TCRAP_Public/170828.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

            Monday, August 28, 2017, Vol. 20, No. 170

                            Headlines


A U S T R A L I A

AURICOM PTY: First Creditors' Meeting Set for Sept. 4
CLIFFS NATURAL: Renames Itself 'Cleveland-Cliffs Inc.'
DELTA SBD: In Liquidation; Owes AUD9.6MM Worker Entitlements
JACKSON ENTERPRISES: First Creditors' Meeting Set for Sept. 5
PEARCE LOGISTICS: First Creditors' Meeting Set for Sept. 4

RSL SOUTH AUSTRALIA: Rescued Via Deed of Company Arrangement
SANTOSHI SURFERS: First Creditors' Meeting Set for Sept. 5
SIMS IGA: Administrators Accept Offers for Supermarket
TEN NETWORK: ACCC Clears Murdoch-Gordon Takeover Bid
TGN FRESH: First Creditors' Meeting Set for Sept. 4


C H I N A

CHINA LESSO: Fitch Affirms BB+ LT IDR & Senior Unsecured Rating
COUNTRY GARDEN: 1H 2017 Results Support Moody's Ba1 CFR
GOLDEN EAGLE: Improved 1H 2017 Results Support Moody's B1 CFR
GUANGZHOU R&F: 1H 2017 Results No Impact on Moody's Ba3 CFR
HEALTH AND HAPPINESS: 1H 2017 Results Support Moody's Ba2 CFR

YESTAR INTERNATIONAL: Fitch Affirms BB- IDR & Sr. Secured Rating


I N D I A

ANANDSWARN RESIDENCY: CRISIL Cuts Rating on INR11.75MM Loan to C
AURA HOTELS: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
B R SPONGE: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
CAPITOL HILL: CRISIL Reaffirms 'D' Rating on INR45MM Term Loan
CRACKERS INDIA: CRISIL Reaffirms 'C' Rating on INR65MM LT Loan

DAUJI AND CO: CRISIL Reaffirms 'D' Rating on INR8MM Loan
DAYANAND COTTON: CRISIL Reaffirms D Rating on INR5MM Cash Loan
DEEPAK CABLES: CRISIL Reaffirms 'D' Rating on INR665.88MM Loan
DHARMANA MOTORS: CRISIL Reaffirms 'B' Rating on INR5.8MM Loan
DISHA INDUSTRIES: Ind-Ra Migrates BB+ Rating to Not Cooperating

G. R. MULTIFLEX: CRISIL Lowers Rating on INR7MM Cash Loan to D
G.S. AUTO: CRISIL Lowers Rating on INR27.25MM Cash Loan to 'D'
GEE EMM: Ind-Ra Migrates 'B+' Issuer Rating to Not Cooperating
GLOBAL STEEL: CRISIL Reaffirms 'D' Rating on INR10MM Loan
INCOM WIRES: CRISIL Lowers Rating on INR6MM Cash Loan to 'D'

JAAHNAVEE LIFE: CRISIL Reaffirms 'B' Rating on INR6.5MM LT Loan
KAMAL PRESSING: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
LAKHANI SHOES: CRISIL Downgrades Rating on INR25MM Loan to 'D'
LANCO INFRATECH: Insolvency Process Delays Q1 Results
LTS PLASTICS: Ind-Ra Migrates B Issuer Rating to Not Cooperating

MAA MANGLA: CRISIL Reaffirms 'D' Rating on INR9.5MM Cash Loan
MALABAR HOTELS: Ind-Ra Moves 'D' Issuer Rating to Not Cooperating
MANAV RICE: CRISIL Reaffirms 'B' Rating on INR18MM Cash Loan
METALINK: Ind-Ra Migrates 'B+' Issuer Rating to Not Cooperating
MINEX INDIA: CRISIL Reaffirms 'D' Rating on INR9MM Cash Loan

MOBILE TELECOM: CRISIL Puts INR4MM B+ Loan Rating on Watch Neg.
NAKSHTRA: Ind-Ra Migrates 'B-' Issuer Rating to Not Cooperating
NEELI AQUA: CRISIL Reaffirms 'D' Rating on INR15MM Term Loan
NOVELTY SALES: Ind-Ra Migrates B Issuer Rating to Not Cooperating
NUTEK INDIA: CRISIL Puts C Rating on INR13MM Loan to Watch Neg.

PREMIER ALCOBEV: CRISIL Lowers Rating on INR42MM Term Loan to D
RADHE RADHE: CRISIL Cuts Rating on INR11.9MM Cash Loan to 'B'
RAJARATHNAM: CRISIL Cuts Rating on INR46.97MM Loan to 'D'
RAJDEEP RICE: Ind-Ra Migrates B Issuer Rating to Not Cooperating
RAMKY INFRA: CRISIL Reaffirms 'D' Rating on INR696.26MM Loan

RUBY BUILDERS: CRISIL Reaffirms 'B' Rating on INR68MM LT Loan
SAALIM SHOES: CRISIL Reaffirms 'D' Rating on INR35MM Loan
SADHU RAM: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
SGC LOGISTIC: CRISIL Lowers Rating on INR15MM Cash Loan to 'D'
SHIV RICE: CRISIL Lowers Rating on INR4MM Cash Loan to 'B'

SHREE ROSHAN: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
SHRI SHYAM: Ind-Ra Migrates 'BB' Issuer Rating to Not Cooperating
SONA CHANDI: CRISIL Reaffirms 'D' Rating on INR55MM Cash Loan
SQUARE TEN: CRISIL Lowers Rating on INR40MM Term Loan to 'B'
SUPERIOR FOOD: CRISIL Reaffirms 'D' Rating on INR55MM Term Loan

SWASTIK FURNACES: CRISIL Lowers Rating on INR8.5MM Loan to 'D'
TSSS INFOTECH: CRISIL Reaffirms B+ Rating on INR9MM LT Loan
TAKSHILA RETAIL: Ind-Ra Moves D Issuer Rating to Not Cooperating
TEMPLE CITY: CRISIL Reaffirms 'D' Rating on INR9.5MM Cash Loan
WESTWELL IRON: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable


I N D O N E S I A

GAJAH TUNGGAL: Moody's Raises CFR to B2; Outlook Stable
MITRA PINASTHIKA: Fitch Affirms BB- Long-Term IDR; Outlook Stable


P H I L I P P I N E S

DW CAPITAL: Faces Probe for PHP2.6BB in 'Unauthorized' Trades


S I N G A P O R E

CALLA SPA: Members Can Claim Packages at G.Spa
CHINA FISHERY: Trustee to Sell Calle 265 Property for $1.3MM


T A I W A N

WAN HAI: Improved 1H 2017 Results Support Ba2 CFR, Moody's Says


                            - - - - -


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


AURICOM PTY: First Creditors' Meeting Set for Sept. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Auricom
Pty Ltd will be held at the Conference Room, Plaza Level, BGC
Centre, 28 The Esplanade, in Perth, WA, on Sept. 4, 2017, at
9:00 a.m.

Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor
Cordis were appointed as administrators of Auricom Pty on Aug.
23, 2017.


CLIFFS NATURAL: Renames Itself 'Cleveland-Cliffs Inc.'
------------------------------------------------------
Cliffs Natural Resources Inc. has re-named the Company to its
historical name Cleveland-Cliffs Inc.  Under the name
Cleveland-Cliffs, the Company has been for many decades an
important part of the North American iron and steel industry.
The name change is part of the celebration of the 170th
anniversary of the Company, and is effective immediately.  The
Company's NYSE stock ticker symbol "CLF" will remain the same.

Lourenco Goncalves, chairman, president and chief executive
officer, said, "The historical name Cleveland-Cliffs is
synonymous with our strong heritage, and is the perfect one for
our next era of growth.  As we did more than 60 years ago, when
we adopted pelletizing as a smart business opportunity to utilize
American iron ore and provide the domestic blast furnaces with
customized pellets, Cleveland-Cliffs is once again reinventing
itself as the supplier of high-quality iron units to the Great
Lakes region. With our expansion into the production of Hot-
Briquetted Iron (HBI) to supply the growing electric arc furnace
steel industry, Cleveland-Cliffs is the best name to represent
our strong present and our bright future."

                    About Cleveland-Cliffs Inc.

Founded in 1847, Cleveland-Cliffs Inc., formerly known as Cliffs
Natural Resources Inc., is a mining and natural resources company
in the United States.  It is a major supplier of iron ore pellets
to the North American steel industry from its mines and pellet
plants located in Michigan and Minnesota.  Additionally, the
Company operates an iron ore mining complex in Western Australia.
By 2020, Cliffs expects to be the sole producer of hot briquetted
iron (HBI) in the Great Lakes region with the development of its
first production plant in Toledo, OH.  For more information,
visit http://www.clevelandcliffs.com

On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada).  The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.

Cliffs Natural reported net income attributable to Cliffs common
shareholders of $174.1 million for the year ended Dec. 31, 2016,
compared to a net loss attributable to Cliffs common shareholders
of $788 million for the year ended Dec. 31, 2015.  As of June 30,
2017, Cliffs Natural had $2.03 billion in total assets, $2.69
billion in total liabilities and a total deficit of $666.7
million.

                          *     *     *

As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources' Corporate Family
Rating (CFR) and Probability of Default Rating to 'B2' and 'B2-
PD' from 'Caa1' and 'Caa1-PD', respectively, and assigned a 'B3'
rating to the new senior unsecured guaranteed notes.  The upgrade
follows the company's announcement of a $500 million senior
unsecured guaranteed note issuance and an approximate $590
million equity issuance.

Also in February 2017, S&P Global Ratings said it raised its
long-term corporate credit rating on Cliffs to 'B' from 'CCC+'
after the company announced a $591 million equity issuance and
the tender offer for high-cost debt.  The outlook is stable.


DELTA SBD: In Liquidation; Owes AUD9.6MM Worker Entitlements
------------------------------------------------------------
Ben Langford at Illawarra Mercury reports that Illawarra workers
and suppliers owed money from collapsed mining services group
Delta will have to stand in line now the decision has been made
to liquidate the company.

Workers are owed more than AUD9.6 million in entitlements,
Delta's administrators have found, the Mercury discloses. They
would likely retrieve between 60c and 100c in the dollar, company
documents show.

Other unsecured creditors won't see more than 11c in the dollar,
perhaps less, notes the report.

The Mercury relates that creditors of the Delta Group met on
August 18 with interested parties and decided to liquidate the
company.

Former employees are now being advised to lodge a claim with the
liquidators, Said Jahani and John McInerney of Sydney solvency
and audit firm Grant Thornton, the Mercury says. They should also
lodge a claim with the Federal Government's Fair Entitlements
Guarantee process.

An update is expected within a month, the report notes.

Wollongong Coal had been blamed by Delta directors for sparking
the service firm's downfall, the Mercury says. The administrators
agreed the unprofitable contract to run the Wongawilli mine had
been the key factor which brought Delta to insolvency.

According to the Mercury, WCL's failure to pay debts on time, and
the mine and its infrastructure being in a poorer state than
claimed, were named by administrators as major reasons the
Wongawilli contract became unprofitable for Delta.

This had caused Delta to be trading insolvent since at least
December last year, the administrators found in their preliminary
report, says the Mercury.

The Mercury notes that there is a possibility Delta's directors
could be liable for trading while insolvent. They have been asked
to complete statutory declarations as to their finances.

A bid to sell Delta's business and its assets had been attempted
but was abandoned after South32 terminated its contract with
Delta's administrators. It is now the liquidators' job to realise
and distribute any assets, as well as enquire into the failure of
the company and any possible offences by people involved with the
company.

John McInerney and Said Jahani of Grant Thornton were appointed
joint and several administrators of Delta SBD on May 31, 2017.
Before its collapse Delta employed about 600 people.


JACKSON ENTERPRISES: First Creditors' Meeting Set for Sept. 5
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Jackson
Enterprises Pty Ltd, trading as CRI Group, Recruitment NT, Centre
Labour Force, will be held at Crowne Plaza Alice Springs, 93
Barrett Drive, in Alice Springs, NT, on Sept. 5, 2017, at
4:00 p.m.

Grahame Ward and Domenico Calabretta of Mackay Goodwin were
appointed as administrators of Jackson Enterprises on Aug. 24,
2017.


PEARCE LOGISTICS: First Creditors' Meeting Set for Sept. 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Pearce
Logistics Pty Ltd will be held at The Lakes Resort, 17 Lake
Terrace West, in Mount Gambier, South Australia, on Sept. 4,
2017, at 1:00 p.m.

Timothy James Clifton and Daniel Lopresti of Clifton Hall of were
appointed as administrators of Pearce Logistics on Aug. 25, 2017.


RSL SOUTH AUSTRALIA: Rescued Via Deed of Company Arrangement
------------------------------------------------------------
On Aug. 17, 2017, in accordance with creditors' approval and
after a four-month restructuring process, a Deed of Company
Arrangement (DOCA) was executed in respect of the South
Australian RSL State Branch. The DOCA allows the RSL to continue
its operations and maintain its presence in South Australia and
the Northern Territory, where it has existed for over 100 years.

Rodgers Reidy as Administrators have worked closely with all
stakeholders to ensure a robust and compelling result has been
achieved for all creditors.

Mr. Morgan said "stakeholders, including 134 sub branches, over
400 advocacy cases and commemorative events can now continue
under business as usual circumstances. This is great news for the
RSL community in a difficult time in its history."

Certain non-core assets will now be sold by Rodgers Reidy to meet
creditors' claims and control of the day-to-day operations of the
RSL will be handed back to a revitalised board.

Bronson Horan, the new president of the RSL board, has issued a
statement outlining the RSL's new direction and intention to
avoid repeating the style of governance that led to the
appointment of Administrators.

"We wish Mr.  Horan and his new board well in their endeavours
and will continue to provide support as needed throughout the
DOCA period," Mr. Morgan said.

RSL South Australia was placed into voluntary administration in
April 2017.


SANTOSHI SURFERS: First Creditors' Meeting Set for Sept. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Santoshi
Surfers Pty Ltd will be held at the offices of AMB Insolvency,
Level 1, 6 Allison Street, in Bowen Hills, Queensland, on
Sept. 5, 2017, at 11:00 a.m.

Anne Marie Barley of AMB Insolvency were appointed as
administrators of Santoshi Surfers on Aug. 24, 2017.


SIMS IGA: Administrators Accept Offers for Supermarket
------------------------------------------------------
Benjamin Millar at Star Weekly reports that Sims IGA Plus Liquor
stores in Footscray and Werribee had failed to pay rent or a
number of suppliers for up to a year and had sunk more than
AUD10 million into debt by the time they were placed under
administration.

Star Weekly last month revealed that grocery giant Metcash, which
was owed more than AUD3 million dollars, had called in
administrators to manage the sale of the troubled businesses.

According to the report, administrator Shane Cremin of Rodgers
Reidy confirmed on Aug. 14 that they have accepted offers from
existing players in the grocery market to buy the two stores.

They are continuing to investigate how operators racked up
combined liabilities of AUD10.4 million -- AUD6 million for the
Footscray store and AUD4.4 million for Werribee -- including
AUD1.6 million in unpaid superannuation and leave entitlements
for staff, Start Weekly relays.

Secured creditors Metcash and ANZ are first in line to recoup
AUD4.1 million from any sale.

A further AUD860,000 is owed to the Australian Tax Office and
almost AUD700,000 in unpaid rent and outgoings is owed to the
landlord of the Footscray store.

Star Weekly relates that creditor meeting minutes showed unpaid
suppliers have also lodged claims in the hundreds of thousands of
dollars, forming a substantial portion of the AUD4.7 million in
unsecured claims.

More than 160 staff who have been left in limbo over recent weeks
should soon discover whether they will be retained by the new
owners, however creditors may face a longer wait to find out
whether they will receive any money.

According to Star Weekly, Mr. Cremin said separate offers had
been accepted on each of the stores from two different buyers,
yet final details were still being ironed out before contracts
were signed.

"We will finalise the sales then distribute the sale proceeds,
but there's still a lot to work out."

Mr. Cremin confirmed investigations are continuing into how the
companies had fallen so deeply in debt when they were trading at
approximately breakeven, Star Weekly relays.

Creditors have been told that although it is not yet clear
whether the companies had traded while insolvent, each had
recorded a "deficiency of assets" in financial statements.

Mr. Cremin said further investigations are likely to form the
basis of future legal proceedings, adds Star Weekly.


TEN NETWORK: ACCC Clears Murdoch-Gordon Takeover Bid
----------------------------------------------------
The ACCC has announced that it will not oppose Birketu Pty Ltd
(Birketu) and Illyria Nominees Television Pty Ltd's (Illyria)
proposed joint bid to acquire Ten Network Holdings Limited (Ten).

Birketu, owned by Bruce Gordon, and Illyria, owned by Lachlan
Murdoch, propose to each acquire a 50 per cent interest in Ten,
and to operate it as a joint venture entity. Mr.  Gordon and Mr.
Murdoch have links with a number of media assets in Australia.

"The ACCC considers that this deal is unlikely to result in a
substantial lessening of competition in any relevant market,
despite it lessening competition via a greater alignment of Mr.
Murdoch's, Mr. Gordon's, and Ten's interests," ACCC Chairman Rod
Sims said.

The ACCC does not have significant concerns about the potential
for overlap between Mr. Gordon's WIN interests and Ten as the
networks are broadcast in separate geographic areas.

"Our review focussed on how the transaction would result in an
expansion of Murdoch interests in Australian media, when they
already have a significant influence in newspapers, Foxtel,
radio, and television production," Mr. Sims said.

"We considered whether the acquisition would significantly reduce
competition, by causing a reduction in the quality and range of
news content, or increasing the negotiation power of the combined
Ten/Foxtel/News Corporation."

The ACCC considered feedback from a wide range of market
participants, including broadcasters, sports rights holders,
independent content producers, and advertisers.

"On the issue of the effect on competition in the supply of news
services, the ACCC took into consideration competition from news
providers on other media platforms and in particular, the other
free-to-air networks, given Seven and Nine have a stronger
position in the market than Ten. Ten news in particular suffers
the lowest news ratings of the three commercial networks and has
a relatively small online presence," Mr. Sims said.

"The ACCC also considered the effect on competition in the
acquisition of sports rights and other types of content. The
parties will continue to face competition from the remaining
free-to-air networks as well as streaming services for the
acquisition of content."

In assessing the effect on the advertising market, the ACCC took
into account that Ten and Foxtel are already commercially aligned
through their MCN joint venture. MCN acts as an agent for both
Foxtel and Ten to sell advertising.

"The ACCC is not oblivious to the fact that significant influence
can be exerted through partial shareholdings and family
connections, however the ACCC did take into consideration that
this is a proposed 50 per cent acquisition by Illyria," Mr. Sims
said.

"Even though incentives to compete may be weakened if the
proposed acquisition proceeds, Ten and Foxtel/News Corporation
will remain competitors in a number of markets and will be
subject to our competition laws which prevent them from making
anti-competitive agreements."

"While this transaction will result in some reduction in
diversity across the Australian media landscape, we have
concluded it would not substantially lessen competition, which is
the test the ACCC is required to assess acquisitions against,"
Mr. Sims said.

"The Australian media market is becoming increasingly
concentrated and we will continue to closely examine future media
mergers in light of the impact any future loss of competition may
have on both choice and quality of news and content produced for
Australian audiences."

                       About Network Ten

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

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

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

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

Ten was put into receivership on July 1, 2017.


TGN FRESH: First Creditors' Meeting Set for Sept. 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of TGN Fresh
Produce Pty Ltd will be held at Dexus Place, Level 31, Waterfront
Place,1 Eagle Street, in Brisbane, Queensland, on Sept. 4, 2017,
at 10:00 a.m.

Matthew Joiner & Darryl Kirk of Cor Cordis were appointed as
administrators of TGN Fresh Produce Pty Ltd on Aug. 23, 2017.



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


CHINA LESSO: Fitch Affirms BB+ LT IDR & Senior Unsecured Rating
---------------------------------------------------------------
Fitch Ratings has affirmed plastic pipes and fittings
manufacturer China Lesso Group Holdings Limited's Long-Term
Issuer Default Rating (IDR) and senior unsecured rating at 'BB+'.
The Outlook is Stable.

The Stable Outlook reflects Fitch's expectation that the
profitability of Lesso's core plastic pipes business will remain
stable and the company will be able to maintain a low FFO-
adjusted net leverage of around 0.6x-1.0x between 2017 and 2020.

KEY RATING DRIVERS

Stable Profitability: Fitch expects full-year 2017 gross margin
to be around 27%, which is similar to that in 2016. Lesso's total
revenue increased by 22.6% yoy to CNY9.0 billion in 1H17, driven
by a 13.2% yoy growth in sales volume and 7.5% yoy growth in
average selling prices (ASP). Gross profit margin contracted to
27.4% in 1H17 from 29.8% in 1H16, mostly due to higher raw
material prices.

Capex Drives Leverage: Lesso's 2016 capex and equity investments
surged to around CNY3.6 billion in 2016, well beyond Fitch
expectations of CNY1.5 billion and compared with CNY1.2 billion
in 2015. The capex was mainly used to expand Lesso's production
bases and its Lesso Mall e-commerce platform. Lesso recorded
around CNY1.5 billion in capex and CNY700 million in equity
investments in 1H17, and Fitch expects capex for the full year to
remain high at around CNY2.8 billion, before decreasing to CNY1.5
billion in 2018.

The sharp rise in capex sent Lesso's net debt higher to around
CNY2.9 billion by end-1H17 from CNY1.6 billion at end-2016.
However, Fitch expects Lesso's FFO adjusted net leverage to
remain low at 1.1x in 2017 and 0.9x in 2018 as Fitch expects the
company's ability to generate cash flows to remain strong.

Market Position Remains Dominant: Lesso has maintained its
leading position in China's plastic pipes market with 15%-18%
share by volume and around 45%-50% share in its home market of
southern China at end-2016. Fitch expects Lesso to continue to
dominate the market in southern China while increasing its
presence in other regions, the company recently completed a
production facility in Hunan and is expected to commence
production in 2H17.

Infrastructure to Support Demand: Government infrastructure
construction accounts for about 70% of Lesso's total revenue and
Fitch expects Lesso's sales volume to be supported by increased
fixed-asset investment in urban underground pipelines,
construction of "sponge cities" that channel rainwater to prevent
floods and for use, and water treatment facilities. These will be
partly offset by slower FAI growth in the property sector.

Geographic Concentration a Constraint: Around 60% of Lesso's
revenue in 2016 came from southern China, one of the most
developed markets in the country. However, this geographic
concentration presents a business risk and is a constraint on
Lesso's IDR.

DERIVATION SUMMARY

Compared with Tata Chemicals Limited (TCL, BB+/Stable), which is
similar in EBITDA size, Lesso has higher and more stable margins,
more consistent FCF generation, higher coverage ratios and lower
FFO net leverage. However TCL has greater geographic
diversification than Lesso, with around 60% of its revenue
derived from the growing markets of India and about 35% from
developed markets in the US and Europe. As a result, they are
rated at the same level.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Plastics pipes sales volume to increase by 11% in 2017 and 8%
   in 2018
- Gross margin to remain at around 26% between 2017 and 2019
- Capex of CNY2.8 billion in 2017 and CNY1.5 billion each year
   in 2018 and 2019

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Significant increase in market share in the domestic plastic
   pipes and fittings sector and establishment of a strong
   presence outside southern China

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- EBITDA margin sustained below 15% (2016: 17.9%)
- FFO adjusted net leverage sustained above 1.0x
- Sustained negative free cash flow

LIQUIDITY

Adequate Liquidity: Lesso has around CNY4.2 billion of short-term
debt as of end-2016, which was well covered by CNY3.1 billion of
cash on hand and over CNY10 billion of unused credit facilities.


COUNTRY GARDEN: 1H 2017 Results Support Moody's Ba1 CFR
-------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's credit metrics for 1H 2017 are largely in line
with Moody's expectations and have no immediate impact on the
company's Ba1 corporate family or stable rating outlook.

"Country Garden's 1H 2017 credit metrics improved slightly, and
are on track to meeting Moody's earlier expectations of an
improving trend over the next 12-18 months," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

Country Garden's interest coverage -- as measured by adjusted
EBIT/interest -- improved to around 3.5x for the 12 months ended
June 2017 from around 3.3x in 2016 due to strong revenue growth
and modest improvements in profit margins.

Moody's expects the company to further improve its interest
coverage to 3.8x-4.3x as it continues to deliver revenue growth
and maintain relatively stable gross profit margins over the next
12-18 months.

Country Garden reported strong 35.5% year-on-year growth in total
revenue in 1H 2017 and achieved modest improvements in gross
profit margins to 22% in 1H 2017 from 21% in 1H 2016.

Moody's also expects Country Garden's debt leverage -- as
measured by revenue/adjusted debt (including guarantees for joint
ventures and associates) -- will trend towards 105%-110% during
the next 12-18 months from around 93% at end-June 2017, as
revenue growth should outpace the expected increase in debt.

The expectation of a moderate growth in debt is supported by the
company's robust operating cash flows as a result of strong sales
execution. Country Garden achieved a high 131% year-on-year
growth in contracted sales in 1H 2017, after robust 120% year-on-
year growth to RMB309 billion for the full year of 2016.

Its operating cash flow will help it fund its large-scale land
acquisitions.

At the same time, the company's cash balance increased further to
RMB120 billion from a high level of RMB96.5 billion at end-2016.
As a result, its liquidity profile remained strong, with
cash/short-term debt at around 254% from 211% over the same
period.

Moody's notes Country Garden adopted the HKFRS 15 for FY17,
resulting in changes to its revenue recognition accounting
policies. This in turn increased revenue by 25.7% year-on-year in
1H 2017 and led to higher profit recognition among others.

The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in April 2015.

Country Garden Holdings Company Limited-founded in 1997 and
listed on the Hong Kong Stock Exchange-is a leading Chinese
integrated property developer. It also owns hotels that are
located mainly in Guangdong Province and complement its township
development projects.


GOLDEN EAGLE: Improved 1H 2017 Results Support Moody's B1 CFR
-------------------------------------------------------------
Moody's Investors Service says that Golden Eagle Retail Group
Ltd's improved 1H 2017 results are in line with Moody's
expectations and support its B1 corporate family and B2 senior
unsecured ratings and stable rating outlook.

"Golden Eagle's improved 1H 2017 financial metrics, as
highlighted by moderate earnings growth and improved leverage,
well position the company at its B1 rating," says Danny Chan, a
Moody's Analyst and lead analyst for Golden Eagle.

Golden Eagle's total revenue rose 7.6% year-on-year to RMB2.3
billion, primarily supported by a 3.0% growth in concessionaire
sales, as well as increased contributions from its rental and
property development businesses.

The moderate growth in concessionaire sales mainly reflects the
progress Golden Eagle has made to upgrade its merchandise and
expand its suite of lifestyle services. With improved traffic in
1H 2017, gross sales proceeds and same store sales growth rose by
4.4% and 2.3% year-on-year respectively.

In addition, incomes from rental and property development
businesses increased by 58.3% and 90.8% YoY respectively in 1H
2017; combined, they accounted for 4.4% of the group's gross
sales proceeds in 1H 2017, up from 2.7% in 1H 2016. Although
Golden Eagle does not focus on property development, Moody's
expects income from this business to continue to support sales
growth over the next 12-18 months, given the solid pre-sales
record related to the Wuhu project acquired in 2015 and other
property project to be delivered in 2018.

Moody's estimates that Golden Eagle's adjusted EBITDA -- as a
percentage of GSP, excluding value-added taxes -- improved
slightly to 16.8% in 1H 2017 from 15.4% in 1H 2016, despite
pressures on gross margins due to store expansion and business
transformation, in turn owing to the company's efforts to
streamline cost structures and improve operating efficiency.

Golden Eagle's combined gross profit margin from concessionaires
and direct sales posted a slight decline to 17.1% in 1H 2017 from
17.6% in 1H 2016 due to the higher contribution from newly opened
stores, which have lower commission rates compared with those
established matured stores.

But Moody's notes that Golden Eagle's efforts to improve its cost
structures and operating efficiency, as evident by the 9.3%
decline in staffs cost in 1H 2017, have more than offset the
adverse impact from a weaker gross margin. Together with other
business initiatives -- such as the recent adoption of the high
margin, asset-light contracted management model -- Moody's
believes adjusted EBITDA -- as a percentage of GSP, excluding
value-added taxes -- will stay around 16%-18% over the next 12-18
months.

Supported by improved EBITDA, Golden Eagle's adjusted debt/EBITDA
fell slightly to 4.3x for the 12 months ended June 30, 2017, from
4.7x at end-2016. Its adjusted retained cash flow/net debt, which
Moody's estimates at around 20% for the 12 months ended 30 June,
2017, also improved slightly from 19% in 2016. Such credit
metrics are largely in line with Moody's expectations and
consistent with the company's B1 corporate family rating. Moody's
also expects that the company will maintain debt leverage at
around 4.0x-4.5x in 2017 and 2018.

Golden Eagle's liquidity remains adequate. At end-June 2017, it
had RMB5.3 billion in cash, deposits and short-term investment
instruments, enough to cover its RMB5.1 billion in short-term
debt, which already includes the syndicated bank loan of about
RMB5 billion due in April 2018.

Given Golden Eagle's ample cash resources and improved operating
performance, Moody's expects that the company will be able to
refinance the loan.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Golden Eagle Retail Group Ltd. is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier cities,
catering to mid- to high-end customers. As of 30 June, 2017, it
operated 30 stores, including 12 lifestyle centers, in the
regions of Jiangsu, Anhui, Shaanxi, Yunnan and Shanghai.


GUANGZHOU R&F: 1H 2017 Results No Impact on Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says that Guangzhou R&F Properties Co.,
Ltd.'s financial results for the six months ended June 30, 2017
(1H 2017) were weak, with persistently high debt leverage. Such a
situation is consistent with the negative outlook on the
company's Ba3 corporate family rating (CFR), and its CFR is not
immediately affected by the results.

"Guangzhou R&F's negative rating outlook is appropriate, given
its high debt leverage, as indicated by a slight deterioration in
its revenue/adjusted debt," says Kaven Tsang, a Moody's Vice
President and Senior Credit Officer.

The company's revenue/adjusted debt - including perpetual capital
securities - fell to 40% as of June 2017 from 42% at end-2016,
due to lower revenue recognition and a moderate increase in debt.

Guangzhou R&F's Ba3 rating, however, is not immediately affected
by the lower revenue/adjusted debt because Moody's expects that
this ratio - including perpetual capital securities - will rise
towards 50%-60% over the next 12-18 months, mainly due to faster
revenue recognition.

Moody's expects that the company's revenues for full year 2017
will increase to RMB60-RMB65 billion, as it increases delivery in
2H 2017.

The company's robust contracted sales, which grew 31% year-on-
year between the seven months of January and July 2017 to RMB44.8
billion, support revenue growth over the next 1-2 years.

As of July 2017, the company had around RMB68 billion of
contracted sales for delivery in 2017 and 2018.

Guangzhou R&F's 1H 2017 revenues fell 9% year-on-year to RMB20.4
billion, because of lower scheduled deliveries.

Guangzhou R&F's adjusted debt - including perpetual capital
securities - rose slightly to RMB131 billion at end-June 2017
from RMB129 billion at end-2016. The company's debt level will
likely stay high over the next 1-2 years, because of its faster
pace of land purchases and the recent acquisition of hotel assets
from Dalian Wanda Commercial Properties Co., Ltd. (DWCP, Baa3
negative).

Despite an increase in debt, lower funding costs and improving
margins helped improve the company's EBIT/interest to 2.5x for
the 12 months ended June 2017 from 2.3x in 2016. Moody's expects
that Guangzhou R&F's EBIT/interest will further improve to around
3x over the next 12-18 months, mainly supported by revenue and
EBIT growth.

The company's weighted average cost of funding - including
perpetual capital securities - fell to 5.06% in 1H 2017 from
6.30% in 2016. However, a further reduction is unlikely over the
next 1-2 years, given the rising interest rate environment in
onshore and offshore markets.

The company's gross margin rose to 36.2% in 1H 2017 from 25.4% in
1H 2016, due to higher selling prices and margins related to its
mature projects in major cities. However, Moody's believes its
gross margin will fall to around 30%-35%, because of rising land
prices and larger contributions from its hotel business, which
offers lower margins when compared with its property development
business.

Guangzhou R&F's liquidity is marginally adequate. The company
held cash on hand of RMB32.4 billion at end-June 2017; an amount
that covers 1.3x of its short-term debt. And, its cash holdings
and likely operating cash flow are only marginally sufficient to
cover its maturing short-term debt, the acquisition of DWCP's
hotel assets, and unpaid committed land premiums over the next 12
months.

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

Established in 1994 and listed on the Hong Kong Stock Exchange in
2005, Guangzhou R&F Properties Co., Ltd. is a mid-sized developer
in China's residential and commercial property sector.

At end-June 2017, the company's land bank totaled 48.5 million
square meters across 51 locations: 46 in cities and areas in
China, two in Australia, and one each in the UK, Korea and
Malaysia. At end-2016, Mr. Li Sze Lim and Mr. Zhang Li - the
company's co-founders - owned 33.52% and 32.02% of equity
interest in the company.


HEALTH AND HAPPINESS: 1H 2017 Results Support Moody's Ba2 CFR
-------------------------------------------------------------
Moody's Investors Service says that Health and Happiness (H&H)
International Holdings Limited's 1H 2017 results were in line
with Moody's expectations and support the company's Ba2 corporate
family rating and the Ba3 rating on its senior notes.

The ratings outlook is stable.

"H&H's improved leverage for the 12 months ending June 2017
reflects EBITDA growth as well as debt reduction," says Gerwin
Ho, a Moody's Vice President and Senior Analyst.

H&H's revenue rose 18% year-on-year in 1H 2017 to RMB3.6 billion,
driven by a 21% year-on-year growth in infant formula and other
pediatric products and 14% year-on-year growth in adult nutrition
and care products, consisting mainly of vitamin, herbal and
mineral supplements.

Specifically, the improvement in revenue was driven by: (1)
robust growth in premium infant milk formula products that offset
a fall in the company's mid-tier products; (2) strong growth in
probiotic products, spurred by effective marketing; and (3)
rising consumer demand for Swisse Wellness Group Pty Ltd's adult
nutrition and care products in China and Australia.

Moody's expects that H&H's revenue growth, reflecting its
enlarged revenue scale, will moderate to about 8.5% year-on-year
over the next 12-18 months.

"H&H's profitability - as measured by its adjusted EBITDA margin
- improved to about 29.1% for the 12 months ended June 30, 2017
from 28.5% in 2016, mainly because of an improvement in its gross
margins and operating leverage," adds Ho.

Moody's expects H&H's adjusted EBITDA margin to moderate to about
26.5% over the next 12-18 months, driven by higher sales and
marketing and brand building-related expenses.

As a result of EBITDA growth and debt reduction, the company's
adjusted debt/EBITDA fell to about 3.4x for the 12 months ended
June 30, 2017 from 4.6x in 2016.

Moody's expects the company's adjusted debt/EBITDA to reach about
3.4x in the next 12-18 months, driven by a stable level of EBITDA
and debt reduction through scheduled repayments of its USD450
million senior loan. This level of debt leverage is consistent
with the company's Ba2 corporate family rating.

H&H's liquidity profile is solid. At end-June 2017, its cash
balance - including restricted cash - totaled RMB1.9 billion,
which is sufficient to cover its reported short-term debt of
RMB774 million.

The principal methodology used in these ratings was Global
Packaged Goods published in January 2017.

Health and Happiness (H&H) International Holdings Limited is a
leading domestic infant milk formula provider in China. The
company acquired an 83% stake in the leading Australian vitamin,
herbal and mineral supplements provider Swisse Wellness Group Pty
Ltd in September 2015, and further raised its stake to 100% in
February 2017.

Established in 1999, H&H is headquartered in Guangzhou and listed
on the Hong Kong Stock Exchange in December 2010. Its chairman
and CEO, Mr. LUO Fei, and other principal shareholders together
held a 72% stake in the company at end-December 2016.


YESTAR INTERNATIONAL: Fitch Affirms BB- IDR & Sr. Secured Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Yestar International Holdings Company
Limited's (Yestar) Long-Term Foreign-Currency Issuer Default
Rating (IDR) and senior unsecured rating at 'BB-'. The Outlook on
the IDR is Stable. Fitch has also affirmed Yestar's USD200
million 6.9% senior unsecured notes due 2021 at 'BB-'.

Yestar's ratings reflects the company's high exposure to China's
rapidly growing in-vitro diagnostics (IVD) market, an established
partnership with IVD industry leader Roche Diagnostics, a strong
foothold in IVD distribution across important markets in eastern
and southern China, and strong free cash flow (FCF) generation.

The rating headroom has shrunk after a few acquisitions that
resulted in higher leverage, but Fitch expects Yestar to be able
to maintain FFO adjusted leverage below 2.5x, the level at which
Fitch would consider negative rating action.

KEY RATING DRIVERS

IVD Business Drives Growth: Yestar entered the IVD market in 2014
after acquiring two IVD distributors in eastern China that had
established partnerships with Roche Diagnostics. Since then,
Yestar has acquired three more distributors in southern China.
China's IVD market is expanding rapidly due to strong demand, and
faces low cyclicality. Fitch estimates that the IVD business will
contribute around 75% of Yestar's EBITDA in 2017 and that this
proportion will continue to rise.

Further Acquisitions Possible: Yestar recently announced that it
was looking into potential new targets. The management has said
the company is interested in expanding into new regions, such as
northern China. Fitch has not yet factored these acquisitions
into Fitch forecasts as the size and timing are uncertain.
Yestar's ratings may be negatively affected if the company makes
a large acquisition and funds it with cash/debt.

Leverage Rising: Yestar's leverage has risen after the
acquisitions in the past few years. Yestar acquired three more
distributors at the beginning of 2017 and is due to pay for the
remaining 30% stake in IVD distributor Anbaida in 2018. Fitch
expects FFO adjusted leverage to range between 2.0x and 2.5x,
which Fitch views as acceptable, although the rating headroom at
the current level is very limited. Fitch's leverage expectation
assumes no further acquisitions.

Traditional Imaging Business Weak: Yestar's traditional business
of distributing imaging equipment is mature and has limited
growth prospects. Fitch previously expected this segment to be
relatively stable, but its recent performance has been
disappointing, with revenues declining by 11% in 2016 and a
further 20% in 1H17.

DERIVATION SUMMARY

Yestar's ratings are supported by its exposure to China's rapidly
growing IVD market, an established partnership with Roche
Diagnostics, and strong FCF generation. These strengths are
offset by the company's small operating scale, limited track
record in the IVD business, and M&A risk. Its credit profile is
comparable to peers of similar scale in the diversified services
and diversified manufacturing sectors, such as eHi Car Services
Limited (BB-/Negative) and Hilong Holding Limited (BB-/Negative).
Yestar has a slightly smaller operating scale and a weaker
financial profile than 361 Degrees International Limited
(BB/Stable).

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Mid-teen revenue growth for IVD business and 20% EBITDA margin
   in 2018-2019
- Revenue for the traditional imaging business to decline 0%-5%
   in 2018-2019
- Company to acquire remaining 30% interest in IVD distributor
   Anbaida in 2018
- No further M&A assumed

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Significant increase in operating scale, brand partners and
   geographic diversification while keeping FFO adjusted net
   leverage below 2.5x on a sustained basis

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage above 2.5x on a sustained basis
- EBITDA margin below 15% on a sustained basis (2016: 17.6%)
- Sustained weakness in existing businesses

LIQUIDITY

Sufficient Liquidity: As of end-June 2017, Yestar had CNY679
million of cash and cash equivalents and more than CNY100 million
in undrawn banking facilities, which was more than enough to
cover its short-term debt of CNY244 million.



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


ANANDSWARN RESIDENCY: CRISIL Cuts Rating on INR11.75MM Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Anandswarn Residency Private Limited (ARPL) to 'CRISIL C' from
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      .75      CRISIL C (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan             11.75      CRISIL C (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects weak liquidity resulting from low pace of
customer advances received by the company and the upcoming
sizeable repayment. Repayments are scheduled to commence in
September 2017 with the entire term loan being payable in three
quarterly instalments. The company is in discussions with its
banker for rescheduling repayment.

The rating continues to reflect susceptibility to risks related
to timely completion of the real estate residential project in
Kanpur, slow customer advances, and cyclicality in the Indian
real estate industry. These weaknesses are partially offset by
promoters' experience and established track record in the
residential real estate industry in Kanpur.

Key Rating Drivers & Detailed Description

Weakness

* Risk related to timely project completion and slow customer
advances: 85-90% of construction has been completed as of July
2017. However, the company has only received advances of INR9.14
crore till March 31, 2017, thus weakening liquidity. Timely
receipt of customer advances will hence remain a rating
sensitivity factor.

* Exposure to intense competition and cyclicality in industry:
The Indian real estate industry is cyclical in nature. Execution
of projects is affected by multiplicity of property laws, non-
standardised government regulations across states, aggressive
timelines for completion and shortage of manpower (project
engineers and skilled labour). The recent slowdown adversely
affected execution and saleability of several projects.
Profitability is also strained due to an oversupply situation and
attractive prices offered by competitors.

Strengths

* Promoters' experience: The Singh group owns dealerships for
Ford Motors India Ltd, Chevrolet Motors and Renault India and
operates some hotels in Delhi and Kanpur. The group has turnover
of around INR100 crore. Dolphin Developers Ltd, is engaged in
real estate for over a decade and has successfully developed
several projects.

ARPL, incorporated in 2010, is a 50:50 joint venture between
Kanpur-based Dolphin Developers Ltd and the Singh group. ARPL is
developing a residential complex in Kanpur with 52 flats (48 with
three bedrooms, three with two bedrooms, and one with one
bedroom) and total built-up area of 101,903.85 square feet.


AURA HOTELS: CRISIL Reaffirms 'B' Rating on INR40MM Term Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Aura Hotels and
Resorts Private Limited (Aura) for obtaining information through
letters and emails dated April 24, 2017, and May 04, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               40         CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

Incorporated in June 2010, Aura is promoted Mr. Vikash Agrawal
and Mr. Ronak Jain. The company is setting up a four-star hotel
in Shillong.


B R SPONGE: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B. R. Sponge and
Power Limited (BRSL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR125 mil. Fund-based limit assigned with IND BB/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect BRSL's moderate financial profile. In FY17,
revenue was INR590 million (FY16: INR700 million; INR702
million), EBITDA margins were 5.5% (4%; 6.1%), interest coverage
(operating EBITDA/gross interest expense) was 2.6x (2.8x, 2.4x)
and net financial leverage (adjusted net debt/operating EBITDAR)
was 4.2x (7.5x; 4.5x). FY17 financials are provisional in nature.

The reason for the decline in the scale of operations was a fall
in the sale volume of sponge iron and average realisation. Net
financial leverage improved due to a sharp decline in debt level
due to repayment of unsecured loans as the working capital cycle
came down to 195 days in FY17 from 245 days in FY16. However
gross interest coverage remained stable due to the comparable
financial cost incurred during the year.

The ratings are constrained by the agency's negative outlook on
steel producers for FY18.

The ratings, however, are supported by the company's promoter's
decade-long experience in the iron & steel industry. Also,
liquidity profile is comfortable as reflected in 86% utilisation
of the fund-based limits during the 12 months end June 2017.

RATING SENSITIVITIES

Negative: A substantial improvement in the scale of operations
along with improvement in the credit metrics will be positive for
ratings.

Positive: Any substantial deterioration in credit metrics or
liquidity profile could be negative for the ratings.

COMPANY PROFILE

BRSL was incorporated in 2003 and manufactures sponge iron.


CAPITOL HILL: CRISIL Reaffirms 'D' Rating on INR45MM Term Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Capitol Hill
Hotels Private Limited (CHHPL) for obtaining information through
letters and emails dated May 24, 2017 and June 7, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                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 Capitol Hill Hotels 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 Capitol Hill Hotels 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 2012, CHHPL is developing a four-star deluxe
hotel in Bistupur, Jamshedpur (Jharkhand). The company is
promoted by Mr. Ashwani Bhatia and Mr. Sanjay Bhatia.


CRACKERS INDIA: CRISIL Reaffirms 'C' Rating on INR65MM LT Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Crackers India
Infrastructure Limited (CIIL) for obtaining information through
letters and emails dated May 24, 2017, and June 7, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          65         CRISIL C (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 Crackers India Infrastructure
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 Crackers India Infrastructure
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL C'.

CIIL, incorporated in 2007, started operations in the retail and
the hotel segments. However, over time, it transferred its retail
operations to group entity The World Retail Pvt Ltd, and now has
two hotels: The World Business Hotel at Barbil in Odisha, and The
World Backwaters at Allepey in Kerala. CIIL is constructing an
11-storied hotel in Bhubaneswar, which is expected to commence
operations in June 2016.


DAUJI AND CO: CRISIL Reaffirms 'D' Rating on INR8MM Loan
--------------------------------------------------------
CRISIL has been consistently following up with Dauji and Co. (DC)
for obtaining information through letters and emails dated
May 24, 2017, and June 7, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           1        CRISIL D (Issuer Not
   (pre-shipment credit)             Cooperating; Rating
                                     Reaffirmed)

   Post Shipment Credit     8        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Short Term      0.99     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 Dauji and Co.. 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 Dauji and Co. is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL D'.

DC was set up in 1976 as a partnership firm by Mr. Dauji Johari
and his family members. The firm trades in polished diamonds, and
is based in Mumbai. It currently has three partners: Mr. Dauji
Johari, Mr. Sharad Johari, and Ms. Prabha Johari.

DC is a part of the Johari group, which comprises DC, Bella
Jewelry Pvt Ltd (rated 'CRISIL D'), Dow Gems, and Kuber
Manufacturing Inc.


DAYANAND COTTON: CRISIL Reaffirms D Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Dayanand Cotton
Ind (DCI) 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              5        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                1        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 Dayanand Cotton Ind. 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 Dayanand Cotton Ind is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL D'.

DCI is a partnership firm that started commercial production from
February 2012. The firm is engaged in ginning and pressing of raw
cotton (kapas). There are 12 partners in the firm with Mr.
Jerambhai Dubriya (15 per cent stake), Mr. Jitendrakumar Khokhani
(10 per cent), and Mr. Chunilal Ghetiya (10 per cent) actively
handling its operations.


DEEPAK CABLES: CRISIL Reaffirms 'D' Rating on INR665.88MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Deepak Cables India Limited (DCIL) at 'CRISIL D/CRISIL D'. The
ratings are based on information provided by the company's
bankers. The ratings continue to reflect instances of delay in
servicing debt and a continuously overdrawn working capital
facility for more than 30 days, owing to weak liquidity.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        665.88      CRISIL D (Reaffirmed)
   Cash Credit           305         CRISIL D (Reaffirmed)
   Letter of Credit       97.33      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan             231.79      CRISIL D (Reaffirmed)

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of DCIL and its subsidiary, Adhunik Power
Transmission Ltd (APTL). That's because the two companies,
together referred to herein as DCIL, are managed by the same
promoters and have significant financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing debt because of weak liquidity
The company continues to delay servicing debt contracted from
various banks. Furthermore, there are instances of devolvement of
letters of credit and invocation of bank guarantees, some of
which have been outstanding for more than 30 days. These delays
are mainly due to weak liquidity arising from the slow pace of
project execution, and delays in realisation of debtors. The
company contracted large working capital debt to fund stretched
liquidity, leading to higher interest cost. Inability to pass on
the increase in cost to customers due to fixed price contracts
led to low profitability, thereby putting further pressure on
liquidity.

Strengths

* Extensive experience of the promoters in the power solutions
industry
The promoters have an experience of over 20 years in this
industry. The company is also one of the largest players in the
power conductors segment with a capacity of 67,000 tonne per
annum. The EPC business complements the power conductors business
and helps the company win large orders in the segment.

DCIL primarily manufactures power conductor cables and executes
EPC contracts in the power transmission and distribution segment.
In 2011, DCIL acquired APTL, which has tower manufacturing
facilities at Jamshedpur, Jharkhand.


DHARMANA MOTORS: CRISIL Reaffirms 'B' Rating on INR5.8MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Dharmana Motors
(DM) 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             5.8       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

DM, established in 2002 as a partnership firm, is an authorised
dealer and service centre for all two wheelers of TVS in
Visakhapatnam and Srikakulam. Its operations are managed by Mr.
Sasidhar Dharmana.


DISHA INDUSTRIES: Ind-Ra Migrates BB+ Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Disha Industries
Private Limited's (DIPL) 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 the rating. The rating
will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR208 mil. Long-term loan migrated to non-cooperating
    category with IND BB+(ISSUER NOT CO-OPERATING) rating;

-- INR125 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT CO-OPERATING)/IND A4+(ISSUER
    NOT CO-OPERATING) rating; and

-- INR50 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT CO-OPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Uttar Pradesh-based DIPL manufactures kraft
paper from recyclable waste paper. It has a 39,600-tonne-per-
annum manufacturing unit in Muzaffarnagar in Uttar Pradesh.


G. R. MULTIFLEX: CRISIL Lowers Rating on INR7MM Cash Loan to D
--------------------------------------------------------------
CRISIL has been consistently following up with G. R. Multiflex
Packaging Private Limited (GMPL) for obtaining information
through letters and emails dated November 21, 2016, December 22,
2016 and March 16, 2017, apart from telephonic communication.
However, the issuer remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            7       CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL B/Stable')

   Proposed Long Term     0.32    CRISIL D (Issuer Not
   Bank Loan Facility             Cooperating; Downgraded
                                  from 'CRISIL B/Stable')

   Term Loan              1.68    CRISIL D (Issuer Not
                                  Cooperating; Downgraded
                                  from 'CRISIL B/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GMPL. 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
GMPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' category
or lower. Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL D' as the company has been
delaying in payment of interest in CC account for more than 30
days.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity resulted in delays in interest and
instalment payment
GRMPPL's liquidity remained weak because of low accrual and high
dependence on bank debt to fund the working capital requirements.
The same has resulted in delay in payment of interest for CC.

Strengths

* Long-standing experience of promoters and established
relationship with customers and suppliers: The promoters have
been associated with plastic packaging industry for over 25 years
due to which they have built a strong reputation for themselves.
They are also engaged in similar activities in group companies.
GRMPPL supplies laminates, soap wrappers and stiffeners mainly to
the  FMCG industries. Some of its major customers are Hindustan
Unilever Ltd (HUL), Mother dairy, Amul India Chemex Deterhent,
Guru Detergents and Chemicals, Oriclean Pvt Ltd, and Rani Seola
Co- operative Society, among others, who give repeat orders. It
has a relationship of almost two decades with HUL. The company
also has healthy relationship with its suppliers which helps them
avail of better credit period. It procures major raw materials,
mostly polymers and polyesters, from established companies such
as Reliance Industries Ltd (rated 'CRISIL AAA/Stable/CRISIL
A1+'), Haldia Petro Chemicals and RA Trading Co, among others.
This leads to assured and uninterrupted supply of raw materials.
CRISIL believes that GRMPPL will continue to benefit from its
promoters' long-standing experience and its relationships with
customers and suppliers which would be the key driver of its
revenue growth over the medium term.

Incorporated in 2002 and promoted by members of the Kolkata-based
Jaiswal family, GRMPPL manufactures flexible packaging materials
such as polyester laminated rolls, multilayer flexible films, oil
print films, water printed films, and bags and pouches. The
company's manufacturing facilities are located in Kolkata and its
day-to-day operations are managed by its promoter-director, Mr.
Rabindar Jaiswal.


G.S. AUTO: CRISIL Lowers Rating on INR27.25MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
G.S. Auto International Limited (GSAIL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Negative/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         2.50      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           27.25      CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')

   Foreign Currency      24.00      CRISIL D (Downgraded from
   Term Loan                        'CRISIL BB-/Negative')

   Letter of Credit       1.50      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term    23.74      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Negative')

   Term Loan              6.01      CRISIL D (Downgraded from
                                    'CRISIL BB-/Negative')

The downgrade reflects instances of delay in servicing debt due
to stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile
Debt protection metrics are below-average on account of low
profitability. Financial risk profile will remain weak over the
medium term owing to large working capital debt, sizeable
expenses and moderate operating margin.

* Weak liquidity
Liquidity has weakened on account of slow ramp-up of operations
at its Jamshedpur unit, leading to low cash accrual amidst
increasing repayment obligations. Further, weak business
performance is resulting in continued losses and hence low cash
accrual for managing repayment obligation.

Strengths

* Established position in the replacement suspension and fastener
components market
GSAIL has extensive experience in manufacturing and marketing
suspension components and fasteners, and caters to both the
original equipment manufacturers and replacement markets.

Set up in 1938 as a proprietorship concern, Gurmukh Singh & Sons,
GSAIL was reconstituted as a private limited company in 1973, and
then as a public limited company in 1984. GSAIL is listed on the
Bombay Stock Exchange Ltd and The Ludhiana Stock Exchange Ltd.
The company manufactures automotive components. The units can
produce 10,000 tonne per annum of machined, hot- and cold-forged,
and casting (ferrous and non-ferrous) automotive components at
its plant in Ludhiana, Punjab.


GEE EMM: Ind-Ra Migrates 'B+' Issuer Rating to Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gee Emm
Overseas' (GEO) 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 B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 22, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GEO is a partnership firm engaged in processing of basmati and
non-basmati rice. Its 10-tonne-per-hour processing plant is
located in Moga, Punjab.


GLOBAL STEEL: CRISIL Reaffirms 'D' Rating on INR10MM Loan
---------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
Global Steel Company (GSC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1         CRISIL D (Reaffirmed)
   Letter of Credit        2         CRISIL D (Reaffirmed)
   Long Term Loan          3         CRISIL D (Reaffirmed)
   Overdraft              10         CRISIL D (Reaffirmed)

The ratings reflect delays in debt servicing, Modest scale and
working capital intensive operations. These weakness are
partially offset by Promoter's extensive experience in the pre-
engineered structures segment.


Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing debts
The ratings reflect instances of delay by GSC in servicing its
debt. There have been delays by the firm in servicing its term
loan repayment obligations.

* Modest scale and working capital intensive operations.
GSC has modest scale of operations. GSC has recorded operating
income of INR38.8 Crore for the fiscal 2017.GSC's operations are
working capital intensive, as reflected in its expected gross
current assets (GCA) of more than 275 days as on March 31, 2017

Strengths

* Promoter's extensive experience in the pre-engineered
structures segment
GSC benefits from extensive industry experience of the promoter.
The firm is promoted by Mr. Rishi Agarwal who has extensive
industry experience. The promoter family is engaged in steel and
trading business for more than 5 decades.

GSC, set up as a proprietorship firm in 2009 by Mr. Rishi
Agarwal, manufactures pre-engineered structures for the
infrastructure industry. It is based in Hyderabad.

GSC has recorded PAT of INR0.43 Crore on operating income of
INR38.8 Cr for fiscal 2017 vis-a-vis PAT of INR0.33 Crore on
operating income of INR43 Cr for fiscal 2016.


INCOM WIRES: CRISIL Lowers Rating on INR6MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Incom Wires and Cables Limited (IWCL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.

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

   Letter of Credit         6       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term       2.15    CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B/Stable')

   Term Loan                3.85    CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects devolvement of letter of credit (LC)
facility due to stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Devolvement of LC facility: LC of INR5.50 crore, which was due
in the first week of June 2017 has been devolved on account of
delay in receipt of payment from the customers.

* Moderate scale of operations: With an operating income of
INR97.7 crore in fiscal 2016, scale of operations remains
moderate in a competitive electric wire and cables industry.
Turnover is estimated to grow more than INR100.0 crore in fiscal
2017.

Strengths

* Extensive industry experience of the promoters: Extensive
industry experience of around two decades will continue to
support the business risk profile of the company.

* Efficient working capital management: Efficient working capital
management is reflected in average gross current assets of 38
days on account of low debtors of 5 days and inventory of 24 days
as on march 31, 2016.

IWCL, incorporated in 1995, manufactures different types of
electric wires, power cables, control cables, railway signaling
cables, railway quad cables and telephone cables at its unit in
Mayapuri Industrial Estate, Delhi. IWCL is approved by the
Research Design and Standards Organisation as a Part 1 supplier
of signaling and telecommunication cables to Indian Railways. The
company is also an approved vendor for other state government
power utilities such as National Thermal Power Corporation Ltd,
state electricity boards of Punjab, Haryana and Rajasthan and
private companies like L&T Ltd.

Net profit was INR0.35 crore on operating income of INR97.7 crore
in fiscal 2016 against INR0.35 crore and INR64.5 crore in fiscal
2015.


JAAHNAVEE LIFE: CRISIL Reaffirms 'B' Rating on INR6.5MM LT Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Jaahnavee Life
Sciences Private Limited (JLPL) for obtaining information through
letters and emails dated April 18, 2017, and May 09, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.


                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term       6.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2013, JLPL is setting up a bulk drug
manufacturing unit in Vishakhapatnam. Based out of Hyderabad, the
company is promoted by Mr. Shaik Ali, Mr. Shaik Babjee and Mr.
Leela Koteswara Rao.


KAMAL PRESSING: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Kamal Pressing
Factory (KPF) for obtaining information through letters and
emails dated April 24, 2017, and May 09, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Established in 1998 and based in Hingoli (Maharashtra), KPF
presses cotton and sells cotton bales and seeds. Its pressing
unit has installed capacity of 400 cotton bale per day. KPF is a
sole proprietorship firm owned and managed by Mr. Anil Lahoti.


LAKHANI SHOES: CRISIL Downgrades Rating on INR25MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on Lakhani Shoes and Apparels
Pvt Ltd (LSAPL; part of Lakhani Group) to 'CRISIL D/CRISIL D'
from 'CRISIL C/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            25.0       CRISIL D (Downgraded from
                                     'CRISIL C')

   Letter of Credit       17.95      CRISIL D (Downgraded from
                                     'CRISIL A4')

The ratings downgrade reflects instances of devolvement of letter
of credit and continuous over-utilisation of the working capital
limit for more than 30 days due to liquidity constraints.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of  Lakhani Armaan Shoes Pvt Ltd, Lakhani
Footwear Pvt Ltd, Lakhani Shoes & Apparels Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot Footcare, and Lakhani Rubber
Works. This is because these entities, collectively referred to
as the Lakhani group, have the same promoters and senior
management, and common procurement, marketing, and finance
functions, and line of business.

Key Rating Drivers & Detailed Description

Continuous over-utilisation of working capital limits for more
than 30 days, as confirmed by the company and banker.

The Lakhani group is in the footwear and rubberised automotive
components businesses. Over the past 40 years, the group has
expanded its footwear business and established the Lakhani brand
in India. Between 2006 and 2008, the split between Mr. K C
Lakhani and his younger brother, Mr. P D Lakhani led to re-
organisation of the business and its assets. Mr. K C Lakhani
renamed the business as Lakhani Armaan Group, with production
facilities comprising three units in Faridabad (Haryana), two in
Haridwar (Uttarakhand), and one each in Dhar (Madhya Pradesh) and
Noida (Uttar Pradesh).


LANCO INFRATECH: Insolvency Process Delays Q1 Results
-----------------------------------------------------
The Hindu BusinessLine reports that with the suspension of powers
of the board of directors of Lanco Infratech Limited under the
insolvency resolution proceedings, the results of the company
will be submitted by Savan Godiawala, who has been appointed as
the interim resolution professional.

BusinessLine relates that the company had earlier informed the
stock exchanges that the company board of directors would meet on
August 11 to finalise first quarter results.

This development comes in the backdrop of the National Company
Law Tribunal, Hyderabad branch initiating the Corporate
Insolvency Proceedings (CIRP) as per the provisions under the
Insolvency and Bankruptcy Code, 2016, according to BusinessLine.

Savan Godiawala was appointed interim resolution professional
(IRP) with effect from August 7, BusinessLine discloses. This has
meant suspension of the powers of Board of Directors. The meeting
scheduled for August 11 was therefore cancelled.

In a regulatory intimation to the stock exchange, the company
informed on account of suspension of the powers of the Board of
Directors and the Interim resolution professional taking over the
management affairs of the company, the quarterly financial
statements are being submitted to the IRP in compliance with the
provisions, BusinessLine relates.

BusinessLine notes that the IRP is in the process of collating
claims and reviewing the requisite financial and other relevant
records of the company. Therefore, the quarterly statements
cannot be submitted to the stock exchanges within 45 days for the
quarter ended June 30, 2017, it further informed.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2017, Livemint.com said the National Company Law
Tribunal (NCLT) has admitted insolvency proceedings against Lanco
Infratech, among the 12 identified cases referred to the tribunal
following the Reserve Bank of India's (RBI) 13 June directive,
the firm said in an exchange filing on Aug. 10.

The Hyderabad bench of NCLT accepted the petition moved by IDBI
Bank, and appointed Savan Godiawala as the interim resolution
professional. The order was passed on Aug. 7, the report notes.
"As a result of the said order, the power of the board of
directors stands suspended," the company, as cited by
Livemint.com, said.

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.


LTS PLASTICS: Ind-Ra Migrates B Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated LTS Plastics
(India) Pvt Ltd's (LTSPIPL) 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:

-- INR120 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR61 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 1997, LTSPIPL is engaged in manufacturing of FIBC
jumbo bags, wide width films, pond liners and jumbo bag liners.
LTSPIPL procures raw material mainly from Saudi Arabia and
Mitsubishi(Japan) and exports its products to Australia, France
and Japan.

The company started its commercial operations in 2002.


MAA MANGLA: CRISIL Reaffirms 'D' Rating on INR9.5MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Maa Mangla Ispat
Private Limited (MMIPL) for obtaining information through letters
and emails dated May 24, 2017, and June 7, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             9.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        0.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.45      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Working Capital         5.55      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 Maa Mangla Ispat 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 Maa Mangla Ispat Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D'.

Incorporated in 2004, MMIPL manufactures sponge iron. The company
is promoted by Mr. Manoj Kumar Agarwal and Mr. Ravi Kumar
Agarwal. The facility is in Raigarh (Chhattisgarh).


MALABAR HOTELS: Ind-Ra Moves 'D' Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Malabar Hotels
Private Limited's (MHPL) 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 D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR300 mil. Term loan (long-term) migrated to non-cooperating
    category with IND D(ISSUER NOT COOPERATING) raing; and

-- INR30 mil. Fund-based working capital limits (long-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2002, MHPL operates a five-star hotel, Kohinoor-
Asiana, in Chennai.


MANAV RICE: CRISIL Reaffirms 'B' Rating on INR18MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with Manav Rice Mills
(Manav) 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
   ----------          ---------     -------
   Cash Credit             18        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Manav was set up in 1994 as a partnership firm in Jalalabad,
Punjab. It mills and markets rice, and has milling capacity of 3
tonne per hour. Its daily operations are managed by key promoter
Mr. Rajesh Nagpal.


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

-- INR44.5 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR12.5 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2003, Metalink is a partnership firm engaged in
manufacturing and export of fabricated steel products. The firm
exports its products to the US and Spain. Metalink is managed by
Mr. Gaurav Dhawan and family.


MINEX INDIA: CRISIL Reaffirms 'D' Rating on INR9MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with Minex India
(Minex) for obtaining information through letters and emails
dated
April 24, 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              9        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Minex was established by Mr. Sabyasachi Pattnaik and his brother,
Mr. Subhrakanta Pattnaik, as a partnership firm in 2005. The firm
trades in iron ore fines. Mr. Sabyasachi Pattnaik manages the
firm's day-to-day operations.


MOBILE TELECOM: CRISIL Puts INR4MM B+ Loan Rating on Watch Neg.
---------------------------------------------------------------
CRISIL has placed its ratings on bank facilities of Mobile
Telecommunications Limited (MTL) on 'Rating Watch with Negative
Implications'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               14        CRISIL B+ (Rating Placed on
                                     'Watch with Negative
                                     Implications')

CRISIL had assigned 'CRISIL B+/Stable' rating to the long term
bank facilities of MTL vide the Rating Rationale dated August 2,
2017.

The rating action follows the circular issued by the Securities
and Exchange Board of India (SEBI), which suspended trading in
MTL's stocks on the exchanges on suspicion of being a shell
company. SEBI has placed MTL under Stage VI of the Graded
Surveillance Measure (GSM) with immediate effect. SEBI's action
follows the communication from the Ministry of Corporate Affairs,
listing out several companies as suspected `shell companies'.
CRISIL is in discussions with the management to understand the
implications of this announcement on MTL' credit risk profile.
CRISIL will remove the ratings from watch and take a final rating
action once it has clarity on the aspect.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile: Debt protection metrics
are subdued, reflected in interest coverage and net cash accrual
to total debt ratios of 1.38 times and 0.04 time, respectively,
for fiscal 2017. The company has also incurred net losses in the
last two fiscals.

* Low operating margin: Profitability is estimated at 0.9% in
fiscal 2017 and has been in the 0.2-1.3% range in the last three
fiscals due to trading nature of business. Modest margin
constrains ability to generate cash flow.

Strength

* Extensive experience of promoters: Presence of around two
decades in the electronic equipment business has enabled the
promoter to establish strong relationship with customers.

Established in 1995 by Mr. Anil Ved Mehta, MTL manufactures and
trades in electronic hardware. It is listed on the Bombay Stock
Exchange.

In fiscal 2017, net loss was INR53 lakh on total sales of
INR152.89 crore, against a net loss of INR134 lakh on total sales
of INR125.17 crore in fiscal 2016.


NAKSHTRA: Ind-Ra Migrates 'B-' Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nakshtra'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 B-
(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are given below:

-- INR70 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based working capital limits
    migrated to non-cooperating category with Provisional
    IND B-(ISSUER NOT COOPERATING)/Provisional IND A4(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Nakshtra manufactures and trades cotton and viscose fabrics along
with dress materials.


NEELI AQUA: CRISIL Reaffirms 'D' Rating on INR15MM Term Loan
------------------------------------------------------------
CRISIL has been consistently following up with Neeli Aqua Private
Limited (NAPL) for obtaining information through letters and
emails dated April 19, 2017, and May 09, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D (Issuer Not
                                     Cooperating; 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 Neeli Aqua 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 Neeli Aqua Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D'.

APL, set up in 2005, is involved in aqua-culture, production of
shrimp seeds, and selling of processed shrimp. It mainly deals in
the vannamei variety of shrimp.  The company is based in the
Prakasam district of Andhra Pradesh; its promoter, Mr. K V
Ramana, has 20 years of industry experience.


NOVELTY SALES: Ind-Ra Migrates B Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Novelty Sales'
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
B(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating;

-- INR30 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND B(ISSUER NOT
    COOPERATING)/Provisional  IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last rated on
July 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Novelty Sales is an authorised distributor
of Mobis India Private Limited's (sister concern of Hyundai
Motors India Limited) products in Amritsar, Punjab. The firm is
managed by two partners: S. Jatinder Singh and S. Luvtesh Singh.


NUTEK INDIA: CRISIL Puts C Rating on INR13MM Loan to Watch Neg.
---------------------------------------------------------------
CRISIL has placed its ratings on the bank facilities of Nutek
India Ltd (Nutek) on 'Rating Watch with Negative Implications'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.25      CRISIL A4 (Placed on 'Rating
                                     Watch with Negative
                                     Implications)

   Cash Credit            13.00      CRISIL C (Placed on 'Rating
                                     Watch with Negative
                                     Implications)

   Letter of Credit        1.25      CRISIL A4 (Placed on 'Rating
                                     Watch with Negative
                                     Implications)

   Proposed Long Term     34.5       CRISIL C (Placed on 'Rating
   Bank Loan Facility                Watch with Negative
                                     Implications)

The rating action follows the circular issued by the Securities
and Exchange Board of India (SEBI), which suspended trading in
its stocks on the exchanges on suspicion of being a shell
company. SEBI has placed Nutek under Stage VI of the Graded
Surveillance Measure (GSM) with immediate effect. SEBI's action
follows the communication from the Ministry of Corporate Affairs,
listing out several companies as suspected `shell companies'.
CRISIL is in discussions with the management to understand the
implications on Nutek' credit risk profile. CRISIL will remove
the ratings from watch and take a final rating action once it has
clarity on these aspects.

The rating reflects Nutek's small scale of operations amidst
intense competition in the telecom service industry, working
capital intensity in operations, and susceptibility to volatile
raw material prices. These rating weaknesses are partially offset
by the extensive experience of the promoters in the telecom
service industry, the established customer base and moderate
financial risk profile.

Analytical Approach

For arriving at the rating, CRISIL has consolidated Nutek and its
wholly-owned subsidiaries, NuTek (HK) Pvt Ltd, Ketun Energy Pvt
Ltd and NuTek Europe SRO, as all entities are engaged in the same
line of business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: Intense
competition in the telecom infrastructure industry, has kept the
scale of operations modest, as reflected in turnover of INR39.22
crore in fiscal 2017.

* Working capital intensity in operations: Operations are highly
working capital intensive, with estimated gross current assets of
849 days as on March 31, 2017, mainly led by considerable
receivables of 310 days.

Strengths

* Extensive experience of the partners: The two decade-long
experience of the promoters in the telecom infrastructure sector,
and their established track record of projects implemented in
diverse environments across India, has helped Nutek bag repeat
orders from major telecom players, including network operators,
telecom equipment manufacturers, and third-party infrastructure
leasing companies.

* Moderate financial risk profile: Financial risk profile is
expected to remain moderate, with net worth and gearing estimated
at INR487.24 crore and 0.01 time, respectively, as on March 31,
2017. Debt protection metrics remained weak due to low operating
margin, with net cash accrual to adjusted debt and interest
coverage ratios estimated at 0.04 time and 1.53 times,
respectively, for fiscal 2017.

Nutek, established in 1993 by Mr. Inder Sharma, is a telecom
infrastructure services provider, offering infrastructure rollout
solutions for both mobile and fixed telecom networks. The company
also offers services for installation and maintenance of telecom
network equipment and infrastructure.

In fiscal 2017, on a provisional basis, the company incurred a
loss of INR0.87 crore on total revenue of INR44.25 crore, against
INR12.33 crore and INR38.81 crore, respectively, in fiscal 2016.


PREMIER ALCOBEV: CRISIL Lowers Rating on INR42MM Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Premier Alcobev Private Limited (PAPL) to 'CRISIL D' from
'CRISIL B+/Stable'.
                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.9      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Proposed Long Term      7.1      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

   Term Loan              42.0      CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

CRISIL has obtained confirmation from lenders regarding delay in
servicing of term loans. Also, the interest for June 2017 was
paid with a delay. However, CRISIL has received confirmation from
the banker that there are no overdues at present.

There have been instances of delay in debt servicing because of
stretched liquidity. The cash accruals to repayment ratio was
barely above 1 time in fiscal 2017 as capacity utilization was
lower than CRISIL's estimate for fiscal 2017. Also, marginal
delay in commencement of operations of bottling unit of added to
liquidity constraint. However, ramp-up of operations is expected
to help tide over the liquidity constraint in the near term as
company has tied up with Diageo for its bottling operations.

Analytical Approach

For arriving at the rating, CRISIL has considered the standalone
business and financial risk profiles of PAPL.

Key Rating Drivers & Detailed Description

Weakness

* Delay in debt servicing
There have been instances of delay in debt servicing because of
stretched liquidity. Debt protection metrics were average as
reflected in interest coverage ratio of 1.7 times and net cash
accrual to total debt ratio of 9% for fiscal 2017. Further, any
additional debt-funded capital expenditure will keep the
financial risk profile constrained.

* Vulnerability to changes in government policy, and to the
regulated nature of prices of end-products and key raw materials
Regulations for liquor vary from state to state with respect to
distribution, registration, taxation, and pricing. Key markets
for the company are Delhi, Punjab, Haryana, Uttaranchal, Himachal
Pradesh, and Rajasthan. While Delhi and Rajasthan are hybrid
markets with government having partial control, Punjab and
Haryana are auction markets.

Strength

* Strong market position in the Extra-Neutral Alcohol (ENA)
segment
The company benefits from low competition in grain-based spirits
and ENA segments in Himachal Pradesh and is the largest
distilleries present in the state. Despite absence of any long-
term contract with customers, demand is expected to be high and
steady.

PAPL, promoted equally and jointly by the Suraj Vanaspati group
(represented by Mr. Vikas Gupta) and the Almondz group
(represented by Mr. Navjeet Singh Sobti), has set up a distillery
complex, comprising a 45 kilolitre per day grain-based distillery
and a modern bottling plant, with a capacity of 100,000 cases per
month for IMFL and country liquor in Himachal Pradesh. It has a
co-generation unit of 1.5 megawatt to meet its power requirement.

The company commenced distillery operations from November 2015
and bottling operations from December 2016.

For fiscal 2017, net profit was INR1.58 crore on net sales of
INR73.6 crore on a provisional basis, as against INR0.17 crore
and INR21.0 crore, respectively, for the previous fiscal.


RADHE RADHE: CRISIL Cuts Rating on INR11.9MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with M/s Radhe Radhe
Fibers (RRF) for obtaining information through letters and emails
dated April 10, 2017 and May 8, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11.9      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term       4.76     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

   Term Loan                1.34     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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


Set up as a partnership firm in 2011 by Mr. Radheshyam Agrawal
and Mr. Sunil Agrawal, RRF gins and presses cotton and extracts
oil from cotton seed. Ginning capacity is 300 bale per day while
oil seed crushing capacity is 500 quintal per day. Both the units
are in Chopda in Jalgaon District.


RAJARATHNAM: CRISIL Cuts Rating on INR46.97MM Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Rajarathnam Constructions Private Limited (RCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft             4.50      CRISIL D (Downgraded from
                                   'CRISIL A4')

   Term Loan            46.97      CRISIL D (Downgraded from
                                   'CRISIL B+/Stable')

   Working Capital       8.53      CRISIL D (Downgraded from
   Term Loan                       'CRISIL B+/Stable')

The downgrade reflects instances of delay in repayment of a term
loan. The delay was due to weak liquidity driven by slow booking
progress in ongoing projects in Chennai.

Key Rating Drivers & Detailed Description

Weakness

* Delays in repayment of a term loan: Payment of the term loan
instalments due in June and July 2017 was delayed on account of
weak liquidity. That's primarily due to low booking rates in
ongoing projects. Liquidity is likely to remain under pressure
over the medium term because of slow booking and exposure to
project implementation risks.

* Geographical concentration in revenue
Projects have so far been executed only in Chennai. Also, the
projects are small, resulting in modest internal cash accrual.
Consequently, there is high dependence on project-specific
advances rather than on internal cash accrual for new projects.
Any significant change in demand due to an economic slowdown in
the region or any other issues will impact the financial risk
profile.

* Exposure to intense competition in the residential real estate
segment
The real estate sector in India is cyclical and marked by
volatile prices and a highly fragmented market structure. The
risk is compounded by aggressive timelines for completion with
shortage of manpower (project engineers and skilled labour) in
this sector. Furthermore, the demand for real estate offerings is
impacted by local as well global economic concerns. The risk is
compounded for RCPL as it is exposed to geographic concentration
in revenue.

* Below-average financial risk profile
The gearing is high and debt protection metrics weak. The
financial metrics are expected to remain at similar levels
because of moderate accretion to reserves expected over the
medium term and the projects are highly debt funded.

Strength
* Extensive entrepreneurial experience of the promoters
The main promoter, Mr. Antony Rathinam, a civil engineer, has
over 30 years of experience in the real estate sector. Over the
years, the company has developed an established track record in
real estate development in Chennai and has executed 85-90
residential projects with a total built-up area of over 25 lakh
square foot (sq ft).

RCPL was set up in 1992 as a proprietorship concern in Chennai.
The firm was reconstituted as a private limited company under its
current name in 2000. The company develops residential real
estate and its operations are managed by the managing director,
Mr. Rathinam.


RAJDEEP RICE: Ind-Ra Migrates B Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajdeep Rice
Mill Private Limited's (RRMPL) 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 B(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR30 mil. Term loan migrated to non-cooperating category
    with IND B(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, RRMPL is engaged in the processing,
milling, trading and export of rice. The company is managed by
Mr. Pradeep Kumar and family. The company specialises in raw Sona
Mansuri rice, raw Parmal rice, raw Katarni rice and raw Sonam
rice.


RAMKY INFRA: CRISIL Reaffirms 'D' Rating on INR696.26MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Ramky Infrastructure
Limited (Ramky Infra; part of the Ramky Infra group) reflects
continued delays in debt servicing mainly on account of weak
liquidity position. The ratings are based on publicly available
information and limited interaction with the company.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee        696.26     CRISIL D (Reaffirmed)
   Bank Guarantee        233.67     CRISIL D (Reaffirmed)
   Bank Guarantee        338.16     CRISIL D (Reaffirmed)
   Bank Guarantee        279.23     CRISIL D (Reaffirmed)
   Bank Guarantee        199.14     CRISIL D (Reaffirmed)
   Bank Guarantee         24.34     CRISIL D (Reaffirmed)
   Cash Credit           419.56     CRISIL D (Reaffirmed)
   Term Loan             440.52     CRISIL D (Reaffirmed)

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ramky Infra and its 11 subsidiaries:
Ramky Towers Ltd, Ramky Enclave Ltd, MDDA Ramky IS Bus Terminal
Ltd, Ramky Pharmacity India Ltd, Ramky Herbal and Medicinal Park
(Chhattisgarh) Ltd, Ramky Food Park (Chhattisgarh) Ltd, Naya
Raipur Gems and Jewellery SEZ Ltd, Ramky-MIDC Agro Processing
Park Ltd, Ramky Engineering and Consulting Services (FZC), Ramky
Multiproduct Industrial Food Park Ltd, and Ramky Food Park
(Karnataka) Ltd. These entities are collectively referred to as
the Ramky Infra group. The subsidiaries are strategically
important to Ramky Infra, which has majority stake in them.
CRISIL has also moderately consolidated the ongoing build-
operate-transfer (BOT) road projects of the Ramky Infra group.

Key Rating Drivers & Detailed Description

Weakness

* Delays in debt servicing: Ramky Infra's debt was restructured
in June 2015 by the Joint Lenders Forum (JLF) comprising seven
lenders. However, two lenders did not participate in the
restructuring scheme. The company continues to delay in meeting
its debt servicing obligations as per the restructured terms.

* Weak liquidity and financial risk profile: Financial risk
profile continue to be weak with weak debt protection metrics and
liquidity. Although the group has healthy order book of about INR
3,825 crore as at June 30, 2017, it is exposed to implementation
risks on its infrastructure projects and working capital
challenges. The group is, however, in the process of deleveraging
its balance sheet through sale of non-core assets. Ability to
monetise the assets on time, and strengthen capital structure and
debt protection indicators will remain a key rating monitorable.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' experience of more than two decades in the
construction of roads and buildings, power, and in irrigation and
water projects, should continue to support business. The group
manages projects efficiently, backed by its trained labour force,
as well as necessary equipment and good sub-contracting
management systems.

Ramky Infra, the flagship company of the Ramky group, was
incorporated as Ramky Engineers Pvt Ltd in 1994 to provide civil
and environmental engineering consultancy services. In 1998, it
started executing civil and environmental engineering,
procurement, and construction projects, primarily in the water
and waste-water sector. Subsequently, it expanded into road,
building, irrigation, and industrial construction. In 2003, the
company got its present name and was thereafter reconstituted as
a public limited company. Ramky Infra principally operates in two
business segments: construction (under Ramky Infra) and
development (under special-purpose vehicles). In the development
business, the group develops industrial parks, special economic
zones, and bus terminals.

Ramky Infra, on a consolidated basis, reported net loss of
INR11.9 crore on net operating income of INR1718.6 crore in
fiscal 2017, as against net loss of INR45.47 crore on net
operating income of INR2048.2 crore the previous fiscal.


RUBY BUILDERS: CRISIL Reaffirms 'B' Rating on INR68MM LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Ruby Builders and Promoters (RBP; part of Ruby group) at
'CRISIL B/Stable'. The ratings reflect the below-average
financial risk profile, and susceptibility to risks related to
implementation of ongoing projects and geographical concentration
in revenue. These weaknesses are partially offset by extensive
experience of the promoters, and their established track record
in the Chennai real estate segment.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan          68       CRISIL B/Stable (Reaffirmed)
   Overdraft                2       CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of RBP and Ruby Property Developers Pvt
Ltd (RPD). This is because the two entities, together referred to
as the Ruby group, are in the same line of business, and have
significant business synergies, common promoters, and fungible
cash flows.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile
The group's financial risk profile remains modest, because of
high gearing and average debt protection metrics. Gearing was
3.42 times as on March 31, 2016, because of high dependence on
bank debt to fund the ongoing projects. However, steady accretion
to reserves is likely to strengthen the capital structure over
the medium term. Networth was moderate around INR27.45 crore as
on March 31, 2016. Debt protection metrics were average,
reflected in interest coverage and net cash accrual to total debt
ratios of 1.92 times and 5%, respectively, for fiscal 2016.

* Susceptibility to risks related to implementation of ongoing
projects, and geographical concentration in revenue
The Ruby group is executing eight projects in Chennai; these
projects face intense competition from other developers in the
vicinity, such as Sreerosh Properties Pvt Ltd, VGN Developers and
South India Shelters Pvt Ltd.

Furthermore, the group undertakes real estate development only in
Chennai, and thus, remains vulnerable to any change in in demand
because of an economic slowdown or political issues in the city.
The domestic real estate sector is cyclical,  given the
volatility in prices and a highly fragmented market structure.
Execution of real estate projects is affected by multiple
property laws and non-standardised government regulations across
states.

Strengths

* Established track record in the Chennai real estate segment
The Ruby group has an established track record in Chennai's
residential real estate segment, backed by extensive experience
of the promoters and healthy execution capabilities. The group
has so far constructed more than 187 residential projects, spread
over nearly 41 lakh sq ft. It develops residential projects
without any third party involvement. These projects are fairly
diverse, and mostly cater to the middle income to upper middle
income groups. Construction cost is in the range of INR2 crore to
100 crore.

Outlook: Stable

CRISIL believes the Ruby group will continue to benefit from the
extensive experience of the promoters in the Chennai real estate
market. The outlook may be revised to 'Positive' in case of more-
than-expected cash flows, most likely because of early completion
of, and substantially high sales realisations from, ongoing
projects, leading to considerable improvement in liquidity. The
outlook may be revised to 'Negative' in case of delays in project
completion and customer receipts, significant decline in
realisations, or an increase in debt, weakening the financial
risk profile.

Set up in 1994 by Mr. R Manoharan, RBP is a partnership firm
engaged in development of residential real estate projects in
southern Chennai. RPD, set up in 2006, is engaged in the same
line of business.

RBP reported a profit after tax (PAT) of around INR5.56 crore on
operating income of around INR95.26 crore for fiscal 2016 against
PAT of INR7.21 crore on operating income of INR134 crore for
fiscal 2015.


SAALIM SHOES: CRISIL Reaffirms 'D' Rating on INR35MM Loan
---------------------------------------------------------
CRISIL has been consistently following up with Saalim Shoes
Private Limited (SSPL) for obtaining information through letters
and emails dated May 24, 2017, and June 07, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bill Discounting        20         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Cash Credit              5         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Corporate Loan           1.54      CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Packing Credit          35.00      CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Proposed Long Term       0.43      CRISIL D (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

   Term Loan                 .03      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 Saalim Shoes 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 Saalim Shoes Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL D'.

Set up in 2001, SSPL is an integrated manufacturer and exporter
of leather shoes. Based out of Ranipet (Tamil Nadu), the day-to-
day activities of the company are managed by Mr. Mohammed Saalim.


SADHU RAM: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
---------------------------------------------------------
CRISIL has been consistently following up with Sadhu Ram Satish
Kumar (SRSK) 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
   ----------          ---------      -------
   Cash Credit              6         CRISIL B-/Stable (Issuer
                                      Not Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

SRSK is a proprietorship firm of Mr. Satish Kumar Aggarwal set up
in 2010. It trades in agricultural commodities on National
Commodity Derivatives Exchange Ltd (NCDEX). The firm has offices
across India and a head office in Sri Ganganagar, Rajasthan. Mr.
Aggarwal manages its operations.


SGC LOGISTIC: CRISIL Lowers Rating on INR15MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has been consistently following up with SGC Logistic
Solutions Limited (SGCLSL) 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
   ----------          ---------      -------
   Cash Credit              15        CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL B-/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the long-term bank facilities
of SGCLSL to 'CRISIL D (issuer not co-operating)' from 'CRISIL B-
/Stable.' The rating downgrade reflects delays by the company, in
servicing the debt obligation. CRISIL has held discussions with
the bankers, who have confirmed the ongoing delay.

Incorporated in 2006, SGCLSL is a company engaged in the
transportation of beer and liquor. The company's headquarters are
located in Delhi and has presence spread over to North East
states, Bihar, West Bengal, Maharashtra, Gujarat, Rajasthan,
Punjab, Haryana and agents all over India.


SHIV RICE: CRISIL Lowers Rating on INR4MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Shiv Rice Mill
(SRM) for obtaining information through letters and emails dated
January 23, 2017 and February 15, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Proposed Long Term      2.65     CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan               1.35     CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shiv Rice Mill. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Shiv Rice Mill is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' category or lower. Based on the last
available information, CRISIL has downgraded the rating to
'CRISIL B/Stable'.

Established in 2008, SRM mills non-basmati parboiled rice. Its
manufacturing facility is in Murshidabad (West Bengal). The firm
is owned by the Murshidabad-based Mr. Goutam Bhakat and Ms.
Nafisa Begam and their family members. The operations are managed
by Mr. Goutam Bhakat. SRM sells rice under the 'Shiv Rice' brand
in the open market; it also mills rice on a jobwork basis for
government agencies.


SHREE ROSHAN: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Shree Roshan Rice Industries (SRRI), to 'CRISIL B+/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          1        CRISIL A4 (Reaffirmed)
   Cash Credit             4        CRISIL B+/Stable (Reaffirmed)
   Term Loan               1.8      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations in a
highly fragmented and intensely competitive rice processing
industry, vulnerability of operating profitability to fluctuation
in raw material prices and to the government regulations along
with modest financial risk profile with high gearing and small
networth. These rating weaknesses are partially offset by the
extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Though the firm has achieved a 64%
growth in its turnover to reach INR24.70 crore in fiscal 2017,
the revenue remains modest.

* Modest financial risk profile with high gearing and small
networth:  The financial risk profile is marked with gearing of
2.18 times and networth of INR3 crore as on March 31, 2017.

* Working capital-intensive operations - Gross current assets
were high at 81 days, driven by debtors of 62 days as on
March 31, 2017.

Strength

* Extensive experience of the proprietor:  Mr. Roshan Kela, a
first generation entrepreneur, has over a decade of experience in
the rice milling industry.

Outlook: Stable

CRISIL expects SRRI to maintain its business risk profile over
the medium term backed by the extensive industry experience of
its proprietor. The outlook may be revised to 'Positive' if
substantial and sustained increase in its scale of operations,
while maintaining its operating profitability leads to sizeable
cash accrual. The outlook may be revised to 'Negative' if lower-
than-expected accrual, stretch in working capital cycle, or any
large debt funded capital expenditure weakens the overall
financial risk profile, particularly liquidity.

Incorporated in 2004, by Mr. Roshan Kela SRRI mills non-basmati
rice at its facility in Bhakra, Dhamtari district, Chhattisgarh.
It also mills rice on job work basis for the Food Corporation of
India (FCI).

The firm has reported profit after tax (PAT) of INR0.40 crore on
revenue of INR24.80 crore in fiscal 2017 as against PAT of
INR0.20 crore on revenue of INR15.10 crore in fiscal 16.


SHRI SHYAM: Ind-Ra Migrates 'BB' Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Shyam Oil
Extraction Private Limited's (SSOEPL) 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 BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- INR40 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Aug. 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, SSOEPL operates a 60,000 MTPA solvent
extraction plant for the production of rice bran oil in Janjgir,
Chhattisgarh.


SONA CHANDI: CRISIL Reaffirms 'D' Rating on INR55MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Sona Chandi Agro
Processors (SCAP) for obtaining information through letters and
emails dated May 24, 2017 and June 27, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           55       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 Sona Chandi Agro Processors.
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 Sona Chandi Agro Processors 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'.

Established in year 1985, SCAP, promoted by the Arora family,
mills and processes par-boiled basmati rice (Pusa 1121 quality).
It has a processing unit at Tarn Taran in Amritsar (Punjab), with
milling capacity of 8 tonne per hour. It commenced commercial
production in October 2004.


SQUARE TEN: CRISIL Lowers Rating on INR40MM Term Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Square Ten
Developers (STD) for obtaining information through letters and
emails dated April 10, 2017 and May 8, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan       40       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

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

STD, setup in 2011, is a partnership firm between Mr. Vallabhbhai
Ramjibhai Patel, Mr. Abhin Kalathiya, Mrs. Sweta Kalathiya and
Mrs. Vanitaben Hiteshbhai Kalathiya. The firm is engaged in real
estate construction and is currentlu constructing a residential
complex in Palghar district, Maharashtra, under the name Shinning
Villa.


SUPERIOR FOOD: CRISIL Reaffirms 'D' Rating on INR55MM Term Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Superior Food
Grains (P) Ltd. (SFGPL) 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
   ----------          ---------     -------
   Cash Credit              40       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit          2       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                55       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 Superior Food Grains (P) Ltd.
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 Superior Food Grains (P) Ltd. is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL D'.

SFGPL, incorporated in 2007, is promoted by Mr. Rana Inder Pratap
Singh and Mr. Rana Karan Inder Pratap Singh. It took over a sugar
unit at Unn in the Shamli district of Uttar Pradesh, from Sir
Shadi Lal Enterprises Ltd in September 2014. It has cane crushing
capacity of 4300 tonne per day and a 4.5-megawatt (MW) captive
power plant. The company is setting up a 33-MW bagasse-based
power plant.


SWASTIK FURNACES: CRISIL Lowers Rating on INR8.5MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Swastik Furnaces Private Limited (SFPL) to 'CRISIL D/CRISIL D'
from 'CRISIL B+/Stable/CRISIL A4'.

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

   Letter Of Guarantee     2.5        CRISIL D (Downgraded from
                                      'CRISIL A4')

The rating action follows instances of devolvement of letters of
credit (LCs) by SFPL, which were outstanding for over 30 days.
Devolvement of LC is on account of company's stretched liquidity
on account of stretch in debtors leading to fully utilized bank
limits.

Key Rating Drivers & Detailed Description

* Devolvement of LC which were outstanding for over 30 days on
account of stretched liquidity.

Weakness

* Large working capital requirement
Operations are highly working capital intensive, marked gross
current assets of around 551days as on March 31, 2017, mainly
owing to sizeable inventory and receivables and high current
assets.

* Subdued financial risk profile:
The financial risk marked by high total outside liabilities to
adjusted networth (TOLANW) ratio of 7.0 times, and small networth
at 5.3 crore as on March 31, 2017. Interest coverage ratio was
modest at 1.7 times in fiscal 2017.

* Modest scale of operations
With revenues of 26.5 crore for fiscal 2017, SFPL is a modest
player in the highly fragmented furnace manufacturing industry.
Modest size limits the company's ability negotiate with the
customers and suppliers.

Strengths

* Promoters' extensive experience in the furnace manufacturing
industry
The key promoter, Mr. Baldeep Dogra has a long-standing
experience of over a decades in furnace manufacturing industry.
Established relationship with major suppliers and customers
further strengthen the market position.

SFPL an ISO 9001-2008 certified company, is engaged in
production, supply and export of heat treatment furnaces. SFPL
was initially established as a partnership firm in the name of
Swastik Furnaces. It was reconstituted as a private ltd. company
in 2009. Company's day to day operations are being handled by Mr.
Baldeep Dogra, Mr. Rajendra Dogra and Ms. Priya Dogra

At provisional level profit after tax was INR0.6 crore on net
sales of INR26.5 crore in fiscal 2017, vis-a-vis profit after tax
of INR0.56 crore on net sales of INR24.6 crore in fiscal 2016.


TSSS INFOTECH: CRISIL Reaffirms B+ Rating on INR9MM LT Loan
-----------------------------------------------------------
CRISIL has been consistently following up with T S S S Infotech
and Infra Private Limited (TSSSPL) 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
   ----------          ---------    -------
   Long Term Loan           9       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of T S S S Infotech and Infra
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 T S S S Infotech and
Infra Private Limited is consistent with 'Scenario 3' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable'.

Incorporated in the year 2006, TSSSPL provides information
technology (IT) services. Promoted by Mr. Shyam Kumar Thota and
his family and based out of Hyderabad, the company is also
setting up a wind mill.


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

-- INR650 mil. Fund-based working capital limit (Long-
    term/Short-term) migrated to non-cooperating category
    with IND D(ISSUER NOT COOPERATING) rating; and

-- INR330.3 mil Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 5, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

TRPL is a retailer of premium fabrics, home decor and jewellery.


TEMPLE CITY: CRISIL Reaffirms 'D' Rating on INR9.5MM Cash Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Temple City
Developers Private Limited (TCDPL) for obtaining information
through letters and emails dated April 24, 2017, and May 04,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             9.5       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 Temple City Developers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Temple City Developers Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D'.

TCDPL, based in Odisha, was established in 1995 and was taken
over by Mr. Pradeep Kumar Mangaraja in 2003-04 (refers to
financial year, April 1 to March 31) from its earlier promoters.
The company commenced operations in April 2013. TCDPL trades in
iron ore fines and construction materials; its operations are
managed by Mr. Pradeep Kumar Mangaraja and Mr. Bijaya Kumar
Pradhan.


WESTWELL IRON: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Westwell Iron
and Steel Private Limited (WISPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR55 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating; and

-- INR97.5 mil. Non-fund-based working capital limit assigned
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect WISPL's moderate financial profile and low
revenue visibility as all of its toll collection contracts end in
September 2017. As per FY17 provisional financials, revenue was
INR1,017 million (FY16: INR1,002 million). EBITDA margin improved
to 6.5% in FY17P (FY16: 5.7%) on account of a decrease in cost of
raw material consumed in the stone crushing business. Interest
coverage (operating EBITDA/gross interest expense) improved to
6.27x (4.01x) owing to an increase in absolute EBITDA to INR66
million (INR57 million). However, net leverage (total adjusted
net debt/operating EBITDAR) deteriorated to 1.33x in FY17P (FY16:
1.19x) on the back of an increase in total debt to INR109 million
(INR95 million).

The ratings also factor in the company's moderate liquidity
position with 83% average utilisation of working capital limit
during the 12 months ended June 2017.

However, the ratings benefit from the promoter's close to a
decade of experience in the stone crushing business and six years
of experience in operating and maintaining a toll plaza.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations
while maintaining the credit metrics could be positive for the
ratings.

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

COMPANY PROFILE

Incorporated in 1996, WISPL is engaged in operating and
maintaining of a toll plaza on National Highway-2 in Jharkhand.
It also operates a stone crushing unit in Rajgram, West Bengal.
The company derives a majority portion of its revenue from toll
plaza collection (FY17: 87% of the total income, FY16: 92%).



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


GAJAH TUNGGAL: Moody's Raises CFR to B2; Outlook Stable
-------------------------------------------------------
Moody's Investors Service has upgraded the corporate family
rating (CFR) of Gajah Tunggal Tbk (P.T.) to B2 from Caa1
following the successful issuance of $250 million of senior
secured notes due 2022 and a committed five-year $250 million
senior secured loan facility, the proceeds of which are earmarked
to refinance the $500 million notes maturing in February 2018.

At the same time, Moody's has upgraded the ratings on the $250
million senior secured notes due August 2022 and the $500 million
senior secured notes due February 2018 to B2 from Caa1.

The outlook on the ratings is stable.

This action concludes the review for upgrade initiated on 31 July
2017.

RATINGS RATIONALE

"The upgrade of Gajah Tunggal's ratings reflects the significant
improvement in its capital structure and debt maturity profile
following the successful refinancing of its 2018 notes," says
Brian Grieser, a Moody's Vice President and Senior Credit
Officer.

On 11 August 2017, Gajah Tunggal issued a notice of redemption to
redeem the outstanding $500 million senior secured notes on 11
September 2017 with proceeds from the recent notes issuance and
loan facility.

Gajah Tunggal's B2 CFR reflects its leading position in the
Indonesian motorcycle tire market, balanced product mix between
radial, bias and motorcycle tires, and improving geographic
diversification of sales.

Further, the rating reflects Gajah Tunggal's improved capital
structure and solid credit metrics, with Moody's adjusted debt-
to-EBITDA of 3.7x and EBIT-to-interest of 2.0x for the 12 months
ended March 31, 2017.

The rating also incorporates Moody's expectation for some
moderation in Gajah Tunggal's profitability and cash flows given
its growth in export sales, which result in higher transportation
costs and working capital days, as well as its exposure to
volatility in rubber and synthetic rubber prices as its key raw
material.

Gajah Tunggal will rely on its short-term working capital
facilities over the next 12 months. However, its cash balances,
combined with ongoing cash generation, will be adequate to cover
the higher service requirements associated with the secured term
loan facility and new notes.

The B2 rating on the $500 million senior secured notes will be
withdrawn upon repayment on 11 September 2017.

The ratings could be further upgraded if Gajah Tunggal continues
to grow its revenue base while maintaining EBITDA margins at or
around 20%, generating positive free cash flow and reducing debt
levels. Further, a ratings upgrade would require Gajah Tunggal to
maintain its debt-to-EBITDA around 3.25x.

The ratings could be downgraded if margins decline due to
increased raw material or transportation and logistics costs,
such that EBITDA margins fall below 15% on a sustained basis.
Further, a deterioration in liquidity, either due to declining
cash balances or a failure to meet covenant requirements, and/or
debt-to-EBITDA over 4.5x could lead to a downgrade.

The principal methodology used in these ratings was Global
Automotive Supplier Industry published in June 2016.

Gajah Tunggal Tbk (P.T.), headquartered in Jakarta, Indonesia, is
southeast Asia's largest integrated tire manufacturer with
capacity to produce 55,000 tires/day of passenger car radial
(PCR) tires, 14,500 tires/day of bias tires, 95,000 tires/day of
motorcycle tires and 1,500 tires/day of truck and bus radial
(TBR) tires. The company also has capacity to produce 40,000 tons
of tire cord and 75,000 tons of synthetic rubber per year for
both internal consumption and third party sales.

Gajah Tunggal's key shareholders include Denham Pte Ltd (49.5%),
a subsidiary of Chinese Tire Manufacturer Giti Tire Pte Ltd, and
Compagnie Financiere Michelin SCmA (10%, A3 stable). The
remaining shares are publicly traded on the Indonesian Stock
Exchange.


MITRA PINASTHIKA: Fitch Affirms BB- Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed PT Mitra Pinasthika Mustika Tbk's
(MPM) Long-Term Issuer Default Rating at 'BB-' with a Stable
Outlook. The agency has also affirmed the motorcycle
distributor's senior unsecured rating at 'BB-' and its USD200
million 6.75% senior notes due 2019 issued by MPM Global Pte. Ltd
at 'BB-'.

MPM's rating reflects its strong market position in motorcycle
distribution in East Java, Indonesia and motorcycle oil
lubricants in the domestic market. The inherent cyclicality of
the auto industry is balanced by MPM's leverage profile and
stable cash flow from its auto services segment. Fitch believes
MPM has flexibility over its capital expenditure.

KEY RATING DRIVERS

Challenging Auto Environment, Gradual Recovery: MPM continued to
face a challenging environment because of weaker purchasing power
in Indonesia. The company's motorcycle sales volume dropped 11%
yoy to 406,000 units in 1H17, in line with the industry. Car
sales volume fell 67% yoy in 1H17 as the company reduced its
stores amid strong competition. Nissan and Datsun cars, which MPM
distributes, continued to lose market share as the brands did not
launch as many new products as competitors. The company this year
closed six of its 11 car dealerships that were not profitable.
Fitch does not expects the operating environment to deteriorate
further, and forecast Indonesia's GDP growth to be higher in 2018
and 2019 than in 2017.

Credit Metrics Stabilising: Despite the more challenging
environment, MPM's net debt/operating EBITDA was at 2.5x and 1.7x
as of 2016 and 1H17 respectively, a level that Fitch think is
still appropriate for the rating. In 1H17, proceeds from the sale
of a stake in MPM Finance were used to lower leverage. Fitch
expects the company's leverage to remain below 2.5x in the next
three to four years.

Strong Market Positions: MPM has a strong position in the East
Java motorcycle market, where it is the sole distributor of Honda
motorcycles in the region. Fitch think the concentration on a
single brand is offset by the strong market share, Honda's good
brand name and MPM's strong and established relationship with PT
Astra Honda Motor (AHM). In the motorcycle oil lubricant market,
MPM has around 20% market share by sales with its "Federal Oil"
brand. Fitch expects the company to maintain its strong position
in the motorcycle and oil lubricant business, and generate robust
operating cash flows.

Flexible Capex: The company has set aside about 90% of its capex
budget in 2018-2021 for car-rental services. This capex can be
scaled back to conserve cash if conditions are not favourable.
Most of MPM's car-rental business comes from corporate customers
with average rental terms of more than two year. The company
takes a measured approach to expansion by ensuring that it
secures contracts before acquiring vehicles.

Partial Divestment of MPM Finance: MPM divested 20% of its shares
in MPM Finance for IDR453 billion in cash to its strategic
partner, JACCS Co., Ltd., a Japan-based consumer finance company.
MPM has a 40% share in MPM Finance after the divestment, while
JACCS owns 60%. Fitch believes MPM Finance will have better
access to funding and lower cost of funding with JACCS as its
majority shareholder. The reduction in interest does not impact
MPM's credit profile as MPM Finance contributed less than 10% of
net income. For Fitch analysis, Fitch has deconsolidated MPM's
financial-services subsidiaries. Fitch views MPM Finance's
debt/equity of 2.3x at end-2016 as adequate.

Bond Refinancing: MPM plans to recall its USD200 million, 6.75%
senior notes issued in 2014 and refinance them using new club
deal. MPM has signed a Dual Tranche Club Deal Facility of USD150
million and IDR1.25 trillion. The refinancing will extend its
maturity profile to 2022, lower its cost of funding and provide
cash flow flexibility to fund its capex needs in the short to
medium term. As part of the management's strategy, the dollar
exposure will be hedged.

DERIVATION SUMMARY

MPM's rating of 'BB-' is well positioned relative to peers such
as China Grand Automotive Services Co., Ltd (CGA, BB-/Stable) and
PT Sri Rejeki Isman Tbk (Sritex, BB-/A+(idn)/Stable). Both MPM
and CGA are exposed to the cyclical and competitive automotive
industry and thin margins in the distribution business. CGA has a
larger scale and geographical presence with more diversified
brands than MPM. However, MPM has more diversified businesses,
wider overall margins, lower leverage and better coverage than
CGA. As a result, the ratings on MPM and CGA are
at the same level.

Sritex is one of Indonesia's largest integrated textile
companies. Compared with MPM, Sritex has wider margins and a
larger scale, with EBITDA expected at USD170 million by 2018.
This is offset by MPM's lower leverage.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Sales to decline by 3% in 2017, and increase by 6% per year
   from 2018
- Operating EBITDA margin of around 6.2%-6.3%
- Capex of IDR650 billion in 2017 and around IDR740 billion-790
   billion in 2018-2020
- Dividend payout of IDR200 billion in 2017 and IDR150 billion
   per year from 2018
- No capital injection to and no dividend inflows from
   financial-services subsidiaries

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- No positive rating action is expected in the next 24 months,
   unless there is significant increase in scale without any
   deterioration in its financial profile.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Increase in adjusted net debt/operating EBITDAR excluding
   finance subsidiaries to more than 2.5x on a sustained basis
- Sustained decline in market share of motorcycle distribution
   and/or significant decrease in fleet size of its auto services
   business
- Significant investment or change in product mix or core
   business, which may increase company's risk profile

LIQUIDITY

Bond Refinancing, Comfortable Liquidity: MPM had cash of IDR1,074
billion compared with its IDR191 billion in short-term borrowing
as at end-June 2017. MPM has signed a Club Deal Dual Tranche
facility of USD150 million and IDR1.25 trillion. The proceeds
will be used to refinance its USD200 million 6.75% senior notes
due 2019 and the rest for general purposes. The refinancing of
the bonds will extend its maturity schedule to 2022 and will
provide cash flow to fund its capex needs in the next two years.



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


DW CAPITAL: Faces Probe for PHP2.6BB in 'Unauthorized' Trades
-------------------------------------------------------------
Rappler.com reports that the Securities and Exchange Commission
(SEC) is set to investigate brokerage firm DW Capital
Incorporated (DWCI), which allegedly engaged in unauthorized
trading of securities worth PHP2.6 billion.

In a statement, the SEC said it will launch a probe into DWCI
after Capital Markets Integrity Corporation (CMIC), the watchdog
unit of the Philippine Stock Exchange (PSE), sought the corporate
regulator's nod to take over DWCI, Rappler.com relates.

In a subpoena issued against DWCI, the SEC ordered the brokerage
firm to show various records that would establish its financial
condition, says Rappler.com.

These records include DWCI's customer master list; stock position
report detailed per customer, per stock, per location; portfolio
reports; transaction reports; account ledgers; statement of
accounts; confirmation invoices; and customer account information
forms, among others, according to Rappler.com.

The SEC also scheduled a clarificatory hearing on August 29, the
report notes.

Rappler.com relates that SEC sources said DWCI officials have
expressed willingness to submit the required documents.

Last August 10, the PSE issued a memorandum that placed DWCI
under preventive suspension, Rappler.com recalls.

Rappler.com notes that the PSE issued the preventive suspension
order after lawyers of DWCI's clients asked the CMIC to prohibit
DWCI from trading their clients' shares of stock, and to direct
the brokerage firm to preserve the records of transactions
pertaining to subject securities.

According to Rappler.com, DWCI clients also reported to CMIC that
there are shares of stock that have not been delivered by the
brokerage firm to them. These clients are demanding the immediate
delivery of these securities.

Under the Securities Regulation Code, the SEC, upon verified
complaint by any party, may order an exchange or a self
regulatory organization (SRO) to take over the operation of a
failed trading participant for the purpose of preserving and
protecting the failed trading participant's books, records,
customer accounts, and trade-related assets.

CMIC is an SRO and the primary regulator of the trading
participants of the PSE, Rappler.com notes.



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


CALLA SPA: Members Can Claim Packages at G.Spa
-----------------------------------------------
Fabian Koh at The Strait Times reports that customers of Calla
Spa in Suntec City, which closed down abruptly on Aug. 11, can
claim the remaining value of their packages at its sister firm
G.Spa.

The Straits Times has obtained a copy of a cover letter sent out
by the appointed provisional liquidator, Mr. Tee Wey Lih of Acres
Advisory, to members, informing them of a meeting on Aug. 29 to
address the issue. Attendance is not compulsory.

It also said that G.Spa has "extended an offer to Calla Spa
customers to provide complimentary spa and treatment sessions",
from Sept. 1, this year, to Aug. 31, next year, The Strait Times
relays.

This is based on the balance value of each member's Calla Spa
membership package as of Aug. 10 -- the date Calla Spa was placed
under provisional liquidation.

Members who take up the G.Spa offer would still have rights as
creditors, according to the report.

"In the event that there is a distribution to the unsecured
creditors, you will still receive payment, on the condition that
your debt was admitted by the Liquidator."

According to The Strait Times, G.Spa, located in Guillemard Road,
sent out a letter on Aug 16, informing Calla Spa members of the
complimentary spa and treatment sessions which it called a
"gesture of goodwill".

However, it noted that it can "vary the terms and conditions
applicable to the provision or redemption of these complimentary
sessions".

Members interested to take up the offer could sign an attached
acknowledgement form, the report notes.

As of Aug. 18, the Consumers Association of Singapore (Case) had
received five complaints from customers about Calla Spa's sudden
closure, The Strait Times discloses.

Case executive director Loy York Jiun said customers had signed
up for beauty packages with the spa, ranging from about SGD1,000
to SGD6,000 per package, the report adds.


CHINA FISHERY: Trustee to Sell Calle 265 Property for $1.3MM
------------------------------------------------------------
BankruptcyData.com reported that China Fishery Group's Chapter 11
trustee filed with the U.S. Bankruptcy Court a notice of sale of
non-debtor real estate in accordance with non-debtor asset sale
order. The sale notice states, "The Trustee intends to sell the
property located at Calle Manantial No. 265, Urbanizacion La
Planicie, District of La Molina, Province and Department of Lima,
Peru (the 'Property'), to Mr. Raul Gustavo Romero Salazar and
Mrs. Carolina Garcia Sayan Roca of Lima, Peru, at a consideration
of $1,300,000. The CFG Peru Singapore subsidiary involved is
Inmobiliaria y Constructora PAHK S.A.C. The BUYER will pay the
entire Price to the Seller by means of cashier's check."

              About China Fishery Group Limited (Cayman)

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

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

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

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



===========
T A I W A N
===========


WAN HAI: Improved 1H 2017 Results Support Ba2 CFR, Moody's Says
---------------------------------------------------------------
Moody's Investors Service says that Wan Hai Lines Ltd.'s improved
operating and financial performance in 1H 2017 supports its Ba2
corporate family rating.

The rating outlook remains stable.

"Wan Hai's financial leverage decreased slightly to 2.0x for the
12 months ended June 30, 2017 from 2.2x in 2016, driven largely
by improved earnings from a higher level of sales volume and a
slightly better adjusted EBITDA margin from a lower operating
expense/revenue ratio. The results were in line with Moody's
expectations," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

"Moody's expects the company's financial leverage to stay around
2.0x-2.5x over the next 12-18 months, as it maintains a prudent
investment and operating strategy and manages its costs and
expenses amid the current challenging market environment, which
includes low freight rates and low demand," adds Lu.

Moody's expects Wan Hai's adjusted net debt/EBITDA to remain
around 2.0x-2.5x over the next 12-18 months, based on its: (1)
short-term vessel chartering strategy; (2) purchase of slot
capacity from partners; and (3) limited capital expenditure. This
ratio positions it at the Ba2 rating level.

Wan Hai's revenue increased year-on-year by 2.7% to NTD29.2
billion in 1H 2017, driven mainly by a 4.3% year-on-year growth
in total sales volume. Its adjusted EBITDA margin also improved
slightly to 15.6% in for the 12 months ended June 30, 2017 from
15.4% in 2016, supported by the company's continued cost
improvements and expense controls.

Moody's expects Wan Hai's revenue to increase by about 3% per
year in 2017 and 2018, driven largely by a modest increase in
sales volumes.

Moody's also projects that Wan Hai's adjusted EBITDA margin will
remain around 15.5%-16.0% over the next 12-18 months, owing to
relatively stable bunker costs and its implementation of expense
controls and cost improvements.

Wan Hai's liquidity profile remains strong. At end-June 2017, it
had cash and cash equivalents of NTD20.5 billion and short-term
marketable investments of NTD4.2 billion, which together provide
a strong liquidity reserve for its short-term maturing debt of
NTD11.0 billion over the next 12 months and projected capital
expenditure of NTD3.6 billion over the same period.

The principal methodology used in this rating was Global Shipping
Industry published in February 2014.

Wan Hai Lines Ltd. listed on the Taiwan Stock Exchange in May
1996. At end-June 2017, it operated a fleet of 87 container
vessels (71 wholly owned and 16 chartered), offering intra-Asia,
Asia-Middle East, and Trans-Pacific liner services. With 28
dedicated service routes at end-June 2017, Wan Hai is the leading
provider of intra-Asia container shipping services, with an
estimated 15% market share.


                             *********

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
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TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
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thereof are US$25 each.  For subscription information, contact
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