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                      A S I A   P A C I F I C

           Friday, September 1, 2017, Vol. 20, No. 174

                            Headlines


A U S T R A L I A

ARC ATTACK: First Creditors' Meeting Set for Sept. 8
AUS ASIA: First Creditors' Meeting Slated for Sept. 6
CARTERS TRANSPORT: Second Creditors' Meeting Set for Sept. 5
G&S PROPERTY: First Creditors' Meeting Set for Sept. 8
REED HOLIDAYS: 1,200 Seniors Out of Pocket After Company Collapse

SCA TRANSPORT: Second Creditors' Meeting Set for Sept. 7
T&O BUILDING: First Creditors' Meeting Set for Sept. 7
TEN NETWORK: Administrators Report delayed Until Sept. 4


C H I N A

CHINA OIL: 1H 2017 Results Support Moody's Ba2 CFR
FANTASIA HOLDINGS: 1H 2017 Results No Impact on Moody's B2 CFR
GREENTOWN CHINA: Weak 1H 2017 Results No Impact Moody's Ba3 CFR
HILONG HOLDING: Improved 1H 2017 Results Support Moody's B1 CFR
LVGEM (CHINA): Weak 1H 2017 Results No Impact on Moody's B2 CFR

YUZHOU PROPERTIES: S&P Upgrades CCR to 'BB-', Outlook Stable


H O N G  K O N G

NOBLE GROUP: Expected to Pick LNG Units Buyer by Mid-September


I N D I A

AMRIT POLYCHEM: ICRA Withdraws B+ Rating on INR12cr Cash Loan
AURO IMPEX: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
AVINASH ISPAT: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
BASARAGI KM: CARE Assigns 'B' Rating to INR13.95cr LT Loan
BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR13MM Loan

BHASKAR TEA: Ind-Ra Migrates B- Issuer Rating to Not Cooperating
BKD INFRASTRUCTURE: Ind-Ra Migrates BB+ Rating to Not Cooperating
CASTINGS INDIA: Ind-Ra Moves B+ Issuer Rating to Not Cooperating
COCHIN MINERALS: ICRA Withdraws D Rating on INR41.40cr Loan
CONCORD HOSPITALITY: Ind-Ra Migrates D Rating to Not Cooperating

IDBI BANK: Moody's Lowers Bank Deposit Rating to B1
INDSIL ENERGY: CRISIL Lowers Rating on INR40.80MM LOC to 'D'
GAZEBO INDUSTRIES: CRISIL Reaffirms B+ Rating on INR.75MM Loan
GKB OPHTHALMICS: CRISIL Reaffirms B Rating on INR5.5MM Cash Loan
GOURANGA COLD: CRISIL Raises Rating on INR12.4MM Loan to B

K MAGANLAL: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
KALINDI ISPAT: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
KRUSHIRAJ SUGAR: CARE Lowers Rating on INR14.79cr Loan to 'B+'
LODHA DEVELOPERS: Fitch Keeps 'B' IDR on Rating Watch Negative
MADAMAGERI SOLAR: CARE Assigns 'B' Rating to INR13.90cr Loan

MAHA DURGA: ICRA Reaffirms 'B' Rating on INR49cr Term Loan
MUKAND SYSTEM: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
NAAGAAMI INFRATECH: Ind-Ra Migrates BB- Rating to Not Cooperating
PARTAP WIRE: CRISIL Reaffirms 'B' Rating on INR6.0MM Cash Loan
PAWAN COMMUNICATION: Ind-Ra Migrates BB Rating to Not Cooperating

PROMPT TERMINALS: ICRA Reaffirms B+ Rating on INR18.50cr Loan
RAIPUR SPECIALITY: CARE Assigns B+ Rating to INR5.46cr Loan
RAJDA SALES: ICRA Reaffirms B+ Rating on INR2.0cr Loan
RAJSAMADHIYALA SPINTEX: ICRA Moves B Rating to Not Cooperating
REFKINGS COTT: CRISIL Assigns 'B' Rating to INR12MM Term Loan

RISHI TRADERS: Ind-Ra Moves B+ Issuer Rating to Not Cooperating
S.D. EDUCATION: ICRA Moves D Rating to Issuer Not Cooperating
SANDU DEVELOPERS: CRISIL Lowers Rating on INR37.7MM Loan to 'B'
SAT INDER: Ind-Ra Migrates BB- Issuer Rating to Not Cooperating
SHIVAPUR SOLAR: CARE Assigns 'B' Rating to INR13.90cr LT Loan

SHREE SANTOSH: ICRA Lowers Rating on INR10cr Cash Loan to 'D'
SREE SHIVA: CRISIL Assigns B+ rating to INR5.0MM Cash Loan
SRI KARVEMBU: CRISIL Raises Rating on INR6.5MM LT Loan to 'B'
SRI RAMA: ICRA Moves B- Rating to 'Issuer Not Cooperating
SUDAMA COTTON: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'

SYBLY INDUSTRIES: CRISIL Puts B- Ratings on Watch Developing
TAJ GRANITES: CRISIL Assigns B+ Rating to INR2.43MM Term Loan
VASUNDHARA CHEM: Ind-Ra Moves B+ Issuer Rating to Not Cooperating
VEMPARALA VENKAT: CRISIL Reaffirms 'B' Rating on INR5.4MM Loan
VIJAYALAKSHMI AGRO: CARE Assigns 'B' Rating to INR8.0cr LT Loan

VSRK CONSTRUCTIONS: ICRA Reaffirms B+ Rating INR8cr Loan
WELCAST PRODUCTS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable


J A P A N

TK HOLDINGS: 6 Automakers Try to Block $3.5M Fee to Moelis & Co.
TOSHIBA CORP: In Talks With Three Groups on Chip Sale


N E W  Z E A L A N D

VIADUCT CAPITAL: Trustee Admits Failure, Reaches Settlement


                            - - - - -


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


ARC ATTACK: First Creditors' Meeting Set for Sept. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Arc Attack
Engineering Pty Ltd will be held at the offices of Cor Cordis
Chartered Accountants, One Wharf Lane, Level 20, 161 Sussex
Street, in Sydney, NSW, on Sept. 8, 2017, at 10:00 a.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Arc Attack on Aug. 29, 2017.


AUS ASIA: First Creditors' Meeting Slated for Sept. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Aus Asia
Minerals Limited will be held at the Offices of Pitcher Partners,
Level 1, 914 Hay Street, in Perth, WA, on Sept. 6, 2017, at
9:30 a.m.

Daniel Johannes Bredenkamp and Renee O'Driscoll of Pitcher
Partners were appointed as administrators of Aus Asia on Aug. 28,
2017.


CARTERS TRANSPORT: Second Creditors' Meeting Set for Sept. 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Carters
Transport Pty Ltd has been set for Sept. 5, 2017, at 4:00 p.m.,
at the offices of Deloitte Financial Advisory Pty Ltd, Level 10,
550 Bourke St, in Melbourne, Victoria.

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.

David Ian Mansfield and Shelley-Maree Brooks of Deloitte
Financial were appointed as administrators of Carters Transport
on Aug. 3, 2017.


G&S PROPERTY: First Creditors' Meeting Set for Sept. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of G&S
Property Investments Pty Ltd will be held at Suite 3, Level 3
426 King Street, in Newcastle West, NSW, on Sept. 8, 2017, at
10:00 a.m.

Joshua-Lee Robb and Daniel Jon Quinn of SVP Partners were
appointed as administrators of G&S Property on Aug. 29, 2017.


REED HOLIDAYS: 1,200 Seniors Out of Pocket After Company Collapse
-----------------------------------------------------------------
Kieran Rooney at Herald Sun reports that heartbroken seniors who
planned the holiday of a lifetime fear their savings have
disappeared forever after the collapse of a travel company that
continued to accept payments days before it went under.

As many as 1,200 elderly Australians are understood to be out of
pocket this week through the winding up of the Reed Holidays, a
company responsible for Seniors Coach Tours, Young at Heart
Holidays and Australian Air Travel, Herald Sun relates.

Herald Sun says tours underway were cancelled immediately while
thousands of dollars also remain missing for customers booked
later in the year, including packages valued at $10,000 per
person.

According to the report, Judith Martin said she learned of the
company's collapse only five days after paying off a trip for
both her and her husband.

"I had been wondering why we hadn't received our booking details
and couldn't believe it . . . No one said anything when I rang up
to pay off the trip, surely they would have known something by
then and didn't have to take our money," the report quotes Ms.
Martin as saying. "My husband is disabled and these holidays are
the only trips we can do all year that accommodate us. No other
company offers anything similar. It's awful because we're
pensioners. We're not flush with cash on good days."

Frequent customers were regularly encouraged to invest in the
holiday business before its downfall, with 5% returns promised
for seniors willing to part with their savings, the report says.

Company director Malcolm Reed did not respond to calls from the
Herald Sun.

Australian Federation of Travel Agents chief executive Jayson
Westbury encouraged customers to start to contact banks and
authorities, adds Herald Sun.


SCA TRANSPORT: Second Creditors' Meeting Set for Sept. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - SCA Transport Pty Ltd;
   - SCA Trailers Pty Ltd;
   - Reid Agricultural Company Pty Ltd; and
   - Stockcrates Australia Pty Ltd

has been set for Sept. 7, 2017, at 11:00 a.m., at Level 12, 460
Lonsdale St, in Melbourne, Victoria.

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.

Philip John McGibbon and Sule Arnautovic of Jirsch Sutherland
were appointed as administrators of SCA Transport on Aug. 3,
2017.


T&O BUILDING: First Creditors' Meeting Set for Sept. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of T&O
Building Construction Pty Ltd will be held at Level 1, Qantas
Business Lounge, Terminal 4, Brearley Avenue, Perth Airport, in
Perth, WA, on Sept. 7, at 10:00 a.m.

Leon Lee & Brendan Nixon of SM Solvency were appointed as
administrators of T&O Building on Aug. 28, 2017.


TEN NETWORK: Administrators Report delayed Until Sept. 4
--------------------------------------------------------
Darren Davidson at The Australian reports that an eagerly awaited
report detailing the state of Ten Network has been delayed, as US
media giant CBS waits to finalise the roughly AUD250 million
deal.

KordaMentha were preparing to release a report on August 30, but
have given themselves more time and will now publish the report
on Sept. 4, amid the prospect of a legal action by shareholders,
The Australian says.

Once the report is out, KordaMentha can set a date for the
creditors' meeting, according to The Australian.

Administrators are targeting a September 12 date to hold the
meeting, The Australian says. They are required by law to give
creditors five clear business days to analyse the report.

The creditors' meeting would then be followed by a Supreme Court
ruling to ratify the transfer of shares from existing holders to
CBS.

At this point, any challenge is most likely to occur because as
the largest creditor CBS would win the vote, the report notes.

According to the report, CBS aims to hold 100% of Ten by settling
the broadcaster's debts, including AUD98 million owed to the
Commonwealth Bank and AUD33 million to investors James Packer,
Lachlan Murdoch and Bruce Gordon.  But shareholders will get
nothing for their stock.

Both Mr. Murdoch and Mr. Gordon have pointed out that the deal to
sell Ten to CBS is a bad outcome for shareholders, the report
says.

Under their competing bid, shareholders would have kept 25% of
their equity, with Ten relisted.

The Australian notes that news of the delay comes after it
emerged that Ten shareholders are considering a class action
against the broadcaster, amid frustration they will receive no
compensation for their stock.

Preliminary talks between law firms and the Australian
Shareholders Association about a class action have taken place
after some shareholders contacted the group and expressed
concerns, adds The Australian.

                         About Network Ten

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

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

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

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



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


CHINA OIL: 1H 2017 Results Support Moody's Ba2 CFR
--------------------------------------------------
Moody's Investors Service says that China Oil and Gas Group
Limited's (COG) results for 1H 2017 were in line with Moody's
expectations and support its Ba2 corporate family and senior
unsecured ratings and the stable ratings outlook.

"COG's 1H 2017 results show stable growth in gas sales volumes,
supported by organic growth in most of its existing projects, and
particularly in those in Jiangsu, Shanxi, and Jiangxi," says
Ralph Ng, a Moody's Analyst. "The company's stable operating and
financial profiles support its current Ba2 ratings."

COG's revenue increased 11% year-on-year to HKD3.7 billion in 1H
2017, mainly driven by 15% growth in gross gas sales volumes to
1.6 billion cubic meters over the same period. This growth was
contributed primarily by robust organic growth in its existing
projects in Jiangsu, Hunan and Shandong provinces.

Moody's expects the company to achieve about 10% of the gas sales
volume growth in 2017, supported by the stable performance of its
existing city gas projects as well as the four new concession
rights obtained in 1H 2017.

The company's projects in Qinghai province contributed 47% of its
total gas sales volumes, down from 51% last year, due to only 7%
gas sales volume growth in these projects. This growth was also
lower than at its other existing projects such as those in
Jiangsu, Shanxi, and Jiangxi. Commercial and industrial customers
contributed 62% of total gas sales volumes in 1H 2017, compared
to 54% last year.

The higher dollar margin on gas sales to commercial and
industrial customers, particularly for projects outside Qinghai,
offset the negative impact on the dollar margin from delayed cost
pass-through for some projects. City-gate gas tariffs were
increased during late 2016, when demand for natural gas was high
in China (A1 stable).

About 20% of COG's total gas sales volumes from those projects
were affected by the delay in 1H 2017 and the company has
successfully completed its cost pass-through for those projects
in early April.

Overall, COG achieved a stable average dollar margin of RMB0.41
per cubic meter in 1H 2017.

The company's upstream oil and gas segment in Canada (Aaa stable)
achieved HKD168 million in revenue, up 14% from the same period
last year. The profit margin for the segment also improved
significantly to 21% in 1H 2017 from 2% in 1H 2016, supported by
rising oil prices during 1H 2017.

Moody's believes the company's exposure to overseas operations
and oil prices will remain a credit challenge, even though its
upstream operations are self-sustained with a manageable level of
capital spending.

The company's upstream business accounted for 4.6% of COG's total
revenue in 1H 2017 and 16.5% of its total assets at end-June
2017.

Moody's expects the company to incur annual capital expenditure
of HKD1 billion, split between city gas projects and upstream
operations at around 80:20.

Moody's estimates COG's projected retained cash flow/debt and
debt/capitalization will be around 15%-17% and 46%-48% during
2017, compared to 14% and 48% for the 12 months ended June 2017.

These credit metrics will appropriately position the company at
the Ba2 rating level.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

China Oil and Gas Group Limited is mainly engaged in the piped
city gas business in China. In 2014, the company expanded into
the oil and gas production business in Canada. Its revenue
reached around HKD3.7 billion in 1H 2017.

The company is listed on the Hong Kong Exchange. Mr. Xu Tie-
liang, the company's chairman, is the largest shareholder, with a
24.5% stake at end-June 2017.


FANTASIA HOLDINGS: 1H 2017 Results No Impact on Moody's B2 CFR
--------------------------------------------------------------
Moody's Investors Service says that Fantasia Holdings Group Co.,
Limited's 1H 2017 results position it at the weaker end of its B2
rating category, but will not immediately affect its B2 corporate
family rating, B3 senior unsecured rating, or the stable ratings
outlook.

"Fantasia's 1H 2017 results have reduced its financial
flexibility. If the company's debt leverage increases materially
or liquidity deteriorates further in 2H 2017, its ratings or
outlook could come under pressure," says Stephanie Lau, a Moody's
Vice President and Senior Analyst.

Moody's expects Fantasia's adjusted EBIT/interest and
revenue/adjusted debt will register around 1.6x and 45% over the
next 12-18 months, positioning it at the weaker end of the B2
rating category.

Fantasia's cash/short-term debt weakened to 1.4x at end-June 2017
from 4.3x at end-2016 due to an increase in short-term debt. In
addition, the company in July 2017 issued $350 million of
offshore bonds with a maturity of 364 days, which are classified
as current maturities and thus further raise its short-term debt.

Although weakened, Fantasia's liquidity remains adequate. Its
RMB8.9 billion in cash on hand at end-June 2017 - excluding
Colour Life Services Group Co., Limited's cash on hand of RMB911
million - is sufficient to cover its RMB7.0 billion in short-term
debt.

Fantasia has $550 million of offshore bonds due and RMB5.2
billion of onshore bonds putable in 2018. Moody's expects the
company will be able to refinance its maturing debt with some
flexibility to extend part of its putable onshore bonds, by
stepping up the coupon.

Fantasia's contracted sales totaled RMB5.8 billion in the first
seven months of 2017, representing 39% of its full-year target.
Moody's expects the company will achieve its full-year sales
target, supported by the launch of new key projects in Shenzhen
and Chengdu.

Fantasia's revenue fell 32% to RMB3.6 billion in 1H 2017 from
RMB5.4 billion in 1H 2016, due to a lower number and gross floor
area (GFA) of projects delivered in the period. Moody's expects
the company will increase its property development delivery in 2H
2017. Its outstanding unrecognized sales totaled RMB7.5-RMB8.0
billion at end-June 2017, the majority of which will be
recognized as revenue in 2H 2017.

Meanwhile, Fantasia's gross profit margin decreased to 30.5% in
1H 2017 from 32.3% in 2016, weakened by a higher proportion of
property management service revenue on a lump sum basis, which
carries a lower margin than property management service revenue
on a commission basis.

Its adjusted EBIT/interest for the 12 months to June 30, 2017
declined to 1.4x from 1.8x, mainly due to the material year-on-
year decline in revenue.

"Moody's expects Fantasia's gross debt will increase modestly by
end-2017, mainly to pre-fund debt maturing or putable in 2018.
However, the company will remain prudent in its capital spending
on construction and land acquisition," adds Lau.

The company's adjusted debt of RMB23.8 billion at end-June 2017
was largely unchanged from end-2016. Nevertheless, slower revenue
growth resulted in with revenue/adjusted debt declining to 39%
for the 12 months to June 2017 from 46% at end-2016.

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

Established in 1996, Fantasia Holdings Group Co., Limited listed
on the Hong Kong Stock Exchange in November 2009.

At end-June 2017, its land bank totaled 16.0 million square
meters in planned gross floor area - including lots under
framework agreements - mainly in the Chengdu-Chongqing Economic
Zone and the Pearl River Delta.


GREENTOWN CHINA: Weak 1H 2017 Results No Impact Moody's Ba3 CFR
---------------------------------------------------------------
Moody's Investors Services says that Greentown China Holdings
Limited's (Ba3 stable) weak 1H 2017 results were in line with
expectations and will not immediately impact its Ba3 corporate
family rating and stable rating outlook.

Greentown's Ba3 corporate family rating reflects the company's
standalone credit strength and a two-notch uplift for expected
support from China Communications Construction Group (CCCG).

"Greentown raised debt during 1H 2017 partly to prefund its debt
maturities in 2H 2017, and Moody's expects its credit metrics
will mildly improve over the next 12-18 months," says Franco
Leung, a Moody's Vice President and Senior Credit Officer.

Moody's forecasts the company's debt leverage- as measured by
adjusted revenue/debt, including contributions from joint
ventures and associations - to trend towards 55%-57% over the
next 12-18 months from around 51.6% for the 12 months to June
2017.

Greentown's reported debt materially increased to RMB60.2 billion
at the end of June 2017 from around RMB47.8 billion at the end of
2016, but its cash on hand also rose significantly to RMB36.7
billion from around RMB25.0 billion over the same period.

Meanwhile, Moody's expects that the company will continue its
cautious approach towards land acquisitions.

In addition, Moody's expects the company's interest coverage --
as measured by adjusted EBIT/interest, including contributions
from joint ventures and associations -- to trend towards 1.4x-
1.5x over the next 12-18 months, from around 1.3x in the 12
months ended June 2017.

The company's gross profit margin declined to around 19.6% in 1H
2017 from 24.5% in 1H 2016, mainly due to fair value adjustments
on the cost of sales arising from the company's acquisition of
certain subsidiaries. Moody's expects its gross profit margin
will slightly recover over the next 12-18 months.

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

Greentown China Holdings Limited is a major Chinese property
developer with a primary focus in Hangzhou City and Zhejiang
Province. At the end of June 2017, the company had 92 projects
with a total gross floor area of 30.57 million square meters, of
which, 17.96 million square meters were attributable to the
company.


HILONG HOLDING: Improved 1H 2017 Results Support Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Hilong Holding Limited's
improved 1H 2017 results are in line with Moody's expectations
and support its B1 corporate family and senior unsecured ratings.

The ratings outlook remains stable.

"Hilong's debt leverage decreased to 5.0x for the 12 months ended
June 30, 2017 from 5.3x in 2016, driven largely by improved
earnings from strong revenue growth, especially from its oilfield
equipment manufacturing and services business and the Russia (Ba1
stable), Central Asia and East Europe regions," says Chenyi Lu, a
Moody's Vice President and Senior Credit Officer.

Lu points out that these improvements were partially offset by a
modest increase in debt to support working capital needs.

"Moody's expects its debt leverage to further improve over the
next 12-18 months, driven by higher earnings from improving
demand for Hilong's products and services and relatively stable
debt levels," adds Lu.

Moody's expects Hilong's adjusted debt/EBITDA to trend towards
3.5x-4.0x over the next 12-18 months, driven by continued
earnings improvements from stronger revenue growth and stable to
lower debt levels stemming from (1) limited capital expenditure
to support its operations; (2) better working capital management;
and (3) higher earnings.

Hilong's revenue increased 36.3% year-on-year to RMB1.27 billion
in 1H 2017, mainly due to a 54.5% increase in drill pipe sales
particularly in Russia. However, its adjusted EBITDA margin
declined slightly to 26.2% for the 12 months ended June 2017 from
27.7% in 2016, driven partially by a higher operating
expenses/revenue ratio.

Moody's projects Hilong's revenue to increase by 28.0% in 2017
and 17.5% in 2018, as upstream oil and gas companies will
increase their capital spending. Moreover, Moody's expects a
relatively stable oilfield services and drilling market over the
next 12-18 months will improve demand for Hilong's products and
services.

Moody's also projects for Hilong's adjusted EBITDA margin to stay
relatively stable at about 26.5% over the next 12-18 months as
the company focuses on expense- and cost-control measures and
growing product and service diversifications to mitigate margin
volatility.

Hilong's liquidity profile is adequate. At end-June 2017, the
company had cash and cash equivalents of RMB736 million and
restricted cash of RMB234 million. These liquidity sources and
its expected operating cash flows of around RMB400 million over
the next 12 months should cover its RMB1.0 billion of short-term
debt, RMB165 million of bills payable, and estimated RMB200
million of maintenance capital expenditure over the next 12
months.

The principal methodology used in these ratings was Global
Oilfield Services Industry Rating Methodology published in May
2017.

Hilong Holding Limited is an integrated oilfield equipment and
services provider. Its four main businesses are: (1) oilfield
equipment manufacturing and services, (2) line pipe technology
and services, (3) oilfield services, and (4) offshore engineering
services.

The company listed on the Hong Kong Stock Exchange in 2011. Mr.
Jun Zhang, the chairman and founder of the company, is the
controlling shareholder, with a 58.6% equity interest at end-
2016.


LVGEM (CHINA): Weak 1H 2017 Results No Impact on Moody's B2 CFR
---------------------------------------------------------------
Moody's Investors Service says that LVGEM (China) Real Estate
Investment Co. Ltd.'s weak results for 1H 2017 have no immediate
impact on its B2 corporate family rating or on the B3 backed
senior unsecured rating on the USD notes issued by Gemstones
International Limited, a wholly owned subsidiary of LVGEM.

The ratings outlook remains stable.

"Moody's expects LVGEM's revenue to materially increase in 2H
2017 following the launch of the fully completed Hongwan Garden
project in Shenzhen in July 2017," says Chris Wong, a Moody's
Analyst.

LVGEM recorded RMB595 million of revenue in 1H 2017, down 84%
year-on-year from 1H 2016. Nevertheless, Moody's expects LVGEM's
revenue to reach RMB3.5 billion-RMB4.0 billion in 2017, as the
company will start recognizing sales from the completed Hongwan
Garden project as revenue in 2H 2017.

In addition, the company's contracted sales are likely to
increase to around RMB4.5 billion and RMB8.5 billion in 2017 and
2018, respectively, mainly from its two large Shenzhen projects -
- Hongwan Garden and Mangrove Bay No.1. The company achieved low
contracted sales of RMB1 billion during the first seven months of
2017.

The company's gross profit margin improved to 57.8% in 1H 2017
from 50.0% in 2016, mainly because 40% of its total revenue was
contributed by its investment property segment during the period.
Moody's expects the company's gross profit margin to remain above
50% over the next 12-18 months, supported by its two highly
profitable projects in Shenzhen.

As a result, Moody's expects LVGEM's EBIT/interest coverage to
improve to 2.6x-2.8x over the next 12-18 months from 0.9x for the
12 months to June 2017 -- a level similar to its B-rated peers.

Meanwhile, gross rental income covered around 0.5x of the
company's gross interest expense for the 12 months to June 2017.
Moody's expects this ratio will remain at 0.4x-0.5x over the next
12-18 months.

LVGEM's reported debt increased to RMB13.24 billion at end-June
2017 from RMB11.98 billion at end-2016. Consequently, its debt
leverage -- as measured by adjusted debt/capitalization --
increased to 53.3% from 50.8% during the same periods.

Moody's expects the company's adjusted debt/capitalization to
increase to 60%-65% over the next 12-18 months from 51% in 2016,
as it is likely to partly debt-fund capital spending related to
any project injections from its controlling shareholder.

LVGEM's cash to short-term debt ratio weakened moderately to
around 1.1x at end-June 2017 from 1.3x at end-2016, although its
liquidity position should have improved following its USD225
million offshore bond issuance in August 2017.

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

LVGEM (China) Real Estate Investment Co. Ltd. listed on the Hong
Kong Stock Exchange in November 2015. At end-June 2017, LVGEM's
attributable land bank totaled around 4.1 million square meters,
situated in Shenzhen, Hong Kong, Zhuhai, Suzhou, and Maoming.


YUZHOU PROPERTIES: S&P Upgrades CCR to 'BB-', Outlook Stable
------------------------------------------------------------
S&P Global Ratings raised its long-term corporate credit rating
on Yuzhou Properties Co. Ltd. (Yuzhou) to 'BB-' from 'B+'. The
outlook is stable. At the same time, S&P raised its long-term
issue rating on the Chinese developer's senior unsecured notes to
'B+' from 'B'.

S&P said, "We raised the ratings on Yuzhou, as the company has
materially increased its operating scale, and is now comparable
with some larger peers in the 'BB-' category. In the past,
Yuzhou's high concentration in Fujian was one of its key credit
constraints, but this has improved with its expansion into other
provinces.

"We estimate Yuzhou's sales will grow fast in 2017 to about
Chinese renminbi (RMB) 37 billion, up from RMB23 billion in 2016
and RMB14 billion in 2015. The company has quickly closed the
sales gap with larger peers rated 'BB-', such as Logan Property
Holdings Co. Ltd; for the first seven months of 2017, Yuzhou
increased its sales by 64% to RMB24.2 billion, similar to Logan's
RMB22.8 billion."

Yuzhou has also improved its earnings stability with increasingly
more diversified sales. In addition to Xiamen and Fuzhou, the
company has expanded into six other core markets outside Fujian
province--Nanjing, Hefei, Suzhou, Hangzhou, Shanghai, and
Tianjin. These relatively developed higher-tier cities accounted
for 59% of sales for the first seven months of the year, while
the contribution of its home province of Fujian decreased to 37%
from 42% in 2016 and 59% in 2015.

S&P said, "In our view, Yuzhou will maintain its high
profitability over the next two years due to its sizable, low
cost land banks. Prioritizing profitability over asset churn, the
company has previously benefited from price appreciation in its
core markets (such as Hefei and Xiamen). In June 2017, Yuzhou's
average land cost was RMB5,900 per square meter, with tier 1 and
2 cities accounting for 92% of its land banks. The company also
carried unrecognized revenue of RMB34 billion at a gross margin
of over 33% in June.

"We estimate Yuzhou's leverage will improve in 2017, with debt to
EBITDA slightly below 5x. The company has generally maintained
balanced cash flow management during its recent expansion,
managing only mildly negative to positive operating cash flow
over the last two years. In June 2017, its rolling 12-month debt
to EBITDA improved to 5.4x from 6.0x in 2016, thanks to higher
revenue (up 75% in the first half over the same period last year)
and a solid gross margin of 33%.

"The stable outlook reflects our expectation that Yuzhou will
continue its robust sales growth over the next 12 months during
its expansion, while sustaining its above-average margins. We
also expect the company to maintain its financial discipline
during expansion and improve its leverage over the next 12
months.

"While it is less likely in the next 12 months, we could upgrade
Yuzhou if the company can maintain its steady sales growth, while
materially improving its financial leverage such that debt to
EBITDA is lower than 4x on a sustained basis. We could also raise
the rating in the longer term, if Yuzhou can substantially expand
its scale and diversity to be comparable with peers rated 'BB'
without deterioration in leverage.

"We could downgrade Yuzhou if it fails to maintain financial
discipline during its expansion, such that its debt to EBITDA
remains notably above 5x, or it is unable to sustain its high
profitability during its expansion, with EBTIDA margin declining
to 30% or lower."



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


NOBLE GROUP: Expected to Pick LNG Units Buyer by Mid-September
--------------------------------------------------------------
Reuters reports that Noble Group is expected to pick a buyer for
its oil and liquefied natural gas (LNG) units by mid-September to
cover debts and reduce credit exposure after a first half loss of
US$1.9 billion, sources familiar with the matter said.

Once Asia's largest commodities trader, Singapore-listed Noble
has slimmed down drastically to its core Asian coal business
after a crisis-wracked two years, the report says.

Reuters recalls that Hong Kong-based Noble said in July it was
selling its North American gas and power business to Mercuria and
also said it would sell its capital-intensive oil liquids
business, leaving it focused on hard commodities.

Suitors for the oil business have already signed non-disclosure
agreements, one of the sources told Reuters.

"We have the last two weeks of August to view and then compile
the bids . . . Noble will then take the first two weeks of
September to review them," the source, as cited by Reuters, said.

Noble's LNG business would be included in the sale, the sources
said, Reuters relays. The firm delivered 2 million tonnes of LNG
in 2015 after securing a deal to supply Egypt and contracts in
the Asia-Pacific region.

According to Reuters, Noble's spokesman in Hong Kong said on
August 31 the company had no plans to sell its LNG business. In
an update of its strategic review in July, Noble had reiterated
its focus on the LNG business, along with hard commodities and
freight, he said.

Reuters relates that the sources, who did not put a value on the
oil and LNG units, said interested parties included rival trading
firms Mercuria Group, Vitol Group, US-based Castleton Commodities
International and Freepoint Commodities, as well as Litasco, the
trading arm of Russia's Lukoil.

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 17, 2017, Moody's Investors Service has downgraded Noble
Group Limited's corporate family rating and senior unsecured bond
ratings to Caa3 from Caa1, and the rating on its senior unsecured
medium-term note (MTN) program to (P)Caa3 from (P)Caa1. The
rating outlook remains negative.

The TCR-AP reported on Aug. 17, 2017, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group Ltd.
to 'CCC-' from 'CCC+'. The outlook is negative. S&P said, "At the
same time, we lowered the long-term issue rating on Noble's
outstanding senior unsecured notes to 'CC' from 'CCC'.

"We downgraded Noble to reflect the heightened risk that the
company will not be able to meet its debt obligations in the next
six months. We believe Noble's cash on hand and the potential
proceeds from the sale of Noble Americas Gas & Power Corp. (NAGP)
will not be enough to cover the company's revolving credit
facilities (RCF) if Noble is not able to turnaround, or if it
breaches its financial covenants and fails to obtain a waiver
from banks.

"We estimate Noble has around US$700 million in unutilized
committed facilities as of the end of the second quarter of 2017.
However, the amount may not be enough to cover the RCF if the
weak operating performance and working capital cash outflow
persist in the third quarter. A default in any principal or
interest payment may trigger a cross-default of other debt
obligations."

Noble made a loss in the second quarter of 2017 even if S&P
exclude one-off write-downs. The company's net debt continued to
increase during the period, after an increase in the first
quarter from a recent low in the fourth quarter of 2016.
Operating cash flow remained negative in the second quarter due
to loss-making underlying operations and continued working
capital cash outflow after excluding one-off write-downs in fair
value gains in derivative instruments.

Noble is also in the process of selling its global oil liquids
business. Although the sale will likely reduce the debt balance
and need for working capital, Noble's scale will also reduce
significantly. In addition, the pricing and timing of the sale is
still uncertain.



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


AMRIT POLYCHEM: ICRA Withdraws B+ Rating on INR12cr Cash Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ assigned to
the INR12.00-crore fund-based bank facilities of Amrit Polychem
Private Limited. ICRA has also withdrawn the short-term rating of
[ICRA]A4 assigned to the INR20.00-crore non-fund based bank
facilities of APPL.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits
  Cash Credit            12.00       [ICRA]B+; Withdrawn

  Non-fund based
  Limits Letter of
  Credit                 20.00       [ICRA]A4; Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the firm and the
bank.

Established in 1979 as a partnership firm, Amrit Chem was
converted into a private limited company in March 2012 in the
name of Amrit Polychem Pvt. Ltd. (APPL). Mr. Hemal Parekh and Mr.
Mukesh Bakhai are the key managing personnel who look after the
overall operations of the company. APPL is involved in the
manufacture of polyol and trading in chemicals used for the
manufacturing of polyurethane, plastics, paints, inks and
coatings. The company has its head office in Mumbai, factory in
Palghar and three sales depots in Ahmedabad, Daman and Haryana.


AURO IMPEX: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Auro Impex &
Chemicals Pvt. Ltd. (AICPL) a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable. The instrument-wise rating actions are:

-- INR120 mil. Fund-based limits assigned with IND BB-/Stable
    rating;

-- INR55 mil. Non-fund-based limits assigned with IND A4+
    rating; and

-- INR16.5 mil. Proposed non-fund-based limits* assigned with
    Provisional IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by AICPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect AICPL's small scale of operations and
moderate credit metrics. According to provisional financials for
FY17, revenue was INR395 million (FY16: INR362 million). The
increase in revenue was driven by higher demand. In FY17,
interest coverage (operating EBITDA/gross interest expense) was
1.6x (FY16: 1.8x), net financial leverage (total adjusted net
debt/operating EBITDAR) was 5.6x (7.2x) and operating margin was
6.0% (5.4%). The deterioration in interest coverage was due to a
higher increase in interest costs than that in operating EBITDA.
Meanwhile, the improvement in leverage was driven by a fall in
debt, due to the repayment of long-term borrowings, and an
increase in EBITDA. Ind-Ra expects credit metrics to improve in
FY18 on account of increasing EBITDA. The rise in operating
margin was due to a deviation in the cost structure.

The ratings factor in an elongated net working capital cycle of
126 days in FY17 (FY16: 146 days) due to high receivable days of
106 days (261 days).

The ratings, however, benefit from AICPL's moderate liquidity
position, indicated by an average utilisation of working capital
limits of about 92% during the 12 months ended July 2017. The
ratings also benefit from AICPL's associations with reputed
customers such as Larsen & Toubro Limited, Chitiz Metals &
Minerals Trading (P) Ltd., Isgec Heavy Engineering Ltd., Thermax.
D Ltd. and Mangal Steel Enterprises Limited.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in January 1994, AICPL manufactures components,
spares and fabricated internal structures, primarily used in
pollution control equipment such as electrostatic precipitators.
The company was initially engaged in the trading of electrical
and engineering goods. In 2012-13, the company commenced its
production site for discharge electrodes, collecting electrodes,
ESP internal components, rapper assembly and others at the
Khajurdaha village, Hooghly, West Bengal.


AVINASH ISPAT: Ind-Ra Affirms 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Avinash Ispat
Private Limited's (AIPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR110 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable rating; and

-- INR2.68 mil. Long-term loans withdrawn (repaid in full) with
    WD rating.

KEY RATING DRIVERS

The affirmation reflects AIPL's continued moderate scale of
operations and credit metrics. According to FY17 provisional
financials, revenue declined to INR428 million (FY16: INR440
million) on account of low orders. However, EBITDA margin
improved to 4.3% in FY17P (FY16: 2.3%) on the back of a decrease
in labour cost resulting from automation of its production
process. Gross interest coverage (operating EBITDA/gross interest
expenses) improved to 3.0x in FY17P (FY16: 1.3x) due to reduction
in financials costs resulting from lower utilisation of cash
credit limits, and repayment of term loan and a car loan. Net
financial leverage (total adjusted net debt/operating EBITDA)
deteriorated to 4.1x in FY17P (FY16: 2.3x) owing to an increase
in short-term debt to INR73 million at FYE17P (FYE16: INR10
million) to fund the company's working capital requirement.

The ratings also factor in the company's moderate liquidity
position with 62.36% average utilisation of fund-based limits
during the 12 months ended July 2017.

However, the ratings continue to benefit from the promoters' over
three decades of experience in the manufacturing of mild steel
structural items.

RATING SENSITIVITIES

Negative: Any deterioration in the operating profitability and
credit metrics could be negative for the ratings.

Positive:  An improvement in the scale of operations and the
overall credit metrics could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995, AIPL manufactures mild steel structural
items such as channels and joists. Its manufacturing facility,
located in Raipur, Chhattisgarh, has an annual installed capacity
of 30,000MT.


BASARAGI KM: CARE Assigns 'B' Rating to INR13.95cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Basaragi KM Solar Power Project LLP (BSPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.95       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BSPPL are
constrained by climatic conditions and technological risks,
exposure to single party counter party credit risk, Limited track
record of operations, project Implementation risk for residual
project under execution and fixed cost associated with LLP
agreement. The ratings are, however, underpinned by takes into
account Experienced promoter in renewable energy segment, PPA
with Hubli Electricity Supply Company Limited (HESCOM) for 25
years, established PV module and inverter supplier and moderate
profile of EPC contractor, satisfactory operating performance for
partially commenced installed capacity and Positive outlook of
renewable power industry with GoI initiative in promoting solar
projects.

Going forward, the ability of the firm to complete the project
within the time and cost envisaged, Successful operation of
the plant at envisaged capacity utilization and timely receipt of
payments from HESCOM are key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Fixed cost associated with LLP agreement: The firm is required to
pay fixed amount of INR 1.25 KWp for every unit of power
generation to Mr. Channaraj B. Hattiholi. Furthermore, when the
rate at which BSPPL sells units to HESCOM goes below INR 8.40
KWp, the loss will be shared equally between Mr. Channaraj B.
Hattiholi and BSPPL.

Limited track record and project implementation risk for residual
project under execution: The firm has the requisite land parcel
and regulatory approvals in place for the project implementation
work. Furthermore, the project is in advanced stage of completion
with partial commercial operations achieved in April 2017. The
total proposed cost of project is INR 20.65 crore which is
proposed to be funded through long term loan of INR13.95 crore
and promoters' contribution of INR 6.70 crore. As on August 10,
2015, the firm has incurred INR15.08 crore (73.05%) for land
development, Plant and machinery and other expenses, same was
funded through promoters' contribution and long term loan. The
firm achieved commercial operations partially of 2.15 MW from
April 2017.

Climactic and technological risks: Achievement of desired CUF
going forward would be subject to change in climatic conditions,
amount of degradation of modules as well as technological risks
(limited track record of solar technology in India).

Key Rating Strengths

Experience of the promoters with established track record in
renewable sector: BSPPL was promoted by Mr. Sidram Maleppa Kaluti
who is also Managing Director of Ravindra Energy Limited (REL).
REL (erstwhile Ravindra Trading & Agencies Limited) was setup in
1980 and is promoted by Murkumbi family of Shree Renuka Group.
REL, through its subsidiaries, is engaged in coal mining (in
Indonesia), coal trading and sugar trading activities. The
company recently has ventured into the solar power generation
space and has an installed base of 248 solar IPs till date. REL
is an accredited as a channel partner for rooftops and off grid
systems by MNRE as well as being an empaneled solar pump
supplier. REL has done EPC of 271 MW of solar energy projects to
its associate company; Shree Renuka Sugars Ltd. Mr. Sidram is a
qualified graduate and has around four decades of overall
experience in working for various government departments i.e.

Inspector of Police, Assistant Registrar of Co-Operative
Societies, District Youth Services & Sports Officer, Deputy
Registrar of Cooperative Societies, Managing Director of DCC
Bank, Joint Registrar of Co-operative Societies, Land Development
Officer, CADA, Managing Director of Shree Bhagyalaxmi Sahakari
Sakkare Karkhana Limited, Khanapur, Coordinator for newly
established Sugar Factories. He was also a founder member of
Karnataka Sugar Institute and Chandaragi Sports School,
Chandaragi, Belgaum. He is actively involved in day to day
operations of the firm.

Power purchase agreement with Hubli Electricity Supply Company
Limited (HESCOM): Mr. Channaraj B. Hattiholi (partner in BSPPL)
has entered into Power Purchase Agreement (PPA) with HESCOM,
dated June 30, 2015 for supply of 3.3MW power at a tariff of
INR8.40/KWh for 25 years. BSPPL achieved COD on 1 April 2017. The
firm has generated 555424 kilo watt hours (Kwh) of electricity at
a net average net PLF of 14.04% in 3 months of operations (April
1, 2017 to June 30, 2017). Furthermore, BSPPL has raised the
invoices for the month of April 2017 to June 2017; however, the
firm is yet to receive payments from HESCOM. This exposes the
firm to single party counter party credit risk.

Established PV module and inverter supplier and moderate profile
of EPC contractor (REL, associate company): The solar panels and
the inverters used by the firm are manufactured by Trina Solar
(China) and SMA Solar Technology AG (Germany), respectively,
which has proven field performance across the world. REL has
taken the EPC work for installation of PV modules along with O&M
contract for 25 years. The company has been into the solar
industry for more than three decades and has commissioned more
than 271MW of solar projects. The O&M charges ranges from INR
0.31 crore to INR 1.01 crore until the tenure of the contract of
25 years. Government initiative in promoting solar projects: The
Government has set a solar power target of 100 GW to be achieved
within 2022 and in line with promoting use of solar powers has
come up with various incentives and is actively encouraging the
use of solar power for both residential and commercial purposes.

Positive outlook of renewable power industry: Solar power sector
has generated enormous interest over the past few years, with the
cumulative installed capacity increasing from 35 MW as on
March 31, 2011 to 3,744 MW as on March 31, 2015. The major
drivers for the growth have been various government initiatives
and policies (both Central and respective States) such as
Preferential Feed-in-Tariffs, Renewable Purchase Obligations
(RPOs), Renewable Energy Certificates (RECs) and Viability Gap
Funding (VGF) etc. to encourage investment from the private
sector; decline in equipment cost over the years in the global
markets; technological advancement and shorter implementation
schedules as compared to conventional sources of energy.

Solar projects have relatively lower execution risks, stable long
term cash flow visibility with long term offtake arrangements at
a fixed tariff and minimal O&M requirements. Though the sector is
new and has limited track record of operations, visibility has
emerged from the satisfactory operating performance in terms of
CUF (around 20% for projects under JNNSM, Phase-I with majority
of projects in Rajasthan) and timely receipt of tariff payments
from the utilities in the last 2-3 years. Till now average CUF
levels have been broadly on expected lines but level of
degradation of the solar modules and continuity in regular
payment receipt from the off taker would be an important factor
to watch for, from a long term perspective. Furthermore, MNRE has
made policy framework and mechanism for selection and
implementation of 750 MW Grid-connected solar PV power projects
with Viability Gap Funding under Batch-1 Phase-II of JNNSM. VGF
is expected to improve investment in solar energy sector.

Basaragi KM Solar Power Project LLP (BSPPL) was promoted by Mr.
Sidram Maleppa Kaluti, MD of Ravindra Energy Limited, Mr.
Channaraj B. Hattiholi and Mr. Ravindra Gundappa Patil in the
year 2016. BSPPL has proposed 3.3MW grid connected solar
photovoltaic (PV) power plant at Taluka Savadatti, Belgavi
district, Karnataka. BSPPL has an entered into Limited Liability
Partnership agreement with Mr. Channaraj B. Hattiholi, M/s.
Ravindra Energy Limited and Mr. Ravindra Gundappa Patil. Mr.
Channaraj B. Hattiholi is a farmer by profession and has 26%
share in profit/loss in the firm. The longterm power purchase
agreement (PPA) for 25 years with Hubli Electricity Supply
Company Limited (HESCOM) dated June 30, 2015 for supply of 3.3MW
power at a tariff of INR 8.40/KWh has been entered with Mr.
Channaraj B. Hattiholi. Mr. Channaraj B. Hattiholi was awarded
the solar project based upon the bids received by Karnataka
Renewable Energy Development Limited (KREDL). KREDL is a nodal
agency of the Government of Karnataka for facilitating the
development of renewable energy in Karnataka.

The project was started by the firm during November 2016. The
total proposed cost of project is INR 20.65 crore which is
proposed to be funded through long term loan of INR13.95 crore
and promoters' contribution of INR 6.70 crore. As on August 10,
2015, the firm has incurred INR15.08 crore (73.05%) for land
development, Plant and machinery and other expenses, same was
funded through promoters' contribution and long term loan. The
firm achieved commercial operations partially of 2.15 MW from
April 2017.


BHAGYODAYA TROKHOS: CRISIL Reaffirms B Rating on INR13MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyodaya Trokhos
Private Limited (BTPL; part of the Bhagyodaya group) continue to
reflect the Bhagyodaya group's below-average financial risk
profile marked by high total outside liabilities to tangible net
worth (TOLTNW) ratio and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
segment.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             13        CRISIL B/Stable (Reaffirmed)

   Channel Financing        3        CRISIL A4 (Reaffirmed)

   Long Term Loan           1.96     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        .29     CRISIL B/Stable (Reaffirmed)

   Standby Line of Credit   1.75     CRISIL B/Stable (Reaffirmed)

These rating weaknesses are partially offset by the Bhagyodaya
group's established position in the automobile dealership market
for Tata Motors Ltd (TML; rated 'CRISIL AA/Positive/CRISIL A1+')
in north Karnataka.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Bhagyodaya Motors Pvt Ltd (BMPL) and
BTPL. This is because the two companies, together referred to as
the Bhagyodaya group, are in the same line of business, under the
same management, and have significant operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile
The Bhagyodaya group's financial risk profile is weak, marked by
a high total outside liabilities to tangible net worth (TOLTNW)
ratio and weak debt protection metrics. CRISIL believes that the
group's financial risk profile is expected to remain weak due to
its working capital intensive operations and high reliance on
external bank debt.

* Susceptibility to intense competition in automobile dealership
segment
The Bhagyodaya group's operations are concentrated in the North
Karnataka region, where it has all its sales outlets and service
centres. This exposes the group to geographical concentration as
any deterioration in the economy of the region will impact
automobile sales, which would affect automobile dealers such as
the Bhagyodaya group. Furthermore, the group has only Tata Motors
Ltd (TML) dealership, and has weak bargaining power in its
transactions with TML. CRISIL believes that the Bhagyodaya
group's business risk profile will remain constrained over the
medium term on account of its exposure to risks related to
geographical and supplier concentration, and to intense
competition in the automobile dealership segment.

Strengths

* Established position in automobile dealership market for TML in
North Karnataka
The promoters of the Bhagyodaya group have over a decade of
experience in the automobile dealership business. Over these
years, the group has been able to build a strong brand image
among its customers in North Karnataka. It is the exclusive
dealer for TML's passenger cars and LCVs in three districts of
North Karnataka. CRISIL believes that the Bhagyodaya group will
benefit from its established position as TML's dealer in the
North Karnataka region, over the medium term.

Outlook: Stable

CRISIL believes that the Bhagyodaya group will continue to
benefit over the medium term from its established position in the
automobile dealership market for TML in North Karnataka. The
outlook may be revised to 'Positive' if the group's volumes and
operating margin improve substantially or in case of any
significant equity infusion by the promoters, resulting in
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if the
Bhagyodaya group's revenue and profitability decline
significantly, or if the group undertakes a large debt-funded
capital expenditure programme, resulting in deterioration in its
capital structure and cash accruals.

Set up in 1998 as a partnership firm, BMPL was reconstituted as a
private limited company in 2002. The company is the exclusive
authorised dealer for TML's passenger car in three districts -
Bellary, Koppal, and Raichur (all in Karnataka).

BTPL was incorporated in 2006. The company is the exclusive
authorised dealer for TML's light commercial vehicles (LCVs) in
Bellary, Koppal, and Raichur.

Profit after tax (PAT) and net sales are estimated at INR0.29
crore and INR110 crore, respectively, for fiscal 2017; PAT was
INR0.14 crore on net sales of INR113 crore for the previous
fiscal.


BHASKAR TEA: Ind-Ra Migrates B- Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhaskar Tea &
Industries 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:

-- INR54 mil. Fund-based working capital  limits migrated to
    non-cooperating category with IND B-(ISSUER NOT COOPERATING)
    rating;

-- INR0.7 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 24, 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 1938, Bhaskar Tea & Industries is engaged in tea
processing. The company has three tea gardens in Assam:
Tingalibam Tea Estate, Gabroo Purbat Tea Estate and Dahingeapar
Tea Estate. Its registered office is in Kolkata, West Bengal. The
company is managed by Mr. Mohta.


BKD INFRASTRUCTURE: Ind-Ra Migrates BB+ Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BKD
Infrastructure 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:

-- INR20 mil. Fund-based working limits migrated to non-
    cooperating category with  IND BB+(ISSUER NOT COOPERATING)
    rating; and

-- INR120 mil. Non-fund-based working limits migrated to non-
    cooperating category with IND A4+ (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

BKD Infrastructure Pvt. Ltd was incorporated in April 2008, and
has a registered office at Sambalpur in Odisha. The company,
promoted by Braja Kishore Das and Monalisa Das, is engaged in the
civil construction works.


CASTINGS INDIA: Ind-Ra Moves B+ Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Castings India
Private Limited's (CIPL) 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:

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

-- INR14 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 22, 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 1996, CIPL manufactures thermos mechanically
treated bars and rods, and construction castings such as mild
steel round, tor steel, flat square, light angle and Z section.
The company has its manufacturing facility with an annual
installed capacity of 14,400MT in Gamharia, Jamshedpur.

Its registered office is in Kolkata, West Bengal. CIPL is managed
by Mr. Surendra Kumar Shroff.


COCHIN MINERALS: ICRA Withdraws D Rating on INR41.40cr Loan
-----------------------------------------------------------
ICRA withdraws the long-term rating outstanding of [ICRA]D Issuer
not cooperating on the INR28.97-crore term loans and INR36.50-
crore fund based limits of Cochin Minerals and Rutile Limited
(CMRL). ICRA also withdraws the short-term rating outstanding of
[ICRA]D Issuer not cooperating on the INR41.40-crore non-fund
based facilities of the company.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans            28.97        [ICRA]D; ISSUER NOT
                                     COOPERATING; Rating
                                     Withdrawn

  Long-term-Fund        36.50        [ICRA]D; ISSUER NOT
  based Limits                       COOPERATING; Rating
                                     Withdrawn

  Short-term Non-       41.40        [ICRA]D; ISSUER NOT
  fund Based                         COOPERATING; Rating
  Facilities                         Withdrawn

Rationale

The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension, and as desired by the company.

Incorporated in 1989, CMRL is engaged in the manufacture of
synthetic rutile at its facility located in Aluva, Cochin. The
company has a capacity to produce 45,000 tons per annum of
synthetic rutile. The Company sells the synthetic rutile and the
by-products produced during the manufacturing process (ferric
chloride, ferrous chloride and iron hydroxide) to customers in
Japan, Middle East, and India. The company's equity shares are
listed on the Bombay Stock Exchange.


CONCORD HOSPITALITY: Ind-Ra Migrates D Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Concord
Hospitality 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 D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is:

-- INR516.5 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on Sept. 29, 2005, Concord Hospitality operates a
five-star hotel in Amritsar. The company has tied up with
Radisson Hotels International Inc. through its parent company
Carlson Hotels Asia Pacific, Singapore.


IDBI BANK: Moody's Lowers Bank Deposit Rating to B1
---------------------------------------------------
Moody's Investors Service has downgraded IDBI Bank Ltd's local
and foreign currency bank deposit ratings to B1 from Ba2.

At the same time, Moody's has downgraded the foreign currency
senior unsecured rating of IDBI and its Dubai International
Financial Centre (DIFC) branch to B1 from Ba2. Similarly, Moody's
has downgraded the foreign currency senior unsecured MTN
programme rating of IDBI and its DIFC branch to (P)B1 from
(P)Ba2.

Moody's has confirmed IDBI's baseline credit assessment (BCA) and
adjusted BCA at caa1.

Moody's has downgraded the counterparty risk (CR) assessment for
both IDBI and its DIFC branch to Ba3(cr) from Ba1(cr).

The outlook, where applicable, has been changed to stable.

This rating action concludes the review for downgrade initiated
on May 25, 2017.

RATINGS RATIONALE

The rating action is driven by a reduction in the amount of
extraordinary government support incorporated into the bank's
ratings and its weak standalone credit profile.

Moody's has lowered the support assumption for IDBI towards the
mid-point of the "very high" support bucket range from the top
end of the "very high" support bucket range.

Since May 2017 -- when Moody's initiated its review for downgrade
-- IDBI has received INR18.6 billion of new equity from the
government and INR3.9 billion of new equity from the Life
Insurance Corporation of India (LIC).

Nevertheless, IDBI remains significantly undercapitalized, with a
CET 1 ratio of only 6.5%, which is below the current minimum core
equity tier (CET 1) ratio norms after factoring in the
requirements of capital conservation buffers.

As such, the government's capital infusions have been
insufficient to repair the bank's balance sheet. This relatively
limited amount of capital support from the government is the key
driver for the repositioning of the support assumption for IDBI.

At the same time, Moody's continues to position government
support for IDBI in the "very high" bucket, reflecting the
systemic importance of public sector banks in India. The
viability of public sector banks is crucial for maintaining
overall systemic stability, given that these banks cumulatively
account for around 74% of the banking system assets.

The support assumptions of IDBI are now consistent with Moody's
supports framework for the other rated Indian public sector
banks.

The bank's BCA of caa1 reflects its weak asset quality and
capital metrics. At the same time, the change in outlook to
stable reflects Moody's expectation that the bank's standalone
credit profile will not further materially deteriorate.

IDBI's capitalization remains extremely weak. Following the
latest infusion of capital from the government in August 2017,
the bank's CET1 ratio is around 6.5%. This is lower than the
minimum CET1 requirement, after factoring in capital conservation
buffer requirements, of 7.375% through March 2018, as required by
the Reserve Bank of India (RBI).

If the bank is able to execute on the sale of its 16.25% stake in
Small Industrial Development Bank of India (SIDBI, unrated),
there could be some accretion to capital. However, Moody's
expects the bank to continue to report losses for the rest of the
financial year ending March 2018 which would further reduce
capital levels.

The bank has indicated that it would be paying the coupon on its
outstanding AT1 securities that are due on August 31. The ability
of the bank to continue to pay the coupons on this instrument
beyond August 31 would be contingent upon getting forbearance
from the regulators.

Over the next 12-18 months, Moody's expects asset quality issues
to persist, although the pace of non-performing loan (NPL)
formation should significantly slow. Given its weak asset
quality, credit costs will remain high over the next 12-18
months. In addition, the high level of NPLs will continue to
severely impact the bank's ability to generate income.
Consequently, Moody's expects it to report losses for the
remaining three quarters of the financial year ending March 2018.

Despite its weak solvency profile, Moody's notes that IDBI's
funding and liquidity positions have remained fairly stable.
Nevertheless, given the dominance of corporate deposits, Moody's
expects the risks to the bank's funding and liquidity position
have increased because of its weak solvency profile. This
situation is especially so in regard to the bank's foreign
currency book.

WHAT COULD CHANGE THE RATING UP:

A significant improvement in IDBI's capital levels and/or asset
quality will put positive pressure on the bank's BCA and ratings.
An upgrade in the BCA will lead to an upgrade to the final
rating.

WHAT COULD CHANGE THE RATING DOWN:

A further deterioration in the bank's solvency and liquidity
levels will put negative pressure on its BCA and ratings. Given
that the bank's ratings incorporate a very high level of
government support, any changes to Moody's expectation of
government support will also translate into negative pressure for
its ratings.

The principal methodology used in these ratings was Banks
published in January 2016.

Headquartered in Mumbai, IDBI Bank Ltd held assets totaling
INR3.37 trillion ($52.1 billion) at end-June 2017.

Following this action, IDBI Bank Ltd's ratings are:

- BCA and Adjusted BCA confirmed at caa1

- LT Bank Deposits (Local & Foreign currency), Downgraded to B1
   from Ba2, with stable outlook

- ST Bank Deposits (Local & Foreign currency), affirmed at Not
   Prime

- Foreign currency senior unsecured debt rating downgraded to B1
   from Ba2, with stable outlook

- Foreign currency senior unsecured MTN programme rating
   downgraded to (P)B1 from (P)Ba2

- Foreign currency subordinate MTN program rating confirmed at
   (P)Caa1

- Foreign currency junior subordinate MTN program rating
   confirmed at (P)Caa2

- LT CR Assessment downgraded to Ba3(cr) from Ba1(cr)

- ST CR Assessment affirmed at Not Prime(cr)

The outlook, where applicable, has been revised to stable from
review for further downgrade

Following this action, IDBI Bank Ltd, DIFC Branch's ratings are:

- Foreign currency senior unsecured debt rating downgraded to B1
   from Ba2, with stable outlook

- Foreign currency senior unsecured MTN programme rating
   downgraded to (P)B1 from (P)Ba2

- Foreign currency subordinate MTN program rating confirmed at
   (P)Caa1

- Foreign currency junior subordinate MTN program rating
   confirmed at (P)Caa2

- LT CR Assessment downgraded to Ba3(cr) from Ba1(cr)

- ST CR Assessment affirmed at Not Prime(cr)

The outlook, where applicable, has been revised to stable from
review for further downgrade.


INDSIL ENERGY: CRISIL Lowers Rating on INR40.80MM LOC to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Indsil Energy and Electrochemicals Private Limited (IEEPL) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Negative/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            32.15     CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Export Packing Credit   5.00     CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Foreign Currency
    Term Loan              5.00     CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Letter of Credit       40.80     CRISIL D (Downgraded from
                                    'CRISIL A4+')

   Letter of Credit        5.50     CRISIL D (Downgraded from
   Bill Discounting                 'CRISIL A4+')

   Long Term Loan          6.25     CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

   Proposed Long Term      0.38     CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB+/Negative')

   Term Loan               4.50     CRISIL D (Downgraded from
                                    'CRISIL BB+/Negative')

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

The company also remains susceptible to intense competition and
cyclicality in end-use industry. However, IEEPL benefits from
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Stretch in liquidity: IEEPL's operations are working capital
intensive. Its liquidity profile is adversely impacted by stretch
in its receivables.  As a result of weak liquidity, there have
been instances of delays in repayment of term loan obligations by
the company.

* Exposure to intense competition: The company's business risk
profile remains constrained on account of its modest scale of
operations in ferro alloy industry. The industry is highly
fragmented and remains extremely competitive.

Strength

* Extensive experience of the promoters
IEEPL benefits from the extensive experience of its promoters and
its healthy relationships with clients in the ferro alloy
industry. The company's promoters have experience of close to two
decades in the ferro alloy segment.

Set up in 1994, IEEPL manufactures ferroalloys, especially silico
manganese. Its smelting and captive power generation facility is
in Raipur (Chhattisgarh). Mr. Vinod Narsiman manages the
operations.

Net Loss was INR3.2 crore on an operating income of INR132 crore
in fiscal 2016, against a Net Profit of INR1.9 crore on an
operating income of INR128.8 crore in fiscal 2015.


GAZEBO INDUSTRIES: CRISIL Reaffirms B+ Rating on INR.75MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Gazebo Industries Limited (GIL) at 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             .75      CRISIL B+/Stable (Reaffirmed)

   Foreign Exchange
   Forward                0.10      CRISIL A4 (Reaffirmed)

   Letter of credit &
   Bank Guarantee         7.00      CRISIL A4 (Reaffirmed)

   Packing Credit        10.50      CRISIL A4 (Reaffirmed)

The rating continues to reflect GIL's susceptibility to
volatility in raw material prices and tender-based nature of the
business and working-capital-intensive operations. These rating
weaknesses are partially offset by promoters' extensive
experience in trading business. The rating also factors in GIL's
above average financial risk profile, marked by moderate
networth, comfortable total outside liabilities and adjusted
networth (TOLANW) and robust debt protection metrics.

Analytical Approach

CRISIL has treated unsecured loans of INR3.5 crore as neither
debt nor equity, since they are from the promoters and are
expected to remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to volatility in raw material prices and tender-
based nature of the business
GIL's operations are susceptible to volatility in raw material
prices, since the company is into trading business. Further, with
no value addition involved in its activities, its operating
profitability remains volatile and susceptible to fluctuations in
raw material prices and tender-based nature of the business.

* Working-capital-intensive operations
Gross current assets were high at 143 days as on March 31, 2017,
due to sizeable receivables and inventory.

Strengths

* Promoters' extensive experience in trading business
The key promoters of the company, Mr. Madan Singh Bharara and Mr.
Mohinder Pal Singh Bharara have an experience of over three
decades in trading business, which has helped register revenue
growth, and establish relationships with major suppliers and
customers, strengthening the market position.

* Above average financial risk profile
Both capital structure and debt protection metrics are expected
to remain comfortable over the medium term. The networth was
moderate at INR15.03 crore estimated as on March 31, 2017,
against INR14.7 crores a year earlier. Interest coverage ratio is
expected to remain robust round 2 times driven by moderate cash
accruals.

Outlook: Stable

CRISIL believes GIL will continue to benefit over the medium term
from the extensive industry experience of its promoters and
established relationship with customers and suppliers. The
outlook may be revised to 'Positive' in case of sustained
improvement in scale of operations and profitability or in case
of improvement in working capital cycle, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
in case of weakening of the financial risk profile, especially
liquidity, significant decline in cash accrual, substantial
increase in working capital requirement, or large, debt-funded
capital expenditure.

GIL was originally established in 1970 as a proprietorship firm,
Gazebo Industries; the firm was reconstituted as a private
limited company in 1988, and as a closely held public limited
company with the current name in 1991. GIL primarily trades in
railway parts and has been exporting to African countries of
Mozambique and Congo for the past three years. It also trades in
plastic granules, polyvinyl chloride resin, and polypropylene
woven sacks in the domestic market.


GKB OPHTHALMICS: CRISIL Reaffirms B Rating on INR5.5MM Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of GKB Ophthalmics Limited (GKB).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee           .9       CRISIL A4 (Reaffirmed)

   Cash Credit             5.5       CRISIL B/Stable (Reaffirmed)

   Export Bill Purchase
   Discounting             1.0       CRISIL A4 (Reaffirmed)

   Export Packing Credit   1.5       CRISIL A4 (Reaffirmed)

   Letter of Credit         .2       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.0       CRISIL B/Stable (Reaffirmed)

The ratings reflect a modest, though improving, scale, and
working capital-intensive nature, of operations. The ratings also
factor in continuous operating losses and a weak interest
coverage ratio. These weaknesses are partially offset by the
extensive experience of the promoters in the ophthalmic lenses
industry and a comfortable capital structure.

Key Rating Drivers & Detailed Description

Weakness

* Modest, though improving, scale, and working capital-intensive
nature, of operations: Revenue increased to around INR39.89 crore
in fiscal 2017 from INR31.22 crore in the previous fiscal, but
remains modest due to intense competition in the industry. Gross
current assets are estimated at 230 days, because of inventory of
154 days and receivables of about 63 days, as on March 31, 2017.
Although the receivables have been improving over the past few
years due to receipt of sticky debtors, they are expected to
remain high over the medium term.

* Continuous operating losses: The operating margin remained
negative in fiscal 2017 because large overhead costs and loss on
sale of old inventory. With an increase in scale of operations,
profitability is expected to improve over the medium term.

* Weak interest coverage ratio: Subdued operating profitability
over the past few years has resulted in a weak interest coverage
of 0.81 times in fiscal 2017. However, the ratio is likely to
increase over the medium term with improvement in operating
profitability.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of more than three decades in the ophthalmic
lenses industry. This has given them a good insight into the
industry and helped to establish a healthy business relationship
with various customers.

* Comfortable capital structure: The gearing is estimated at 0.24
time, because of limited reliance on bank debt and a healthy
networth of INR29.87 crore, as on March 31, 2017.

Outlook: Stable

CRISIL believes GKB will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of improvement in profitability and
revenue, leading to higher cash accrual, while the capital
structure is maintained. The outlook may be revised to 'Negative'
if low cash accrual or large working capital requirement or debt-
funded capital expenditure weakens liquidity.

Promoted by Mr. K G Gupta and his sons, Mr. Vikram Gupta and Mr.
Gaurav Gupta, GKB was incorporated in 1981, and commenced
operations in 1983. The company manufactures ophthalmic lenses
such as single-vision glass lenses, single-vision plastic lenses,
bifocal plastic lenses, and photochromic plastic lenses.


GOURANGA COLD: CRISIL Raises Rating on INR12.4MM Loan to B
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gouranga Cold Storage Private Limited (GCSPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable', while reaffirming the short-
term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          .42        CRISIL A4 (Reaffirmed)

   Cash Credit           12.4         CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

   Term Loan               .8         CRISIL B/Stable (Upgraded
                                      from 'CRISIL B-/Stable')

The upgrade reflects sustained improvement in business risk
profile, driven by increase in operating revenue mainly on
account of higher trading activities. Operating revenue increased
to INR6.4 crore during fiscal 2017 from INR6.1 crore in fiscal
2016 and INR5.9 crore in fiscal 2015 and will likely remain at a
similar level over the medium term. Any upward revision in rental
for cold storage space will support revenue and profitability.
Liquidity should remain adequate with nil debt obligation and
large, debt-funded capital expenditure for the medium term.

The ratings reflect GCSPL's exposure to inherent risks in the
highly regulated and intensely competitive cold storage industry
in West Bengal (WB), small networth, and high gearing. These
weaknesses are partially offset by promoters' extensive industry
experience.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Small networth and high gearing at
INR1.9 crore and 6.25 times, respectively, as on March 31, 2017
(Rs 1.8 crore and 6.39 times, respectively, as on March 31,
2016), constrain the financial risk profile. Muted accretion to
reserve should keep the networth small, though gearing may
improve with gradual repayment of term debt.

* Highly regulated and competitive nature of the cold storage
industry in WB: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association. Rental
rates are fixed by the state's department of agricultural
marketing. The fixed rental limits players' ability to earn
profit based on their strengths and geographical advantages.
Furthermore, the industry is highly fragmented, with the largest
player having a market share of less than 0.5%. This further
limits bargaining power, and forces players to offer discounts to
ensure healthy utilisation of capacity.

Strengths

* Promoters' extensive experience: The promoters have been in the
cold storage business since 1978 through group entity. This
experience has helped them develop healthy relations with traders
and farmers, and gain deep understanding of the industry, and
thus ensure healthy utilisation of its storage capacity.

Outlook: Stable

CRISIL believes GCSPL will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if a sustained and substantial increase in cash
accrual, or equity infusion, along with better working capital
management, improves the financial risk profile. The outlook may
be revised to 'Negative' in case of pressure on liquidity due to
delays in repayment of loans by farmers, considerably low cash
accrual, or significant capital expenditure.

Established in 1987, GCSPL, promoted by the West Bengal-based
Dolui family, provides cold-storage facility to potato farmers
and traders. The cold storage, with capacity of about 42,960
tonne, divided into five chambers, is located in Paschim
Medinipur (WB).


K MAGANLAL: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K. Maganlal
Impex's (KMI) 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:

-- INR110 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 26, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002, KMI is a partnership firm engaged in the
import of rough diamonds and the manufacturing, cutting and
export of polished diamonds. KMI is a member of Gem Jewellery
Export Promotion Council. Its registered office is in Mumbai and
factory in Gujarat. The firm is managed by Kalubhai Jivabhai
Dudhat, Maganlal Jivabhai Dudhat and Dineshbhai Jivabhat Dudhat.


KALINDI ISPAT: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalindi Ispat
Pvt Ltd's (KIPL) 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 ratings will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR117.50 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 5, 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 2004, KIPL manufactures sponge iron. It has a
60,000mtpa manufacturing facility in Bilaspur, Chhattisgarh.


KRUSHIRAJ SUGAR: CARE Lowers Rating on INR14.79cr Loan to 'B+'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Krushiraj Sugar Limited (KSL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            14.79       CARE B+; Stable Revised from
                                     CARE B ISSUER NOT
COOPERATING

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the bank facilities of KSL
derives strength from completion of financial closure in terms of
tying up of project term debt and experienced promoter.

The rating continues to be constrained on account of significant
proportion of promoter's equity remaining to be infused thereby
having a bearing on the timely completion of the project,
cyclical and seasonal nature of sugar industry alongwith agro-
climatic risk relating to availability of sufficient sugarcane.
The rating further takes in account postponement in scheduled
commissioning of the plant on account of the anticipation of
inadequate rainfall during FY17 (refers to the period from April1
to March 31) resulting in a shortage of sugarcane availability.

The rating, however, derives strength from the experienced
promoter group. The ability of KSL to ensure timely mobilization
of funds and successful commissioning of the project within the
estimated time and cost parameters and procurement of sugarcane
at envisaged prices post commercial operations are the key rating
sensitivities

Detailed description of the key rating drivers

Key Rating Weakness:
Nascent stage of the project and related implementation risk KSL
is setting up a 'Khandsari' unit with an installed capacity of
500 tone of cane crushed per day (TCD) in village Bhose, Dist.
Solapur, Maharashtra. The proposed project cost is INR20.00 crore
to be funded with equity share capital of INR6.00 crore and term
debt of INR14.0 crore, financial closure of which is achieved in
July 2017.The commercial date of start of operation is December
2017 and the loan repayment is starting from October 2018 for the
term loan of Rs 14.00 crore.Further, the company has applied for
working capital limits of INR0.79 crore to support the operations
of the company. The ability of KSL to ensure timely completion of
the project within estimated cost parameters is vital. KSL has
already acquired the required land of 5 acres for the proposed
project in December 2012. As on March 31, 2017, about 13.70% of
the total project cost has been incurred funded through promoters
contribution.

Seasonal and cyclical nature of sugar industry
Sugarcane is the key raw material used for the manufacture of
'Khandsari'. The availability and yield of sugarcane depends on
factors like rainfall, temperature and soil conditions, demand-
supply dynamics, government policies, etc. The production of
sugarcane and hence sugar is cyclical in nature, wherein
production of sugarcane is on an uptrend for two years and then
declines over the next two years, before trending up again,
thereby making the entities in the sugar industry suspectible to
the vagaries.

Key Rating Strengths

Experienced promoters
Krushiraj Sugar Limited (KSL) is a closely held Public Limited
company promoted by Mr. Mahesh Yashwantrao Patil, Chairman &
Managing Director (CMD) and his brother Mr.Baliram Yashwantrao
Patil. The CMD has an experience of over two decades in sugar
industry and prior to KSL, he was associated with Vitthal
Sahakari Sakhar Karkhana Limited (7,500 TCD) as vice chairman for
five years. Mr. Mahesh has also served as former president of
Zila parishad, Solapur and former Chairman of Rayat-Shikshan
Sanstha, Satara. Mr. Mahesh is ably supported by his brother Mr.
Baliram Yashwantrao Patil.

Mr. Baliram has an experience of over a decade in sugar industry
and prior to KSL, he was has been associated with Vijay Sugar
Limited (2,500 TCD) as its founder director.

Location of the plant in a high recovery and sufficient cane
availability zone
KSL is setting up the project in village Bhose, Dist. Solapur,
Maharashtra.The command area of KSL falls in Pandharpur Tehsil,
which has a recovery rate ranging between 11.00% to 11.50% on
account of favorable climatic conditions for growing sugarcane.
KSL proposes to procure about 90% of the required sugarcane with
15kms area from the factory site. The proposed sugar factory is
located in close proximity to canals from Nira and Bhima river,
facilitating adequate irrigation in the command area.

Krushiraj Sugar Limited (KSL) was incorporated in March 2012 to
undertake manufacturing of khandsari (unrefined sugar) at village
Bhose, District. Solapur, Maharashtra. KSL is promoted by Mr.
Mahesh Yashwantrao Patil, Chairman & Managing Director (CMD), and
his brother Mr. Baliram Yashwantrao Patil. Presently, KSL is in
the process of setting up a green field khandsari manufacturing
unit with an installed capacity of 500 tonnes of cane crushed per
day (TCD) and 1.5 mega-watt (MW) captive co-generation plant at a
total project cost of INR 20.00 crore funded through a debt to
equity proportion of 2.33:1.


LODHA DEVELOPERS: Fitch Keeps 'B' IDR on Rating Watch Negative
--------------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Negative (RWN)
placed on Lodha Developers Private Limited's (Lodha) 'B' Long-
Term Issuer Default Rating (IDR) and the 'B' long-term rating on
its outstanding USD200 million 12% unsecured unsubordinated notes
due 2020. The RWN reflects the possibility that Lodha may not be
able to complete the refinancing of the GBP225 million loan for
its prime residential Mayfair development in London by end-
September 2017.

Fitch may affirm Lodha's ratings with a Stable Outlook if the
company is able secure timely refinancing of the loan and obtain
the construction (or similar) financing it needs for the project.
A Stable Outlook would also reflect the strong performance of
Lodha's Indian operations, with healthy presales and cash
collections in spite of challenging market conditions.

Fitch may downgrade the ratings by more than one notch if the
company is not able to secure timely refinancing for its London
project.

Lodha's ratings were placed on RWN on July 28, 2017 following the
company's announcement that it was seeking the consent of the
holders of its US dollar notes to amend certain covenants in
indenture so that it can reorganise, and to waive a breach of
covenants. On August 14, 2017, Lodha said it had received the
requisite consent from its unsecured noteholders to waive the
breach of the restricted payment covenant, and to reorganise its
operations to make its London properties part of the restricted
group. Ownership of the London properties will also increase to
at least 75%. The company expects to conclude the reorganisation
by Jan. 15, 2018.

The US dollar notes are issued by Lodha's wholly owned
subsidiary, Lodha Developers International Limited, and
guaranteed by Lodha and certain subsidiaries.

KEY RATING DRIVERS

London Project Refinancing Risk: Lodha is currently in
discussions with lenders to refinance its London project loan and
to fund the project's estimated GBP197 million balance in
construction cost. The development was formally launched in May
2017 and GBP80 million has been sold as of June. Demand for
Mayfair prime property has been less affected than other prime
areas in Central London since the Brexit vote last year and may
help Lodha's ability to secure the construction financing. Lodha
was able to secure 30-month construction financing of GBP290
million for another residential project in London earlier this
year, with a bullet repayment of principal. Lodha launched sales
of this project, the smaller of the two, in April 2016, and had
sold around GBP120 million of properties by June 2017.

Rating Unaffected by London Amalgamation: On a pro forma basis as
of March 31, 2017, Fitch estimates that Lodha's consolidated
leverage (defined as net adjusted debt/adjusted inventory) would
drop to 72% if the London business were amalgamated, from 80%
previously. At March 31, 2017, the London business had external
debt of INR26.4 billion and adjusted inventory of INR60.7
billion, which amounts to a leverage ratio (defined as net
debt/adjusted inventory) of 43%. Fitch leverage ratios exclude
the London business' outstanding loans payable to Lodha.

Strong Sales, Cash Collections: Lodha continued to report robust
property presales and cash collections in India for the quarter
ended June 30, 2017 (Q1FY18, fiscal year ends 31 March), compared
with Fitch full-year FY18 presales expectation of around INR70
billion (FY17: INR69.2 billion) and cash collection expectation
of INR77 billion. The company's collections are speeding up due
to a number of its large projects coming to a close this year.
Strong sales in FY17 were also supported by the company's Palava
project, which benefits from the Indian government's push on
affordable housing including the announcement of its
infrastructure status, and tax and interest-cost incentives to
buyers. Fitch expects Lodha to sell around INR30 billion of
properties in London annually, between FY18 and FY20.

DERIVATION SUMMARY

Lodha's 'B'/RWN rating compares well against peers Indiabulls
Real Estate Limited (IBREL, B+/Stable) and Xinyuan Real Estate
Co., Ltd. (B/Stable). Lodha has a stronger business profile
compared with IBREL with nearly twice the operating scale, and a
better track record of sales and execution over the last three to
four years. However, Lodha's leverage is considerably higher than
IBREL's, which drives its lower rating. Xinyuan is a small
regional developer in China that has weaker business risk
compared with Lodha. A key weakness for Xinyuan is its need to
constantly replenish its land bank amid rising land costs.
However, Xinyuan's substantially lower leverage compared with
Lodha balances out these risks.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- India presales of around INR70 billion and INR90 billion in
   FY18 and FY19
- India cash collections of around INR75 billion-80 billion
   annually in FY18-FY19
- India construction cost of around INR50 billion in FY18
- London properties annual presales of around INR30 billion
   between FY18-FY20
- London properties cash collections of around INR17 billion in
   FY19 and INR60 billion in FY20
- London properties construction cost and other expenses of
   around INR12 billion annually in FY18-FY19

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Should Lodha refinance its London project debt and secure term
   financing to fund the balance in construction costs of the
   project as intended, then Fitch may affirm the company's
   ratings with a Stable Outlook

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- If the company is not able to secure timely refinancing for
   its London project, then Fitch may downgrade the ratings by
   more than one notch

LIQUIDITY

Refinancing Risk: The RWN reflects the September 2017 maturity of
the GBP225 million facility that was used to fund one of the
company's London properties. The company is currently in the
process of negotiating the refinancing of this facility. In terms
of onshore debt, Lodha had more than INR28 billion of approved
but undrawn credit facilities as of June 30, 2017, compared with
around INR37 billion of contractual debt maturities in FY18.
Lodha indicated that it has already secured refinancing for
around INR7 billion of these maturities, and it is currently in
discussions with lenders to refinance around half of the balance
of INR30 billion.

Lodha says it has a further 3,000 acres of unencumbered land in
its Palava project, valued at around INR150 billion (over USD2
billion) based on land value, as well as an estimated INR40
billion of completed inventory by end-FY18, which the company can
pledge to non-bank financial institutions in order to secure
contingent liquidity, if required.

Fitch expects Lodha to continue to generate negative free cash
flow in FY18, for which Fitch believes the company will be able
to secure financing given its business risk profile as one of
India's leading homebuilders.


MADAMAGERI SOLAR: CARE Assigns 'B' Rating to INR13.90cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Madamageri Solar Power Project LLP (MSPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.90       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MSPPL are
constrained by climatic conditions and technological risks,
exposure to single party counter party credit risk, Limited track
record of operations, project Implementation risk for residual
project under execution and fixed cost associated with LLP
agreement. The ratings are, however, underpinned by takes into
account Experienced promoter in renewable energy segment, PPA
with Hubli Electricity Supply firm Limited(HESCOM) for 25 years,
established PV module and inverter supplier and moderate profile
of EPC contractor, satisfactory operating performance for
partially commenced installed capacity and Positive outlook of
renewable power industry with GoI initiative in promoting solar
projects.

Going forward, the ability of the firm to complete the project
within the time and cost envisaged, Successful operation of the
plant at envisaged capacity utilization and timely receipt of
payments from HESCOM are key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Fixed cost associated with LLP agreement: The firm is required to
pay fixed amount of INR 1.25 KWp for every unit of power
generation to Mr. Girija B. Hattiholi. Furthermore, when the rate
at which MSPPL sells units to HESCOM goes below INR 8.40 KWp, the
loss will be shared equally between Mr. Girija B. Hattiholi and
MSPPL.

Limited track record and project implementation risk for residual
project under execution: The firm has the requisite land parcel
and regulatory approvals in place for the project implementation
work. Furthermore, the project is in advanced stage of completion
with partial commercial operations achieved in April 2017. The
total proposed cost of project is INR 20.65 crore which is
proposed to be funded through long term loan of INR13.95 crore
and promoters' contribution of INR 6.70 crore. As on August 10,
2015, the firm has incurred INR14.45 crore (70.00%) for land
development, Plant and machinery and other expenses, same was
funded through promoters' contribution and long term loan.

Climactic and technological risks: Achievement of desired CUF
going forward would be subject to change in climatic conditions,
amount of degradation of modules as well as technological risks
(limited track record of solar technology in India).

Key Rating Strengths

Experience of the promoters with established track record in
renewable sector: MSPPL was promoted by Mr. Sidram Maleppa Kaluti
who is also Managing Director of Ravindra Energy Limited (REL).
REL (erstwhile Ravindra Trading & Agencies Limited) was setup in
1980 and is promoted by Murkumbi family of Shree Renuka Group.
REL, through its subsidiaries, is engaged in coal mining (in
Indonesia), coal trading and sugar trading activities. The
company recently has ventured into the solar power generation
space and has an installed base of 248 solar IPs till date. REL
is an accredited as   a channel partner for rooftops and off grid
systems by MNRE as well as being an empaneled solar pump
supplier. REL has done EPC of 271 MW of solar energy projects to
its associate company; Shree Renuka Sugars Ltd. Mr. Sidram is a
qualified graduate and has around four decades of overall
experience in working for various government departments i.e.
Inspector of Police, Assistant Registrar of Co-Operative
Societies, District Youth Services & Sports Officer, Deputy
Registrar of Cooperative Societies, Managing Director of DCC
Bank, Joint Registrar of Co-operative Societies, Land Development
Officer, CADA, Managing Director of Shree Bhagyalaxmi Sahakari
Sakkare Karkhana Limited, Khanapur, Coordinator for newly
established Sugar Factories. He was also a founder member of
Karnataka Sugar Institute and Chandaragi Sports School,
Chandaragi, Belgaum. He is actively involved in day to day
operations of the firm.

Power purchase agreement with Hubli Electricity Supply Company
Limited (HESCOM): Mr. Girija B. Hattiholi (partner in MSPPL) has
entered into Power Purchase Agreement (PPA) with HESCOM, dated
June 30, 2015 for supply of 3.3MW power at a tariff of
INR8.40/KWh for 25 years. MSPPL achieved COD on 1 April 2017. The
firm has generated 446082 kilo watt hours (Kwh) of electricity at
a net average net PLF of 19% in 3 months of operations (April 1,
2017 to June 30, 2017).

Furthermore, MSPPL has raised the invoices for the month of April
2017 to June 2017; however, the firm is yet to receive payments
from HESCOM. This exposes the firm to single party counter party
credit risk.

Established PV module and inverter supplier and moderate profile
of EPC contractor (REL, associate company): The solar panels and
the inverters used by the firm are manufactured by Trina Solar
(China) and SMA Solar Technology AG (Germany), respectively,
which have proven field performance across the world. REL has
taken the EPC work for installation of PV modules along with O&M
contract for 25 years. The company has been into the solar
industry for more than three decades and has commissioned more
than 271MW of solar projects. The O&M charges ranges from INR
0.31 crore to INR 1.01 crore until the tenure of the contract of
25 years.

Government initiative in promoting solar projects: The Government
has set a solar power target of 100 GW to be achieved within 2022
and in line with promoting use of solar powers has come up with
various incentives and is actively encouraging the use of solar
power for both residential and commercial purposes.

Positive outlook of renewable power industry: Solar power sector
has generated enormous interest over the past few years, with the
cumulative installed capacity increasing from 35 MW as on
March 31, 2011 to 3,744 MW as on March 31, 2015. The major
drivers for the growth have been various government initiatives
and policies (both Central and respective States) such as
Preferential Feed-in-Tariffs, Renewable Purchase Obligations
(RPOs), Renewable Energy Certificates (RECs) and Viability Gap
Funding (VGF) etc. to  encourage investment from the private
sector; decline in equipment cost over the years in the global
markets; technological advancement and shorter implementation
schedules as compared to conventional sources of energy.

Solar projects have relatively lower execution risks, stable long
term cash flow visibility with long term offtake arrangements at
a fixed tariff and minimal O&M requirements. Though the sector is
new and has limited track record of operations, visibility has
emerged from the satisfactory operating performance in terms of
CUF (around 20% for projects under JNNSM, Phase-I with majority
of projects in Rajasthan) and timely receipt of tariff payments
from the utilities in the last 2-3 years. Till now average CUF
levels have been broadly on expected lines but level of
degradation of the solar modules and continuity in regular
payment receipt from the off taker would be an important factor
to watch for, from a long term perspective. Furthermore, MNRE has
made policy framework and mechanism for selection and
implementation of 750 MW Grid-connected solar PV power projects
with Viability Gap Funding under Batch-1 Phase-II of JNNSM. VGF
is expected to improve investment in solar energy sector.

Madamageri Solar Power Project (MSPPL) was promoted by Mr. Sidram
Maleppa Kaluti, MD of Ravindra Energy Limited, Mr. Girija B.
Hattiholi and Mr. Ravindra Gundappa Patil in the year 2016. MSPPL
has proposed 3.3MW grid connected solar photovoltaic (PV) power
plant at Taluka Savadatti, Belgavi district, Karnataka. MSPPL has
an entered into Limited Liability Partnership agreement with Mr.
Girija B. Hattiholi, M/s. Ravindra Energy Limited and Mr.
Ravindra Gundappa Patil. Mr. Girija B. Hattiholi is a farmer by
profession and has 26% share in profit/loss in the firm. The
long-term power purchase agreement (PPA) for 25 years with Hubli
Electricity Supply Company Limited (HESCOM) dated June 30, 2015
for supply of 3.3MW power at a tariff of INR 8.40/KWh has been
entered with Mr. Girija B. Hattiholi. Mr. Girija B. Hattiholi was
awarded the solar project based upon the bids received by
Karnataka Renewable Energy Development Limited (KREDL). KREDL is
a nodal agency of the Government of Karnataka for facilitating
the development of renewable energy in Karnataka.

The project was started by the firm during November 2016. The
total proposed cost of project is INR 20.65 crore which is
proposed to be funded through long term loan of INR13.95 crore
and promoters' contribution of INR 6.70 crore. As on August 10,
2015, the firm has incurred INR14.45 crore (70.00%) for land
development, Plant and machinery and other expenses, same was
funded through promoters' contribution and long term loan. The
firm achieved commercial operations partially of 1.075MW from
April 2017.


MAHA DURGA: ICRA Reaffirms 'B' Rating on INR49cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] B on the
INR49.00-crore fund-based bank facilities of Maha Durga
Charitable Trust. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              49.00      [ICRA]B(Stable); re-affirmed

Rationale

The rating reaffirmation takes into account the delay in
execution of the hospital project due to impediment in civil
construction and excavation, which in turn has increased the
budgeted project cost. However, construction of the proposed
hospital is complete and installation of the plant and machinery
is in progress. The hospital is expected to commence operations
from October 2017.

The rating is further constrained by the high competition from
hospitals in the National Capital Region and hence MDCT's ability
to attract reputed doctors and medical staff would be a key
rating sensitivity. ICRA also takes into account the high
reliance on debt funding for the proposed hospital (the debt to
equity ratio is 1.73:1) and its adverse impact on the capital
structure and credit protection metrics in the near term.
However, ICRA favourably considers the extensive experience of
the trustees in the healthcare industry and the fact that
specialised doctors head most departments. The rating also
factors in the hospital's good catchment area as it is located in
the high population density area of Mukherjee Nagar (North
Delhi), which has a number of colonies and institutions in the
vicinity.

Going forward, timely completion of the project and satisfactory
scaling up of operations will be critical to enable timely debt
servicing.

Key rating drivers

Credit strengths

* 25-year long experience of trustees in healthcare sector - The
trustees of the proposed hospital are doctors with combined
professional experience of more than 100 years in the healthcare
sector and expertise in different streams and also in running a
hospital.

* Good catchment area of proposed hospital - The proposed
hospital has a good catchment area as it is located in the high
population density area of Mukherjee Nagar (North Delhi), which
has a number of colonies and institutions in the vicinity.

* Favourable outlook for healthcare industry: Increased health
awareness, rising healthcare expenditure, government and non-
government bodies' investment in different schemes along with

Credit weaknesses

* Execution risk remains a major concern - The proposed hospital
has already been delayed by around two years. Moreover, the
trust's ability to scale up its operations in a profitable manner
in the medium term is yet to be seen.

* Intense competition from nearby hospitals - The proposed
hospital faces stiff competition from various established
hospitals in Delhi. However, considering the absence of
multispecialty hospital within the radius of 10 km, its
competition is limited in the medium term.

* Aggressive repayment obligations because of high debt-funded
capital expenditure-Timely servicing of debt will be crucial,
considering the high debt-funded capital expenditure, which would
have an adverse impact on the capital structure over the medium
term.

Maha Durga Charitable Trust (MDCT) was established in 1995 to set
up a 120-bed hospital viz. Mahadurga Hospital at Mukherjee Nagar
area in New Delhi. The proposed hospital would provide services
in various specialities such as neurology, radiology, general
surgery, angiography, angioplasty, ophthalmology, dental services
and various others. The major trustees of MDCT are members of the
Makhija family. Dr. Satish Makhija is the secretary and other
members of the trust include Dr. Ashok Makhija, Dr. Kamlesh
Makhija, Mr. Suresh Makhija and Mr. Naresh Makhija. Both Dr.
Satish and Dr. Ashok have more than 25 years of medical
experience and are also involved in running a 15-bed hospital by
the name of Durga Hospital in Mukherjee Nagar, New Delhi.


MUKAND SYSTEM: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mukand System &
Networking Pvt Ltd's (MSNPL) 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:

-- INR32.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 9, 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 2005, MSNPL is a passive telecommunication
infrastructure provider in northeastern India. It is primarily
engaged in leasing, laying and maintaining of OFCs for various
industries such as telecom and Internet services. The company has
a 2,900km OFC network, which covers intra-city and national long-
distance lines. Its promoter-directors are Mr. Rishi Gupta and
Mrs Anita Gupta.


NAAGAAMI INFRATECH: Ind-Ra Migrates BB- Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Naagaami
Infratech 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:

-- INR300 mil. Proposed fund-based limits migrated to non-
    cooperating category with Provisional IND BB-(ISSUER NOT
    COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 26, 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 2016, Naagaami Infratech is engaged in the
construction of roads, bridges and civil structures. The company
was converted into a private limited company from a
proprietorship firm in March 2016. NIPL executes only central and
state government projects in Assam and Nagaland.


PARTAP WIRE: CRISIL Reaffirms 'B' Rating on INR6.0MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Partap Wire India Pvt Ltd (PWIPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.2       CRISIL A4 (Reaffirmed)
   Cash Credit            6.0       CRISIL B/Stable (Reaffirmed)
   Term Loan              0.3       CRISIL B/Stable (Reaffirmed)


The ratings continue to reflect the company's weak financial risk
profile, working capital-intensive operations, susceptibility of
profitability to fluctuations in raw material prices, and
exposure to intense competition in the fragmented wires industry.
These weaknesses are partially offset by the extensive industry
experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Networth was small and gearing
high, at INR2.07 crore and 4.75 times, respectively, as on
March 31, 2017. Debt protection metrics were subdued with net
cash accrual to adjusted debt ratio at 0.04 time and interest
coverage ratio at 1.45 times for fiscal 2017. The financial risk
profile is expected to remain weak over the medium term.

* Modest scale of operations in the highly fragmented industry:
The small scale is reflected in estimated turnover of INR37.33
crore in fiscal 2017. The steel wires industry is highly
fragmented due to low capital requirement and limited value
addition.

* Working capital-intensive operations: Gross current assets were
at 114 days as on March 31, 2017, mainly due to considerable
receivables.

Susceptibility to regulations and volatility in raw material
prices: As raw material accounts for 85% of production cost,
operating margin will remain exposed to sharp volatility in raw
material prices.

Strengths

* Extensive experience of promoters: The promoters' extensive
experience of over 20 years in the industry has helped them
establish a strong customer base and relationships with local
suppliers. Their experience has also helped them gain a sound
understanding of the market dynamics.

Outlook: Stable

CRISIL believes PWIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company reports substantial sales, and if
profitability and capital structure improve, resulting in a
better financial risk profile. The outlook may be revised to
'Negative' if significantly low profitability, or sizeable
working capital requirement, or debt-funded capital expenditure
weakens the financial risk profile.

Incorporated in 1991, PWIPL manufactures galvanised iron wires,
wire mesh, and barbed wires at its facility at Kangra in Himachal
Pradesh. Operations are managed by Mr. Surjit Mahajan and his
sister-in-law, Ms Aruna Mahajan.


PAWAN COMMUNICATION: Ind-Ra Migrates BB Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pawan
Communication Private Limited's (PCPL) 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
ratings will now appear as 'IND BB(ISSUER NOT COOPERATING)' on
the agency's website. The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating; and

-- 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
July 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

PCPL was incorporated in 2009 in Guwahati, Assam. The company
undertakes turnkey engineering, procurement and construction
projects such as the installation of optical fibre networks and
laying of pipes and ducts in Assam as well as Northeast India.

The business is based on confirmed purchase orders received from
various reputed government and private clients such as Dishnet
Wireless Limited, Reliance Jio Infocomm Limited ('IND
AAA'/Stable) and Himachal Futuristic Communications Ltd ('IND
BBB+'/Stable).


PROMPT TERMINALS: ICRA Reaffirms B+ Rating on INR18.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating outstanding on the
INR20.00crore long-term fund based facilities (revised from nil)
of Prompt Terminals Private Limited. The outlook on the long-term
rating is 'stable'.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Long term-Term loan    18.50     [ICRA]B+ (Stable) reaffirmed
  Long term-Fund
  Based-cash credit       1.50     [ICRA]B+ (Stable) reaffirmed

Rationale

PTPL is setting up a container freight station (CFS) at V.O.
Chidambaranar (VOC) port in Tuticorin (Tamil Nadu). The CFS is
expected to commence its operations in September 2017. The
ratings factors in the promoter's experience in the business of
port handling in Tuticorin through the group firm, Prompt
Shipping, committed trade volumes from group companies and
favourable demand for CFS facilities in Tuticorin, buttressed by
healthy growth in container throughput volumes in the VOC port on
the back of strong exim trade.

The rating is however constrained by the delay in commencement of
operations (against the earlier estimated timelines) with the
delay in sanctioning of funds. The rating also considers the
intense competition from the existing established CFS players
around the port. However the risk is mitigated by the stable
growth observed in trade volumes in VOC port and expected
committed businesses from group companies. Going forward, the
ability of the company to commence the operations and ability to
achieve the break even volumes within the targeted timelines will
be key credit monitorables.

Key rating drivers

Credit strengths

* Experience of the promoters: The promoters of the group have
significant experience in the field of clearing and forwarding
(C&F) services through the group entity, Prompt Shipping.

* Group companies to meet part of the expected volumes: Being a
new entrant, PTPL is expected to face competition from the other
established CFS players around VOC port. However, this is partly
mitigated by the volumes expected from businesses of group
companies and from other companies in the vicinity where the
promoters have established relationship over years.

* Favourable demand for containerisation; especially volumes in
the V.O.C port in Tuticorin is seen stable: VOC port witnessed
6.1% growth (5 year CAGR) in container throughput volumes from
FY2012-FY2017 as against a growth rate of 1.7% (5 year CAGR) for
all the major ports in India over

Credit weaknesses

* Delays in completion of project: The commencement of operations
has been delayed owing to delay in loan sanction and approvals
from the government. Currently the civil construction is
completed and the management expects the operations to commence
from September 2017.

* Significant competition: There are 14 existing and established
CFS players in Tuticorin leading to concerns of over capacity.
However this risk is partly mitigated by the opening of second
terminal in VOC Port and volumes expected from businesses of
group companies.

Prompt Terminals Private Limited was incorporated in September
2014 with the aim of establishing a container freight station at
Tuticorin in Tamil Nadu. The venture was set up to take advantage
of the burgeoning CFS market in Tuticorin, leveraging the
experience of the promoters, Mr. Muralidharan and Mr.
Mathiprakash, in the business of Clearing and Forwarding in the
said market. The facility would have a warehousing space of
75,000 square feet, including a bonded warehouse and reefer
points. Project construction has been complete and the management
expects the operations to commence from September 2017.


RAIPUR SPECIALITY: CARE Assigns B+ Rating to INR5.46cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Raipur
Speciality Steels Private Limited (RSSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.46       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RSSPL, is primarily
constrained by its small scale of operation, susceptibility to
fluctuation in traded products price, intensely competitive
nature of the industry with presence of many unorganized players,
working capital intensive nature of operation and moderate
financial risk profile marked by low profit margins, leveraged
capital structure and moderate liquidity position. The rating,
however, derives strength from its experienced promoters with
long track record.

Going forward, the ability of the company to improve its scale of
operation along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small scale of operation: RSSPL is a small player in steel
trading business with revenue and PAT of INR23.13 crore and
INR0.04 crore respectively in FY16. Furthermore, the total
capital employed was also modest at INR5.53 crore as on March 31,
2016. The small scale restricts the financial flexibility of the
company in times of stress. According to the management, during
FY17, the company has earned a total operating income of INR27.75
crore.

Susceptibility to fluctuation in traded products price: The major
traded products, like Iron & Steel, are highly price volatile.
The purchase cost of the traded product accounted for about
95.48% of the total cost in FY16. Accordingly, any volatility in
the prices of the traded products is likely to have an impact on
the profitability of the company.

Intensely competitive nature of the industry with presence of
many unorganised players: Iron and steel trading industry is
highly fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Chhattisgarh and
nearby states are emerging as a major residential and industrial
developing area in the country. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Working capital intensive nature of operation: Due to the trading
nature of business, the operation of the company is working
capital intensive marked by moderately high working capital cycle
of 72 day during FY16. The working capital cycle is high due to
long collection period on account of high credit period offered
to the customer to retain them in the competitive market. The
average utilisation of bank borrowing during last 12 months
ending on July, 2017 was 90%.

Moderate financial risk profile marked by low profit margins,
leveraged capital structure and moderate liquidity position:
Financial risk profile of the company has been low over the
years. The PBILDT margin was low at 3.47% during FY16 and the PAT
margin is low at 0.18% during the same period. The capital
structure of the company is leveraged marked by overall gearing
ratio at 1.76x as on March 31, 2016. However, the same has
improved on the back of   scheduled repayment of term loan and
accretion of profits to reserve. Interest coverage ratio was
adequate at 1.76x during FY16. Current ratio remained adequate as
on March 31, 2016.

Key Rating Strengths

Experienced promoters with long track record: RSSPL is currently
managed by Mr. George Mathew, Managing Director, having over
three decades of experience in similar line of business. These
apart, all other two directors are also having over a decade of
experience in similar industry. The company has started its
operation from March 2004, thus having long track record of
operation of over a decade.

Raipur Speciality Steels Private Limited (RSSPL), incorporated in
March 2004 by one Mr. George Mathew of Raipur, is in the business
of iron and steel products trading. The company trades the
products like TMT bar, HR Sheet, MS Angle, MS Flat, wires etc.
During December 2016, the company took over a local
proprietorship firm named by "Royal Grand Cable Industries".


RAJDA SALES: ICRA Reaffirms B+ Rating on INR2.0cr Loan
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR1.50-crore cash credit and the INR2.00-crore bank
guarantee facilities (revised from INR3.00-crore earlier) of
Rajda Sales (Calcutta) Private Limited (RSCPL). ICRA has also
reaffirmed the short-term rating of [ICRA]A4 assigned to the
INR10.00-crore bill-discounting facility (revised from INR14.00-
crore earlier) of RSCPL. ICRA has also reaffirmed the long-term
and the short-term ratings assigned to the INR5.00-crore
unallocated limits (revised from Nil earlier) of RSCPL. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  1.50      [ICRA]B+ (Stable); Reaffirmed

  Non Fund-based-
  Bank Guarantee          2.00      [ICRA]B+ (Stable); Reaffirmed

  Fund-based-Bill
  Discounting            10.00      [ICRA]A4; Reaffirmed

  Unallocated Limits      5.00      [ICRA]B+ (Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The reaffirmation of the ratings takes into account RSCPL's
modest scale of current operations and weak financial profile as
reflected by low cash accruals, an aggressive capital structure
depicted by a high TOL/TNW of 5.36 times as on March 31, 2017 and
subdued level of coverage indicators. The ratings are further
constrained by the company's high working capital requirements,
which is inherent in the polymer-trading business. Moreover, the
highly competitive nature of the industry, characterised by the
presence of a large number of players, keeps the company's
profitability under check. ICRA notes the company's high exposure
to counterparty credit risk, since credit risk is transferred by
Reliance Industries Limited (RIL) to RSCPL in its Del Credere
Agent (DCA) business. However, adequate risk-management framework
put in by the company, as also reflected by the fact that 94% of
the receivables had an ageing of less than 30 days as of March
2017, provides some comfort.

The ratings, however, derive comfort from the long experience of
the promoters in the polymer business as DCA of RIL, and the
company's established relationships with its client, which helps
it secure repeat orders. The demand prospects for the polymers
are favourable, given the growing demand of the end-user
industries.

In ICRA's opinion, the company's ability to scale up operations
while improving its capital structure and coverage indicators,
and manage its working capital cycle efficiently would remain key
rating sensitivities, going forward.

Key rating drivers

Credit strengths

* Long experience of the promoters in the polymer business - The
company is a DCA of RIL for polymer products since 1978 and for
rubber products since 2015. It is also an indenting agent for
various companies for selling polymers, chemicals, and plastic-
processing machines. Further, the company is also involved in
direct trading of polymers and chemicals.

* Established client relationships helped secure repeat orders -
The company has a diversified client base, with its top-five
customers contributing to 30-40% of the total sales in the past
few years. Additionally, the company has been supplying polymers
to its top customers for over 25 years and has established
relations with them.

* Favourable demand outlook for polymers in the domestic market -
The demand prospects for the polymers are favourable given the
growing demand of the end-user industries.

Credit weaknesses

* Modest scale of operations - The company has a modest scale of
operations and its top-line witnessed a decline of ~6% in FY2017
on the back of lower sales volume and decline in commission
income.

* Weak financial profile characterised by low cash accruals, an
aggressive capital structure and subdued level of coverage
indicators - Historically, the cash accruals of the company have
remained low, given the modest scale of operations. The capital
structure remained aggressive as depicted by TOL/TNW of 5.36
times as on March 31, 2017. High debt level, coupled with modest
profitability kept the debt-coverage indicators weak.

* High working capital intensity of business exerts pressure on
the liquidity position of the company - The company makes
payments to RIL within a day and allows its customers a credit
period of ~7-15 days but charges an interest on it. For chemical-
trading business, the company gets a credit period of ~30-60 days
and allows the same to its customers. Accordingly, the working
capital requirements remain high.

* Exposed to counterparty risk, since credit risk is transferred
by RIL to RSCPL in DCA business - RSCPL sells polymers on behalf
of RIL by placing the customer's order with RIL and co-ordinating
the sale, dispatch and transportation of materials. Although the
ownership of the goods is not transferred to RSCPL, the company
guarantees payment to RIL on behalf of its customers. RSCPL makes
payment for any polymer purchase immediately and collects the
sales proceeds from the customers over a relatively longer
period, which exposes the company to counterparty credit risk.

* High competitive intensity of the business with presence of a
large number of organised and unorganised players in the market-
The company faces stiff competition from a large number of
players supplying polymers, which limits its pricing flexibility
and bargaining power with customers, thereby putting pressure on
its revenues and margins.

RSCPL was established in 1961 as a partnership firm, and was
converted into a private limited company in March, 1974. The
company is involved in the business of indenting, consignment
sales, stock and trade of various polymers, organic and inorganic
chemicals, solvents and intermediates. The company has been a DCA
of RIL in West Bengal for the distribution of polymer granules
since 1978, and for rubber products since October, 2015. In
addition, the company is also an indenting agent for Transpek -
Silox Industry Ltd., Anupam Colours & Chemicals Industries,
Anupam Colours (P) Ltd., Windsor Machines Ltd., etc. The company
is also involved in direct trading of polymers and chemicals in
the domestic market.

In FY2017, on a provisional basis, the company reported a net
profit of INR0.42 crore on an operating income of INR9.95 crore
compared to a net profit of INR0.65 crore on an operating income
of INR10.54 crore in the previous year.


RAJSAMADHIYALA SPINTEX: ICRA Moves B Rating to Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the INR75.90 crore bank facilities
of Rajsamadhiyala Spintex 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 Limits-
  Cash Credit            10.00      [ICRA]B(Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based Limits-     62.00      [ICRA]B(Stable) ISSUER NOT
  Term Loan                         COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non Fund-based          3.50      [ICRA]A4 ISSUER NOT
  Limits-Credit                     COOPERATING; Rating moved
  Exposure Limit                    to the 'Issuer Not
                                    Cooperating' category

  Non Fund-based          0.40      [ICRA]A4 ISSUER NOT
  Limits-Bank Guarantee             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 cotton industry
through associate concerns - Established in 2013, partners of the
firm have significant experience in the cotton industry through
its associate concern.

* Geographical advantage on account of location of the company in
cotton producing belt giving easy access of raw material - The
manufacturing facility of the company is located in Saurashtra
region of Gujarat which is one of the largest cotton producing
states in India. Its presence in cotton producing region has a
location advantage in terms of lower logistics cost and ready
availability of raw materials.

Credit weaknesses

* High competitive intensity 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.

Rajsamadhiyala Spintex Private Limited (RSPL) was incorporated in
July 2013 by Mr. Nitin Sudani along with other directors. The
company has its cotton yarn spinning unit in Rajkot, Gujarat
having installed capacity of manufacturing 6600 MTPA of 30s and
40s combed hosiery yarn by utilizing 29184 spindles. The
commercial production started from June 2015.

In FY2016 (7M), the company reported a net profit (profit before
tax) of INR1.53 crore on an operating income of INR32.60 crore.


REFKINGS COTT: CRISIL Assigns 'B' Rating to INR12MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B/Stable' to the long
term bank facility of Refkings Cott Soya Private Limited (RCPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Term Loan       12      CRISIL B/Stable

The rating reflects the high project risk marked by high
implementation risk. This weakness is partially offset by
extensive experience of the promoters. The timely completion and
successful ramp up of operations shall remain key rating
sensitivity factor over medium term.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project risk: RCPL is incurring capex towards
setting up a unit for refining of oil. The project has started in
April, 2017 and is expected to commence its operation in around
April, 2019. The timely completion of project and successful
operation ramp up will, remain a key monitorable over the medium
term.

Strengths

* Extensive experience of promoters: RCPL's promoters, have an
experience of almost 25 years in the oil refinery industry. The
company will benefit from the extensive experience of the
promoters, their understanding of the dynamics of the local
market, and established relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes that RCPL will continue to benefit over the
medium term from the extensive experience of the promoter in the
sugar and allied industries. The outlook may be revised to
'Positive' in case of stabilisation of its plant, resulting in
higher-than-expected cash flows for the company. Conversely, the
outlook may be revised to 'Negative' if RCPL faces delays in
ramp-up of its operations along with low utilization, negatively
impacting its cash flows.

RCPL incorporated in 2016 and promoted by the Singare family is
setting up an industrial unit for refining of raw oil of cotton
seed, soyabeans and palm oil. The same is expected to have a
capacity of 200tonnes/day in Jalna, Maharashtra.


RISHI TRADERS: Ind-Ra Moves B+ Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rishi Traders'
(RT) 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:

-- INR80 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR13 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 2011, RT is engaged in ginning and pressing of raw
cotton. The firm has its manufacturing unit in Nagpur,
Maharashtra, with a capacity to produce 250 bales of cotton per
day. It is managed by Mr. Kirti Kumar Patel, Mr. Vivek Kirti
Kumar Patel and Mr. Viral Kirti Kumar Patel.


S.D. EDUCATION: ICRA Moves D Rating to Issuer Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the INR6.75 crore bank facilities
of S.D. Education Trust (SDET) to the 'Issuer Not Cooperating'
category. The rating is now denoted as: "[ICRA]D; ISSUER NOT
COOPERATING."

                           Amount
  Facilities           (INR crore)    Ratings
  ----------           -----------    -------
  LT-Fund-based Limits      6.75      [ICRA]D; ISSUER NOT
                                      COOPERATING; Rating moved
                                      to the 'Issuer not
                                      Cooperating' category
                                      Assigned
Rationale

The rating is based on the extensive experience of the trustee
profile with a track record of operating K-12 schools under the
brand Shanti Asiatic School. The ratings remain constrained on
the modest scale of operations, limited track record of the
school and the timely debt servicing by the society. As part of
its process and in accordance with its rating agreement with
SDET, 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. 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 rating is 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.

Credit Strengths

* Experienced trustee profile with a track record of operating K-
12 schools under the brand Shanti Asiatic School
Credit Challenges

* Stretched liquidity position on account of initial gestation
period of the school operating under the trust

* Limited track record of the school (commenced operations in
AY2013-14)

* Ability to attract fresh enrolments on consistent basis over
next few years will remain critical for debt servicing, the
absence of which will result in continued dependence on funding
support from society members for debt servicing

Incorporated in 2012, S.D. Education Trust (SDET) is a single
asset trust which runs and operates 'Shanti Asiatic School' in
Jaipur , Rajasthan. The school is located on a land parcel of 2.3
acres in a housing project 'Suncity Township' in Jaipur,
Rajasthan. The aforementioned land was purchased by Navsarjan
Projects Pvt. Ltd (a company floated by trustees of SDET ) from
Suncity Projects Pvt. Ltd, which was subsequently given on lease
to SDET, with lease rentals amounting to INR9 lac per annum.
Shanti Asiatic is a Gujarat based chain of schools promoted by
the Chiripal group, which is also one of the trustee members of
SD Education Trust.


SANDU DEVELOPERS: CRISIL Lowers Rating on INR37.7MM Loan to 'B'
---------------------------------------------------------------
CRISIL has been consistently following up with of Sandu
Developers (SD) for obtaining information through letters and
emails dated May 24, 2017 and June 07, 2017among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      5.3      CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan              37.7      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 Sandu Developers. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Sandu Developers is consistent with
'Scenario 3' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower. Based
on the last available information, CRISIL has downgraded the
rating to 'CRISIL B/Stable'.

SD is a partnership firm set up in 2009 by Mr. Dhananjay Sandu,
Mr. Yashodhan Sandu, and Ms. Nandini Sandu. The firm undertakes
redevelopment projects in Mumbai. Currently, it is undertaking
five projects.


SAT INDER: Ind-Ra Migrates BB- Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sat Inder
Constructions Private Limited's (SICPL) 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
ratings will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on
the agency's website. The instrument-wise rating actions are:

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

-- INR45 mil. Non-fund-based working capital limit migrated to
    non cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR7.3 mil. Long-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 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SICPL, established as Inder constructions (a partnership firm) in
1984, was incorporated as a private limited company in 2013. The
company undertakes civil construction projects for government
entities such as public work departments in Odisha and West
Bengal.

Inderpall Singh Bhatt is the managing director of the company.


SHIVAPUR SOLAR: CARE Assigns 'B' Rating to INR13.90cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shivapur Solar Power Project LLP (SSPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.90       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSPPL are
constrained by climatic conditions and technological risks,
exposure to single party counter party credit risk, Limited track
record of operations, project Implementation risk for residual
project under execution and fixed cost associated with LLP
agreement. The ratings are, however, underpinned by takes into
account Experienced promoter in renewable energy segment, PPA
with Hubli Electricity Supply Company Limited (HESCOM) for 25
years, established PV module and inverter supplier and moderate
profile of EPC contractor, satisfactory operating performance for
partially commenced installed capacity and Positive outlook of
renewable power industry with GoI initiative in promoting solar
projects.

Going forward, the ability of the firm to complete the project
within the time and cost envisaged, Successful operation of
the plant at envisaged capacity utilization and timely receipt of
payments from HESCOM are key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Fixed cost associated with LLP agreement: The firm is required to
pay fixed amount of INR 1.25 KWp for every unit of power
generation to Mr. Siddappa Fakirrappa Tigadi. Furthermore, when
the rate at which SSPPL sells units to HESCOM goes below INR 8.40
KWp, the loss will be shared equally between Mr. Siddappa and
SSPPL.

Limited track record and project implementation risk for residual
project under execution: The firm has the requisite land parcel
and regulatory approvals in place for the project implementation
work. Furthermore, the project is in advanced stage of completion
with partial commercial operations achieved in April 2017. The
total proposed cost of project is INR 20.65 crore which is
proposed to be funded through long term loan of INR13.95 crore
and promoters' contribution of INR 6.70 crore. As on August 10,
2015, the firm has incurred INR15.64 crore (75.73%) for land
development, Plant and machinery and other expenses, same was
funded through promoters' contribution and long term loan.

Climactic and technological risks: Achievement of desired CUF
going forward would be subject to change in climatic conditions,
amount of degradation of modules as well as technological risks
(limited track record of solar technology in India).

Key Rating Strengths

Experience of the promoters with established track record in
renewable sector: SSPPL was promoted by Mr. Sidram Maleppa Kaluti
who is also Managing Director of Ravindra Energy Limited (REL).
REL (erstwhile Ravindra Trading & Agencies Limited) was setup in
1980 and is promoted by Murkumbi family of Shree Renuka Group.
REL, through its subsidiaries, is engaged in coal mining (in
Indonesia), coal trading and sugar trading activities. The
company recently has ventured into the solar power generation
space and has an installed base of 248 solar IPs till date. REL
is an accredited as a channel partner for rooftops and off grid
systems by MNRE as well as being an empaneled solar pump
supplier. REL has done EPC of 271 MW of solar energy projects to
its associate company; Shree Renuka Sugars Ltd. Mr. Sidram is a
qualified graduate and has around four decades of overall
experience in working for various government departments i.e.

Inspector of Police, Assistant Registrar of Co-Operative
Societies, District Youth Services & Sports Officer, Deputy
Registrar of Cooperative Societies, Managing Director of DCC
Bank, Joint Registrar of Co-operative Societies, Land Development
Officer, CADA, Managing Director of Shree Bhagyalaxmi Sahakari
Sakkare Karkhana Limited, Khanapur, Coordinator for newly
established Sugar Factories. He was also a founder member of
Karnataka Sugar Institute and Chandaragi Sports School,
Chandaragi, Belgaum. He is actively involved in day to day
operations of the firm.

Power purchase agreement with Hubli Electricity Supply Company
Limited (HESCOM): Mr. Siddappa Fakirrappa Tigadi (partner in
SSPPL) has entered into Power Purchase Agreement (PPA) with
HESCOM dated June 30, 2015 for supply of 3.3MW power at a tariff
of INR8.40/KWh for 25 years. SSPPL achieved COD on 1 April 2017.
The firm has generated 399871 kilo watt hours (Kwh) of
electricity at a net average net PLF of 17.01% in 3 months of
operations (April 1, 2017 to June 30, 2017). Furthermore, SSPPL
has raised the invoices for the month of April 2017 to June 2017;
however, the firm is yet to receive payments from HESCOM. This
exposes the firm to single party counter party credit risk.

Established PV module and inverter supplier and moderate profile
of EPC contractor (REL, associate company): The solar panels and
the inverters used by the firm are manufactured by Trina Solar
(China) and SMA Solar Technology AG (Germany), respectively,
which has proven field performance across the world. REL has
taken the EPC work for installation of PV modules along with O&M
contract for 25 years. The company has been into the solar
industry for more than three decades and has commissioned more
than 271MW of solar projects. The O&M charges ranges from INR
0.31 crore to INR 1.01 crore until the tenure of the contract of
25 years. Government initiative in promoting solar projects: The
Government has set a solar power target of 100 GW to be achieved
within 2022 and in line with promoting use of solar powers has
come up with various incentives and is actively encouraging the
use of solar power for both residential and commercial purposes.

Positive outlook of renewable power industry: Solar power sector
has generated enormous interest over the past few years, with the
cumulative installed capacity increasing from 35 MW as on March
31, 2011 to 3,744 MW as on March 31, 2015. The major drivers for
the growth have been various government initiatives and policies
(both Central and respective States) such as Preferential Feed-
in-Tariffs, Renewable Purchase Obligations (RPOs), Renewable
Energy Certificates (RECs) and Viability Gap Funding (VGF) etc.
to encourage investment from the private sector; decline in
equipment cost over the years in the global markets;
technological advancement and shorter implementation schedules as
compared to conventional sources of energy. Solar projects have
relatively lower execution risks, stable long term cash flow
visibility with long term offtake arrangements at a fixed tariff
and minimal O&M requirements.

Though the sector is new and has limited track record of
operations, visibility has emerged from the satisfactory
operating performance in terms of CUF (around 20% for projects
under JNNSM, Phase-I with majority of projects in Rajasthan) and
timely receipt of tariff payments from the utilities in the last
2-3 years. Till now average CUF levels have been broadly on
expected lines but level of degradation of the solar modules and
continuity in regular payment receipt from the off taker would be
an important factor to watch for, from a long term perspective.
Furthermore, MNRE has made policy framework and mechanism for
selection and implementation of 750 MW Grid-connected solar PV
power projects with Viability Gap Funding under Batch-1 Phase-II
of JNNSM. VGF is expected to improve investment in solar energy
sector.

Shivapur Solar Power Project (SSPPL) was promoted by Mr. Sidram
Maleppa Kaluti, MD of Ravindra Energy Limited, Mr. Siddappa
Fakirrappa Tigadi and Mr. Ravindra Gundappa Patil in the year
2016. SSPPL has proposed 3.3MW grid connected solar photovoltaic
(PV) power plant at Taluka Savadatti, Belgavi district,
Karnataka. The commercial operations of the firm have started
from April 2017. SSPPL has an entered into Limited Liabillity
Partnership agreement with Mr. Siddappa Fakirrappa Tigadi, M/s.
Ravindra Energy Limited and Mr. Ravindra Gundappa Patil. The
long-term power purchase agreement for 25 years with Hubli
Electricity Supply Company Limited (HESCOM) dated June 30, 2015
for supply of 3.3MW power at a tariff of INR 8.40/KWh. The
company was awarded the solar project based upon the bids
received by Karnataka Renewable Energy Development Limited
(KREDL). KREDL is a nodal agency of the Government of Karnataka
for facilitating the development of renewable energy in
Karnataka. The project was started by the firm during November
2016 and completed INR15.64(75.73%) of the total project cost as
on June 30, 2017 and started commercial operations in April 2017.
The total proposed cost of project is INR 20.65 crore which is
proposed to be funded through term loan of INR13.95 crore and
equity of INR 6.70 crore. As on August 10, 2015, the firm has
incurred INR15.64 crore for land development, Plant and machinery
and other expenses, same was funded through equity and term loan.


SHREE SANTOSH: ICRA Lowers Rating on INR10cr Cash Loan to 'D'
-------------------------------------------------------------
ICRA has downgraded the rating for the INR13 crore bank
facilities of Shree Santosh Cotton Spin Private Limited to
[ICRA]D and has also moved the rating to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] D
ISSUER NOT COOPERATING"

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan              3.00       [ICRA]D ISSUER NOT
                                    COOPERATING; Rating
                                    downgraded from [ICRA]B+
                                    and moved to the 'Issuer
                                    Not Cooperating' category

  Cash Credit           10.00       [ICRA]D ISSUER NOT
                                    COOPERATING; Rating
                                    downgraded from [ICRA]B+
                                    and moved to the 'Issuer
                                    Not Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing by
Shree Santosh Cotton Spin Private Limited to the lender(s), as
confirmed by them to ICRA. ICRA has limited information on the
entity's performance since the time it was last rated in February
2016.
As part of its process and in accordance with its rating
agreement with Shree Santosh Cotton Spin 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

* Locational advantage from being situated in cotton producing
belt- SSCSPL is located in the Saurashtra region of Gujarat, an
area with high cotton acreage and quality cotton crop. The
company benefits from its location due to the easy availability
of high quality raw cotton at competitive prices.

Credit weaknesses

* Delays in repayment of debt obligations - The account is
irregular.

* Highly competitive and fragmented industry structure with low
entry barriers restrict pricing flexibility - The cotton ginning
industry is highly fragmented with numerous players operating in
Gujarat, leading to high competitive intensity and pressure on
margins.

* Risks inherent in partnership firm - Any capital withdrawal,
given the partnership nature of the firm's constitution, could
adversely impact the capital structure.

Incorporated in February 2013, Shree Santosh Cotton Spin Private
Limited (SSCSPL) is engaged in cotton ginning and pressing
business. The company started commercial operations from April
2014 at its plant located at Gondal, Rajkot in Gujarat. The plant
is equipped with 44 ginning machines and 1 pressing machine with
a total installed capacity of producing ~450 bales per day
(considering 24 hours of operations).


SREE SHIVA: CRISIL Assigns B+ rating to INR5.0MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' rating to
the long term bank facilities of Sree Shiva Ganesh Cotton
Industries.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Long Term Loan         4.4       CRISIL B+/Stable
   Bank Guarantee         0.1       CRISIL A4
   Cash Credit            5.0       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness

* Implementation Risk
The project is expected to be completed in September 2017 and
start commercial operations from October 2017. Though partners
have extensive industry experience, strong business contacts and
the project implementation progress is as expected, any material
delay in commissioning the project will hamper SSGCI's debt-
repayment ability.

* Modest scale of operations in fragmented industry
The scale of operation is expected to be modest, with estimated
revenues of INR20 crore in fiscal 2018. The modest scale of
operations also restricts the ability to negotiate with customers
or suppliers as cotton ginning and pressing industry is highly
fragmented with several small players operating within the
country.

Strengths

* Extensive entrepreneurial experience of the partners
SSGCI's key partners by Mr. Tella Vasudeva Rao, Mr. Eedra Subba
Rao, Mr. Kalyanam Shoban Babu and Mr. Mandadapu Srinivasa Rao,
have an experience of over a decade in trading and cold storage
business.  Established relationship with major suppliers and
customers further strengthen the market position.

Outlook: Stable

CRISIL believes that SSGCI will maintain its business profile
over the medium term backed by its partners' extensive industry
experience. However, the firm will remain exposed to
implementation-related risks in its ongoing project. The outlook
may be revised to 'Positive' if project completes on time and
accrual and operating margin from ginning are high, thereby
improving the firm's capital structure. Conversely, the outlook
may be revised to 'Negative' if there are significant cost
overruns or if accrual is low, thereby negatively impacting
SSGCI's debt-servicing ability.

Set up in 2017 as a partnership firm, SSGCI is setting up a
cotton ginning and pressing unit with a capacity of producing
38541 bales per annum. The firm will processes raw cotton
(kappas) into cotton bales and caters to domestic markets. The
day to day operations are managed by Mr. Tella Vasudeva Rao, Mr.
Eedra Subba Rao, Mr. Kalyanam Shoban Babu and Mr. Mandadapu
Srinivasa Rao, who has been involved in cotton trading business
for more than a decade. The firm's unit is based in Khammam,
Telangana. The firm is expected to start commercial operation
from October 2017.


SRI KARVEMBU: CRISIL Raises Rating on INR6.5MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sri Karvembu Textiles Private Limited (SKTPL) to 'CRISIL
B/Stable' from 'CRISIL D'.

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

   Long Term Loan          6.5       CRISIL B/Stable (Upgraded
                                     from 'CRISIL D')

   Proposed Long Term      2.26      CRISIL B/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL D')

The upgrade reflects CRISIL's belief that the company will
continue to service debt on time, aided by better cash accrual.
SKTPL has been meeting debt obligation on time over the six
months ended July 2017. Improved working capital management
resulted in better cash flow and hence no overdrawn bank limit.
Cash accrual of INR1.96-2.20 crore per annum over the medium term
will be sufficient to meet debt repayment of INR0.5 crore.

The rating reflects SKTPL's small scale of operations,
susceptibility to volatility in raw material prices and intense
competition, and large working capital requirement. These
weaknesses are offset by the extensive experience of its
promoters in the textiles industry and moderate financial risk
profile because of comfortable gearing and debt protection
metrics

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations
Inventory is sizeable on account of seasonal availability of
cotton. The company deals in low count variety, and sources about
90% of requirement on cash basis. Also, it has to offer credit of
up to 15 days to customers. Bank limit was utilised at an average
of 99.1% over the 12 months ended July 31, 2017.

* Susceptibility to volatility in raw material prices and intense
competition, and small scale of operations
Prices of raw cotton (accounts for 70-75% of cost of sales) are
highly volatile. Also, as cotton yarn is a commoditised product,
the company is unable to pass on the entire rise in input cost to
customers because of intense competition. Indian players also
have to compete with other low-cost manufacturing countries such
as China and Bangladesh, resulting in limited pricing
flexibility. Hence, scale of operations has remained subdued,
with net sales of INR39.8 crore during fiscal 2017. Furthermore,
small networth restricts ability to contract debt during
exigencies.

Strengths

* Moderate financial risk profile
Gearing was healthy at 0.76 time as on March 31, 2017, despite
capital expenditure (capex) of INR2.7 crore, which was debt-
funded by INR0.25 crore. Also, debt protection metrics were
comfortable, with interest coverage and net cash accrual to total
debt ratios of 2.36 times and 0.21 time, respectively, for fiscal
2017. However, financial risk profile is constrained by a small
networth of INR10.7 crore as on March 31, 2017.

* Promoters' extensive experience
Presence of more than a decade in the textiles industry has
enabled the promoters to establish strong relationship with
traders and spinning mills in Tamil Nadu. Majority of revenue
comes from Tamil Nadu and the rest from merchant exports.

Outlook: Stable

CRISIL believes SKTPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if a substantial and sustained
increase in revenue and profitability margins while maintaining
gearing; or sustained improvement in working capital management
results in better liquidity. The outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in capital structure due to stretch
in working capital cycle.

Incorporated in 1994 and promoted by Mr. N S Ramalingam and
others, SKTPL commenced commercial operations in 1996. It
manufactures open-ended and hank yarn in counts of 10s, 12s, 16s,
20s, 30s, 34s, and 40s at its facility in Thottipalayam, Tamil
Nadu.

For fiscal 2017, net loss was INR0.66 lakh on total income of
INR39.76 crore on provisional basis, against a Profit After Tax
(PAT) of INR1.94 lakh on total income of INR33.70 crore for the
previous fiscal.


SRI RAMA: ICRA Moves B- Rating to 'Issuer Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the INR27.00 crore bank facilities
of Sri Rama Educational Trust 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      12.20      [ICRA]B-(Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Unallocated            14.80      [ICRA]B-(Stable) 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 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 SRET, 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 presence of the medical college- The college has
been operational since 2003 and the occupancy of MBBS and PG
course has been healthy owing to shortage of medical seats in the
state of Andhra Pradesh.

* Increased scale of operation- The scale of operations of the
trust increased since FY2014 on account of increase in the number
of MBBS and PG seats coupled with increased hospital revenue.
Credit weaknesses

* Stretched liquidity position: The liquidity position of the
trust is stretched on account of delay in receipt of
reimbursements from Andhra Pradesh government towards Arogyasree
(hospital revenue) and tuition fees of the students covered under
fee reimbursement scheme resulting in consistent overutilization
of working capital limits

* Decline in operating profitability: The operating profitability
of the trust decreased from 44.79% in FY2014 to 29.13% in FY2015
on account of increase in employee expenses.

Sri Rama Educational Trust was established in 2000 by Mr. Alluri
Murthy Raju. The trust runs Maharajah Institute of Medical
Sciences in Vizianagaram District of Andhra Pradesh and is
affiliated to Dr. NTR University of Health Sciences, Vijayawada,
Andhra Pradesh. It started operations in 2003 by offering
graduate medical course (MBBS). Gradually over the years courses
in nursing, paramedical sciences and post graduate medical
courses were introduced. As part of the medical institute, the
trust also runs a 760 bed hospital which includes both inpatient
and outpatient facilities. The hospital has the departments of
surgery, orthopedics, ENT, ophthalmology, medicine, pediatrics,
obstetrics and gynecology department. It houses a diagnostic
laboratory and pharmacy. It also has a casualty emergency service
with ambulance facility intensive care unit, five fully
functioning operation theatres and a labour room complex.


SUDAMA COTTON: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Sudama Cotton Ginning and Processing Factory (SCG) to 'CRISIL
D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit               5       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects continuously overdrawn working capital
limits for over 30 days.

Key Rating Drivers & Detailed Description

Weakness

* Stretched liquidity: The working capital limits were overdrawn
for over 30 days, reflecting stretched liquidity.

* Small scale of operations: The scale has remained small as
reflected in operating income of INR16.6 crore in fiscal 2016.
Furthermore, low capacity utilisation of 10-20% reflects further
decline in scale in fiscal 2017.

* Weak financial risk profile: The financial risk profile is
constrained by high dependence on working capital borrowings. The
total outside liabilities to tangible net worth ratio is expected
to be at 5.0-5.5 times over the medium term. Adjusted interest
coverage ratio is low, expected to be at 1.3-1.4 times over the
medium term.

Strength

* Partners' extensive industry experience: Partners' experience
of over three decades in the cotton industry has helped establish
strong relationships with customers and suppliers.

SCG was established by Mr. Suresh Kumar and Mr. Ashwini Kumar in
1987, and is based in Punjab. It manufactures cotton bales,
cotton seed oil, and cotton oil cakes. It sells cotton bales to
spinning mills and local traders in Punjab. It has already
started operations of mustard oil processing in April 2016.


SYBLY INDUSTRIES: CRISIL Puts B- Ratings on Watch Developing
------------------------------------------------------------
CRISIL has placed its rating on the bank facilities of Sybly
Industries Ltd (SIL; a part of the Sybly group) on 'Rating Watch
with Developing Implications'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL B- (Placed on 'Rating
                                     Watch with Developing
                                     Implications')

   Proposed Long Term        4       CRISIL B- (Placed on 'Rating
   Bank Loan Facility                Watch with Developing
                                     Implications')

The rating action follows the demerger announcement of its wholly
owned subsidiary, Sybly International FZE (SI); the demerger is
expected to be completed by first week of October 2017. With the
demerger of SI, a new company would be formed namely, Space
Incubatrics Technologies Ltd.

Also, the two group companies of promoters of SIL namely Vartex
Fabrics Pvt Ltd and Dux Textiles Pvt Ltd are in the process of
getting merged with SIL. The purpose of the merger is to achieve
greater efficiencies in operations with optimum utilisation of
resources, better administration and reduced cost.

CRISIL is closely monitoring the outcome of the demerger of its
subsidiary and the merger of two of the group companies and its
implications on the business and financial risk profiles of the
company. The rating will be removed from watch and a final rating
action taken once CRISIL has more clarity regarding the demerger
and merger.

Analytical Approach

For arriving at the rating, CRISIL combines the business and
financial risk profiles of SIL and its wholly owned subsidiary,
SI, together referred to herein as the Sybly group.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in fragmented textiles industry:
Despite being in the textile industry for over 25 years, the
group's operations are small with income of INR83.17 crore in
fiscal 2017. This prevents the group from exploiting economies of
scale and limits the pricing power with suppliers and customers,
adversely impacting the working capital cycle and operating
margin.

* Susceptibility to fluctuations in raw material prices: The
operating margin will remain susceptible to the price of
polyester, which is a crude derivative and the major raw
material.

* Working capital-intensive operations and high bank limit
utilisation: Liquidity is constrained by debtors of over 180
days, worth INR2.01 crore, as on March 31, 2017. However,
liquidity is supported by unsecured loans extended by promoters,
which will remain in the business over the medium term. Liquidity
will remain dependent on debtor realisation, in absence of the
same, the profile will remain stretched.

Strengths

* Experience of promoters: Benefits from the promoters'
experience (over 30 years) and established strong relationships
with dealers, suppliers and customers should continue to support
the business.

SIL, established in May 1988, is promoted by Mr. Mahesh Chand
Mittal and his son, Mr. Nishant Mittal. It manufactures polyester
yarn and trades in cotton fabrics. Its wholly owned subsidiary,
SI, trades in mild steel products. SIL's plant is at Muradnagar
in Ghaziabad, Uttar Pradesh; SIL is listed on the Bombay Stock
Exchange.


TAJ GRANITES: CRISIL Assigns B+ Rating to INR2.43MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Taj Granites Private Limited (TGPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft              3.8        CRISIL A4
   Term Loan              2.43       CRISIL B+/Stable

The ratings reflect the company's modest scale of operations in a
highly competitive industry and weak financial profile. These
rating weaknesses are partially offset by the extensive
experience of promoters in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in the highly competitive industry:
Scale of operations is modest as reflected in revenue of around
INR11.50 crore in fiscal 2017 and the company is also exposed to
intense competition in the highly competitive industry.

* Weak financial risk profile: Networth was small at INR1.2 crore
and gearing high at 5 times as on March 31, 2017.

Strength
* Extensive experience of promoters: TGPL benefits from its
promoters' industry experience of over three decade, which has
resulted in steady orders from customers and longstanding
relationships with suppliers and customers.

Outlook: Stable

CRISIL believes TGPL will benefit over the medium term from the
promoters' extensive experience. The outlook may be revised to
'Positive' in case of significantly higher-than expected cash
accrual, along with improvement in financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, large working capital requirement, or
any unanticipated large debt-funded capital expenditure weakens
the liquidity.

Incorporated in 1996, Taj Granites Private Limited (TGPL) is
engaged in manufacturing and exports of Marbles. The company is
based out at Jaipur (Rajasthan).

TGPL reported a profit after tax (PAT) of INR19 lacs on operating
income of INR9.21 crore for fiscal 2016, vis-a-vis INR(8) lacs
and INR4.93 crores, respectively in fiscal 2015.


VASUNDHARA CHEM: Ind-Ra Moves B+ Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vasundhara Chem
Plast Industries' (VCPI) 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 ratings
will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR80 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating;

-- INR20.4 mil. Non-fund-based working capital limits migrated
    to non cooperating category with IND A4(ISSUER NOT
    COOPERATING) rating; and

-- INR10.64 mil. Long-term loans migrated to non cooperating
    category with IND B+(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

Formed in 1998, VCPI is a partnership firm engaged in the
manufacture of polypropylene/high density polyethylene /low
density polyehtylene/biaxially oriented polypropylene rolls and
bags for application in the food grade, consumer items, agro and
allied industries as packaging media. Its partners are Vinod
Mohanlal Gupta, Ravi Mohanlal Gupta and Pista Devi Gupta.


VEMPARALA VENKAT: CRISIL Reaffirms 'B' Rating on INR5.4MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Vemparala Venkat Rao Cotton Industries (VVR) at 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.4      CRISIL B/Stable (Reaffirmed)

   Long Term Loan         1.66      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      .94      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile because of small networth, high gearing,
and subdued debt protection metrics. The rating also factors in
large working capital requirement, susceptibility of
profitability to volatility in cotton prices, and vulnerability
to regulatory changes and intense competition in the cotton
ginning industry. These weaknesses are partially offset by
partners' extensive experience in the cotton industry.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile is
below average marked by small net worth, high gearing and below
average debt protection metrics. Debt protection metrics is
characterized by estimated interest coverage ratio and NCATD of
1.86 times and 8% respectively for the Fiscal 2017.

* Large working Capital requirement: Large working capital
requirement is reflected in GCA of around 173 days, estimated as
on March 31 2017. High GCA days emanate from moderate debtor
cycle and high inventory requirement of the company.

* Susceptibility of profitability to volatility in cotton prices:
Cotton accounts for more than 89 per cent of VVR's total cost of
sales. Cotton prices are volatile, as the crop is vulnerable to
rainfall or even a pest attack. Cotton prices are also affected
by international demand. Volatility in cotton prices, however,
will remain an industry trend, and will continue to impact
profitability over the medium term.

* Vulnerability to regulatory changes and intense competition in
the cotton ginning industry: Cotton industry is highly regulated
by Government of India (GOI) in terms of minimum support prices
and export conditions resulting in Vulnerability to any adverse
regulatory changes.

Furthermore, the cotton-ginning industry is largely unorganised
with various players having small capacity. In addition, the
entry barriers are low on account of low capital and technology
intensity, and low differentiation in end product. This has led
to a highly fragmented industry structure with intense
competition among the players

Strengths

* Extensive industry experience of the promoter, and established
relationships with customers and suppliers: Though VVR was
incorporated in 2012, Mr. Ram Babu, the promoter has prior
experience in the industry of over 2 decades in the cotton
industry by way of trading of cotton and bales in his personal
capacity which has helped it successfully maintain its business
risk profile.

Outlook: Stable

CRISIL believes VVR will benefit over the medium term from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' if there is sustained improvement in
working capital management, or in capital structure due to
sizeable capital infusion. The outlook may be revised to
'Negative' if profitability declines steeply, or capital
structure weakens due to large debt-funded capital expenditure or
stretch in working capital cycle.


VVR was established in 2012 as a partnership firm by Mr. V Ram
Babu and his family members. The firm gins and presses raw
cotton. Its facility is in Guntur, Andhra Pradesh

VVR had a profit after tax (PAT) of INR0.15 crore on revenue of
INR19.03 crore in fiscal 2017, against INR0.11 crore and revenue
of INR16.81 crore in fiscal 2016.


VIJAYALAKSHMI AGRO: CARE Assigns 'B' Rating to INR8.0cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vijayalakshmi Agro Food Industries (VAFI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of VAFI is tempered by
the modest scale of operations, thin and declining PBILDT
margins, financial risk profile marked by moderate capital
structure and weak debt coverage indicators, seasonal nature of
availability of paddy resulting in working capital intensive
nature of operations,
intense competition from several other players, raw material
price volatility and constitution of the entity as a partnership
firm with inherent risk of withdrawal of capital. However, the
rating is underpinned by the experience of partners for one
decade in rice milling industry and reasonable track record of
the firm, growth in total operating income during review period,
locational advantage with presence in cluster and easy
availability of paddy and healthy demand outlook of rice.

Going forward, ability of the firm to increase its scale of
operations, improve its capital structure and debt coverage
indicators and manage its working capital requirements
efficiently are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations
VAFI was established in the year 2008. Thus, the firm has
reasonable track record of operations. The total operating income
stood moderate at INR52.55 crore in FY16 (refers to period April
01 to March 31) with low net worth base of INR4.47 crore as on
March 31, 2016 (A) when compared to other peers in the industry.

Thin and declining PBILDT margins
The PBILDT margin of the firm has been declining year-on-year
from 3.42% in FY14 to 2.54% in FY16 due to intenselycompetitive
rice milling business along with increase in power and fuel
expenses and material costs. The firm has thin PAT margin during
review period due to high interest cost and low operational
profits. The PAT margin of the firm is fluctuating within the
range of 0.32%-0.34% during review period due to fluctuating
interest expense and PBILDT in absolute terms.

Financial risk profile marked by moderate capital structure and
weak debt coverage indicators
The firm has moderate capital structure during review period. The
debt equity ratio of the firm has been improving y-o-y from 0.63x
as on March 31, 2014 to 0.24x as on March 31, 2016 due to
repayment of term loan coupled with increase in tangible net
worth on account of accretion of reserves. However, the overall
gearing of the firm stood leveraged during review period due to
increasing working capital utilisation with increase in scale of
operations coupled with low networth base. However, the overall
gearing of the firm has been improving y-o-y from 2.43x as on
March 31, 2014 to 2.04x as on March 31, 2016. The debt profile of
the firm is dominated by short term borrowings to meet working
capital requirement of the firm.

The firm has weak debt coverage indicators during review period.
Total debt/GCA of the firm has been deteriorating from 15.58x in
FY14 to 20.07x in FY16 due to increase in total debt coupled with
decrease in gross cash accruals. The PBILDT interest coverage of
the firm also marginally declined from 1.72x in FY14 to 1.66x in
FY16 due to high interest costs and low operational profit.

Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital
VAFI, being a partnership firm, is exposed to inherent risk of
the partner's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover,
partnership firm business has restricted avenues to raise capital
which could prove a hindrance to its growth.

Seasonal nature of availability of paddy resulting in working
capital intensive nature of operations
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi
(November to April). The millers have to stock enough paddy by
the end of the each season as the price and quality of paddy is
better during the harvesting season. During this time, the
working capital requirements of the rice millers are generally on
the higher side. Majority funds of the firm are blocked in
inventory and with customers. Due to the above reasons, the
operating cycle of the firm deteriorated from 67 days in FY15 to
73 day in FY16 due to increase in average inventory period of the
firm increased to 52 days in FY15 to 59 days in FY16. Moreover,
the paddy is procured from the farmers generally against cash
payments or with a minimal credit period of 10-15 days while the
millers have to extend credit to the wholesalers and distributors
around 20-30 days resulting in high working capital utilization
reflecting working capital intensity of business. The average
utilization of fund based working capital limits of the firm was
utilized (90%) during the last 12 months period ended January 31,
2017.

Key Rating Strengths

Experience of partners for one decade in rice milling industry
and reasonable track record of the firm
Vijayalakshmi Agro Food Industries (VAFI) was established in 2008
as a partnership firm and promoted by Mr. CH Nageshwara Rao, Mr.
CH Radha Krishna, Mr. Jasti Ram Prasad and Mrs. K Geetha Vani.
Mr. CH Nageshwara Rao and Mr. CH Radha Krishna are having around
10 years of experience in rice milling business. Through their
experience in the rice milling business, they have established
healthy relationship with key suppliers, customers, local
farmers, dealers and also with the brokers facilitating the rice
business within the state.

Growth in total operating income during review period
The total operating income of the firm grew by Compounded Annual
Growth Rate (CAGR) of 13.97% from INR40.47 crore in FY14 to
INR52.55 crore in FY16 due to increase in orders from existing
customers and addition of new customers driven by positive demand
outlook for rice coupled with increase in production activities
due to adequate availability of paddy. The firm is also procuring
paddy from government and delivering milled rice for which
processing charges are received to an extent of 1% of total
operating income. During 10MFY17 (Provisional), the firm achieved
total operating income of INR50 crores.

Locational advantage with presence in cluster and easy
availability of paddy
The rice milling unit of VAFI is located at Koppal district which
is the top district for producing rice in Karnataka. The
manufacturing unit is located near the rice producing region,
which ensures easy raw material access and smooth supply of raw
materials at competitive prices and lower logistic expenditure.

Healthy demand outlook of rice

Rice is consumed in large quantity in India which provides
favorable opportunity for the rice millers and thus the demand is
expected to remain healthy over medium to long term. India is the
second largest producer of rice in the world after China and the
largest producer and exporter of basmati rice in the world. The
rice industry in India is broadly divided into two segments -
basmati (drier and long grained) and non-basmati (sticky and
short grained). Demand of Indian basmati rice has traditionally
been export oriented where the South India caters about one-
fourth share of India's exports. However, with a growing consumer
class and increasing disposable incomes, demand for premium rice
products is on the rise in the domestic market. Demand for non-
basmati segment is primarily domestic market driven in India.
Initiatives taken by government to increase paddy acreage and
better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units. Rice being
the staple food for almost 65% of the population in India has a
stable domestic demand outlook. On the export front, global
demand and supply of rice, government regulations on export and
buffer stock to be maintained by government will determine the
outlook for rice exports.

Vijayalakshmi Agro Food Industries (VAFI) was established in 2008
as a partnership firm and promoted by Mr. CH Nageshwara Rao, Mr.
CH Radha Krishna, Mr. Jasti Ram Prasad and Mrs. K Geetha Vani.
VAFI is engaged in milling and processing of rice. The rice
milling unit of the firm is located at Navanagar, Karatagi,
Gangavathi Taluk, Koppal District of Karnataka. Apart from rice
processing, the firm is also engaged in selling by-products such
as broken rice, husk and bran.

The main raw material, paddy, is directly procured from local
farmers located in and around Koppal District and the firm
sells rice and other by-products mainly to customers like TPL
Enterprises (Hosur), Vijayalakshmi Agency (Karatagi), Platinum
Traders (Bengaluru) and in the open markets of Karnataka.


VSRK CONSTRUCTIONS: ICRA Reaffirms B+ Rating INR8cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR2.00
crore fund based limits and INR8.00 crore non fund based limits
of VSRK Constructions (VSRKC) at [ICRA]B+. The outlook on the
long term rating is 'stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  2.00      [ICRA]B+ (Stable) reaffirmed

  Non Fund-based-
  Bank Guarantee          8.00      [ICRA]B+ (Stable) reaffirmed

Rationale

The reaffirmation of the rating is constrained by the decline in
turnover from INR43.54 crore in FY2015 to ~Rs.37 crore in the
past two years due to lower receipts from the government
departments; increased working capital intensity of the business
due to higher receivables pending at the end of March 2017; and
risk arising from partnership nature of the firm. The rating also
continues to be constrained by the high geographic concentration
risk with order execution limited to Andhra Pradesh and Telangana
states; high sectoral concentration risk with more than 90
percent of the order book consisting of road construction and
maintenance works; and high competition in the construction
industry due to tender based business which constrains the profit
margins. The rating, however, positively considers the promoters'
two decades of experience in execution of civil contracts; and
increase in order book size to INR68.91 crore (1.87 times FY2017
turnover) as on July 31, 2017 providing revenue visibility in the
medium term. The rating also takes into account the improvement
in profitability in FY2017 with operating profitability of 11% as
against 8-9% in the previous three years owing to reduced sub-
contract expenses; and healthy coverage metrics with interest
coverage ratio of 5.28 times and Net Cash Accruals to Debt of 31%
for FY2017 owing to low debt levels and healthy profit levels.

Going forward, the company's ability to increase the scale of
operations, diversify the order book and efficiently manage its
working capital requirements would be the key credit rating
sensitivities.

Key rating drivers

Credit strengths

* Longstanding experience of promoters - The main promoters of
the firm, Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao
have more than two decades of experience in executing civil
contracts in Andhra Pradesh and Telangana states.

* Increased operating profitability in FY2017 - The firm's
operating profitability has increased to 11% in FY2017 compared
to 8-9% levels over the previous three years on the back of lower
sub-contract charges. Further, given the presence of price
escalation clause in all the projects, the profitability are
protected to an extent due to volatility in raw material prices.

* Healthy coverage metrics - The coverage metrics of the firm
have been healthy over the past three years and have further
improved in FY2017 with interest coverage ratio of 5.28 times and
Net Cash Accruals to Total Debt of 31%.

* Increased order book size - The order book of the firm has
improved to INR68.91 crore as on July 31, 2017 from INR23.08
crore as on December 31, 2015 as the firm was able to participate
in more number of orders after the enhancement in Bank Guarantee
limits in October 2016. Further, the order book to operating
income ratio is healthy at 1.87 times which provides revenue
visibility in the medium term.

Credit weaknesses

* Decrease in scale of operations - The revenues of the firm have
decreased from INR43.54 crore in FY2015 to ~ INR37 crore over the
past two years due to delay in receipt of payments from
government departments as well as lower order book execution.

* Increased working capital intensity - The firm's receivables
position was high towards the end of FY2017 owing to pending
payments from private entities for whom the firm has performed
works as a sub-contractor.

* High geographic and sectoral concentration risk - The
geographic concentration risk of the order book is high since the
works are primarily limited to Khammam district in Telangana and
Krishna district in Andhra Pradesh. Further, the firm's work
orders are mostly confined to road construction and maintenance
works.

* High competitive intensity in construction industry - The firm
faces high competition from numerous other players in the
construction industry. Given that the firm participates in work
orders for various government departments where business is
tender based, the growth in profitability is constrained.

VSRK Constructions (VSRKC) is a partnership firm established in
2002 by Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao.
The firm is recognized as a special class contractor by Roads and
Buildings department of Andhra Pradesh and Telangana. It is
engaged in the business of constructing roads, bridges, etc.
primarily in Telangana and Andhra Pradesh.


WELCAST PRODUCTS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Welcast Products
Pvt. Ltd.'s (WPPL) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR170.00 mil. Fund-based working capital limits affirmed
    with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects WPPL's continued small scale of
operations and moderate credit metrics. According to provisional
financials for FY17, revenue was INR197 million (FY16: INR236
million). The decline in revenue was due to low orders, as the
company discontinued relationship with a foreign customer. In
addition, interest coverage and net leverage deteriorated to 1.2x
and 5.7x in FY17 from 1.3x and 4.4x in FY16, respectively. The
deterioration in net leverage was due to a rise in debt and in
interest coverage was owing to an increase in interest expenses,
with EBITDA declining. Meanwhile, operating EBITDA margin
marginally improved to 8.7% in FY17 (FY16: 8.5%) due to a fall in
other expenses.

The ratings reflect continued tight liquidity. WPPL fully
utilised working capital limits during the 12 months ended July
2017.

The ratings, however, continue to benefit from WPPL's founder-
promoter's experience of over two decades in the iron and steel
industry.

RATING SENSITIVITIES

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

Positive: A substantial rise in the scale of operations, along
with an improvement in credit metrics, will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1997, WPPL manufactures iron casts, manhole
covers, lampposts, brackets, lamp bases, fountains and basins.
The company is promoted by Mr. Ramesh Kumar Kejriwal. Its
manufacturing facility is in Fuleswar, West Bengal.



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


TK HOLDINGS: 6 Automakers Try to Block $3.5M Fee to Moelis & Co.
----------------------------------------------------------------
Jeff Montgomery, writing for Bankruptcy Law360, reports that
General Motors, along with Volkswagen, Fiat-Chrysler, Honda, Ford
and Toyota, objected to the proposal by the Official Committee of
Unsecured Creditors of Takata to pay a $3.5 million restructuring
fee to Moelis & Co. LLC as part of its retention as the
Committee's investment banker.

The six automakers, Law360 relates, jointly argued against
pre-approval of the Moelis fee provision sought by the Committee.
According to the report, the automakers ask Judge Brendan L.
Shannon to require linkage for any restructuring payout to Moelis
actions.

Nathan Hale of Law360 shares that Toyota Motor Corp. urged a
Florida federal judge to deny a request from three car owners to
be named as class plaintiffs and to form a new subclass in
multidistrict litigation over the Debtor's dangerously defective
air bags.  Toyota and its affiliates told the court that the
proposed intervenors, Ryan and Tara Majors and David Ginden, fail
to establish that intervention is necessary and said that
approving their request at this point would prejudice the
parties, the report states.

Judge Brendan L. Shannon's decision to freeze much of the
litigation surrounding the Debtor's defective air-bag inflators
takes automakers off the hook for liability for 90 days, but
experts say a move that absolves the carmakers permanently could
be a real possibility if certain chips fall into place, Matt
Chiappardi of Law360 reports.  The decision provides a short
"breathing spell" so that the Debtor is able to focus its
attention on a global restructuring, the report says.

The Debtor and its unsecured creditors sounded off over a move by
product liability lawyers group the Attorneys Information
Exchange Group to install one of its own as the representative
for future personal injury claimants in the Court, with the air
bag maker citing conflicts of interest and creditors citing
conflicts over cash, Law360 relates.  The report shares that both
groups objected to the Attorneys Information Exchange Group's
call to appoint one of the attorney organization's founding
members, Larry Coben, to future claims duties during and after
the Debtor's Chapter 11.

Citing consumers, Christopher Crosby of Law360 states that Nissan
settled allegations in multidistrict litigation over defective
Takata Corp. air bags, agreeing to a $97.7 million payout.  The
report says that under the preliminary settlement, consumers will
receive $87 million in a settlement fund and will be allowed to
apply for reimbursement for everything from child care payments
and towing.

Matt Chiappardi of Law360 recalls that Judge Shanonn gave the
Debtor's Japanese parent temporary protection from collection
efforts and lawsuits in the U.S., with a larger fight over
whether that shield should become permanent set for September.
The report states that Judge Shannon granted the provisional
relief requested by Chapter 15 debtors Takata Corp. and
affiliates Takata Kyushu Corp. and Takata Service Corp.
According to Law360, the Debtor's corporate parent in Japan,
already under a form of bankruptcy protection in its home
country, had sought Chapter 15 recognition.

Law360 reports that a fleet of objections rolled into the
Debtor's Chapter 11, with attorneys for unsecured creditors, tort
claimants, multidistrict litigation parties and the Office of the
U.S. Trustee contesting proposals to manage claims and limit car
company liability.

Battle lines also sharpened over costs and terms for the tens of
millions of notifications that will be required in the case, and
over competing nominees for the attorney who will preside over
claims filed by those injured after the Debtor's bankruptcy start
date, Law360 relates.

                        About Takata Corp

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
Chapter 11 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.

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.

                         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.


TOSHIBA CORP: In Talks With Three Groups on Chip Sale
-----------------------------------------------------
Bloomberg News reports that Toshiba Corp. disclosed it's in talks
with three consortiums for its memory chip unit and that it's
still unable to make a final decision on a buyer.

Bloomberg says there's one group that includes Western Digital
Corp., a second that includes Hon Hai Precision Industry Co. and
a third comprised of Bain Capital, the Innovation Network
Corporation of Japan and Development Bank of Japan. The board
hasn't been able to choose a winner even though the company
"exercised its best efforts to reach a mutually satisfactory
definitive agreement with one of the consortia," Toshiba said in
a statement on August 31, Bloomberg relays.

According to Bloomberg, the Japanese electronics conglomerate has
been negotiating for months to sell off its chips business and
pay for multibillion-dollar losses in its U.S. nuclear business.
Although Toshiba identified the Bain-led group as the preferred
bidder in June, the process has been complicated by legal action
from Western Digital, which argues that it should have a say in
any sale because of its partnership with Toshiba in the chips
business, the report notes.

Bloomberg relates that Toshiba needs to raise the money by March
to avoid being delisted from the Tokyo Stock Exchange. Any delay
could result in it missing that deadline because of the time
needed to get regulatory approval and close the deal.

"They need to come to an agreement in September to get all of the
anti-trust approvals in place, but it's really beginning to feel
like they don't really want to sell," Bloomberg quotes Hideki
Yasuda, an analyst at Ace Research Institute, as saying. "They
could still keep the business. If Toshiba is not so hung up on
staying public, they can get delisted and still survive."

Any successful bidder would need to be able to pay enough cash to
repair Toshiba's balance sheet and finance large capital
investments in the chip business after the purchase, the Japanese
company said, Bloomberg relays. The buyer would also need to
possess the ability to make decisions flexibly and quickly, it
said. The Tokyo-based company said it's aiming to reach an
agreement at the "earliest possible date."

Bain Capital had previously submitted a 2.1 trillion yen ($19
billion) offer with INCJ and Development Bank of Japan. Western
Digital is offering about 2 trillion yen, Bloomberg reports
citing people familiar with the matter. Hon Hai founder Terry Gou
has indicated his willingness to pay as much 3 trillion yen.

Apple Inc. is also wading into into the middle of the battle. The
iPhone maker is in talks with Bain Capital , people familiar with
the matter said this week, Bloomberg relates. Apple depends on
flash memory from Toshiba in its iPhones and iPods, and wants a
continued supply so it's not dependent on rival Samsung
Electronics Co.

In recent weeks, Japan's powerful Ministry of Economy, Trade and
Industry had encouraged Toshiba to accept the offer from the
Western Digital consortium, the people said, in an effort to end
the litigation and reach a deal quickly, according to Bloomberg.
Top Toshiba executives and its deal advisers are resisting the
current offer, arguing it doesn't do enough to protect the
interests of the chips unit or the parent, the people said, adds
Bloomberg.

                          About Toshiba

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

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

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



====================
N E W  Z E A L A N D
====================


VIADUCT CAPITAL: Trustee Admits Failure, Reaches Settlement
-----------------------------------------------------------
Prince and Partners Trustee Company (Prince) has admitted a
series of failings in its role as trustee of Viaduct Capital
Limited, a finance company that went into receivership in 2010.
The civil proceedings brought by the FMA against Prince have been
settled for NZ$4.5 million.

It is the first time the FMA has brought a case under section 34
of the Financial Markets Authority Act 2011. These powers enable
the FMA to exercise the rights of action of investors, in this
case, the Treasury and investors who were not covered by the
Retail Deposit Crown Guarantee Scheme. The settlement has been
approved by the High Court, a condition for proceedings brought
using these powers.

The basis of the FMA's case was that Prince failed to carry out
its functions with the care, diligence and skill expected of a
reasonably competent and prudent trustee.

Karen Chang, FMA's Head of Enforcement, said "The trustee's role
was to protect the interests of investors and Prince was supposed
to act as an independent watchdog over Viaduct. It failed to do
so, despite obvious concerns with the proposed acquisition of
Viaduct, and the red flags raised by PwC and the withdrawal of
the Crown Guarantee.

Supervisors under the new regime have an important role to play
in protecting investors and promoting confidence in New Zealand's
financial markets. By bringing this claim and receiving these
admissions, we've highlighted the type of misconduct that is
unacceptable from a licensed supervisor."

Prince has accepted that when presented with information on the
proposed acquisition of Priority Finance (Viaduct's former name)
in February 2009, it did not exercise the level of professional
scepticism required in the circumstances. Prince accepts it
should have made a number of inquiries, in particular into the
relationship between Nick Wevers, Paul Bublitz and Hunter
Capital. It should also have taken independent legal and
accounting advice on possible breaches of the Trust Deed. Prince
accepts the acquisition transaction was not in the best interests
of investors.

Prince has admitted that PwC reports, commissioned by the
Treasury, and the subsequent withdrawal of the Crown Guarantee,
indicated possible breaches of Viaduct's Trust deed. The PwC
reports also indicated potential liquidity issues that affected
Viaduct's ability to meet future debenture repayments. Prince has
admitted that by failing to investigate these matters and
adequately monitor Viaduct's financial position, it did not
protect the interests of investors.

The FMA is satisfied that its regulatory objectives in bringing
this claim have been achieved. These were to:

* hold Prince accountable for its failings as a trustee

* demonstrate the FMA will take action where supervisors fail
   to meet their obligations

* promote investor confidence in licensed supervisors

* secure financial compensation for investors and Treasury.

These objectives contribute to the FMA's purpose of maintaining
and promoting confidence in fair, efficient and transparent
financial markets.

Viaduct Capital Ltd. is a New Zealand-based finance company.

As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2010, Viaduct Capital Ltd. has been placed into
receivership with debts of NZ$7.8 million.  Prince and Partners
Trustee Company Limited on May 13 appointed Iain McLennan and
Boris van Delden from McDonald Vague as receivers of Viaduct
Capital.  Colin Wilson of Prince and Partners Trustee Company
Limited said the action is "to protect the interests of investors
through an orderly realization of the company's assets."

Viaduct Capital has NZ$7.8 million of secured debentures held by
approximately 110 investors.  Viaduct said in a statement posted
in its Web site that NZ$7.3 million is covered by the Government
Guarantee, with the balance of NZ$500,000 unguaranteed.



                             *********

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

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

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


                            *********


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

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

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

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

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



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