TCRAP_Public/170907.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 7, 2017, Vol. 20, No. 178

                            Headlines


A U S T R A L I A

AVIXIA PTY: First Creditors' Meeting Set for Sept. 12
BRUYNZEEL AUSTRALIA: First Creditors' Meeting Set for Sept. 14
BUB'S BABY: Falls Into Administration
DIPLOMA GROUP: Di Latte Family Pursues Bid to Revive Company
FINELINE HOME: First Creditors' Meeting Set for Sept. 14

FIRM GLASS: Second Creditors' Meeting Set for Sept. 13
INDIAN MEDIA: First Creditors' Meeting Set for Sept. 14
K. T. AUSTRALIA: First Creditors' Meeting Set for Sept. 12
LIF3 GLOBAL: First Creditors' Meeting Set for Sept. 13
MANNAGUM ENTERPRISES: Second Creditors' Meeting Set for Sept. 15

MES FAMILY: Second Creditors' Meeting Set for Sept. 13
QUINTIS LIMITED: Moody's Cuts CFR and Sr. Sec. Debt Rating to C
RESARS PTY: First Creditors' Meeting Slated for Sept. 13
SABJAB TRADING: Second Creditors' Meeting Set for Sept. 12
SURFSTITCH GROUP: Gets First Proposal to Restructure, Relist

TEN NETWORK: Second Creditors' Meeting Set for Sept. 12
TEN NETWORK: Employees, Creditors to be Paid in Full in CBS Deal


C H I N A

CHINA SCE: Proposed Share Issues No Impact on Moody's B1 CFR
SUNAC CHINA: High Debt Leverage No Impact on Moody's B2 CFR
ZHONGRONG XINDA: Fitch Publishes BB Long-Term IDR; Outlook Stable
ZHONGRONG XINDA: S&P Assigns 'BB-' LT CCR, Outlook Stable


H O N G  K O N G

BACH FINANCE: S&P Assigns 'B' CCR & Rates First-Lien Loans 'B'
NOBLE GROUP: Default-Swap Verdict in Play as Test of ISDA System
NOBLE GROUP: Expects to Sell Oil Business This Month


I N D I A

ABC TRANSFORMERS: CRISIL Reaffirms 'B' Rating on INR3.5MM Loan
ADITYA MOTORS: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
AHUJA AND ANAND: CARE Assigns 'D' Rating to INR12.48cr LT Loan
AMRAPALI: NCLT Orders Insolvency Process Against Silicon City
APPU HOTELS: CARE Lowers Rating on INR211.64cr LT Loan to 'D'

BIRTHPLACE HEALTHCARE: CRISIL Reaffirms B Rating on INR10.4M Loan
CHANDRASHEKARAIAH: CRISIL Reaffirms 'B' Rating on INR7MM Loan
CHAUDHARY RICE: CARE Assigns 'B' Rating to INR8.40cr LT Loan
CREATIVE CLOTHEX: CARE Assigns 'B' Rating to INR4.10cr LT Loan
CREST PROMOTERS: CRISIL Reaffirms B+ Rating on INR95MM Term Loan

D.R. THANGAMAALIGAI: CRISIL Reaffirms 'B' Rating on INR6MM Loan
DHANPATI AGRO: CRISIL Reaffirms 'D' Rating on INR6.5MM Loan
DHARTI COTTON: CRISIL Reaffirms 'D' Rating on INR5.5MM Loan
DR. ANJOLI: CRISIL Reaffirms B- Rating on INR5MM LT Loan
EPITOME PLAST-O-PACK: CRISIL Reaffirms B- Rating on INR6.25M Loan

GAJANAN FERRO: CARE Assigns B+ Rating to INR14.75cr LT Loan
GRAND MOTORS: CRISIL Reaffirms B+ Rating on INR23MM Cash Loan
HELPAGE YOUTH: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
INDUS MOTORS: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
ISHWAR GINNING: CARE Lowers Rating on INR12cr LT Loan to 'D'

JAI MAA: CRISIL Reaffirms 'D' Rating on INR20MM Cash Loan
JAINAM FAB: CARE Assigns B+ Rating to INR6.40cr LT Loan
JAY PLAST: CRISIL Assigns B+ Rating to INR4MM Cash Loan
JODHPUR HEALTH: CRISIL Cuts Rating on INR27.68MM Loan to B-
KAVITA EXIM: CARE Assigns B+ Rating to INR12cr LT Loan

KENZ INN: CRISIL Lowers Rating on INR150MM Term Loan to 'B'
KESHAV ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR14MM Loan
NAACHIYARS: CRISIL Lowers Rating on INR6MM Long Term Loan to B
PRAKASAM HEAVY: CRISIL Assigns 'B' Rating to INR5.0MM Loan
R G SCIENTIFIC: CRISIL Reaffirms B+ Rating on INR10MM Loan

RADHIKA JEWELS: CRISIL Lowers Rating on INR15MM Cash Loan to B
RAVI TEJA: CARE Assigns B Rating to Issuer Not Cooperating
RRB ENERGY: CARE Lowers Rating on INR95cr LT Loan to 'C'
SAGAR BUSINESS: CRISIL Lowers Rating on INR18MM Cash Loan to B
SANGAM RICE: CARE Assigns 'B' Rating to INR5.50cr LT Loan

SATYAM GREEN: CRISIL Reaffirms 'D' Rating on INR6MM Term Loan
SHREE SITA: CARE Assigns B+ Rating to INR6.0cr LT Loan
SHRI PAHARIMATA: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
SOMA ISOLUX: CARE Lowers Rating on INR1,216.96cr LT Loan to D
SWAGAT HOSPITALS: CRISIL Reaffirms B- Rating on INR25MM Term Loan

TRIUMPH AUTO: CRISIL Reaffirms 'B' Rating on INR6.75MM Loan
UMA KRAFTPAPER: CRISIL Reaffirms 'B' Rating on INR8.25MM Loan
UNITED MACHINERY: CARE Reaffirms B+ Rating on INR3.0cr LT Loan
V. G. SHIPBREAKERS: CRISIL Reaffirms 'D' Rating on INR8MM Loan
VAMSADHARA GINNING: CRISIL Assigns 'B' Rating to INR7MM Loan

VAMSADHARA RICE: CRISIL Assigns B+ Rating to INR5MM Cash Loan
VINAYAGA IMPEX: CRISIL Reaffirms 'D' Rating on INR4.5MM Loan
VIVA INFRAVENTURE: CRISIL Reaffirms B+ Rating on INR0.5MM Loan


I N D O N E S I A

STEEL PIPE: Fitch Publishes 'B' Long-Term IDR; Outlook Stable


M A L A Y S I A

PERISAI PETROLEUM: Gets Demand Notice Over Breach of Contract


N E W  Z E A L A N D

IRIRIKI ISLAND: Temporary Stay on Insolvency Decision
MTF SIERRA 2017: Fitch Rates NZD1.32MM Class F Notes 'B+'
SOLID ENERGY: Final Milestone Achieved in Asset Sales


P H I L I P P I N E S

CARITAS HEALTH: Former President Claims PHP7-Billion Deficit


S O U T H  K O R E A

HYOSUNG CORP: Slapped With KRW5BB Fine Over Illegal Accounting
KUMHO TIRE: Parent Mull Asset Sale After Qingdao Deal Collapsed


S R I  L A N K A

PAN ASIA: Fitch Rates Basel II-Compliant Sub. Debentures BB+(lka)


                            - - - - -


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A U S T R A L I A
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AVIXIA PTY: First Creditors' Meeting Set for Sept. 12
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Avixia
Pty. Ltd., trustee for Avixia Trust Trading As "Avixia Cleaning",
will be held at the boardroom of Chifley Advisory, Level 2,
9 Phillip Street, in Parramatta, NSW, on Sept. 12, 2017, at
11:00 a.m.

Gavin Moss and Henry Kwok of Chifley Advisory Pty Ltd were
appointed as administrators of Avixia Pty on Aug. 31, 2017.


BRUYNZEEL AUSTRALIA: First Creditors' Meeting Set for Sept. 14
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bruynzeel
Australia Pty Limited will be held at Suite 509, Ashington Court,
147 King Street, in Sydney, NSW, on Sept. 14, 2017, at 10:00 a.m.

William James Hamilton of WJ Hamilton was appointed as
administrator of Bruynzeel Australia on Sept. 5, 2017.


BUB'S BABY: Falls Into Administration
-------------------------------------
Sage Swinton, writing for Maitland Mercury, reports that
preparing for a child is supposed to be an exciting time, but for
some local families it has become a stressful wait after a
Rutherford baby store has gone into administration.

Bub's Baby Store, which has a shop at Rutherford, went into
administration, according to Maitland Mercury.

The report discloses the company's website states that customers
with unused gift vouchers or credit notes, or those paying off
lay-bys should register their details to Worrells, which is now
managing the affairs, business and property of the company.

Thornton father-to-be Chris Gagg has a car seat and a capsule on
lay-by at the store, the report relays.

When he heard the business had gone into administration, he tried
to contact the company, the report notes.

The report discloses that after he didn't receive a response,
Mr. Gagg went into the store.

The report relays that he was told his items could not be
released at that time and to contact the administrator, but he
could not get an answer on whether or not his lay-by would be
honoured.

And with just over a month until bub is due, the family has faced
a nervous wait to find out if their items will be ready in time,
if at all, the report notes.

"It's a little bit frustrating," the report quoted Mr. Gagg as
saying.  "We're a bit in limbo."

The report notes that Mr. Gagg said he felt lucky that he and his
wife only had a few things they were waiting on, but knew of
others who had thousands of dollars worth of items ordered.

"We don't have too much compared to other people," he said, the
report relays.

"Credit to the staff they didn't have answers but were trying to
be as helpful as possible.

"I feel for the staff and people who have more at stake."

Since going into the store, Mr. Gagg has also received a text
message acknowledging the lay-by, and saying someone would be in
contact, the report notes.

Mr. Gagg said the financial loss was not a huge worry, he just
wanted to know whether or not to buy the items elsewhere before
the baby arrives, the report relays.

"If it's going to take eight weeks, it will be too late," he
said, the report notes. "We don't want to spend the first week
after the baby is born running around trying to buy a car seat.
But we don't want to be stuck with two."


DIPLOMA GROUP: Di Latte Family Pursues Bid to Revive Company
------------------------------------------------------------
Peter Williams at The West Australian reports that the family
behind the failed Diploma Group and its provisional liquidators
are seeking to have the company excluded from a potential wind-up
order to attempt a rescue plan.

A Federal Court judge was set to rule Sept. 6 on whether the
builder-developer which collapsed last year and 19 other Diploma
entities will be placed into liquidation, the report says.

According to the report, the court heard on Sept. 4 that
provisional liquidators from Grant Thornton had applied for
Diploma Group to be put back into administration, while
recommending liquidation for its construction arms and other
subsidiaries.

Justice Neil McKerracher remarked that such a request from
insolvency specialists was "very unusual".

According to the report, the Australian Securities and
Investments Commission is seeking a wind-up of all Diploma
companies. The Di Latte family is seeking an adjournment in the
case of Diploma Group.

The West Australian relates that family representative Kevin
Dundo told the court that liquidating the group would put at risk
the plan to recapitalise the company and revive its listing on
the Australian Securities Exchange.

Mr. Dundo said the proposal had the support of secured creditors,
would see a return of 100 cents in the dollar to former employees
of the holding company and offer a better return for unsecured
creditors, the report relays.

The West Australian says the deed of company arrangement does not
include subsidiaries Diploma Construction (WA), subject to the
bulk of AUD60 million in claims by sub-contractors, suppliers and
other creditors, and DGX Construction. While a revival of the
Diploma Group entity could still take place from liquidation, Mr.
Dundo said it would hand discretion over the listing to the
Australian Securities Exchange.

Paul Yovich, for ASIC, argued that the ASX should have such
control, adding that the matter was not significant, the report
says.

According to the report, Mr. Yovich said the provisional
liquidators had been unable to determine with any certainty the
prospects for creditors from the DOCA.

While members of the Di Latte family had been ruled out as
directors, he said it was not known who would be joining the
board, The West Australian relates. Mr. Yovich rejected a claim
by Mr. Dundo that corporate governance allegations about the
former directors had been put to rest, saying the provisional
liquidators made no conclusions and recommended further
investigation, the report adds.

                        About Diploma Group

Diploma Group Limited (ASX:DGX) -- http://www.diploma.com.au/--
is a construction and property development company. The Company
is undertaking a portfolio of commercial, retail and residential
projects. The Company's projects include Capri Coastal
Apartments, Rockingham and QUEST East Perth. The Company's Capri
Coastal Apartments, Rockingham is located within the Rockingham
Beach Waterfront Village Precinct. The Company offers commercial
construction and residential apartments, including multi-level
residential, hotels, hospitality and tourism, commercial offices,
retail, industrial offices, health and aged care, and sports and
recreation. The Company offers a range of construction services,
including design, construction project management, site
management, construction management, construction supervision and
contracting services. Its property development services include
project identification, finance solutions, site acquisition and
sales, marketing and property management services.

Martin Jones and Andrew Smith of Ferrier Hodgson were appointed
as Joint and Several Receivers and Managers to the assets and
undertakings of Diploma Group Limited on December 21, 2016, by
Swiss Re International SE, pursuant to the power contained in the
General Security Agreement dated November 26, 2015.

The Receivers and Managers were also appointed over the following
wholly owned subsidiaries:

   * Diploma Construction (WA) Pty Ltd (ACN 113 950 100); and
   * DGX Construction Pty Ltd (ACN 147 094 335)

Following the appointment, David Mark Hodgson, Matthew James
Donnelley and Andrew Stewart Reed Hewitt of Grant Thornton were
appointed as Voluntary Administrators to the Companies on
December 22, 2016.


FINELINE HOME: First Creditors' Meeting Set for Sept. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Fineline
Home Products Pty Ltd will be held at the offices of BDO, Level
11, 1 Margaret St, in Sydney, NSW, on Sept. 14, 2017, at
10:00 a.m.

Andrew Sallway & James White of BDO were appointed as
administrators of Fineline Home on Sept. 4, 2017.


FIRM GLASS: Second Creditors' Meeting Set for Sept. 13
------------------------------------------------------
A second meeting of creditors in the proceedings of Firm Glass
and Aluminium Pty. Ltd. has been set for Sept. 13, 2017, at
11:00 a.m., at the offices of Cor Cordis, One Wharf Lane, Level
20, 161 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 12, 2017, at 4:00 p.m.

Ozem Kassem and Andre Lakomy of Cor Cordis Chartered Accountants
were appointed as administrators of Firm Glass on Aug. 9, 2017.


INDIAN MEDIA: First Creditors' Meeting Set for Sept. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Indian
Media Group Pty Ltd will be held at the Boardroom of Chifley
Advisory, Level 2, 9 Phillip Street, in Parramatta, NSW, on
Sept. 14, 2017, at 11:00 a.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Indian Media on Sept. 4, 2017.


K. T. AUSTRALIA: First Creditors' Meeting Set for Sept. 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of K. T.
Australia Pty Ltd will be held at corner Muttaburra Road and
Flinders Highway, in Hughenden, Queensland, on Sept. 12, 2017, at
9:30 a.m.

Robert Whitton & Sean Wengel of William Buck were appointed as
administrators of K. T. Australia on Aug. 31, 2017.


LIF3 GLOBAL: First Creditors' Meeting Set for Sept. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lif3
Global Pty Ltd will be held at the offices of DCS Advisory,
Level 1, 680 Murray Street, in West Perth, WA, on Sept. 13, 2017,
at 10:00 a.m.

Shaun Boyle -- shaun.boyle@dcsadvisory.com.au -- of DCS Advisory
was appointed as administrator of Lif3 Global on Sept. 1, 2017.


MANNAGUM ENTERPRISES: Second Creditors' Meeting Set for Sept. 15
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Mannagum
Enterprises Pty Ltd has been set for Sept. 15, 2017, at 10:00
a.m., at the offices of Rodgers Reidy, Level 3, 326 Williams
Street, 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. 14, 2017, at 4:00 p.m.

Neil McLean of Rodgers Reidy was appointed as administrator of
Mannagum Enterprises on Aug. 14, 2017.


MES FAMILY: Second Creditors' Meeting Set for Sept. 13
------------------------------------------------------
A second meeting of creditors in the proceedings of MES Family
Investments Pty Ltd has been set for Sept. 13, 2017, at
11:00 a.m., at the offices of SV Partners, 1st Floor Corner,
Sydney & Gordon Street, in Mackay, Queensland.

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. 12, 2017, at 4:00 p.m.

David Michael Stimpson & Terrence John Rose of SV Partners were
appointed as administrators of MES Family on Aug. 10, 2017.


QUINTIS LIMITED: Moody's Cuts CFR and Sr. Sec. Debt Rating to C
---------------------------------------------------------------
Moody's Investors Service has downgraded Quintis Limited's
corporate family rating (CFR) and senior secured debt rating to C
from Ca. The outlook is stable.

RATINGS RATIONALE

"The downgrade follows the company's announcement on 31 August
2017 that it has not made a bi-annual interest payment of USD10.9
million which was due on August 1, 2017, within a 30-day grace
period," says Shawn Xiong, a Moody's Analyst.

Although the company has reached a forbearance agreement with a
significant majority of the noteholders Moody's views its
inability to fulfill its obligation to make the bi-annual
interest payment, under the terms of the Notes, as a default
event.

As part of the announcement, Quintis advised that it has executed
a forbearance agreement with a significant majority of the
noteholders to refrain from taking an enforcement action in
relation to the default arising from the non-payment of the
August 1, 2017 interest payment.

The forbearance agreement will continue until March 1, 2018 if
Quintis meets the conditions set out in the forbearance
agreement, including agreeing to a recapitalization plan by 6
September. Otherwise it may be terminated earlier. During the
forbearance period, interest continues to accrue on the notes,
including interest on the instalment of interest that was due on
August 1, 2017.

Additionally, the noteholders have also agreed to forbear the
provision of Quintis' March 2017 quarterly financial statements,
subject to the same termination terms.

Quintis' ratings will remain at C with a stable outlook until
concrete details materialize in regards to the recapitalization
plan and the exercise of an investor put option.

It is unlikely that Quintis' ratings will be upgraded in the
medium term. The company needs to recapitalize successfully and
to demonstrate a consistent operating track record before any
upgrade can be considered.

The principal methodology used in these ratings was Global Paper
and Forest Products Industry published in October 2013.


RESARS PTY: First Creditors' Meeting Slated for Sept. 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Resars Pty
Ltd will be held at the Conference Room, Level 4, 16 St Georges
Terrace, in Perth, WA, on Sept. 13, 2017, at 10:30 a.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Resars Pty on Sept. 1, 2017.


SABJAB TRADING: Second Creditors' Meeting Set for Sept. 12
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sabjab
Trading Pty Limited has been set for Sept. 12, 2017, at
11:00 a.m., at the offices of Young Business RIT, Level 14,
9-13 Hunter Street, in Sydney.

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. 11, 2017, at 5:00 p.m.

David Gregory Young of Young Business was appointed as
administrator of Sabjab Trading on Aug. 11, 2017.


SURFSTITCH GROUP: Gets First Proposal to Restructure, Relist
------------------------------------------------------------
Sue Mitchell at Australian Financial Review reports that barely a
week after the collapse of SurfStitch Group, administrators have
received a proposal to restructure and relist the company -- an
outcome that would preserve some value for long-suffering
shareholders.

AFR relates that the confidential proposal was received on Sept.
6 before the first SurfStitch creditors meeting at the company's
headquarters at Burleigh Heads on the Gold Coast.

According to the report, administrator John Park, from FTI
Consulting, said the proposal was received from a party who had
previously been "involved" with SurfStitch.  However, he refused
to say if it had come from co-founder and former chief executive
Justin Cameron.

"It was submitted on a private and confidential basis at this
stage," Mr. Park told journalists, AFR relays. "All I can say is
I have received one [deed of company arrangement proposal] in a
draft format today," he said. "It is a proposal to see . . . a
relisting of the vehicle."

Mr. Park said he expected to receive more restructuring proposals
and it was "not a given" that shareholders would be wiped out,
the report relays.

Mr. Cameron resigned in March 2016 to purportedly pursue a
private equity-backed privatisation proposal, which never
eventuated, and has been keeping a watching brief on the
business, AFR says.

Mr. Cameron told The Australian Financial Review last November he
might attempt to privatise the online retailer if the right
opportunity arose.

"I'm still a significant shareholder in the company," the report
quotes Mr. Cameron as saying at the time. "Today I continue to
maintain a watching brief on the business and opportunities that
may present themselves." He could not be contacted on Sept. 5,
the report notes.

According to AFR, Crown Financial Group managing director Kim
Sundell, who is SurfStitch's largest creditor after the collapse
last year of a AUD20 million content deal, said he had been
approached by two parties interested in restructuring SurfStitch.
However, he did not believe the proposal received on Sept. 6 was
from Mr. Cameron.

"I'm 90 per cent sure it's not from him, I don't think he'd have
the face to do something like that," Mr. Sundell told the AFR on
Sept. 5.  "We were asked if we would compromise our debt and to
be shareholders in the post DOCA company," he said. "We'd
consider it but I'd need to see something more."

Other creditors of the holding company are Herbert Smith
Freehills and SurfStitch chief executive Mike Sonand, who stepped
in after Mr. Cameron's departure, AFR discloses.

John Park, Quentin Olde and Joseph Hansell of FTI Consulting were
appointed as administrators of Queensland-based surf and
lifestyle retailer Surfstitch Group on Aug. 24, 2017.


TEN NETWORK: Second Creditors' Meeting Set for Sept. 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of:

-- Ten Network Holdings Limited;
-- The Ten Group Pty Limited;
-- Network Ten Pty Limited;
-- Network Ten (Sydney) Pty Limited;
-- Network Ten (Brisbane) Pty Limited;
-- Network Ten (Melbourne) Pty Limited;
-- Network Ten (Perth) Pty Limited;
-- Network Ten (Adelaide) Pty Limited;
-- Caprice Pty Limited;
-- Chartreuse Pty Limited;
-- Television & Telecasters (Properties) Pty Limited;
-- Ten Online Pty Limited;
-- Ten Ventures Pty Limited; and
-- Ten Employee Share Plans Pty Limited

has been set for Sept. 12, 2017, at 11:00 a.m., at Sydney Harbour
Marriott, 30 Pitt Street, in Sydney.

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. 10, 2017, at 5:00 p.m.

Jennifer Anne Nettleton, Mark Korda and Jarrod Villani of
KordaMentha were appointed as administrators of Ten Network and
its subsidiaries on June 14, 2017.


TEN NETWORK: Employees, Creditors to be Paid in Full in CBS Deal
----------------------------------------------------------------
Darren Davidson at The Australian reports that Ten Network's
secured creditors and employees will be paid out in full under a
plan by administrator KordaMentha to sell the broadcaster to US
media heavyweight CBS.

But TV production houses will only get paid out if they commit to
staying with the network, KordaMentha's report to creditors said.

Among creditors set to receive less than 100c in each dollar they
are owed is the Twentieth Century Fox studios, operated by 21st
Century Fox, the Australian relates. CBS hopes to work with Fox
to "renegotiate" its estimated $200 million content agreement,
the report said.

According to The Australian, KordaMentha said that should these
negotiations fail, Fox will receive a one-off payment of up to
AUD3.4 million against claimed debts.

Production houses include Endemol Shine Group, a 50-50 joint
venture between 21st Century Fox and US private equity house
Apollo Global Management, The Australian discloses.

The eagerly awaited report was initially expected last week but
delayed until Sept. 4.

Detailing the state of Ten, it said investigations "so far had
not identified any improper conduct" in the lead-up to the
appointment of administrators in June. Ten was not insolvent
until June 13, The Australian relates.

The Australian says creditors to the broadcaster will now meet in
Sydney on Sept. 12 to vote on the proposed deed of company
arrangement. If approved, the deed will hand ownership to CBS and
payments to creditors subject to court approval and a green light
from the Foreign Investment Review Board.

According to the administrators' report, CBS agreed to forgo any
return from its unsecured claim and provide a further $205
million for Ten and its creditors, the Australian adds.

The Australian notes that the creditors' meeting will be followed
by a Supreme Court ruling to ratify the transfer of shares from
existing holders to CBS. It is at this point that any challenge
is most likely to occur.

It is believed billionaire media mogul Bruce Gordon may challenge
CBS's takeover bid. Mr. Gordon could launch a counter bid on his
own when a creditors' meeting is held, The Australian says.

He and fellow shareholder Lachlan Murdoch had already secured
approval from the Australian Competition and Consumer Commission
to launch a joint takeover of Ten, according to The Australian.

                          About Network Ten

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

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

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

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



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C H I N A
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CHINA SCE: Proposed Share Issues No Impact on Moody's B1 CFR
------------------------------------------------------------
Moody's Investors Service says that China SCE Property Holdings
Limited's (B1 stable) proposed share issues, if completed, are
credit positive, but will have no immediate impact on its B1
corporate family rating and B2 senior unsecured rating.

The rating outlook remains stable.

On September 1, 2017, China SCE announced a placing and
subscription of shares which will raise net proceeds of around
HKD1.44 billion.

China SCE plans to use the proceeds from the share subscription
for funding project developments and general working capital.

"If the proposed share issues are completed, China SCE will have
additional funding to support its growing property development
business and will improve its debt leverage," says Chris Wong, a
Moody's analyst.

Moody's expects China SCE's revenue will grow 20%-25% over the
next 12-18 months, supported by strong property contracted sales.
Its contracted sales increased by 31% year-on-year to RMB17.7
billion in the first seven months of 2017, after growing 62%
year-on-year to RMB23.5 billion in 2016.

Such high grow in contracted sales will result in an increase in
cash requirements for construction which could be partly met by
the funds raised from the proposed share subscription.

Strong revenue growth and new equity funding, if raised, will
help the company to improve its moderately high debt leverage.

Moody's expects China SCE's debt leverage - as measured by
revenue/adjusted debt - will improve to around 60%-70% over the
next 12-18 months from 58% for the 12 months to June 2017. Such a
level would be comparable to its B1 peers.

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

Founded in 1996, China SCE Property Holdings Limited is a
property developer focused on first and second-tier cities in the
Yangtze River Delta region, the West Strait Economic Zone, the
Bohai Rim Region, and the Pearl River Delta region.

The company listed on the Hong Kong Stock Exchange in February
2010, and is 57.9% owned by its chairman, Mr. Wong Chiu Yeung. As
of the end of June 2017, the company had a land bank of around
12.1 million square meters in terms of total saleable gross floor
area.


SUNAC CHINA: High Debt Leverage No Impact on Moody's B2 CFR
------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings
Limited's increased debt leverage in 1H 2017 is already reflected
in its negative rating outlook, and therefore has no immediate
impact on its B2 corporate family rating, B3 senior unsecured
rating or on the negative outlook.

"Moody's expects Sunac will improve its debt leverage over the
next 12-18 months as it will slow its land acquisitions," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

Sunac reported a material increase in reported debt to RMB181.3
billion at end-June 2017 from RMB112.8 billion at end-2016.

But Moody's forecasts that Sunac's debt leverage - as measured by
revenue to adjusted debt (including adjustments for its shares in
joint ventures and associates) - will trend towards 40% over the
next 12-18 months from around 31% in 2016.

The improvement in Sunac's debt leverage will come from the
recognition of its current strong contracted sales and reduced
appetite for land replenishment.

Sunac achieved a 94% year-on-year increase in contracted sales to
RMB108.9 billion in 1H 2017, after robust 121% year-on-year
growth to RMB151 billion for the full year 2016. These high
levels of contracted sales should support robust revenue growth
over the next 12 to 18 months.

Sunac has also been active in its acquisitions, including its
July 2017 acquisition of sizable property projects with a total
saleable gross floor area of around 50 million square meters
(sqm) from Dalian Wanda Commercial Properties Co., Ltd. (Baa3
negative).

Excluding this most recent acquisition, its attributable land
bank increased to 68.4 million sqm at end-June 2017 from 49.7
million sqm at end-2016. Sunac's existing land bank is sufficient
to support the company's development for at least 5 years.
Accordingly, it can slow down its land acquisitions and
borrowings to improve its debt leverage.

In addition, Sunac targets to improve its profitability.

Sunac reported an increase in its gross profit margin to 19.6% in
1H 2017 from 13.3% in 1H 2016. Moody's expects Sunac's gross
margin will further improve to 20%-22% over the next 12-18 months
through the recognition of revenues from better quality projects.

Consequently, Moody's expects Sunac's adjusted EBIT/interest will
improve slightly to around 2.2x over the next 12-18 months from
2.0x in 2016. Such a level supports its B2 rating.

The company's B2 corporate family rating remains supported by
strong sales execution and liquidity, and despite its high debt
leverage. Its cash balance increased to RMB92.4 billion at end-
June 2017 from RMB69.8 billion at end-2016, while its cash/short-
term debt stood at 133% at end-June 2017.

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

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
economic regions such as the Beijing region, North China region,
Shanghai region, Southwestern China region, Southeastern China
region, Guangzhou-Shenzhen region, Central China region and
Hainan region.

At end-June 2017, its gross land bank totaled 99.5 million square
meters, and its attributable land bank totaled approximately 68.4
million square meters.


ZHONGRONG XINDA: Fitch Publishes BB Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has published China-based diversified services
company Zhongrong Xinda Group Co., Ltd.'s (Zhongrong Xinda) Long-
Term Issuer Default Rating (IDR) of 'BB'. The Outlook is Stable.

Zhongrong Xinda is one of China's largest coke processors and
Shandong's largest logistics company. The company also expanded
into the liquefied natural gas (LNG) refuelling station business
in 2013, and acquired a Peruvian iron ore mine in 2016.

Zhongrong Xinda's ratings are supported by its strong market
position in the coking and logistics industries in China, firm
capital discipline, and strong financial flexibility underpinned
by substantial liquid financial assets. Its ratings are
constrained by high leverage and regional concentration.

KEY RATING DRIVERS

Leading Coking Company: Zhongrong Xinda is one of China's top two
coking companies, accounting for about 20% of Shandong Province's
total production volume. Its large scale, deeper processing lines
and long-term procurement contracts with both downstream and
upstream producers provides cost advantages against peers and
makes it less susceptive to fluctuations than its downstream
steel industry. Gross profit margins in coking ranged between
14%-15%, in 2014-2016, while average annual steel prices
fluctuated by ~20%-30%. Zhongrong Xinda's coking business
accounted for 18% and 42% of its total revenue and gross profit
in 2016, respectively.

Logistics, Clean Energy Aids Diversification: Zhongrong Xinda is
also China's ninth-largest logistics company and the largest in
Shandong Province. The logistics business was originally intended
to services its upstream and downstream customers, but has
expanded into trading, supply-chain management and LNG-refuelling
stations over the last several years, and provides stability to
earnings. Logistics and clean energy accounted for 80% and 54% of
total revenue and gross profit, respectively, in 2016. Fitch
expects a focus on building out LNG stations, as this provides
higher and more stable gross profit margins at around 21%-22%,
compared with an overall gross margin of 6%-9%.

Strong Financial Flexibility: Zhongrong Xinda's substantial
liquid financial assets of CNY11 billion at end-2016 can provide
liquidity and mitigate the risks from the external guarantees.
Fitch includes 75% of the available-for-sale financial assets in
the calculation of FFO adjusted net leverage. In addition, more
than half of the company's inventories are held for its coal and
coke trading business, and is therefore accounted for as readily
marketable inventories. Fitch includes 50% of Zhongrong Xinda's
inventory in FFO adjusted net leverage calculation. FFO adjusted
net leverage including adjusted financial assets and readily
marketable inventories was 5.1x in 2016.

Capital Discipline: Management has stated that it will limit
future capex to its annual earnings (2016 adjusted profit: CNY3.0
billion), which will result in shifting from negative free cash
flow (FCF) to FCF neutral in the medium term. Capex will be
driven mainly by investment in building new LNG stations, which
Fitch estimates to be CNY900 million a year. Fitch therefore
expects the company to start deleveraging beginning in 2017.

External Guarantees Raises Leverage: Fitch does not expects the
company to increase its external guarantees. FFO adjusted net
leverage including adjusted financial assets and readily
marketable inventories was 5.1x at end-2016 (end-2015: 3.9x),
including external off-balance sheet debt of CNY5.6 billion that
the company has guaranteed. However, Fitch believes the counter-
party risks from the guaranteed debt are manageable as the
borrowers are large, established companies operating within the
mining and processing value chain, and the debt is guaranteed on
a secured basis.

Quality Iron Ore Mine: Zhongrong acquired 80% of the Hierro Pampa
de Pongo (HPP) iron ore project in Peru in 2016. The project is
located next to an existing operational iron ore mine with a very
low cost base and well-built out infrastructure. Fitch does not
expects Zhongrong Xinda to develop the iron ore project in the
next 12-24 months, given the significant capex requirement. Fitch
also expects the development of the mine will be funded via
equity financing and project finance, with debt ringfenced from
the company. Fitch has not factored in the capital expenditures
or contributions from the Peru iron ore in Fitch financial
forecasts as Fitch does not expects the company to develop the
mine if the financing is not in place.

DERIVATION SUMMARY

Zhongrong is larger in terms of scale than Chinese companies
rated 'BB'. It is comparable with its peers in terms of coverage
and leverage metrics. FFO adjusted net leverage including
adjusted financial assets and raw-materials inventory is
comparable with that of China-based Tewoo Group Co., Ltd. (BBB-
/Stable), US-based Harsco Corporation (BB/Stable) and Grupo KUO,
S.A.B. de C.V. (BB/Stable) of Mexico. Zhongrong's FFO margin is
also comparable with that of commodity trading companies, such as
Tewoo.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
- Sales growth slows to 7%-8% in 2018-2019 from the expected
   sales growth of 24% in 2017.
- EBITDA margins to narrow by about 20bp from 2016 to 2019
   because the lower-margin logistics business will account for a
   larger share of revenue and coking coal prices are likely to
   decline.
- Capex of CNY1.6 billion-1.7 billion in 2016-2019.
- Fitch has not factored in capex or contributions from the Peru
   iron ore mine as management are exploring options form a clear
   development plan

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:
- FFO adjusted net leverage including adjusted financial assets
   and readily marketable inventories, of 2.5x on a sustained
   basis. Fitch includes 75% of the available-for-sales financial
   assets in the calculation of the FFO adjusted net leverage
- Successful expansion of the logistics business and LNG
   refuelling station businesses that lead to an improved
business
   profile in terms of business diversity and less-cyclical
   earnings
- Consistent FCF generation

Developments that may, individually or collectively, lead to
negative rating action include:
- EBITDA margins decline to less than 5% on a sustained basis
   (2016: 6.2%)
- FFO adjusted net leverage including adjusted financial assets
   and readily marketable inventories exceeding 3.5x on a
   sustained basis
- FFO fixed-charge coverage below 3.0x on a sustained basis

LIQUIDITY

Adequate Liquidity: Zhongrong Xinda had CNY6.9 billion of
unrestricted cash and CNY5.3 billion of undrawn credit facilities
at end-2016, compared with short-term debt of CNY10.6 billion.


ZHONGRONG XINDA: S&P Assigns 'BB-' LT CCR, Outlook Stable
---------------------------------------------------------
S&P Global Ratings said it assigned its 'BB-' long-term corporate
credit rating to China-based coke producer Zhongrong Xinda Group
Co. Ltd. The outlook is stable.

The rating on Zhongrong Xinda reflects S&P's view that the
company will maintain its leading position in China's coking
industry over the next 12 months. It also reflects Zhongrong
Xinda's ability to maintain fairly stable margins through cycles
as it extends the product mix through efficient coking technology
and benefits from the sale of value-added byproducts. In
addition, S&P expects the company's debt leverage to remain high
in the coming 12-24 months, despite moderate improvement.

Zhongrong Xinda's various product offerings in the coking value
chain, its proximity to raw materials supply and end customers,
its economies of scale, and stable EBITDA margin support its
market position. The company has maintained a leading position in
a highly fragmented market. The company had a market share of 20%
of coke production in Shandong province in 2016. It ranks as one
of the top two coke producers nationwide by coking capacity of
around 9 million metric ton per year as of Dec. 31, 2016.

Zhongrong Xinda has locational advantages. The company's
operations are concentrated in Shandong province, from where it
generates most of its revenue. Its three major production bases
are close to Shandong's coal producers, such as Shandong Energy
Group Co. Ltd. and Yanzhou Coal Mining Co. Ltd.. This gives the
company cost advantages over competitors from other provinces
that are far away from the coal-producing areas or those with
lower coal procurement needs due to small scale. Most of the
independent coking mills in China only serve steel mills
operating in nearby areas due to high costs of transport.
However, because the company's coking plants are adjacent to
railways and a canal, it can serve both customers within Shandong
and sell to some steel mills along the Yangtze River at
relatively competitive freight costs. Zhongrong Xinda is,
therefore, able to offer competitive coke prices and achieve
higher margins than its local peers. Besides, the company also
provides integrated services to its customers, including
logistics services and supply chain management. This helps the
company retain its existing customers.

However, Zhongrong Xinda faces product concentration risk. Coke
is the company's main product, which subjects it to volatility in
coke prices. As an integrated coke producer, the company
generated about 70% of its gross profit from coke, byproducts,
and other value-added services along the product value chain,
including logistics services in 2016. The rest was from retail
liquefied natural gas (LNG) stations, trading, consulting, and
warehouses. The Shandong provincial government has designated the
company as the sole operator of 305 retail LNG stations in
logistics parks in Shandong. The construction of 204 of these
stations was completed by the end of 2016. We expect LNG stations
may offer more stable margins and cash flows due to favorable
government policies, but this business' contribution to the
company's overall gross profit is small at present.

S&P said, "We expect Zhongrong Xinda's EBITDA margin to remain
stable at around 7%, as in the past decade. This is due to the
company's ability to efficiently extract high-margin byproducts
such as coal gas and crude benzene. The company's technological
know-how of the raw material mix enabled it to increase the
production of such high-margin byproducts to cover the loss
incurred during the coke price slump. The company's flexibility
to adapt its product mix to market conditions contributes to its
stable margins in the coke segment. We also expect Zhongrong
Xinda to maintain its utilization rate of coke ovens at more than
95%. Such a high level of utilization is essential to produce
coke at a lower cost and efficiently extract the byproducts.
Based on the above factors, we assess Zhongrong Xinda's business
risk profile as fair.

"We view Zhongrong Xinda's financial risk profile as aggressive.
The company's debt-to-EBITDA ratio is 6.2x as of end-2016.
However, we expect the ratio to improve to below 5.0x in the next
24 months. We anticipate that the company's debt level will be
stable in the next two years. The company does not have
aggressive capital outlays for large-scale capacity expansion or
acquisitions and EBITDA will likely grow moderately with
increasing earnings from the coking business and logistics
services. We expect that Zhongrong Xinda will continue to
generate positive free operating cash flows (FOCF) in the next
two years as earnings from its operations continue to provide
cash flows to fund working capital and capital expenditure."

A new mine could generate strong cash flows and high margins for
Zhongrong Xinda once it is in full operation. In early 2016,
Zhongrong Xinda acquired mining rights for Pampa de Pongo, an
iron ore mine in Peru at Chinese renminbi (RMB) 5.5 billion or
US$809 million. The mine also contains ample gold, copper, and
cobalt deposits. Construction has not commenced yet on this green
field project. The total investment of the project will be
US$1.98 billion. S&P said, "In our view, the mine has potential
to be one of the world's most cost-competitive iron ore mines (in
the first quartile globally). That said, we do not incorporate
this project in our current base case due to uncertainty of the
timing of this development.

"We believe ky to maintaining the 'BB-' rating is the funding mix
for this large-scale project.
We expect the company's leverage to increase only modestly if the
funding of the Peru project is not heavily dependent on debt. The
company plans to sell its equity interest in this project to fund
the project development. However, if the company can't secure
sufficient capital through equity funding as planned, its
leverage could be higher than we estimate. The project also faces
execution risk once it commences construction. In our view, the
key risk facing this project is potential local communities'
opposition to mining projects, which is a typical risk for mining
projects in Peru. That said, we believe Zhongrong Xinda has put
in place a plan to mitigate this risk. In addition, the company
hired senior management with relevant experience in developing
overseas mines.

"The stable outlook reflects our expectation that Zhongrong
Xinda's leading market position in coke production and the
company's expansion along the product value chain should continue
to lift its earnings over the next 12 months. We anticipate the
company's debt-to-EBITDA ratio to be slightly higher than 5.0x in
2017. However, we expect its leverage will improve in 2018 with
increasing earnings from the coking and logistics services
businesses and a stable debt level. The stable outlook is based
on the assumption that the funding for the Peru iron ore mine
won't pressure Zhongrong Xinda's credit metrics. We note that the
company hasn't made its final investment decision on this large
project or secured the funding for it."

S&P may lower the rating if Zhongrong Xinda's debt-to-EBITDA
ratio sustains above 5.0x. This could happen if:

-- The company's operating cash flow weakens due to a
    deterioration in coke selling prices or sluggish demand from
    steel mills;

-- An unplanned outage at its major production sites causes
    unexpected and significant loss; or

-- It relies heavily on debt to fund large acquisitions or
    organic growth projects. For example, its leverage is likely
    to stay elevated if it uses a high proportion of debt to fund
    the Peru iron ore project.

S&P said, "We could also lower the rating if Zhongrong Xinda's
short-term debt continues to increase, its banking relationships
deteriorate, or its access to the domestic bond market becomes
restricted. We note that the company has large holdings of short-
term investments in funds and financial assets, which it can
liquidate if needed. However, the company's willingness and
ability to liquidate these assets to support its credit metrics
has not been tested yet.

"Rating upside is less likely in the next 12 months. However, we
may consider an upgrade if Zhongrong Xinda adopts and establishes
a much more conservative financial management and develops a
track record. We could raise our rating on the company if its
FFO-to-debt ratio rises well above 20% and the debt-to-EBITDA
ratio falls below 4.0x while it pursues growth opportunities. The
ratios could improve if the company pays down its debt by
monetizing its investments in financial assets or other
associated entities, or it develops its mine in Peru, which
generates strong cash flows for the group."



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


BACH FINANCE: S&P Assigns 'B' CCR & Rates First-Lien Loans 'B'
--------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Bach Finance Ltd., the parent company of Nord Anglia
Education Inc. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' long-term issue
rating to Bach's proposed US$1,225 million euro-denominated
first-lien loans. In addition, we assigned a '3' recovery rating
to the first-lien loans to reflect our expectation of a
meaningful (50%-70%; rounded estimate: 50%) recovery in our
hypothetical default scenario.

"As a result of the completion of Bach's acquisition of Nord
Anglia, we are discontinuing all ratings under Nord Anglia,
including the issue ratings on its guaranteed loans, notes, and
revolving credit facility."

Bach is the holding vehicle for a consortium led by Baring
Private Equity Asia (BPEA) and Canada Pension Plan Investment
Board (CPPIB).

The ratings reflect Bach's good cost controls, high revenue
growth, and steady cash flow, which should temper the risks from
its high leverage.

S&P said, "We expect Bach's debt-to-EBITDA ratio to rise to
11.0x-12.0x in fiscal 2017 (ended August 2017) from 7.7x in
fiscal 2016, due to the buyout of Nord Anglia. However, Bach
should be able to maintain its EBITDA interest coverage above
1.5x following the acquisition. Our estimate of debt and interest
expenses include operating lease adjustments and the addition of
preferred shares, which we view as hybrid capital with minimal
equity content given the leveraged buyout nature of the
transaction.

"We believe Bach can continue to derive benefits from Nord
Anglia's strong brand, given Nord Anglia's record of service and
the solid academic performances of its student base. These
attributes are a key driver for growth in tuition and student
enrollment, even though the education industry is highly
fragmented with intense competition.

"We forecast that Bach's organic revenue (including greenfield
projects) will grow at high single digits over the next 12-24
months. Organic growth is likely through continued rise in
student enrollment, including at its first bilingual school in
Shanghai that opened in September 2016.

"In our opinion, the increase in tuition and student enrollment,
along with good cost controls, is likely to help Bach's adjusted
EBITDA margin, which should increase by about 1-2 percentage
points (ppts) in the next 12-24 months. Our adjusted EBITDA
margins exclude operating leases. If we include operating leases,
fiscal 2017 EBITDA margin would likely decline by 1-2 ppts, given
US$15 million-US$20 million of additional rent due to the sale
and leaseback executed last year, and additional rent from a new
campus in Houston, opened in September 2016."

Bach remains under the control of its financial sponsor, BPEA,
which has a majority representation on the company's board even
though CPPIB has a larger shareholding. S&P said, "As a result,
we expect Bach to continue its aggressive expansion plan. We
forecast about US$180 million of acquisitions in fiscal 2017 and
about US$200 million each year thereafter. In addition, we expect
US$80 million-US$100 million of capital expenditure in fiscals
2018 and 2019, about half of which would be for the construction
of new capacity. The continued heavy investment would likely
weigh on the company's financial leverage over the next 12-24
months."

The total size of the merger deal is about US$4.7 billion in
equity and debt, of which US$1.5 billion of U.S. dollar and euro-
denominated first-lien loans.

S&P said, "The stable outlook reflects our view that Bach will
maintain its good market position in the premium international
school sector and continue to expand through organic growth and
acquisitions over the next 12 months. We believe the company's
strong growth momentum, good profitability, and high visibility
on cash flows temper the risk of aggressive financial policy. We
also expect the company's high leverage following the transaction
to improve and the EBITDA interest coverage to stay above 1.5x
over the next 12 months.

"We could lower the rating if the financial sponsor owners adopt
a more aggressive financial stance such that Bach's leverage does
not improve from current levels or if the company's EBITDA
interest coverage drops below 1.5x. We could also lower the
rating if Bach's liquidity deteriorates significantly. This could
occur as a result of more aggressive and cash-exhaustive
acquisitions than we expect, although we consider such downside
risk as limited.

"We see a limited likelihood that an upside scenario may
materialize over the next 12 months. We could raise the rating if
Bach adopts a more prudent financial policy and maintains a debt-
to-EBITDA ratio of less than 6.0x and EBITDA interest coverage of
above 3.0x on a sustainable basis."


NOBLE GROUP: Default-Swap Verdict in Play as Test of ISDA System
----------------------------------------------------------------
Lianting Tu at Bloomberg News reports that pressure is building
on an International Swaps & Derivatives Association panel of
investors and bankers to end Noble Group Ltd.'s credit-default
swap impasse.

ISDA's determinations committee met Sept. 6 to reconsider whether
Noble triggered a credit event -- the precondition for a payout
on CDS contracts -- when it arranged a 120-day extension to a
loan facility in June, Bloomberg relates. Once Asia's largest
commodity trader, Noble is now fighting for survival more than
two years into a crisis marked by accounting criticisms, a plunge
in its securities and credit-rating downgrades, Bloomberg notes.

In an unprecedented decision on Aug. 9, the ISDA committee said
it didn't have enough information to decide either way on the
CDS, spurring a flurry of activity as holders of the contracts
demanded payment directly from sellers. Then, the panel put a
stop to that, suspending any bilateral payouts on Noble while it
reassessed the credit event question, according to Bloomberg.

Bloomberg relates that market watchers said the decision by the
panel this time around has greater significance than the net $157
million of outstanding default swaps on Noble suggests. Following
the financial crisis, market participants established the
determinations committee system so CDS buyers and sellers would
have greater certainty about credit events.

"If the determinations committee still decides to not have enough
information in the Wednesday [Sept. 6] meeting, it will shake
investors' confidence in the DC's ability to make decisions,"
Bloomberg quotes Kingsley Ong, a partner in Hong Kong at law firm
Eversheds Sutherland, who specializes in debt restructuring, as
saying. "There is lots of pressure on the DC this week."

According to Bloomberg, ISDA posted on its blog last week that it
"acts as secretary to the DCs and administers the process" but it
doesn't have a vote or make decisions on questions, after citing
market confusion and frustration on the Noble deliberations.

In at least four meetings since June 22 leading up to the
dismissal in August, the DC was unable to make a decision on
Noble CDS as it sought more information. On Aug. 30, the
committee voted unanimously to halt the settlements on the
contracts, Bloomberg says.

"The CDS market has changed a lot since the global financial
crisis in terms of definitions for credit events," Bloomberg
quotes Sean Chang, head of Asian debt investment at Baring Asset
Management (Asia) Ltd. in Hong Kong, as saying. "But in certain
regions, they are still not very clear cut, which leads to
confusion and disputes. The failure to make a rule on a high-
profile case will certainly hurt confidence of CDS investors."

JPMorgan Chase & Co. restarted the debate in August when it asked
the committee to reconsider if a credit event has occurred with
regard to Noble, Bloomberg states.

Separately, BNP Paribas SA asked last month if a credit event
notice would be valid without supporting documentation or
evidence, and whether it's necessary for a buyer to provide them,
Bloomberg recalls. The French bank asked the panel to resolve its
questions "so that market stability and integrity and safe and
efficient derivatives markets can be maintained."

ISDA determinations committees each comprise of 10 sell-side and
five buy-side voting firms, along with three consultative firms
and central counterparty observer members, according to the its
website, Bloomberg discloses.

"Over the years every new modification to the CDS product has in
part been an attempt to commoditize it," Bloomberg quotes Ray
Wepener, an executive director at Haitong International
Securities Group Ltd. in Hong Kong as saying. "Complications like
this related to the Noble Group case don't help."

Bloomberg relates that Noble's Chairman Paul Brough said on
Sept. 5 it expects to find a buyer for its oil business by the
end of September and get an extension on its covenant waivers
beyond October, but conditions are still very difficult. Getting
those things done would give the company room to settle a
repayment plan with its banks and avoid default, Mr. Brough, as
cited by Bloomberg, said.

Outstanding CDS contracts related to Noble, or the gross notional
amount including buys and sells, fell to $1.21 billion on July 28
from $1.65 billion at the start of the year, Bloomberg discloses
citing latest ISDA data.

Price volatility in settling CDS contracts "combined with
uncertainty of the DC's determination will increase the risks for
market players," Ong at Eversheds said, Bloomberg relays.

                         About Noble Group

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.


NOBLE GROUP: Expects to Sell Oil Business This Month
-----------------------------------------------------
The Financial Times reports that Noble Group said it expects to
find a buyer for its global oil business this month, as it
continues to shrink its operations in a bid to stave off
defaulting on its debts.

Speaking at a special general meeting in Singapore, where the
Hong Kong-based trader is listed, chairman Paul Brough told
investors the sale should be agreed by the end of September, the
FT relates.

"The events in Houston over the last week, I think, have made it
a little difficult for some of our investors, but we're still
sticking to that timetable," Mr. Brough was quoted in wire
reports as saying, the FT relays.

Noble's banks want to see progress on the oil business sale
before agreeing to extend the trader any more credit, the FT
relates citing sources.

The trading house has around $2.6 billion in credit facilities
and bonds coming due in the next year, with rating agencies
warning of a risk of a default, the FT discloses. The credit
facility necessary for the day-to-day running of its oil business
has already been extended to October by its lenders, putting
pressure on the company to complete its sale soon, the FT notes.

Shareholders at the meeting approved a deal to sell Noble's gas
and power operations to Mercuria for $261 million to help pay
down debt, the FT says.

                         About Noble Group

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
=========


ABC TRANSFORMERS: CRISIL Reaffirms 'B' Rating on INR3.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with ABC Transformers
Private Limited (ATPL) for obtaining information through letters
and emails dated May 24, 2017, and June 09, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              3.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Fund-           0.5      CRISIL B/Stable (Issuer Not
   Based Bank Limits                 Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 1993 and promoted by Mr. GK Bansal, Mr. NK Goyal,
Mr. SR Gupta, Mr. KK Bansal, and Mr. OP Goyal (the last two
joined the company later), ATPL manufactures and repairs power
and distribution transformers. The company has two plants in
Noida.


ADITYA MOTORS: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Aditya Motors (AM)
for obtaining information through letters and emails dated
May 25, 2017 and July 12, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.6       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Inventory Funding       5.00      CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

AM, set up by Mr. Ajay Singh Chattrasingh Chudsama and Mr.
Harvijay Singh Chattrasingh Chudsama in 2015, is an authorised
dealer of TML's passenger cars in Jamnagar with a 3S (showroom,
spares, and services) facility. It is setting up a showroom in
Jamnagar, which is expected to commence operations in April 2016.


AHUJA AND ANAND: CARE Assigns 'D' Rating to INR12.48cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ahuja
and Anand Buildwell Private Limited (AABPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.48       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AABPL takes into
consideration the ongoing delay in servicing of debt obligation.
AABPL's ability to establish clear track of servicing of its debt
obligations with improvement in liquidity position is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: As per the interaction with the
banker, there have been delays in principal and interest
repayment of term loan.

Incorporated on August 20, 2008, Ahuja and Anand Buildwell
Private Limited (AABPL) is a private limited company engaged into
construction of residential and commercial buildings. Mr. Prem
Bhutani and Mr. Anil Bhutani are the directors of the company.

The entity had developed a commercial project 'World Square Mall'
which was started in 2007 in Mohan Nagar, Ghaziabad and was
completed in December 2013. Subsequently the commercial
operations started in 2013 wherein it has leased the space to
various brands. The total cost of the project was INR192.12 crore
which was funded with a DE ratio of 0.43x. The mall building
consists of 5 levels including 2 basements and 2 parking levels.
Further, the mall includes stores of various brands including
Auchan, Lifestyle, Haldiram, Reliance Footprint, Bata, Pizza Hut,
etc.


AMRAPALI: NCLT Orders Insolvency Process Against Silicon City
-------------------------------------------------------------
The Times of India reports that the National Company Law Tribunal
on Sept. 4 ordered the initiation of insolvency proceedings
against fund starved Amrapali's Sillicon City on a plea from Bank
of Baroda and appointed Rajesh Samson of Deloitte as the
Insolvency Resolution Professional to take control of the entity
controlled by Anil Sharma.

Amrapali is the second major real estate company whose project in
Noida is facing insolvency action after Jaypee Infratech, a case
which is being heard by the Supreme Court, TOI discloses. A group
of buyers in Sillicon City had opposed the insolvency proceedings
and may move the Supreme Court, the report relates.

According to TOI, the law requires the insolvency professional
take charge of the management and then work with the lenders to
either find a new owner or liquidate the assets. The process of
resolution has to be concluded within 180 days, with a possible
90-day extension permitted.

TOI says Bank of Baroda had initiated the insolvency process for
an outstanding amount of INR56 crore, the report discloses.
According to the report, the company -- which has not just
delayed delivery but is unable to clear its dues with the Noida
Authority too -- is facing a default of INR155 crore against
banks. Besides BoB, Oriental Bank of Commerce (OBC) and Bank of
Maharashtra (BoM) are the other lenders and did not give their
consent to BoB to approach NCLT.

The company has also defaulted to the Noida Authority and JP
Morgan, the report adds. Noida Authority has dues of INR550 crore
against the land cost and JP Morgan has an outstanding of INR150
crore. Noida Authority also opposed the initiation of insolvency
resolution process, the report says.


APPU HOTELS: CARE Lowers Rating on INR211.64cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Appu Hotels Limited (AHL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           211.64       CARE D Revised from
                                     CARE B+; Stable

   Long-term/Short
   Term Bank
   Facilities             9.00       CARE D/CARE D Revised from
                                     CARE B+; Stable/ CARE A4

   Non-convertible
   Debenture issue       42.15       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of AHL
takes into account the instances of delays in servicing debt
obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in debt servicing: Continuing losses during
the period FY13-FY17 (refers to the period April 1 to March 31)
along with cash flow mismatches has led to tight liquidity
position for the company due to which there were instances of
delays in servicing the debt obligations.

Appu Hotels Limited (AHL) is a Chennai-based public limited
company engaged in the hospitality business in the state of Tamil
Nadu. AHL is part of the PGP Group of Companies which has
diversified business interests in sugar, chemicals, finance,
hospitality, and real estate etc. AHL is founded and promoted by
Dr Palani G Periasamy, Chairman of the group. The group companies
include Dharani Sugar and Chemicals Limited, Dharani Finance
Limited, Ananthi Developers Limited, Dharani Developers Limited,
Dharani Credit and Finance Limited among others.

AHL owns two 5-star deluxe category hotels in the name of 'Le
Royal Meridien' (LRM), situated in Chennai (240-rooms property)
and 'Le Meridien' Coimbatore (254-room property) respectively.
Both these properties are operated under the license issued by
Starwood (M) International Inc., one of the leading and well
recognised names in the hospitality industry with presence across
the world.

During FY17, AHL registered net loss of INR25 crore on a total
income of INR90 crore.


BIRTHPLACE HEALTHCARE: CRISIL Reaffirms B Rating on INR10.4M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Birthplace Healthcare Private Limited
(BHPL). The rating continues to reflect modest scale,
geographical concentration in revenue, and exposure to project-
related risks. The rating also factors in below-average financial
risk profile, driven by stretched liquidity. These weaknesses are
partially offset by promoters' extensive experience in the
hospitality sector and fund support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               2.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.1       CRISIL B/Stable (Reaffirmed)

   Term Loan              10.4       CRISIL B/Stable (Reaffirmed)

Analytical Approach

Unsecured loans of INR9.55 crore from promoters have been treated
as neither debt nor equity for FY17 as these loans are expected
to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Strengths

* Team of experienced doctors and healthy demand prospects: BHPL
is expected to benefit from its team of experienced doctors,
healthy demand prospects for the industry, and favourable
location. The Birthplace hospital was set up to cater to the
obstetrics and gynaecology segment. The hospital industry in
India is grossly underpenetrated

Weakness

* Modest scale, and geographical concentration in revenue: BHPL
has modest scale, with capacity of only 25 beds, which remains
around 60% utilised. Although scale has improved over the
previous fiscal, it remains modest, as reflected in top line of
INR24.9 crore in fiscal FY17 Furthermore, geographic
concentration restricts its target customer base. This renders it
vulnerable to dynamics of a single market.

* Exposure to project-related risks: The company is setting up
another hospital of similar size in Hyderabad. The project is in
early stages, and is exposed to implementation, funding, and
offtake risks. Any delay in implementation of project or cost and
time overruns will affect the financial risk profile.

* Below-average financial risk profile because of stretched
liquidity: The company has high repayments, against which accrual
is expected to be tightly matched. Furthermore, gearing remains
high at about 2.3 times. The gearing will likely weaken
marginally because of capital expenditure planned for the medium
term.

Outlook: Stable

CRISIL believes BHPL will continue to benefit over the medium
term from its team of experienced doctors. The outlook may be
revised to 'Positive' in case of substantial and sustained
improvement in revenue and profitability margins, or better
liquidity on the back of fund infusion by promoters. Conversely,
the outlook may be revised to 'Negative' if a steep decline in
profitability, or stretch in working capital cycle weakens
financial risk profile.

Promoted in 2011 by Mr. Tarun Siripurapu and his family, BHPL
provides healthcare in the obstetrics and gynaecology segment,
through its 25-bed hospital, The Birthplace. The hospital is
located in Hyderabad, and commenced commercial operations in
2013.

In fiscal 2017, profit after tax (PAT) was INR83 lakh on total
sales of INR24.40 crore, as against PAT of INR130 lakh on total
sales of INR14.94 crore in fiscal 2016.


CHANDRASHEKARAIAH: CRISIL Reaffirms 'B' Rating on INR7MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Chandrashekaraiah
for obtaining information through letters and emails dated
March 6, 2017 and July 12, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             7.0      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

Chandrashekaraiah is a proprietorship of Mr. Chandrashekaraiah
that undertakes contracts to construct roads for Karnataka
government agencies. The firm is an L1 contractor registered with
Public Works Department, Karnataka.


CHAUDHARY RICE: CARE Assigns 'B' Rating to INR8.40cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Chaudhary Rice Mills (CRM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.40       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CRM is constrained
by its small scale of operations with low profit margins,
leveraged capital structure, weak debt coverage indicators and
elongated operating cycle. The rating is further constrained by
susceptibility to availability and fluctuation in raw material
prices and monsoon dependent operations, fragmented nature of
industry coupled with high level of government regulation and
partnership nature of constitution. The rating, however, derives
strength from experienced partners with long track record of
operations. Going forward, the ability of the firm to increase
its scale of operations while improving its overall solvency
position and efficient management of working capital requirements
would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low PAT margins: The firm's scale
of operations has remained small marked by Total Operating Income
(TOI) of INR 33.97 crore in FY17 (Provisional; refers to the
period of April01 to March 31) and net-worth base of INR 1.46
crore as on March 31, 2017. The small scale of operations limits
the firm's financial flexibility in times of stress and deprives
it from scale benefits. The operating margins of the firm stood
moderate as reflected by PBILDT margin of 6.48% in FY17. However,
the PAT margin remained below unity during last three financial
years on account of high depreciation and interest costs.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm is leveraged with overall
gearing ratio of 10.08x as on March 31, 2017 (Provisional) (PY:
8.67x). Additionally, the debt coverage indicators also remained
weak with the total debt to GCA at 21.65x for FY17 (PY: 19.49x)
and interest coverage ratio at 1.45x in FY17 (PY: 1.41x).

Elongated operating cycle: The operating cycle of the firm stood
elongated at 139 days for FY17 mainly due to high inventory
period. The average utilization of the working capital limits
remained at ~95% for the last 12 months period ended July, 2017.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by
seasonality due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Adverse climatic conditions can affect their availability and
leads to volatility in raw material prices. Fragmented nature of
industry coupled with high level of government regulation: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. Additionally, the
raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.

Partnership nature of constitution: CRM's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key Rating Strengths

Established track record of operations along with experienced
partners: CRM was established in 1981 and is currently being
managed by Mr. Anil Kumar and Mrs. Vijeta Rani having an industry
experience of three and a half decades and a little more than two
and a half decades respectively through their association with
CRM only. Both the partners have adequate acumen about various
aspects of business which is likely to benefit CRM in the long
run.

Chaudhary Rice Mills (CRM) was established in 1981 as a
partnership firm and is currently being managed by Mr. Anil
Kumar and Mrs. Vijeta Rani sharing profit and losses equally. The
firm is engaged in processing of paddy at its manufacturing
facility located in Fatehabad, Haryana with an installed capacity
of 72,000 Tonnes per annum as on March 31, 2017.


CREATIVE CLOTHEX: CARE Assigns 'B' Rating to INR4.10cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Creative Clothex (CRCL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              4.10      CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of CRCL are primarily
constrained by the small scale of operations coupled with low net
worth base, leveraged capital structure. The ratings are further
constrained by constitution of the entity being a proprietorship
firm, fragmented and competitive nature of textile industry. The
ratings, however, draw comfort from experienced proprietor
coupled with long track record of operations, moderate
profitability margins and moderate operating cycle. Going
forward; ability of the firm to profitably increase its scale of
operations while improving the capital structure shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

Small scale of operations with low net worth base: The scale of
operations has remained small marked by total operating income
and gross cash accruals of INR19.00 crore and INR0.59 crore
respectively during FY17 (based on provisional results; FY refer
to April 1 to March 31). Further, the firm's capital base
remained small at INR3.28 crore as on March 31, 2017. The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits. The total operating income
registered significant decline in FY17 from INR31.12 crore in
FY16 owing lower orders received from existing customers.

Leveraged capital structure: The company has relatively low net
worth base as against its dependence on external borrowings. The
overall gearing ratio stood at 2.22x respectively as on March 31,
2016. Though the same improved to 1.44x as on March 31, 2017 on
account of repayment of term loans & unsecured loans coupled with
retention of profits to reserves. Furthermore, improvement in
overall gearing has also taken into account lower utilization of
working capital borrowings as on balance sheet date. The working
capital requirement of the firm largely met through working
capital borrowings which resulted into 90% utilization of the
working capital limits during the past 12 months ending July,
2017. Fortunes linked to textile industry: Indian textile
industry which is the second largest employer after agriculture
and account for 4% of the GDP is inherently cyclical in nature.
Any adverse changes in the global economic outlook as well as
demand-supply scenario in the domestic market directly impacts
demand of the textile industry. Textile industry as a whole
remains vulnerable to various factors such as fluctuations in
prices of cotton, mobilization of adequate workforce and changes
in government policies for overall development of the textile
industry. Any significant changes in such factors will have
direct impact on the business operations of the company.

Fragmented and competitive nature of textile industry: The
readymade garment industry in India is highly fragmented and
dominated by a large number of independent and small scale
unorganized players leading to high competition among the
industry players. Smaller companies/firms in general are more
vulnerable to intense competition due to their limited pricing
flexibility, which constrains their profitability as compared
with larger companies who have better efficiencies and pricing
power considering their scale of operations. Furthermore, Low
entry barriers and low investment requirement makes the industry
highly lucrative and thus competitive.
Key rating strengths

Experienced proprietor and long track record of operations: CRCL
is a proprietary business managed by Mrs. Geeta Singhal, graduate
by profession who has been actively managing the firm since 1995.

Moderate profitability margins: Profitability margins of the firm
are directly associated with designing aspect of the order. The
highly and complex design in nature normally fetch better
margins. Profitability margins of the company have remained
moderate over the last three years (FY15-FY17). PBILDT margin of
the firm stood at 9.74% in FY17. PAT margin stood at 1.53% in
FY17 as against 1.19% in FY16 owing to higher PBILDT margins
coupled with lower interest which is mainly due to repayment of
term loan and lower utilization of sanctioned working capital
limits.

Moderate operating cycle: The firm normally maintains inventory
of raw material (knitted and woven fabric) for smooth production
process along with finished goods to meet the urgent demand of
its customers. The average inventory period stood at around three
months in FY17. CRCL normally gives credit of one month to its
customers, and receives credit period of around three weeks from
the suppliers.

Noida, Uttar Pradesh based Creative Clothex was established on
July 14, 1995 by Mrs. Geeta Singhal. CRCL is engaged in
manufacturing of readymade garments such as sportswear and casual
wear for men and women. The firm procures the raw materials i.e.
knitted and woven fabric and related accessories from Punjab,
Mumbai and Delhi and import material like zipper, elastic, thread
mainly from Taiwan, Japan, and Hong Kong which comprises of
around 30% of total purchases. The firm sells product
domestically to retail customers under their own brand name
"Aurro". The firm sells 10% of the product through online channel
partners viz Flipkart, Amazon, Paytm, Snapdeal etc. Moreover, the
company also manufacture the garments under the brand name of
third party labels for big retail chains.


CREST PROMOTERS: CRISIL Reaffirms B+ Rating on INR95MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Crest Promoters
Private Limited (CPPL) for obtaining information through letters
and emails dated February 15, 2017 and July 18, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan       5        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               95        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Crest Promoters Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Crest Promoters Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable'.


CPPL was incorporated by Mr. Ajay Kumar, Mr. Jagdeep Singh Gill,
Mr. Pratap Singh Rathi and Mr. Dushyant Malik. The company
develops residential real estate and currently is developing a
residential project, Ace City, in Greater Noida West (Uttar
Pradesh).


D.R. THANGAMAALIGAI: CRISIL Reaffirms 'B' Rating on INR6MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with D.R.
Thangamaaligai (DRT) for obtaining information through letters
and emails dated May 24, 2017, and June 9, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       1        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

DRT was set up in 2014 as a sole proprietorship firm by Mr. D
Rajappa. The firm, based in Chennai (Tamil Nadu) is engaged in
gold jewellery retailing. The daily operations of the firm are
managed by Mr. D Rajappa.


DHANPATI AGRO: CRISIL Reaffirms 'D' Rating on INR6.5MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Dhanpati Agro
Udyog Private Limited (Dhanpati) for obtaining information
through letters and emails dated May 24, 2017 and June 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6.5      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                2.07     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Dhanpati was established in 2010 as a private-limited company by
Mr. Brahmanand Jaiswal and his sons, Mr. Saurabh Jaiswal and Mr.
Subhash Jaiswal. The company processes majorly basmati and non-
basmati rice at its plant at Gorakhpur, Uttar Pradesh. Dhanpati
has total milling and sorting capacity of 10 tonne per hour.


DHARTI COTTON: CRISIL Reaffirms 'D' Rating on INR5.5MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Dharti Cotton
Industries (DCI) for obtaining information through letters and
emails dated May 24, 2017 and June 07, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5.5       CRISIL D (Issuer Not
                                     Cooperating: Rating
                                     Reaffirmed)

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

Detailed Rationale

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

DCI is an Amreli, Gujarat based partnership firm, established in
2007. The company is engaged in cotton ginning and pressing
operations.


DR. ANJOLI: CRISIL Reaffirms B- Rating on INR5MM LT Loan
--------------------------------------------------------
CRISIL has been consistently following up with Dr. Anjoli Health
Care (DAHC) for obtaining information through letters and emails
dated May 24, 2017 and June 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term       5       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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


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

DAHC was established in 2012 as a partnership concern by Dr. B.
V. Reddy and his wife Mrs. Anjali Reddy. The firm plans to set up
a unit to manufacture de-addiction medicines for tobacco, and
alcohol addicts.


EPITOME PLAST-O-PACK: CRISIL Reaffirms B- Rating on INR6.25M Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Epitome Plast-O-
Pack Private Limited (EPPL) for obtaining information through
letters and emails dated May 24, 2017, and June 07 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3        CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

   Proposed Long Term      6.25     CRISIL B-/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

   Term Loan               3.25     CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Working Capital
   Term Loan               3.00     CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Epitome Plast-O-Pack Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Epitome Plast-O-Pack Private
Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL B-
/Stable/CRISIL A4'.

EPPL, incorporated in 2008, manufactures polyethylene
terephthalate preforms and high density polyethylene bottles. It
is based in Kolkata.


GAJANAN FERRO: CARE Assigns B+ Rating to INR14.75cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Gajanan Ferro Private Limited (GFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             14.75      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GFPL is constrained
by its small scale of operation, susceptibility to volatility in
raw material prices and finished products leading to erratic
profitability margins, working capital intensive nature of
business, sluggish growth in user industries and cyclicality in
the industry and intense competition due to fragmented nature of
the industry. The rating, however, derives strength from the
experienced promoters and reputed clientele.

The ability of the company to increase the scale of operations
with improve profitability margins and manage working capital
effectively will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations:

GFPL has relatively small scale of operation over past three
years as reflected by total operating income of INR46.83 crore in
FY16. Operating income has declined considerably by 27.86% in
FY16 over FY15 on account of decline in sales price during FY16
due to lower demand of ferro alloy products. Accordingly, PBILDT
has also declined considerably to INR3.69 crore in FY16 over
INR6.22 crore in FY15 keeping in line with the decline in total
operating income. However, the company has achieved a total
operating income of INR53 crore in FY17 (prov.).

Susceptibility to volatility in raw material prices & finished
products leading to erratic profitability margins:
GFPL does not have its captive mine and also it does not have any
long term tie up for supply of raw materials with any company.
Since, the raw material is the major cost drivers (comprising
around 58.59% of FY16 total operating income), prices of which
are volatile in nature, moreover the company products silicon
manganese and ferro Silicon is also exposed to price volatility.
The profitability of the company is susceptible to fluctuations
in raw material and finished goods prices exposing it to high
price volatility risk. Such fluctuations in the raw material and
finished products prices led to erratic profitability for the
company during the past years.

Working capital intensive nature of business:
GFPL being a manufacturer of ferro alloys requires high level of
working capital to maintain the required inventory levels. This
apart, lower cash accruals and high operating cycle acts as a
constraint on the liquidity position of the company, thereby
forcing it to rely heavily on bank borrowings. Accordingly, the
cash credit utilization remained high at about 85% during last 12
months period ended May, 2017.

Sluggish growth in user industries and cyclicality in the
industry:
The fortune of companies like GFPL is totally dependent on the
future of iron & steel industry which is heavily dependent on the
automotive, engineering and infrastructure industries. Steel
consumption and, in turn, production mainly depends upon the
economic activities in the country. Construction and
infrastructure sectors drive the consumption of steel. Slowdown
in these sectors may lead to decline in demand of steel.
Furthermore, all these industries are susceptible to economic
scenarios and are cyclical in nature.

Intense competition due to fragmented nature of industry:
GFPL is engaged in the manufacturing of ferro alloys business,
which is primarily dominated by large players and characterized
by high fragmentation and competition due to the presence of
numerous players in india owing to relatively low entry barriers.
High competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.

Key Rating Strengths

Experienced Promoters:
Mr. Jitendra Kumar Agarwal (aged, 49 years) having more than two
decades of experience in the same line of industry, looks after
the day to day operations of the company. He is supported by
other director Mr. Sachin Poddar (aged, 40 years), having more
than a decade of experience in similar line of business along
with a team of experienced professionals.

Reputed Clientele:
GFPL is engaged in the manufacturing of ferro alloys business
which is primarily used in steel business. The company has built
a good relationship with Vishakhapatnam Steel Plant which
accounts for a substantial portion of sales achieved by GFPL in
the past couple of years.

Gajanan Ferro Private Limited (GFPL) was incorporated in March,
2007 for manufacturing of Silicon Manganese and Ferro Silicon.
However, the company commenced commercial operation from
February, 2012. The company is promoted by Mr. Jitendra Kumar
Agarwal and Mr. Sachin Poddar, having its registered office at
Kolkata, West Bengal - 700012. Its manufacturing facility is
located at Dhalbhumgarh, East Singhbhum, Jharkhand. It has a
current  installed capacity of 18000 MTPA.

Mr. Jitendra Kumar Agarwal (aged, 49 years) having more than two
decades of experience in the same line of industry, looks after
the day to day operations of the company. He is supported by
other director Mr. Sachin Poddar (aged, 40 years), having more
than a decade of experience in similar line of business along
with a team of experienced professionals.


GRAND MOTORS: CRISIL Reaffirms B+ Rating on INR23MM Cash Loan
-------------------------------------------------------------
CRISIL rating continues to reflect Grand Motors Sales and
Services Private Limited (GMSPL) weak financial risk profile,
large working capital requirements and susceptibility to
cyclicality of auto industry. These weaknesses are partially
offset by established position in the automobile dealership
market in Kerala, backed by promoters' extensive experience and
their funding support.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           23        CRISIL B+/Stable (Reaffirmed)
   Inventory Funding
   Facility                2        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth is estimated to be modest
at INR10.51 crore as on March 31, 2017, due to low accretion to
reserves. Muted operating margin and high dependence on external
debt led to below-average debt protection metrics, reflected in
interest coverage ratio of 1.14 times estimated for fiscal 2017.

* Large working capital requirement: Gross current assets were
high, estimated at 228 days as on March 31, 2017, driven by large
receivables (161 days) and moderate inventory (73 days). This was
primarily on account of high institutional sales towards the last
quarter of the fiscal. The company has to provide credit of
around 90 days to government agencies.

* Susceptibility to economic uncertainty: The automobile industry
remains vulnerable to economic cycles. Any uncertainty in the
economy, or monetary tightening measures, for instance, a hike in
interest rates, can have a huge impact on demand for vehicles and
business of automobile dealers.

Strength

* Established market position and extensive experience of
promoters: The three decade-long experience of the promoters in
the automobile dealership market in Kerala, and the company's
established regional market position, have helped revenue grow at
a moderate pace, to INR53 crore estimated in fiscal 2017, and
will continue to support the business risk profile. Promoters
have also supported operations by extending unsecured loans of
INR3.61 crore (estimated) as on March 31, 2017.

Outlook: Stable

CRISIL believes GMSPL will continue to benefit from its
established market position in Kerala, backed by the extensive
experience of its promoter. The outlook may be revised to
'Positive' if higher cash accrual strengthens the capital
structure. The outlook may be revised to 'Negative' if revenue or
profitability declines, resulting in lower cash accrual; or if
large, debt-funded capital expenditure further weakens financial
risk profile.

GMSPL, based in Thiruvananthapuram, was incorporated in 2009, by
Mr. V Ashok. It is an authorised dealer of VE Commercial Vehicles
Ltd in Kerala. Prior to incorporating GMSPL, Mr. Ashok was
dealing in Eicher vehicles, under entity Grand Motor Sales
Corporation (GMSC) since 1979; this entity was wound up in 2009,
when GMSSPL was incorporated. It has one showroom-cum-workshop
and two workshops in Thiruvananthapuram, one showroom and one
workshop in Kollam, and two showrooms and one workshop in
Tiruvalla.


HELPAGE YOUTH: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Helpage Youth
Foundation (HYF) for obtaining information through letters and
emails dated February 15, 2017 and July 18, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term       1        CRISIL B+/Stable (Issuer
   Bank Loan Facility                Not Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

te repeated attempts to engage with the management, CRISIL failed
to receive any information on either the financial performance or
strategic intent of Helpage Youth Foundation. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Helpage Youth Foundation is consistent with
'Scenario 3' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' category rating or lower. Based
on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B+/Stable'.

HYF is a not-for-profit society, set up in 2005. Mr. Himanshu
Porwal, Mrs. Neelam Gupta and Mr. P K Gupta are the society's
director, president and treasurer, respectively. HYF, based in
Lucknow, Uttar Pradesh, runs schemes such as Payjal Scheme,
National Child Labour Project (NCLP), National Digital Literacy
Mission (NDLM), and Hot Cooked Food Scheme for the state and
central governments in Lucknow and its vicinity.


INDUS MOTORS: CRISIL Reaffirms 'B' Rating on INR5.0MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Indus
Motors Light Commercial Vehicles Private Limited (IMLCVPL) at
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             0.75     CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility                5.00     CRISIL B/Stable (Reaffirmed)

   Long Term Loan           .27     CRISIL B/Stable (Reaffirmed)

   Overdraft               7.00     CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .98     CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations and
below-average financial risk profile because of weak capital
structure. These weaknesses are partially offset by extensive
experience of its promoters in the automobile dealership business
and its established relationship with principal Ashok Leyland Ltd
(ALL).

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:
IMLCVPL operates on a modest scale, as indicated by its revenue
of INR79.9 Cr during fiscal 2017, in the fragmented auto
dealership segment with geographical concentration in the
company's revenue profile. IMLCVPL operations are concentrated in
Kerala, rendering the company susceptible to geographic
concentration risk; any downturn in the local economy will impact
auto sales, and in turn, auto dealers such as IMLCVPL.

* Below-average financial risk profile:
Networth is negative as on March 31, 2017 due to accumulated
losses in the past resulting in weak capital structure. Low
profitability and large short-term bank borrowing led to weak
debt protection metrics, with interest coverage ratio of below 1
time in fiscal 2017. In the absence of equity infusion and low
accretion to reserves, financial risk profile is expected to
remain below average over the medium term.

Strength

* Extensive experience of promoters in auto dealership segment
and established relationship with principal, ALL
Indus Motors has an established presence in the auto dealership
market in Kerala, supported by its 6-year relationship with ALL.
Indus Motors is promoted by Mr. Ali Mubarak and Mr. Ali Muneer,
who have diverse business interests. Promoters have also been
supporting the business in the form on unsecured loans
benefitting the overall business profile

Outlook: Stable

CRISIL believes IMLCVPL will continue to benefit over the medium
term from its established position in the auto dealership in
Kerala and promoters' extensive experience. The outlook may be
revised to 'Positive' if financial risk profile improves
significantly due to substantial cash accrual or equity infusion.
The outlook may be revised to 'Negative' if financial risk
profile, especially liquidity, weakens because of a sharp decline
in cash accrual, subdued demand, or sizeable debt-funded capital
expenditure.

Set up in 2011 by Mr. Ali Mubarak and Mr. Ali Muneer, IMLCVPL is
an authorised dealer of Ashok Leyland Ltd's light commercial
vehicles in Kerala.

In fiscal 2017, on provisional basis profit after tax (PAT) was
INR1.2 crore on net revenue of INR79.9 crore, against Net loss of
INR0.5 crore on net revenue of INR73.5 crore in fiscal 2016


ISHWAR GINNING: CARE Lowers Rating on INR12cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ishwar Ginning Private Limited (IGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         12.00      CARE D Revised from
   Facilities                        CARE B+

Detailed Rationale & Key Rating Drivers

Ongoing delay in debt servicing:

The revision in the rating assigned to the bank facilities of
IGPL is primarily due to irregularity in servicing its debt
obligations owing to weak liquidity position.

Incorporated in 2015, Rajkot (Gujarat) based, Ishwar Ginning
Private Limited (IGPL) is promoted by Mr Rameshbhai Gamdha and Mr
Ashokbhai Gamdha with an objective of manufacturing of cotton
bales and cotton seeds. Mr Rameshbhai Gamdha and Mr Ashokbhai
Gamdha are also partners in Ishwar Oil Industries and Ishwar Oil
Mill which are into manufacturing of cotton oil and cotton oil
cake.


JAI MAA: CRISIL Reaffirms 'D' Rating on INR20MM Cash Loan
---------------------------------------------------------
CRISIL has been consistently following up with Jai Maa Jagdamba
Flour Private Limited (JMJFPL) for obtaining information through
letters and emails dated April 12, 2017, and May 04, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jai Maa Jagdamba Flour Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Jai Maa Jagdamba Flour Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D'.

Set up as a proprietorship firm in 2003 by Mr. Krishna Murari
Choudhary and reconstituted as a private limited company in 2004,
JMJFPL processes wheat flour, maida, and suji at its mill in
Dhanbad, Jharkhand, which has capacity of 300 tonne per day.


JAINAM FAB: CARE Assigns B+ Rating to INR6.40cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jainam
Fab Private Limited (JFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.40       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JFPL is primarily
constrained on account of its modest scale of operations with
moderate profitability margins, moderate solvency and liquidity
position and its presence in a highly fragmented and competitive
textile industry. The rating is, further, constrained on account
of project implantation risk associated with it and vulnerability
of margins to fluctuation in raw material prices. The rating,
however, derives strength from the experienced promoters with
established marketing network and location advantage by virtue of
being situated in textile cluster of Bhilwara, Rajasthan. The
ability of the company to increase its scale of operations while
maintaining/improving profitability along with efficient
management of working capital and timely completion of the
project would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with moderate profitability margins
The scale of operations of JFPL stood modest with low net worth
base of INR2.18 crore as on March 31, 2017 which makes its
operations highly susceptible to any business shock, thereby
limiting its ability to absorb losses or financial exigencies.
This also restricts its scale of operations, which remained at a
low level with Total Operating Income (TOI) of INR13.68 crore as
per provisional result of FY17. During FY17, TOI of the company
has increased by 5.22% over FY16.

During FY17, the profitability margins of the company stood
moderate with PBILDT margin and PAT margin of 9.32% and 1.43%
respectively in FY17. During FY17, PBILDT margin of the company
has increased by 34 bps over FY16 owing to lower employee cost.
With improvement in PBILDT margin, PAT margin of the company has
improved by 35 bps during FY17 over FY16. During FY17, the GCA
level of the company has also improved marginally and registered
GCA of INR0.52 crore in FY17. Further, JFPL has achieved a
turnover of INR3.00 crore in the Q1 of FY18.

Moderate solvency position and liquidity position
The capital structure of the company stood moderately leveraged
with an overall gearing of 2.50 times as on March 31, 2017. The
debt coverage indicators of the company stood moderate marked by
total debt to GCA of 10.55 times as on March 31, 2017,
deteriorated from 9.51 times as on March 31, 2016 owing to higher
increase in debt level as against increase in GCA level. Interest
coverage stood moderate at 1.89 times in FY17, improved from 1.85
times in FY16 mainly on account of higher increase in PBILDT as
against increase in interest and finance cost.

The liquidity position of the company stood moderate marked by
84% utilization of its working capital bank borrowings during
last twelve months ended July 2017 and elongated operating cycle
of 101 days in FY17. The operating cycle of the company stood
elongated owing to higher inventory holding period. Due to it,
the   current ratio stood moderate at 1.30 times as on March 31,
2017, however, quick ratio stood below unity at 0.53 times as on
March 31, 2017.
Highly fragmented, competitive and seasonal industry with
vulnerability of margins to fluctuation in raw material prices

The Indian textile industry is highly fragmented in nature. The
industry is characterized by a large number of small players due
to the low entry barriers in the industry. The high degree of
fragmentation also leads to stiff competition amongst the
manufacturers. Smaller companies in general are more vulnerable
to intense competition and have limited pricing flexibility,
which constrains their profitability as well.

Yarn is the main raw material used by JFPL to manufacture grey
fabrics, finished fabrics. The price of key raw material has been
volatile in nature and JFPL is exposed to the raw material price
fluctuation risk due to high inventory holding period.

Project implementation risk
JFPL undertook a project for capacity expansion and has envisaged
total project cost of INR4.20 crore towards the project to be
funded through term loan of INR2.40 crore, share capital
including premium of INR1.16 crore and remaining through
unsecured loans from promoters and related parties. Due to it,
the installed capacity of the company will increase by 50% as
compared to the present capacity.

Key Rating Strengths
Experience promoters with established marketing network
Mr. Paras Mal Bafna looks after overall functions of the company
and has experience of around 4 decades in the industry. He is
assisted by other directors. Mr. Archit Jain, Chartered
Accountant, has experience of more than a decade in the industry
and looks after production functions of the company. Mrs Pooja
Bafna has an experience of more than a decade in the industry and
looks after the marketing operations of the company whereas Mr
Piyush Bafna (MBA) has an experience of 7 years and looks after
sales & sampling functions of the company. Further, the directors
are assisted by second tier management who helps in managing the
day to day affairs of the company.

Further, JFPL is also benefited from the established marketing
network and has 11 agents in India out of which 4 are in
Rajasthan, 5 are in Mumbai and 2 are in Bangalore. Location
advantage by virtue of being situated in textile cluster of
Bhilwara The main raw material of the company is yarn. The plant
of the company is located at Bhilwara which is one of the largest
textile clusters in India and majority of these industries are
engaged in the manufacturing of cotton yarn accounting for nearly
40% of India's total cotton yarn production and nearly 50% of
India's total polyester fabrics and suiting production. JFPL's
presence in the textile manufacturing region results in benefit
derived from cheap and easy availability of raw material, weaving
as well as processing of grey fabrics at cheaper cost and low
transportation and storage cost.

Bhilwara (Rajasthan) based Jainam Fab Private Limited (JFPL) was
incorporated in August 2009 by Mr. Paras Mal Bafna, Mr. Archit
Jain, Mr. Piyush Bafna and Mrs. Pooja Bafna. JFPL is engaged in
the business of manufacturing of grey Fabrics. JFPL uses
synthetic yarn as raw material which is procured from traders
located in Gujarat, Jammu Kashmir & Rajasthan for manufacturing
of grey fabric and processing of finished fabrics gets done on
job work basis from other process houses. The plant of the
company has total installed capacity of 18.80 Lakh Meters Per
Annum (LMPA) for manufacturing of grey fabrics and has utilized
86% of its installed capacity during FY17. The company is also
engaged in the trading of grey and finished fabrics. It sells its
product majorly in local market under brand name 'Jainam'. The
company has total 26 looms out of which 10 are double sulzer
looms as on March 2017.


JAY PLAST: CRISIL Assigns B+ Rating to INR4MM Cash Loan
-------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term
bank facilities of Jay Plast International (JPI). The rating
reflects exposure to risks associated with completion of the on-
going project and subsequent stabilization and ramp up in
operations. These rating weaknesses are partially offset by
extensive experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4        CRISIL B+/Stable
   Term Loan               3        CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weakness:

* Risks associated with completion of the on-going project and
subsequent stabilization and ramp up in operations:
The firm is undergoing a capital expenditure of approximately
INR4 crore towards setting up of its manufacturing unit with
capacity of 275 tonnes per month. The firm is exposed to moderate
project risk and risk associated with stabilization of
operations.

Strengths:

* Extensive experience of the promoter:
The two decade-long experience of the promoters in the packaging
industry, and their keen grasp over local market dynamics, will
continue to support the business risk profile.

Outlook: Stable

CRISIL believes JPI will continue to benefit from the extensive
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if earlier-than-expected stabilisation
of plant operations, leads to higher than expected cash accruals.
The outlook may be revised to 'Negative' if any delay in ramp-up
of operations, along with low capacity utilisation, negatively
impacts the cash flow.

Incorporated in 2017, JPI is setting up manufacturing unit for
HDPE, LDPE and PP woven bags.


JODHPUR HEALTH: CRISIL Cuts Rating on INR27.68MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jodhpur Health Care Private Limited (JHPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable', while reaffirming the short-term
rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.2       CRISIL A4 (Reaffirmed)

   Overdraft               9.5       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term      6.12      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan              27.68      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

The downgrade reflects weakened financial flexibility as a result
of a decline in operating profitability to 15.50% in fiscal 2017
from 29.97% in fiscal 2016, primarily on account of increased
revenue from government empanelment, which offers a lower margin.
Consequently, cash accrual was subdued at around INR2.18 crore,
insufficient to meet debt repayment obligation of INR7.18 crore,
during the fiscal. The gap has been met through unsecured loans
from promoters and increased dependence on the working capital
limit, reflected in average bank limit utilisation of 88% over
the six months through June 2017. Liquidity is likely to remain
stretched over the near term as well, because cash accrual is
expected at INR3.0-3.5 crore, vis-a-vis debt repayment obligation
of INR6.06 crore, in fiscal 2018. However, liquidity is likely to
be supported by promoter funding, which will remain a key rating
sensitive factor over the medium term.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
(INR15.82 crore as on March 31, 2017) extended by the promoters
as neither debt nor equity, as the loans are interest-free and
will remain in the business over the medium term.


Key Rating Drivers & Detailed Description

Weakness

* Short track record and moderate scale of operations: The
company commenced operations at its hospital in May 2014. The
scale remains moderate, with 204 beds and estimated revenue of
INR39.66 crore in fiscal 2017.The company is likely to remain
exposed to significant competition on account of the initial
phase of operations, and the scale of operations, though expected
increase, will remain moderate over the medium term.

* Geographic concentration in revenue: Operations are limited to
Jodhpur, Rajasthan, rendering the hospital vulnerable to dynamics
of a single market. The image-sensitive nature of the healthcare
industry aggravates the geographic concentration risk.

* Below-average financial risk profile: The total outside
liabilities to tangible net worth ratio is high, estimated at
5.23 times on March 31, 2017, on account of sizeable term debt
contracted to set up the hospital and negative accretion to
reserves. The ratio is expected to improve with gradual repayment
of the term loan and in the absence of major capital expenditure,
but will remain high, over the medium term. Debt protection
metrics are average: the interest coverage ratio was 1.55 times
and the net cash accrual to total debt ratio 0.06 time, in fiscal
2017.

Strengths

* Extensive experience of the promoters in the healthcare
segment, and benefits from a favourable location: The promoters
have an experience of over three decades in the healthcare
industry. Furthermore, the hospital is located in a densely
populated area of Jodhpur, within a kilometre of the All India
Institute of Medical Sciences, Jodhpur. Moreover, there are very
few other speciality hospitals in the region.

Outlook: Stable

CRISIL believes JHPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile, particularly
liquidity, improves, driven by sizeable occupancy and
profitability resulting in substantial cash accrual. The outlook
may be revised to 'Negative' in case of significantly low ramp-up
in operations, impacting the financial risk profile and debt-
servicing ability.

JHPL, incorporated in 2012, is promoted by Jodhpur-based Dr S L
Agarwal, Mr. Shashikant Singhi, Mr. Navneet Agarwal, Ms Renu
Singhi, Mr. M K M Shah, and Mr. Hari Singh Shekhawat. The company
manages a 204-bed super-speciality hospital, Medipulse (neuro,
cardiac, and orthopaedics), in Jodhpur. The hospital has 65
critical care beds, 8 modular operation theatres, a cardiac
catheterisation laboratory, and offers radiology and imaging
solutions, and pathology and emergency services.


KAVITA EXIM: CARE Assigns B+ Rating to INR12cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Kavita
Exim Private Limited (KEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             12.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KEPL is primarily
constrained by its modest scale of operations, low profitability
margins, leveraged capital structure and weak coverage
indicators. The rating is further constrained by working capital
intensive nature of operations, input price volatility risk
posing threat to profitability and highly fragmented domestic
industry with competition from other countries. The rating,
however, draws comfort from experienced promoters and long track
record of operations and favourable location of showroom.

Going forward, the ability of the company to increase its scale
of operations, improve the profitability margins, managing its
working capital requirements while improving its capital
structure shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operation
The scale of operations has remained modest marked by a total
operating income and gross cash accruals of INR61.46 crore and
INR0.16 crore respectively during FY17 (FY refers to the period
April 01 to March 31, based on provisional results). Further, the
company's net worth base was relatively small at INR4.74 crore as
on March 31, 2017. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

Low profitability margins, leveraged capital structure and weak
coverage indicators
The profitability margins of the company have remained on the
lower side for the past three financial years i.e. FY14-FY16,
owing to the trading nature of the business and intense market
competition given the highly competitive nature of the industry.
Interest cost has further restricted the net profitability of the
firm. PBILDT and PAT margins stood at 3.12% and 0.19%
respectively for FY17. The capital structure of the firm stood
leveraged for the past three financial years mainly on account of
high dependence on external borrowings to meet its working
capital requirements coupled with low net worth base. Overall
gearing ratios stood at 2.57x as on March 31, 2017 as against
3.13x as on March 13, 2016 mainly on account of repayment of
unsecured loans coupled with lower utilization of working capital
limits as on balance sheet date.

Further, the debt coverage indicators stood weak due to low
profitability. Interest coverage and total debt to GCA stood
at 1.13x and 77.78x respectively for FY17 as against 1.13x and
88.48x respectively for FY16.

Working capital intensive nature of operation
The operations of the company stood working capital intensive in
nature marked by an average operating cycle of 108 days for FY17.
The company operates its business through 3 outlets located at
Gandhinagar, Delhi. KEPL, Being a trader, it firm needs to
maintain adequate inventories in form of traded goods by way of
diverse product variety in accordance with fashion trends to meet
immediate demand of customer . The company allows an average
credit period of around 20-25 days to its customers. Further, its
supplier allows a credit period of around a month. As majority of
funds blocked in inventory the working capital requirements of
the company are generally on the higher side resulting into
almost fully utilization of the average working capital
borrowings for the past 12 months ended June 2017.

Highly fragmented nature of industry coupled with intense
competition
The Indian textiles industry, currently estimated at around US$
108 billion, is expected to reach US$ 223 billion by 2021. The
industry is the second largest employer after agriculture,
providing employment to over 45 million people directly and 60
million people indirectly. The Indian Textile Industry
contributes approximately 5 per cent to India's Gross Domestic
Product (GDP), and 14 per cent to overall Index of Industrial
Production (IIP).
Key Rating Strengths

Experienced promoters and long track record of operations
Mr. Pankaj Jain has the major shareholding in the company and is
actively involved in day-to-day operations of the business. Both
the directors are graduates by qualification and have an
experience of more than two and half decades in textile trading
industry through their association with this entity and Kavita
Overseas and Sonia Enterprises. The overall operations of the
company are taken care by Mr.Ashu Jain and Mr. Pankaj Jain.

Favorable location of showroom
KEPL has its 3 outlets located in Gandhi Nagar, Delhi. Gandhi
Nagar is a middle-income commercial-cum-residential area in
East Delhi, which is Asia's biggest readymade garments/textile
market. The showrooms are located in prime area which ensures the
higher probability of footfall in its showroom, thereby, ensuring
a good customer base for the company.

Delhi based KEPL was incorporated by in October 2013 Mr. Ashu
Jain and his family members. The company has succeeded erstwhile
business operations of two proprietorship entities - Kavita
Overseas and Sonia Enterprises, which operated for more than 2
decades. KEPL is engaged in trading of fabrics (mostly cotton
based). Also, the company is engaged in plastic printing of
clothes which is mainly done through job work. KEPL procures the
fabrics from manufacturers located across India, predominantly
from Mumbai. The company primarily caters to wholesalers located
Delhi, Punjab, and Rajasthan. The company operates its business
through its three showrooms, named "Kavita Exim" located Gandhi
Nagar, Delhi.


KENZ INN: CRISIL Lowers Rating on INR150MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL has been consistently following up with Kenz Inn
Commercial Complex Limited (KICCL) for obtaining information
through letters and emails dated May 24, 2017, and June 07, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan      150       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Negative')

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

Detailed Rationale

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

KICCL was incorporated for undertaking a commercial and
residential real estate project in Thrissur, Kerala. The company
is constructing Phase 1 of the project, which involves a retail
mall, multiplex, and office premises, at a cost of INR2.07
billion.


KESHAV ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR14MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Keshav Enterprises
(KE) for obtaining information through letters and emails dated
May 24, 2017 and June 7, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit        14       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

KE was set up in 2006 as a proprietorship firm by Mr. Vikrant
Prajapati. The firm is engaged in ship-breaking and trading of
scrap metal. It started operations with trading of scrap metal
procured from other ship-breakers; in 2012-13, it procured its
first ship for breaking.


NAACHIYARS: CRISIL Lowers Rating on INR6MM Long Term Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Naachiyars (NC)
for obtaining information through letters and emails dated
January 27, 2017, and March 6, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

   Long Term Loan           6        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

Established as a partnership firm in 2015, Naachiyars (NC) is
engaged in the retailing of readymade garments for men, women and
children with one retail outlet in Madurai (Tamil Nadu). The firm
started commercial operations in August 2015. The firm is
promoted and managed by Mr. N Balasubramaniam.


PRAKASAM HEAVY: CRISIL Assigns 'B' Rating to INR5.0MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Prakasam Heavy Engineering Private
Limited (PHEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee        22.5        CRISIL A4
   Overdraft              5.0        CRISIL B/Stable

The ratings reflect a limited track record in rural
electrification work and high dependence on Vishwanath Project
Limited (VPL) for revenue. The ratings also factor in highly
working capital intensive operations and weak liquidity because
of significant bank limit utilisation. These weaknesses are
partially offset by the experience of the promoters in electrical
contract work, and a healthy order book, providing medium-term
revenue visibility.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets were
at 300 days, led by receivables of 287 days, as on March 31,
2017. The working capital requirement is partly funded through
payables. Continued support from suppliers remains critical for
efficient working capital management.

* Limited track record of rural electrification work: The company
has a track record of only 15 months in rural electrification,
mainly as a sub-contractor for VPL.

Strengths

* Healthy order book in hand:  The current order book of
INR108.00 crore, to be executed by December 2018, provides
medium-term revenue visibility.

Outlook: Stable

CRISIL believes PHEPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if revenue increases significantly, and
profitability and capital structure remain healthy. The outlook
may be revised to 'Negative' if low cash accrual, large, debt-
funded capital expenditure, or a stretched working capital cycle
weakens the financial risk profile.


Established in February 2010, PHEPL is promoted by Mr. Anil Kumar
and his family members. The company started operations as an
electrode manufacturer but subsequently became an electrical
contractor for carrying out projects for various state
governments and local authorities.

For fiscal 2017, provisional net profit was INR1.93 crore on net
sales of INR141.32 crore; net profit was INR49 lakh on net sales
of INR137.21 crore for fiscal 2016.


R G SCIENTIFIC: CRISIL Reaffirms B+ Rating on INR10MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its long-term rating on the bank facilities
of R G Scientific Enterprises Private Limited (RGSL) at 'CRISIL
B+/Stable', and has assigned short term rating at CRISIL A4.
CRISIL had, on August 4, 2017, downgraded the rating at 'CRISIL
B+/Stable' and assigned 'issuer not co-operating' as RGSL had not
provided the requisite information. The company has now shared
the requisite information, enabling CRISIL to assign ratings to
its bank facilities.

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

   Overdraft                3       CRISIL A4 (Assigned)

   Overdraft                4.5     CRISIL B+/Stable (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

   Term Loan                5.7     CRISIL B+/Stable (Reaffirmed;
                                    Removed from 'Issuer Not
                                    Cooperating')

   Working Capital          1.8     CRISIL B+/Stable (Reaffirmed;
   Term Loan                        Removed from 'Issuer Not
                                    Cooperating')

The rating continues to reflect exposure to intense competition
in the healthcare industry and decline in networth constraining
the financial flexibility. These weaknesses are partially offset
by healthy market position in the super specialty urology segment
and average financial risk profile because of moderate total
outside liabilities to tangible networth ratio.

Key Rating Drivers & Detailed Description

Weakness

* Decline in networth and constrained financial flexibility:
During fiscal 2017 on account of net losses of INR5.7 crore the
networth declined to INR50.0 crore as on March 31, 2017
constraining the financial flexibility, reflected in increased
reliance on working capital limits.

* Exposure to intense competition in the healthcare industry:
RGSL faces intense competition from other super specialty
treatment hospitals in the industry. Additionally, since the
company specialises only in few areas, competition from multi-
specialty hospitals further reduces the pricing flexibility and
growth potential.

Strengths

* Healthy market position in the super specialty urology segment:
RGSL is a leading chain of super specialty hospitals for urology
and laparoscopy in India. It has a chain of facilities spread
across India, with current combined capacity of over 500 beds and
strong team of qualified medical professionals.

* Average financial risk profile: The financial risk profile is
supported by moderate total outside liabilities to tangible
networth ratio of 1.61 times as on March 31, 2017, however it has
increased over the historical levels. The debt protections
metrics have deteriorated to interest coverage ratio of 1.3 times
and net cash accrual to total debt ratio of 0.07 time for fiscal
2017.

Outlook: Stable

CRISIL believes RGSL will maintain its business risk profile
supported by its established market position in the urology
segment. The outlook may be revised to 'Positive' in case of
substantial and sustained increase in revenue and profitability
margins led to more-than-expected net cash accrual, strengthening
the financial risk profile, particularly liquidity, over the
medium term. Conversely, the outlook may be revised to 'Negative'
if revenue or margin declines or if larger-than-expected, debt-
funded capital expenditure weakens the financial risk profile.

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


RADHIKA JEWELS: CRISIL Lowers Rating on INR15MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Radhika Jewels
(RJ) for obtaining information through letters and emails dated
January 20, 2017, and February 10, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             15        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB-/Stable')

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

Detailed Rationale

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

RJ was established in 2007 by Mr. Hiren Patadia and his family
members. The firm manufactures and retails diamond, gold, and
silver jewellery. It has a jewellery mall in Vadodara.


RAVI TEJA: CARE Assigns B Rating to Issuer Not Cooperating
----------------------------------------------------------
CARE has been seeking information from Ravi Teja Textiles to
monitor the rating(s) vide e-mail communications dated May 24,
2017, May 31, 2017, June 5, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Ravi Teja
Textiles bank facilities will now be denoted as CARE B; ISSUER
NOT COOPERATING. Users of this rating (including investors,
lenders and the public at large) are hence requested to exercise
caution while using the rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.82       CARE B; ISSUER NOT
                                     COOPERATING

Detailed description of the key rating drivers

At the time of last rating in May 26, 2016 the following were the
rating strengths and weaknessess:

Key Rating weakness

Stressed financial risk profile
The overall gearing of the firm, although improved from 5.02x as
on March 31, 2014 to 4.56x as on March 31, 2015 on account of
accretion of profits to reserves, remained stressed. High
dependency on leveraged capital and deterioration in cash accrual
levels has led to deterioration of already stressed debt coverage
indicators, total debt to GCA and interest coverage. Total debt
to GCA has deteriorated from 11.34x during FY14 to 13.96 during
FY15 while interest coverage ratio declined from 2.09x during
FY14 to 1.71x during FY15. The working capital cycle of the firm
has been stressed during the review period on account of high
inventory period. The firm being a cloth and textile showroom, it
has to maintain specific level of inventory at any given point of
time during the year resulting in stressed inventory period.
Also, the additional showroom added in Piduguralla has increased
the inventory further from 148 days during FY14 to 178 days
during FY15. The collection period pertain to credit sales made
to known customers and relatives.

Relatively small scale of operations
RTT was established in 1990 and has track record of more than two
decades. However, the scale of operations remains relatively
small with total operating income at INR12.60 crore during FY15.
Furthermore, the low net worth base of INR0.80 crore as on March
31, 2015 restricts the firm's flexibility in the time of
distress.

Fragmented nature of Industry and intense competition among
numerous unorganized players
Retail cloth and textile industry is predominantly unorganized
with the presence of many small participants. The industry is
characterized by low entry barriers due to minimal capital
requirements resulting in proliferation of large number of small
players, spread across the country. Need to extend discounts to
counter the competitors have put downward pressure on already
stressed margins of the firms operating in the industry which
derive their revenue through trading activity.

Constitution of the entity as a proprietorship firm
Constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietors' capital at the
time of personal contingency which can adversely affect its
capital structure. This was reflected in the balance sheet as on
March 31, 2015 when the capital to the tune of INR0.03 crore was
withdrawn to meet personal contingency. Further, proprietorship
firms have restricted access to external borrowings as credit
worthiness of the partners would be key factors affecting credit
decision for the lenders.

Key Rating strengths
Experienced proprietor with established track record of the firm
RTT was established in 1990 by Mr. D. Sarveswara Rao who has more
than four decades of experience in retail cloth trading industry.

The firm has established track of more than two decades in the
industry and over the course of business, the proprietor has
established healthy relationship with key suppliers and customers
facilitating the smooth functioning of business.

Healthy growth in total operating income albeit declining
profitability margins
The total operating income of the firm has increased from INR
8.46 crore during FY14 to INR 12.60 crore during FY15 registering
Y-o-Y growth of 49% on account of increased spending of people on
clothes. The profitability margins of the firm have been
fluctuating and remained low during the review period (FY13-FY15)
on account of trading nature of operations. Furthermore, the
fortunes of the firm are tied up to level of disposable income
with public. The PBILDT margin of the firm deteriorated from
7.37% during FY14 to 5.64% during FY15 on account of increase in
the employee cost at the back of additional showroom in
Piduguralla, A.P. Furthermore, PAT margin also deteriorated from
1.49% during FY14 to 1.06% during FY15 on account of lower PBILDT
margin coupled with increased interest cost. The firm has
achieved the sales of about INR15.00 crore with PAT of about INR
0.17 crore during FY16 (Provisional).

Ravi Teja Textiles (RTT) was established as a proprietorship
concern by Mr. D. Sarveswara Rao in the year 1990. The firm is
engaged in the trading of sarees and ladies dress materials. The
firm has two showrooms, one located in Ongole while the other
located in Piduguralla, Andhra Pradesh. While the showroom in
Ongole has been operating since 1990, the new showroom in
Piduguralla was started during the end of FY14.


RRB ENERGY: CARE Lowers Rating on INR95cr LT Loan to 'C'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
RRB Energy Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term bank
   Facilities-Fund
   Based                 95.00       CARE C; Stable Revised from
                                     CARE D

   Long term/Short
   Term bank facilities-
   Non-fund based        40.00       CARE C; Stable / CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings of RRB Energy Limited takes into
account improvement in the debt servicing track record of the
company. The ratings continue to be constrained by RRBEL's weak
financial profile. However, the ratings weakness is partially
offset by the promoters' experience and moderate order book.
Going forward, RRBEL's ability to increase profitability with
scaling up of operations and effectively managing its working
capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial risk profile
The company has been grappling with many issues for the past few
years which have impacted its financial position. Owing to the
weak financial risk profile, and unavailability of the working
capital funding, RREBL scale of operations were continuously
declining with loss of INR 29.03 cr during FY16 and loss of INR
43.17 cr during FY17, resulting in erosion of net-worth and tight
liquidity position.

Key Rating strengths
Improvement in debt servicing track record post revival in order
book
In FY17, the company received few large orders with customer
advance of INR 39 cr which is being used to improve its liquidity
position and payoff the outstanding dues to its bankers. The
company has received two large orders of INR 325 cr and INR 747
cr to be executed in FY18 and FY19. During Q1FY18, the company
has already executed orders valued at INR 40 cr.

Experienced promoters with established track record RRBEL was
incorporated in 1987, as a JV between Vestas Wind Systems A/S,
Denmark (VWS) and Mr Rakesh Bakshi. Mr Bakshi has an experience
of more than 30 years in the similar industry with titles such as
"Green Maharaja" being awarded to him for his exemplary work in
the field of renewable energy. He was also honoured with "Padma
Shri" in 1991 by the government of India. He has actively
involved in the promotion of renewable energy technology. The
company has been involved in providing infrastructure services to
the projects and also take care of the O&M part. There are three
models under which they provide the services namely, Turnkey
(takes care of overall project), Equipment supply and Equipment
supply with erection and commissioning.

Incorporated in 1987, RRB Energy Limited (RRBEL, formerly Vestas
RRB India Limited) engaged in the business of manufacture,
erection and commissioning of Wind Electric Generators (WEGs) and
also provides after-sales services and maintenance services for
WEGs. It currently manufactures WEGs with capacity of 225KW,
500KW and 600 KW. The company is ISO 9001:2008, ISO 14001:2004
and OHSAS 18001:2007 certified and has production plants in Tamil
Nadu, Maharashtra, Karnataka, Gujarat and Rajasthan. It also has
a government approved R&D facility which develops higher MW
capacity turbines. The company has received few orders namely of
Binny Ltd. (for INR 325 cr) and Enviromax Pellets (for INR 747
cr) for which they have received customer advances of INR 39 cr.
as on March 31, 2017.


SAGAR BUSINESS: CRISIL Lowers Rating on INR18MM Cash Loan to B
--------------------------------------------------------------
CRISIL has been consistently following up with Sagar Business
Private Limited (SBPL) for obtaining information through letters
and emails dated May 24, 2017 and June 07, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             18        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB-/Stable')

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

Detailed Rationale

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

SBPL was set up in 1983, as a private limited company by Mr.Sunil
Kishorepuria and family. It trades in iron and steel product in
Odisha. The company is an authorised exclusive project
distributor for TSL in Odisha for its Tiscon brand of
thermomechanically treated bars. In 2011-12 (refers to financial
year, April 1 to March 31), the company was appointed as
exclusive business development partner for Structura (the hollow
steel section product of TSL). The company was also appointed as
a Channel partner of Tata Wiron (Tata Global Wires Division) and
as the Channel Partner of Philips India Ltd and offers lighting
solutions to its customers.


SANGAM RICE: CARE Assigns 'B' Rating to INR5.50cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sangam
Rice Private Limited (SRP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.50       CARE B; Stable Assigned

   Short-term Bank
   Facilities            11.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SRP are
constrained by its small and fluctuating scale of operations with
low profitability margins, leveraged capital structure, weak debt
coverage indicators and elongated operating cycle. The ratings
are further constrained by susceptibility to fluctuation in raw
material prices and the company's presence in fragmented nature
of industry coupled with high level of government regulation. The
ratings, however, derive strength from experienced management
along with established track record of entity and location
advantages.

Going forward, the ability of the company to scale up its
operations while improving its profitability margin and solvency
position would remain its key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations with low profitability
margins
The company's scale of operations has remained small marked by
total operating income (TOI) of INR 45.86 crore in FY17 (refers
to the period April 1 to March 31) and tangible net worth of
INR1.60 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Furthermore, SRP witnessed fluctuating
scale of operations in FY15-FY17 period. The total operating
income of SRP had declined from INR31.71 crore to INR31.71 crore
in FY16, mainly on account of lower quantity sold owing to lesser
demand received from customers. The PBILDT margin and PAT margin
of the company stood low at 4.57% and 0.01%, respectively, in
FY17.

High gearing and weak debt coverage indicators
SRP has leveraged capital structure with overall gearing ratio of
12.77x as on March 31, 2017, mainly on account of company's high
reliance on bank borrowings to fund working capital requirements.
Additionally, total debt to GCA stood weak at 109.23x for FY17
and the same has deteriorated from 19.81x for FY16 due to
increase in debt level of the company coupled with decline in
gross cash accruals of the company. The interest coverage ratio
of SRP stood weak at 1.23x for FY17.

Elongated operating cycle: The average operating cycle of the
company elongated at 144 days for FY17 (125 days for FY16). Owing
to the seasonality of paddy harvest, entities engaged in the rice
processing industry have to accumulate substantial amount of raw
material inventory thereby elongating inventory period. The
company offers a credit period of upto 15 days to its customers.
However, the company receives a credit period of upto one month
from its suppliers.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. The price of rice moves in tandem with the prices of
paddy. Any sudden spurt in the raw material prices may not be
passed on to customers completely owing to company's presence in
highly competitive industry.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product
makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation. Furthermore, the raw material (paddy) prices are
regulated by government to safeguard the interest of farmers,
which in turn limits the bargaining power of the rice millers.

Key Rating Strengths

Experience directors and established track record of entity: The
company is currently being managed by Mr Sanjiv Kumar. Mr Sanjiv
Kumar has an experience of nearly two decades through his
association with SRP and other regional entity, namely, Love Kush
Foods Private Limited which is engaged in similar business. This
has aided the company in having established relationship with
customers and suppliers.

Location advantages: SRP is mainly engaged in processing of paddy
and milling of rice. The main raw material (Paddy) is majorly
procured directly from local grain markets located in Punjab. The
company's processing facility is situated at Patran, Patiala,
Punjab, which is one of the largest producers of paddy in India.
Its presence in the region gives additional advantage over the
competitors in terms of easy availability of the raw material as
well as favorable pricing terms.

Sangam Rice Private Limited (SRP) was incorporated in 2007 as a
Private Limited company and is currently being managed by Mr
Sanjiv Kumar and Mrs Shubh Lata as its directors. The company is
engaged in the processing of paddy and milling of rice at its
manufacturing facility located at Patran, Punjab, with an
installed capacity of 280000 quintal of paddy per annum as on
March 31, 2017. The company is also engaged in the trading of
guar seed and rice.


SATYAM GREEN: CRISIL Reaffirms 'D' Rating on INR6MM Term Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Satyam Green
Energy (SGE) for obtaining information through letters and emails
dated May 24, 2017 and Jun 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan                6         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

SGE, a proprietorship firm, was promoted by Mr. Sanjay Joshi for
setting up a solar power project of 1.1-megawatt in Solapur,
Maharashtra.


SHREE SITA: CARE Assigns B+ Rating to INR6.0cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Sita Ispat and Power Private Limited (SSIPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SSIPPL is
constrained by its small scale of operations with low profit
margins, volatility in raw material prices, working capital
intensive nature of business, moderate capital structure with
moderate debt coverage indicators and intensely competitive
industry with sluggish growth in end user industries and cyclical
industry. The rating, however, derives strength from the
experienced promoters with long track record of operations. The
ability to increase its scale of operations with improvement in
profit margins and effective management of working capital will
be the key ratings sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the company remained small marked by total
operating income of INR29.92 crore (Rs.38.58 crore in FY15) with
a PAT of INR0.25 crore (Rs.0.66 crore in FY15) in FY16.
Furthermore, the total capital employed also remained low at
INR19.33 crore as on March 31, 2016. The company has booked
revenue of INR34.00 crore in FY17 as maintained by the
management.Furthermore, the profit margins of the company
remained low marked by PBILDT margin of 6.35% and PAT margin of
0.84% in FY16.

Volatility in raw material prices: SSIPPL does not have backward
integration for its basic raw-materials (iron ore and coal) and
it procures the same from open market at spot prices. Since the
raw-material is the major cost driver and the prices of which are
volatile in nature, the profitability of the company is
susceptible to fluctuation in raw-material prices. Working
capital intensive nature of business: SSIPPL is into
manufacturing of iron and steel products. SSIPPL has to maintain
a large quantity of raw material inventory to mitigate the raw
material price fluctuations risk and smooth running of its
production process. Accordingly the average inventory period of
the company remained on around two month during last three years.
Further, the company allows credit of about four months to its
clients which also resulted into working capital intensive nature
of its operations. However, it receives credit of about a month
from suppliers due to its long presence in the industry,
mitigated the working capital intensity to a certain extent.
Accordingly, the average fund based bank limit utilization
remained on the higher side at about 80%during last twelve months
ending on July 31, 2017.

Moderate capital structure with moderate debt coverage
indicators: The capital structure of the company remained
moderate marked by debt equity and overall gearing ratios of
0.70x and 1.04x respectively as on March 31, 2016. The debt
coverage indicators of the company also remained moderate marked
by interest coverage of 2.99x and total debt to CGA of 10.86x in
FY16.

Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: SSIPPL is engaged in the
manufacturing of iron and steel products which is primarily
dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.
The fortunes of companies like SSIPPL from the iron & steel
industry are heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel& alloys. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.

Key Rating Strengths

Experienced promoters with long track record of operations:
SSIPPL is into manufacturing of sponge iron since 2004 and thus
has more than a decade of track record of operations. Being in
the same line of business since long period, the promoters have
built up established relationship with its clients and the
company is deriving benefits out of this. Mr. Manoj Agrawal (aged
42 years), has around 15 years of experience in steel industry,
looks after the day to day operations of the company. He is
supported by other director Mr. Sanjay Agarwal (aged, 37 years)
who also has over a decade of experience in this line of business
along with a team of experienced professional.

SSIPPL was incorporated in April 2004 and was taken over in
January 2008 by the Agarwal family of Raipur Chhattisgarh. The
company is currently managed by the two directors Mr. Sanjay
Agrawal and Manoj Agarwal. The company has been engaged in
manufacturing of sponge iron at its plant located at Raipur,
Chhattisgarh with aggregate installed capacity of 30000 MTPA.


SHRI PAHARIMATA: CRISIL Reaffirms B- Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Shri Paharimata Cold Storage Private Limited (SPCSPL) at
'CRISIL B-/Stable'. The rating continues to reflect a weak
financial risk profile because of a small networth and high
gearing, and susceptibility to regulatory changes and to intense
competition in the cold storage industry in West Bengal. These
weaknesses are partially offset by the extensive industry
experience of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.7     CRISIL B-/Stable (Reaffirmed)

   Rupee Term Loan          1.9     CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: A small networth and high gearing
of 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
reserves should keep the networth small, though gearing may
improve with gradual repayment of term debt.

* Susceptibility to regulatory changes and to intense competition
in the cold storage industry in West Bengal: The potato cold
storage industry in West Bengal 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

* Extensive industry experience of the promoters: The promoters
have an experience of a decade in trading in potato and in the
cold storage industry. The presence in the potato storage segment
enables healthy utilisation of storage capacity. Storage
facilities are provided to 300 farmers and traders and the
capacity has been entirely utilised during the past three potato
seasons.

Outlook: Stable

CRISIL believes SPCSPL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if the company efficiently manages
farmer credit financing, and significantly scales up operations
and improves profitability, leading to better liquidity. The
outlook may be revised to 'Negative' in case of pressure on
liquidity because of delays in repayment by farmers, decline in
cash accrual, or large, debt-funded capital expenditure.

SPCSPL, incorporated in 1972, is owned by the West Bengal-based
Dandapat family, and its operations are managed by Mr.
Anathbandhu Ghosh. The company provides cold storage services to
potato farmers and traders.


SOMA ISOLUX: CARE Lowers Rating on INR1,216.96cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Soma Isolux Kishangarh - Beawar Tollway P Ltd (SKITL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank       1,216.96     CARE D Revised
   Facilities                        from CARE BB-

Detailed Rationale & Key Rating Drivers

The revision in the ratings of SKITL takes into account the delay
in repayment of its debt obligations during Q2FY18 (refers to the
period July 1 to September 30). The delays were largely
attributable to lower vehicular growth than anticipated vis-a-vis
high debt servicing. Going forward, the company's ability to
service its debt obligations in a timely manner with improvement
in vehicular traffic and average daily toll collection shall be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: The company has delayed in repayment of
interest in July 2017 on account of cash flow mismatch due to
lower toll collection against relatively high debt obligations.
On account of lower toll collection and delay in receipt of claim
from the authority, the liquidity position of the company
remained stretched.

Exposure to O&M risk, traffic fluctuations: The O&M with respect
to the routine maintenance and the periodic maintenance shall be
carried out by the JV of Roadis (owned by Canadian Pension Fund
Managers - Public Sector Pension Investment Board (PSPIB)) and
Soma Enterprise Ltd (SEL). Since the project highway comprises
commercial vehicles (both light and heavy commercial vehicles) in
majority, the O&M assumes utmost importance. In absence of any
provisions for appropriation of funds towards the major
maintenance, the operational cash flows of that particular year
may remain stressed. The company thus remains exposed to increase
in operations and maintenance expenses. Further any deterioration
in vehicular growth may adversely impact company's revenue and
profitability which may further constrain company's liquidity.

Key Rating Strengths

Long track record of promoters: Both the JV partners Roadis and
SEL have considerable experience in developing road projects.
Roadis is a company with significant experience in highway
concessions and is owned by one of the largest Canadian Pension
Fund Managers - PSPIB. It was established by the Canadian
Parliament under the Public Sector Investment Promotion Board Act
to invest the employer and employee net contributions received
since April 2000 from the pension plans of the Canadian Federal
Public Service. It currently develops and operates a significant
portfolio of projects with 1610 km of highway under concession.

SEL has significant experience in diverse sectors like Power,
Railways, Irrigation, Tunneling, and Urban Infrastructure apart
from Highway (BOT) projects which is the core activity of the
company. Some of the major projects of SEL include construction
of a new four lane Nellore by-pass on NH 5, four-lane elevated
highway on the Bangalore-Hosur Section of NH-7, four-laning of
Pimpalgaon-Dhule Section of NH-3, four-laning of divided
carriageway on NH-7 at Adilabad, and construction of new four
lane 19 km elevated highway from Chennai Port to Maduravoyal
section of NH-4.

SIKTL is a special purpose vehicle (SPV) joint venture promoted
by Roadis (owned by Canadian Pension Fund Managers - PSPIB) and
Soma Enterprise Ltd (SEL). The SPV was formed to undertake the
development and operation of a road project awarded by National
Highway Authority of India (NHAI- The Authority). The project was
awarded to SIKTL based on its highest bid towards revenue sharing
of 2% (after 151 days from COD) with a 1% increase in this
revenue share every year to the authority. SKITL received
provisional completion certificate (PCC) in April 2015 and the
project highway's commercial operations commenced from April 28,
2015 for six laning of Kishangarh-Ajmer-Beawar section of NH-8
(from existing two lane) in the State of Rajasthan on DBFOT
(toll) basis.


SWAGAT HOSPITALS: CRISIL Reaffirms B- Rating on INR25MM Term Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Swagat Hospitals Private Limited (SHPL) at 'CRISIL B-/Stable'.
The rating reflects SHPL's weak financial risk profile marked by
high gearing and subdued debt protection metrics, stretched
liquidity due to the stabilisation phase and sub-optimum
occupancy at its new unit on account of initial year of
operations. These rating weaknesses are partially offset by the
extensive experience of SHPL's promoters in the healthcare
sector.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan                25      CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: The weak financial risk profile of
the Company is marked by continued decline in net worth on
account of huge losses incurred in fiscal 2016 and fiscal 2017.
The capital structure of SHPL is highly leveraged with a gearing
of around 7.81 times as on March 31, 2016, which is estimated to
deteriorate further in fiscal 2017. The debt protection metrics
too are expected to remain subdued on account of substantial
interest outgo on the term loan.

* Stretch in liquidity: SHPL is expected to generate cash
accruals of INR0.61 Crore in fiscal 2017 which would be
inadequate against the repayment obligations of INR0.8 Crore. The
net cash accruals is expected to increase to around INR1.50-3.0
Crore over the medium term backed by increase in operating
profitability.

Strengths
* Extensive experience of promoters in the healthcare sector:
SHPL is promoted by Dr. Subhash Khanna, a highly qualified and
reputed surgeon having an experience of over three decades in the
healthcare sector. The extensive experience of the promoter and
his team is expected to benefit SHPL over the medium term by
supporting its business risk profile in terms of attracting more
patients from all over Guwahati and neighboring districts.

Outlook: Stable

CRISIL believes SHPL will continue to benefit over the medium
term from the extensive industry experience of promoters. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in the scale and cash accruals, most
likely driven by higher than-expected occupancy levels, both at
SSSSI and SESRI leading to better accruals and improved
liquidity. Conversely, the outlook may be revised to if decrease
in occupancy or profitability, or stretch in working capital
management, constrains the financial risk profile particularly
liquidity.

SHPL, based in Guwahati was set up in 1999 by Dr. Subhash Khanna.
The company has set up a 60-bed hospital, Swagat Endolaproscopic
Surgical Research Institute (SESRI), in Shantipur, Guwahati and a
100-bed super speciality hospital, Swagat Super Speciality
Surggical Institute (SSSSI), in Maligaon.


TRIUMPH AUTO: CRISIL Reaffirms 'B' Rating on INR6.75MM Loan
-----------------------------------------------------------
CRISIL has been consistently following up with Triumph Auto Parts
Distributors Private Limited (TADPL) for obtaining information
through letters and emails dated May 24, 2017 and June 9, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Electronic Dealer      6.75       CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating; Rating
   (e-DFS)                           Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2004, TADPL is an authorised distributor of spare
parts of TML's commercial vehicles (buses, trucks, and Tata Ace)
in Northern Haryana. TADPL is promoted by Mr. Manu Gupta and Mr.
Naresh Gupta.


UMA KRAFTPAPER: CRISIL Reaffirms 'B' Rating on INR8.25MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with UMA Kraftpaper
Private Limited (UKPPL) for obtaining information through letters
and emails dated May 25, 2017, and July 12, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.75      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               8.25      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of UMA Kraftpaper Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for UMA Kraftpaper Private Limited
is consistent with 'Scenario 3' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2013, UKPPL is promoted by Mahendrakumar Patel
and family. UKPPL has set-up a plant for manufacturing of kraft
paper at Palanpur, Gujarat, with processing capacity of 30,000
tonne per annum. The promoters have two decades of experience in
the paper industry.


UNITED MACHINERY: CARE Reaffirms B+ Rating on INR3.0cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
United Machinery & Appliances (UMA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             3.00       CARE B+; Stable Suspension
                                     revoked and reaffirmed

   Short term Bank
   Facilities             2.00       CARE A4 Suspension revoked
                                     and reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of UMA continue to be
constrained by its partnership nature of constitution, small
scale of operation, working capital intensive nature of business,
volatility in raw material and finished goods prices and highly
competitive & fragmented nature of industry. The ratings,
however, continue to draw comfort from long & established track
record and vast experience of partners in manufacturing DG sets,
moderate order book position & impressive client profile and
powered by leading brand of engines "Perkins & Greaves". Going
forward, the ability of the firm to increase its scale of
operation and improve profitability margins and ability to manage
working capital effectively would be the key rating
consideration.

Detailed description of the key rating drivers

Key Rating Weaknesses

Partnership nature of constitution: UMA, 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 firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Small scale of operation: The scale of operations remained small
as compared to its peers with a PAT of INR0.13 crore on total
operating income of INR15.40 crore during FY17 (prov.). The
profit margin of the firm remained moderate marked by operating
margin of 12.65% and PAT margin of 0.83% in FY17 (prov.).
Furthermore, the total capital employed was also low at INR8.48
crore as on Mar.31, 2017 (Prov.). The small size restricts the
financial flexibility of the firm in times of stress and it
suffers on account of economies of scale.

Working capital intensive nature of business: UMA's business is
working capital intensive in nature as reflected by high average
collection period and high average inventory period. The
inventory period remained high at around 119 days during FY17
(Prov.). Further the firm maintains adequate level of raw
material inventory to mitigate the fluctuation in raw material
prices for executing the orders in hand and finished goods for
meeting the urgent demand. Furthermore, the average collection
period of the firm also remained high due to its low bargaining
power owing to its small size. Accordingly, the working capital
limit utilization remained high at around 95% during last twelve
months ending July 31, 2017.

Volatility in raw material and finished goods prices: The
finished goods as well as raw material prices for manufacturing
DG sets are highly volatile in nature. Since the raw material
(i.e. iron & steel products, copper, brass, aluminium, engines
and other alternative components, etc.) cost is the major cost
driver and any southward movement of finished goods price with no
decline in raw material price is likely to impact the
profitability margin.

Highly competitive & fragmented nature of industry: The industry
is riddled with high competition due to presence of several
domestic and international players. Intense competition from both
domestic and international players is having a negative impact on
the profitability of the firm. Further, the tender concept
employed by public sector organization to source the materials,
the firm has to bid aggressively in order to ward away
competition and win contracts.

Key Rating Strengths

Long & established track record and vast experience of partners
in manufacturing DG sets: Commenced operation in 1958, the firm
has a long track record of more than five decades in
manufacturing DG sets. The firm is headed by Shri Pradip Bose
(aged 60 years) and Shri Arijit Bose (aged 32 years), partners,
having an experience of around 37 years and 12 years respectively
in the business of manufacturing DG sets. Both of them together
look after the overall day-to-day activities of the firm, with
active support from team of experienced professional.

Powered by leading brand of engines "Perkins & Greaves": UMA's DG
sets are available in the range from 10 KVA to 2500 KVA and are
powered by reputed and established engine brand "Perkins &
Greaves". For over 80 years Perkins has remained a leader in its
product range through advanced designs and manufacturing of
highly reliable Diesel engines. The continuous development study
has culminated in Perkins offering the most advanced &
comprehensive range of efficient Diesel & Gas engines. Perkins
has its manufacturing plants in the UK, US, Brazil, China and
India, together producing up to 800,000 engines a year.

United Machinery & Appliances (UMA) was set up as a partnership
firm in 1958 by Bose family of Kolkata, West Bengal with the
objective of starting a business in manufacturing of Diesel
Generator (DG) Set. The firm started with the dealership of DG
sets in Kolkata to cater to the customer in electrical power
segment. With time, UMA had expanded its business and started its
own factory for manufacturing of DG sets.

The firm is currently engaged in manufacturing of diesel
generating set and also some spare parts related to DG sets. UMA
Product portfolio includes diesel generating set, industrial
engine & spares, casting enclosures for DG sets, trailer,
controller, spares, sound grip, etc. This apart the firm also
carried out some electrical project of erection, installation and
commissioning of DG sets. The manufacturing facility of the firm
is located in Village Sanjua, Bakrahat, West Bengal and is
equipped with installed capacity of 600 DG sets per annum. The
facility is ISO: 9001:2000 & 14001:2004 certified from Bureau
Veritas. The firm exports about 8-10% of its manufactured product
to overseas market in Bangladesh.


V. G. SHIPBREAKERS: CRISIL Reaffirms 'D' Rating on INR8MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with V. G. Shipbreakers
Private Limited (VGS) for obtaining information through letters
and emails dated May 24, 2017 and June 7, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7         CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        8         CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

VGS, incorporated in 2006, is primarily engaged in ship breaking
and steel trading businesses. The company is owned and managed by
the Prajapati family based in Mumbai, Maharashtra.


VAMSADHARA GINNING: CRISIL Assigns 'B' Rating to INR7MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Vamsadhara Ginning and Pressing Industries
(VGPI). The rating reflects its early stage of operations,
exposure to intense competition in the cotton ginning industry,
susceptibility to volatility in cotton prices. These weaknesses
are partially offset by the extensive industry experience of the
partners.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       5        CRISIL B/Stable

   Cash Credit              5        CRISIL B/Stable

   Proposed Cash Credit
   Limit                    7        CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weakness

* Early stage of operations and intense competition:
VGPI started its operations only in February 2017. Accrual will
be lower during plant stabilisation period. Furthermore, the
scale is expected to be limited owing to intense competition.

* Susceptibility to volatility in cotton prices:
Profitability will remain susceptible to government's regulation
in pricing of cotton, and its intervention when cotton prices go
below minimum supply price.

Strengths

* Partner's extensive experience:
Partner's experience of around a decade in the ginning industry
has resulted in established relationships with a wide clientele
and farmers.

Outlook: Stable

CRISIL believes VGPI will continue to benefit over the medium
term from the partner's extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
substantially, strengthening the financial risk profile, or in
case of significant capital infusion, improving the capital
structure. Conversely, the outlook may be revised to 'Negative'
if aggressive, debt-funded capital expenditure, or delay in
stabilisation of operations or capital withdrawals by partners
leading to deterioration in the financial risk profile.

Established in 2017, VGPI gins cotton. The firm, located in
Guntur (Andhra Pradesh), commenced commercial operation in
February 2017 and is managed by Mr. Sontineni Venkateswara Rao.


VAMSADHARA RICE: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Vamsadhara Rice Industries (VRI). The
rating reflects its small scale, working capital-intensive
operations, and below-average financial risk profile. These
weaknesses are partially offset by the extensive experience of
partners and longstanding relationships with customers.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      2         CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations:
Estimated revenue of around INR24.32 crores in fiscal 2017,
reflects the small scale of operations, which constrains
profitability.

* Large working capital requirement:
Gross current assets were estimated at 135 days as on March 31,
2017, because of large inventory requirement, keeping operations
working capital intensive.

Strength:

* Partners' extensive experience:
The two decade-long experience of the partners in the rice
milling industry, and their established relationship with a wide
clientele, will continue to support the business risk profile.

Outlook: Stable

CRISIL believes VRI will benefit over the medium term from the
extensive experience of partners. The outlook may be revised to
'Positive' if significant improvement in capital structure,
revenue, and operating margin strengthens the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
profitability weakens due to intense competition, or if working
capital management deteriorates.

Set up in 2006, VRI mills paddy to rice. Operations are managed
by Mr. Sontineni Venkateswara Rao.




VINAYAGA IMPEX: CRISIL Reaffirms 'D' Rating on INR4.5MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with Vinayaga Impex
Private Limited (VIPL) for obtaining information through letters
and emails dated May 24, 2017 and June 7, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.4      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Export Bill
   Rediscounting           4.5      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Inland/Import
   Letter of Credit        0.25     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Overdraft               2.50     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Packing Credit          2.50     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Proposed Long Term
   Bank Loan Facility      1.39     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Term Loan                .46     CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

Started in 2003, VIPL is a Delhi-based company that manufactures
garments and fabrics. It is managed by Mr. B M Arora, Mr. Arjun
Dev, and Mr. Pradeep Nanda. Its manufacturing unti is based in
Ludhiana (Punjab).


VIVA INFRAVENTURE: CRISIL Reaffirms B+ Rating on INR0.5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Viva Infraventure Private Limited (VIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        4.5        CRISIL A4 (Reaffirmed)
   Overdraft             0.5        CRISIL B+/Stable (Reaffirmed)

The ratings reflect the company's modest scale of operations and
weak financial risk profile because of a high total outside
liabilities to adjusted networth ratio (TOLANW) and a low current
ratio owing to large unrelated investments in real estate assets.
These weaknesses are partially offset by the promoters' extensive
experience in the construction industry and moderate order book
position.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:
VIPL's operations have remained modest with expected revenue of
INR34 crore in fiscal 2017. The modest scale of operations
restricts the company's ability to bid for large projects since
the track record of execution of large projects is one of the
criteria for bidding for such projects

* High TOLANW:
VIPL has a weak capital structure with estimated TOLANW of above
4.5 times as on March 31, 2017. The ratio is high as owing to
reliance on high creditors to fund working capital requirements
as well non-operational investment in real estate assets.

* Low current ratio:
Viva had low current ratio of below 1 time over the four fiscals
through 2017 owing to high creditors which have been used to meet
WC requirements as well non-operational investment in real estate
assets.

Strengths

* Promoters' extensive experience in the construction industry:
The partners have experience of more than a decade in the
construction industry. Due to the promoters' extensive
experience, Viva has developed good relations with its suppliers.

* Moderate order book position:
Viva has an order book of around INR32 crore as on Aug - 2017
which ensures moderate revenue visibility over the medium term.

Outlook: Stable

CRISIL believes VIPL will benefit over the medium term from the
promoters' extensive industry experience and its moderate order
book position. The outlook may be revised to 'Positive' if there
is substantial improvement in financial risk profile, especially
leverage. Conversely, the outlook may be revised to 'Negative' if
there is further deterioration in the financial risk profile
owing to an increase in outside liabilities due to a stretch in
the working capital cycle or an increase in investments in real
estate assets.

VIPL was incorporated in 2010 and the company started operations
as a road construction contractor in January 2013. Its registered
office is in Lucknow and does road construction projects for
Public Works Department in nearby regions, including Kanpur,
Lalitpur, and Etawah. The company also does work for Noida
Authority in the Noida region.



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


STEEL PIPE: Fitch Publishes 'B' Long-Term IDR; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has published Indonesia-based PT Steel Pipe
Industry of Indonesia Tbk's (Spindo) Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'B'. The Outlook Is Stable.

The agency has also assigned an expected rating of 'B(EXP)' with
a Recovery Rating of 'RR4', to the company's proposed US dollar
senior unsecured notes. The notes will be issued by Spindo B.V.,
Spindo's wholly owned subsidiary, and guaranteed by Spindo and
its operating subsidiaries. The proceeds from the proposed notes
will mainly be used to repay the company's secured working-
capital loans. The final rating is subject to the receipt of
final documentation conforming to information already received.

Spindo is Indonesia's leading steel pipe manufacturer, with
around 35% share of the country's welded pipes market. The
ratings reflect Spindo's small scale and lack of vertical
integration compared with other steel product manufacturers
globally. Spindo's leverage, measured in terms of net adjusted
debt to EBITDAR ratio, is also relatively high at 4.9x as of end-
2016. However, Fitch expects the company to deleverage to a level
consistent with the rating within the next 12 months based on
increasing EBITDA, moderate capex and a shorter working capital
cycle. The company's rating also factors in its robust market
position, product and customer diversity as well as Fitch
expectation of healthy demand growth for steel in the country.

KEY RATING DRIVERS

Strong Domestic Position; Small Globally: Spindo's scale allows
it to manufacture a wide range of products with better cost
efficiency than domestic competitors. However, the company is
small compared with global peers. Spindo's economies of scale in
manufacturing expenses partly offset its lack of vertical
integration and control over prices of its raw materials, mainly
steel coils. Indonesian regulations also provide some measure of
protection against pressure from imports. Domestic manufacturers
receive priority for government projects and there are minimum
local-content requirements for sectors such as oil and gas and
power, which support demand for locally produced steel pipes.

Company Expects to Reduce Inventory: Significant investment in
working capital contributed to high leverage in 2016. Spindo's
inventory days increased to around 350 in 2016 based on Fitch's
calculations, from around 270 in 2015, as the company built up
inventory in anticipation of higher demand. The company plans to
lower its inventories, partly by relying more on domestic
suppliers for smaller order sizes and shorter delivery times
compared with imports. A shorter working capital cycle, if
achieved, should improve Spindo's operating cash flow and
leverage profile.

Customer and Supplier Diversification: Spindo supplies over 10
different product types to customers in various industries, such
as infrastructure, real estate, utilities, oil and gas,
automotive and furniture. Demand from infrastructure, utilities
and real estate accounts for around 50% of revenue. Spindo has
long-standing relationships with key customers such as PT
Pertamina (Persero) (BBB-/Positive), PT Perusahaan Gas Negara Tbk
(BBB-/Positive), Yamaha and Chevron, but there is limited
concentration risk as its top 10 customers made up less than 30%
of revenue in 2016. This diversification helps to offset demand
weakness in specific segments and lowers revenue volatility.

The company has installed capacity of over 600 kilotonnes/year
across four locations in Java, Indonesia. Spindo sources its raw
material from various suppliers, with imports contributing more
than 70% of needs. The company has not engaged in any long-term
supply contracts. Spindo's exposure to raw material price
volatility is also mitigated by its flexibility in choosing
suppliers based on prices offered.

Demand Weakness Unlikely to Persist: Spindo's sales volumes fell
3% in 2016 and were down 22% yoy in 1H17, hit by a steep decline
in sales to the oil and gas sector and tepid demand from other
sectors, such as infrastructure and utilities. Fitch's base case
oil-price assumptions factor in a modest recovery in oil prices
over the next few years and Fitch expects a gradual increase in
Spindo's sales volume to the sector. Demand from other sectors
such as infrastructure, construction, automotive and furniture
should also improve in line with Fitch's forecast of accelerating
GDP growth, which will boost Spindo's sales volumes from 2H17.

Fitch believes that a sustained increase in the government's
infrastructure budget, supported by an improvement in tax
collections, should result in faster project execution rates.
Urban housing growth, with a corresponding increase in furniture
sales, is likely to be another driver of demand growth for the
company. Spindo is also targeting four-wheeler manufacturers to
supplement its strong base in the two-wheeler segment.

Capex to Moderate: Spindo incurred relatively high capex of
around IDR350 billion on average each year over 2013-16 Fitch's
calculations show. This drove its high leverage during the
period. The company increased capacity by starting a new facility
in East Java in 2014 and by upgrading its existing machinery. The
company has shelved plans to invest in new capacity geared
towards the oil and gas sector (in Gresik) and Fitch expects it
to mainly incur maintenance-related capex of around IDR80 billion
annually over the next three years as it has significant
unutilised capacity. Spindo also plans to incur some capex to
build eight warehouses in the next five years to increase direct
sales to customers.

Deleveraging Likely: Fitch estimates that Spindo's leverage will
moderate to around 4x by 2018. Fitch estimates is based on EBITDA
growth driven by increasing revenue and better capacity
utilisation, the absence of further significant investments in
capacity expansion and a shortening of Spindo's working capital
cycle.

DERIVATION SUMMARY

Integrated steel producers under Fitch's coverage enjoy a better
business profile than Spindo, on account of larger scale, more
product diversity and a higher degree of vertical integration. As
a result, they are rated higher in general, with most of them in
the 'BB' category.

Within Indonesia, Spindo's rating can be compared with that of PT
Pan Brothers Tbk (B/Positive). Pan Brothers' rating is
underpinned by its position as Indonesia's largest publicly
listed garment manufacturer by capacity and its established
relationships with global apparel brands. However, these
strengths are balanced by high working capital requirements.
These operating characteristics for Pan Brothers, in addition to
its estimated leverage for 2017, are similar to that of Spindo.
However, Fitch expects faster deleveraging for Pan Brothers,
resulting in a Positive Outlook.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:

- Total sales volume to decline by 5% in 2017 due to weak
   1H, and grow thereafter by 7% annually over 2018-19 (2015:
   20%, 2016: -3%).
- EBITDA/tonne margin of around USD130 in 2017 and 2018 (2015:
   USD137, 2016: USD124)
- Annual capex of around IDR110 billion over 2017-19.
- Net working capital days of 360 for 2017, reducing to 290 by
   2019

The recovery analysis assumes that Spindo would be considered a
going concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administration claim.

Going-Concern Approach

- The going-concern EBITDA for Spindo is equal to Fitch averages
of estimated EBITDA over 2017-18 to reflect mid-cycle conditions.
An average mid-cycle enterprise value (EV) multiple of 5.0x for
the steel sector is used to calculate a post-reorganisation EV of
IDR3.2 trillion.

- Fitch has assumed fully drawn working capital facilities of
USD110 million. These working capital facilities, likely to be
secured, have priority over senior unsecured debt. Fitch
estimates that Spindo has the ability to assume senior unsecured
debt, including the proposed notes, of up to around USD340
million, for a recovery of over 30% for the proposed note
holders, which corresponds to a Recovery Rating of at least
'RR4'. However, if secured working capital debt is meaningfully
higher than assumed, recoveries for the proposed notes could be
impacted, which would result in a recovery rating lower than
'RR4'. In that case, the proposed bond would be rated lower than
the issuer's IDR.

- Fitch has rated the senior unsecured bonds 'B/RR4' because,
under Fitch Country-Specific Treatment of Recovery Ratings
criteria, Indonesia is classified under the Group D countries in
terms of creditor friendliness, and the instrument ratings of
issuers with assets located in this group of countries are
subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:
- Adjusted net debt/EBITDAR at below 3.5x on a sustained basis
- Better inventory management leading to shorter inventory days
   of around 210 days

Developments that may, individually or collectively, lead to
negative rating action include:
- Adjusted net debt/EBITDAR above 4.5x on a sustained basis
- A further lengthening of the working capital cycle
- Conversion margin below USD100/tonne on a sustained basis

LIQUIDITY

Satisfactory Liquidity: Over 85% of Spindo's debt of IDR2.8
trillion at 30 June 2017 was secured short-term bank loans
primarily for working capital needs. In total, debt maturing
within one year amounted to IDR2.5 trillion, including around
IDR80 billion of repayments due for long-term debt. Spindo's cash
and cash equivalents of IDR41 billion fall short of this amount,
but Fitch expects the company to be able to repay most of its
short-term debt using proceeds from the proposed bond issue. Even
if the proposed bond issue does not proceed, Fitch believes
Spindo's short-term bank loans are likely to be rolled over given
their secured nature as well as Spindo's operating profile and
good banking relationships.



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


PERISAI PETROLEUM: Gets Demand Notice Over Breach of Contract
-------------------------------------------------------------
Sulhi Azman at theedgemarkets.com reports that Perisai Petroleum
Teknologi Bhd said three clients are claiming MYR13.68 million in
losses and damages from its wholly-owned unit, Perisai Drilling
Sdn Bhd (PD), for an alleged breach of contractual obligation.

The three clients are Konsortium Pelabuhan Kemaman Sdn Bhd (KPK),
Pangkalan Bekalan Kemaman Sdn Bhd (PBK) and EPIC Mushtari
Engineering Sdn Bhd, theedgemarkets.com says.

According to theedgemarkets.com, Perisai in a filing with Bursa
Malaysia said PD has been given a week to pay the amount, failing
which the claimants plan to commence legal proceeding against the
company.

Seeking a legal advice on the demand, Perisai -- a financially
distressed energy services firm with Practice Note 17 (PN17)
status -- said it has also notified its insurer of the sum
demanded, theedgemarkets.com relates.

Quoting the letter of demand, Perisai said the case trailed back
to the offer made by EPIC.

EPIC had on Aug. 1, 2016 -- via a letter of offer -- agreed to
provide PD with related berthing facilities, which will enable
the latter to house its Perisai Pacific 101 rig,
theedgemarkets.com recalls.

The report says PD had agreed to undertake full responsibility
for the rig berthing, use and keep the said area and shall
indemnify all damages caused.

"The notice (of demand) alleges that as a result of PD's failure
to moor the rig on Sept 5, 2016, the rig broke free of the
moorings, drifted off and came into contact with a mobile
offshore unit, namely Naga 4 and subsequently, the rig continued
drifting and collided with Berth 6 and 7 respectively, which are
owned by PBK," Perisai, as cited by theedgemarkets.com, said.

"The notice further alleges that as a result of the collision,
the finger jetty, Berth 6 and 7 and quay wall/wharf of PBK were
damaged. On Sept. 6, 2016, KPK made arrangements for tug boats to
be mobilised and sent to the East Wharf to retrieve the rig,
which was subsequently secured to the West Wharf by employees of
KPK," the PN17 energy firm added.

As a result, Perisai said the three clients have alleged that PD
has breached the contractual obligation - which was stipulated
under EPIC's letter of offer - by failing to moor the rig, the
report says.

                    About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 14, 2016, The Star Online said Perisai Petroleum Teknologi
Bhd has been classified as a Practice Note 17 (PN17) company
after its unit Perisai Capital (L) Inc defaulted on SGD125
million debt notes due on Oct. 3.

The Star related that the upstream oil and gas provider said in a
statement to Bursa Malaysia that it therefore must regularize its
financial position within 12 months and implement the
regularization plan within the timeframe stipulated by either the
Securities Commission or Bursa Malaysia Securities Bhd.



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


IRIRIKI ISLAND: Temporary Stay on Insolvency Decision
------------------------------------------------------
Radio New Zealand reports that a judge in Vanuatu has ordered a
temporary stay on a decision to liquidate the company which owns
a prominent resort.

Iririki Island Holdings, the owners of the prominent resort that
sits on an island in Port Vila Harbour, was last week declared
insolvent by the Supreme Court, Radio NZ relates.

According to the report, Justice Geoghegan said he was confident
the company was unable to pay its debts, after a construction
company said it was owned more than US$1 million.

But the Daily Post reported that Iririki Island Holdings planned
to appeal against the rulings, and the temporary halt was ordered
pending that appeal, Radio NZ says.


MTF SIERRA 2017: Fitch Rates NZD1.32MM Class F Notes 'B+'
---------------------------------------------------------
Fitch Ratings has assigned expected ratings to MTF Sierra Trust
2017's automotive-backed floating-rate notes. The issuance
consists of notes backed by automotive loan receivables
originated by Motor Trade Finance Ltd (MTF). The ratings are:

NZD194.04 million Class A notes: 'AAA(EXP)sf'; Outlook Stable
NZD7.33 million Class B notes: 'AA(EXP)sf'; Outlook Stable
NZD6.42 million Class C notes: 'A(EXP)sf'; Outlook Stable
NZD2.93 million Class D notes: 'BBB(EXP)sf'; Outlook Stable
NZD2.75 million Class E notes: 'BB(EXP)sf'; Outlook Stable
NZD1.32 million Class F notes: 'B+(EXP)sf'; Outlook Stable
NZD5.21 million Seller notes: 'NR(EXP)sf'

The notes will be issued by Trustees Executors Limited in its
capacity as trustee of MTF Sierra Trust 2017.

At the cut-off date 18 July 2017, the total collateral pool
consisted of 18,503 receivables, totalling NZD217.8m, with an
average obligor exposure of NZD12,603. The loan receivables,
originated by MTF, are amortising principal and interest loans
for both new and used vehicles (92.1% and 7.9% respectively),
with a portfolio weighted-average seasoning and remaining term of
4.7 and 36.9 months respectively.

KEY RATING DRIVERS

Asset Performance: Historical net losses have been minimal due to
the alignment of interests between MTF and the originating
parties via a back-to-back loan agreement.

Yield Support Mechanism: The weighted-average (WA) yield
generated by the cash balance held in the designated account and
the receivables pool must remain above 8% during the revolving
period. This calculation is weighted by the remaining term of the
contracts to ensure the yield is maintained as the pool
amortises. Fitch's cash flow analysis tested that excess yield
was available under all stressed scenarios tested.

Granular Pool Quality: Wide-ranging parameters manage portfolio
concentrations. These include, but are not limited to, controls
on high-risk loans, contract size, geographic distribution,
single-dealer and franchisee concentration, maximum obligor
exposure and restrictions on non-standard motor vehicles.

Stop-Origination Triggers: The revolving period can expose
noteholders to additional risks with respect to a longer time
horizon or degradation in portfolio asset quality. The revolving
period is limited to two years after closing, unless stop-
origination triggers are met. These include, but are not limited
to, the aforementioned pool parameters and yield support levels,
as well as performance-based arrears, loss and charge-off stop-
origination triggers.

Excess Spread: Once 30+ day arrears, averaged over the previous
three-month period, exceed 3.5%, half of the available excess
will be allocated to the excess spread account. If a stop-
origination event subsists, all the available excess will be
allocated to the excess spread account.

EXPECTED RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels
higher than Fitch's base case and is likely to result in a
decline in credit enhancement (CE) and remaining loss-coverage
levels available to the notes. Decreased CE may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis by stressing a transaction's initial base-case
assumptions.

Fitch evaluated the sensitivity of the ratings on MTF Sierra
Trust 2017 to increased defaults and decreased recovery rates.
This analysis determined that collectively, the ratings of class
A, B and C notes were susceptible to downgrades under 25% and the
E and F notes under 50% increases in defaults. Only the Class D
notes were susceptible to downgrade at the stress test of a 10%
increase in defaults.

Recovery scenarios, whereby the model assumed recovery rates are
decreased, showed that only the class D notes were sensitive to a
10% decrease in recoveries, and class C notes sensitive to the
severe stress of a 50% decrease in recoveries. All other rated
notes were not sensitive to any change in recovery assumptions
(10%, 25% and 50% decrease).

The ratings of the class C and D notes were sensitive to the
combined stress scenario of a 10% increase in defaults and a 10%
decrease in recoveries. The Class A, B, E and F notes were
sensitive to the moderate stress of a 25% increase in defaults
and 25% decrease in recoveries.


SOLID ENERGY: Final Milestone Achieved in Asset Sales
-----------------------------------------------------
The finalisation of the sale of the Stockton export coal
operation and the two Waikato mines, Rotowaro and Maramarua to BT
Mining completes Solid Energy's asset sale process and
effectively clears the path to the wind up of the company.

Solid Energy Chair Andy Coupe said that with this last milestone
now achieved the company is on track to complete remaining
operational and administrative activities by December 2017 prior
to the company going into solvent liquidation by March 2018.

"The asset sales process has been a complex but successful one,
both in terms of the return achieved for creditors and in
securing and preserving jobs for our employees, which was an
explicit goal of the company throughout the process" said Mr.
Coupe.

The asset sales process commenced in late 2015.

Chief Executive Tony King said "For the people working at Solid
Energy there has been a lengthy period of uncertainty as to when
or if operations would be sold or closed. It is immensely
gratifying that in many instances all staff employed at an
operation have been retained by the new owners, and while at
other operations some have been made redundant, most have since
been re-employed. The economic, com-munity and social impact in
the regional locations where Solid Energy operated mines has been
very positive as a result."

Mr King noted that the fact the company has achieved targets
across the full range of financial, produc-tion, safety,
environmental and asset sales in its last financial year is a
testament to the professionalism, focus and commitment of
everyone from the coalface to the corporate office.

Once all sale proceeds are collected and final costs for the
period to solvent liquidation are taken into account it is
expected that participant creditors should see a return of
approximately 60 cents in the dol-lar compared to the estimated
20 cents that creditors would have received if the company had
gone into liquidation in September 2015.

                        Asset Sales Process

Solid Energy entered Voluntary Administration in August 2015
after the directors concluded that the company had no realistic
prospect of refinancing significant debt.

Under the Deed of Company Arrangement agreed with creditors in
September 2015 the directors are responsible for running an
orderly sell down process to sell the assets of the company. All
land, mines and other assets were offered for sale either as a
whole or in parts, presenting an opportunity for those assets
that are economically viable to continue trading under new
ownership; delivering the best outcome for creditors and staff.

The company has placed significant focus through the asset sales
programme on securing the path forward for the assets and
facilitating employment opportunities for staff.

                       Asset Sales Progress

In October 2016 Solid Energy announced that sale and purchase
agreements had been signed for the Stockton export coal
operation; the two Waikato mines, Rotowaro and Maramarua; New
Vale and Ohai coal mines in Southland, and Strongman, Liverpool
and the Reefton mines on the West Coast.

Settlement for the Ohai and New Vale mines was reached in April
with all of the mines' employees and operations transferring to
the new owner Greenbriar.

Settlement was also reached in April with Birchfield Coal Mines
for the purchase of the Strongman mine, the Island Block project,
the Mt Davy/Liverpool permit, and the Reefton coal distribution
centre.

During August the sale of the remaining Reefton assets,
comprising the Reddale and Burkes Creek min-ing operations with
the associated coal washery and plant and equipment was completed
with Moore Mining.

On August 31 BT Mining, a joint venture of Bathurst Resources and
Talleys Energy Limited, settled for the purchase of the Stockton
export coal operation and the two Waikato mines Rotowaro and
Marama-rua.

Spring Creek is the only mine in Solid Energy's asset sales
portfolio that has not sold and the closure of the mine is
currently underway.

Pike River Mine and East Mine were not included in asset sales
programme.

                         About Solid Energy

Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas,
biomass, biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 13, 2015, the Board of Solid Energy New Zealand Limited
(SENZ) has placed the company and all associated companies into
voluntary administration, a process which allows the company to
continue trading while creditors consider the best way forward.

KordaMentha partners, Brendon Gibson and Grant Graham have been
appointed Administrators.

Creditors of the Solid Energy Group on September 17 approved a
Deed of Company Arrangement (DOCA) with the Group.



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


CARITAS HEALTH: Former President Claims PHP7-Billion Deficit
------------------------------------------------------------
Daxim L. Lucas at the Philippine Daily Inquirer reports that
Caritas Health Shield -- reportedly the biggest health
maintenance organization (HMO) and preneed firm "hybrid" in the
Philippines -- has been asked by the Insurance Commission to
raise fresh capital amid allegations by former managers that the
firm has a deficiency of as much as PHP7 billion in its actuarial
reserves.

At the same time, however, the insurance regulator has downplayed
the issues facing the company, whose 600,000 policyholders
nationwide rely on it for their healthcare needs, calling it an
"intracorporate dispute" between Caritas' current management and
the camp of its former president, Teodoro Jumamil, the Inquirer
relates.

According to the Inquirer, Mr. Jumamil was removed by Caritas'
board in December 2016 after the lawyer and San Beda law
professor got into a dispute with the firm's other shareholders
about its finances.

The Inquirer relates that Mr. Jumamil, who became president of
the firm in 2015, said he was "surprised" by the financial
condition of the firm when he assumed office, noting that,
although sales were robust, Caritas' products were, from a
financial standpoint, poorly designed from the outset.

"The products were too good to be true," he told the Inquirer,
noting that its flagship "gold plan" offered policy holders
health care coverage for 10 years and, on top of that, would
grant these clients a rebate of up to 70 percent of their
payments at the end of the policy.

"There was no way this could be sustained, so the first thing I
did when I became president was to stop the sale of this
product," he said.

Another former Caritas official interviewed by the Inquirer - its
then-comptroller Mary Jenelle Palma - said she, too, had found
anomalies in Caritas' financial records, including overpriced
purchases and deals with previously blacklisted contractors and
service providers as well as a PHP7-billion deficit in its
actuarial reserves as of 2016.

She said she brought these issues up with the firm's board
several times, but was ignored and eventually reassigned to
another position, which forced her to resign, according to the
report.

Both Mr. Jumamil and Ms. Palma claimed that, due to the alleged
deficit in the firm's actuarial reserves, the benefits that
Caritas was paying out to existing policy holders was being
sourced from the payments of its new clients.

"It has become like a Ponzi scheme," said Palma, who has also
sued Caritas for "constructive dismissal" earlier this year, the
Inquirer relays. "The ones who are lucky are the clients who got
in early," she added.

The Inquirer says Mr. Jumamil, his wife (who is also a former
Caritas official) and Ms. Palma have all written insurance
regulators multiple times warning about the financial condition
of the firm and asking that action be taken against the current
management.

Insurance Commission chief Dennis Funa told the Inquirer that
Jumamil has also filed a petition for conservatorship with
regulators, asking that the assets of Caritas be frozen to
prevent their dissipation by the current management. The petition
is pending and Caritas has been asked to reply to the petition.

The Inquirer interviewed Caritas president Ronnie Collado, who
stressed that the company was financially healthy and able to
meet all its obligations as they come due. He attributed payment
delays being experienced by clients, business partners and other
stakeholders to red tape, saying some billers would submit
incomplete requirements, thus delaying the processing of their
payments.

Both Funa and Collado pointed out that Jumamil has since joined
another HMO and, as such, is eager to see Caritas in financial
dire straights, the Inquirer relays.

"That's not true," Mr. Jumamil said, who pointed out that he
remained a shareholder in Caritas who has much to lose
financially if the company collapses, the Inquirer relays. "What
I've been warning them about is the health of the company. We
should not be fooling our clients this way."


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


HYOSUNG CORP: Slapped With KRW5BB Fine Over Illegal Accounting
--------------------------------------------------------------
Yonhap News Agency reports that South Korea's financial regulator
said Sept. 6 it fined Hyosung Corp., a chemical and textile
flagship of Hyosung Group, KRW5 billion (US$4.4 million) for
illegal accounting.

Yonhap relates that the Financial Services Commission (FSC) said
Hyosung intentionally reduced net losses and debt between 2013
and 2016.

Hyosung is also accused of reporting wrong information in its
four stock filings between 2013 and 2016, according to the FSC,
Yonhap relays.

Samil PwC, an accounting firm that audited Hyosung's accounting
books, has been slapped with a KRW1.2 billion fine for not
carrying out a proper audit, the report adds.

Hyosung Group engages in textile, industrial materials, chemical,
heavy industry, construction, trading and financial businesses.


KUMHO TIRE: Parent Mull Asset Sale After Qingdao Deal Collapsed
---------------------------------------------------------------
Yonhap News Agengy reports that the chief of Kumho Asiana Group
said on Sept. 6 the airline-to-construction conglomerate will
consider asset sales in China to help turn around its tiremaking
affiliate after the deal to sell it collapsed.

In March, China's Qingdao Doublestar signed a 955 billion-won
(US$844 million) contract with the creditors led by the state-run
Korea Development Bank (KDB) to buy a 42.01-percent stake in
South Korea's No. 2 tiremaker, the report notes. The deal fell
through on Sept. 4 when the creditors rejected Doublestar's
demand to cut the purchase price, citing deteriorating earnings,
Yonhap discloses.

Doublestar demanded the creditors cut the price by 16 percent to
KRW800 billion, the KDB said, Yonhap relays.

Yonhap says the creditors called on Kumho Asiana to immediately
come up with a self-rescue plan for the tire unit.

"We are reviewing a variety of options, including the sale of
(Kumho Tire's) assets in China, to put the financially troubled
tire unit back on track," Kumho Asiana Chairman Park Sam-koo told
reporters in the lobby of group headquarters in Seoul, according
to a company spokesman, Yonhap reports.

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

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



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


PAN ASIA: Fitch Rates Basel II-Compliant Sub. Debentures BB+(lka)
-----------------------------------------------------------------
Fitch Ratings has assigned Pan Asia Banking Corporation PLC's
(PABC, BBB-(lka)/Stable) outstanding Sri Lanka rupee-denominated
Basel II-compliant subordinated debentures a National Long-Term
Rating at 'BB+(lka)'. The debentures mature in 2019 and amount to
LKR3 billion.

KEY RATING DRIVERS

The outstanding subordinated debentures are rated one notch below
PABC's National Long-Term Rating to reflect their subordination
to senior unsecured creditors.

PABC's National Long-Term Rating of 'BBB-(lka)' reflects
declining capitalisation following its rapid growth in the past.
The bank raised LKR2.1 billion in March 2017 via a rights issue
to increase its minimum regulatory capital in order to meet the
LKR7.5 billion target which was due on January 1, 2017.

PABC is required to increase this further to LKR10 billion by
January 1, 2018. Fitch believes that the bank's earnings
retention alone is not likely to be sufficient to achieve the
capital standards, despite improved profitability.

RATING SENSITIVITIES

The rating on the outstanding debentures will move in tandem with
PABC's National Long-Term Rating.

An upgrade of PABC's rating is contingent upon the bank achieving
a sustained and significant improvement in capitalisation,
alongside a moderation in risk appetite. PABC's rating would be
downgraded if loss-absorption buffers deteriorate further, either
through aggressive loan-book growth or a greater share of
unprovided NPLs.

A full list of PABC's ratings are:

National Long-Term Rating: 'BBB-(lka)'; Outlook Stable
Sri Lanka rupee-denominated senior unsecured debentures: 'BBB-
(lka)'

The following outstanding Basel II-compliant subordinated
debentures are rated 'BB+(lka)':
- LKR1.91 billion 9.75% listed subordinated debentures due 2019
- LKR1.09 billion 9.523% listed subordinated debentures due 2019



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***