TCRAP_Public/170830.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Wednesday, August 30, 2017, Vol. 20, No. 172

                            Headlines


A U S T R A L I A

HITECH HIPPO: Second Creditors' Meeting Set for Sept. 7
LIBERTY FUNDING: Moody's Assigns (P)B1 Rating to Class F Notes
LIFT INVESTMENTS: Second Creditors' Meeting Set for Sept. 6
LILLEY TRANSPORT: Second Creditors' Meeting Set for Sept. 4
MESOBLAST LIMITED: Reports Positive Trial Results of Cell Therapy

RENNINGS PTY: Second Creditors' Meeting Set for Sept. 5
ZEPTER INTERNATIONAL: Second Creditors' Meeting Set for Aug. 31


C H I N A

CBAK ENERGY: Interim CFO Wenwu Wang Named to Permanent Position
CBAK ENERGY: Xiangyu Pei Replaces Yunfei Li as Secretary
CHINA HONGQIAO: Fitch Keeps B+ IDR on Rating Watch Negative
GREENLAND HOLDINGS: Discloses Overdue Debt of CNY457.5MM in H1
GREENTOWN CHINA: Posts CNY1.228BB Profit in 1H Ended June 30

LEECO: Unit Party to 33 Suits Worth US$240MM in Unpaid Debts


H O N G  K O N G

SPI ENERGY: Strong Textile Owns 3.8% of Shares as of Aug. 24


I N D I A

ALFA TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR10.04MM Loan
ALFARA'A INFRAPROJECTS: CRISIL Cuts Rating on INR419.5M Loan to D
AMRIT TRADING: CRISIL Reaffirms 'B' Rating on INR2.5MM Loan
AURO INDUSTRIES: Ind-Ra Assigns BB- Long-Term Issuer Rating
BHURJI SUPER-TEK: CRISIL Cuts Rating on INR16.68MM Loan to D

BJ GRAIN: CARE Moves 'D' Rating to Issuer Not Cooperating
BRAND CONCEPTS: Ind-Ra Migrates BB Rating to Not Cooperating
CHANDAN TRADING: ICRA Moves B+ Rating to Issuer Not Cooperating
CRYSTAL CABLE: Ind-Ra Migrates D Rating to Not Cooperating
D.B. MACHINE: ICRA Moves B+ Ratings to Issuer Not Cooperating

DNS ELECTRONICS: Ind-Ra Migrates B+ Rating to Not Cooperating
EASTERN GASES: ICRA Lowers Rating on INR41cr Loan to 'D'
GOLD STAR: ICRA Moves D Rating to Issuer Not Cooperating Category
GRAMEEN VIKAS: CRISIL Lowers Rating on INR2MM LT Loan to 'B'
HISAR STEELS: CRISIL Lowers Rating on INR4MM Cash Loan to 'B'

HS WEAVERS: ICRA Moves B Ratings to Issuer Not Cooperating
IDEAL HOTEL: Ind-Ra Migrates B+ Rating to Not Cooperating
INDIA STEEL: CARE Moves B+ Rating to Issuer Not Cooperating
INDORE TREASURE: Ind-Ra Migrates BB+ Rating to Not Cooperating
JPB CHEMICAL: Ind-Ra Migrates BB Rating to Not Cooperating

K B A INFRASTRUCTURE: Ind-Ra Affirms BB- Long-Term Issuer Rating
K2 METALS: ICRA Moves B Rating to Issuer Not Cooperating Category
MADHABGANJ KARUNAMOYEE: ICRA Moves B Rating to Not Cooperating
NARULA BUILD: CRISIL Downgrades Rating on INR3.5MM Loan to 'B'
NAVDURGA PULP: Ind-Ra Migrates BB- Rating to Not Cooperating

ORISSA CONCRETE: ICRA Moves D Rating to Issuer Not Cooperating
P. PRAFUL: CRISIL Lowers Rating on INR9MM Cash Loan to 'B'
PADMAVATI FERROUS: Ind-Ra Migrates BBB- Rating to Not Cooperating
PINNACLE BIOMED: ICRA Assigns B+ Rating to INR20cr Loan
PMR CONSTRUCTION: ICRA Moves B+ Rating to Issuer Not Cooperating

RAVI TRADING: ICRA Moves B+ Rating to Issuer Not Cooperating
RGTL INDUSTRIES: ICRA Lowers Rating on INR125cr Loan to 'D'
ROYAL FOODSTUFFS: CRISIL Lowers Rating on INR10.91MM Loan to B
S G S MOTORS: Ind-Ra Migrates BB+ Rating to Not Cooperating
SACRED HEART: CRISIL Lowers Rating on INR7MM Term Loan to 'B'

SHANTI EDUCATIONAL: ICRA Cuts Rating on INR7.10cr Loan to 'D'
SHREEGEN PHARMA: CRISIL Lowers Rating on INR13MM Loan to 'B'
SILVERLINE INVESTMENTS: ICRA Moves C+ Rating to Not Cooperating
SION STEELS: ICRA Reaffirms B+ Rating on INR10cr Loan
SRI LAKSHMI: CRISIL Lowers Rating on INR8MM LT Loan to 'B'

SRI TOORSA: ICRA Lowers Rating on INR7.12cr Term Loan to B-
SUKHMANI SHIKSHAN: CRISIL Lowers Rating on INR13.4MM Loan to B
SUNEJA SONS: Ind-Ra Migrates BB Rating to Not Cooperating
SUPREME KNOWLEDGE: CRISIL Cuts Rating on INR6.4MM LT Loan to B
SURYA METALLOYS: Ind-Ra Migrates B+ Rating to Not Cooperating

TIRUPATI STARCH: ICRA Withdraws B+ Rating on INR18.40cr Loan
TRIMURTHI HITECH: ICRA Moves C+ Rating to Issuer Not Cooperating


J A P A N

TK HOLDINGS: Creditors' Panel Taps Moelis as Investment Banker
TK HOLDINGS: Creditors' Panel Hires Epiq as Information Agent


S O U T H  K O R E A

LEO MOTORS: Reports US$3.1 Million Net Loss for Second Quarter


                            - - - - -


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


HITECH HIPPO: Second Creditors' Meeting Set for Sept. 7
-------------------------------------------------------
A second meeting of creditors in the proceedings of Hitech Hippo
Australia Limited has been set for Sept. 7, 2017, at 11:00 a.m.,
at the offices of PKF, 755 Hunter Street, in Newcastle West, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 6, 2017, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of Hitech Hippo
on Aug. 3, 2017.


LIBERTY FUNDING: Moody's Assigns (P)B1 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
long term ratings to the notes to be issued by Liberty Funding
Pty Ltd in respect of the Liberty Series 2017-1 SME. The
transaction is a securitisation of loans to self-managed
superfunds (SMSFs), small-to-medium enterprises (SMEs) and
individuals, originated by Liberty Financial Pty Limited
(Liberty, unrated).

Issuer: Liberty Funding Pty Ltd in respect of the Liberty Series
2017-1 SME

-- AUD300.0 million Class A1 Notes, Assigned (P)Aaa (sf)

-- AUD100.0 million Class A2 Notes, Assigned (P)Aaa (sf)

-- AUD30.0 million Class B Notes, Assigned (P)Aa1 (sf)

-- AUD17.5 million Class C Notes, Assigned (P)A1 (sf)

-- AUD15.0 million Class D Notes, Assigned (P)Baa1 (sf)

-- AUD12.5 million Class E Notes, Assigned (P)Ba1 (sf)

-- AUD10.0 million Class F Notes, Assigned (P)B1 (sf)

The AUD15.0 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The portfolio underlying this transaction is comprised of first-
ranking mortgage loans to SMSFs (40.6%), companies (30.6%) and
individuals (28.8%). The loans are secured by residential
(62.1%), commercial (35.6%), or both (2.3%) properties located in
Australia and denominated in Australian dollars. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories (3.8%) or made on an alternative/low
documentation (13.0%), or no documentation (14.9%) basis.

RATINGS RATIONALE

The ratings take into account, among other factors, an evaluation
of the underlying receivables, the capital structure and credit
enhancement provided to the notes, the guarantee fee reserve
account, the availability of excess spread over the life of the
transaction, the liquidity facility, the legal structure, and the
credit strength and experience of Liberty as servicer.

Due to the mixed nature of the pool, to perform Moody's analysis
Moody's categorised the portfolio into separate residential loan
and SME sub-pools. Moody's Portfolio Credit Enhancement (PCE) for
the overall portfolio, i.e. the loss Moody's expects the
portfolio to suffer in the event of a severe recession scenario,
is 21%. Moody's expected loss for this transaction is 2.9%.

The key transactional are:

- The guarantee fee reserve account, which will be funded at
   AUD2,500,000 at closing. The reserve will be available to
   cover losses and liquidity shortfalls. Reserve draws will be
   replenished through future excess spread up to its initial
   funded amount.

- The servicer is required to set interest rates on the mortgage
   loans on a weighted average basis at a minimum level above
   BBSW or higher if the trust's income is insufficient to cover
   the required payments under the transaction documents. The
   level of the required margins generates a strong level of
   excess spread available to cover loss in the pool.

- The notes will initially be repaid sequentially. On or after
   the payment date in September 2019, and prior to the call
   option date, all notes (other than the Class G notes) will
   receive their pro-rata share of principal payments, provided
   there are no charge-offs on any of the notes, or average
   arrears greater than or equal to 60 days do not exceed 4%. The
   Class G Notes do not step down and will only receive principal
   payments once all other notes have been repaid.

- The principal pay-down switches back to sequential if the
   payment date falls on or after the call option date, i.e. once
   the aggregate loan amount falls below 20.0% of the aggregate
   loan amount at closing, or following the fourth anniversary of
   the closing date.

- The liquidity facility provided by Westpac Banking Corporation
   (Aa3/P-1/Aa2(cr)/P-1(cr)), with a limit equal to 3.0% of the
   aggregate invested amount of the Class A1 to Class F notes,
   and the stated amount of the Class G notes. The facility is
   subject to a floor of AUD750,000. If the facility provider
   loses its P-1(cr), it must within 30 days either: (1) Procure
   a replacement facility provider; or (2) Deposit an amount of
   the undrawn liquidity commitment at the time into an account
   with P-1 rated bank.

Other pool features are:

- The weighted average scheduled loan to value (LTV) ratio of
   the pool is 62.5%, with 11.1% of the loans with scheduled LTV
   above 80.0% and 0.3% with scheduled LTV above 90.0%.

- Around 17.1% of loans in the portfolio are bullets, i.e. non-
   amortising, and rely on either refinancing or sale of the
   underlying property to repay the loan at maturity.
   Furthermore, most of these loans (14.9%) have been assessed on
   the basis of the borrower's declaration of their repayment
   capacity over the loan term, without income verification.

- In addition to bullet loans, the portfolio contains 42.5% of
   loans with an initial interest only (IO) period of up to five
   years, at the end of which they convert to principal and
   interest.

- The portfolio exhibits concentration in Victoria, with around
   41.3% of loans secured by properties in that state.

Methodology Underlying the Rating Action:

The principal methodologies used in these ratings were "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016 and "Moody's Global Approach to Rating SME Balance
Sheet Securitizations" published in October 2015.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the PCE and
expected loss - differed. The analysis assumes that the deal has
not aged. Parameter Sensitivities only reflect the ratings impact
of each scenario from a quantitative/model-indicated standpoint.

Based on the current structure, if the PCE was to increase to 32%
from 21%, and EL was to increase to 4.4% from 2.9%, the model-
indicated rating for the Class A2 Notes would drop one notch to
Aa1. Using these same assumptions, the ratings on the Class B and
Class C Notes will drop four notches, and the ratings on Class D
will drop three notches. The Class A1 Notes are not sensitive to
any rating migration using these same assumptions.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolutes discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


LIFT INVESTMENTS: Second Creditors' Meeting Set for Sept. 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Lift
Investments VIC Pty Ltd has been set for Sept. 6, 2017, at
3:30 p.m., at the offices of RSM Australia Partners, Equinox
Building 4, Level 2, 70 Kent Street, in Deakin, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 5, 2017, at 4:00 p.m.

Frank Lo Pilato of RSM Australia Partners were appointed as
administrators of Lift Investments on Aug. 2, 2017.


LILLEY TRANSPORT: Second Creditors' Meeting Set for Sept. 4
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Lilley
Transport Pty Limited has been set for Sept. 4, 2017, at
10:00 a.m., at the offices of Jamieson Louttit & Associates
Penfold House, Suite 73, Level 15, 88 Pitt Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 1, 2017, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed
as administrators of Lilley Transport on July 31, 2017.


MESOBLAST LIMITED: Reports Positive Trial Results of Cell Therapy
-----------------------------------------------------------------
Mesoblast Limited announced that the Phase 2a trial of its
Mesenchymal Precursor Cells (MPCs) for prevention of radiographic
and clinical features of knee osteoarthritis after traumatic
injury has been published in the peer-reviewed journal Arthritis
Research & Therapy.  The results showed that a single intra-
articular injection of Mesoblast's product candidate MPC-75-IA
reduced cartilage loss and bone changes by six months, and
improved pain and function for over two years, when compared to
controls.

The paper, entitled 'Safety, tolerability, clinical and joint
structural outcomes of a single intra-articular injection of
allogeneic mesenchymal precursor cells in patients post anterior
cruciate ligament reconstruction: a controlled double-blind
randomized trial', concluded that MPCs may modulate the
inflammation-related pathological processes that are associated
with post-traumatic knee osteoarthritis.

The trial's senior author, Professor Flavia Cicuttini, Head
Musculoskeletal Unit, Department of Epidemiology and Preventive
Medicine School of Public Health and Preventive Medicine at
Monash University, Australia, said: "As there are no treatments
that slow progression of osteoarthritis, these results are very
exciting for a population who are at high risk of developing this
crippling condition."

"In this study we found that a single injection of 75 million
mesenchymal precursor cells was well tolerated and appeared to
slow the onset of a number of the early changes at the knee that
are common following knee injury and signify the development of
knee osteoarthritis.  Larger studies are warranted to confirm
whether this treatment will slow or even prevent the development
of knee osteoarthritis following early joint injuries," stated
Professor Cicuttini.

Trial design and key findings were:

  * A double-blind placebo-controlled trial randomized (2:1) 17
    patients aged 18-40 who had undergone ACL reconstruction 4-6
    weeks earlier to either a single intra-articular injection of
    75 million allogeneic MPCs plus hyaluronic acid (MPC+HA,
    n=11) or hyaluronic acid (HA, n=6) alone.  Pain, function and
    quality of life parameters were measured over 24 months using
    the composite of Knee Injury and Osteoarthritis Outcomes
    Scores (KOOS) and the Short Form Health Survey (SF-36, a 36-
    item, patient-reported survey of patient health).  Joint
    space width reflecting cartilage thickness was measured by
    X-ray, and structural changes in the joint were measured by
    magnetic resonance imaging (MRI)

  * Intra-articular MPC administration post-ACL reconstruction
    was well tolerated

  * Patients who were treated with MPC+HA had significantly
    greater improvement in KOOS symptoms and pain at 18 months
   (both p=0.03) and 24 months (p=0.04 and 0.02, respectively),
    compared with HA controls

  * MPC+HA treated patients showed greater improvements in KOOS
    pain, symptom, activities of daily living, and SF-36 bodily
    pain scores at 6,12 and 24 months (p<0.05), compared with
    the HA group
  * The MPC+HA group had reduced medial and lateral tibiofemoral
    joint space narrowing (p<0.05), less tibial bone expansion
    (0.5% vs 4.0%, p=0.02 over 26 weeks), and a trend towards
    reduced tibial cartilage volume loss (0.7% vs -4.0%, p=0.10
    over 26 weeks) than the HA controls

  * The proposed mechanisms of action relevant to this indication
    include anti-inflammatory and immunomodulatory effects on the
    injury induced production of inflammatory mediators within
    joint tissues that cause the clinical symptoms and eventual
    joint destruction

  * The study findings warrant further investigation of MPCs as a
    potential disease modifying agent for the treatment of early
    joint injuries

                About Post-Traumatic Osteoarthritis

Osteoarthritis (OA) is a common and debilitating disease that
affects approximately 27 million people in the United States.
Post-traumatic OA of the knee, hip and ankle accounts for
approximately 5.6 million cases of OA in the United States4.
There are approximately 250,000 cases of ACL tears annually in
the USA, more than 70% of ACL reconstructions occur in patients
under the age of 65 years4,5.  Despite corrective ACL surgery, as
many as 80% of knees post-ACL injury will progress to
radiographic and symptomatic OA after 5 to 15 years6.  Similar
outcomes are seen with the approximately 1 million meniscal
reconstruction procedures performed annually in the United
States.

While existing treatments for post-traumatic OA predominantly
focus on reducing pain and inflammation, none have been shown to
restore joint structural changes or delay the onset and/or
progression of OA.

ACL reconstruction is considered to be a cost-effective treatment
strategy, however in the United States there is still a
significant annual cost of about $2.8 billion attributable to the
long-term development of OA8.  An innovative therapy that
demonstrates disease modifying effects on OA development or
progression would be expected to deliver significant annual
societal cost savings.

                      About Mesoblast Ltd.

Melbourne, Australia-based Mesoblast Limited (ASX:MSB;
Nasdaq:MESO) develops cell-based medicines.  The Company has
leveraged its proprietary technology platform, which is based on
specialized cells known as mesenchymal lineage adult stem cells,
to establish a broad portfolio of late-stage product candidates.
Mesoblast's allogeneic, off-the-shelf cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular diseases, immune-mediated and
inflammatory disorders, orthopedic disorders, and
oncologic/hematologic conditions.

Mesoblast reported a loss before income tax of $90.82 million for
the year ended June 30, 2016, compared to a loss before income
tax of $96.24 million for the year ended June 30, 2015.  As of
Dec. 31, 2016, Mesoblast had $660.9 million in total assets,
$150.4 million in total liabilities, and $510.51 million in total
equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2016, citing that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


RENNINGS PTY: Second Creditors' Meeting Set for Sept. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Rennings Pty
Ltd, trading as "Dominos Pizza Lakemba" has been set for Sept. 5,
2017, at 11:00 a.m., at the boardroom of MLC Centre, Level 57,
19-29 Martin Place, in Sydney, NSW.

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

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

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Rennings Pty on Aug. 14, 2017.


ZEPTER INTERNATIONAL: Second Creditors' Meeting Set for Aug. 31
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Zepter
International Pty Ltd has been set for Aug. 31, 2017, at
10:30 a.m., at Level 3, 1 Castlereagh Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 30, 2017, at 4:00 p.m.

Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporate
were appointed as administrators of Zepter International on
June 9, 2017.



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


CBAK ENERGY: Interim CFO Wenwu Wang Named to Permanent Position
---------------------------------------------------------------
The Board of Directors of CBAK Energy Technology, Inc., appointed
Mr. Wenwu Wang, who currently serves as the Company's interim
chief financial officer, as chief financial officer of the
Company on a permanent basis.  Mr. Wang will continue to serve as
the Company's principal accounting and financial officer.

"There is no family relationship that exists between Mr. Wang and
any directors or executive officers of the Company.  In addition,
there are no arrangements or understandings between Mr. Wang and
any other persons pursuant to which he was selected as the
permanent chief financial officer of the Company and there are no
transactions between the Company and Mr. Wang that would require
disclosure under Item 404(a) of Regulation S-K," the Company
stated in a Form 8-K report filed with the Securities and
Exchange Commission.

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company.  The Company and its subsidiaries are principally
engaged in the manufacture, commercialization and distribution of
a range of standard and customized lithium ion (Li-ion)
rechargeable batteries for use in an array of applications.  The
Company's products are sold to packing plants operated by third
parties primarily for use in mobile phones and other electronic
devices.  The Company conducts its manufacturing activities in
China.

China Bank is the first China-based lithium battery company
listed in the U.S., in January 2005 (NASDAQ: CBAK).

The Company's subsidiaries include China BAK Asia Holdings
Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK
Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK
Power).  Dalian BAK Trading focuses on the wholesale of lithium
batteries and lithium batteries' materials, import and export
business, and related technology consulting services.  Dalian BAK
Power focuses on the development and manufacture of high-power
lithium batteries.

China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015.

The Company's balance sheet at June 30, 2017, showed US$103.97
million in total assets, US$86.68 million in total liabilities
and US$17.29 million in total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016.  All these factors
raise substantial doubt about its ability to continue as a going
concern.


CBAK ENERGY: Xiangyu Pei Replaces Yunfei Li as Secretary
--------------------------------------------------------
On and effective Aug. 21, 2017, Mr. Yunfei Li resigned from his
position as the secretary of CBAK Energy Technology, Inc.  At the
same time, the Board of Directors appointed Ms. Xiangyu Pei as
the secretary of the Company.

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company.  The Company and its subsidiaries are principally
engaged in the manufacture, commercialization and distribution of
a range of standard and customized lithium ion (Li-ion)
rechargeable batteries for use in an array of applications.  The
Company's products are sold to packing plants operated by third
parties primarily for use in mobile phones and other electronic
devices.  The Company conducts its manufacturing activities in
China.

China Bank is the first China-based lithium battery company
listed in the U.S., in January 2005 (NASDAQ: CBAK).

The Company's subsidiaries include China BAK Asia Holdings
Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK
Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK
Power).  Dalian BAK Trading focuses on the wholesale of lithium
batteries and lithium batteries' materials, import and export
business, and related technology consulting services.  Dalian BAK
Power focuses on the development and manufacture of high-power
lithium batteries.

China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015.

The Company's balance sheet at June 30, 2017, showed US$103.97
million in total assets, US$86.68 million in total liabilities
and US$17.29 million in total shareholders' equity.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016.  All these factors
raise substantial doubt about its ability to continue as a going
concern.


CHINA HONGQIAO: Fitch Keeps B+ IDR on Rating Watch Negative
-----------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN) on
the world's largest aluminium producer China Hongqiao Group
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings of 'B+'. Fitch has also maintained the RWN on Hongqiao's
'B+' senior unsecured rating and the ratings on its outstanding
USD300 million 6.875% senior unsecured notes due 2018 of 'B+'
with a Recovery Rating of 'RR4'.

The RWN reflects uncertainty over the timing of publication of
Hongqiao's audited accounts, the effect of its capacity shut-
downs and the potential liquidity strains this might trigger

KEY RATING DRIVERS

Further Delay in Publishing Results: Fitch expects Hongqiao to
further delay publishing its 2016 audited annual results until
mid-September 2017, as it only appointed its new auditor,
SHINEWING (HK) CPA Limited, on 12 July 2017. Fitch expects to
resolve the RWN once the accounts are published. Fitch will
reassess the rating if the accounts are not qualified, based on
the updated information, and may take negative rating action if
there is a significant restatement of past accounts or the
auditor qualifies the financial statements.

Delay May Trigger Covenants: Hongqiao says it has received an
extension to end-August 2017, from end-June, on publishing its
accounts from the banks of its syndicated loans of approximately
USD700 million. The company is in the process of obtaining a
further extension until mid-September and says it has made the
necessary arrangement with the trustees of the offshore notes to
avoid the acceleration of payments.

Equity Placement Lowers Risk: Hongqiao announced a proposed
equity and convertible bond issuance on 15 August for total
estimated proceeds of approximately HKD8.0 billion. This include
the placement of 806.6 million shares at HKD6.80 per share, or
about 10% of enlarged share capital, to CTI Capital Management
Ltd (CTICM), a wholly owned subsidiary of CITIC Group
Corporation; and USD320 million 5% convertible bonds due 2022 at
a conversion price of HKD8.16 per share to CNCB (Hong Kong)
Investment Limited. A successful placement should lower repayment
risks if Hongqiao fails to extend the covenant waiver on its
USD700 million syndicated bank loans due to a delay in publishing
its results.

Effect of Capacity Shutdown Unknown: Hongqiao announced on 15
August that its subsidiary, Shandong Hongqiao New Materials Co.
Ltd., had shut down 2.68 million tonnes (t), or 29%, of aluminium
product capacity due to regulatory requirements. The effect of
the capacity shut-down on Hongqiao's financial statements is
uncertain, as the company produces a number of aluminium products
and did not disclose which product lines were suspended.

DERIVATION SUMMARY

Hongqiao's rating reflects its leading position in the global
aluminium industry by scale and cost structure. However, the
rating is constrained by weak internal controls and continued
high capex and leverage. The RWN reflects the uncertainty over
the timing of publication of its audited accounts and the
potential liquidity events this might trigger.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Aluminium price increases in line with Fitch's commodity
   forecast of USD1,700/t in 2017, USD1,700/t in 2018, USD1,750/t
   in 2019 and USD1,800/t in the long term.
- Primary aluminium production capacity to peak at 6.5 million
   tonnes per annum, with an utilisation rate of around 80%.
- Capex of CNY13 billion in 2017 and CNY5 billion in 2018.
   Recovery rating assumptions
- Hongqiao will generate around CNY15 billion of EBITDA on a
   going concern basis at 5x the going concern enterprise value
   multiple.
- Ten percent administrative claim.
- A 34% recovery rate of offshore senior unsecured debt after
   administrative claims, which corresponds to a Recovery Rating
   of 'RR4', based on Fitch calculations of enterprise value.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Significant restatement of financial statements or audit
   findings that affect financial data reliability
- Acceleration of debt repayment
- Deterioration in financials due to capacity shut-down,
   including lower revenue and EBITDA and worsening financial
   metrics, such as FFO adjusted leverage and EBITDA margin
   Developments that May, Individually or Collectively, Lead to
   the removal of the Rating Watch Negative
- Publication of 2016 annual results with unqualified auditor
   opinion and in-line with Fitch expectations

LIQUIDITY

Hongqiao had CNY67.7 billion of total debt outstanding as of end-
June 2016, of which CNY28.9 billion was short term. This compares
with CNY12.6 billion of cash and equivalents and CNY27 billion of
undrawn credit facilities.


GREENLAND HOLDINGS: Discloses Overdue Debt of CNY457.5MM in H1
--------------------------------------------------------------
Bloomberg News reports that Greenland Holdings Corp., China's
fourth-biggest developer by property sales, said it had overdue
loans of CNY457.5 million ($69.2 million) in some units in the
northeast province of Liaoning at the end of June, underscoring
concerns about the company's debt problems.

Companies under Greenland's unit in Liaoning had overdue short-
term debt of CNY247.5 million as well as CNY210 million in long-
term obligations, Bloomberg relates citing Greenland's interim
report dated Aug. 25. The company told Bloomberg News last week
its project in China's northeast faced repayment problems due to
the region's weak real estate market.

China's property market has turned "significantly" from the
second quarter due to the heightened crackdown on the real estate
sector, the Shanghai-based firm, 46.4 percent owned by the
municipal government, said in last week's report, Bloomberg
relates. The nature of the joint-venture in some projects and
management issues were among reasons for the overdue loans, an
investor relations officer at Greenland said in response to
Bloomberg queries Aug. 29.

"The impact of overdue loans on Greenland is reputational risk,"
Bloomberg quotes Zhi Wei Feng, Singapore-based head of China
corporate credit research at Standard Chartered Plc, as saying.
"The company needs to improve transparency and communication with
investors."

This isn't the first time a Greenland unit has had problems
repaying debt. Last year, Greenland affiliate Shanghai Yunfeng
Group Co. was in default on CNY2 billion of privately placed
notes after the triggering of early repayment clauses, Bloomberg
discloses citing a Caixin magazine report.

Greenland's $600 million 2024 bonds fell about 1 cent on the
dollar to 101.4 cents in the past 10 trading sessions, according
to Bloomberg-compiled prices. Its CNY8 billion onshore 2020 bonds
dropped CNY2 to CNY94.7 over the same period.

The banks involved in the overdue debt include Bank of Jinzhou
Co., Bank of Yingkou Co., Shengjing Bank Co. and Hengfeng Bank
Co. According to Bloomberg, Greenland said the overdue loans in
Liaoning will not trigger a cross-default clause on its dollar
bonds and is currently dealing with those loans with the aim of
resolving the issue by the end of 2017.

Greenland Holdings Group Corporation Limited provides real estate
services. The Company develops and sells residential properties
and office buildings. Greenland Holdings also offers
infrastructure engineering, loan, car, hotel management, and
energy trading services.


GREENTOWN CHINA: Posts CNY1.228BB Profit in 1H Ended June 30
------------------------------------------------------------
South China Morning Post reports that Greentown China Holdings,
on the verge of bankruptcy just three years ago, has registered a
storming 103.5% rise in profit to CNY1.228 billion (US$184
million), after record contracted sales last year.

Its shares, however, slumped 8.6% to HK$9.47 by midday in
Hong Kong, as the profit largely came from the CNY1.6 billion
disposal gain of two subsidiaries, including one owning serviced
apartments in Beijing and two undeveloped land parcels.

The Hangzhou-based company also announced on August 28 that its
basic earnings per share reached CNY0.46, representing a year-on-
year increase of 130%, the Post relates. The company didn't
declare an interim dividend.

Interim revenue rose from CNY9.68 billion in the first half of
last year, to CNY10.45 billion for the same period.

The results mean the wheel has turned full circle for Hong Kong-
listed Greentown, which was veering towards bankruptcy in 2014
before state-owned China Communications Construction Group took a
majority stake in the business in 2015. It's recovery means the
firm is now considered China's ninth largest developer, by sales.

Greentown specialises in luxury apartments, and completed a
record CNY96 billion in contracted sales in 2016.

The firm also announced the start of an aggressive overseas
investment plan this January despite mainland residents
increasingly being blocked from converting yuan into foreign
currencies for overseas property purchases.

A statement on the company's website said it has now set up its
first overseas property unit, aiming to complete 10 building
projects worth a total CNY20 billion by 2020.

"The focus will be core cities in Australia [and] North America
. . . such as Sydney, Melbourne, Los Angeles and San Francisco
. . . and Southeast Asian countries," Cao Zhounan, Greentown's
chief executive said in a statement to the Hong Kong exchange.

Greentown China Holdings Limited is a China-based property
developer, with a primary focus in Hangzhou City and Zhejiang
Province.

As reported in the Troubled Company Reporter-Asia Pacific on
May 12, 2017, Moody's Investors Service said that Greentown China
Holdings Limited's proposed sale of commercial property assets is
credit positive, but has no immediate impact on its Ba3 corporate
family rating or stable outlook.


LEECO: Unit Party to 33 Suits Worth US$240MM in Unpaid Debts
------------------------------------------------------------
Zhu Shenshen at Shanghai Daily reports that Leshi Internet
Information & Technology Co, the listed firm of debt-laden LeEco,
said on August 28 it is involved in 33 ongoing lawsuits worth
over CNY1.62 billion (US$240 million) in unpaid debts.

Shenzhen-listed Leshi has halted trading of its shares for
several months since LeEco was found to lack capital needed to
run its business in online video, TV, smart phone, film
production and new energy car, Shanghai Daily relates.

Thirty-three companies, including publishers and electronic
component suppliers such as state-owned Zhejiang Radio & TV Group
and Taiwan-based Compal, have sued Leshi for unpaid debts, which
amounted to CNY1.60 billion and US$3.73 million, the report says.

According to Shanghai Daily, Leshi posted a loss of 640 million
yuan in the first half, a reversal from a profit of 280 million
yuan a year ago.

In January, cash-strapped LeEco secured a US$2.2 billion
investment from a group led by property developer Sunac China
Holdings, the report recalls.

Leshi and its new investor pleaded with suppliers and investors
for "more time to repay debts and a rebound in business," the
company said last month, adds Shanghai Daily.

As reported in the Troubled Company Reporter-Asia Pacific on
July 6, 2017, The Financial Times said that a Chinese court has
frozen millions of dollars in assets belonging to embattled tech
conglomerate LeEco, dealing another blow to the company as it
struggles to stay afloat.  The FT related that an order issued by
the court backed up a request by China Merchants Bank to freeze
CNY1.24 billion of assets from three LeEco subsidiaries as well
as the personal assets of LeEco founder Jia Yueting and his wife
Gan Wei, LeEco confirmed.  The assets were frozen because of
missed interest payments on a loan taken out by LeEco's mobile
phone subsidiary, the company added.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.



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


SPI ENERGY: Strong Textile Owns 3.8% of Shares as of Aug. 24
------------------------------------------------------------
In a Schedule 13D filed with the Securities and Exchange
Commission, Caihong Lu and Strong Textile Hong Kong Limited
reported that they beneficially own 24,285,010 ordinary shares of
SPI Energy Co. Ltd. representing 3.8 percent of the shares
outstanding based on 645,067,172 shares outstanding as of
Aug. 24, 2017.

Strong Textile is a Hong Kong corporation.  Caihong Lu is the
sole shareholder of Strong Textile and owns 100% of the total
outstanding shares of Strong Textile as of Aug. 24, 2017.

Pursuant to a Purchase Agreement dated July 22, 2014, Strong
Textile acquired 37,060,000 shares of Common Stock, par value
$.0001 per share at $0.27 per share for an aggregate purchase
price of $10,006,200 from Solar Power, Inc., a California
corporation, which re-domiciled to the Cayman Islands through a
merger with and into a wholly-owned subsidiary of the Issuer,
which was completed on Jan. 4, 2016.

Pursuant to a Purchase Agreement dated Sept. 22, 2014, Strong
Textile acquired 5,000,000 shares of Common Stock, par value of
$.0001 per share of SPI for the aggregate amount of $5,850,000 at
$1.17 per share from the SPI.

As a result of the purchase pursuant to the July 22 Purchase
Agreement and the September 22 Purchase Agreement, Strong Textile
directly owned 7.8% of the total outstanding shares of SPI as of
Sept. 22, 2014, as the total outstanding shares of common stock
of SPI is 541,112,502 as of Sept. 22, 2014.

Pursuant to the Second Amended and Restated Agreement and Plan of
Merger and Reorganization, dated Oct. 30, 2015, each ten issued
and outstanding shares of SPI's common stock acquired prior to
3:00 P.M. EST, Nov. 5, 2015, were converted into the right to
receive one ADS, representing ten ordinary shares of the Issuer.

A full-text copy of the Schedule 13D is available for free at:

                       https://is.gd/JMPEPl

                       About SPI Energy Co.

Hong Kong-based SPI Energy Co., Ltd. (NASDAQ:SPI) --
http://investors.spisolar.com/-- is a global provider of
photovoltaic (PV) solutions for business, residential, government
and utility customers and investors.  SPI Energy focuses on the
EPC/BT, storage and O2O PV market including the development,
financing, installation, operation and sale of utility-scale and
residential PV projects in China, Japan, Europe and North
America.  The Company operates an online energy e-commerce and
investment platform in China, as well as B2B e-commerce platform
offering a range of PV and storage products in Australia.  The
Company has its operating headquarters in Hong Kong and maintains
global operations in Asia, Europe, North America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014.

As of June 30, 2016, SPI Energy had $549.4 million in total
assets, $415.0 million in total liabilities, and $134.4 million
in total stockholders' equity.

KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015.  In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016.  The auditors said these
factors raise substantial doubt about the Group's ability to
continue as a going concern.



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


ALFA TRANSFORMERS: CRISIL Reaffirms B+ Rating on INR10.04MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Alfa Transformers
Limited (Alfa) continue to reflect the company's modest financial
risk profile marked by moderate networth and weak debt protection
metrics. This rating weakness is partially offset by an
established track record, and adequate technical competence, in
the transformer industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         6.46      CRISIL A4 (Reaffirmed)

   Cash Credit           10.04      CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                 .06      CRISIL A4 (Reaffirmed)

   Letter of Credit       5.25      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.69     CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

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

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

Strengths

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

Outlook: Stable

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

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


ALFARA'A INFRAPROJECTS: CRISIL Cuts Rating on INR419.5M Loan to D
-----------------------------------------------------------------
The ratings are based on best available information with CRISIL.
Alfara'a Infraprojects Private Limited (AIPL), whose ratings are
being published through this press release, has not provided the
information needed to conduct the rating exercise and is,
therefore, classified as 'non cooperative'. CRISIL has been
consistently following up with AIPL, through letter dated July 7,
2017, and over telephone for the requisite information. However,
the issuer remains non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         419.5      CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Cash Credit            138        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       140        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Proposed Long Term       0.59     CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan               10        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 the ratings to 'CRISIL D/CRISIL D/Issuer
Not Cooperating' due to delays in repayment of loan obligations
as confirmed by the banker.

Incorporated in 2011, AIPL is engaged in civil construction
activities in India. It is promoted by Dr J R Ganaramani, who co-
founded the UAE-based Alfara'a group in 1980, which has a long
track record of operations in the civil construction segment in
the UAE, having delivered projects both for private and
government sectors. AIPL is currently constructing residential
and commercial projects in Maharashtra and Karnataka.


AMRIT TRADING: CRISIL Reaffirms 'B' Rating on INR2.5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Amrit Trading Company (ATC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL B/Stable (Reaffirmed)
   Foreign Letter of
   Credit                 10.0       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations and exposure to intense competition. Revenue,
estimated at INR24.14 crore in fiscal 2017, is expected to grow
at 5-10% per fiscal over the medium term backed by promoters'
experience. However, operating margin has been low and
fluctuating because of susceptibility to volatility in input
prices.

Though liquidity is supported by absence of debt-funded capital
expenditure (capex) over the medium term, it is constrained by
large working capital management, reflected in estimated gross
current assets (GCAs) of 301 days as on March 31, 2017.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:
Despite increase in turnover to INR25-30 crore from INR20.14
crore in fiscal 2017, scale is expected to remain small because
of intense competition in the timber industry that has many small
and medium-sized players catering to regional demand. This
constrains bargaining power with suppliers and customers.

* Working capital-intensive operations:
The GCAs were 301 days as on March 31, 2017, due to stretched
receivables as majority of clients are real estate players and
demand in the construction segment has been sluggish. However,
liquidity is supported by letter of credit (LC)-backed creditors
of 150-160 days and estimated unsecured loans of INR3.9 crore as
on March 31, 2017.

* Susceptibility to supplier concentration risk and to volatility
in foreign exchange (forex) rates
Entire raw material is imported from Malaysia and Singapore
which, along with large inventory, exposes the firm to volatility
in input price and forex rates.

Strengths

* Extensive experience of promoters
Presence of over five decades in the timber trading business has
enabled the promoters to establish strong relationship with wood
dealers in Malaysia and Singapore.

Outlook: Stable

CRISIL believes ATC will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if significant improvement in cash
accrual due to better-than-expected revenue and improvement in
working capital management lead to high financial flexibility.
The outlook may be revised to 'Negative' in case of inefficient
working capital management, large, debt-funded capex, significant
decline in revenue and profitability, or substantial forex
losses.

Set up as a partnership firm in 1957 in Jind, Haryana, by Mr
Geetaram Kumar, ATC processes and trades in timber. Mr Mukesh
Kumar has been managing operations since 1992.


AURO INDUSTRIES: Ind-Ra Assigns BB- Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Auro Industries
Limited (AIL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR80 mil. Fund-based limits assigned IND BB-/Stable rating;
    and

-- INR30 mil. Non-fund-based limits assigned IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect AIL's small scale of operations and moderate
credit profile due to its trading nature of business and
susceptibility to the price fluctuation of traded goods.
According to FY17 provisional financials, revenue was down 11.7%
yoy to INR421 million due to the impact of demonetisation. In
FY17, interest coverage (operating EBITDA/gross interest expense)
increased slightly to 1.3x (FY16: 1.1x) on account of a decline
in interest cost. Financial leverage (adjusted net debt/operating
EBITDAR) deteriorated slightly to 5.3x in FY17 (FY16: 5.0x) due
to a marginal decline in EBITDA to INR15 million (FY16: INR16
million). Ind-Ra expects credit metrics to improve in FY18 on
account of an increase in total revenue and EBITDA due to
increasing demand for porcelain insulators in the market.

The ratings, however, are supported by AIL's moderate liquidity
positon indicated by its around 94% average utilisation of the
working capital limits during the 12 months ended July 2017. The
ratings are also supported by the company's promoters' experience
of over 25 years in trading, textile, iron & steel and other
items.

RATING SENSITIVITIES

Negative: A decline in the overall credit profile will be
negative for the ratings.

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

COMPANY PROFILE

Incorporated in 1990, AIL is primarily engaged in the dealership
and distribution of porcelain insulators, light fittings, UPS
systems, textiles and other products. Also, the company is the
sole carry & forward agent in West Bengal for the batteries
manufactured by of Tractors and Farm Equipment Limited.


BHURJI SUPER-TEK: CRISIL Cuts Rating on INR16.68MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhurji Super-tek Industries Limited (BSIL) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

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

   Cash Credit             4         CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit        1.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term      2.32      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

   Term Loan              16.68      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects continuously overdrawn cash credit (CC)
facility for over 30 days, due to stretched liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Overdrawn cash credit facility: In the absence of timely
funding tie-up for the newly operational facility at Bhiwadi
(Rajasthan), stretched liquidity resulted in overdrawn CC limit.

* Weak financial risk profile: Financial risk profile is weak due
to muted debt protection metrics as reflected in interest
coverage and net cash accrual to total debt ratios of 1.6 times
and 0.07 time, respectively, in fiscal 2017.

* Modest scale of operations with large working capital
requirement: Scale has remained modest despite being in the
business for over 30 years, with revenue estimated at INR52.3
crore for fiscal 2017. The operations are working capital
intensive, as reflected in high gross current assets of 244 days,
including debtors and inventory at 57 days and 147 days,
respectively, as on March 31, 2017.

Strengths

* Promoters' extensive industry experience: The promoters'
experience of over two decades helped maintain healthy
relationships with customers and suppliers.

Incorporated in 1986, BSIL, promoted by Mr Kamaljeet Singh
Bhurji, along with his son Mr Amarjeet Singh Bhurji, provides
end-to-end solution for manufacturing electronic goods, including
coolers, water filters, and geysers. It also manufactures moulded
plastic structures/body primarily for original equipment
manufacturers, catering mainly to the electronics industry. Mr
Kamaljeet Singh Bhurji has experience of over three decades in
the plastic moulding industry.


BJ GRAIN: CARE Moves 'D' Rating to Issuer Not Cooperating
---------------------------------------------------------
CARE has been seeking information from B.J Grain to monitor the
rating vide e-mail communications/letters dated May 22, 2017,
June 2, 2017 and August 11, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on B.J. Grain's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             6.00       CARE D; ISSUER NOT
                                     COOPERATING

The rating has been revised on account of continuous delays in
servicing of debt service obligations availed by the firm.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delays in debt service obligations: As per banker interaction,
there are continuous delays in interest payment and overdrawals
in cash credit facility and the account has been classified as
NPA.

Established in October 2015, as a proprietorship entity, B. J.
Grain (BJG) is engaged in trading of grains and pulses. The
firm started its commercial operations from February 2016. BJG
procures the raw material primarily from domestic market, partly
through various brokers, processing mills and partly from farmers
present in the vicinity of Nagpur and adjoining region. The
entity's sales are entirely domestic with majority sales to
distilleries located in and around Vidarbha region and remaining
via various brokers. The firm does not have owned storage
facilities to store the traded goods; instead the facilities are
leased as and when required.


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

-- INR77 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating;

-- INR1.4 mil. Long-term loans migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating;

-- INR31 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
Aug. 16, 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 2007, Brand Concepts sells branded goods all over
the country. It also has its own brands namely Sugarush in the
ladies handbags category and The Vertical in travel bags and
small leather goods categories.


CHANDAN TRADING: ICRA Moves B+ Rating to Issuer Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the INR11.00-crore bank facilities
of Chandan Trading Company Private Limited (CTCPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as:
"[ICRA]B+ (Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash        11.00      [ICRA]B+ (Stable) ISSUER NOT
  Credit                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

As part of its process and in accordance with its rating
agreement with CTCPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Key Rating Drivers

Credit Strength

Long experience of the promoters in agricultural products
business - The promoters have been involved in trading of
agricultural products since 1988. The rating, favourably
considers the long experience of the promoters in agro
commodities trading business.

Credit Challenge

Strong competition owing to low entry barriers in regards to
trading nature of business - The ratings also take into account
the intense competition in the business due to low entry barriers
resulting from its trading nature, thus exerting pressure on
margins.

Incorporated in 2011, CTCPL is primarily engaged in trading of
chana, maize and tamarind; and other agro-products including
amchur, tora, kosra, mahua, amla, etc. The company was promoted
by the Somani family of Jagdalpur, Chhattisgarh. The promoters of
CTCPL had been engaged in agro trading business since 1988
through a proprietorship firm namely, Chandan Trading Company
(CTC), which currently stands discontinued with the commencement
of operations of CTCPL from April 2011.


CRYSTAL CABLE: Ind-Ra Migrates D Rating to Not Cooperating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Crystal Cable
Industries Limited's (CCIL) Long-Term Issuer Rating to 'IND D'
from 'IND BB', while migrating the ratings to the non-cooperating
category. The Outlook was Stable. The issuer did not participate
in the surveillance exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is on the basis of
best available information. The rating will now appear as 'IND
D(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:

-- INR497.4 mil. Fund-based facilities (Long-term) downgraded
    and migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating;

-- INR29.3 Long-term loans (Long-term) downgraded and migrated
    to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR250 mil. Non-fund-based facilities (Short-term) downgraded
    and migrated to non-cooperating category IND D(ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects CCIL's delays in debt servicing during the
12 months ended June 2017, due to tight liquidity position.


D.B. MACHINE: ICRA Moves B+ Ratings to Issuer Not Cooperating
-------------------------------------------------------------
ICRA has moved the long-term rating of the INR2.50 crore packing
credit and INR5.50 crore FDBP limits of D.B. Machine Tools
Private Limited to 'Issuer Not Cooperating' category. The rating
is now denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limit-       2.50      [ICRA]B+ (Stable) ISSUER NOT
  Packing Credit                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund Based Limit-       5.50      [ICRA]B+ (Stable) ISSUER NOT
  Foreign Documentary               COOPERATING; Rating moved to
  Bill Purchase (FDBP)              the 'Issuer Not Cooperating'
                                    category

Rationale

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

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

Key rating drivers

Credit strengths

Experience of the promoter of almost two decades in export of
sponge iron and industrial plant and machinery DBMTPL was
incorporated in 2006 and is a 100% export oriented company based
in Kolkata, and primarily deals in industrial raw materials like
sponge iron, ferrous alloys, silica ramming mass, M.S. Billets,
beams, channels, etc, a wide range of industrial plant and
machinery including automatic re-rolling mills and its spare
parts, workshop machinery, nut and bolt making plant, induction
furnace including spare parts of induction furnace, continuous
casting machine, and all types of refractory items.

Credit weaknesses

Cyclicality inherent in the steel industry, which is passing
through a sluggish phase, is likely to keep DBMTPL's
profitability and cash flows volatile Since the product profile
of the company comprises items which are directly or indirectly
linked to the steel industry, the company's profitability and
cash flows are likely to be impacted by the inherent cyclicality
of the steel industry.

D.B. Machine Tools Private Limited was incorporated in 2006 and
is a 100% export oriented company based in Kolkata. The company
exports almost all its products to Bangladesh. DBMTPL is a
closely held company. The promoter has a business experience of
around two decades in export trade.


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

-- INR152 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating;

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

-- INR78 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;

-- INR2 mil. Proposed non-fund based working capital limit
    migrated to non-cooperating category with Provisional IND
    A4(ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
May 2, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

DNS Electronics is an exclusive distributor of mobile phones,
home appliances, water geysers, lubricants and tyres for
companies such as LG Electronics Limited, VIP Industries Limited,
Shell Lubricants India Private Limited, Ceat Tyres Limited,
Philips India Limited, Samsung India Electronics Private Limited,
Sony India Private Limited and Lenovo (India) Private Limited.


EASTERN GASES: ICRA Lowers Rating on INR41cr Loan to 'D'
--------------------------------------------------------
ICRA has downgraded the long term rating assigned to the INR41
crore fund based bank facilities of Eastern Gases Limited (EGL)
from [ICRA]BBB- with a stable outlook to [ICRA]D. ICRA has also
downgraded the short-term rating assigned to the INR6 crore non-
fund based bank facilities from [ICRA]A3 to [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-Based Limit        41.00     Rating revised to [ICRA]D
  (Cash-Credit)                     from [ICRA]BBB- (Stable)

  Non Fund-Based Limit     6.00     Rating revised to [ICRA]D
  (Bank Guarantee)                  from [ICRA]A3


The rating revision primarily factors in the recent delays in
debt servicing by the company on its banking obligations. The
rating is further constrained by the weak financial profile of
the company arising out of the steep decline in revenues and loss
incurred in Q1FY2018 at net level as per the quarterly results
announced on August 14, 2017. EGL reported operating income of
INR4.0 crore with operating profits (OPBDITA) of INR0.32 crore
and net loss of INR1.17 crore in Q1FY2018 against operating
income of INR70.62 crore with OPBDITA of INR2.35 crore and PBT of
INR0.73 crore in Q1FY2017.

ICRA also take a note of the deterioration in the financial
profile during FY2017 led by fall in operating profitability and
weakening of debt-coverage indicators. In addition, EGL has large
term loan repayment requirement during FY2018 vis-a-vis the net
cash accruals, thus accentuating the stretched liquidity position
of the company. Furthermore, the rating remains constrained by
sensitivity of the company's profitability and cash flows to the
volatility in the crude oil prices, with LPG being a crude oil
derivative. The ratings however, positively factors in the
favourable outlook for LPG owing to the growing demand from
industrial and automobile segments. Going forward, the ability of
the company to service its debt obligations in a timely manner
and report adequate revenue along with improvement in margins
would remain the key rating sensitivities.


GOLD STAR: ICRA Moves D Rating to Issuer Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the ratings for the INR8.50-crore bank facilities
of Gold Star Steels (P) Limited (GSSPL) to the 'Issuer Not
Cooperating' category. The ratings are now denoted as: "[ICRA]D /
[ICRA]D ISSUER NOT COOPERATING".

                      Amount
  Facilities        (INR crore)   Ratings
  ----------        -----------   -------
  Fund-based Limits      5.50     [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

  Non-fund based         3.00     [ICRA]D ISSUER NOT COOPERATING;
  Limits                          Rating moved to the 'Issuer Not
                                  Cooperating' category


Rationale

The ratings are based on limited updated information on the
entity's performance since the time it was last rated in
February, 2016. The lenders, investors and other market
participants are thus advised to exercise appropriate caution
while using this rating as the rating does not adequately reflect
the credit risk profile of the entity. The entity's credit
profile may have changed since the time it was last reviewed by
ICRA; however, in the absence of requisite information, ICRA is
unable to take a definitive rating action.

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

Key rating drivers

Credit strengths

* Long operational track record of the company in the steel
industry - The company has been involved in the steel product
manufacturing business for around two decades. GSSPL is located
in the steel rich region of Chhattisgarh and has easy access to
raw materials such as pig iron, sponge iron, wire rod and mild
steel scrap.

Credit weaknesses

* Stretched liquidity position led to irregularity in debt
servicing by the company in the past - Previously, a major
portion of the company's turnover used to be derived from its
erstwhile group company Orissa Concrete & Allied Industries Ltd.
(OCAIL). Since FY2016, GSSPL faced a steep de-growth in its scale
of operation as a result of decline in the flow of orders from
OCAIL which had been passing through a challenging business
scenario. This aggravated GSSPL's liquidity position, resulting
in irregularity in debt servicing by the company in the past.
ICRA notes that, subsequent to the change in GSSPL's ownership
and management in the recent past, the company's client profile
has got diversified.

* Exposure to the cyclicality associated with the steel industry,
which is likely to keep GSSPL's profitability and cash flows
volatile - Given the cyclicality inherent in the steel industry,
the company would remain exposed to the volatility in the prices
of raw materials and finished products. Moreover, the demand
scenario in the steel industry continues to remain weak, which
may affect GSSPL's performance in the near to medium term. The
company's limited ability to pass on price fluctuations to its
customers in an intensely competitive industry leaves its
profitability vulnerable to steel price trends.

GSSPL was incorporated in 1992 by the Raipur-based Agarwal
family. However, the company has been taken over by the Vaswani
family in the recent past. GSSPL has facilities for manufacturing
high tension steel (HTS) wire, inserts and insular caps with
annual capacities of 7,200 metric ton (MT), 50.00 lakh units and
18.00 lakh units respectively.


GRAMEEN VIKAS: CRISIL Lowers Rating on INR2MM LT Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Grameen Vikas
Sanstha (GVS) for obtaining information through letters and
emails dated April 13, 2017, and May 8, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term       2       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

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

GVS is a Meerut, Uttar Pradesh-based not-for-profit society set
up in 1989, and managed by the secretary, Mr. Prem Pal Singh
Tomer. The society operates several educational, vocational, and
training institutes under state and central government schemes
for the under privileged.


HISAR STEELS: CRISIL Lowers Rating on INR4MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Hisar Steels
Private Limited (HSPL) for obtaining information through letters
and emails dated April 13, 2017, and May 08, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Proposed Cash           2.13     CRISIL B/Stable (Issuer Not
   Credit Limit

   Term Loan                .04     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 Hisar Steels 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 Hisar Steels Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating at 'CRISIL B/Stable'.

HSPL was incorporated in 2011 by Mr. Dinesh Garg and his wife,
Ms. Anuradha Garg. It started commercial operations in April
2012. The company manufactures stainless steel (SS) pipes, and SS
tubes of 12.5-100 millimetres. HSPL's manufacturing facility is
in Hisar, Haryana.


HS WEAVERS: ICRA Moves B Ratings to Issuer Not Cooperating
----------------------------------------------------------
ICRA has moved the rating of INR8.50 crore bank facilities of
H. S. Weavers Private Limited to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  4.00      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Term
  Loan                    4.05      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non-fund based-        (0.90)     [ICRA]A4; ISSUER NOT
  Foreign Letter of                 COOPERATING; Rating moved
  credit (Sublimit                  to the 'Issuer Not
  of TL)                            Cooperating' category

  Unallocated Limits      0.45      [ICRA]B (Stable)/[ICRA]A4;
                                    ISSUER NOT COOPERATING;
                                    Rating moved to the 'Issuer
                                    Not Cooperating' category

Rationale

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

As part of its process and in accordance with its rating
agreement with H. S. Weavers Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Promoters experience and operational synergies from group
company - The promoters have longstanding experience of the
fabric processing industry. Further, promoter's presence in the
textile industry through group companies and knowledge of
prospective customers and suppliers base should help the
management to stabilise operations of H. S. Weavers Private
Limited with adequate capacity utilisation during its initial
years of operation.

Credit weaknesses

* Limited operational track record - Given the initial stage of
operations of its manufacturing unit, and stiff competition
within market, the ability of the company to compete with
established units in the industry and to stabilise its operations
post commencement of its manufacturing unit with desired
operational parameters and capacity utilization, remains
critical.

* Stiff competition within market limiting margin flexibility -
The textile industry is characterised by high levels of
competition across the value chain, due to high fragmentation and
low entry barriers. This limits the pricing power of the
companies in the segment and may affect their profit margins.

* Susceptibility to raw material price fluctuation risk - Since a
significant portion of the raw materials are crude oil
derivatives, the company's profitability remains exposed to the
movement in raw material prices. Given the limited track record
of the company, its ability to pass on such raw material price
movements cannot be ascertained.

* Leveraged capital structure - The capital structure of the
company is expected to remain stretched in the near to medium
term due to debt-funded capex and the requirement of working
capital to fund operations.

H. S. Weavers Pvt. Ltd. was incorporated in July 2014, with the
objective of manufacturing grey fabrics. Mr. Shreshth Patodia,
Mr. Sagar Patodia, Mr. Vaibhav Kanodia and Mr. Hariprakash
Kanodia are the key directors and promoters of the company. The
company has taken a land parcel of ~4,426 sq. m. at Tantithya
Village in Palsana Taluka of Surat District (Gujarat) on a long-
term lease of 30 years for its factory. This grey fabric
manufacturing unit of the company has been operational since
August 2015.


IDEAL HOTEL: Ind-Ra Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ideal Hotel and
Industries Limited's (IDEAL) 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:

-- INR150 mil. Fund-based working capital limits 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. 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

IDEAL was incorporated in 1985 and is engaged in providing
hospitality services. It operates a hotel under the brand name
'Amaya' which is at a prime location in Mall road cant.,
Varanasi.


INDIA STEEL: CARE Moves B+ Rating to Issuer Not Cooperating
-----------------------------------------------------------
CARE has been seeking information from India Steel Continental
Private Limited to monitor the rating(s) vide e-mail
communications dated July 17, 2017; July 11, 2017; July 3, 2017;
May 30, 2017; May 26, 2017; May 22, 2017; May 12,
2017; May 8, 2017; April 12, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's
rating on India Steel Continental Private Limited's bank
facilities will now be denoted as CARE B+/CARE A4; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             30.21      CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities              5.50      CARE A4; ISSUER NOT
                                     COOPERATING

Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution
while using the above rating(s).

Detailed description of the key rating drivers
At the time of last rating on May 12, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Weak overall solvency position: The company had a leveraged
capital structure with long-term debt to equity ratio of 1.02x
and the overall gearing of 1.67x, as on March 31, 2015. The total
debt to GCA ratio also remained weak at 20.96x, as on March 31,
2015. The interest coverage ratio remained at a moderate level of
1.57x in FY15 (refers to the period April 1 to March 31).

Working capital intensive operation: The operations of the
company are working capital intensive as reflected by average
operating cycle of 98 days as on March 31, 2015.

Susceptibility to raw material price fluctuations: The main raw
materials of the company are mild steel waste scrap. The prices
of the key raw materials are fluctuating in nature as they depend
on demand and supply scenario and the price variation is at times
not completely passed on to the customers due to competitive
nature of the market. This exposes the margins to any adverse
movement in the raw material prices.

High competition and cyclicality inherent in the steel industry:
The steel industry is sensitive to the shifting business cycles,
including changes in the general economy, interest rates and
seasonal changes in the demand and supply conditions in the
market which directly expose their cash flows and profitability
to volatility in the steel prices.

Key Rating Strengths

Experienced promoters and long track record of operations: The
company is currently being managed by Mr Vishwamitter Saini and
Mr Kailash Chand Saini who have an experience of ~20 years and
~15 years, respectively, in the iron and steel industry.

Comfortable operating margins: The PBILDT margins remained
comfortable at 10.85% in FY15.

India Steel Continental Private Limited (ISCPL) was incorporated
in the year 2010. ISCPL is a family-owned business promoted by Mr
Vishwamitter Saini and is engaged in the manufacturing of steel
products at its manufacturing facility located at Sirmor,
Himachal Pradesh.


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

-- INR1,279 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
July 25, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Indore Treasure Island runs a mall in Indore.


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

-- INR220 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating.

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

COMPANY PROFILE

JPB Chemical Industries manufactures, import and distributes
pharmaceuticals, solvents and bulk drugs.


K B A INFRASTRUCTURE: Ind-Ra Affirms BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed K B A
Infrastructure Private Limited's (KBA) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR100 mil. Fund-based facilities affirmed with IND BB-
    /Stable/IND A4+ rating; and

-- INR130 mil. Non-fund-based facilities affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects KBA's continued moderate credit profile.
Revenue decreased in FY17 to INR267 million (FY16: INR363
million) on account of a fewer number of orders received and
executed. EBITDA margin were volatile in the range of 8.8%-14.7%
over FY13-FY17. However, the credit metrics improved on account
of an increase in profitability and partial repayments of debt.
Net leverage was 2.5x in FY17 (FY16: 3.4x) and EBITDA interest
coverage was 2.2x (2.3x). EBITDA margin increased in FY17 account
of high-margin projects executed in that year. During 1QFY18, KBA
booked revenue of INR65 million and raised bills for INR50
million and had an order book of INR770 million which would be
executed in the next three to four years. FY17 and 1QFY18
financials are provisional in nature.

The ratings are supported by the company's comfortable liquidity
with average utilisation of the working capital limits being
87.10% for the 12 months ended July 2017, and over 20 years of
experience of its promoters in the engineering, procurement, and
construction segment.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and improvement in
the profitability leading to a sustained improvement in the
credit metrics will be positive for the ratings.
Negative: A substantial decline in the revenue or profitability
and sustained deterioration in the overall credit metrics will
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2005, KBA is an EPC contractor engaged in
executing government projects. The firm undertakes civil
construction work primarily for the Municipal Corporation of
Greater Mumbai. KBA operates in Mumbai, Maharashtra.


K2 METALS: ICRA Moves B Rating to Issuer Not Cooperating Category
-----------------------------------------------------------------
ICRA has moved the rating of INR14.50 crore1 bank facilities of
K2 Metals Private Limited' to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) /
[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  5.00      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund-based-Term
  Loan                    5.00      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Non-fund based-
  Letter of Credit        4.50      [ICRA]A4; ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Non-fund based-        (4.50)     [ICRA]A4; ISSUER NOT
  Buyers Credit                     COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

As part of its process and in accordance with its rating
agreement with K2 Metals Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Promoters experience and operational synergies from group
companies - The promoter of the company has an experience of more
than a decade in marketing various steel products. Further, the
presence in the trading business of steel products through group
companies and knowledge of prospective customers and suppliers
base would help the management to stabilise operations of K2
Metals Pvt. Ltd. with adequate capacity utilisation during its
initial years of operations.

Credit weaknesses

* Limited operational track record - Given the initial stage of
operations of its manufacturing unit, and the stiff competition
in the market, the ability of the company to compete with
established units in the industry as well as to stabilise its
operations post commencement of its manufacturing unit with
desired operational parameters and capacity utilization, remains
critical.

* Stiff competition within market - Highly competitive domestic
and international markets with several players engaged in
manufacturing and trading of various steel products will restrict
prices and margin flexibility.

* Profitability vulnerable to adverse movement in raw material
process - The company holds a high inventory of ~384 days (as on
March 31, 2016). Due to the same, profitability remains
vulnerable to adverse fluctuations in raw material prices.

* Leveraged capital structure - The capital structure of the
company is expected to remain stretched in the near to medium
term due to debt-funded capex and the requirement of working
capital to fund operations. However, considerable contribution
through interest free unsecured loans from promoters provides
comfort to some extent.

Mr. Rahul Kulkarni and Mrs. Megha Kulkarni founded the company,
K2 Metals Private Limited, in 2009. They both hold equal
shareholding in the company. Although the company was
incorporated in FY2009, it commenced manufacturing bright steel
bars and wires from FY2016, targeting the auto, construction,
infrastructure, and engineering sectors.


MADHABGANJ KARUNAMOYEE: ICRA Moves B Rating to Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the INR5.25 crore bank facilities
of Madhabganj Karunamoyee Himghar Private Limited (MKHPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based-Working
  Capital Loan            0.83      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING Rating moved to
                                    the 'Issuer Not Cooperating
                                    category

  Fund Based-Seasonal     4.23      ICRA]A4, ISSUER NOT
  Cash Credit                       COOPERATING Rating moved to
                                    the 'Issuer Not Cooperating
                                    category

  Non-fund based-Bank     0.16      ICRA]A4, ISSUER NOT
  Guarantee                         COOPERATING Rating moved to
                                    the 'Issuer Not Cooperating
                                    category

  Unallocated Limits      0.03      [ICRA]B (Stable)/[ICRA]A4,
                                    ISSUER NOT COOPERATING Rating
                                    moved to the 'Issuer Not
                                     Cooperating category

Rationale

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

As part of its process and in accordance with its rating
agreement with MKHPL, ICRA has been trying to seek information
from the entity so as to monitor its performance and has also
been sending repeated reminders to the entity for payment of
surveillance fee that became due. However, despite multiple
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite cooperation and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experience of the promoters in the potatoes trading -
Incorporated in 2011, MKHPL is owned by the Ranjit Maity and
family and by Mondol family of Kolkata. MKHPL has commenced its
commercial operation in March 2013. Prior to the commencement of
cold storage operation, in FY2013, MKHPL was engaged in trading
of potato.

* Locational advantage by way of presence of its cold storage
unit in West Bengal, a state with large potato production- - .
MKHPL is situated in the Bankura district of West Bengal and has
a capacity to store 17,200 metric tonnes (MT) of potatoes. The
favourable location of the storage unit, in close proximity to
the leading potato growing areas of West Bengal, augurs well for
the company, as it provides it with a wide catchment area.

Credit weaknesses

* Small scale of operations - Small scale of current operations
with no major growth witnessed in the top-line of the company
over the past few years.

* Regulated nature of the industry makes it difficult to pass on
increase in operating costs in a timely manner, thus leading to a
downward pressure on profitability - The entire business is
regulated by the Government and the storing of potatoes is done
to prevent the farmers from engaging in distress sale of the
produce. The rentals for potato storage are fixed by the State
Government in West Bengal.

Incorporated in 2011, MKHPL is owned by the Ranjit Maity and
family and by Mondol family of Kolkata. MKHPL has commenced its
commercial operation in March 2013. Prior to the commencement of
cold storage operation, in FY13, MKHPL was engaged in trading of
potato. MKHPL is situated in the Bankura district of West Bengal
and has a capacity to store 17,200 metric tonnes (MT) of
potatoes.


NARULA BUILD: CRISIL Downgrades Rating on INR3.5MM Loan to 'B'
--------------------------------------------------------------
CRISIL has been consistently following up with Narula Build Well
Private Limited (Narula) 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
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             3.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

Narula was set up in 2000 as a civil contractor in Amritsar,
Punjab. The company was started by Mr. Rashpal Singh Narula and
his son Mr. Parminder Singh. It undertakes projects in civil
construction, primarily road construction, for local, state, and
central government agencies.


NAVDURGA PULP: Ind-Ra Migrates BB- Rating to Not Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Navdurga Pulp
and Paper Mills (I) Pvt Ltd's (NPPM) 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:

-- INR35 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR50.68 mil. Long-term loans migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

NPPM was incorporated in 2010 by Mr Rajesh Agarwal and is engaged
in the manufacturing of kraft paper from recycled waste paper.
Its 12,000MTPA facility is located in Bemetara, Chhattisgarh.


ORISSA CONCRETE: ICRA Moves D Rating to Issuer Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the INR18.50-crore bank facilities
of Orissa Concrete & Allied Industries Limited (OCAIL) to the
'Issuer Not Cooperating' category. The ratings are now denoted
as: "[ICRA]D / [ICRA]D ISSUER NOT COOPERATING".

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund-based Limits    10.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

  Non-fund based        8.00      [ICRA]D ISSUER NOT COOPERATING;
  Limits                          Rating moved to the 'Issuer Not
                                  Cooperating' category

Rationale

The ratings are based on limited updated information on the
entity's performance since the time it was last rated in
February, 2016. The lenders, investors and other market
participants are thus advised to exercise appropriate caution
while using this rating as the rating does not adequately reflect
the credit risk profile of the entity. The entity's credit
profile may have changed since the time it was last reviewed by
ICRA; however, in the absence of requisite information, ICRA is
unable to take a definitive rating action.

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

Key rating drivers

Credit strengths

* Long experience in concrete sleeper manufacturing business - In
the year 1979, the company was empanelled with the Indian
Railways for supply of various types of pre-stressed concrete
sleeper (PCS). Since then, the company had been manufacturing
PCS, implying a long operational track record in the business.

Credit weaknesses

* Irregularity in debt servicing in the recent past - ICRA takes
note of irregularity in debt servicing by the company, due to its
adverse financial position as a result of a sharp decline in the
flow of orders from clients since FY2015. Such delays in debt
servicing were witnessed till the recent past.

* Penalty imposed on account of quality deviations dented OCAIL's
business profile - The company faced penalty imposition (around
INR2 crore) by the Indian Railways on account of quality
deviations. Following this, the company witnessed a challenging
business scenario, adversely impacting its scale of operation,
profitability and liquidity.

Incorporated in 1979, OCAIL is a closely held company belonging
to the Raipur-based Agarwal family. OCAIL has facilities at
Raipur, Chhattisgarh for manufacturing concrete sleepers with an
annual capacity of 4.25 lakh sleepers per annum. The company is
empanelled with Indian Railways for supply of concrete sleepers
to the South Eastern Central Railway (SECR) zone.


P. PRAFUL: CRISIL Lowers Rating on INR9MM Cash Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with P. Praful And
Company Agency (India) Private Limited (PPCA) for obtaining
information through letters and emails dated April 18, 2017, and
May 9, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL 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 P. Praful And Company Agency
(India) 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 P. Praful And
Company Agency (India) Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower. Based on
the last available information, CRISIL has downgraded the rating
to 'CRISIL B/Stable'.

Incorporated in 2010, PPCA is promoted by the Ahmedabad
(Gujarat)-based Bhalakia family. The company trades in specialty
chemicals, which it supplies to industries such as textile,
pharmaceutical, and food products. It has its warehouses in
Hyderabad, Jodhpur, Mumbai, and Bengaluru.


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

-- INR211.63 mil. Term loan migrated to non-cooperating category
    with IND BBB-(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

Padmavati Ferrous manufactures ferro alloys (25,000MT per annum),
sponge iron (100,000MT per annum) and metallurgical coke
(75,000MT per annum).


PINNACLE BIOMED: ICRA Assigns B+ Rating to INR20cr Loan
-------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ and short-term
rating of [ICRA]A4 to the INR25.00 crore fund-based and non-fund
based bank facilities of Pinnacle Biomed Private Limited. The
outlook on the long-term rating is 'Stable'.

                          Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  Fund-based Limits        20.00      [ICRA]B+ (Stable); Assigned
  Non-fund Based Limits     5.00      [ICRA]A4; Assigned

Rationale

The assigned ratings take into account the extensive experience
of PBPL's promoters in marketing and distribution of specialised
pharmaceutical products and its well diversified customer base
comprising leading clinics and hospital chains, largely based in
Mumbai and Chennai. The ratings also factor in the company's
recent diversification in the business of developing hospital
infrastructure, which is likely to render support to the
company's topline growth in the near to medium term. The ratings,
however, is constrained by the company's moderate scale of
operations and the susceptibility of its revenues to regulatory
changes prevailing in the pharmaceutical industry. Evidently,
curbing of prices of key pharmaceutical consumables, particularly
'stent' by the National Pharmaceutical Pricing Authority (NPPA)
has led to a significant decline in the company's operating
income in FY2017. The ratings are also constrained by the
company's relatively low profit metrics, attributable to the
limited value addition in trading nature of business, its
leveraged capital structure with gearing level of 1.77 times as
on March 31, 2017 and weak coverage indicators. Furthermore, the
company's working capital intensive nature of the business, a
result of the extended credits offered to customers against
limited credit received from suppliers and the nature of its high
inventory, has led to a tight liquidity position as represented
by NWC/OI of ~61%. This has further entailed near to full
utilisation of fund-based working capital limits. ICRA also takes
note of the forex risk associated with the operations, due to the
recent increase in its import activity, which is further
accentuated in the absence of a firm forex hedging policy in
place.

Going forward, the company's ability to ramp its scale of
operation, especially through diversification of revenues with
various products and stabilisation of the hospital infrastructure
segment will be critical from the credit perspective. Also, the
company's ability to improve its profitability amid regulatory
caps on prices of key consumables and growing competitive
pressures within the market remains the key rating monitorable.
Furthermore, judicious management of the working capital cycle,
especially a favorable credit term with customer and suppliers
and lower inventory will also be a key rating sensitivity.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the pharmaceutical
marketing and distribution business - PBPL's directors have an
extensive experience spanning over more than two decades in the
trading of advanced and specialised pharmaceutical and healthcare
products. This has facilitated the company to establish its
presence, especially in the tier-I cities in India.

* Customer base consists of leading clinics and hospital chains
based in Mumbai and Chennai which reduces counter-party risk -
Over the years, PBPL has strengthened its business relationship
with reputed hospitals, clinics and surgeons, particularly in
Mumbai and Chennai. An extensive relationship with well-reputed
and established hospitals and clinics lowers the counterparty
risks of PBPL.

Credit weaknesses

* Moderate scale of operations; exposure of revenues to
regulatory changes, which may curtail growth prospects -
Company's topline remained fluctuating in the range of INR70-80
crore between FY2013-2016. Furthermore, regulatory interference
by the NPPA via caps on prices of key consumables, particularly
'stent', which contributes heavily for the cost of an
Angioplasty, has led to the decline in turnover by almost ~32% to
INR50.20 crore in FY2017 from INR73.64 crore in FY2016. Further,
caps on prices of orthopaedic implants, intraocular lenses,
artificial heart valves and several other key consumables in the
coming months by the NPPA has been curtailing the growth and
profitability of the company.

* Relatively weak financial risk profile as indicated by modest
profitability, leveraged capital structure and weak coverage
indicators - Trading nature of the business has kept the
company's profitability relatively low. Further, due to
regulatory caps on prices of the key products traded by the
company during FY2017, the OPM declined considerably from 9.06%
in FY2015 to 6.64% in FY2017. This in-turn has led to a decline
in the NPM over the last two years. The PBT margin of the company
stood at ~1.16% during FY2017. Though capital structure has
improved over the last five years, it continues to remain
leveraged at ~1.77 times as on
March 31, 2017. Further, due to a decline in profitability, the
coverage ratios, as represented by OPBDITA/I&F charges, declined
over the last two years and remained weak at ~1.31 times during
FY2017.

* High working capital intensity within the business leading to
tight liquidity position - Working capital intensity in the
business is high due to higher credit extended to customers
against relatively lower credit available from its suppliers
along with high inventory levels maintained by PBPL. The working
capital intensity, as represented by NWC/OI remained
significantly high and further increased from ~44% in FY2016 to
~61% in FY2017. Further, the company utilised almost ~93% of its
sanctioned limits during last 10 months ending May 2017. The
drawing power also declined from ~INR 20.00 crore in FY2016 to
~INR 13.00 by June 2017 indicating a tight liquidity position.

* Foreign exchange risk associated with imports of the products -
The company procures 10-30% of its products required for the
trading activities from the international market, particularly
from the USA and Finland. Thus, the revenue and margins are
susceptible to currency fluctuation in the foreign exchange
market, as the Indian rupee has been highly fluctuating during
the last few years. Increase in imports of products over the last
few years exposes the company to risks associated with
fluctuations in foreign exchange rates; however, cost plus annual
price contracts with clients mitigates the risk partially.

PBPL began its operations in 1998. It was started as a
pharmaceutical trading entity by Mr. Gulshan Bakhtiani who used
his industry knowledge as a partner in a pharmacy store and an
ex-Area Manager for Lupin Pharmaceuticals. In 2004, Mr. Bakhtiani
converted Pinnacle into a private limited company and shifted its
core area of operations to marketing and distribution of specific
high-end technological healthcare consumables and equipment. PBPL
has corporate office-cum-warehouses at Mumbai, Bhiwandi, Pune,
Ahmadabad and Chennai. Mr. Gulshan Bakhtiani and Dr. (Mrs.) Anita
Bakhtiani are the key management personnel of the company and
have an experience of around two decades in the same line of
business.

PBPL recorded an operating profit of INR3.33 crore on an
operating income of INR50.20 crore for the year ending March 31,
2017 as per provisional statement, against a operating profit of
INR5.08 crore on an operating income of INR73.64 crore for the
year ended March 31, 2016 as per audited statement.


PMR CONSTRUCTION: ICRA Moves B+ Rating to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR20.00-crore bank facilities
of PMR Construction Company (PMR) to the 'Issuer Not Cooperating'
category. The rating is now denoted as:
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-         5.00      [ICRA]B+(Stable); ISSUER NOT
  based-Cash Credit                 COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Short-term Non-fund    15.00      [ICRA]A4; ISSUER NOT
  Based Facilities                  COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

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

Key rating drivers

Credit strengths

* Long experience and established track record of promoters in
the industry: Incorporated in 2002, the firm undertakes civil-
government contracts involving construction of roads, bridges and
buildings.

* Adequate manpower and equipment resources available to back
execution of ongoing projects: The firm has adequate manpower and
also has most of the necessary equipment for the construction
contracts undertaken by it, such as asphalt-batching plant and
portable mixer machines. It takes the rest on lease as and when
needed.

Credit weaknesses

* Small scale of operations: The operating income of the company
was modest at INR27.3 crore in FY2015.

* Vulnerability of profit margins to fluctuations in raw material
and labour costs: Bitumen is the key raw material for road
contractors such as PMR. As small to medium-sized road laying and
patch work contracts within a period of less than 18 months do
not usually contain an escalation covenant, the firm's
profitability margins remain exposed to fluctuations in raw
material prices.

* Substantial geographic concentration risk and sectoral
concentration: The projects executed by the firm in the past have
been mainly restricted to Kerala.

PMR Constructions was incorporated as a partnership firm in 2002
by Mr. PM Alavi Haiji and his sons. Mr. Haji is a Class 'A' (PWD)
civil contractor in Kerala, and has more than four decades of
experience in the contracting industry. The firm undertakes civil
government contracts involving construction of roads, bridges and
buildings. However, in the last few years the firm had been
primarily involved with construction and repair of roads in
Kerala.


RAVI TRADING: ICRA Moves B+ Rating to Issuer Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the INR10.00 crore bank facilities
of Ravi Trading Co. to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".
                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund-based Limits-       10.00     [ICRA]B+ (Stable) ISSUER NOT
  Cash Credit                        COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

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

As part of its process and in accordance with its rating
agreement with RTC, ICRA has been trying to seek information from
the entity so as to monitor its performance and had also sent
repeated reminders to the company for payment of surveillance fee
that became overdue, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Long standing experience of promoters in the agro-commodities
trading business - Established in 1997, partners of the firm have
significant experience in the agriculture sector and are engaged
in processing/cleaning/grading of wheat.

Credit weaknesses

* High competitive intensity in trading business because of
fragmented industry structure - The agro industry is highly
fragmented with a large number of organised and unorganised
players that limit its pricing flexibility and bargaining power.

* Operations exposed to seasonality and commodity price
fluctuation - Inherent vulnerability to agro-climatic risks as
well as to changes in Government policies, which impact the
availability and prices that in turn affect the profitability of
the company.

Ravi Trading Co. was established in 1997 as a proprietorship firm
by Mr. Gaurishankar Patel in Idar, Sabarkantha and was primarily
engaged in trading of wheat and pulses (toor dal, urad dal). It
was later converted into a partnership firm in 2001 with Mr.
Hitesh Patel joining as a partner. The firm currently has three
partners Mr. Hitesh Patel, Mr. Ravi Patel and Mr. Navinchandra
Patel and is engaged in processing and trading of wheat. The
plant is located in Himmatnagar with an installed output capacity
of 240 metric tons per day (MTPD).

In FY2015, the company reported a net profit of INR0.30 crore on
an operating income of INR92.64 crore, as compared to a net
profit of INR0.24 crore on an operating income of INR70.14 crore
in FY2014.


RGTL INDUSTRIES: ICRA Lowers Rating on INR125cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the long-term rating of RGTL Industries Limited
from [ICRA]BB (Stable) to [ICRA]D for INR163.11 crore1 bank
lines. ICRA has also revised the short-term rating from [ICRA]A4
to [ICRA]D for INR1.0 bank lines of RIL. The ratings continue to
remain in the 'Issuer Not Cooperating' category.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Working Capital        125.0      [ICRA]D ISSUER NOT
  Limits                            COOPERATING; Ratings
                                    downgraded from [ICRA]BB
                                    (Stable)/[ICRA]A4 and
                                    continue to remain in the
                                    'Issuer Not Cooperating'
                                    category

  Term Loans             29.32      [ICRA]D ISSUER NOT
                                    COOPERATING; Ratings
                                    downgraded from [ICRA]BB
                                    (Stable)/[ICRA]A4 and
                                    continue to remain in the
                                    'Issuer Not Cooperating'
                                    category

  Unallocated             8.79      [ICRA]D ISSUER NOT
                                    COOPERATING; Ratings
                                    downgraded from [ICRA]BB
                                    (Stable)/[ICRA]A4 and
                                    continue to remain in the
                                    'Issuer Not Cooperating'
                                    Category

  Non Fund Based Limits   1.00      [ICRA]D ISSUER NOT
                                    COOPERATING; Ratings
                                    downgraded from [ICRA]BB
                                    (Stable)/[ICRA]A4 and
                                    continue to remain in the
                                    'Issuer Not Cooperating'
                                    category


Detailed Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with PRPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's ratings are now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

The rating revision factors in delays in debt servicing by the
company following pressures on liquidity due to decline in
revenue and profitability.

Key rating drivers

Credit Strengths

* Long experience of the promoters and well established brand
  'Rathi' in the steel bars industry

* Sizeable rolling capacity of 150000 TPA provides economies of
  Scale

* Wide distribution network across Northern India

Credit Weakness

* Delays in debt servicing following pressures on liquidity
  due to decline in revenue and profitability

* High competitive intensity and fragmented nature of the
  industry limits the pricing flexibility of the industry
   participants including RIL

* Increase in working capital intensity primarily on account of
  increase in receivable days

* Exposure to price volatility due to the cyclicality inherent in
  the steel industry, especially in light of sizeable debt
  repayment commitments over the next few years

RGTL Industries Limited (RIL, erstwhile Rathi Rajasthan Steel
Mills Limited) is a public limited company engaged in the
manufacturing of Thermo Mechanically Treated (TMT) bars. RIL was
promoted in 2004 by Mr. Raj Kumar Rathi and became a 100%
subsidiary of Rathi Graphic Technologies Limited2 in 2007-08.
However Rathi Graphic Technologies Limited now holds 49.18% stake
in RIL. RIL has its manufacturing unit in Bhiwadi (Rajasthan),
with a rolling mill capacity of 150000 TPA.


ROYAL FOODSTUFFS: CRISIL Lowers Rating on INR10.91MM Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Royal Foodstuffs
Private Limited (RFPL) 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             0.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Export Packing Credit   2.5       CRISIL B (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Long Term Loan         10.91      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term      .09       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

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

Incorporated in 2001, RFPL is engaged in the business of
processing and marketing fruit pulps and vegetable both into
domestic and international markets. The company derives around 60
per cent of its revenues from sale of mango pulp, around 40 per
cent from sale of pomegranate juice and the remaining from other
fruits and vegetables.


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

-- INR150 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)
    rating;

-- INR20 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
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

S.G.S Motors has an automobile dealership since 1954.


SACRED HEART: CRISIL Lowers Rating on INR7MM Term Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Sacred Heart
Convent School (SHCS) for obtaining information through letters
and emails dated April 13, 2017, and May 10, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               7        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 Sacred Heart Convent School.
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 Sacred Heart Convent School is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to CRISIL B/Stable.

SHCS was set up in 1992 under the management of the Fathers of
the Little Flowers congregation. It is an English medium school
in Malout and runs Class Nursery to Class X under the affiliation
of Indian Certificate of Secondary Education board.


SHANTI EDUCATIONAL: ICRA Cuts Rating on INR7.10cr Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the rating for the INR7.1-crore bank facility
of Shanti Educational Trust (SET) from [ICRA]B- to [ICRA]D. The
rating is moved to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term         7.10      [ICRA]B- downgraded to
  Loan                              [ICRA]D ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

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

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

Key rating drivers

Credit strengths

Established franchise partner - G.D. Goenka Public School under
which the school has been set up - SET has set-up a school as a
franchise partner of New Delhi based G.D. Goenka Public School in
Patna. While the trust has limited history of imparting education
with the first batch starting from AY2013-14, the established
brand of G.D. Goenka Public School provides acceptance and
visibility among the parents and students.

Credit weaknesses

Delay in timely debt servicing
The trust has been delaying in servicing its debt obligations in
a timely manner due to liquidity issues.

Weak financial profile characterised by nominal profit and cash
accruals from operations resulting in weak debt coverage
indicators- ICRA notes that the revenue generation of the school
continued to remain low till AY2014-15 atleast resulting in
nominal profit and cash accruals.

Inherent cash flow mismatches, given the nature of business of
education institutes- Given the nature of business of educational
institutions, cash flow mismatches are inherent , which makes
appropriate treasury operations critical in servicing the debt
obligations in a timely manner.

SET was established in 2010 as a trust in Patna, Bihar. The trust
has started a school as a franchisee of G. D. Goenka Public
School and AY2013-14 was the first year of operation for the
school. Currently, the school conducts classes from Nursery to
standard IX.


SHREEGEN PHARMA: CRISIL Lowers Rating on INR13MM Loan to 'B'
------------------------------------------------------------
CRISIL has been consistently following up with Shreegen Pharma
Limited (SPL) 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
   ----------          ---------    -------
   Bank Guarantee          .5       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit            5.0       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit       4.5       CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan        13         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 Shreegen Pharma 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 Shreegen Pharma Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower. Based on the last available information, CRISIL has
downgraded the long term rating to 'CRISIL B/Stable' and
reaffirmed the short term rating at 'CRISIL A4'.

Incorporated in 2012 as a closely held public limited company,
SPL manufactures bulk drugs. Its manufacturing facility is in
Bidar, Karnataka. Operations are managed by Mr. B R Mangeswar
Reddy.


SILVERLINE INVESTMENTS: ICRA Moves C+ Rating to Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the INR12.65-crore bank facilities
of Silverline Investments to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]C+ ISSUER NOT
COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term loans              5.25       [ICRA]C+ ISSUER NOT
                                     COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Long-term unallocated    7.40      [ICRA]C+ ISSUER NOT
                                     COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

Rationale

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

As part of its process and in accordance with its rating
agreement with Silverline Investments, ICRA has been trying to
seek information from the entity to monitor its performance.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit strengths

* Experience of the promoters in development of residential and
commercial properties - Formed in January 2004, the firm
completed six residential projects and two commercial projects
until FY2016. The partners of the firm have up to 35 years of
experience in the construction industry and have undertaken
various projects including construction of residential projects,
commercial properties, factory buildings, hospitals, road work
etc.

* Long tenure of the lease period and presence of rental rate-
escalation clause - The firm has a 10-year agreement with its
tenant with a 5% escalation in rent every year. The long tenure
of the rental agreement ensures revenue visibility to an extent.

Credit weaknesses

* Small scale of operations with high customer concentration -
With a turnover of INR2.0 crore in FY2015, the scale of
operations of Silverline Investments remained modest, limiting
its operational and financial flexibility. The firm derived its
entire revenues from rentals received from its single tenant,
exposing it to high tenant-concentration risk.

* Absence of debt service reserve account (DSRA) exposes the firm
to default risk - In the absence of DSRA, the firm is completely
reliant on its tenant to pay rentals on time to meet the debt
obligations in a timely manner. In the past, the firm had
defaulted on its principal repayments due to delay in payment of
rent by its tenant.

* Inherent risk associated with the partnership firm - The firm
is also exposed to the inherent risks associated with partnership
firms, such as risk of capital withdrawal and limited ability to
raise capital, among others.

Formed in January 2004, Silverline Investments is a partnership
firm involved in development of residential and commercial
properties. The firm had completed six residential projects and
two commercial projects as of February 2016. Having sold the
first commercial property, the rentals from the second property,
Silverline Polymatix, constituted the entire operating income of
the firm in FY2016.


SION STEELS: ICRA Reaffirms B+ Rating on INR10cr Loan
-----------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR10.00 crore fund-based bank facilities of Sion Steels.  The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based Limits      10.00     [ICRA]B+ (Stable); Re-affirmed

Rationale

The rating reaffirmation for Sion Steels continues to take into
account the firm's weak financial profile, which is characterised
by moderate scale of operations and the steady decline in
operating income in the last three years, attributable to muted
demand for the key products in the domestic market. The ratings
also continue to remain constrained by the weak profitability
owing to the trading nature of the business, its leveraged
capital structure and low debt coverage indicators. Furthermore,
the working capital intensive nature of the firm's business,
emanating from high inventory levels and elongated credits to
customers, has led to a tight liquidity position. Further, given
the cyclicality inherent in the industry and the high level of
inventory, the firm is also exposed to price risks and
competitive pressures from the organised and unorganised players
from the domestic as well as the international market. The
ratings also incorporate the risk of capital withdrawals, given
its constitution as a partnership firm.

The ratings, however, favorably consider the extensive experience
of the partners in the business of trading in steel products and
the firm's advantage due to its proximity to customers and
suppliers.

Going forward, the firm's ability to manage its working capital
cycle, especially by reducing its inventory holding and ramp up
its scale of operations while improving its profit margins, will
remain the key rating sensitivity from the credit perspective.

Key rating drivers

Credit strengths

* Extensive experience of the partners in the steel trading
business
All partners of the firm have extensive experience of more than
two decades in metal trading business. Established experience of
the partner provide visibility for stable growth in operations of
the firm in medium to long term

* Lower transit cost due to proximity of both customers and
suppliers
Customer profile of the firm includes infrastructure and real
estate companies, traders, casting and foundry units. The firm
sources steel structures and scraps from Mumbai and Thane
districts. Further, a majority of its customer base is
concentrated within Mumbai and its nearby areas, which in turn
facilitates lower transit cost and timely availability of the
products to the customers.

Credit weaknesses

* Moderate scale of operations coupled with steady decline in
operating income in the past three years - The firm's topline
decreased marginally by 3.84% up to INR45.57 crore during FY2015
and further declined by 10.25% to INR40.90 crore in FY2016 owing
to plummeting steel prices. Topline further declined by 10.34% to
INR36.67 crore in FY2017 w.r.t FY2016 due to weak demand of
firm's product.

* Weak financial risk profile as indicated by low profitability,
leveraged capital structure and modest coverage indicators -
Minor increase in realisations of traded goods over the last two
years has marginally improved the firm's profitability. However,
trading nature of business has kept the overall profitability of
the firm at modest levels with an OPM of 4.75% and an NPM of
0.51% as per FY2017 provisional statement. Further, the capital
structure of the firm deteriorated during the last three years as
depicted by the increase in the gearing level from 1.17 times as
on March 31, 2015 to 1.69 times as on March 31, 2017 due to
withdrawal of capital and increase in reliance on external
funding. Overall low profitability and higher interest cost on
external funding leads to weak coverage indicators as represented
by OPBITA/I&F charges of 1.25 times during FY2017.

* Working capital intensity nature of business due to high
inventory levels, leading to tight liquidity position
Working capital intensity within the business remains high due to
higher credit extended to customers against relatively lower
credit available from suppliers and high inventory levels
maintained by the firm. The working capital intensity, as
represented by NWC/OI, remained significantly high and further
increased from 35.25% in FY2016 to 41.72% in FY2017. Further, the
company utilises almost ~89% of its sanctioned limits during last
12 months ending June 2017, indicating a tight liquidity
position.

* Stiff competition within industry limiting margin flexibility
Steel is a globally traded product with no major trade barriers
across national boundaries. Due to low entry barriers in trading
operations, the firm faces stiff competition within the industry
from several small and large traders. Further, competitive
intensity had increased for domestic steel producers in recent
times, with cheap imports flooding the markets. In order to
reduce the cost to survive stiff completion from both domestic
and international players, the end-users prefer to purchase
products directly from the manufacturers. Sion Steels also faces
pressure due to direct sale of the products. Stiff competition
within the market affects margin flexibility of the firm.

* Capital withdrawal risk, arising out of the partnership status
of the firm
Partnership status of the entity leads to risk of capital
withdrawals by the partners of the firm. The firm has withdrawn
INR2.82 crore and INR2.21 crore during FY2015 and FY2017
respectively. The capital structure of the firm deteriorated
during the last three years as represented by an increase in the
gearing level from 1.17 times as on March 31, 2015 to 1.69 times
as on March 2017, any further withdrawals of partners capital
shall further deteriorate the capital structure of the firm

Sion Steels is a partnership firm incorporated in 1992 with the
objective of trading in various mild steel structures and metal
scraps. Mr. Khushnainissa Shaikh is the key management personnel
of the firm, with experience of nearly 25 years in metal trading,
who also is responsible for the overall operations of the firm.
Mr. Ainual, Mr. Shamshul, Mr. Noorul and Mr. Khatoon are also
active partners and key management personnel of the firm with an
experience of around 20 decades in this line of business. The
firm's registered office and godown is located at Sion, Mumbai.
Sion Steels recorded an operating profit of INR3.33 crore on an
operating income of INR50.20 crore for the year ending March 31,
2017 as per the provisional statement, against an operating
profit of INR5.08 crore on an operating income of INR73.64 crore
for the year ended March 31, 2016, as per the audited statement.


SRI LAKSHMI: CRISIL Lowers Rating on INR8MM LT Loan to 'B'
----------------------------------------------------------
CRISIL has been consistently following up with Sri Lakshmi Prabha
Engineering Industries Private Limited (SIEPL) 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
   ----------          ---------    -------
   Bank Guarantee           5       CRISIL A4 (Issuer Not
                                    Cooperating; Reaffirmed)

   Cash Credit              3       CRISIL B/Stable (Issuer Not
                                    Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term       8       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded
                                    from 'CRISIL B+/Stable')

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

Detailed Rationale

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

SLP was originally set up as a partnership firm, Sri Lakshmi
Prabha Engineering & Fabrication Works, in 1985 by Mr. Arjuna Rao
and his family members; the firm was reconstituted as a private
limited company with the current name in 2011. The company
fabricates and manufactures equipment and components, such as
columns, pressure vessels, heat exchangers, storage tanks, piping
valves, filters, saturators, stacks, technological structures,
acid catchers, scrubbers, primary gas coolers, and heaters. It is
based in Visakhapatnam.


SRI TOORSA: ICRA Lowers Rating on INR7.12cr Term Loan to B-
-----------------------------------------------------------
ICRA has downgraded the long-term rating of INR7.12-crore term
loans and INR1.50-crore cash-credit facilities of Sri Toorsa
Plantations Private Limited from [ICRA]B to [ICRA]B-. The outlook
on the long-term rating is 'Stable'. ICRA has also reaffirmed the
short-term rating assigned to the INR0.15-crore non-fund based
facilities (which is a sub-limit of cash-credit facility) and
INR0.52-crore LC/Buyer's credit facility (which is a sub-limit of
term loans) of the company. The LC/Buyer's credit facility of
INR0.52 crore (which is a sub-limit of term loans) had been rated
on the long-term scale and the rating for the same has also been
downgraded from [ICRA]B to [ICRA]B- (Stable).

                           Amount
  Facilities             (INR crore)    Ratings
  ----------             -----------    -------
  Fund-based facilities-
  Cash Credit                 1.50       Downgraded from [ICRA]B
                                         to [ICRA]B- (Stable)

  Fund-based facilities-
  Term Loan                   7.12       Downgraded from [ICRA]B
                                         to [ICRA]B- (Stable)

  Non-Fund-based facilities   0.15       [ICRA]A4 Reaffirmed

  LC/Buyer's Credit           0.52       Downgraded from [ICRA]B
                                         to [ICRA]B- (Stable)/
                                         [ICRA]A4 Reaffirmed

Rationale

The rating action takes into account the adverse cost structure
of the company on account of low productivity of the tea gardens
with an average yield of around 1226 kg/hectare (HA) during
FY2017, which coupled with the fixed cost-intensive nature of the
company's operations exerts pressure on its operating profits.
The rating action also takes into account STPPL's weak financial
profile characterised by cash losses suffered by the company in
the last two years, resulting in depressed coverage indicators
and negative tangible net worth. ICRA also notes that continuous
support from the directors in the form of equity
infusion/unsecured loans would be required to meet the debt-
servicing requirement of the company as the repayment obligations
of the company are likely to increase, going forward. The ratings
also take into consideration the risks associated with tea being
an agricultural commodity, which depends on favorable agro-
climatic conditions. Presence of both the gardens in Dooars
region further aggravates such concentration risks for the
company. Moreover, the domestic tea prices are impacted, to some
extent, by international prices and hence the demand-supply
situation in the global tea market, in ICRA's opinion, would
continue to have a bearing on the profitability of Indian
players, including STPPL.

The ratings, however, continue to derive comfort from the long
experience of the management in the tea industry. Going forward,
STPPL's ability to increase the productivity of the estates along
with its ability to pass on the higher labour cost would be
critical determinants of its credit risk profile.

Key rating drivers

Credit strength

* Long experience of the management in the tea industry- The
promoters have experience of more than a decade in the tea
industry. The group's foray into the tea industry began with the
takeover of Malnady Tea Estate Pvt. Ltd. in 2002. Subsequently,
the group had also acquired two other tea estates in 2007. While
Malnady Tea Estate Pvt. Ltd. produces green tea, two other
companies are involved in the production of crush tear curl (CTC)
variety of tea. Thus, the management has an exposure in
processing both the variants of tea.

Credit weaknesses

* Low productivity of the estates coupled with fixed-cost
intensive nature of operations exert pressure on the company's
operating profits- STPPL's garden costs, in line with that of the
industry, are almost fixed, with labour costs accounting for the
maximum production cost. Risks associated with high fixed-cost
nature of the industry are further aggravated by the low
productivity of the tea estate as reflected by the yield of 1226
kg per hectare in FY2017.

* Weak financial risk profile characterised by net losses, low
cash accruals and negative tangible net worth, which are likely
to exert pressure on the debt-servicing ability of the company-
STPPL's financial profile remained weak, characterised by
continuing net losses and low cash accruals, resulting in
negative tangible net worth during FY2017. This imposes a
significant pressure on the debt-servicing ability of the
company. ICRA notes that STPPL is likely to remain dependent on
external financing from group entities to meet its debt-service
obligations in the near future. The capital structure and debt-
coverage indicators of the company also remained adverse in
FY2017.

* Risks associated with tea being a cyclical agricultural
commodity; concentration of both the gardens in the Dooars
increases the company's exposure to such risks- STPPL has two tea
gardens- Mohua Tea Estate and Hilla Tea Estate which are located
at a distance of 60 km. The presence of both the gardens in the
same region increases the geographical concentration risks of the
company.

* Prices of Indian tea, in spite of its quality, are to a certain
extent linked to prices in the international market - Healthy
realisation of the company's tea remains critical in determining
its operating profitability. Domestic tea prices are impacted, to
some extent, by international prices. Hence, the demand-supply
situation in the global tea market, in ICRA's opinion, would
continue to have a bearing on the profitability of Indian
players, including STPPL.

Sri Toorsa Plantations Private Limited (STPPL) is a special-
purpose vehicle, incorporated in February, 2015, by Malnady Tea
Estate Private Limited (owning ~51% of the shares) and Tirupati
Assets Private Limited (owning ~49% of the shares) for procuring
two of the tea estates auctioned by West Bengal Tea Development
Corporation Limited (WBTDCL) under the policy to rejuvenate the
tea gardens and protect the interest of the workers. The company
has two tea estates-Mohua Tea Estate and Hilla Tea Estate,
located in Dooars region of West Bengal, with total cultivable
area of 413 hectares.


SUKHMANI SHIKSHAN: CRISIL Lowers Rating on INR13.4MM Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Sukhmani Shikshan
Sansthan (SSS) for obtaining information through letters and
emails dated April 13, 2017 and May 4, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      13.4     CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

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

Detailed Rationale

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

SSS, incorporated as a society is engaged in providing primary
and secondary education through its school 'Kings & Queen World
School' located at Bithoor Road, Kanpur (Uttar Pradesh). The
society is managed by its key promoter Mr. Manminder Singh.


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

-- INR197.50 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Suneja, established in 1971, is engaged in the trading of various
varieties of paper.


SUPREME KNOWLEDGE: CRISIL Cuts Rating on INR6.4MM LT Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Supreme Knowledge
Foundation (SKF) 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
   ----------          ---------    -------
   Proposed Long Term      6.4      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL BB-/Stable')

   Term Loan               3.2      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 Supreme Knowledge Foundation.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Supreme Knowledge Foundation is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL B' category or
lower. Based on the last available information, CRISIL has
downgraded the rating at 'CRISIL B/Stable'.

Established in 2007, SKF has set up two educational institutes,
Sir JC Bose School of Engineering and Dr. P C Mahalanabish School
of Management, in Hooghly. The institutes offer graduate and
postgraduate courses in engineering and management.


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

-- INR49 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating;

-- INR55 mil. Fund-based limit migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) /IND A4(ISSUER
    NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Surya Metalloys Private Limited manufactures mild-steel ingots at
its 20,760mtpa facility in Nasirabad, Rajasthan.


TIRUPATI STARCH: ICRA Withdraws B+ Rating on INR18.40cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ (Stable) for
the INR26.40-crore bank facilities of Tirupati Starch & Chemicals
Ltd at the request of the company.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             8.00      [ICRA]B+; withdrawn
  Term Loan              18.40      [ICRA]B+; withdrawn


Rationale

The long-term rating assigned to Tirupati Starch & Chemicals
Limited has been withdrawn at the request of the company, based
on the no-due certificate provided by its banker.


TRIMURTHI HITECH: ICRA Moves C+ Rating to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR10.00 crore bank facilities
of Trimurthi Hitech Company Private Limited2 to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]C+/A4;
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term Fund         4.75       [ICRA]C+ ISSUER NOT
  Based Facilities                  COOPERATING; rating
                                    moved to the 'Issuer not
                                    cooperating' category

  Short Term Non Fund    2.75       [ICRA]A4 ISSUER NOT
  Based Facilities                  COOPERATING; rating moved
                                    to the 'Issuer not
                                    cooperating' category

  Long term/Short        2.50       [ICRA]C+/A4 ISSUER NOT
  term Unallocated                  COOPERATING; rating moved to
                                    the 'Issuer not cooperating'
                                    category

Rationale

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

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

Key rating drivers

Credit Strengths
* Long standing experience of the promoter as EPC contractor for
various government railway projects: The ratings considers the
long standing experience of the promoter as an EPC contractor for
various government railway projects and the "ESA" grade of the
company which enables it to bid for small to medium scale railway
electrification projects.

Credit Weaknesses

* Weak financial profile characterised by high gearing levels and
high working capital intensity: The ratings consider the weak
financial profile of the company characterized by high gearing
levels and high working capital intensity.

Trimurthi Hitech Company Pvt Ltd was incorporated in the year
1989 by Mr. B.L Kabra and Mr. Sundeep Kabra who have close to two
decades of experience as EPC contractors for various government
projects. The company predominantly takes up electrification
works for railway projects in southern India. By virtue of the
long standing experience of the promoters in execution of such
projects, the company is prequalified to take up overhead
electrification works, high voltage substation contracts and
civil tenders for government projects.



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


TK HOLDINGS: Creditors' Panel Taps Moelis as Investment Banker
--------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings
Inc., et al., seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Moelis & Company, LLC, as
investment banker to the Committee.

The Committee requires Moelis & Company to:

   (a) assist the Committee in reviewing and analyzing the
       Debtors' results of operations, financial condition and
       business plan;

   (b) assist the Committee in reviewing and analyzing a
       potential Restructuring, and assist the Committee in
       negotiating a Restructuring;

   (c) assist the Committee in analyzing the capital structure of
       the Debtors;

   (d) advise and assist the Committee in analyzing the terms of
       any securities the Debtors might offer in connection with
       a Restructuring;

   (e) assist the Committee in reviewing any alternatives to a
       Restructuring proposed by the Debtors, its creditors, or
       any other parties in interest;

   (f) participate in meetings with the Committee and meet with
       the Debtors' management, the Debtors' board and other
       creditor groups, equity holders or other parties in
       interest, in each case who are institutional parties or
       represented by an advisor, as the Committee's investment
       banker, to discuss any Restructuring;

   (g) participate in hearings before the Bankruptcy Court and
       provide testimony on matters mutually agreed upon in good
       faith; and

   (h) provide such other investment banking services in
       connection with the Chapter 11 Cases as Moelis & Company
       and the Committee may mutually agree upon.

Moelis & Company will be paid as follows:

   i.   Monthly Fee. During the term of the Engagement Letter, a
        fee of $175,000 per month (the "Monthly Fee"), payable in
        advance of each month. The Debtors will pay the first
        Monthly Fee immediately upon execution of the
        Engagement Letter, and all subsequent Monthly Fees before
        each monthly anniversary of the date of the Engagement
        Letter. Whether or not a Restructuring occurs, Moelis &
        Company shall earn and be paid the Monthly Fee every
        month during the term of the Engagement Letter.

   ii.  Restructuring Fee. At the closing of a Restructuring, a
        fee (the "Restructuring Fee") of $3,500,000.

Moelis & Company will also be reimbursed for reasonable
out-of-pocket expenses incurred.

Adam Keil, partner of Moelis & Company LLC, assured the Court
that the firm is a "disinterested person" as the term is defined
in Section 101(14) of the Bankruptcy Code and (a) is not
creditors, equity security holders or insiders of the Debtors;
(b) has not been, within two years before the date of the filing
of the Debtors' chapter 11 petition, directors, officers or
employees of the Debtors; and (c) does not have an interest
materially adverse to the interest of the estate or of any class
of creditors or equity security holders, by reason of any direct
or indirect relationship to, connection with, or interest in, the
Debtors, or for any other reason.

Moelis & Company can be reached at:

     Adam Keil
     MOELIS & COMPANY LLC
     399 Park Avenue
     New York, NY 10022
     Tel: (212) 883-3800
     Fax: (212) 880-4260

                   About TK Holdings Inc.

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

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

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.

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

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

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

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor;
Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants, has retained Ashby & Geddes PA and Frankel
Wyron LLP as his counsel.

                       Chapter 15 Cases

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


TK HOLDINGS: Creditors' Panel Hires Epiq as Information Agent
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of TK Holdings
Inc., et al., seeks authorization from the U.S. Bankruptcy Court
for the District of Delaware to retain Epiq Bankruptcy Solutions,
LLC, as information agent to the Committee.

The Committee requires Epiq to:

   -- prepare and serve the required notices;

   -- after service of a particular notice, whether by regular
      mail, overnight or hand delivery, email or facsimile
      service, filing with the Clerk's office an affidavit
      of service that includes a copy of the notice involved,
      a list of persons to whom the notice was mailed and the
      date and manner of mailing;

   -- update a noticing database to reflect undeliverable or
      changed addresses;

   -- coordinate publication of notices in periodicals and
      other media;

   -- provide other noticing and related administrative
      services as may be requested from time to time;

   -- promptly comply with further conditions and
      requirements as the Court may at any time prescribe;
      and

   -- ensure compliance with applicable federal, state,
      municipal, and local statutes, ordinances, rules,
      regulations, orders and other requirements.

Epiq will be paid at these hourly rates:

     Consultants/Directors/Vice Presidents        $160-$190
     Case Managers                                $70-$165
     IT/Programming                               $65-$85
     Clerical/Administrative Support              $25-$45

Epiq will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Kate Mailloux, a senior director of consulting at Epiq Bankruptcy
Solutions, LLC, assured the Court the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not represent any interest adverse to
the Debtors and their estates.

Epiq can be reached at:

     Kate Mailloux
     Epiq Bankruptcy Solutions, LLC
     777 Third Avenue, 12th Floor
     New York, New York 10017
     Tel: (646) 282-2493


                   About TK Holdings Inc.

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

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

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.

Together with the bankruptcy filings, Takata announced it has
reached a deal to sell all its global assets and operations to
Key Safety Systems (KSS) for US$1.588 billion.

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

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

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

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants in the Chapter 11 cases.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee retained Epiq Bankruptcy Solutions, LLC, as information
agent, Zolfo Cooper, LLC, as financial advisor, and Moelis &
Company, LLC, as investment banker.

The committee representing TK Holdings Inc.'s tort claimants
retained Pachulski Stang Ziehl & Jones LLP as its legal counsel;
Alvarez & Marshal North America, LLC as financial advisor;
Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants, has retained Ashby & Geddes PA and Frankel
Wyron LLP as his counsel.

                       Chapter 15 Cases

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



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


LEO MOTORS: Reports US$3.1 Million Net Loss for Second Quarter
--------------------------------------------------------------
Leo Motors, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of US$3.08 million on US$433,992 of revenues for the three months
ended June 30, 2017, compared to a net loss of US$869,378 on
US$806,456 of revenues for the same period during the prior year.

For the six months ended June 30, 2017, the Company reported a
net loss of US$5.46 million on US$832,943 of revenues compared to
a net loss of US$1.32 million on US$1.55 million of revenues for
the six months ended June 30, 2016.

The Company had a gross profit (loss) of US$(171,141) for the
three months ended June 30, 2017, compared to a gross profit of
US$116,382 for the same period in 2016.  The decrease in gross
profit was due to the technology and development costs from LGM
and Leo AIC.

The Company had a gross profit (loss) of US$41,474 for the six
months ended June 30, 2017, compared to a gross profit of
US$571,074 for the same period in 2016.  The decrease in gross
profit was due to the technology and development costs from LGM
and Leo AIC.

Total operating expenses for the three months ended June 30,
2017, were US$3,108,804 compared to the operating cost for the
three months ended June 30, 2016 of US$1,008,491.  For the six
months ended June 30, 2017, operating expense was US$5,614,273
compared to US$1,917,351 for the six months ended June 30, 2016.
The increase was due to the increase of operating costs from Leo
AIC.

As of June 30, 2017, Leo Motors had US$7.07 million in total
assets, US$9 million in total liabilities and a total deficit of
US$1.92 million.  The Company has cash of US$448,744 at June 30,
2017.

"Our liquidity and capital resources are limited," the Company
said in the report.  "Accordingly, our ability to initiate our
plan of operations and continue as a going concern is currently
dependent on our ability to either generate significant new
revenues or raise external capital through additional borrowing
or the sale of additional equity."

The Company's total current assets at June 30, 2017, were
US$3,458,989 and total current liabilities were US$8,246,266.
Significant losses from operations have been incurred since
inception and there is an accumulated deficit of US$34,341,015 as
of June 30, 2017.  Continuation as a going concern is dependent
upon attaining capital to achieve profitable operations while
maintaining current fixed expense levels.

A full-text copy of the Form 10-Q is available for free at:

                     https://is.gd/wduLAj

                        About Leo Motors

Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is engaged in the research
and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.  In 2011, the Company determined its investment in
Leo B&T Inc. an investment account was impaired and recorded an
expense of AUD4.5 million.  During the 2012 year the Company had
a net non operating income largely from the result of the
forgiveness of debt for AUD1.3 million.

Leo Motors reported a net loss of US$6.41 million for the year
ended Dec. 31, 2016, a net loss of US$4.49 million in 2015, and a
net loss of US$4.48 million in 2014.

DLL CPAs LLC issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2016.  The Company has suffered recurring losses from operations
and negative cash flows from operations the past two years.
These factors raise substantial doubt about its ability to
continue as a going concern.



                             *********

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.

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related conferences are encouraged.  Send announcements to
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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
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