set for Aug. 25
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
Fleet Vehicle Network Pty Ltd will be held at the offices of
Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
Aug. 25, 2017, at 11:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Fleet Vehicle on July 21, 2017.


HAY DIRECT: First Creditors' Meeting Scheduled for Aug. 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hay Direct
Australia Pty Ltd will be held at the offices of Macks Advisory,
Level 8 West, 50 Grenfell Street, in Adelaide, SA, on Aug. 28,
2017, at 2:00 p.m.

Ian Wayne Burford of Macks Advisory was appointed as
administrator of Hay Direct on Aug. 16, 2017.


HESLOP CONTRACT: First Creditors' Meeting Set for Aug. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Heslop
Contract Casters Pty Ltd will be held at the offices of Lowe
Lippmann, Level 7, 616 St Kilda Road, in Melbourne, Victoria, on
Aug. 25, 2017, at 11:00 a.m.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann
were appointed as administrators of Heslop Contract on Aug. 16,
2017.


JACKSON LANGFORD: First Creditors' Meeting Set for Aug. 28
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Jackson
Langford & Associates Pty Ltd will be held at the offices of
Farnsworth Shepard, Level 5/2 Barrack Street, in Sydney, NSW, on
Aug. 28, 2017, at 10:30 a.m.

Benjamin Michael Carson of Farnsworth Shepard was appointed as
administrator of Jackson Langford on Aug. 16, 2017.


ORIGIN ENERGY: Moody's Affirms Ba2 Preference Stock Rating
----------------------------------------------------------
Moody's Investors Service has revised the outlook on Origin
Energy Limited and Origin Energy Finance Limited's ratings to
stable from negative.

At the same time, Moody's has affirmed Origin Energy Limited's
(Origin) Baa3/P-3 long-term and short-term issuer rating as well
as its Baa3 senior unsecured rating.

Moody's has also affirmed Origin Energy Finance Limited's
Baa3/(P)Baa3 senior unsecured and senior unsecured MTN program
and Ba2 preference stock ratings.

Origin Energy Finance Limited is a wholly owned subsidiary of
Origin Energy Limited and a guaranteed financing vehicle for the
group.

RATINGS RATIONALE

"The change in outlook to stable reflects Moody's expectations
that Origin will continue to build on its solid performance in
the fiscal year ended June 2017 over the next 12-18 months, which
will increase its flexibility to manage the on-going challenges
in the Australian gas and electricity markets," says Spencer Ng,
a Moody's Vice President and Senior Analyst.

"On-going risks to the company include a renewed decline in oil
prices, and the uncertainty associated with Australia's carbon
emissions policy and the potential introduction of more intrusive
regulation," says Ng.

The stable outlook is further supported by the reduction in risk
to Origin flowing from its 37.5% share in the Australia Pacific
LNG project, following its successful production ramp-up.

Moody's expects Origin's financial leverage ratio, as measured by
consolidated funds from operations (FFO) to debt, including
Origin's proportionate share of APLNG, to trend towards 25% over
the next 12-18 months, compared to the 15% minimum tolerance
level for the Baa3 rating.

Moody's expects Origin's headstock (standalone) FFO/debt ratio,
which only incorporates its cash transaction with APLNG, to
improve to the low 20% range. The strengthening in this headstock
ratio is driven by Moody's expectation for increased profits from
Origin's domestic energy business and immaterial cash
distributions from APLNG to Origin. Origin expects a cash flow
breakeven oil price for APLNG of around USD48 per barrel in
fiscal 2018, which is close to Moody's central oil price scenario
of USD45 per barrel in 2017 and USD50 in 2018.

The Baa3 rating is underpinned by Origin's integrated operations
in the domestic market and its strong presence in the retail
energy market, which supports the company's ability to navigate
evolving market conditions.

Origin Energy reported ample liquidity at June 30, 2017, with
cash and undrawn facilities of around AUD6.6 billion. Moody's
believes that liquidity available under the undrawn bank
facilities is of lower quality than unrestricted cash balances,
given the former are subject to material adverse event
provisions, which are common in the Australian market.

Based on Moody's expectation for Origin's financial metrics, the
rating is unlikely to be upgraded in the absence of greater
policy clarity in the energy sector, given this will be a
fundamental driver of energy prices and the company's future
investment program.

Origin's rating could be downgraded if Moody's expects the
company's credit metrics to materially weaken, including
consolidated FFO/Net debt below 15% and/or standalone FFO/debt
below 13%, both on a sustained basis.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Origin Energy Limited is an integrated Australia-based company,
involved in energy retailing, power generation, and oil & gas
exploration and production. The company is listed on the
Australian Securities Exchange.

Origin Energy Finance Limited is a wholly owned subsidiary of
Origin Energy Limited, and a financing vehicle for the group.

Australian Pacific LNG (APLNG) owns and operates a major
liquefied natural gas (LNG) export project in Gladstone,
Queensland, with a production capacity of up to nine million
tonnes of LNG per annum. Origin Energy Limited and ConocoPhillips
(Baa1 stable) each hold a 37.5% stake in APLNG, with the
remaining 25% held by China Petroleum and Chemical Corporation
(A1 stable).


QUEENSLAND NICKEL: Interpol Track Clive Mensink to Hong Kong
------------------------------------------------------------
Sarah Elks at The Australian reports that interpol tracked Clive
Palmer's fugitive nephew Clive Mensink to Hong Kong in June, but
Australian authorities have admitted their hands are tied until
he chooses to return to Australia.

According to The Australian, two Federal Court arrest warrants
were issued in March after the globetrotting Mr. Mensink failed
to cut short a marathon, cruise-studded overseas holiday to
return to Brisbane to testify about the collapse of Mr. Palmer's
Queensland Nickel company.

The Australian relates that Queensland Supreme Court documents
showed Interpol issued a Blue Notice -- which the world's largest
police organisation says is aimed at collecting "additional
information about a person's identity, location or activities in
relation to a crime" -- at the request of the Australian Federal
Police.

According to the Australian, "Inquiries by the AFP have
ascertained that Mr. Mensink remains overseas," the July 28
letter reads, from Federal Court sheriff John Mathieson to King &
Wood Mallesons partner and solicitor for Queensland Nickel's
special purpose liquidator Emma Costello.

"The AFP has sought assistance from Interpol, resulting in a Blue
Notice being raised. The most recent advice is that Mr. Mensink
arrived in Hong Kong on 8 June 2017 and departed there on 9 June
2017."

"The AFP has not received any further advice since then. There is
a border alert in place, and AFP will be notified immediately if
Mr. Mensink returns to Australia. The AFP have advised that
because there is no extraditable offence associated with the
arrest warrant, no further action can be taken until Mr. Mensink
returns to Australia."

According to the Australian, the arrest warrants state that
Mr. Mensink is charged with contempt of court.

The sheriff's letter is contained in court documents filed by
special purpose liquidators PPB Advisory in the Queensland
Supreme Court, in relation to a mammoth AUD500 million lawsuit
against Mr. Palmer, Mr. Mensink, and Mr. Palmer's corporate
entities to claw back cash owed to QN's creditors, the Australian
says.

Last week, Queensland Supreme Court judge John Bond agreed Mr.
Mensink could be served with the lawsuit in absentia, because he
was still overseas at an unidentified location, the Australian
recalls.

At the time, Mr. Palmer told the court of his missing nephew:
"His attitude seems to be that he's left Australia for good".

He said he had not been in contact with Mr. Mensink, the sole
registered director of QN when it collapsed into voluntary
administration in January last year, since February this year,
the Australian relates.

According to the Australian, the Supreme Court documents show
liquidators have been trying -- and failing -- to serve Mr.
Mensink since August last year.

The Australian relates that correspondence from Advance National
Services tendered to the court reveals service agents went to Mr.
Mensink's registered address in suburban Brisbane several times,
but was told he no longer lived there.

On August 6 last year, Mr. Mensink's ex-wife told service agents
at the home that Mr. Mensink had left the country three months
earlier and had since travelled to Asia, America and Germany.

Another service attempt in December showed his ex-wife told
agents Mr. Mensink had still not returned to Australia and
believed he would be somewhere in Europe for Christmas, the
Australian says.

                      About Queensland Nickel

Headquartered in Townsville, Australia, Queensland Nickel engages
in the production and marketing of nickel and cobalt.  It owns
and operates the Palmer Nickel and Cobalt Refinery in Queensland,
Australia. It is owned by businessman and politician Clive
Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On January 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April.


SCUPA DUPA: First Creditors' Meeting Set for Aug. 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of Scupa Dupa
Pty Ltd will be held at the offices of RSM Australia Partners,
8 St Georges Terrace, in Perth, WA, on Aug. 25, 2017, at 3:00
p.m.

Gregory Bruce Dudley of RSM Australia Partners was appointed as
administrator of Scupa Dupa on Aug. 15, 2017.


TEN NETWORK: Could Enter Deed of Arrangement to Avoid Liquidation
-----------------------------------------------------------------
Scott Murdoch at The Australian reports that Ten Network could be
heading down the path of a Deed of Company Arrangement -- a
binding pact between the company and its creditors, governing how
Ten's affairs will be dealt with -- in a deal that would prevent
it falling into liquidation.

The Australian says bids are due today, Aug. 18 for the
broadcaster, which is in receivership through PPB.

Ten counts Moelis and Korda Mentha as its advisers, the report
relates.

Bids between AUD100 million and AUD400 million are expected, says
The Australian.

According to the report, some say that it may only secure offers
of up to AUD250 million, as suitors calculate an amount they can
pay that still enables them to run the network profitably.

The Australian says Ten shareholders Lachlan Murdoch and Bruce
Gordon are seen as the most obvious buyers of the channel that
broadcasts shows such as Survivor, Master Chef, The Project and
I'm a Celebrity Get Me Out Of Here.

While some say interest from a group of private equity parties
and hedge funds is but a sideshow. But Oaktree, advised by Credit
Suisse, is said to be a serious bidder, the report notes.  The
thinking is that it may down the track join forces with US-based
Anchorage Capital Group, which is also in the data room.

After all, Oaktree partnered with Apollo on its recapitalisation
plan for Nine Entertainment when it fell on hard times several
years ago, The Australian notes.

According to The Australian, the Carlyle Group and Bain Capital
are now understood to have signed non-disclosure agreements on
Ten, in a move many believe was probably intended to gauge
whether to act as a lender to one of the hedge funds should they
secure the free-to-air broadcaster.

The Australian notes that the nine parties in the race for Ten
have been closely scrutinising a 200-page report by
PricewaterhouseCoopers, draft documents and DOCA documents.

A big point of contention is the contracts Ten has with US
network CBS and Fox, The Australian relates.

While there have been claims that the remaining life of the CBS
deal could be worth AUD800 million, some say it is probably less,
the report states.

The Australian relates that a likely outcome is that both
offshore broadcasters could now sell the content to other
television channels such as Nine and SBS.

This is due to the fact that Ten's receivership now means the
existing contracts offering exclusively over content to the
company are no longer valid.

According to the report, for secured creditors to be paid upon
sale, Ten needs to achieve a minimum offer from bidders of about
AUD150 million.

This would see the Commonwealth Bank paid back the AUD120 million
it is owed and the loan guarantors, Mr. Murdoch, Mr. Gordon and
shareholder James Packer, paid up to AUD40 million.

Any remaining proceeds would then go to paying employee
entitlements and then non-secured creditors, including CBS and
Fox, adds The Australian.

                          About Network Ten

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 15, 2017, KordaMentha Restructuring partners Mark Korda,
Jenny Nettleton and Jarrod Villani have been appointed voluntary
administrators to Network Ten.

"Network Ten will continue to operate under its existing
management and operating structures with KordaMentha oversight.
Customers, employees and other stakeholders are assured that the
administrators intend to keep the business running. Viewers can
expect the same content they currently enjoy on Network Ten,"
KordaMentha said in a statement.

The appointment will allow the voluntary administrators to
explore options for the recapitalisation or sale of Network Ten.



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


CHINA HUIYUAN: Fitch Assigns Final B+ Rating to US$150MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned China Huiyuan Juice Group Limited's
(B+/Stable) US$150 million 6.5% senior notes due 2020 a final
rating of 'B+' with a Recovery Rating of 'RR4'. The notes are
rated at the same level as Huiyuan Juice's senior unsecured
rating as they constitute its direct and senior unsecured
obligations.

The bond proceeds will be used to refinance some of the company's
existing debt and for other general corporate purposes. The final
rating follows the receipt of documents conforming to information
already received, and is in line with the expected rating
assigned on August 3, 2017.

Huiyuan Juice's ratings are supported by the company's strong
brand name and long operating history in China's juice market and
its efforts in expanding and diversifying its product range
internally and through acquisitions. The company's ratings are
constrained by its volatile top line performance, relatively
small business scale and high leverage. Fitch also views the
extended trade receivable days at end-2016 as a credit weakness.

KEY RATING DRIVERS

Leading Chinese Juice Producer: Fitch sees Huiyuan Juice's strong
brand, leading market position and integrated operations as its
key competitive advantages. Huiyuan Juice has produced and sold
juice products in China for more than 20 years, with a dominant
market share in 100% juice and juice nectar products in China
over the past 10 years. The company also has an integrated
business model that encompasses upstream and downstream juice
production, which allows for greater bargaining power and lower
seasonal volatility.

Domestic and International Expansion:  In 2015, Huiyuan Juice
acquired 100% of Suntory (Shanghai) Foods Co., Ltd and 50% of
Suntory (Shanghai) Beverage Co., Ltd for CNY74.5 million. The
acquisition enabled Huiyuan Juice to take control of Suntory's
non-alcoholic beverage business in China. Huiyuan Juice also
agreed in 2017 to establish a joint venture company in Malaysia
with Yeo Hiap Seng Limited, which will expand its operations in
Malaysia and south-east Asia. Fitch believes the two deals will
help diversify Huiyuan Juice's business portfolio, although the
company will face execution risk, as both businesses are at early
stages of development.

Large Trade Receivables: Huiyuan Juice reported negative
operating cash flow in 2016, mainly due to a sharp rise in trade
receivables as the company offered longer payment terms to its
distributors to boost product sales. Trade debtor days was 194
days at end-2016, using year-end balance sheet figures, up from
109 days at end-2015. Fitch sees the extended working capital
cycle as a credit weakness. However, the company has taken steps
to collect the receivables since the beginning of 2017, and
management said the trade receivable amount had been reduced by
end-June 2017.

Limited Capital Expenditure Requirements: The capacity
utilisation rates of Huiyuan Juice's production facilities have
been low for many years due to over-expansion in the past.
Huiyuan Juice has been disposing of some of its idle and
inefficient capacity, which raised around CNY173 million in 2014,
CNY1.01 billion in 2015 and CNY468 million in 2016. As a result,
Fitch does not expect major capital expenditure in the near
future. The company is also exploring international
opportunities, which may allow it to relocate idle production
lines to overseas facilities.

High Leverage, Moderate Coverage: Huiyuan Juice posted moderately
strong FFO fixed charge coverage of 3.0x at end-2016, but its
leverage - measured by FFO adjusted net leverage - was moderately
high at 4.8x. Fitch believes that the company would maintain the
current coverage ratio at around 3x for the next three years.
Fitch also expects the company's leverage to remain at around 5x,
driven by single-digit revenue growth, moderate margins and large
working capital needs.

DERIVATION SUMMARY

Huiyuan Juice's financial profile is weaker than that of
international food and beverage peers rated at 'BB' or above.
Within Fitch China consumer portfolio, eHi Car Services Limited
(eHi, BB-/Negative) is similar to Huiyuan Juice in size, but eHi
has lower leverage and stronger coverage than Huiyuan Juice.

The company's financial metrics are more in line with peers rated
in the 'B' category. Compared with Agri Business Holding Miratorg
LLC (B+/Stable), Huiyuan Juice has smaller EBITDA and higher
leverage, but the two companies share similar coverage ratios.
Miratorg's rating is capped at the 'B' category due to its
corporate governance and the operating environment in Russia,
which explains its better than 'B+' rated peer financial metrics.

Compared with 'B' rated peers such as Premier Foods plc
(B/Negative) and Yasar Holding A.S. (B/Stable), Huiyuan Juice has
similar EBITDA size but a stronger FFO margin and FFO fixed
charge coverage.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Revenue growth to remain around 7% in 2017 and 2018.
- EBITDA margin to remain close to 16% in 2017 and 2018.
- Capital expenditure to reduce to CNY200 million per annum, as
   the company has no major new capex plan.
- No common dividend payout; and no share repurchase.

Key Recovery Rating Assumptions:
- The recovery analysis assumes Huiyuan Juice would be
   liquidated in a bankruptcy rather than continue as a going
   concern.
- Recovery analysis applied a haircut of 50% for CNY3.18 billion
   of receivables, a 50% haircut for CNY1.22 billion of inventory
   and a 50% haircut for all property, plant and equipment,
   affiliates and minority interest and other assets. In Fitch's
   view, Huiyuan Juice's account receivables are more difficult
   to recover compared with those of other companies, and hence
   Fitch assigns a lower recovery rate on this.
- Pledged cash of CNY200 million against bank borrowings is
   considered as available to creditors.
- 10% administrative claims are applied on the liquidation
   value.
- Offshore secured debts and unsecured debts of Chinese
   operating entities move ahead of offshore unsecured debt
   holders in the distribution waterfall.
- Based on Fitch calculations of the adjusted liquidation value
   after administrative claims, Fitch estimates the recovery rate
   of the offshore senior unsecured debt to be 54%. The Recovery
   Rating of Huiyuan Juice is capped at 'RR4', which reflects
   average recoverability for offshore creditors in China.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Substantial increase in revenue
- FFO fixed charge coverage sustained above 5x (2016: 3.0x)
- FFO adjusted net leverage sustained below 3x (2016: 4.8x)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin sustained below 15% (2016: 17.8%)
- FFO adjusted net leverage sustained above 5x (2016: 4.8x)
- Substantial decrease in revenue
- Deterioration in working capital flow, which will be evident
   from longer account receivable days

LIQUIDITY

Adequate Liquidity: Huiyuan Juice had CNY2.1 billion in
unrestricted cash and CNY220 million in available undrawn bank
facilities at end-2016. These are sufficient to meet its short-
term debt repayment obligation of CNY1.8 billion. However, around
70% of Huiyuan Juice's debt will mature in 2018, and the company
is likely to refinance these debts with offshore bond issuance
and rollover of its existing bank facilities.


CHINA JINJIANG: 1H 2017 Results No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service says that China Jinjiang Environment
Holding Co. Ltd.'s (CJE) results for 1H 2017 are in line with
expectations and will have no immediate impact on its Ba2
corporate family rating and the Ba3 senior unsecured rating on
its USD bond, as well as the stable ratings outlook.

"CJE's steady growth in its operating performance in 1H 2017
reflects the growth prospects of the waste-to-energy (WTE) sector
in China and the company's continuous investments in the sector,"
says Ralph Ng, a Moody's Analyst.

"At the same time, the increasing leverage and higher business
and regulatory risks, associated with CJE's capital spending and
ambitious overseas expansion, will weigh on its ratings," adds
Ng.

CJE recorded a 6.7% and 7.9% rise in revenue and EBITDA
respectively in 1H 2017, compared to last year.

Excluding the construction services provided under "Build-
Operate-Transfer" projects, the revenue and gross profits
contributed from the WTE segment would have increased by 27.3%
and 14.1% in 1H 2017, mainly driven by the increasing level of
supply of municipal solid wastes to its WTE facilities and its
two new plants becoming operational.

The construction revenue is recognized during the construction
phase, but does not include actual cash flow. This segment
accounted for 18% of total revenue in 1H 2017.

However, the gross margins of the WTE segment declined to 41.5%
from 46.3%, mainly due to the ramp-up of the new plants in their
trial operating phases and increasing operating costs, such as
for coal fuel.

CJE announced its first and second WTE projects in India during
1H 2017 and such overseas expansion brings additional risks to
its overall business profile, which weigh on its ratings.

Consistent with Moody's expectation, the company's adjusted total
debt increased to RMB4.3 billion at end-June 2017 from about
RMB3.3 billion at end-2016 because of the capital spending on new
projects and upgrading existing plants.

Moody's expects CJE's annual capex to peak during 2017E-2018E at
RMB2.3 billion, of which overseas projects will account for 30%,
compared with total capex of RMB1.3 billion in 2016.

Overall, Moody's estimates that CJE's adjusted funds from
operations/ debt will register within 15%-17% (20.8% at end-June
2017) and its retained cash flows/ debt will remain within 11%-
13% (13.8% at end-June 2017) over the next two years. Such
expected financial metrics support its Ba2 corporate family
rating.

Moody's also expects CJE to successfully refinance its short-term
debt of RMB1.7 billion and secure external funding for its
projects, supported by its good access to funding from domestic
banks.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

China Jinjiang Environment Holding Co. Ltd. (CJE) is a Singapore-
listed waste-to-energy (WTE) operator in China. It had the
largest operating waste treatment capacity in the country at end-
2016.

CJE operates the whole value chain of WTE, from planning,
construction, operation and management of the facilities. At end-
June 2017, CJE had 21 operating WTE facilities of 29,230 ton/day
and 533MW in 12 provinces in China.


CIFI HOLDINGS: Moody's Rates Proposed USD Sr. Securities B1
-----------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to CIFI Holdings (Group) Co. Ltd.'s (Ba3 positive)
proposed USD senior perpetual capital securities.

The perpetual securities will be issued directly by CIFI and rank
pari passu with all other present and future senior obligations
of CIFI.

The company plans to use the bond proceeds to refinance existing
debt.

RATINGS RATIONALE

"The proposed perpetual securities will extend CIFI's debt
maturity profile and will not have a material impact on its
credit metrics as the proceeds will mainly be used to refinance
existing debt," says Stephanie Lau, a Moody's Vice President and
Senior Analyst.

Moody's considers the proposed perpetual securities as pure debt
instruments that rank similar to CIFI's senior unsecured debt.
Accordingly, Moody's does not grant equity treatment for these
securities.

Moody's expects CIFI's credit metrics will remain strong for its
Ba3 corporate family rating if the proposed USD senior perpetual
capital securities are issued.

Moody's expects CIFI's credit metrics to improve on the back of
stronger revenue growth in the next 12-18 months, supported by
robust property contracted sales. Its year-to-date contracted
sales (including its share in joint ventures) up to end-July 2017
totaled RMB55.7 billion, representing 70% of its revised-up 2017
target of around RMB80 billion.

Moody's expects CIFI's EBIT/interest -- including joint venture
contributions -- will improve to around 3.5x-4.0x in the next 12-
18 months from around 3.0x for the 12 months to June 2017. Its
debt leverage -- as measured by revenue/adjusted debt (including
joint venture contributions) -- should also improve to around
80%-90% from around 70%.

CIFI's Ba3 corporate family rating reflects its property
development model focused on catering to housing demand from
upgraders in key tier 1 and tier 2 cities in China. Such a focus
helps the company to achieve rapid turnover.

The rating also takes into account the company's good liquidity,
prudent land acquisition strategy, and growing diversification.

On the other hand, the rating also reflects its material exposure
to joint ventures, which lowers the transparency of its credit
metrics. However, such risk is mitigated by its strong liquidity
management and reputable joint venture partners.

CIFI's liquidity position is strong as it well manages its debt
maturity profile. Its cash on hand of RMB25.8 billion well
covered its short-term debt of RMB 6.5 billion as of June 30,
2017.

The B1 rating of CIFI's senior unsecured debt is one notch lower
than its corporate family rating of Ba3, reflecting structural
and legal subordination risks.

The positive outlook on CIFI's Ba3 corporate family rating and B1
senior unsecured rating reflects Moody's expectation that CIFI's
credit metrics will improve over the next 12-18 months, owing to
its strong sales execution and prudent land acquisition strategy.

CIFI's ratings could be upgraded if the company: (1) sustains
growth in sales and scale and achieves better geographic
diversification; and (2) improves its credit metrics, with
adjusted EBIT/interest above 3.5x-4.0x and revenue/adjusted debt
above 85%-90% on a sustained basis.

On the other hand the ratings outlook could return to stable if
CIFI's performance and credit metrics fall below our
expectations; in particular, if its: (1) EBIT interest coverage
falls below 3.0x; and/or (2) revenue/adjusted debt remains below
80%; and/or (3) liquidity weakens, with its cash holdings
slipping below 1.5x of short-term debt.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015. Please
see the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

CIFI Holdings (Group) Co. Ltd. was incorporated in the Cayman
Islands in May 2011 and listed on the Hong Kong Stock Exchange in
November 2012.

CIFI develops residential and commercial properties mainly in the
Yangtze River Delta. It has also expanded to the Pan Bohai Rim
and the Central Western Region. At end-June 2017, it maintained a
presence in 15 key cities, with a total and attributable land
bank of 22.1 million and 12.4 million square meters respectively.
It also had 89 projects under development.


EHI CAR: Fitch Assigns Final BB- Rating to US$400MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned China-based car rental and services
operator eHi Car Services Limited's US$400 million 5.875% senior
notes due 2022 a final rating of 'BB-'.

The notes are rated at the same level as eHi's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating follows the receipt of documents
conforming to information already received and is in line with
the expected rating assigned on July 30, 2017.

Fitch revised the Outlook on eHi's Long-Time Foreign-Currency
Issuer Default to Negative from Stable on July 3, 2017 to reflect
the company's higher leverage, ongoing capex requirements and
Fitch's expectation that deleveraging is not probable in the next
few years.

KEY RATING DRIVERS

Higher Leverage: Fitch expects eHi's FFO adjusted net leverage to
remain above 3.0x over the next few years, even though the
company is starting to moderate its expansion and capex plans for
2017. eHi's FFO adjusted net leverage rose sharply to 3.4x in
2016, from just 0.8x at end-2015, due to higher-than-Fitch-
expected net capital expenditure for vehicle fleet expansion and
despite strong growth in EBITDA and FFO.

eHi plans to use a portion of the proceeds from the note issue
for early repayment of its syndicated loan that has tight
covenants, which will give the company more financial
flexibility. Fitch expects management to continue to take a
controlled approach to capex and leverage in the next few years,
although the ratings may still come under downward pressure if
FFO adjusted net leverage is sustained above 3.0x.

National Expansion, Market Leader: eHi remains one of China's
leading car rental companies, with majority market share in
Shanghai and eastern China. Its total fleet size rose by 50% to
56,916 vehicles and total revenue increased by 45% to CNY2.1
billion in 2016. eHi also expanded its geographical footprint to
cover 216 cities. Fitch expects eHi to continue expanding and for
its fleet size to reach almost 67,000 vehicles by end-2017. The
company has also narrowed the gap between itself and the market
leader, CAR Inc. (BB-/Stable), over the previous two years, with
faster revenue and fleet expansion.

Competitive Pressure, Regulatory Risk: China's car rental and
services market continues to change rapidly. eHi faces fierce
competition, particularly from CAR Inc., which cut its prices at
the beginning of 2017. This has not directly affected eHi's
margins so far, but may pressure its pricing and profitability if
it continues. China's regulatory framework is also evolving and
some changes may adversely affect eHi's operations.

DERIVATION SUMMARY

eHi has a smaller operating scale and weaker financial profile
than other Fitch-rated car rental operators, such as CAR Inc.,
China's largest car rental operator, and Localiza Rent a Car S.A.
(BB+/Negative), Brazil's leading rental car operator. However,
eHi has lower concentration risk compared with CAR Inc., which is
exposed to one large customer. No Country Ceiling,
parent/subsidiary or operating environment aspects have an impact
on the rating.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- 20,000 vehicles added and 10,000 vehicles disposed in 2017
- 37% revenue growth in 2017, then 4%-12% in 2018-2020 (2016:
   45%)
- EBITDA margin of 45%-47% in 2017-2020 (2016: 44%)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to the
Outlook being revised to Stable
- FFO adjusted net leverage sustained below 3.0x (2016: 3.4x)
- EBITDA margin sustained above 50%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage above 3.0x for a sustained period
- FFO fixed-charge coverage below 3.0x for a sustained period
   (2016: 3.8x)
- EBITDA margin below 40% for a sustained period

LIQUIDITY

Satisfactory Liquidity: eHi has sufficient liquidity, with CNY787
million of cash and cash equivalents and CNY63 million in undrawn
loan facilities at end-2016. Fitch expects the company to
successfully roll over its domestic bank loans. The recent bond
issuance also largely addressed the company's offshore
refinancing needs for the next six to 12 months.


YANLORD LAND: Strong Profit Margin Supports Moody's Ba2 CFR
-----------------------------------------------------------
Moody's Investors Service says that Yanlord Land Group Limited's
strong profit margin, interest coverage ratio and liquidity
support its Ba2 corporate family rating and the stable outlook on
the rating.

"Yanlord's credit profile supports its Ba2 rating, and reflects
the company's above-peer profit margin and interest coverage, as
well as its strong liquidity profile," says Anthony Lee, Moody's
Lead Analyst for Yanlord.

Lead by the higher average selling prices of products delivered
in 1H 2017, the company's adjusted gross margin and EBIT to
interest coverage improved to 41% and 7.5x for the 12 months
ended June 30, 2017 from 31% and 5.7x in 2016. Such levels are
strong relative to its Ba-rated Chinese property peers.

Yanlord's liquidity position is strong. At end-June 2017, its
cash balance totaled RMB16 billion, covering 2.6x of its short-
term debt.

On the other hand, Moody's notes that the company's debt leverage
- as measured by revenue to adjusted debt - has risen.
Specifically, the ratio fell to 70% for the 12 months ended 30
June 2017 from 102% in 2016, because of the high level of
spending on land acquisitions during this time.

"Nevertheless, Moody's expects that Yanlord's high debt leverage
as at June 2017 is temporary and will return to a level
commensurate with its Ba2 rating, based on the fact that Moody's
expects to see some moderation in its land-banking activities,
and an acceleration in revenue growth over the next 6-12 months,"
adds Lee.

As a result, Yanlord's revenue to debt should trend towards 80%,
and it should maintain an EBIT to interest above 5.5x over the
next 12 months. Such credit metrics support its Ba2 corporate
family rating.

Moody's expects that Yanlord will keep its total spending on land
in 2017 to within the company's budget of RMB15-RMB20 billion,
which will in turn control debt growth over the next 6-12 months.

At the same time, Yanlord will likely post higher revenue growth
over the next 12 months, supported by a large amount of
unrecognized revenue of RMB27.8 billion at end-June 2017.

Yanlord acquired a few large development sites in the past 6-9
months. Moody's estimates that the total cost of these plots of
land was around RMB20 billion, and part of it was paid in 1H 2017
and was partially funded by additional borrowings.

Moody's expects that the new projects will support Yanlord's
gross profit margin in the long run. For instance, the average
purchase land cost for the Nanjing Eco Hi Tech Island project
represents around one third of the selling price recorded in the
existing secondary market for Yanlord's Oasis New Island Gardens
project, which is located in the same area.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Yanlord Land Group Limited is a major property developer in
China. It operates in the large Chinese cities of Shanghai,
Nanjing, Suzhou, Nantong, Shenzhen, Tianjin, Zhuhai, Chengdu,
Tangshan, Zhongshan, Sanya and Wuhan.

Yanlord was established in 1993 and Yanlord Land Group Limited
was listed on the Singapore Stock Exchange in 2006. Its land bank
totaled 6.0 million square meters at end-June 2017.



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


EPIC MMA: Shuts 6 Hong Kong Branches; 40 Jobs Axed
--------------------------------------------------
The Standard reports that a high-end mixed martial arts club
closed its six Hong Kong branches on Aug. 1, affecting 40
employees and about 800 members.

A notice from the liquidator was posted outside Epic MMA Club
outlets, saying it had gone into liquidation on July 31 and
operations were suspended, the report relates.

There was no further information, with the chain's phone hotline,
website and Facebook links removed. But its outlet on Queen's
Road Central was open on Aug. 1 for members to collect belongings
and to fill in the liquidator's claim forms, according to the
Standard.

The Standard relates that staff at reception said it was not
known how and when the company expects to refund customers, but
Epic would be contacting all members and discussing details at a
creditors' meeting this month.

But one staffer handing out forms for people to make claims
against Epic cautioned: "Be prepared not to get your money back,"
the Standard relays.

Entrepreneur Cole Sirucek co-founded Epic MMA in 2012 and has
been chief executive since.  It opened its doors in Central and
quickly expanded to Tung Chung and Stanley. It offered
alternative fitness classes including in yoga and anti- gravity
routines and also Muay Thai boxing and Brazilian jiu-jitsu.
The gym also hosted top performers in mixed martial arts and
welcomed top Filipino boxer Manny Pacquiao in 2014, according to
The Standard.



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


AFTAAB SOLAR: Ind-Ra Withdraws INR500MM WD Bank Loan Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Aftaab Solar Private Limited's (ASPL) senior
project bank loan rating:

-- INR500 mil. withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the loan,
based on the receipt of a no-dues certificate from the lender,
mentioning that the loan has been repaid in full. This is
consistent with the Securities and Exchange Board of India's
circular dated 31 March 2017 for credit rating agencies.

ASPL's last published rationale can be accessed here.

COMPANY PROFILE

ASPL is a special-purpose vehicle that has been formed to
develop, own and operate a 5MW thin-film solar power plant in
Sadeipali village, Bolangir district, Odisha. The plant commenced
commercial operations on 7 February 2012. Hindustan Powerprojects
Private Ltd is the project sponsor through its intermediate
holding company Hindustan Cleanenergy Limited.


AURAD SOLAR: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Aurad Solar
Private Limited (ASPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR129.2 mil. Term loan due on August 2031 assigned with IND
    BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect ASPL's limited track record of operations as
the plant was commissioned in May 2017 and the company has yet to
stabilise operations. The ratings also factor in the inherent
risks associated with solar power business in terms of solar
irradiation levels around the plant's location.

The ratings are supported by around 10 years of experience of
ASPL's promoters in diversified businesses as well as in
commissioning solar photovoltaic power projects successfully
through group companies. Also, ASPL has a predictable revenue
stream due to the presence of a 25-year power purchase agreement
with Gulbarga Electricity Supply Company Limited for a fixed
tariff of INR8.4/kWh. However, any delays in receiving the
payments from the counterparty can affect the cash flows.

The ratings are also supported by ASPL's use monocrystalline
technology which has a proven performance record in the global
solar power industry. Photovoltaic modules for the project have
been procured from Risen Energy Co. Ltd. which has provided a 12-
year product warranty and a 25-year limited power warranty. This
limits the technology risk. Also, the project employs a single
axis tracker which aids in improving the power generation
efficiency.

RATING SENSITIVITIES

Positive: Generation of the plant load factor and cash flows as
expected by the management could lead to a positive rating
action.

Negative: Lower-than-expected plant load factor and/or any
significant payments delays by the offtaker leading to stressed
cash flows could lead to a negative rating action.

COMPANY PROFILE

ASPL is a special purpose vehicle formed in November 2015; it is
promoted by Mr. Niraj Gelli and Mr. Girish Gelli, to develop, own
and operate a 3MW solar power plant. The plant is located at
Jonnikeri Village, Karnataka. The total project cost of INR210
million was funded in a debt-equity ratio of 62:38.


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

-- INR90 mil. Fund based limit migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR1 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR40 mil. Proposed fund-based limit migrated to non-
    cooperating category with Provisional IND BB-(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1918, Baghmari Tea Co. manufactures and exports
tea. The company has a tea garden and a 1.2 million kg per annum
tea processing unit in Sonitpur, Assam. The total plantation area
is 576.82 hectare of which the area under cultivation is 412.3
hectare.


BALDVA TEXTILES: CRISIL Reaffirms B+ Rating on INR12MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Baldva Textiles Pvt Ltd (BTPL) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            12       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile because of high gearing and small networth, modest scale
of operations, and large working capital requirement. These
weaknesses are partially offset by the extensive experience of
its promoter in the textiles industry.

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in competitive industry
With revenue of Rs53.2 crore during fiscal 2017, scale remains
modest in the intensely competitive textiles segment, which
limits pricing power and constrains profitability.

* Working capital-intensive operations
Gross current assets were 237 days as on March 31, 2017, due to
stretched receivables of 151 days. The company maintains
inventory of 80 to 100 days, and received credit of 159 days from
suppliers.

Strengths

* Extensive experience of promoter
Longstanding presence has enabled the promoter to develop strong
relationship with suppliers and agents.

Outlook: Stable

CRISIL believes BTPL will benefit over the medium term from the
extensive experience of its promoter and established customer
relationship. The outlook may be revised to 'Positive' in case of
better operating margin, while prudently managing working capital
cycle and improving financial risk profile. The outlook may be
revised to 'Negative' if decline in cash accrual or further
increase in working capital requirement constrains financial risk
profile, particularly liquidity.

Established in 1987 by Mr. Anil Baldva, BTPL manufactures trouser
fabrics at its plant in Bhilwara, Rajasthan.

In fiscal 2017, profit after tax was INR0.16 crore on an
operating income of INR53.22 crore, against INR0.14 crore and
INR44.67 crore, respectively, in fiscal 2016.


BEEPEE ENTERPRISE: CRISIL Reaffirms B+ Rating on INR3.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Beepee Enterprise
Private Limited (BEPL) for obtaining information through letters
and emails dated April 06, 2017 and May 04, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Foreign Demand          2.0       CRISIL A4 (Issuer Not
   Bill Purchase                     Cooperating; Rating
                                     Reaffirmed)

   Letter Of Guarantee     0.3       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.0       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

BEPL was incorporated in 2003, promoted by Mr. Chandrakishor
Poddar along with his sons, Mr. Anup Poddar and Mr. Anil Poddar.
The company manufactures of bed sheets, table cloths, serviettes,
chair covers, table linen, duvets, and mats. BEPL's customers
include various reputed players such as Air India Ltd, Taj Hotels
Resorts and Palaces, and Hotel Leela Ventures Ltd.


BELLONA PAPER: CRISIL Reaffirms B+ Rating on INR7.35MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Bellona Paper Mill Private Limited (BPMPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1         CRISIL A4 (Reaffirmed)
   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)
   Term Loan              7.35      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect early stage of operations in a
highly fragmented and competitive paper industry, average
financial risk profile, and susceptibility to fluctuations in
waste paper prices. These weaknesses are partially offset by
promoters' extensive entrepreneurial experience and funding
support.

Key Rating Drivers & Detailed Description

Weakness

* Early stage of operations in the intensely competitive
packaging industry: Intense competition in the packaging industry
constrains scalability in operations; turnover was modest at an
estimated INR29 crore for fiscal 2017, with just 6 months in
operations.

* Moderate operating profitability and working capital-intensive
operations: Operating margin was 3.3% for fiscal 2017.
Profitability is expected to improve as higher-grade kraft paper
is now being produced, resulting in higher margin.

Gross current assets were at 102 days as on March 31, 2017.
Operations are expected to remain moderately working capital
intensive over the medium term.

* Average financial risk profile: Gearing is estimated to be
moderate at 2.4 times as on March 31, 2017. The financial risk
profile is expected to remain average over the medium term.
Interest coverage ratio is estimated at 1.1 times for fiscal
2017.

Strengths

* Promoters' extensive experience in the packaging industry:
The promoters, Mr. Pankaj Patel, Mr. Ashish Marvaniya, and Mr.
Bharat Loriya, have around two decades of experience in the
packaging industry and hence are conversant with the various
aspects of the business. Their understanding of the dynamics of
the local market and established relationships with suppliers and
customers should continue to support the business risk profile.

Outlook: Stable

CRISIL believes BPMPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience.
The outlook may be revised to 'Positive' in case of ramp-up in
sales, leading to substantial cash accrual in early stages of
operations. Conversely, the outlook may be revised to 'Negative'
if low accrual because of moderate profitability, or sizable
working capital requirement, or additional, debt-funded capital
expenditure leads to deterioration in the financial risk profile
and liquidity.

Established in October 2015, BPMPL, promoted by Mr. Pankaj Patel
and others, has recently setup a plant for manufacturing kraft
paper at Morbi, Gujarat, with processing capacity of 100 tonne
per day.

Profit after tax was INR0.09 crore on an operating income of
INR29.04 crore in fiscal 2017, its commercial production started
in October 2016.


CHEERANS STRUCTURALS: CRISIL Cuts Rating on INR22MM Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Cheerans
Structurals (CS) for obtaining information through letters and
emails dated April 6, 2017 and May 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             22        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Cheerans Structurals. 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 Cheerans Structurals is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has downgraded the rating at
'CRISIL B/Stable'.

CS was established in 1987 by Mr. Shirilson Methew in Trivandrum,
Kerala. The firm undertakes construction of roads and bridges,
dams, water supply projects, water treatment plants, power
projects and others.


CLEARSKY SOLAR: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Clearsky Solar
Private Limited (CSPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR129.2 mil. Term loan due on August 2031 assigned with IND
    BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect CSPL's limited track record of operations as
the plant was commissioned in May 2017 and the company has yet to
stabilise operations. The ratings also factor in the inherent
risks associated with solar power business in terms of solar
irradiation levels around the plant's location.

The ratings are supported by around 10 years of experience of
CSPL's promoters in diversified businesses as well as
commissioning solar photovoltaic power projects successfully
through group companies. Also, CSPL has a predictable revenue
stream due to the presence of a 25-year power purchase agreement
with Gulbarga Electricity Supply Company Limited for a fixed
tariff of INR8.4/kWh. However, any delays in receiving the
payments from the counterparty can affect the cash flows.

The ratings are also supported by CSPL's use of monocrystalline
technology which has a proven performance record in the global
solar power industry. Photovoltaic modules for the project have
been procured from Risen Energy Co. Ltd. which has provided a 12-
year product warranty and a 25-year limited power warranty. This
limits the technology risk. Also, the project employs a single
axis tracker which aids in improving the power generation
efficiency.

RATING SENSITIVITIES

Positive: Generation of the plant load factor and cash flows as
expected by the management could lead to a positive rating
action.

Negative: Lower-than-expected plant load factor and/or any
significant payments delays by the off-taker leading to stressed
cash flows could lead to a negative rating action.

COMPANY PROFILE

CSPL is a special purpose vehicle formed in November 2015; it is
promoted by Mr. Niraj Gelli and Mr. Girish Gelli, to develop, own
and operate a 3MW solar power plant. The plant is located at
Jonnikeri Village, Karnataka. The total project cost of INR210
million was funded in a debt-equity ratio of 62:38.


ESHA IRON: CRISIL Lowers Rating on INR6MM Cash Loan to B
--------------------------------------------------------
CRISIL has been consistently following up with Esha Iron and
Steel (EIS) for obtaining information through letters and emails
dated April 6, 2017 and May 4, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term       3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Esha Iron and Steel. 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 Esha Iron and Steel is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has downgraded the rating at
'CRISIL B/Stable'.

Established in 2014, EIS is a partnership firm, promoted and
managed by Mr. A V K Raja and Mr. Ravishankar. The firm trades in
long steel products such as thermo-mechanically-treated (TMT)
bars, billets, and other structural steel products.


ETICA DEVELOPERS: CRISIL Lowers Rating on INR4.35MM Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Etica Developers
Private Limited (EDPL) for obtaining information through letters
and emails dated April 6, 2017 and May 4, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term       0.65     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                4.35     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

EDPL, set up in Chennai in 2012 by Mr. G Diliban and Mr. G
Prakash, develops real estate. The company has completed Saptami
and Avigna, premium residential apartments and is currently
undertaking the construction of 2 other residential apartments '
Kalathmika and Sapthagiri. The company is also expected to launch
3 more residential projects in Chennai over the near to medium
term. The company also operates a 1.16 MW solar power plant in
Kurundamadam in Virudhunagar district.


GOMATHI STEELS: CRISIL Lowers Rating on INR14MM Cash Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gomathi Steels to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            2        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Bill Discounting          3        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Bill Discounting under    1.5      CRISIL D (Downgraded from
   Letter of Credit                   'CRISIL B+/Stable')

   Cash Credit              14.0      CRISIL D (Downgraded from
                                      'CRISIL A4')

   Intraday Limit             .1      CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Term Loan                 2.0      CRISIL D (Downgraded from
                                      'CRISIL A4')

The rating downgrade reflects overdrawals in the working capital
facilities for over 30 days. The delays are due to stretch in the
receivables. The ratings also factor in the below-average
financial risk profile. However, the firm benefits from the
promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: The firm has below-
average financial risk profile marked by high gearing of 2.6
times as on March 31, 2016 and modest interest cover of 1.3 times
for fiscal 2016.

Strengths

* Promoter's extensive industry experience: Presence of over 25
years has enabled the proprietor to establish healthy
relationship with customers (BE Billimoria & Co Ltd, BSCPL
Infrastructure Ltd, and Consolidated Construction Consortium Ltd)
and with suppliers.

GS is a proprietorship concern of Mr. Govindasamy established in
2003. The firm manufactures various steel products such as nails,
bolts, couplers, and mild steel wires, and also trades in steel
wire rods. Its manufacturing units are near Chennai (Tamil Nadu).

For 2015-16 (refers to the financial year April 1 to March 31),
GS reported a profit after tax (PAT) of INR0.5 crore on net sales
of INR81 crores against a PAT of INR0.4 crore on net sales of
INR93 crores for 2014-15.


GOVINDAM FOOD: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Govindam Food Products Private Limited at 'CRISIL B+/Stable'.
The rating continues to reflect a small scale of operations in
the intensely competitive wheat flour industry, and low operating
profitability. These weaknesses are partially offset by the
extensive entrepreneurial experience of the promoters and a
moderate financial risk profile.

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

   Proosed Long Term
   Bank Loan Facility     5.0       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in an intensely competitive industry
With a production capacity of 39,000 tonne per annum, and revenue
of INR22.54 crore in fiscal 2017, the company is a small player
in the wheat flour industry. The industry is fragmented with
numerous small players catering to local demand because of high
freight costs. The small scale of operations restricts bargaining
power with distributors, thus constraining profitability margins.
Moreover, the company is only present in the wheat processing
segment, as opposed to large players which are present in the
rice, pulses, and packaged food processing segments.

* Low operating profitability
The intense competition restricts realisations, keeping the
operating margin low. In fiscal 2017, the operating profitability
margin was 3.7%.

Strengths

* Extensive entrepreneurial experience of the promoters
Though the promoters have a short track record in the wheat-
processing industry, they have significant entrepreneurial
experience. Two of them have over a decade of experience in the
food grains trading industry; they will leverage their experience
in the trading business to improve the network of suppliers and
customers. The company has an established network of about 100
agents and distributors, and West Bengal accounts for most of its
sales. The promoters have added corporate clients to diversify
the customer profile. The company has successfully launched its
brand, Govindam, in West Bengal and Jharkhand, resulting in
incremental sales. The extensive experience of the promoters will
continue to support the business risk profile.

* Moderate financial risk profile
The gearing was low at below 1 time, though the networth was
small at INR4.08 crore, as on March 31, 2017. The debt protection
metrics were above average with interest coverage and net cash
accrual to total debt ratios at 1.83 times and 0.16 time,
respectively, in fiscal 2017. With an expected improvement in
operating profitability, the metrics are likely to improve
further over the medium term.

Outlook: Stable

CRISIL believes GFPPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if revenue and profitability increase significantly,
while the capital structure remains comfortable. The outlook may
be revised to 'Negative' if the financial risk profile weakens
due to large debt-funded capital expenditure or a sharp decline
in revenue or profitability, leading to inadequate cash accrual
for meeting term debt obligation.

GFPPL, incorporated in 2010, is owned and managed by Mr. Rajesh
Kumar Bansal, Mr. Vikram Kumar Rajoria, and Mr. Pradeep Kemka.
The company processes wheat to produce flour, refined flour,
cattle feed, and semolina. Its manufacturing facility is at
Dhanbad, Jharkhand, and registered office in Kolkata.

Profit after tax was around INR0.27 crore on revenue of INR22.54
crore in fiscal 2017, against INR0.05 crore and INR23.53 crore,
respectively, in the previous fiscal.


GSCO INFRASTRUCTURE: Ind-Ra Assigns BB+ LT Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned GSCO
Infrastructure Private Limited (GSCO) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are as follows.

-- INR64 mil. assigned with IND BB+/Stable/IND A4+ rating; and

-- INR400 mil. Non-fund-based limits assigned with IND A4+
    rating;

KEY RATING DRIVERS

The ratings reflect GSCO's tight liquidity position, indicated by
almost full utilisation of working capital limits, along with
several instances of overutilisation, during the 12 months ended
June 2017.

The ratings, however, are supported by moderate scale of
operations, and strong EBITDA margin and credit metrics.
According to provisional financials for FY17, revenue was
INR2,117.86 million (FY16: INR2,103.82 million), EBITDA margin
was 15.45% (FY16: 13.04%), net financial leverage (total adjusted
net debt/operating EBITDAR) was 1.46x (FY16: 1.44x) and interest
coverage (operating EBITDA/gross interest expense) was 4.77x
(FY16: 3.06x). Interest coverage ratio enhanced on account of an
improvement in EBITDA margin due to a fall in labour charges.

The ratings are also supported by the promoter's track record of
30 years in civil construction works and the company's medium-to-
long-term revenue visibility. As of June 2017, GSCO had an order
book position of INR11.04 billion (about 5.2x of FY17 revenue).
Moreover, GSCO undertakes irrigation, mining and road projects
and is enlisted with various state governments, boards and
corporations as an AA class contractor. This mitigates the risk
of dependence on a particular sector for revenue.

RATING SENSITIVITIES

Negative: A significant decline in operating profitability
leading to deterioration in credit metrics will be negative for
the ratings.

Positive: A significant improvement in revenue visibility, driven
by a strong order book position, along with an enhancement in
credit metrics or liquidity profile, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2004, GSCO is engaged in the civil construction
business.


INFINITI SOFTWARE: CRISIL Lowers Rating on INR7MM Cash Loan to B
----------------------------------------------------------------
CRISIL has been consistently following up with Infiniti Software
Solutions Private Limited (ISSPL) for obtaining information
through letters and emails dated April 06, 2017 and May 04, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bill Discounting          3       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Cash Credit               7       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Cash Credit/     1       CRISIL B/Stable (Issuer Not
   Bills Discounting Limit           Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

ISSPL, incorporated in 2005 and based in Chennai, develops
customized software for booking tickets for flights, trains and
buses, and hotel rooms for corporates and also acts a ticketing
agent. It is promoted by Mr. Ananthapadmanabhan Narasimhan.


J.R.D. INTERNATIONAL: CRISIL Cuts Rating on INR25MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
J.R.D. International Ltd (JRD) to 'CRISIL B-/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             8.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Proposed Short Term     9.0       CRISIL A4 (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

   Term Loan               5.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Warehouse Receipts     25.0       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

The downgrade reflects stretched liquidity reflected by expected
barely sufficient cash accruals against debt repayment obligation
over the medium term coupled with almost fully utilized bank
limits. Further, high total outside liabilities to tangible net
worth estimated at 4.6 times as on March 31, 2017 limits the
financial flexibility.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of JRD and J. R. Agrotech Pvt Ltd (JRA).
This is because the two companies, together referred to as the JR
group, operate in the same line of business, and have common
promoters and significant operational linkages, especially in
sale and purchase of rice.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The financial risk profile has
been weak because of high TOL/TNW ratio expected at 4.5-5.0 times
and low adjusted interest coverage and net cash accrual to
adjusted debt ratios expected at 1.0-1.5 times and 0.02 ' 0.03
times respectively over the medium term.

* Large working capital requirement: Gross current assets are
estimated at around 200 days as on March 31, 2017, due to large
inventory resulting from procuring the entire annual paddy
requirement during October to March.

Strength

* Promoters' experience: Benefits from the promoters' experience
(around two decades) and strong relationships with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes the JR group will benefit over the medium term
from promoters' experience. The outlook may be revised to
'Positive' if sizeable cash accrual and efficient working capital
management strengthen key credit metrics, primarily liquidity.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile, particularly liquidity, weakens because of
substantial debt-funded capital expenditure, decline in
profitability and cash accrual, or stretch in working capital
cycle.

The JR group mills, processes, and sells rice in India and
abroad. JRA was founded by Mr. Raman Aggarwal and his brother,
Mr. Krishan Kumar Aggarwal, in 1998. JRD, founded by Mr. Raman
Aggarwal and his son, Mr. Raghav Aggarwal, in 2010, trades in
rice and has set up its own sortex machine and processing unit.

For JRD, profit after tax (PAT) is estimated at INR47 lakh over
operating income of INR209 crore in fiscal 2017, vis-a-vis INR33
lakh and INR154 crore, respectively, in fiscal 2016.

For JRA, PAT is estimated at INR8.5 crore over operating income
of INR794 crore in fiscal 2017, vis-a-vis INR2.6 crore and INR719
crore, respectively, in fiscal 2016.


JOHNS UMBRELLA: CRISIL Lowers Rating on INR10MM Cash Loan to 'B'
----------------------------------------------------------------
CRISIL has been consistently following up with Johns Umbrella
Mart (JUM) for obtaining information through letters and emails
dated April 6, 2017 and May 4, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Long Term Loan            0.8     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Johns Umbrella Mart. 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 Johns Umbrella Mart is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B' category or lower. Based on the
last available information, CRISIL has downgraded the rating at
'CRISIL B/Stable'.

JUM, set up in 1995 and based in Kerala, manufactures umbrellas
under the Johns brand. Proprietor Mr. Joseph A Thayyil manages
its operations.


JOSEPH RUBBERS: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facilities of Joseph Rubbers (India) Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            8         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         2.05      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     1.95      CRISIL B+/Stable (Reaffirmed)

The rating reflects the moderate scale of operations in an
intensely competitive industry, modest operating margin;
susceptible to volatile raw material prices, and the weak
financial risk profile because of a weak capital structure. These
weaknesses are partially offset by extensive experience of the
promoters in the rubber processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Moderate scale of operations in an intensely competitive
industry
The company operates on a modest scale, as reflected in estimated
turnover of around INR61.5 crore for fiscal 2017. The rubber
industry is less capital intensive, and hence, highly
competitive. Further, favourable demand-supply dynamics in the
domestic market, have also attracted new entrants.

* Modest operating margin; susceptible to volatile raw material
prices:
Operating margin has been modest, at 2.5-3% over the past five
years, owing to the limited value addition involved in processing
of rubber into latex. Further, raw material accounts for around
95% of the total cost of sales. JRIPL procures more rubber
between August and December, as compared with other months. This
exposes the company to price risk; prices of rubber are highly
volatile, owing to the commoditised nature of the product.

* Weak financial risk profile:
Financial risk profile is marked by small networth of INR1.59
crore and a highly leveraged capital structure, as reflected in
gearing and total outside liabilities to adjusted networth
ratios, estimated at 5.6 times and 6.04 times, respectively, as
on March 31, 2017. Networth remains constrained by the modest
accretions to reserves, due to trading nature of operations. The
company has significant external debt, comprising working capital
and term debt, contracted to fund capacity additions in fiscal
2016. Debt protection metrics are average, as reflected in
interest coverage and net cash accrual to adjusted debt ratios of
2.24 times and 0.11 time, respectively, estimated for fiscal
2017.

Strengths

* Extensive experience of the promoters in the rubber-processing
business:
The two decade-long experience of the promoters in the rubber
trading segment, their strong understanding of market nuances,
regular capacity additions, and established relationships with
customers and suppliers, will continue to support the business
risk profile.

Outlook: Stable

CRISIL believes JRIPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a sustained growth in revenue and profitability,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual or any
large debt-funded capital expenditure, weakens the financial risk
profile.

JRIPL, Incorporated in 2008 and based out of Kanjirappally
(Kerala), JRIPL processes and sells rubber products. The day-to-
day operations of the company are managed by Mr. P J Dominic and
his wife Ms. Elizabeth Dominic.

The company reported profit after tax (PAT) of INR0.19 crores on
revenue of INR50.62 crores in fiscal 2016, vis-a-vis PAT of
INR0.15 crores on revenue of INRRs. 40.76 crores in fiscal 2015.


K P N TEXTILE: CRISIL Lowers Rating on INR5.0MM Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with K P N Textile
Mills Private Limited (KPN) for obtaining information through
letters and emails dated April 6, 2017 and May 4, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee           0.27      CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Cash Credit              5.00      CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB-/Stable')

   Letter of Credit         1.50      CRISIL A4 (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4+')

   Long Term Loan           8.50      CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility       7.63      CRISIL B/Stable (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB-/Stable')

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

Detailed Rationale

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

KPN, incorporated in 2007 and based at Pallipalayam in Erode,
manufactures viscose filament yarn. Its operations are managed by
managing director Mr. P C Murugesan.


K. SUBRAYA: CRISIL Lowers Rating on INR3.5MM Loan to 'B'
--------------------------------------------------------
CRISIL has been consistently following up with K. Subraya Anantha
Kamath and Sons for obtaining information through letters and
emails dated April 6, 2017 and May 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Foreign Bill             3.5      CRISIL B/Stable (Issuer Not
   Discounting                       Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Packing Credit           7.0      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Standby Line of Credit   0.75     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of K. Subraya Anantha Kamath and
Sons. 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 K. Subraya Anantha Kamath and Sons
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable/CRISIL A4'.

Set up in 1945, as a partnership firm, KSAKS, is engaged in the
processing of raw cashew nuts to produce cashew kernels and other
by-products. KSAKS has two processing facilities ' on each in
Jalsoor (Karnataka) and Kasaragod (Kerala). The firm is promoted
by Kerala based Kamath family and the operations are managed by
Mr. Pramod Kamath, Mr. Gridhar Kamath, Mr. Prasad Kamath and Ms.
Radha Kamath.


K.R. THANGA: CRISIL Cuts Rating on INR5MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with K.R. Thanga
Maligai (KRTM) for obtaining information through letters and
emails dated April 6, 2017, and May 4, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit              5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of K.R. Thanga Maligai. 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 K.R. Thanga Maligai is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL B/Stable/CRISIL A4'.

Set up in 2001 as a partnership firm, KRTM is engaged in
jewellery retailing. The firm is based in Ramanathapuram (Tamil
Nadu). The operations are managed by Mr. Purushothaman.


KAMRAN EXPORTS: CRISIL Lowers Rating on INR25MM Loan to D
---------------------------------------------------------
CRISIL has been consistently following up with Kamran Exports
Private Limited (KEPL) for obtaining information through letters
and emails dated November 30, 2016, and January 17, 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')

   Export Packing Credit    25        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 KEPL. 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
KEPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D'.

Incorporated in 2009 and based in New Delhi, KEPL trades in
polyester fabrics and readymade garments. The company is promoted
by Mr. Kultar Singh and his family.


KOTHAINAYAGI A: CRISIL Assigns 'D' Rating to INR8MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long-term bank
facilities of Kothainayagi A (KA).
                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            8        CRISIL D

The principal repayment obligation for the term loan started in
fiscal 2017 and the firm has been repaying the equated monthly
installment with a delay of around 2 months; the delays are due
to weak liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Nascent scale of operations and intense competition in hotel
industry
KA started operations only from June 2017. Hence, the firm is
exposed to risks related to stabilisation and demand in the local
region. The business risk profile may remain constrained over the
medium term by initial scale of operations and intense
competition in the hotel segment

Strength
* Experience of promoters
KA benefits from established regional presence in Tirunelveli and
experience of promoters. Mr. Ayyasamy, husband of Ms
Kothainayaki, has been associated with the hospitality industry
for almost four decades. He developed a strong network over the
past 15 years. Experience of promoters and regional presence will
help in ramp up of scale of operations over the medium term

KA runs a hotel-cum-lodge in Tirunelveli, Tamil Nadu. It started
commercial operations from June 2017. Its operations are run by
Mr. Ayyasamy and his son, Mr. Annadurai.


MIR BUILDERS: CRISIL Lowers Rating on INR18MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with MIR Builders and
Developers Private Limited (MIRBDL; part of MIR group) for
obtaining information through letters and emails dated April 6,
2017 and May 4, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term        18      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MIRBDL with its group company MIR
Realtors Pvt Ltd (MIRRPL). This is because the two companies,
together referred to as the MIR group, have business and
financial linkages and a common management.

Incorporated in the year 2006, MIRRPL is engaged primarily in
residential real estate development in Kerala. Incorporated in
the year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun
Kumar.


MIR REALTORS: CRISIL Lowers Rating on INR10MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Mir Realtors
Private Limited (MIRRPL; part of MIR group) for obtaining
information through letters and emails dated April 6, 2017 and
May 4, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           10       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MIRRPL with its group company MIR
Builders and Developers Pvt Ltd (MIRBDL). This is because the two
companies, together referred to as the MIR group, have business
and financial linkages and a common management.

Incorporated in the year 2006, MIRRPL is engaged primarily in
residential real estate development in Kerala. Incorporated in
the year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun
Kumar.


NAGARJUNA HOSPITALS: CRISIL Reaffirms B Rating on INR13.2MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Nagarjuna Hospitals Limited (NHL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         13.2       CRISIL B/Stable (Reaffirmed)
   Secured Overdraft
   Facility                1         CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect NHL's modest scale of operations
in an intensely competitive hospital segment and its below
average financial risk profile marked by modest debt protection
metrics and a high gearing. These rating weaknesses are partially
offset by benefits derived from the extensive experience of NHL's
promoters and its healthy regional presence in the hospital
segment.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile
The company's gearing is estimated at 1.87 times as on March 31,
2017. Net cash accruals to total debt (NCATD) and interest
coverage ratios are estimated at 0.04 times and 2.79 times
respectively for fiscal 2017.

* Modest scale of operations and exposure to intense competition
Modest scale of operations as evidenced by revenues of INR20
crores in fiscal 2017. Also, NHL is concentrated in the
Vijayawada region unlike large healthcare chains that have
multiple hospitals in various locations, thus exposing it to
intense competition from larger and smaller players.

Strengths

* Promoters' extensive experience and healthy regional presence
NHL's promoter and Managing Director, Dr. Kodali Jagan Mohan Rao
has around three decades of experience in the health care
industry and is a qualified medical professional. Also NHL has a
strong regional presence in Vijayawada. The hospital is known for
its quality service at low cost.

Outlook: Stable

CRISIL believes that NHL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case sustained increase in revenues and
profitability resulting in an improvement in business and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if NHL's financial risk profile, particularly
liquidity weakens further because of inadequate cash accruals or
deterioration in its working capital management or in case of
delays in timely support from promoters.

Incorporated in 1987, Vijayawada (AP) based NHL runs 2 hospitals.
NHL is promoted and managed by Dr. Kodali Jagan Mohan Rao.

Provisional profit before tax was INR71 lakh on revenues of
INR21.1 crore for fiscal 2017. Net profit was INR32 lakh on
revenues of INR19 crore for fiscal 2016.


NETTOS EXPORTING: CRISIL Assigns B+ Rating to INR13MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Nettos Exporting and Importing Company
(NEIC).


                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Export Packing Credit     13       CRISIL B+/Stable

The rating reflects average financial risk profile because of
moderate gearing and below-average debt protection metrics,
susceptibility of operating margin to volatility in raw material
prices, and exposure to risks inherent in the seafood industry.
These weaknesses are partially offset by the promoter's
experience.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile: The financial risk profile has
been average with moderate gearing of 1.7 times as on March 31,
2017, while net cash accrual to total debt and interest coverage
ratios were below average at 5% and 1.7 times, respectively, in
fiscal 2017.

* Susceptibility to fluctuations in raw material prices: The
seafood processing industry is highly fragmented with several
small players. Raw material availability and its price remains
susceptible to unfavorable climatic conditions and government
regulations, leading to volatile profitability.

Strengths

* Experience of promoter: Benefits from the promoter's experience
(over 20 years) and established relationships with suppliers and
customers, leading to timely supply of raw material and repeat
orders from customers, should continue to support the business.

Outlook: Stable

CRISIL believes NEIC will continue to benefit over the medium
term from experience of the promoter. The outlook may be revised
to 'Positive' if substantial and sustained improvement in scale
of operations and profitability, leads to higher cash accrual and
a better capital structure. Conversely, the outlook may be
revised to 'Negative' if decline in cash accrual, large debt-
funded capital expenditure, or stretch in working capital cycle
weakens the financial risk profile.

Kerala-based NEIC, set up in 2014, processes and exports
cuttlefish, squid, shrimp, and fish oil. The firm is promoted by
Mr. Terrance Netto.

Profit after tax is estimated at INR0.13 crore on revenue of
INR15.1 crore for fiscal 2017, against loss of INR1.7 crore on
net sales of INR13.3 crore in the previous fiscal.


RA FASHIONS: CRISIL Cuts Rating on INR4.4MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
RA Fashions Private Limited (RAFPL; part of Ashro group) to
'CRISIL D' from 'CRISIL BB-/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               .2       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Long Term Loan           2.4       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')
   Proposed Cash
   Credit Limit             4.4       CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

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

The Ashro group has below-average financial risk profile, an
improving yet modest scale of operation and large working capital
requirement. 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 RAFPL and Ashro Textiles Pvt Ltd
(ATPL). This is because these entities collectively referred to
as the Ashro group, have a common management and have significant
business and financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in debt servicing due to weak liquidity: The
servicing of term debt obligations have been delayed. Also, the
cash credit limit has remained overdrawn for over 30 days,
consecutively. The delays/irregularities are due to weak
liquidity owing to large fund requirement and stretch in
receivables from domestic customers.

* Below-average financial risk profile: Financial risk profile is
below-average marked by modest networth and average gearing due
to large working capital requirement and debt-funded capital
expenditure. However, promoters have provided funding support in
the form of unsecured loans.

* Modest scale of and working capital intensity in operations:
Despite operating income increasing from INR26 crore as on
March 31, 2014 to INR39 crore as on March 31, 2017 scale of
operation remains small. High inventory and debtors keep
operations working capital intensive ross current assets are
generally over 200 days.

Strengths

* Extensive experience of promoters: Benefits from the promoters'
three decade-long experience in the industry should support
business risk profile.

* Reputed clientele: Apart from leading companies in India, RAFPL
caters to reputed brands in Europe and America such as Mango,
Zara and K-Mart. The addition of leading brand 'Bershka' in
fiscal 2017 should help the company to ramp up operations in the
current year.

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

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

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


R G SCIENTIFIC: CRISIL Cuts Rating on INR10MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has been consistently following up with R G Scientific
Enterprises Pvt Ltd (RGSL) for obtaining information through
letters dated May 25, 2017 and July 24, 2017 among others, apart
from telephonic communication. However, the issuer remains non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Overdraft                4.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Term Loan                7.0      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

   Working Capital          3.5      CRISIL B+/Stable (Issuer Not
   Term Loan                         Cooperating; Downgraded from
                                     'CRISIL BBB/Negative')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RGSL. 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
RGSL is consistent with 'Scenario 3' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB'
category or lower'. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL B+/Stable'.

RGSL was set up in 1986 by Dr. Bhimsen Bansal. It runs 15 super-
specialty centres (RG Stone Urology & Laproscopy Hospitals) in
lithotripsy, endo-urology, and laser treatment for urological
problems.


RP MODERN: CRISIL Downgrades Rating on INR3.0MM Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with RP Modern Rice
Mill (RPMR) for obtaining information through letters and emails
dated April 6, 2017, and May 4, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.25      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Cash Credit-Stock       3.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Cash Term Loan          0.6       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Proposed Long Term      5.15      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RP Modern Rice Mill. 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 RP Modern Rice Mill is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL B/Stable'.


SAKTHI TARPAULIN: CRISIL Reaffirms B Rating on INR4MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Sakthi Tarpaulin
Company (STC) for obtaining information through letters and
emails dated April 6, 2017, and May 8, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               4        CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Letter of Credit          0.75     CRISIL A4 (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Long Term Loan            0.50     CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term        0.75     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sakthi Tarpaulin Company. 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 Sakthi Tarpaulin Company is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.

STC, set up in 2002, manufactures plastic bags and tarpaulin
sheets, which find application in diversified industries. Its
manufacturing facility is located in Kannur, Kerala. The firm's
operations are being managed by Mr. Thankamma Sebastian.


SCHEMA ENTERPRISES: CRISIL Lowers Rating on INR20.5MM Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Schema Enterprises
Private Limited (SEPL) for obtaining information through letters
and emails dated April 6, 2017, and May 8, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          20.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

SEPL is a special purpose vehicle formed in 2008 as a joint
venture between the Vertice Group and Soham Real Estate
Developers. SEPL has undertaken to develop two residential
projects, Tropical Elite and Tropical Prima, in Naupada, Thane,
at a total capital outlay of Rs.1.2 billion.


SHASHI STRUCTURAL: CRISIL Cuts Rating on INR12.25MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shashi Structural Engineers Private Limited (SSEPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Bank Guarantee            6        CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit              11        CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Long Term Loan            0.75     CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

   Proposed Long Term       12.25     CRISIL D (Downgraded from
   Bank Loan Facility                 'CRISIL B+/Stable')

The downgrade reflects continuous over-utilisation of the working
capital limit for more than 30 days, on account of weak liquidity
resulting from large working capital requirement.

The ratings reflect a modest scale of operations and large
working capital requirement in the competitive civil construction
industry. These weaknesses are partially offset by the extensive
industry experience of the promoter and moderate profitability.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the competitive civil
construction industry: With an estimated operating income of
INR17.6 crore for fiscal 2017, the scale remains modest. Despite
large orders in hand, the overall scale is expected to remain
small over the medium term due to long tenure of the projects.

* Large working capital requirement: Gross current assets are
estimated at 729 days due to large inventory and receivables of
579 days and 184 days, respectively, as on March 31, 2017.
Working capital requirement will remain large over the medium
term.

Strengths

* Extensive industry experience of the promoter and moderate
profitability: A presence of over two decades in the construction
industry has enabled the promoter to maintain a healthy
relationship with clients and get repeat orders from them.
Furthermore, the operating margin (29% in fiscal 2017) is high
owing to the niche area of operations such as earthwork,
quarrying, and working on lower layers of highway development.

SSEPL, promoted by Mr. Amresh K Tiwari, supplies aggregates and
earthwork material to large civil construction players. It also
undertakes work for road construction on lower layers up to the
granular sub-base.

On a provisional basis, net profit was INR68 lakh on net sales of
INR17.6 crore in fiscal 2017 against INR46 lakh and INR21.0
crore, respectively, in fiscal 2016.


SHOELINE: CRISIL Lowers Rating on INR2.25MM LT Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Shoeline for
obtaining information through letters and emails dated April 6,
2017, and May 8, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Packing Credit            1       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Post Shipment Credit      5       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term        2.25    CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                 1.75    CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shoeline. 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 Shoeline is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower. Based on the last available
information, CRISIL has downgraded the rating at 'CRISIL
B/Stable/CRISIL A4'.

Shoeline, based in Chennai and set up in 2003, manufactures shoe
uppers. Its operations are managed by proprietor Mr. Manish
Kawlra.


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

-- INR46 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING)rating; and

-- INR50 mil. Non-fund based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.


SREEPATHY TRUST: CRISIL Lowers Rating on INR5MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Sreepathy Trust
(ST) for obtaining information through letters and emails dated
April 6, 2017, and May 8, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                3        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       5        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Working         1        CRISIL B/Stable (Issuer Not
   Capital Facility                  Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sreepathy Trust. 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 Sreepathy Trust is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
at 'CRISIL B/Stable/CRISIL A4'.

ST, set up in 2009, manages an educational institution in
Thrissur, Kerala, offering courses in the engineering stream. The
trust is managed by chairman Mr. P Sankaran Namboodiripad.


SRI LAXMI: CRISIL Lowers Rating on INR9MM Cash Loan to 'D'
----------------------------------------------------------
CRISIL has been consistently following up with Sri Laxmi
Enterprises (SLE) for obtaining information through letters and
emails dated April 18, 2017 and May 9, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               9        CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit          5        CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL A4')

   Term Loan                 0.75     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 SLE. 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
SLE 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/CRISIL D' as the company has
been delaying on its debt repayments.

SLE was established as a partnership firm in 2004 by Mr.
Omprakash Agarwal and his family members. It gins and presses raw
cotton at its ginning unit in Adilabad. It currently has four
partners: Mr. Amit Agarwal, Mr. Omprakash Agarwal, Ms. Arti
Agarwal, and Ms. Usha Agarwal.


SRI VIJAYA: CRISIL Raises Rating on INR7MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Vijaya Lakshmi Raw and Boiled Rice Mill (SVRB) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Cash Credit               7        CRISIL B+/Stable (Upgraded
                                       from 'CRISIL B/Stable')

   Proposed Long Term        3        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

The rating upgrade reflects improved financial risk profile due
to repayment of entire term loan. Gearing ratio has reduced to
1.46 times as on March 31, 2017, from 1.79 times as on March 31,
2016. Debt protection metrics also improved with interest
coverage ratio at 2.55 times in fiscal 2017, from 1.79 times the
previous fiscal.

The rating reflects the extensive experience of SVRB's partners
in rice milling, established relationship with customers and
suppliers and moderate financial risk profile. These strengths
are partially offset by the modest scale of, and working capital
intensity in, operations in the intensely competitive rice
milling industry, and susceptibility to government regulations,
and volatility in raw material prices.


Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of partners: Benefits from the partners'
three decade-long experience in the industry, their understanding
of the market dynamics and established relationships with
suppliers and customers should support business risk profile.

* Moderate financial risk profile: Financial risk profile is
expected to remain moderate, with networth and gearing at INR4.65
crore and 1.46 times, respectively, as on March 31, 2017. Debt
protection metrics are comfortable, with net cash accrual to
adjusted debt ratio of 0.09 time and interest coverage ratio of
2.55 times for fiscal 2017.

Weakness

* Modest scale of operations: Scale of operations is small with
modest capacity and estimated turnover of INR38.49 crore in
fiscal 2017. The rice industry is highly fragmented due to
limited capital intensity and value addition, resulting in low
entry barriers.

* Working capital intensive operations: Operations are working
capital intensive, with estimated gross current assets of 96 days
as on March 31, 2017, driven by considerable inventory. This is
because paddy, the major raw material, is available in crop
season only 'from October to January-February.

* Susceptibility to regulations, volatility in raw material
prices, and uneven monsoon: Since cost of paddy accounts for 90-
95% of total production cost, operating margin will remain
exposed to any sharp volatility in paddy prices. Furthermore, in
response to domestic market conditions, government periodically
imposes restrictions on rice exports and price increases in the
domestic market, thereby constraining rice millers'
profitability.

Outlook: Stable

CRISIL believes that SVRB will continue to benefit from its
partners' extensive experience. The outlook maybe revised to
'Positive' if efficient working capital management, high cash
accrual due to growth in revenue or capital infusion strengthens
financial risk profile. The outlook maybe revised to 'Negative'
if low cash accrual or increase in working capital requirement or
any large debt-funded capital expenditure exerts pressure on
liquidity.

Established in 1983, SVRB processes rice and is a partnership
firm set-up by Mr. B Purna Chandra Rao and family. Its
manufacturing facility is based in Maddipadu, in Prakasam
district (Andhra Pradesh).

In fiscal 2017, on a provisional basis, profit after tax stood at
INR0.39 crore on total revenue of INR38.49 crore against INR0.33
crore and INR38.46 crore, respectively, in fiscal 2016.


SUNDIAL MINING: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of
Sundial Mining and Metals LLP (SMML) to 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL B/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit             3        CRISIL B/Stable (Reaffirmed)

The rating reflects SMML's its average financial risk profile
marked by low net worth and liquidity continues to remain
stretched with no cushion in the bank lines. These weaknesses are
partially offset by growth in operating income due to extensive
entrepreneurial experience of promoters.

Key Rating Drivers & Detailed Description

Strengths

* Limited track record and modest scale of operations in the
highly fragmented bauxite trading segment
The firm reported moderate revenue of Rs.19 cr in 2016-17 (refers
to financial year, April 1 to March 31). Scale of operations will
continue to be moderate considering the highly fragmented nature
of the bauxite trading market, with the presence of larger
players which source directly from self-owned or leased mines and
export directly to international markets. Business risk profile
is expected to remain constrained over the medium term by the
small scale of operations and its limited track record of
operations in the bauxite trading business.

* Susceptibility of revenue and margins to any adverse impact of
government regulations and volatility in raw material prices
SMML's revenue and profitability are exposed to regulatory risks
related to bauxite trading. While domestic bauxite exporters thus
far have been able to pass on the input cost increases on account
of the strong demand from China, the regulatory interventions
undeniably have reduced the export competitiveness. Operations
are likely to remain vulnerable to risks related to regulatory
changes in bauxite mining and trading.

Strength

* Extensive experience of promoter in the mineral trading segment
The promoter is on the verge of getting approvals iron ore and
manganese mines acquired in Keonjha (Odisha). The promoter's
extensive industry experience resulted in established
relationships with dealers in the export market and with
suppliers in the domestic markets, ensuring a steady and
predictable supply of raw material. CRISIL believes that the
company will continue to benefit from the experience of its
promoters over the medium term.

Outlook: Stable

CRISIL believes SMML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations while working capital management
and profitability improve, resulting in a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
any regulatory changes disrupt the company's supplies to
international markets, or in case of lower-than-expected revenue
or profitability or large capital withdrawal, adversely impacting
liquidity.

Set up in September 2013 and based in Bengaluru, SMML trades in
and exports bauxite. It primarily exports to China. The firm's
operations are managed by its managing partner, Mr. G Ravi Kumar.

For fiscal 2017, estimated profit after tax (PAT) was INR0.44
crore on net sales of INR19 crore, against a loss of INR2.4 crore
on net sales of INR0 crore for fiscal 2016.


SUNRISE TIMPLY: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sunrise Timply
Company Private Limited's (STCPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR80 mil. (increased from INR60 mil.) Fund-based limit
    assigned with IND BB+/Stable rating; and

-- INR260 mil. (increased from INR208.10 mil.) affirmed with IND
    A4+ rating.

KEY RATING DRIVERS

The ratings reflect STCPL's continued moderate credit profile.
During FY17, revenue declined to INR739 million (FY16: INR754
million) on account a decline in timber demand in 4QFY17 due to
demonetisation. Also, gross interest coverage and net leverage
deteriorated to 1.2x in FY17 (FY16: 1.3x) and 10.1x (6.5x),
respectively, due to a decline in operating EBITDA along with an
increase in the short-term loan. The ratings continue to factor
in the company's low and volatile operating margins (FY17: 1.3%;
FY16: 1.5%; FY15: 1.3%) due to the trading nature of its
business.

The ratings continue to be supported by STCPL's moderate
liquidity profile as reflected from its working capital
utilisation of 96.5% for the 12 months ended June 2017. Also, the
net interest coverage remained strong at negative 165x during
FY17, due to a higher interest income of INR8.38 million than
INR8.32 million of interest expenses. Furthermore, the company
maintained a large fixed deposit balance of INR118.29 million in
FY17 compared to the total debt of INR102 million.

Moreover, the company's promoters have over 15 years of
experience in the timber trading business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with improvement in gross interest coverage would lead to a
positive rating action.

Negative: Sustained deterioration in EBITDA interest coverage
will lead to a negative rating action.

COMPANY PROFILE

STCPL was incorporated in 2000 by Late Gopal Bagla. The family
has been in the timber trading business for the last five
decades. The company imports round timber logs from Malaysia,
Myanmar, Ivory Coast, Nigeria, New Zealand and Indonesia. The
plywood is procured from the domestic market. The company then
sells its products to wholesalers, retailers and saw mills in the
domestic market. STCPL's warehousing facility is located in
Khidderpore, Kolkata which is nearby Kolkata Port.


TRIVANDRUM APOLLO: CRISIL Reaffirms 'D' Rating on INR15MM LT Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Trivandrum
Apollo Towers Private Limited (TATPL) continues to reflect delay
in term debt repayment, caused by stretched liquidity.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Long Term Loan            15       CRISIL D (Reaffirmed)

The rating also factors in the company's exposure to risk related
to stabilisation of its hotel operations, and the project in
Thiruvananthapuram, and the weak financial risk profile. This
weakness is mitigated by the extensive experience of the promoter
in real estate development.

CRISIL had earlier downgraded the rating to 'CRISIL D' from
'CRISIL B/Stable' vide its rating rationale dated July 13, 2017.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stabilisation of hotel
The company is exposed to high stabilisation risk, as the hotel
Apollo Dimora commenced commercial operations only from August
2016, and hence, fiscal 2018 will be the first full year of
operations. Hotel projects typically have a gestation period
during which a company needs to continuously invest in marketing
and brand building initiatives. However, TATPL is also expected
to face stiff competition from other established luxury hotels in
Thiruvananthapuram, such as The Leela Kovalam, Hotel Saj Luciya,
and Fortune Hotel.

* Limited geographic and revenue diversity and exposure to risks
inherent in industry
The business risk profile is susceptible to economic downturns
and event risks, arising from high dependence on the promoter for
servicing the existing term debt. Operating revenue and revenue
per available room of premium hotels are linked to the economic
cycles. Any slowdown can adversely affect both business and
leisure travel, and thus, debt the demand for premium hotel
rooms. Hence, being a part of the premium segment, the four-star
hotel is also likely to be susceptible to economic downturns.

* Below average financial risk profile
Financial risk profile is marked by a small networth, high
gearing and weak debt protection metrics. Networth was small at
INR0.15 crore as on March 31, 2016, owing of losses incurred in
the past. Debt of INR20.75 crore taken to cover the project cost,
may keep the gearing high. Debt protection metrics are also
likely to remain subdued, as operations are still at a nascent
stage.

Strengths

* Extensive entrepreneurial experience of the promoter
The promoter, Mr. OM Abdul Rasheed has been associated with the
parent company, Apollo Builders Pvt Ltd (ABPL) for several years.
ABPL is currently engaged in residential real estate development
in Calicut, Ernakulam and Thiruvananthapuram. Over the years,
ABPL, an ISO 9001:2008 certified group, has developed projects
across South India, including cities such as Chennai, Coimbatore,
Thiruvananthapuram, Bengaluru, and Puducherry.

TATPL, based in Manjeri (Kerala), was incorporated in 2006, and
is setting up a four-star hotel and shopping complex, in
Thiruvananthapuram. The managing director, Mr. O M Abdul Rasheed,
manages the daily operations.


YAMUNA MACHINE: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yamuna Machine
Works Ltd. (YMWL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR95 mil. assigned with IND BB/Stable rating;

-- INR15 mil. Non-fund-based limit assigned with IND A4+ rating;
    and

-- INR4.35 mil. Term loan due on September 2019 assigned
    with IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect YMWL's moderate scale of operations and
moderate credit metrics. According to provisional financials for
FY17, revenue was INR758 million (FY16: INR749 million), interest
coverage (operating EBITDA/gross interest expense) was 3.6x
(2.4x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 2.2x (2.9x). The improvement in
credit metrics was primarily due to higher EBITDA (FY17: INR48
million; FY16: INR36 million. Meanwhile, operating EBITDA margin
increased to 6.4% in FY17 from 4.8% in FY16 on account of the
sale of high-margin denim textile machinery.

The ratings also reflect YMWL's tight liquidity profile,
indicated by an average utilisation of about 99% during the 12
months ended July 2017. In addition, there were instances of
overutilisation during the 12 months that were regularised within
a day.

The ratings, however, are supported by the directors' experience
of over 10 years in the machine manufacturing business.

RATING SENSITIVITIES

Negative: A decline in operating EBITDA margin leading to
deterioration in credit metrics will be negative for the ratings.

Positive: A rise in the scale of operations while maintaining
credit metrics at the same level, along with an improvement in
the liquidity profile, will be positive for the ratings.

COMPANY PROFILE

Founded in 1992 by Mr Madhubhai B Mangukia as a private limited
company, YMWL manufactures textile processing machines. The
company was reconstituted as a limited company in 2012.

Its registered office is in Kandivali, Mumbai, and has a
manufacturing facility in Vapi, Gujrat, with an annual capacity
of 120 machines.



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


TOSHIBA CORP: Court Order Will Not Affect TMC's Memory Business
---------------------------------------------------------------
Toshiba Corporation and Toshiba Memory Corporation ("TMC"), a
subsidiary of Toshiba, on Aug. 14 received an order from the
Superior Court of California for the County of San Francisco (the
Court) regarding the motion for preliminary injunctive relief
made by SanDisk LLC (SanDisk), a subsidiary of Western Digital
Corporation (Western Digital) (NASDAQ: WDC), relating to Western
Digital's access to certain information stored on certain
databases owned by TMC.

The Court ordered, among other things, for TMC to resume Western
Digital Technologies, Inc.'s (WDT) access to certain data stored
on TMC's databases. While TMC will comply with the order, it will
not affect TMC's memory business, including TMC's decision to
make unilateral investments in Fab 6 at Yokkaichi Operations.

Dr. Yasuo Naruke, Senior Executive Vice President of Toshiba
Corporation stated that, "While we are aware of the Judge's
ruling today, we do not expect any of the current ongoing
litigation with Western Digital and SanDisk to limit us in
proceeding with our business plans. I am extremely confident in
our decision to move forward with timely unilateral investments
in Fab 6 at Yokkaichi Operations - which will allow us to
maintain our position as a leading player in the highly
competitive 3D Flash memory market."

                          About Toshiba

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

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

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


TOSHIBA CORP: Three Big Brokers Upgrade Outlook
-----------------------------------------------
Peter Wells at The Financial Times reports that three brokers
have upgraded their ratings of Toshiba Corporation for the first
time since its finances were plunged into crisis last year, and a
growing number of event-driven hedge funds are placing their bets
on a miracle escape.

Though the new analyst notes acknowledge the high risk of the
wager, all three suggest that a critical corner may have been
turned, the FT says. Toshiba's negative shareholder equity, the
heavy criticisms of its corporate governance and its risk of
delisting from the Tokyo Stock Exchange all remain in place, but
the existential threat has been slightly lifted, they say, the FT
relates.

According to the FT, the notes from JPMorgan, CLSA and Citigroup
partly reflect investors' experience with Olympus, the Japanese
manufacturer that was plunged into scandal in 2011 and narrowly
avoided delisting. From their low that year to their peak in
2015, Olympus shares rose almost 1,000 per cent, the report
states.

The FT relates that the analysts suggest that Toshiba's prized
chip business, which it is trying to sell to fill a $5 billion
hole in shareholder equity, could be worth 50 per cent more than
the JPY2 trillion ($18.1 billion) offered by a consortium of
bidders led by a Japanese government-backed fund.

That is a bold view on the conglomerate whose future as a listed
stock depends not just on selling all or part of the memory chip
business but on convincing the TSE that its internal management
controls are of a standard befitting a large, listed company, the
FT says.

CLSA was first to lift its rating to "outperform" in June. Citi
and JPMorgan slapped on "buy" recommendations following the
release of Toshiba's results on August 10, when the flash memory
business recorded a better than expected performance and the
company revised operating profit guidance upwardly for the
current financial year, according to the FT.

The FT says a growing number of event-driven hedge funds now sit
on Toshiba's share register. Effissimo Capital Management, a fund
in Singapore run by the former colleagues of Yoshiaki Murakami,
Japan's best known activist investor, became the top
institutional holder when it declared a 9.4 per cent stake at the
end of March.

David Einhorn's Greenlight Capital took a new long position in
Toshiba during the June quarter at an average price of JPY234.79
per share, and King Street Capital, an event-driven hedge fund in
New York, reported a 5.8 per cent stake in the company this
month, the FT relates.

According to the FT, Greenlight wrote in a note to investors that
Toshiba is "worth closer to JPY400 per share", one-third higher
than where shares closed on August 16. "Investors will refocus on
the significant margin and valuation upside at Toshiba once it
has resolved current uncertainties," it added.

The FT relates that Citi's Kota Ezawa said in a note to clients
the NAND memory business is generating "remarkably high profits"
and is probably worth JPY3 trillion, or JPY1 trillion more than
its current price tag. That could mean a "100 per cent sale may
no longer be on the cards", he noted. The broker puts the
possibility of the company being delisted at less than 30 per
cent.

Toshiba recorded negative shareholder equity for the financial
year ended March 2017 because of a $6.3 billion writedown related
to cost overruns and delays at its Westinghouse US nuclear unit,
the FT says. The stock was demoted to the second section of the
Tokyo Stock Exchange effective August 1. Listed companies that
report two consecutive years of liabilities exceeding assets can
be forcibly delisted, although the TSE retains discretion on such
matters.

PwC Aarata, Toshiba's auditor, last week signed off on the
company's accounts, but it also issued an "adverse opinion" on
internal management controls, the FT recalls.

Toshiba shares have gained 22% since their demotion to the second
section of the TSE at the start of the month, leaving them
6% higher for 2017, according to the FT.

Brokers including Goldman Sachs, Morgan Stanley, Mitsubishi UFJ
Morgan Stanley and Nomura have either restricted or suspended
their coverage of the stock, the FT adds citing Bloomberg.

                          About Toshiba

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

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

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



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


* Cambodia & Vietnam Share Strong Growth Prospects, Moody's Says
----------------------------------------------------------------
Moody's Investors Service says that Cambodia (B2 stable) and
Vietnam (B1 positive) share some similar characteristics,
including strong economic growth prospects and risks posed by
their financial systems.

However, Vietnam's larger, more diverse economy and higher
incomes underpin greater shock absorption capacity, and its
institutions are stronger. Continued robust growth, and broad
economic and financial stability should cap the government's
relatively elevated debt.

In Cambodia, strengthening government revenue collection and
macroeconomic and exchange rate stability together with the
authorities' efforts to address institutional weaknesses and
diversify the economy should continue to support sovereign credit
quality, although progress is likely to be gradual.

Moody's conclusions are contained in its just released report on
the governments of Cambodia and Vietnam, "Governments of Cambodia
and Vietnam - Vietnam's economic diversity supports stronger
credit profile, despite higher government debt than Cambodia's".

The report notes that Vietnam's larger, more diverse economy
offers greater resilience to shocks, and the country's exports
are spread across a variety of products and markets. Vietnam's
reach into higher value-added products is reflected in higher
income levels that bolster households' capacity to absorb
economic shocks.

By contrast, garment and textiles production and a few other low
value-added manufacturing dominate Cambodia's exports, which are
largely destined for the US and the European Union, exposing the
economy to sector- and market-specific shocks.

Cambodia's institutions face greater challenges, but reforms are
in train. Its ongoing reforms to reduce corruption and enhance
the rule of law are positive, although they have yet to
materially strengthen its institutions. The central bank has a
track record of delivering economic and exchange rate stability
which supports foreign direct investment (FDI) inflows, but high
dollarisation continues to limit monetary policy effectiveness.

Meanwhile, Vietnam's stronger institutions and greater policy
effectiveness have contributed to a more conducive business
environment, which is having broad positive effects across the
wider sovereign credit profile.

The overall fiscal strength of the two economies is similar,
although it encompasses different constraints. Cambodia's smaller
fiscal deficits, lower government debt and higher debt
affordability -- reflecting its larger concessional funding base
-- are credit strengths relative to Vietnam. However, Vietnam's
increasing shift to domestic funding sources, although more
costly, reduces government liquidity risk and lowers the
sovereign's vulnerability to currency depreciation.

Banking risks constrain both credits, especially Vietnam.
Vietnamese banks' sizeable legacy bad debts and very low capital
buffers drive high banking sector risk. Such risks are lower in
Cambodia, although persistently strong credit growth -- which has
outpaced nominal GDP growth and increasingly flowed into
correction-prone -- poses risks to economic and financial
stability.

Meanwhile, political risk is moderate in Cambodia, reflecting the
potential for domestic political tensions to reduce the
attractiveness of doing business there.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***