TCRAP_Public/170823.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, August 23, 2017, Vol. 20, No. 167

                            Headlines


A U S T R A L I A

AFG 2017-1: S&P Assigns Prelim BB (sf) Rating to Class E Debt
BUBS BABY: First Creditors' Meeting Set for August 29
HOME AUSTRALIA: Liquidators Criticize Amount Paid for Land
ISHERWOOD PROTECTIVE: Second Creditors' Meeting Set for Aug. 29
M. WEBSTER: Second Creditors' Meeting Set for August 30

WARE BUILDING: Subcontractors to Pressure Gov't. for Unpaid Bills
WEBSTER ASSET: Second Creditors' Meeting Set for August 30


C H I N A

CAR INC: Moody's Lowers CFR to Ba3; Outlook Stable
CAR INC: S&P Lowers CCR to BB on Weaker-Than-Expected Performance
WEST CHINA CEMENT: Robust 1H 2017 Results Support Moody's B1 CFR


H O N G  K O N G

CHINA MEDICAL: No Damages Award for Deutsches From Fidelity


I N D I A

A K LUMBERS: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
ABHIRAMA STEELS: Ind-Ra Moves D Issuer Rating to Not Cooperating
ANMOL ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR15MM Loan
AROMA REALTIES: CRISIL Reaffirms 'D' Rating on INR20MM Loan
ARYACON CONTRACTORS: CRISIL Reaffirms B+ Rating on INR6MM Loan

ASIA-PACIFIC INSTITUTE: CRISIL Reaffirms D Rating on INR18MM Loan
ATMIYA ENGINEERING: CRISIL Reaffirms D Rating on INR5.17MM Loan
BAPASHREE INFRA: CRISIL Reaffirms D Rating on INR20MM Loan
BESTO TRADELINK: CRISIL Reaffirms 'D' Rating on INR11MM Loan
COSMOS INDUSTRIES: Ind-Ra Ups LT Issuer Rating to 'BB'/Stable

DELSEA EXPORTS: CRISIL Lowers Rating on INR4MM Loan to 'B'
GEOMAX MINES: CRISIL Reaffirms 'B' Rating on INR15MM Cash Loan
GREEN WOODCRAFTS: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
INDIA COKE: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
JAYAHO AGRI: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan

JINDAL WOOD: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
KISHORI INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR15MM Loan
M C SPINNERS: Ind-Ra Migrates D Issuer Rating to Not Cooperating
M S COLD: Ind-Ra Migrates BB- Issuer Rating to Not Cooperating
NAGA SINDHU: CRISIL Reaffirms 'D' Rating on INR14.45MM Term Loan

OASIS COMMERCIAL: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
ORIENT COLOR: CRISIL Reaffirms 'B' Rating on INR1.87MM LT Loan
PARSVNATH DEVELOPERS: CRISIL Cuts Rating on INR141.04MM Loan to D
PETRON ENGINEERING: Ind-Ra Migrates BB- Rating to Not Cooperating
PRASHANTH POULTRY: CRISIL Reaffirms 'D' Rating on INR10.77MM Loan

PRIME TECHNOPLAST: CRISIL Reaffirms 'D' Rating on INR50MM Loan
PUNJAB METAL: Ind-Ra Puts 'BB-' LT Issuer Rating, Outlook Stable
R.R. DWELLINGS: CRISIL Reaffirms 'D' Rating on INR18MM Term Loan
SAGAR AUTO: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan
SAGAR COTTON: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan

SARA CREATION: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
SARTHAV INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR20MM Loan
SHANTI NIKETAN: CRISIL Reaffirms D Rating on INR6.53MM Term Loan
SHREE RAJMOTI: CRISIL Reaffirms 'D' Rating on INR60MM Cash Loan
SHRIVISION TOWERS: CRISIL Cuts Rating on INR50MM LT Loan to B

SILICON CITY: May Face Insolvency Move
SJP INFRACON: CRISIL Reaffirms 'D' Rating on INR25MM Term Loan
SPRING MERCHANDISERS: CRISIL Reaffirms D Rating on INR6.5MM Loan
SRI KALISWARI: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
SRI NANGALI: CRISIL Reaffirms 'D' Rating on INR22MM Cash Loan

SRI NANGALI RICE: CRISIL Reaffirms 'D' Rating on INR54MM Loan
STAR CITY: CRISIL Reaffirms B+ Rating on INR9.2MM LT Loan
SVASCA INDUSTRIES: Ind-Ra Moves B+ Rating to Not Cooperating
T. ASOKAN: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
UMIYA MATA: CRISIL Assigns 'B' Rating to INR4.25MM Term Loan


I N D O N E S I A

LIPPO KARAWACI: S&P Places 'B+' CCR on CreditWatch Negative


M A L A Y S I A

MONGOLIAN MINING: Shares Up as it Ends Five Years of Losses


S O U T H  K O R E A

KUMHO TIRE: Meeting Delayed as Doublestar Demands Discount


S R I  L A N K A

BIMPUTH FINANCE: Fitch Affirms 'BB(lka)' Nat'l Long-Term Rating


                            - - - - -


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


AFG 2017-1: S&P Assigns Prelim BB (sf) Rating to Class E Debt
-------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven of
the eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2017-1 Trust in respect of Series 2017-1.

The preliminary ratings reflect:

S&P said, "Our view of the credit risk of the underlying
collateral portfolio, including our view that the credit support
is sufficient to withstand the stresses we apply. The credit
support for the rated notes comprises note subordination, excess
spread and lenders' mortgage insurance (LMI) on 46.3% of the
portfolio. Our expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
and the principal draw function are sufficient to ensure timely
payment of interest."

The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.

The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and Australia and New Zealand Banking
Group Ltd. as bank account provider. The transaction documents
for the liquidity facility and bank account include downgrade
language consistent with S&P Global Ratings' counterparty
criteria.

A copy of S&P Global Ratings' complete report for AFG 2017-1
Trust in respect of Series 2017-1 can be found on RatingsDirect,
S&P Global Ratings' Web-based credit analysis system, at
http://www.globalcreditportal.com.

  PRELIMINARY RATINGS ASSIGNED
  Class      Rating         Amount (mil. A$)
  A1         AAA (sf)        65.00
  A2         AAA (sf)       250.00
  AB         AAA (sf)        22.54
  B          AA (sf)          6.02
  C          A (sf)           4.20
  D          BBB (sf)         1.05
  E          BB (sf)          0.63
  F          NR               0.56


BUBS BABY: First Creditors' Meeting Set for August 29
-----------------------------------------------------
A first meeting of the creditors in the proceedings of:

-- Bubs Baby Shops Pty Ltd;
-- Brisbane Bubs Pty Ltd, trading as Brisbane Bubs & Bubs
    Aspley;
-- Kawana Bubs Pty Ltd, trading as Bubs Boutique Maroochydore
    & Bubs Boutique Noosa;
-- Bubs Baby Shop Gold Coast Pty Ltd;
-- Bubs Baby Shop Logan Pty Ltd;
-- Bubs City Pty Ltd, trading as Bubs City Fortitude Valley;
-- Bubs Baby Shop Tuggarah Pty Ltd; and
-- Bubs Baby Shop Rutherford Pty Ltd

will be held at the offices of Worrells Solvency & Forensic
Accountants, Level 8, 102 Adelaide Street, in Brisbane,
Queensland, & Grace Hotel York Room, Level 1, 77 York St, in
Sydney, NSW, on Aug. 29, 2017, at 10:30 a.m.

Simon Cathro & Christopher Cook of Worrells Solvency were
appointed as administrators of Bubs Baby on Aug. 17, 2017.


HOME AUSTRALIA: Liquidators Criticize Amount Paid for Land
----------------------------------------------------------
Peter Jean and Renato Castello at The Advertiser reports that
liquidators have raised concerns about the amount of money that
bankrupt former senator Bob Day's Homestead Homes building
company paid Day family members for five blocks of land.

Homestead Homes paid a total of AUD182,159 in December 2014 and
January 2015 for five lots of land from Mr. Day's children, niece
and nephews, The Advertiser relates citing a draft report by
McGrathNicol liquidators Matthew Caddy and Barry Kogan.

It had been hoped the land could be used as part of the taxpayer-
funded National Rental Affordability scheme, but that never
occurred, The Advertiser says.

According to The Advertiser, Mr. Day on August 20 said Homestead
had paid the going rate for the land at Balaklava, north of
Adelaide, and the same price was paid for the purchase of blocks
from non-family members.

Mr. Day's Home Australia purchased the land, but subsidiary
company Homestead provided the funds. Home Australia didn't repay
Homestead Homes, the draft liquidators' report, as cited by The
Advertiser, said.

"The liquidators compared the amounts paid by Homestead to each
of Mr. Day's relatives against the expected or actual selling
price following the appointment of the liquidators," the draft
report said, The Advertiser relays.  "The liquidators consider
that the amounts paid to each relative was greater than the
comparable selling price by approximately AUD8000 per lot (on
average) or approximately AUD40,000 in total."

The Advertiser relates that the liquidators said it would be
impractical to try to recover the funds, on a cost-benefit basis.

They said the land had been sold to Day family members by Home
Australia but then purchased back so it could be used in the
rental affordability scheme, the report states.

The Advertiser says the program provides financial incentives for
the provision of rental homes for Australians on low and moderate
incomes. The land was never used for that purpose after the
Government decided against proceeding with a new NRAS funding
round.

Mr. Day said Homestead had paid about AUD30,000 for blocks at
Balaklava on which affordable homes were to be built and then
onsold, The Advertiser relays.

"That's what blocks of land were selling for at the time. There
was a dozen there -- some were from relatives and some were not
-- but the price was the same as everyone else paid in Balaklava
at the time," he told The Advertiser, notes the report.  "In fact
there were blocks around the corner for AUD50,000 and AUD60,000
per block."

According to The Advertiser, the liquidators said evidence
suggested the Day family members were repaid based on the cost
they originally purchased the land for, along with associated
holding costs.

"As such, they did not profit on the transactions as intended,"
The Advertiser quotes the liquidators as saying.  "Regardless,
the liquidators consider that these transactions did not benefit
Homestead and as such, may be considered an uncommercial
transaction."

The Advertiser relates that Mr. Day said Homestead had built
dozens of homes for the affordable rent scheme but was caught
with a dozen leftover blocks when the program finished.

"Homestead bought the properties, built the houses and then
onsold them and got reimbursed by Home Australia," The Advertiser
quotes Mr. Day as saying.

The Sunday Mail revealed that the liquidators had found Mr. Day
had used funds from Homestead Homes to pay for political
expenses, including the renovation of his electorate office, The
Advertiser relays.

The Advertiser adds that the former Family First senator insisted
he was meticulous to ensure that Homestead funds were never used
for political purposes.

                      About Home Australia

Home Australia was a residential new home building group
operating in five Australian States under the brands Homestead
Homes; Collier Homes; Newstart Homes; Ashford Homes; and Huxley
Homes.

On Oct. 17, 2016, Mathew Caddy and Barry Kogan of McGrathNicol
were appointed as joint and several Liquidators of Home Australia
Pty Ltd and wholly owned subsidiaries:

     -- Homestead Homes Pty Ltd
     -- Collier Homes Pty Ltd
     -- Newstart Homes (SE QLD) Pty Ltd
     -- Ashford Homes Pty Ltd
     -- Huxley Homes Pty Ltd
     -- Nationwide Australian Investments Pty Ltd
     -- Smart Road Property Rentals Pty Ltd


ISHERWOOD PROTECTIVE: Second Creditors' Meeting Set for Aug. 29
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Isherwood
Protective Services Pty Ltd has been set for Aug. 29, 2017, at
11:00 a.m., at the offices of Boardroom of Chifley Advisory
Suite 3.04, Level 3, 39 Martin Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 28, 2017, at 4:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Isherwood Protective on Aug. 6, 2017.


M. WEBSTER: Second Creditors' Meeting Set for August 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of M. Webster
Holdings Pty Ltd, formerly trading as Marcs & David Lawrence, has
been set for Aug. 30, 2017, at 10:00 a.m., at Chartered
Accountants Australia and New Zealand, Level 1, 33 Erskine
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 29, 2017, at 5:00 p.m.

Andrew James Barnden and Geoffrey Reidy of Rodgers Reidy were
appointed as administrators of M. Webster on Feb. 1, 2017.


WARE BUILDING: Subcontractors to Pressure Gov't. for Unpaid Bills
-----------------------------------------------------------------
Ryan Keen at Gold Coast Bulletin reports that out-of-pocket
Commonwealth Games athletes village subcontractors chasing more
than a million dollars in unpaid bills plan to pressure the
Palaszczuk Government to pay them in the interim.

The Bulletin says the collapse on August 18 of Ware Building Pty
Ltd -- engaged by site developer Grocon to build 82 athletes
townhouses at Parklands -- has left 13 different tradie companies
whistling for between AUD18,000 and AUD200,000 each.

According to the report, representatives from each subcontractor
met at the Oxenford Tavern on August 21 to plot their next move,
agreeing to engage the services of specialist liquidation lawyer
James Loel.

The Bulletin relates that fellow barrister Chris Garlic, who ran
the pub meeting, said they should all pressure the State
Government to pay them while the mess is untangled.

"We want to call on the Palaszczuk Government to consider paying
all of you all of your money even if it's paid as a loan in the
interim so you can all pay your debts," the report quotes Mr.
Garlic as saying.

A spokesman for Games Minister Kate Jones has told the Gold Coast
Bulletin she wanted to see all subbies on the site paid on time
and Grocon had a banking guarantee it could draw down on for
"exactly this purpose."

The Bulletin adds that the liquidator said Ware has outstanding
claims against Grocon for AUD1 million plus AUD1 million in
retention payments.

Grocon has declined to comment on an allegation it hit Ware with
a AUD2.5 million claim before it collapsed and has said it is
liaising with subcontractors as a "high priority," the Bulletin
adds.


WEBSTER ASSET: Second Creditors' Meeting Set for August 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Webster Asset
Pty Ltd has been set for Aug. 30, 2017, at 12:00 p.m., at the
offices of Chartered Accountants Australia and New Zealand,
Level 1, 33 Erskine Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 29, 2017, at 4:00 p.m.

Andrew James Barnden and Geoffrey Reidy of Rodgers Reidy were
appointed as administrators of Webster Asset on Feb. 1, 2017.



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


CAR INC: Moody's Lowers CFR to Ba3; Outlook Stable
--------------------------------------------------
Moody's Investors Service has downgraded CAR Inc.'s corporate
family and senior unsecured ratings to Ba3 from Ba2.

The ratings outlook is revised to stable from negative.

RATINGS RATIONALE

"The downgrade reflects Moody's views that CAR's current
situation of reduced profitability and moderately high levels of
debt leverage are unlikely to improve over the next 12-18 months,
given the strong competition in China's auto rental industry,"
says Gerwin Ho, a Moody's Vice President and Senior Analyst, and
the Lead Analyst for CAR.

The strong competition and lower contribution from higher margin
fleet rental business resulted in a fall in CAR's rental gross
profit margins and total gross profit margins to 41.8% and 27.5%
respectively in 1H 2017 from 44.8% and 37.2% in 1H 2016.

The decline in total gross margins reflects: (1) lower rental
prices to capture market share; (2) higher depreciation due to
fleet renewal; (3) lower contributions from the company's higher
margin fleet rental business; and (4) lower gross margins for
used vehicle sales.

Nevertheless, Moody's expects CAR's rental gross margins and
total gross margins to stabilize at about 39.4% and 28.9% over
the next 12-18 months, based on Moody's expectation that the key
car rental operators in China (A1 stable) will not take any
drastic actions to further intensify competition in the sector.

Given that CAR has to grow its scale to capture market share and
stay competitive through offering a young fleet, Moody's expects
that the company's debt levels will likely grow by single-digit
percentages year-on-year in 2018 and 2019.

Moody's expects that CAR's moderate growth in debt and EBITDA
will result in a debt leverage - as measured by adjusted
debt/EBITDA - that will stay unchanged at around 3.9x-4.0x over
the next 12-18 months. Such levels, which are moderately high,
position the company in the lower Ba rating level.

The ratings downgrade also considers the company's history of
share repurchases, which totaled RMB1 billion from the beginning
of 2016 to end-June 2017. Such a level of cash outflow is
negative to the company's ratings because it weakens its
financial buffer when it faces strong competition.

CAR's Ba3 corporate family rating is supported by the company's
leadership in China's growing car rental market. It also factors
in its proactive financial management and sufficient liquidity
position.

The financial risk that the company faces from its moderately
high debt leverage is partly buffered by the fair size of its
cash balance. Its unrestricted cash balance totaled RMB4.9
billion at end-June 2017, which was more than sufficient to cover
its short-term debt of RMB2.5 billion.

The Ba3 ratings also consider the company's business model, which
exhibits a certain level of financial flexibility, as seen by the
short lead time for its fleet acquisitions, its asset-light
network, and its ease of asset disposals.

On the other hand, the ratings also reflect the fact that CAR
faces: (1) competition from car rental companies and indirect
competition from non-car rental companies that provide
transportation services; and (2) regulatory risks in terms of
controls on vehicle ownership, the traffic points system, local
regulation of the automotive rental industry and regulations
related to online chauffeured car services.

The stable ratings outlook takes into account Moody's expectation
that CAR will maintain its leading market position, stable level
of debt leverage, and good liquidity position, while expanding
its business.

Ratings upgrade pressure could arise if CAR: (1) maintains its
leading market position, grows in scale, and demonstrates
resilience in down-cycles; (2) demonstrates stability in its
profit margins; (3) maintains prudent financial management and
strong liquidity; and (4) shows improved credit metrics, such as
a net debt/EBITDA below 1.0x on a sustained basis.

On the other hand, ratings downgrade pressure could arise if CAR
exhibits: (1) declining revenues; (2) a weakening liquidity
position, such as cash/short-term debt below 1x; or (3) a
deterioration in its credit metrics, due to increased
competition, shareholder distributions, aggressive expansion and
acquisitions.

Credit metrics indicative of ratings downgrade pressure include
net debt/EBITDA exceeding 2.5x on a sustained basis.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

CAR Inc., founded in 2007 and headquartered in Beijing, provides
car rental services, including car rentals and fleet rentals in
China. CAR listed on the Hong Kong Stock Exchange in September
2014.

At June 30, 2017, CAR had a total fleet of 100,029 company-owned
vehicles. It commands a leading position in China by fleet size
and revenue. During 1H 2017, it reported net sales of RMB3.6
billion.

And, at June 30, 2017, CAR's key shareholders included Legend
Holdings (24.8%); UCAR Technology Inc. (28.4%); and private
equity firm, Warburg Pincus (11.5%).


CAR INC: S&P Lowers CCR to BB on Weaker-Than-Expected Performance
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on China-based car rental company CAR Inc. to 'BB' from 'BB+'.
The outlook is stable. S&P said, "We also lowered our long-term
issue rating on CAR's outstanding senior unsecured notes to 'BB'
from 'BB+'."

S&P said, "We lowered the ratings to reflect a significant
decline in CAR's long-term fleet rental business, which, in our
view, signals a deterioration in its competitive position. Since
early 2017, the company has aggressively cut prices in the short-
term rental business to try to gain market share. Although the
move increased utilization, it also had a large negative impact
on profitability. We therefore lowered our expectation of CAR's
profitability over the next two years.

"We believe fleet demand from UCAR Inc., as CAR's most important
customer in long-term fleet rental business, will drop and that
will directly affect CAR's overall rental revenue and EBIT
margin. UCAR rents vehicles from CAR and contributed about 20% of
rental revenue in the first half of 2017, a significant decline
from 40% in 2016. Profitability in this business is higher than
in short-term car rentals. The sharp decline in UCAR's revenue
contribution caused CAR to change its business strategy by
shifting its focus to other corporate customers, which lowers the
overall earnings visibility of the company. We expect CAR to face
high competition in the long-term fleet rental business, which
creates uncertainties on the segment's growth.

"We believe competition in the car rental business remains high
even for market leaders such as CAR. This is evident from CAR's
recent price cut in its short-term car rental business; its
average daily rental rate declined to Chinese renminbi (RMB) 234
in the first half of 2017 from RMB307 in the same period of 2016.
CAR is targeting a further increase in market share. In our view,
the company is able to maintain a stable growth of its car short-
term rental revenue by improving fleet utilization and rental
days. But this will potentially pressure the residual value of
existing fleet and its depreciation expense.

"Despite the cross-holding structure with UCAR, we expect CAR to
remain operational and financially independent. CAR's recent
share buyback scheme will trigger shareholding increase by its
existing shareholders, including UCAR. However, we expect UCAR to
ensure that its shareholding in CAR remains below 30% and
maintain CAR's listing status. CAR's total related-party
transactions with UCAR on long-term fleet rentals and used-car
disposals are well disclosed and we do not expect any further
increase of related-party transactions over the next 12 months.

"We revised our base-case assumption due to changes in CAR's
long-term fleet rental business and pricing strategy, which
lowered profitability. We lowered our projection for EBIT
interest coverage to 2.1x-2.6x for the next 12 months, from 3.5x-
4.0x previously. This reflects the company's declined EBIT margin
and increased finance cost on an elevated debt level. The
downward revision reflects our expectation of lower earnings
contribution from the long-term fleet rental business and
aggressive price competition in the short-term rental business.

"In our forecast, CAR will keep expanding fleet size to feed
vehicle retirement and rental growth. The total number of
vehicles will grow by 10,000-15,000 each year in 2017 and 2018.
We estimate that CAR's net capital spending for fleet expansion
will stay at RMB2.5 billion-RMB3.0 billion in the coming 12
months. At the same time, we believe the company will refrain
from making aggressive debt-funded acquisitions or investments in
the next 24 months. As a result, CAR's free operating cash flow
should improve and allow the company to deleverage.

"The stable outlook reflects our view that CAR will be able to
stabilize its profitability and interest servicing capacity while
holding its market position over the next 12 months. The outlook
also reflects our expectation that CAR will keep an independent
operation from UCAR and continue to lower the number of related-
party transactions.

"Rating downside is unlikely in the coming 12 months. We could
lower the rating on CAR if we believe UCAR exerts a high degree
of control over CAR, or the companies become more economically
entwined. This is based on our assumption that the combined
entity will have meaningfully weaker credit measures, thus
capping CAR's credit profile. A further increase in related-party
transactions or earnings contributions from UCAR to CAR would
indicate such a trend.

"We also could lower the rating if CAR's EBIT interest coverage
falls below 1.3x. This could happen if: (1) the company makes
material debt-funded expansions or acquisitions; or (2) operating
efficiency of its car rental business deteriorates, which signals
weakening competitive position and leads to significant erosion
in profitability.

"We could raise the rating if the company executes its growth
strategy in China and demonstrates a record of prudent management
while maintaining its operating margin and financial strength."


WEST CHINA CEMENT: Robust 1H 2017 Results Support Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that West China Cement Limited's
financial results for the six month to June 30, 2017 (1H 2017)
support its B1 corporate family rating and B1 senior unsecured
bond rating as well as its stable outlook.

"West China Cement's robust 1H 2017 results deliver credit
metrics that well position the company at its B1 rating," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

WCC's revenue grew 30% year-on-year in 1H 2017 to RMB2.1 billion,
driven by a 24% year-on-year improvement in its average selling
prices and a 4% year-on-year growth in its sales volumes.

Greater supply and pricing discipline by cement makers in 1H 2017
helped support cement prices in WCC's key markets in Shaanxi,
Guizhou and Xinjiang provinces.

WCC's profitability improved in 1H 2017. Its gross margin
expanded to 22.1% from 9.4% in 1H 2016 as the rise in its average
selling price outpaced the rise in its unit cost of goods sold.
The company's EBITDA margin also improved to about 38.9% in the
12 months ending June 2017 from 35.7% in 2016.

Higher revenues, combined with improved profitability, lifted
WCC's EBITDA and improved the company's debt leverage  -  as
measured by its adjusted debt/EBITDA  -  to about 2.4x in the 12
months ending June 2017 from 3.0x in 2016.

Moody's expects that WCC's sales volume will grow about 2% year-
on-year and average cement prices will rise about 8%-10% year-on-
year over the next 12-18 months when compared with the levels in
2016, based on Moody's expectation that cement makers in WCC's
key markets will maintain discipline in terms of their supply
levels and pricing.

As a result, Moody's forecasts that WCC's debt/EBITDA will reach
about 2.6x over the next 12-18 months. This level of leverage
supports the company's B1 corporate family rating.

WCC's cash balance of RMB1.6 billion at end-June 2017, including
restricted bank deposits, is adequate to cover its short-term
debt of RMB974 million, resulting in its cash/short-term debt
ratio improving to 164% at end-June 2017 from 106% at end-2016.

Moody's expects that WCC will remain free cash flow positive over
the next 12-18 months, which in turn will support the maintenance
of a healthy cash position.

The principal methodology used in these ratings was Building
Materials Industry published in Januray 2017.

West China Cement Limited is one of the leading cement producers
by capacity in Shaanxi Province. At end-June 2017, the company's
annual cement production capacity measured 29.2 million tons. Its
revenues totaled RMB2.1 billion in 1H 2017.



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


CHINA MEDICAL: No Damages Award for Deutsches From Fidelity
-----------------------------------------------------------
Jon Hill, writing for Bankruptcy Law360, reports that a Financial
Industry Regulatory Authority (FINRA) arbitration panel did not
fully support William and Peter Deutsch's allegations that
Fidelity Brokerage LLC made them lose their chance of taking
control of China Medical Technologies Inc. through stock
purchases.

"Whatever Fidelity did or did not do would not have altered the
failure of claimants' investment because the events that doomed
the strategy were either external to Fidelity or internal to
[China Medical]," the panel said, Law360 cites.

Law360 relates that the Deutsches started purchasing China
Medical shares in 2011, grew their stake in the company to nearly
12 million shares by mid-2012, and eventually became interested
in acquiring a controlling interest in China Medical to be able
to make a deal with a strategic buyer and save the company from
liquidation.  The Deutsches said Fidelity foiled this effort when
it stopped accepting China Medical stock purchase orders from
them in July in the belief that they were "effectuating a short
squeeze in the stock," Law360 points out.

The panel did not agree with awarding damages to the Deutsches
for Fidelity's alleged misconduct; howeve, it agreed with the
Deutsches that Fidelity had botched its responsibilities in that
the brokerage failed to communicate effectively with the
Deutsches before cutting off their stock purchases, Law360
relays.

                       About China Medical

China Medical Technologies Inc., a maker of diagnostic products,
filed a Chapter 15 bankruptcy petition in New York to locate
money fraudulently transferred by its principals.

The Debtor, which has been taken over by a trustee, is undergoing
corporate winding-up proceedings before the Grand Court of the
Cayman Islands.  Kenneth M. Krys, the joint official liquidator,
wants U.S. courts to recognize the Cayman proceeding as the
"foreign main proceeding".  The liquidator filed a Chapter 15
petition for China Medical (Bankr. S.D.N.Y. Case No. 12-13736) on
Aug. 31, 2012.  Curtis C. Mechling, Esq., at Stroock & Stroock &
Lavan, LLP, in New York, serves as counsel.

China Medical listed as much as $500 million in assets and debt.

Cosimo Borrelli and Yuen Lai Yee (Liz) on Nov. 29, 2012, were
appointed as liquidators of China Medical Technologies Inc.

The liquidators may be reached at:

          Cosimo Borrelli
          Yuen Lai Yee (Liz)
          Level 17, Tower 1
          Admiralty Centre
          18 Harcourt Road
          Hong Kong



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


A K LUMBERS: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned A K Lumbers
Limited (AKLL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR45.0 mil. Fund-based limits assigned with IND BB-
    /Stable/IND A4+ rating; and

-- INR90.5 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of AKLL, Jindal Wood
Products Private Limited ('IND BB-'/Stable) and Punjab Metal
Works Private Limited ('IND BB-'/Stable) while arriving at the
ratings, given the strong legal and operational linkages among
them. All the companies operate in the similar line of business
and have a common management.

The ratings reflect the group's moderate scale of operations,
volatile EBITDA margin and moderate-to-weak credit metrics owing
to the slowdown in the end-user industry and fluctuations in raw
material prices. As per FY17 provisional financials, consolidated
revenue was INR1,061.05 million (FY16: INR955.15 million), EBITDA
margin was 4.15% (4.50%), interest coverage (operating
EBITDA/gross interest expenses) was 1.38x (1.27x) and total
leverage (total adjusted debt/operating EBITDA) was 10.40x
(10.12x).

The ratings also factor in the company's tight liquidity position
with around 94% average utilisation of fund-based limits during
the 12 months ended June 2017.

However, the ratings are supported by promoter's experience of
more than two decades in the timber business.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained
basis will be negative for the ratings.

Positive: A significant improvement in the top line leading to an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2000, AKLL is engaged in trading and processing
of timber logs, mainly teak and hard wood. Mr. Atul Jindal is the
promoter.

On a standalone basis, revenue was INR359.44 million in FY17P
(FY16: INR347.15 million), EBITDA margin was 4.54% (5.27%),
interest coverage was 1.26x (1.22x) and net leverage (total
adjusted net debt/operating EBITDAR) was 9.81x (8.38x).


ABHIRAMA STEELS: Ind-Ra Moves D Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Abhirama
Steels Limited's (ASL) Long-Term Issuer Rating to 'IND D' from
'IND BBB-'. The ratings have also been migrated to the non-
cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is on the basis of best available
information. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR16.2 mil. Term loan (Long-term) issued on March 2011, due
     on February 2018 downgraded and migrated to Non-Cooperating
     category with IND D(ISSUER NOT COOPERATING) rating;

-- INR400 mil. Fund-based working capital facility (Long-
     term/Short-term) downgraded and migrated to non-cooperating
     category with IND D(ISSUER NOT CO-OPERATING) rating; and

-- INR200 mil. Proposed fund-based working capital facility
     (Long-term/Short-term) downgraded and migrated to non-
     cooperating category with Provisional IND D(ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

The rating action reflects delays in debt servicing, details of
which are not available.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 2006, ASL is a Hyderabad-based manufacturer of
thermo mechanical treatment steel bars and mild steel billets
with an installed capacity of 1,80,000 tonnes per annum.


ANMOL ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR15MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Anmol Enterprises
(Anmol) 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
   ----------        ---------     -------
   Term Loan              15       CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

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

Detailed Rationale

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

Anmol is a project-specific firm promoted by Ahmedabad-based Mr.
Arvind Patel and his family members. The firm is developing a
residential project in Gota, Ahmedabad. It commenced construction
in January 2012.


AROMA REALTIES: CRISIL Reaffirms 'D' Rating on INR20MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Aroma Realties
Limited (ARL) 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
   ----------          ---------    -------
   Proposed Long Term      20       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               15       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

ARL, incorporated in 2008 and based in Ahmedabad, constructs
residential and commercial projects. It is owned and managed by
Mr. Mavjibhai Desai and his family.


ARYACON CONTRACTORS: CRISIL Reaffirms B+ Rating on INR6MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Aryacon Contractors and Engineers (ACE).
The ratings continue to reflect its small scale of operations and
large working capital requirement. These weaknesses are partly
offset by its moderate financial risk profile and extensive
experience of partners in the civil construction industry.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        0.91      CRISIL A4 (Reaffirmed)

   Cash Credit           6.00      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .09      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations:
ACE is a small player in the civil construction industry with
estimated operating income of INR 12 crores in fiscal 2017. The
revenue profile of the firm is dependent on timely winning and
execution of orders. In addition, ACE executes projects only for
Kerala state electricity board, further constraining its revenue
profile.

* Large working capital requirement:
Working capital requirement of the company remains high marked by
estimated Gross current (GCA) of around 446 days as on March 31,
2017. With low bargaining power over its customer, GCA is
expected to remain high over the medium term.

Strengths

* Moderate financial risk profile:
Financial risk profile continues to remain moderate marked by
healthy capital structure and average debt protection metrics.
ACE's capital structure is healthy marked by TOLTNW of 0.93 time
as on 31st March, 2017 while the debt protection metrics remain
average with ICR of about 3 time in fiscal 2017.

* Promoters' extensive experience in the construction industry:
The promoters of the firm have an extensive experience in
construction industry for around two decades and over the period
have established good relationship with various suppliers and
kerala state electricity board.

Outlook: Stable

CRISIL believes that ACE will maintain its business risk profile
over the medium term backed by the promoters' extensive
experience and moderate order book position. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations along with geographical diversification of its
revenues and sustenance of profitability while improving's its
working capital management. Conversely, the outlook may be
revised to 'Negative', if the firm registers less than expected
accruals or if it undertakes any large additional debt-funded
capex leading to deterioration in its financial risk profile or
pressure on liquidity due to further stretch in working capital
requirements.

Establish in 2002, Aryacon Contractors & Engineers (ACE) based in
Kerala, is promoted by Mr. Gireesh G Nair & Mr. S. Shyam. ACE is
engaged in construction of tunnels for hydroelectric projects,
power houses, dams, and other types of heavy construction works
mainly in Kerala

ACE reported net profit of INR0.81 crore on operating income of
INR8.9 crores in fiscal 2016 against net profit of INR0.85 crore
on operating income of INR12.51 crores in fiscal 2015.


ASIA-PACIFIC INSTITUTE: CRISIL Reaffirms D Rating on INR18MM Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Asia-Pacific
Institute of Management (A Unit of All India Asian Educational
Foundation) (AIAEF) for obtaining information through letters and
emails dated April 13, 2017 and May 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan            18        CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Asia-Pacific Institute of
Management (A Unit of All India Asian Educational Foundation).
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 Asia-Pacific Institute of Management (A
Unit of All India Asian Educational Foundation) is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B' category or lower.
Based on the last available information, CRISIL has reaffirmed
the rating at 'CRISIL D'.

AIAEF was set up in 1996 by Mr. A K Shrivastav and his family
members. The society operates APIM, which provides postgraduate
courses in business administration.


ATMIYA ENGINEERING: CRISIL Reaffirms D Rating on INR5.17MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Atmiya Engineering
and Plastics (AEP) for obtaining information through letters and
emails dated April 21, 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             0.4        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Long Term Loan         3.43        CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Working Capital        5.17        CRISIL D (Issuer Not
   Term Loan                          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 Atmiya Engineering and
Plastics. 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 Atmiya Engineering and
Plastics is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D'.

AEP, established in 1999, is based in Vadodara. It is promoted by
Mr. Nimesh Patel. The firm manufactures plastic parts for air-
coolers.


BAPASHREE INFRA: CRISIL Reaffirms D Rating on INR20MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Bapashree
Infrastructure Private Limited (BIPL) 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
   ----------          ---------     -------
   Proposed Long Term      20        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

BIPL, set up in 2007 by Mr. Jagdish Patel and Mr. Ketan Patel, is
engaged in residential real estate development in Ahmedabad. It
has two ongoing projects.


BESTO TRADELINK: CRISIL Reaffirms 'D' Rating on INR11MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Besto Tradelink
Private Limited (BTPL) 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            6       CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

   Packing Credit         3       CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

   Proposed Long Term    11       CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Rating Reaffirmed)

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

Detailed Rationale

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

Incorporated in 1997, BTPL trades in commodities, including agro-
commodities (primarily rice), metals, cotton, and fabrics. The
company is based in Ahmedabad (Gujarat) and is promoted by Mr.
Rakesh Patel and his family.


COSMOS INDUSTRIES: Ind-Ra Ups LT Issuer Rating to 'BB'/Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Cosmos
Industries Limited's (CIL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR620 mil. Fund-based working capital limits Long-term
    rating upgraded; Short-term rating affirmed with
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in CIL's overall credit
profile, though it remains weak due to the company's presence in
the highly regulated, cyclical and working capital intensive the
sugar industry.

According to FY17 financials, the revenues was INR1,450.1 million
(FY16: INR1,163.15 million), EBITDA margins were 11.37% (6.45%),
gross coverage (operating EBITDA/gross interest expense) was
2.49x (1.06x) and net leverage (total adjusted net debt/operating
EBITDA) was 6.4x (14.99x). The increase in the revenues is
attributable to better price realisations while sales volumes
remaining almost the same. The easing of the raw material prices
coupled with the government of Punjab's subsidy programme for
sugarcane manufacturers led to the improvement in the EBITDA
margins.

The liquidity is comfortable as evident from the average 56%
utilisation of the working capital facilities during the 12
months ended July 2017.

RATING SENSITIVITIES

Negative: A decline in the profitability, resulting in sustained
deterioration of the credit metrics, will be negative for the
ratings.

Positive: A significant improvement in the overall revenue while
maintaining the credit metrics will be positive for the ratings.

COMPANY PROFILE

Established in 1955, CIL owns a 4,000 tonnes crushed per day
sugar manufacturing unit in Dhuri, Sangrur district, Punjab.


DELSEA EXPORTS: CRISIL Lowers Rating on INR4MM Loan to 'B'
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Delsea Exports Private Limited (DEPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'; while reaffirming the rating on the
short-term facilities at 'CRISIL A4'

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting       10       CRISIL A4 (Reaffirmed)

   Packing Credit          4       CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The rating downgrade reflects weakening of DEPL's business risk
profile marked by declining operating performance resulting in
lower-than-expected cash accruals. Revenue dropped to INR 17
crores estimated for fiscal 2017 from INR22 crores in fiscal
2014, on account of intense competition in the industry.
Consequently cash accrual was also low, estimated at around
INR0.3 crore as against INR0.9 crore during the said period.
Subdued operating performance and high dependence of working
capital debt has also resulted in below-average financial risk;
Gearing and interest cover were 3.7 times and 1.3 times
respectively estimated for fiscal 2017.

The ratings also reflect DEPL's modest scale of operations in the
intensely competitive seafood industry and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of DEPL's promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive marine
seafood industry - DEPL's scale of operations is modest, as
reflected in its estimated operating income of about INR17 crores
in fiscal 2017 (refers to financial year, April 1 to March 31).
The seafood export industry is highly fragmented, marked by the
presence of several small players operating in India's coastal
areas.

* Below-average financial risk profile ' Financial risk profile
continues to below-average due to modest networth of INR2.3
crores and gearing of 3.7 times estimated as on March 31, 2017.
Interest coverage was 1.3 times in the said year.

Strength

* Extensive industry experience of promoters - DEPL benefits from
the extensive industry experience of its promoters, who have over
two decades of experience in the seafood industry. The company
derives its revenue from exports, primarily to Europe, the Middle
East, and Japan. DEPL's product portfolio includes squids,
octopus, shrimp, and cuttlefish.

Outlook: Stable

CRISIL believes that DEPL will continue to benefit over the
medium term from its promoter's experience in the seafood
industry. The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while improving its
operating profitability and working capital management, resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if DEPL's accruals decline
or if its working capital management deteriorates, weakening the
financial risk profile, particularly its liquidity.

DEPL is a Kochi (Kerala)-based exporter of processed marine
products. Its operations are managed by Mr. Baburaj.

DEPL reported Profit after tax (PAT) of INR0.1 crore on revenues
of INR22 crores in fiscal 2016, as against INR0.1 crore and INR15
crores, respectively in fiscal 2015.


GEOMAX MINES: CRISIL Reaffirms 'B' Rating on INR15MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Geomax
Mines & Minerals Pvt Ltd (GMPL) at 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            15       CRISIL B/Stable (Removed from
                                 'Issuer not cooperating'; Rating
                                  Reaffirmed)

The rating continues to reflect GMPL's modest scale of and
working capital intensive operations, and exposure to fluctuation
in bauxite prices. These weaknesses are mitigated by purchase and
sales agreements with mine owners and key customer, respectively.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of and working capital intensive operations -
Scale of operations is modest, as reflected in operating income
of INR7.57 crore in fiscal 2017. Topline declined sharply to
INR7.57 crore in fiscal 2017 from INR42 crore in fiscal 2016 on
account of ban on mining in Odisha from June 2016 to May 2017 due
to lack of regulatory clearances. Operating income should improve
over the medium term as the ban has been removed and mines are
operational.

* Working capital intensive operations: Operations entail large
working capital requirement due to stretched receivables and high
current assets owing to large advances and security deposit given
to the miners, which is expected to result in gross current
assets of above 300 days over the medium term.

Strength

* Extensive experience of the promoter: Benefits from the
promoter's (Mr Chava Venu Gopal) decade-long experience in the
bauxite trading business and his sound understanding of the
industry should support business risk profile.

Outlook: Stable

CRISIL believes GMPL will maintain its credit risk profile backed
by the extensive experience of its promoter in bauxite trading
and its agreements with mine owners and key customer. The outlook
may be revised to 'Positive' if high cash accrual or efficient
working capital management strengthens liquidity and debt
protection metrics. The outlook may be revised to 'Negative' if
low cash accrual, stretch in working capital cycle or debt-funded
capex weakens financial risk profile, especially liquidity.

GMMPL incorporated in 2009 trades in bauxite ores. Operations are
managed by Ranchi-based Mr Chava Venu Gopal who has over 20 years
of experience in the mining industry.

GMMPL reported net profit of INR0.09 crore on revenues of INR7.56
crore for fiscal 2017; the net profit was INR0.44 crores on
revenues of INR41.98 crore for fiscal 2016.


GREEN WOODCRAFTS: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Green Woodcrafts Pvt Ltd (GWPL).

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

   Letter of credit
   & Bank Guarantee      11        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.82     CRISIL B+/Stable (Reaffirmed)

   Term Loan              0.18     CRISIL B+/Stable (Reaffirmed)

The ratings reflect modest scale of operations in the intensely
competitive plywood industry and large working capital
requirement. These weaknesses are partially offset by experience
of promoters and above-average financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

*Modest scale of operations and intense competition: Scale has
been modest, with operating income estimated at INR30 crore in
fiscal 2017, due to presence in the highly competitive decorative
plywood segment.

*Large working capital requirement: Gross current assets are
estimated at 250 days as on March 31, 2017, due to sizeable
receivables and inventory of around 135 days and 115 days,
respectively.

Strengths

*Experience of promoters: Benefits from promoters' experience
(around two decades), healthy relationships with customers and
suppliers and moderate visibility of the Flamingo brand, are
likely to continue supporting the business risk profile.

*Above-average financial risk profile: Networth and TOLTNW were
moderate at INR9.69 crore and 1.0 time, respectively, as on
March 31, 2017. Interest coverage and net cash accrual to total
debt ratios were also adequate at 1.9 times and 0.2 time,
respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes GWPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if revenue and profitability increase substantially
with steady capital structure. Conversely, the outlook may be
revised to 'Negative' if stretched working capital cycle weakens
financial risk profile.

GWPL was established in 1996 by Delhi-based Mr Narendra Khetawat
and family. The company manufactures plywood and veneer under the
brands, Flamingo and Saffron, in its facility at Rohtak, Haryana.

Net profit is estimated at INR0.51 crore on sales of INR30.00
crore in fiscal 2017, against INR0.34 crore and INR26.43 crore,
respectively, in fiscal 2016.


INDIA COKE: Ind-Ra Assigns 'BB-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned India Coke And
Power Private Limited (ICPPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The instrument-wise rating action
is:

-- INR1,000 mil. Non-fund-based working capital limits assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect ICPPL's moderate operational track record of
seven years and vulnerability of operating margins to forex and
commodity price fluctuations. Post suffering forex losses till
FY16, ICPPL has set up a team which continuously monitors forex
movements and takes appropriate hedging decisions. This
initiative has resulted in a forex gain in FY17; however, the
company's ability to report forex gains on a sustained basis
needs to be seen.

While the company did not have any long-term debt obligations
earlier, Ind-Ra expects ICPPL's credit metrics would stretch over
FY18 and FY19, given its inherently low EBITDA margins and the
INR1,000 million letter of credit limit being raised.

The ratings, however, are supported by ICPPL's healthy scale of
operations with the top line increasing at a CAGR of 137% to
INR12,534 million in FY17 over INR914 million in FY14. Also, Ind-
Ra expects the company to sustain this scale over FY18 and FY19,
given ICPPL's established relations with its customers and
suppliers.

Also, the company has adequate liquidity, given the absence of
any long-term debt obligations and positive cash flow from
operations of INR138 million in FY17. Moreover, ICPPL benefits
from its promoters' experience of more than two decades in the
steel industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the EBITDA margins and
credit metrics (in line with management's expectations) could
lead to a positive rating action.

Negative: A sharp decline in the top line and/or weaker-than-
expected credit metrics could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, ICPPL is engaged in the trading of
metallurgical coke, coking coal, thermal/steam coal, pig iron,
iron ore, pet coke, chrome-ore, manganese ore, anthracite, and
ferro alloys. The company is promoted by Mr. Anirudh Misra.


JAYAHO AGRI: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Jayaho Agri
Ventures Private Limited (JAVPL) 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           12        CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jayaho Agri Ventures 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 Jayaho Agri Ventures Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
B' category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D'.

Set up in 2009 by Mr. Nagothu Sleeva Raju and his family members,
JAVPL trades in tobacco. The company is based in Guntur district,
Andhra Pradesh.


JINDAL WOOD: Ind-Ra Assigns BB- LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jindal Wood
Products Private Limited (JWPPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are given below:

-- INR40 mil. Fund-based limits assigned with IND BB-/Stable/IND
    A4+ rating; and

-- INR170 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of JWLL, A K Lumbers Limited
('IND BB-'/Stable) and Punjab Metal Works Private Limited ('IND
BB-'/Stable) while arriving at the ratings, given the strong
legal and operational linkages among them. All the companies
operate in the similar line of business and have a common
management.

The ratings reflect the group's moderate scale of operations,
volatile EBITDA margin and moderate-to-weak credit metrics owing
to the slowdown in the end-user industry and fluctuations in raw
material prices. As per FY17 provisional financials, consolidated
revenue was INR1,061.05 million (FY16: INR955.15 million), EBITDA
margin was 4.15% (4.50%), interest coverage (operating
EBITDA/gross interest expenses) was 1.38x (1.27x) and total
leverage (total adjusted debt/operating EBITDA) was 10.40x
(10.12x).

The ratings also factor in the company's comfortable liquidity
position with around 79% average utilisation of fund-based limits
during the 12 months ended June 2017.

However, the ratings are supported by promoter's experience of
more than two decades in the timber business.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained
basis will be negative for the ratings.

Positive: A significant improvement in the top line leading to an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1990, JWPPL is engaged in trading and processing
of timber logs, mainly teak and hard wood.

On a standalone basis, revenue was INR483.11 million in FY17P
(FY16: INR425.52 million), EBITDA margin was 3.37% (4.02%),
interest coverage was 1.21x (1.21x) and net leverage (total
adjusted net debt/operating EBITDAR) was 13.17x (11.82x).


KISHORI INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR15MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Kishori Industries (KI) at 'CRISIL B/Stable'. The rating
continues to reflect a modest scale of operations in the
intensely competitive cotton industry, large working capital
requirement, and weak financial risk profile. These weaknesses
are partially offset by its partners' extensive experience.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            15       CRISIL B/Stable (Reaffirmed)

Analytical Approach

CRISIL has treated unsecured loans of INR0.5 crore as on
March 31, 2017, as neither debt nor equity since they are
expected to remain in the firm over the medium term and a lower
interest rate is charged compared to bank rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the intensely competitive cotton
industry: Scale is modest, as reflected in revenue estimated at
INR65 crore for fiscal 2017, and will be constrained by the
intense competition in the cotton industry.

* Large working capital requirement: Gross current assets are
sizeable, estimated at 160-165 days as on March 31, 2017, due to
high inventory days. Since cotton is a seasonal crop, it is
stocked up during the season and used throughout the year.

* Weak financial risk profile: Modest networth, estimated at
INR5.75 crore as on March 31, 2017, and a leveraged capital
structure, with total outside liabilities to tangible networth
ratio of 3.9 times, keeps the financial risk profile weak.

Strength

Partners' extensive experience: Partners' industry experience of
15 years supports the business risk profile.

Outlook: Stable

CRISIL believes KI will continue to benefit over the medium term
from its partners' extensive experience. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability leads to better than expected cash accruals, or
sizeable capital infusion strengthens the financial risk profile.
Conversely, the outlook may be revised to 'Negative' if
considerable decline in revenue and profitability, stretch in
working capital cycle or debt funded capital expenditure leads to
deterioration in the financial risk profile, especially
liquidity.

Established in 2003, KI is a partnership firm. It gins and
presses cotton, and extracts cotton seed oil at its unit in Beed.
The firm is owned and managed by Mr. Sharad Sarda and Mr.
Rameshlal Sarda.

For fiscal 2017, on a provisional basis, KI's profit after tax
was INR0.18 crore on net sales of INR65.3 crore against INR0.08
crore and INR51.27 crore, respectively, for fiscal 2016.


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

-- INR256.5 mil.  Term loan (Long-term) migrated to non-
     cooperating category with IND D(ISSUER NOT COOPERATING)
     rating;

-- INR150 mil.  Fund-based limits (Long-term) migrated to non-
     cooperating category with IND D(ISSUER NOT COOPERATING)
     rating; and

-- INR22 mil. Non-fund-based limits (Short-term) migrated
    to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 22, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

MCS is a cotton yarn manufacturer based in Gobichettipalayam,
near Coimbatore. The company began operations in October 2011 and
has a cotton yarn manufacturing capacity of 26,208 spindles.


M S COLD: Ind-Ra Migrates BB- Issuer Rating to Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M.S. Cold
Storage's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is given below:

-- INR90.1 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 7, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

M.S. Cold Storage is a sole proprietary concern set up by S K
Mohammed Safiulla in 2008. It owns and operates two cold storage
units with a total capacity of 10,000MT in Mettupalayam, near
Coimbatore, Tamil Nadu.


NAGA SINDHU: CRISIL Reaffirms 'D' Rating on INR14.45MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Naga Sindhu
Spinning and Ginning Mills Private Limited (Naga Sindhu) 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           10        CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

   Proposed Cash          2.06     CRISIL D (Issuer Not
   Credit Limit                    Cooperating; Rating
                                   Reaffirmed)

   Term Loan              14.45    CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Naga Sindhu Spinning and
Ginning 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 Naga Sindhu
Spinning and Ginning 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 reaffirmed the rating at
'CRISIL D'.

Incorporated in 2006 and managed by Mr. K Satyanarayana, Naga
Sindhu manufactures cotton yarn. Its spinning unit is in the
Guntur district of Andhra Pradesh.


OASIS COMMERCIAL: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Oasis
Commercial Private Limited's (OCPL) Long-Term Issuer Rating of
'IND BB+'. The Outlook was Stable. The instrument-wise rating
actions are:

-- INR450 mil. Fund-based working capital limits withdrawn with
    WD rating;

-- INR50 mil. Non-fund-based working capital limits withdrawn
    with WD rating; and

-- INR591.3 mil. Term loans due on September 2019 withdrawn WD
    rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, based on
the receipt of no-objection certificates from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017, for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage for OCPL.

COMPANY PROFILE

OCPL was incorporated in 2006 to manufacture and sell liquor and
allied products. In 2013, the company acquired an ENA
manufacturing facility of capacity 120,000 litres/day along with
a 9MW biomass power co-generation plant from A.B. Grain Spirits
Pvt. Limited. The unit is located in Ambala, Haryana.


ORIENT COLOR: CRISIL Reaffirms 'B' Rating on INR1.87MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Orient Color Art Printers Private Limited at 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       0.15      CRISIL A4 (Reaffirmed)

   Cash Credit          1.26      CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Discounting          1.75      CRISIL A4 (Reaffirmed)

   Packing Credit       0.75      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.87      CRISIL B/Stable (Reaffirmed)

   Term Loan            1.50      CRISIL B/Stable (Reaffirmed)

The ratings reflect a modest scale in the intensely competitive
printing industry and below-average financial risk profile, with
weak capital structure. These weaknesses are partially offset by
the extensive experience of promoters in the printing business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
Revenue is estimated at INR17.7 crore during fiscal 2017,
underpinning its modest scale in the printing industry. The
domestic printing industry is highly fragmented by unorganised
players, offering low-quality printing solutions at lower cost.
As a result, players such as OCAPPL face competition.

* Below-average financial risk profile
Networth was small and gearing high estimated at INR0.9 crore and
4.09 times, respectively, for fiscal 2017. Debt protection
metrics were modest: net cash accrual to total debt and interest
coverage ratios were 18% and 1.89 times, respectively, for fiscal
2017, owing to limited profitability and high dependence on bank
debt.

Strengths

* Promoters' extensive experience
Benefits from the experience of over two decades of promoters, Mr
NV Muralitharan and Mr NV Giritharan, has resulted in established
relations and repeated orders with key customers.
Outlook: Stable

CRISIL believes OCAPPL will continue to benefit over the medium
term from its established track record in the printing industry.
The outlook may be revised to 'Positive' if increase in revenue
and stable profitability result in a sustainable improvement in
the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if lower revenue and profitability, or any
large capital expenditure or stretch in working capital cycle
leads to deterioration in the financial risk profile.

Incorporated in 2011 as a private limited company, OCAPPL prints
diaries, calendars, notebooks, and labels. Operations are managed
by Mr NV Muralitharan.

For fiscal 2017, on a provisional basis, profit after tax was
INR0.1 crore on net revenue of INR17.7 crore, against INR0.1
crore and INR17 crore, respectively, for fiscal 2016.


PARSVNATH DEVELOPERS: CRISIL Cuts Rating on INR141.04MM Loan to D
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Parsvnath Developers Limited (PDL) to 'CRISIL D' from 'CRISIL
C'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Cash Credit          88.96       CRISIL D (Downgraded
                                    from 'CRISIL C')

   Long Term Loan       20.00       CRISIL D (Downgraded from
                                    'CRISIL C')

   Proposed Long Term   141.04      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL C')

The downgrade reflects delays in servicing the rated debt on
account of stretched liquidity. PDL is also exposed to
cyclicality inherent in the real estate sector. However, it
benefits from the extensive experience of its promoters in the
real estate industry.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PDL, and its subsidiaries and
associates. This is because all these companies, collectively
referred to as PDL, are managed by the same promoters, and have
fungible cash flows.

Key Rating Drivers & Detailed Description

Weakness

*Delays in debt servicing
PDL has delayed in servicing its debt obligations following
lower-than-expected cash flows from its projects. It also derives
benefit from its available land bank; in the past, the company
had monetised the same for meeting debt obligations. Ability to
successfully monetise surplus land parcels will remain a key
rating sensitivity factor.

*Susceptibility to cyclical demand inherent in the real estate
sector in India
The real estate sector in India is cyclical and volatile,
resulting in fluctuations in cash flows because of volatility in
realisations. In contrast, cash flows, related to project
completion and servicing debt, are relatively fixed, and could
lead to substantial cash flow mismatches. PDL remains exposed to
risks and cyclical demand inherent to the real estate sector.

Strengths
* Promoters' extensive experience in the real estate sector
The promoters, given their healthy track record of over two
decades in the real estate sector, have developed a well-
diversified portfolio, which includes residential apartments and
townships, commercial and retail space, special economic zones
(SEZs), information technology (IT) parks, and hotels. It is also
engaged in the construction contracting business.

Incorporated in 1990, PDL develops real estate projects and has a
well-diversified portfolio of residential apartments, integrated
townships, commercial and retail projects, SEZs, IT parks, and
hotels. It is also engaged in the construction contracting
business. While the company has delivered about 2.8 crore square
feet (sq ft) through its 65 completed projects, the ongoing
project portfolio comprises around 40 projects spread over about
5.5 crore sq ft. It has a pan-India presence, with a major
presence in Delhi and the National Capital Region.

PDL's net loss was at INR34.83 crore on net sales of INR249.42
crore for fiscal 2017, on a provisional basis, as against a net
profit of INR4.72 crore on net sales of INR309.7 crore for fiscal
2016.


PETRON ENGINEERING: Ind-Ra Migrates BB- Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Petron
Engineering Construction Limited's (PECL) Long-Term Issuer Rating
to 'IND BB-' from 'IND BBB-'. The Outlook is Negative. The rating
action takes into account PECL's stressed liquidity due to delays
in receipt of remittances against contracts executed.

The ratings have been migrated to the non-cooperating category.
The issuer did not participate in the surveillance exercise
despite continuous requests and follow-ups by the agency. Thus,
the ratings are based on the best available information. The
rating will now appear as 'IND BB-(ISSUER NOT
COOPERATING)'/Negative on the agency's website. The instrument-
wise rating actions are:

-- INR121.6 mil. Term loan downgraded and migrated to non-
     cooperating category with IND BB-(ISSUER NOT
     COOPERATING)/Negative rating;

-- INR845 mil. Fund-based limits downgraded and migrated to non-
     cooperating category with IND BB-(ISSUER NOT
     COOPERATING)/Negative rating;

-- INR4,120 mil. Non-fund-based limits downgraded and migrated
    to non-cooperating category with IND A4+(ISSUER NOT
    COOPERATING) rating;

-- INR200 mil. Proposed term loan downgraded and migrated to
    non-cooperating category with Provisional IND BB-(ISSUER NOT
     COOPERATING)/Negative rating;

-- INR350 mil. Proposed fund-based limits downgraded and
    migrated to non-cooperating category with Provisional
    IND BB-(ISSUER NOT COOPERATING)/Negative rating; and

-- INR650 mil. Proposed non-fund-based limits downgraded and
     migrated to non-cooperating category with Provisional IND
     A4+(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects PECL's interest coverage (EBITDA/interest
expenses) falling to 0.2x in FY17 (FY16: 1.2x) due to a
significant decline in EBITDA margin to 1.0% during the period
(8.7%), breaching Ind-Ra's negative rating sensitivity on
sustained basis (interest coverage was below 1.0x over 2QFY17-
4QFY17).

The Negative Outlook reflects a sustained fall in EBITDA margin
and the agency's expectations that the margin is unlikely to
improve beyond the FY16 level, as it operates in an intensely
competitive oil and gas sector.

RATING SENSITIVITIES

Negative: Continued stressed EBITDA margin and liquidity would
lead to a further downgrade.

Positive: An improvement in liquidity and financial profile on a
sustained basis could lead to the Outlook being revised to
Stable.

COMPANY PROFILE

Incorporated in 1976, PECL undertakes turnkey engineering,
procurement and construction as well as composite construction
solutions for sectors such as power, oil and gas, petrochemical
and cement. Its revenue was down 18.3% yoy to INR3,446 million in
FY17.


PRASHANTH POULTRY: CRISIL Reaffirms 'D' Rating on INR10.77MM Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Prashanth Poultry
Private Limited (PPPL) 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           4.45       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan       10.77       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Cash         3.00       CRISIL D (Issuer Not
   Credit Limit                     Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term    0.78       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

PPPL, set up in 2005, and promoted by Mr. V Bhaskar Rao and his
family is in the poultry business; it produces eggs at its unit
in Mahbubnagar, Andhra Pradesh.


PRIME TECHNOPLAST: CRISIL Reaffirms 'D' Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Prime Technoplast
Private Limited (PTPL) for obtaining information through letters
and emails dated April 12, 2017 and May 4, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            50       CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2007, PTPL manufactures PP bags. Mr. Mehtab
Hussain manages the daily operations. The manufacturing facility
is in Howrah, West Bengal.


PUNJAB METAL: Ind-Ra Puts 'BB-' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Punjab Metal
Works Private Limited (PMWPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR30 mil. Fund-based limits assigned with IND BB-/Stable/IND
    A4+ rating; and

-- INR50 mil. Non-fund-based limits with IND A4+ rating.

KEY RATING DRIVERS

Ind-Ra has taken a consolidated view of PMWPL, A K Lumbers
Limited ('IND BB-'/Stable) and Jindal Wood Products Private
Limited ('IND BB-'/Stable) while arriving at the ratings, given
the strong legal and operational linkages among them. All the
companies operate in the similar line of business and have a
common management.

The ratings reflect the group's moderate scale of operations,
volatile EBITDA margin and moderate-to-weak credit metrics owing
to the slowdown in the end-user industry and fluctuations in raw
material prices. As per FY17 provisional financials, consolidated
revenue was INR1,061.05 million (FY16: INR955.15 million), EBITDA
margin was 4.15% (4.50%), interest coverage (operating
EBITDA/gross interest expenses) was 1.38x (1.27x) and total
leverage (total adjusted debt/operating EBITDA) was 10.40x
(10.12x).

The ratings also factor in the company's tight liquidity position
with around 97% average utilisation of fund-based limits during
the 12 months ended June 2017.

However, the ratings are supported by promoter's experience of
more than two decades in the timber business.

RATING SENSITIVITIES

Negative: Deterioration in the credit metrics on a sustained
basis will be negative for the ratings.

Positive: A significant improvement in the top line leading to an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

PMWPL, incorporated in 1975, was acquired by promoters of Jindal
Wood Products. The company processes plywood and veneer, and
trades timber logs, mainly hardwood.

On a standalone basis, revenue was INR218.50 million in FY17P
(FY16: INR182.48 million), EBITDA margin was 5.22% (4.14%),
interest coverage was 2.07x (1.59x) and net leverage (total
adjusted net debt/operating EBITDAR) was 7.27x (10.45x).


R.R. DWELLINGS: CRISIL Reaffirms 'D' Rating on INR18MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with R.R. Dwellings
Private Limited (RRDPL) for obtaining information through letters
and emails dated April 13, 2017 and May 10, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              18       CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

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

RRDPL, incorporated in 2008, is part of the Lucknow-based RR
group of companies. It is executing a residential project,
Celebrity Gardens, in Sushant Golf City at Sultanpur Road, in
Lucknow.


SAGAR AUTO: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Sagar Auto Parts Pvt Ltd (SAPPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             2        CRISIL B+/Stable (Reaffirmed)

   Proposed Letter of
   Credit & Bank
   Guarantee               4.08     CRISIL A4 (Reaffirmed)

   Proposed Term Loan      2        CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan        1.92      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations, customer concentration in revenue profile, and below-
average financial risk profile because of leveraged capital
structure. These weaknesses are partially offset by the extensive
experience of its promoter in manufacturing automotive (auto)
components and established relationship with Greaves Cotton Ltd.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With an operating income of INR13.4
crore during fiscal 2017, scale remains modest due to intense
competition in the automotive (auto) components manufacturing
industry.

* Customer concentration in revenue profile: Any downturn in
GCL's operations, which accounts for 95% of SAPPL's revenue, will
affect overall business risk profile.

* Below-average financial risk profile: Gearing and total outside
liabilities to tangible networth ratio are estimated to be
leveraged at 2.74 times and 3.92 times, respectively, as on
March 31, 2017, due to moderate debt contracted to fund capital
expenditure (capex), and small networth of INR2.1 crore. Though
financial risk profile is expected to improve gradually with term
loan repayment, it will remain below average over the medium
term.

Strengths

* Extensive experience of promoters and established relationship
with GCL: Presence of more than two decades in the auto
components segment has enabled the promoter to establish strong
relationship with major customer, GCL.

Outlook: Stable

CRISIL believes SAPPL will continue to benefit over the medium
term from the extensive experience of its promoter and
established association with GCL. The outlook may be revised to
'Positive' if more-than-expected revenue or profitability leads
to sizeable cash accrual. The outlook may be revised to
'Negative' if low cash accrual due to weak sales or profitability
or larger-than-expected debt-funded capex further weakens
financial risk profile, especially liquidity.

Incorporated in 1995 and promoted by Mr Bharat Pandey, SAPPL
manufactures auto components used in silencers and engines,
mainly for three-wheelers. Facility is in Shirur near Pune.

Provisional profit after tax is INR0.33 crore on net sales of
INR13.42 crore for fiscal 2017; net loss was INR0.22 crore on net
sales of INR12.62 crore for fiscal 2016.


SAGAR COTTON: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Sagar Cotton Industries (SCI). The rating
reflects a modest scale of operations in the highly competitive
cotton industry, large working capital requirement, and a below-
average financial risk profile because of high gearing and weak
debt protection metrics. These rating weaknesses are partially
offset by the extensive industry experience of the partners and
proximity to the cotton-growing belt in Gujarat.

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

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry: The
firm's limited capacity and fragmentation in the textile industry
have led to modest revenue of INR37.15 crore in fiscal 2017 (Rs
25 crore in fiscal 2016). This also restricts benefits of
economies of scale and limits pricing flexibility, constraining
profitability

* Working capital-intensive operations: Gross current asses were
high at 100-160 days, on account of debtors of 22-44 days and
inventory of 66-143 days, in the three fiscals ended March 31,
2017. Working capital requirement is likely to remain high over
the medium term.

* Below-average financial risk profile: As on March 31, 2017, the
networth was small at INR2.72 crore and gearing high at 2.8
times. With continued large working capital debt, gearing is
expected to remain high over the medium term. The debt protection
metrics were weak, with interest coverage ratio of 1.53 times for
fiscal 2017.

Strength

* Extensive industry experience of the partners: The partners
have an experience of more than 15 years in the cotton ginning
industry. This has enabled them to understand the dynamics of the
local market, and establish relationships with customers and
suppliers.

Outlook: Stable

CRISIL believes SCI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if sustained revenue growth, along with improvement
in profitability and the working capital cycle, leads to a better
capital structure. The outlook may be revised to 'Negative' if a
considerable decline in revenue and profitability, deterioration
in working capital management, or any large, debt-funded capital
expenditure weakens the financial risk profile.

Set up in 1998, SCI is a partnership firm promoted by the Gangani
family. The firm undertakes cotton ginning and pressing
operations at its facility at Babra in Amreli, Gujarat.

In fiscal 2017, profit after tax (PAT) was INR0.13 crore on total
sales of INR37.15 crore, as against PAT of INR0.12 crore on total
sales of INR24.98 crore in fiscal 2016.


SARA CREATION: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sara Creation
Inc.'s (SCI) 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:

-- INR50 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR60 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
     A4+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SCI is a garments manufacturer and exporter with its registered
office and factory in Noida. The company procures raw material
from domestic market and exports 100% of its products to the US,
Germany, the UK and Belgium.


SARTHAV INFRASTRUCTURE: CRISIL Reaffirms D Rating on INR20MM Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Sarthav
Infrastructure Private Limited (SIPL) 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
   ----------        ---------     -------
   Term Loan              20       CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

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

SIPL, promoted by the Sutaria and Shah families and incorporated
in 2007, develops real estate in Ahmedabad. It has three ongoing
projects.


SHANTI NIKETAN: CRISIL Reaffirms D Rating on INR6.53MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Shanti Niketan
Trust (SNT) for obtaining information through letters and emails
dated April 21, 2017 and May 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Overdraft             .65      CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

   Term Loan            6.53      CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

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

Detailed Rationale

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

SNT was set up in 2008 in Meerut and offers courses in
engineering, MBA, Post Graduate Diploma in Management (PGDM), and
polytechnic. The trust has sanctioned capacity of 1000 students
(360 in bachelor of technology, 120 in PGDM, 120 in MBA, 300 in
polytechnic, and 100 in bachelor of education) and is affiliated
to Mahamaya Technical University.


SHREE RAJMOTI: CRISIL Reaffirms 'D' Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Shree Rajmoti
Industries (SRI) 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           60       CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

   Pledge Loan           25       CRISIL D (Issuer Not
                                  Cooperating; Rating Reaffirmed)

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

Detailed Rationale

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

SRI, set up as a partnership firm in 1962, manufactures and
trades in double-filtered and refined groundnut oil and other
edible oils. The firm is promoted by Mr. Sameer Shah, Mr. Shyam
Shah, and Mr. Bhavdeep Vajubhai Vala.


SHRIVISION TOWERS: CRISIL Cuts Rating on INR50MM LT Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with Shrivision Towers
Private Limited (STPL) for obtaining information through letters
and emails dated Jan. 25, 2017, and Feb. 14, 2017, among others;
apart from telephonic communication. However, the issuer has
remained non-cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Long Term Loan         50      CRISIL B/Stable (Issuer Not
                                  Cooperating; Downgraded from
                                  'CRISIL BB+(SO)/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 STPL. This restricts CRISIL's
ability to take a forward looking view on the firm's credit
quality. CRISIL believes information available for STPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL B rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
downgrading the rating to 'CRISIL B/Stable' from 'CRISIL
BB+(SO)/Stable'.

Analytical Approach

In the absence of information regarding continuation of the
structure with escrow and waterfall mechanism for debt repayment,
CRISIL has discontinued its structured obligation (SO) rating
symbol for the rating on facilities of STPL.

Incorporated in 2008 and based in Bengaluru, STPL is a special-
purpose vehicle set up to undertake development of a residential
project, Shriram Greenfield, on Old Madras Road, Bengaluru.


SILICON CITY: May Face Insolvency Move
--------------------------------------
The Times of India reports that after Jaypee Infratech, the
process of corporate insolvency resolution under the insolvency
and bankruptcy code is likely to be initiated against three
Amrapali group companies -- Noida's Silicon City and Greater
Noida-based Ultra Home Construction and Amrapali Infrastructure
-- on the plea of Bank of Baroda.

TOI relates that a bank official said the National Company Law
Tribunal's principal bench had reserved its verdict on the issue
and may pronounce it any day now.  The report says the move will
affect around 1,000 home buyers. A company source said Amrapali
has prioritised delivery to Silicon City buyers. According to the
report, the Amrapali official, who refused to be quoted, said in
all the three companies, the bank had outstanding amounts of much
more than INR1,00,000, the minimum cutoff for initiation of
insolvency proceedings. The plea, he said, is therefore likely to
be accepted despite the company managements opposing the move,
the report says.

In Silicon City, Bank of Baroda has an outstanding amount of
INR56 crore in principal. Other lenders to the company are OBC
and Bank of Maharashtra, the report discloses.

Banks had given around INR300 crore in principal to the company
which has returned INR305 crore so far and still owes INR156
crore. In addition, Silicon City owes the Noida Authority around
INR550 crore. Besides this, JP Morgan also had also extended a
secured loan of INR150 crore to the company.  Sources said the
first claim to receivables from the company will be that of the
authority.

According to TOI, Silicon City is constructing its housing
project in Noida Sector 74-75. The company has given possession
to 2,500 home buyers. Of the remaining 1,000 apartments, the
company is likely to give possession to another 500 apartments by
December 2017. The construction of the other 500 apartments is at
an advanced stage, it is learnt. The project is running behind
schedule by around three years.

TOI relates that a company source said Silicon City has not given
its consent for the invocation of the insolvency and bankruptcy
code. Contending that the delays were caused mainly due to
stoppage of work due to various court orders and farmers'
agitations, a company source claimed that the entire project will
be completed in the next one year, with internal cash flows such
as receivables from buyers. It has also around 1.5 million square
feet FSI to sell to meet other liabilities.


SJP INFRACON: CRISIL Reaffirms 'D' Rating on INR25MM Term Loan
---------------------------------------------------------------
CRISIL has been consistently following up with SJP Infracon
Limited (SJP) for obtaining information through letters and
emails dated April 13, 2017 and May 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              25       CRISIL D (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

Detailed Rationale

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

Set up in 2010, SJP is a part of the SHRI group which has an
established market position in the real estate sector in Agra and
Mathura. The company is currently executing a residential real
estate project in Greater Noida. The project is marketed under
the Shri Radha Sky Gardens brand and is spread over an area of
80,000 square metres.

The SHRI group was established in 1931 by the late Shri Shri Nath
Prasad and his family members. The group has a track record of
over 20 years in the real estate sector.


SPRING MERCHANDISERS: CRISIL Reaffirms D Rating on INR6.5MM Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Spring
Merchandisers Private Limited (SMPL) 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           4.5        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Inland/Import         6.5        CRISIL D (Issuer Not
   Letter of Credit                 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 Spring Merchandisers 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 Spring Merchandisers Private
Limitedis consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' category
or lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL D/CRISIL D'.

SMPL, incorporated in 1995, manufactures brass, zinc, copper, and
aluminium ingots and trades in non-ferrous scrap. The operations
are managed by Mr. Ajay Garg and his sons, Mr. Gaurav Garg and
Mr. Anirudh Garg. The company is based in Mumbai and has a
manufacturing unit in Daman.


SRI KALISWARI: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Kaliswari
Metal Powders Private Limited's bank loan ratings to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as 'IND BB+(SO)(ISSUER NOT COOPERATING)' on the
agency's website. The rating actions are:

-- INR40.0 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+(SO)(ISSUER NOT COOPERATING)/IND
     A4+(SO)(ISSUER NOT COOPERATING) rating; and

-- INR155.6 mil. Non-fund-based limits migrated to non-
     cooperating category with IND BB+(SO)(ISSUER NOT
     COOPERATING)/IND A4+(SO)(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 22, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sri Kaliswari Metal Powders is part of the Sri Kaliswari Group
which manufactures and markets fireworks under the 'Cock' brand.
The company manufactures and exports aluminium powder and
aluminium paste.


SRI NANGALI: CRISIL Reaffirms 'D' Rating on INR22MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Nangali Agro
Tech Private Limited (SNA) for obtaining information through
letters and emails dated April 25, 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            22        CRISIL D (Issuer Not
                                    Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 1996 and promoted by Mr. Vijay Kumar, Mr. Satish
Kumar, and Mr. Anil Kumar, SNA manufactures wheatbased products
such as flour, maida, and sooji. Unit in Gurdaspur has processing
capacity of 120 tonne per day for each product.


SRI NANGALI RICE: CRISIL Reaffirms 'D' Rating on INR54MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Sri Nangali Rice
Mills Private Limited (SNRL) for obtaining information through
letters and emails dated April 25, 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            54      CRISIL D (Issuer Not
                                  Cooperating; Rating
                                  Reaffirmed)

   Term Loan               4      CRISIL D (Issuer Not
                                  Cooperating; Rating
                                  Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Nangali Rice 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 Sri Nangali Rice 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 reaffirmed the rating at 'CRISIL D'.

SNRL was established in 2004 by Mr. Anil Aggarwal and his
brothers, Mr. Vijay Aggarwal and Mr. Satish Aggarwal, in
Gurdaspur, Punjab. The company mills and markets rice, mainly
basmati rice, under its Sri Nangali, Raj Mahal, White, and Swami
brands. It is managed by the three Aggarwal brothers, and their
nephew, Mr. Manoj Aggarwal.


STAR CITY: CRISIL Reaffirms B+ Rating on INR9.2MM LT Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Star City Multispeciality Hospital Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility      9.2      CRISIL B+/Stable (Reaffirmed)

   Term Loan               5.8      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations and below average financial risk profile because of
high gearing and modest net worth, though supported by adequate
debt protection metrics. These weaknesses are partially offset by
extensive experience of promoters in the healthcare industry, and
established name in Kalyan, Maharashtra.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:
The hospitals financial risk profile is below average with modest
net worth of INR3 cr and gearing of 2.2 times as on March 31,
2017. SCMHPL is expected to have Net Cash Accruals to Total Debt
(NCATD) and interest coverage ratios of over 0.18 and 2.35 times,
respectively, for 2016-17.

* Modest scale of operations
The hospital was launched in December 2012 and is estimated to
report revenue of around INR9.25 cr. in 2016-17. The scale of
operations still remains modest, with current capacity of only
around 50 beds. The scale of operations may improve, but remain
modest over the medium term, thereby impacting the business risk
profile.

Strength

* Extensive experience of promoters in the healthcare industry
and established market position:
The promoters are specialists in different fields, practicing
medicine in Mumbai and adjacent areas since 1995. The panel
further includes highly qualified and specialist doctors, each
having over 15 years of experience. Backed by established
reputation and quality of resident doctors, the hospital operates
at 70 percent occupancy levels and is likely to report steady
growth in revenue over the medium term.

Outlook: Stable

CRISIL believes SCMHPL may continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if there is sustained
improvement in the company's scale of operations and
profitability, or if the promoters infuse significant equity,
thus strengthening capital structure. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected accrual,
or aggressive debt-funded expansion, or deterioration in working
capital management, leading to pressure on liquidity.

SCMHPL, incorporated in 2010, runs a 50-bed multi-speciality
hospital in Kalyan. The company is promoted by Dr. Chandrakant D
Shivsharan (laparoscopic surgeon), Dr. Pravin P Bhujbal, Dr.
Pradeep B Shelar, Dr. Bhavesh J Chauhan, Dr. Umesh V Kapuskar,
Dr. Chandan R Singh, and Dr. Rajesh Pastaria.

For fiscal 2017, SCMHPL's net loss was INR0.02 crore on net sales
of INR9.22 crore, against a PAT of INR0.86 crore on net sales of
INR9.33 crore for fiscal 2016.


SVASCA INDUSTRIES: Ind-Ra Moves B+ Rating to Not Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Svasca
Industries (India) Limited's (SIIL) 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 the rating. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR130 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
     A4(ISSUER NOT COOPERATING) rating;

-- INR160 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
July 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SIIL was established in 1997 and manufactures power and
distribution transformers and servo voltage stabilisers at its
facilities in Rudrapur (Uttarakhand) and Faridabad (Haryana).


T. ASOKAN: CRISIL Lowers Rating on INR5MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with T. ASOKAN (TA) 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
   ----------        ---------     -------
   Bank Guarantee         3        CRISIL A4 (Issuer Not
                                   Cooperating; Rating
                                   Reaffirmed)

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

   Proposed Working       4        CRISIL B/Stable (Issuer Not
   Capital 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 T. ASOKAN. 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 T. ASOKAN is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B' category or lower. Based on the last available
information, CRISIL has downgraded the long term rating to
'CRISIL B/Stable' and reaffirmed the short term rating at 'CRISIL
A4'.

TA is a Kozhikode-based civil contractor. Its operations are
managed by its proprietor, Mr. T Asokan.


UMIYA MATA: CRISIL Assigns 'B' Rating to INR4.25MM Term Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to bank
facilities of Umiya Mata Kadva Patidar Education & Samaj Seva
Trust (UMK).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         4.25      CRISIL B/Stable
   Letter Of Guarantee     5         CRISIL A4
   Overdraft               1.75      CRISIL B/Stable

The ratings reflect weak financial risk profile marked by low
networth and modest Return on capital employed (RoCE). These
rating weaknesses are offset by extensive experience in the
education sector and business risk profile supported by
increasing demand for graduation and post-graduation in India and
diverse range of courses offered by trust.

Key Rating Drivers & Detailed Description

Strengths

* Weak Financial Risk Profile: Financial Risk profile remains
weak as indicated in low networth which limits the financial
flexibility of the trust.

* Modest Return on Capital Employed: Return on Capital Employed
remains low due to moderate occupancy in the colleges which
results in lower asset turnover ratio.

Weakness

* Extensive experience of the promoters in the education sector:
Promoters have over a decade of experience in the education
sector which results in understanding of business cyclicality in
the industry.

* Business risk profile supported by increasing demand for
graduation and post-graduation in India and diverse range of
courses offered by trust: Business Risk profile is supported by
diverse range of courses offered by the trust like engineering,
Management of Business Administration, Bachelor of Science etc.
Moreover comfort could also be drawn from increasing demand for
graduation and post-graduation courses in India.

Outlook: Stable

CRISIL believes that UMK Trust will maintain its business and
financial risk profiles on the back of the high demand for, and
shortage of, quality higher educational institutions in India.
The outlook may be revised to 'Positive' if the trust
successfully demonstrates a steady intake of students, leading to
stable net cash accruals over the near to medium term.
Conversely, the outlook may be revised to 'Negative' if PRPP
Trust's capital structure deteriorates because of decline in
occupancy levels for its various courses, leading to reduced cash
accruals, or the promoters' inability to bring in additional
funds; the outlook may also be revised to 'Negative' if the trust
undertakes larger-than-expected debt-funded capex plans for the
medium term.


UMK Trust is an educational trust engaged in conducting school,
undergraduate and post graduate courses in emerging areas. The
Trust operates in Ahmedabad. Management have over a decade of
experience in running educational institutions.

Profit after tax for fiscal 2016 is INR0.06 crore on net sales of
INR14.66 crore as against net loss of INR0.76 crore on net sales
of INR16.21 Cr for fiscal 2015.



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


LIPPO KARAWACI: S&P Places 'B+' CCR on CreditWatch Negative
-----------------------------------------------------------
S&P Global Ratings placed its 'B+' long-term corporate credit
rating on PT Lippo Karawaci Tbk. (Lippo), the 'B+' long-term
issue ratings on the company's senior unsecured notes, and the
'axBB' ASEAN regional scale rating on CreditWatch with negative
implications.

S&P said, "We placed the ratings on CreditWatch because we
believe Lippo's interest servicing capacity and financial
flexibility could reduce due to subdued operating conditions,
potentially weaker operating margins, and the outcome of a
proposed rights issue at its healthcare subsidiary PT Siloam
International Hospitals Tbk. (Siloam).

"We had expected a bottoming of property sales for rated
Indonesian real estate developers in 2016, arising from the
uncertainty associated with a tax amnesty. Our property sales
forecasts had assumed a gradual improvement in market sentiment
and sales in 2017 and 2018 from the gradual resolution of the tax
amnesty and new project launches by developers."

So far, however, rated and listed developers have generally
announced few project launches and consumer sentiment toward
large-ticket item purchases such as real estate remains muted.
Realized marketing sales from both new projects launches and
existing inventory for the first six months of the year have
therefore been slow and lagged their full year projections. Most
developers have resorted to land sales to mitigate some
shortfalls in sales targets.

Amid weaker marketing sales of existing projects for the six
months ended June 30, 2017, Lippo launched lower priced
apartments at its Meikarta development in Cikarang. This first
launch of lower priced apartments has met with relative success
with Lippo employees. S&P said, "Nevertheless, we note that the
lower selling prices of these apartments will translate into
lower consolidated profit margins and EBITDA through 2018. Along
with subdued property sales since 2015, we believe Lippo's
reported EBITDA in 2018 could be substantially lower than we
earlier anticipated. The company's EBITDA interest coverage could
therefore fail to be comfortably above the 1.5x level we would
consider for the rating to stay at 'B+'."

Lippo also experienced delays in the sale of some of its malls to
its listed REITs in Singapore. For example, the company
originally expected its sale of a mall in Yogyakarta in mid-2016,
but it gradually pushed the timeline to early 2017 and now to the
end of 2017. The ability of Lippo's credit metrics to stay within
out tolerance level for the 'B+' level also hinge on those
substantial asset sales.

S&P said, "In our base case, we expect Lippo to sell the
Yogyakarta mall in early 2018 and part of the St. Moritz complex,
in Jakarta, in 2019. But we recognize that the sales will also
depend on the ability of the Singapore REITs, especially Lippo
Malls Indonesia Retail Trust (LMIRT), to absorb more assets
without a corresponding equity issuance, in our opinion. Such
activities take time and may delay completion of the
acquisitions."

In July 2017, Siloam announced a proposed rights issue. The
company intends to use the proceeds from the rights issue to
expand its operations, via a combination of construction of new
sites and acquisitions of existing hospitals. At present, it has
31 hospitals in 16 provinces and plans to increase its portfolio
to 50 hospitals in 34 provinces by 2019. It remains unclear at
this stage how much Siloam is likely to raise and whether Lippo
will keep its stake in Siloam as it is or reduce it after the
rights issue.

S&P said, "A further dilution in Lippo's stake in Siloam post the
latter's right issue would be credit negative, in our opinion.
While it may be cash flow neutral for Lippo, we have highlighted
before that a dilution of Lippo's stake would effectively reduce
the level of Lippo's assets and listed stakes that it could
monetize to consolidate its balance sheet. A dilution, if it
occurs, would also come after a previous reduction in Siloam's
stake to about 62% from 70% in August 2016. This would reduce
Lippo's financial flexibility amid slower operating conditions
domestically in the real estate development segment. Finally, it
would also further demonstrate the company's aggressive growth
aspirations.

The CreditWatch status indicates a one-in-two likelihood of a
one-notch downgrade within the next three months. S&P will seek
further clarity on the following: (1) The prospects for Lippo's
marketing sales, especially at the Meikarta project; and (2) the
ultimate ownership of Siloam post the company's rights issue. S&P
said, "In considering these factors we will also take into
account Lippo's willingness to protect its balance sheet and
maintain sufficient financial flexibility while continuing its
expansionary strategy at its healthcare operations.

"We will also assess the implications of Lippo's strategic shift
toward lower margin apartments in Meikarta and its impact on
margin and profit generation through 2018.

"We may lower the rating, most likely by one notch, if our
projections indicate that the company's EBITDA interest coverage
ratio will fail to stay comfortably above 1.5x on a sustained
basis." This would most likely materialize if marketing sales
remain slow through the end of 2017 or overall profit margins are
indeed materially lower than those of past projects. A reduced
ownership stake in Siloam with funds employed for expansion
rather than reducing debt could also impact Lippo's future
financial flexibility in times of strained cash flows as the
limited debt headroom of its REITs constrains future
acquisitions.

A rating affirmation at 'B+' would be contingent upon (1) a
substantial pickup in marketing sales, or increase asset sales
allowing the company to generate improve absolute EBITDA such
that its EBITDA interest coverage stays comfortably above 1.5x on
a sustained basis; and (2) the company maintaining appropriate
financial flexibility.



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


MONGOLIAN MINING: Shares Up as it Ends Five Years of Losses
-----------------------------------------------------------
Eric Ng at South China Morning Post reports that shares in
Mongolian Mining surged as much as 34 per cent on August 11 after
it said it expects to report an interim profit for the first time
in five years.

The positive earnings forecast comes on the back of a successful
debt restructuring and soaring sales volume and prices of its
mainstay product, coking coal, the Post says.

According to the report, the privately-controlled company, the
largest producer of the steel smelting ingredient in the
landlocked nation that heavily relies on China to buy its
commodities, said it will post a net profit of between US$250
million and US$375 million for the six months.

That compares to a loss of US$61.7 million in the same period
last year, and interim losses ranging from US$25.2 million to
US$79.2 million the previous four years.

Its shares finally closed the day 14 per cent higher on August 11
at 28.5 cents, the report says.

"Such profit is primarily attributable to improved coking coal
market conditions [resulting in] increasing coal product tonnage
sold and average selling price achieved," Mongolian Mining said
in a filing to Hong Kong's bourse on August 10, the Post relays.

"The successful implementation and completion of the debt
restructuring have resulted in an extraordinary gain," it added.

Mongolian Mining said in early June it has emerged from "Chapter
15" bankruptcy protection proceedings in the United States and
the joint provisional liquidators have been discharged from their
duties, the report notes.

In March last year, the firm was close to defaulting on a US$93
million loan owed to ICBC and BNP Paribas, and another US$51.8
million owed to the European Bank for Reconstruction and
Development and two Dutch and German lenders, the report recalls.

                      About Mongolian Mining

Mongolian Mining Corporation is a Cayman Islands-exempted company
with limited liability that was incorporated on May 18, 2010.
The shares of the Debtor's common stock are publicly traded and
listed on the Stock Exchange of Hong Kong Limited.

The Group owns and operates two open-pit coking coal mines --
Ukhaa Khudag and Baruun Naran -- both of which are located in the
Southern Gobi province of Mongolia.  These deposits are located
approximately 250 km from the Sino-Mongolian border and
approximately 600 km from Baotou, China, an important railway hub
providing access from Mongolia to the largest steel-producing
provinces in China, including Inner Mongolia, Hebei, Shandong and
Jiangsu.  The Group sells most of its coking coal into China
pursuant to long-term agreements with iron and steel mills and
coke and chemical plants.  The Group had 1,474 employees as of
March 15, 2017.

The mining activities of Ukhaa Khudag and Baruun Naran are
carried out by two of the Debtor's subsidiaries incorporated in
Mongolia. However, mining activity at the Baruun Naran mine has
been suspended to save costs since the fiscal year ending
Dec. 31, 2014.



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


KUMHO TIRE: Meeting Delayed as Doublestar Demands Discount
----------------------------------------------------------
Yonhap News Agency reports that creditors of Kumho Tire Co. on
August 22 postponed their meeting after China's Qingdao
Doublestar Co. demanded a cut in its bidding price for the South
Korean tiremaker.

Yonhap relates that the creditors, led by the Korea Development
Bank (KDB), had been scheduled to hold the meeting earlier in the
day to discuss Doublestar's demands.

According to the report, Doublestar signed a deal with the
creditors in March to buy a 42.01-percent stake in Kumho Tire for
KRW955 billion (US$841.7 million).

After months of a bitter dispute over the use of Kumho Tire's
brand, the Chinese company submitted documents last week for
approval from the South Korean government in what appeared to be
a final step to complete the acquisition, Yonhap says.

However, Qingdao Doublestar has recently demanded the creditors
cut the price by 16 percent to KRW800 billion, adding a new twist
to the Chinese firm's bid to acquire Kumho Tire.

The report relates that an official at the KDB said the
creditors' meeting was delayed because "more consultations with
Doublestar are needed."

The meeting could be held today, August 23, but it could be
delayed again, the KDB official said.

Under the terms of the March deal, Doublestar has the right to
cancel the deal if Kumho Tire's operating profit falls more than
15 percent on year as of Sept. 23, when the contract ends,
according to Yonhap.

In the first six months of this year, Kumho Tire suffered an
operating loss of KRW50.7 billion, compared to a profit of
KRW55.8 billion for the same period last year, Yonhap discloses.

According to Yonhap, industry sources said Doublestar demanded
the creditors lower the price of Kumho Tire, instead of canceling
the deal outright.

If the creditors accept Qingdao Doublestar's demand, it would
allow Park Sam-koo, the chairman of Kumho Asiana Group, which is
the parent of Kumho Tire, to exercise his right to buy back the
tiremaker.

Also, the creditors need to renegotiate with Doublestar over the
usage fee of the Kumho Tire brand.

Still, observers said it remains unclear whether the creditors
will accept the demands or not, adds Yonhap.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.

The creditors signed a deal in April to sell their combined
42.01% stake in the tiremaker to Doublestar for KRW955 billion
(US$831 million), added Yonhap.



================
S R I  L A N K A
================


BIMPUTH FINANCE: Fitch Affirms 'BB(lka)' Nat'l Long-Term Rating
---------------------------------------------------------------
Fitch Ratings Lanka has affirmed Bimputh Finance PLC's National
Long-Term Rating at 'BB(lka)'. The Outlook is Stable.

KEY RATING DRIVERS

Bimputh's rating reflects its small franchise compared with
higher-rated peers and high-risk appetite stemming from its
microfinance-dominated loan portfolio, which Fitch sees as risky
due to the segment's greater susceptibility to economic cycles.
Fitch's assessment also captures likely pressure on Bimputh's
capitalisation from high loan growth, which is forecast by
management's guidance, and limited funding diversity due to a
heavy reliance on borrowings.

Fitch believes aggressive loan growth would pressure Bimputh's
capitalisation in the absence of any meaningful capital
infusions. The company's Fitch Core Capital ratio remained flat
at 16.5% as at end-March 2017 and Fitch believes Bimputh would
depend on its 94% owner, Daya Group, for capital infusions.

Fitch expects microfinance to remain Bimputh's dominant product
exposure, notwithstanding that this exposure declined to 63% of
total lending in the financial year ending March 2017 (FY17),
from 82% at FYE16, due to increased exposure to non-microfinance
loans supported by corporate and personal loans. A challenging
operating environment, together with prolonged drought and
several floods, reduced loan growth to 39% during FY17, from 118%
in FY16.

Fitch expects Bimputh's assets quality to remain under pressure.
The reported six-month non-performing loan (NPL) ratio increased
to 3.0% at end-March 2017, from 0.8% at end-March 2016, due to
microfinance defaults. However, the company maintains adequate
provisioning levels for these NPLs.

Fitch believes weaker net interest margins from its business-
model shift to a lower share of microfinance and higher funding
costs could weigh on Bimputh's profitability and increase its
credit costs. Moody's expects Bimputh to continue relying on
wholesale borrowings due to its weaker deposit franchise relative
to peers. Deposits made up only 30% of its funding at end-March
2017 and are highly concentrated among the top-20 deposit
holders.

Bimputh is a small finance company accounting for 0.95% of
licensed finance company and specialised leasing company sector
assets at end-March 2017 (March 2016: 0.86%).

RATING SENSITIVITIES

Weaker capitalisation metrics may place downward pressure on the
company's ratings. Heightened risk appetite, indicated through
aggressive loan growth or greater unprovided NPLs that increase
capital impairment risks, could also lead to a downgrade of
Bimputh's ratings.

An upgrade is contingent on an improved franchise while
sustaining credit metrics - in particular, capitalisation -
similar to higher-rated peers, alongside a moderation of risk
appetite.




                             *********

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.
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 ***