TCRAP_Public/170908.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

           Friday, September 8, 2017, Vol. 20, No. 179

                            Headlines


A U S T R A L I A

EASTERN CREEK: First Creditors' Meeting Set for Sept. 15
GLOBAL ELECTROTECH: Goes Into Liquidation; Owes AUD1.2 Million
RBH HOLDINGS: First Creditors' Meeting Set for Sept. 14
RIMFIRE CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 15
ROYAL CROQUET: Second Creditors' Meeting Set for Sept. 15

SHERWIN FINANCIAL: Former Principal Pleads Guilty to Fraud
SINCLAIR RECRUITMENT: First Creditors' Meeting Set for Sept. 19
TZ LIMITED: Ex-Director Charged With Dishonest Conduct Offences


C H I N A

CHINA: Cities Face Surging Funding Costs on Default Concerns
INDUSTRIAL BANK: Fitch Affirms 'b' Viability Rating
ZOOMLION HEAVY: Fitch Affirms B- IDR; Outlook Remains Stable


H O N G  K O N G

HONGHUA GROUP: Moody's Hikes CFR to B3; Outlook Remains Negative
NOBLE GROUP: Chairman Determined to Avoid Repeat of Lehman
PHYSICAL PROPERTY: Incurs HK$169,000 Net Loss in Second Quarter


I N D I A

AK DAS ASSOCIATES: Ind-Ra Affirms BB LT Issuer Rating
APM INFRASTRUCTURE: ICRA Reaffirms 'B' Rating on INR8.5cr Loan
ARJAN DASS: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
BALAJI OIL: Ind-Ra Affirms BB Long Term Issuer Rating
BVL INFRASTRUCTURE: ICRA Assigns B+ Rating to INR23cr Term Loan

CJ'S HARITHA HOMES: Ind-Ra Migrates B+ Rating to Not Cooperating
DARJEELING POWER: ICRA Moves B+ Rating to Issuer Not Cooperating
DELEXCEL PHARMA: Ind-Ra Assigns BB- Issuer Rating; Outlook Stable
DEVARSH CONSTRUCTION: ICRA Withdraws B+ Rating on INR3cr Loan
DURATEX EXPORTS: ICRA Moves B Rating to Issuer Not Cooperating

EMPIRE PROPERTIES: ICRA Withdraws B Rating on INR35cr Cash Loan
GBR HATCHERIES: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
GIRIJASHANKAR COTTON: ICRA Moves B+ Rating to Not Cooperating
GIRIRAJ JEWELLERS: ICRA Reaffirms B Rating on INR6cr LT Loan
GRAND HYUNDAI: CRISIL Reaffirms B+ Rating on INR9.2MM Loan

HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR28.16cr Loan
HOMERA TANNING: ICRA Raises Rating on INR30cr LT Loan to B+
HOTEL DEE: CRISIL Reaffirms 'B' Rating on INR9.9MM Term Loan
IB COMMERCIAL: CRISIL Reaffirms 'D' Rating on INR57.84MM Loan
KAILASH INFRATECH: ICRA Moves B Rating to Issuer Not Cooperating

KUNDAN CARE: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
KUNDAN INTERNATIONAL: Ind-Ra Moves BB+ Rating to Not Cooperating
KUNDAN RICE: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
LUCKNOW MEDICAL: ICRA Moves B Rating to Issuer Not Cooperating
MAGUS METALS: ICRA Assigns C+ Rating to INR8.0cr Cash Loan

MAHESHWAR REFOILS: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
MALIK MARKETING: ICRA Withdraws B Rating on INR7.50cr Cash Loan
MANSAROVAR TRADE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
NATIONAL STEEL: CRISIL Reaffirms B- Rating on INR10MM Cash Loan
PHOROTECH SURFIN: Ind-Ra Migrates BB+ Rating to Not Cooperating

PKP FEED MILLS: Ind-Ra Moves D Issuer Rating to Not Cooperating
RAGHUVEER METAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
RAMGARH SPONGE: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
S.K. SOLVEX: ICRA Moves 'B' Rating to Issuer Not Cooperating
SAI INDIA: ICRA Withdraws B+ Rating on INR5.10cr LT Loan

SAMANVAY PARK: Ind-Ra Moves BB- Issuer Rating to Not Cooperating
SANATAN LOGISTICS: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
SANMATI EDIBLE: ICRA Moves 'B' Rating to Issuer Not Cooperating
SHANTI ISPAT: CRISIL Reaffirms B- Rating on INR11.45MM Term Loan
SHREE BALAJI: ICRA Reaffirms 'B' Rating on INR3.90cr Cash Loan

SHRIMATI URMILA: CRISIL Reaffirms C Rating on INR1MM Term Loan
SIZZLING BEVERAGES: ICRA Assigns 'Ir B' Issuer Rating
TEESTA URJA: ICRA Reaffirms 'D' Rating on INR3,328.90cr Loan
TP BUILDTECH: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
TULASI SEEDS: CRISIL Raises Rating on INR50MM Cash Loan to B+

U R AGROFRESH: Ind-Ra Upgrades Long-Term Issuer Rating to 'B+'
UNITY DEVELOPERS: ICRA Withdraws B+ Rating on INR9.23cr Loan
USHER AGRO: Ind-Ra Migrates 'D' NCDs Rating to Not Cooperating
WELCOME MINERAL: ICRA Reaffirms B+ Rating on INR5.37cr Loan


M A C A U

STUDIO CITY: Improved 1H 2017 Results No Impact on Moody's B2 CFR


N E W  Z E A L A N D

TOP RETAIL: Topshop New Zealand Placed Into Receivership


P H I L I P P I N E S

WORLD PARTNERS: PDIC Starts Deposit Insurance Payment


S I N G A P O R E

TT INTERNATIONAL: Wins Court Nod on Moratorium Application


                            - - - - -


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


EASTERN CREEK: First Creditors' Meeting Set for Sept. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Eastern
Creek Smash Repairs Pty Limited will be held at Level 14, MLC
Centre, 19-29 Martin Place, in Sydney, NSW, on Sept. 15, 2017, at
2:30 p.m.

Louisa Sijabat and Anthony Lane of Vincents Chartered Accountants
were appointed as administrators of Eastern Creek on Sept. 5,
2017.


GLOBAL ELECTROTECH: Goes Into Liquidation; Owes AUD1.2 Million
--------------------------------------------------------------
BusinessNews reports that Balcatta-based electrical, fire and
security provider Global Electrotech has gone into liquidation
after creditors appointed DCS Advisory to the failed business,
which owes about AUD1.2 million.

Global Electrotech fell into the hands of WA Insolvency Solutions
as administrators in 2013, but gained control several months
afterwards with a deed of company arrangement, while the
administrator managed the creditors' trust.

By late 2015, the company had paid just more than AUD720,000 of
the AUD1.8 million it had agreed to pay the trust. However, it
negotiated a two-year extension to pay the remaining AUD1.1
million in stages, ending Dec. 31, 2017.


RBH HOLDINGS: First Creditors' Meeting Set for Sept. 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of:

  -- RBH Holdings (Aust) Pty Ltd;
  -- RBH (Night Club) Pty Ltd;
  -- RBH (Bistro) Pty Ltd; and
  -- RBH (Accomodation) Pty Ltd

will be held at the offices of Pitcher Partners, Level 19, 15
William Street, in Melbourne, Victoria, on Sept. 14, 2017, at
10:30 a.m.

Gess Michael Rambaldi of Pitcher Partners was appointed as
administrator of RBH Holdings and subsidiaries on Sept. 4, 2017.


RIMFIRE CONSTRUCTIONS: First Creditors' Meeting Set for Sept. 15
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Rimfire
Constructions (Qld) Pty Ltd will be held at The Newstead Room,
Quest Breakfast Creek, 15 Amy Street, in Albion, Queensland, on
Sept. 15, 2017, at 11:00 a.m.

Ginette Muller of GM Insolvency was appointed as administrator of
Rimfire Constructions on Sept. 7, 2017.


ROYAL CROQUET: Second Creditors' Meeting Set for Sept. 15
---------------------------------------------------------
A second meeting of creditors in the proceedings of Royal Croquet
Club Adelaide Pty Ltd has been set for Sept. 15, 2017, at
10:30 a.m., at the offices of DuncanPowell, Level 4, 70 Pirie
Street, in Adelaide, SA.

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.

Andrew George Ashbrook Langshaw and Peter James Lanthois of
DuncanPowell were appointed as administrators of Royal Croquet on
June 15, 2017.


SHERWIN FINANCIAL: Former Principal Pleads Guilty to Fraud
----------------------------------------------------------
The former Principal of Sherwin Financial Planners Pty Ltd and
Chairman of Wickham Securities Ltd has pleaded guilty to 25
charges brought by the Australian Securities and Investments
Commission, arising out of the collapse of his financial planning
business.

Bradley Thomas Sherwin, 62, of Everton Hills, Queensland,
appeared in the Brisbane District Court, and pleaded guilty to:

* twenty four counts of dishonestly causing a detriment
   between May 2009 and December 2012 to the value of nearly
   AUD10 million to a number of clients of Sherwin Financial
   Planners; and

* one count of dishonestly breaching his duties as a director
   of Wickham Securities Limited between June 2010 and
   October 2010.

Mr. Sherwin will be sentenced on Nov. 14, 2017.  Mr. Sherwin did
not apply for bail and was remanded in custody.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Wickham Securities collapsed in December 2012, owing more than
AUD27 million to approximately 300 debenture holders.  Sherwin
Financial Planners and other companies of which Mr. Sherwin was a
director collapsed in January 2013, owing more than $30 million
to clients of Sherwin Financial Planners.

In May 2016, ASIC permanently banned Mr. Sherwin from providing
financial services.

In September 2016, the former Chief Executive Officer of Wickham
Securities, Garth Peter Robertson, was sentenced to 5 years
imprisonment after pleading guilty to various charged brought by
ASIC, including fraud.

In June 2013, ASIC cancelled the registration of the auditor of
Wickham Securities, Brian Kingston, after forming the view he
failed to carry out or perform adequately and properly the duties
of an auditor.


SINCLAIR RECRUITMENT: First Creditors' Meeting Set for Sept. 19
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Sinclair
Recruitment (NSW) Pty Ltd will be held at Cor Cordis, 'One Wharf
Lane', Level 20, 161 Sussex Street, in Sydney, NSW, on Sept. 19,
2017, at 10:30 a.m.

Mark Hutchins and Jason Tang of Cor Cordis Chartered Accountants
were appointed as administrators of Sinclair Recruitment on Sept.
7, 2017.


TZ LIMITED: Ex-Director Charged With Dishonest Conduct Offences
---------------------------------------------------------------
After being extradited to Australia from Thailand, John Falconer,
the former director and chief financial officer of TZ Limited,
has been charged with dishonest conduct and appeared before the
Sydney Central Local Court.

The charges, which follow an Australian Securities and
Investments Commission investigation, include 16 counts of using
his position as a director dishonestly with the intention of
gaining an advantage for himself or others and 2 counts of giving
false or misleading information to the ASX.

ASIC alleges that between Dec. 8, 2006 and Sept. 24, 2008, whilst
a director of TZ Limited, Mr. Falconer used his position
dishonestly on 16 separate occasions to gain an advantage for
himself or others, by causing approximately AUD6.25 million of TZ
Limited's funds to be transferred to entities associated with Mr.
Falconer, entities associated with Andrew Sigalla (another former
director of TZ Limited) and other persons or entities associated
with Messrs Falconer and Sigalla.

ASIC also alleges that on two occasions, April 30, 2008 and
Feb. 28, 2009, while a director of TZ Limited, Mr. Falconer
lodged financial reports with the ASX which failed to disclose
the true nature of certain payments within the reports.

Each offence carries a maximum penalty of 5 years imprisonment.

Mr. Falconer departed Australia in March 2012 during ASIC's
investigation and did not return. Following a request from the
Australian Government (on behalf of ASIC), the Thai Criminal
Court issued a warrant for the arrest of Mr. Falconer and on
June 2, 2017, Mr. Falconer consented to be extradited to
Australia.

Mr. Falconer arrived in Australia on Sept. 5, 2017, escorted by
officers of the Australian Federal Police (AFP).

Appearing before Sydney Central Local Court the same day, Mr.
Falconer requested an adjournment for one week in order to
prepare a release application. The Court will hear the
application on Sept. 15, 2017 and Mr. Falconer will remain in
custody until the application is heard.

The Commonwealth Director of Public Prosecutions (CDPP) is
prosecuting the matter.

ASIC worked with the CDPP, the Commonwealth Attorney-General's
Department and the AFP in securing Mr. Falconer's extradition to
Australia. ASIC would also like to thank the Thai authorities for
their assistance in this matter.

On Nov. 22, 2016, Andrew Sigalla, the former director of TZ
Limited, was found guilty by a NSW Supreme Court jury of 24
counts of dishonest conduct and on Feb. 10, 2017 was sentenced to
10 years imprisonment, with a non-parole period of 6 years.

On March 1, 2017, Mr. Sigalla lodged a Notice of Intention to
Appeal against conviction and sentence.



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


CHINA: Cities Face Surging Funding Costs on Default Concerns
------------------------------------------------------------
Bloomberg News reports that China's cities, towns and counties
are facing surging borrowing costs as investors anticipate
landmark defaults.

Bloomberg relates that a local government financing vehicle in
the country's east was recently forced to pay a coupon on a bond
that matched a record. Average financing costs in credit markets
for the units that finance roads, bridges and sewers have jumped,
with yields for some borrowers surging the most in six years.

According to Bloomberg, Chinese investors are gradually accepting
a new reality: the government is reducing support for the local
funding units as it tries to curb their massive borrowings. In
August, a builder of social welfare housing in the southern
province of Hunan said it will change from a government financing
arm to a regular state-owned company, fueling concern it will
lose financial support from regional authorities, Bloomberg
recalls. At least 40 other LGFVs across China announced similar
plans from 2015.

"Investors' faith in the government's implicit guarantee for
LGFVs is weakening," Bloomberg quotes Wang Ming, chief operating
officer in Shanghai at Shanghai Yaozhi Asset Management Co, as
saying. "The pricing of LGFV bonds is more and more reflecting
their own credit fundamentals, which aren't good. Default risks
of weaker LGFV bonds are rising."

The Chinese government has stepped up efforts to curb local
government debt, the report says. In an April-dated statement,
the finance ministry said local governments must not provide any
guarantees to back corporate or individual borrowings, and urged
them to push forward the conversion of LGFVs into regular state-
owned enterprises, Bloomberg relays.

Those broader concerns spelled higher debt costs recently for
Jiangsu Hanrui Investment Holding Co., based in Zhenjiang in the
Yangtze River delta. The builder of an economic development zone
in the city in the eastern province of Jiangsu sold CNY1 billion
($153 million) of 270-day bills last week to yield 6.8 percent.
That matched the highest coupon on record for similar-maturity
LGFV notes.

In secondary trading, notes from the nation's local funding units
are also losing luster, Bloomberg says. The average yield on
seven-year AA- rated LGFV bonds has risen 108 basis points this
year, set for the sharpest increase since 2011. At 6.45 percent,
it's near a two-year high marked in June.

Bloomberg notes that despite the shift in the market, there are
still some investors who believe the government won't allow
defaults among the financing vehicles that support construction
throughout the nation.

"If any LGFV runs into repayment trouble, local government won't
stand aside," Bloomberg quotes Qiu Xinhong, a Shenzhen-based
money manager at First State Cinda Fund Management Co., as
saying. "Otherwise, it would cause systemic risk."

But there are warning signs. Just as the market reassesses local
credit risks, lower-rated LGFVs face rising bond repayments next
quarter. Financing arms must repay a record CNY21 billion of
notes rated AA or lower in the period, the highest amount on
record, according to Bloomberg-compiled data.

Hanrui illustrates the bigger trend of the local units piling on
borrowing. It has sold CNY8.5 billion this year in the onshore
market, almost double all of 2016, the data show. All of the
securities sold mature in a year or less.

According to Bloomberg, China's Golden Credit Rating
International Co. rated Hanrui AA+, equivalent to investment
grade locally, while Fitch Ratings gave the issuer a junk rating
of BB+. An operator at Hanrui declined to transfer Bloomberg's
call seeking a comment on the coupon rate.

"It's hard to define LGFVs' risk profile under current
circumstances," Bloomberg quotes Chen Qi, chief strategist at
private fund management company Shanghai Silver Leaf Investment
Co., as saying. "The government is trying to let LGFVs operate as
regular enterprises but LGFVs still have connections with the
government in many aspects so it can't totally withdraw the
support."


INDUSTRIAL BANK: Fitch Affirms 'b' Viability Rating
---------------------------------------------------
Fitch Ratings has affirmed the Long-Term Foreign-Currency Issuer
Default Ratings (IDRs) and Viability Ratings of six Chinese mid-
tier commercial banks. The Outlooks on the banks' IDRs are
Stable.

The six banks are:
- Industrial Bank Co., Ltd
- China MinSheng Banking Corporation
- Ping An Bank Co., Ltd
- Hua Xia Bank Co., Limited
- China Guangfa Bank Co., Ltd.
- Bank of Beijing

KEY RATING DRIVERS

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

All of the banks' IDRs are based on state support and are at the
banks' Support Rating Floors of 'BB+'. This reflects Fitch's
continued expectation that there is a moderate probability of
extraordinary support from the Chinese state (A+/Stable) in the
event of stress. This is based on several factors, including
their relative size, domestic significance and ownership
structure. There is typically no direct central government
ownership and a limited history of government support at these
banks, despite their status as national joint-stock commercial
banks (except for Bank of Beijing, which is a city commercial
bank).

State-owned strategic investors have been acquiring stakes at
some of these mid-tier banks in recent years, and these strategic
investors are often linked to Chinese insurers. This shift in
ownership may result in greater synergies and cross-selling
opportunities for some banks over the long run, but is not likely
to change the likelihood of these banks receiving extraordinary
support if needed. This is because Fitch expects support to come
primarily from the state, which should remain steady, unless the
private shareholders increase their stakes significantly,
resulting in a meaningful reduction in state or policy influence
over the banks.

VIABILITY RATINGS

The Viability Ratings of China's six mid-tier banks, which range
from 'bb-' to 'b', reflect different degrees of intrinsic
strength, which is affected by the banks' perceived risk appetite
and ability to absorb risks; the level and pace of financial
system credit growth and their impact on capital adequacy;
transparency and corporate governance issues; an evolving
regulatory framework; and the nascent legal system.

System-wide provision buffers have fallen, with the average
provision coverage ratio for joint-stock banks at 176% at end-
June 2017, against the 150% regulatory minimum. Reported asset
quality trends stabilised in 1H17, but Fitch believes this was
supported by government stimulus in 2H16 and asset quality
remains under pressure. There are also signs of a reduction in
shadow-banking activity following tighter regulations introduced
this year, with some of these mid-tier banks reporting declines
in their entrusted investment and wealth management product (WMP)
exposures during 1H17 (except for China Guangfa Bank, which only
reports financial performance annually). Some even reported
absolute declines in assets during 1H17.

Fitch's analysis of Chinese banks' asset quality places greater
emphasis on loss-absorption capacity, which includes factors such
as capitalisation, loan-loss reserve coverage and profitability,
rather than data on loan classifications. Fitch estimates the six
mid-tier banks' loss-absorption buffers ranged from around 2% to
5% of credit based on end-2016 data (mid-tier average: around
4%), compared with an average of around 8% for state banks. This
shows that most of the six mid-tier banks can withstand less
deterioration in their buffers relative to the state banks before
some form of remedial action is be likely to be required to
restore capital to a sustainable level.

Greater migration of assets back onto banks' balance sheets may
further weigh on their capitalisation, as internal capital
generation has lagged credit growth in most cases, due to the
sharp decline in interest margins and lingering asset-quality
pressures. Fitch took into account situations where capital
raising is planned or has been completed by banks to offset rapid
growth and maintain loss-absorption capacity at levels in line
with similarly rated peers.

RATING SENSITIVITIES

IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS

The banks' Issuer Default Ratings (IDR) will come under pressure
if Fitch perceives the state's ability to support the banking
sector is undermined by the increasing size of the financial
system. Chinese authorities have not yet provided any clear
guidance on the classification of domestic systemically important
banks. The guidance could lead to changes in the Support Ratings,
Support Rating Floors and, in turn, the banks' IDRs. Fitch
expects the state's propensity to support the banking sector to
remain high over the near term and extremely high for
systemically important banks.

Significant changes to the sector's liability structure, which
results in the banks' becoming more reliant on wholesale or
offshore funding (that is, when the system loan/deposit ratio
reaches over 100%), may affect the state's willingness to support
the entire financial system - especially less systemically
important banks - in the longer term, including resolving the
rising stock of problem assets. A reduction in state ownership,
either directly or indirectly through local governments or state-
owned enterprises, may also negatively affect the propensity of
the state to support these banks if the reduction is significant
and it lowers state influence at these banks.

VIABILITY RATINGS

Fitch assesses that excessive growth, particularly in WMP
issuances, exposures in entrusted investments and non-loan
credit, may render capital more vulnerable to deterioration
beyond what is implied by the current rating levels. The
magnitude of growth in WMP issuance and entrusted investments
over 2016 indicated the banks' risk appetite has increased. Some
of the mid-tier banks' exposures in these areas declined in 1H17,
but it is too early to tell whether such declines will be
significant and sustainable.

Reported asset quality has stabilised, although Fitch believes
this was mostly due to government stimulus in 2H16. The agency
believes asset quality will remain under pressure in the medium
to long term. Growth that is not managed prudently and
accompanied by a build-up of additional buffers can become a key
source of credit and liquidity risk.

Profitability was weighed down by declining net interest margins
at these mid-tier banks as their funding costs have risen. In the
past these banks tried to offset lower profitability through
aggressive growth. Tighter regulatory commitment to containing
financial-sector risks implies these mid-tier banks are unlikely
to sustain their previous growth rates.

Downgrades to the bank's Viability Ratings are possible if
concentrations in exposures increase relative to peers; if
deterioration in asset quality begins to undermine solvency; or
if severe deposit migration or reliance on WMPs leads to greater
funding and liquidity strains. The sector benefits from a degree
of ordinary support from Chinese authorities, most notably in the
form of liquidity injections in the market and aid for
financially troubled borrowers, but major disruptions in the
issuance of WMPs, quasi-substitutes for time deposits or
interbank market distress could lead to Viability Rating
downgrades.

Viability Rating upgrades for China's mid-tier banks are possible
if Fitch sees improvement in the banks' loss-absorption
capacities or in their deposit funding and liquidity. Similarly,
more sustainable credit (both loan and non-loan) growth, tighter
market discipline or a more conservative risk appetite
contributing to less off-balance-sheet activity (or being less of
a concern, including greater transparency and clarify over their
credit risks) may also benefit their Viability Ratings.

The rating actions are as follows:

Industrial Bank Co., Ltd
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
Outlook
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Viability Rating affirmed at 'b'

China MinSheng Banking Corporation
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
Outlook
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Viability Rating affirmed at 'b+'

Ping An Bank Co., Ltd
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
Outlook
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Viability Rating affirmed at 'b'

Hua Xia Bank Co., Limited
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
Outlook
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Viability Rating affirmed at 'b'

China Guangfa Bank Co., Ltd.
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
Outlook
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Viability Rating affirmed at 'b'

Bank of Beijing
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Stable
Outlook
- Support Rating affirmed at '3'
- Support Rating Floor affirmed at 'BB+'
- Viability Rating affirmed at 'bb-'


ZOOMLION HEAVY: Fitch Affirms B- IDR; Outlook Remains Stable
------------------------------------------------------------
Fitch Ratings has affirmed Chinese construction equipment
manufacturer Zoomlion Heavy Industry Science and Technology Co.
Ltd's Long-Term Issuer Default Rating (IDR) of 'B-'. The Outlook
remains Stable. Fitch has also affirmed the construction
machinery manufacturer's 'B-' foreign-currency senior unsecured
rating with Recovery Rating of 'RR4'.

Zoomlion's ratings reflect the company's large working capital
needs and high net leverage. The Stable Outlook reflects the
resources and access that Zoomlion still has that Fitch deems to
be sufficient to sustain its liquidity.

KEY RATING DRIVERS

Assets Disposal Cuts Debt: Zoomlion sold its environment
sanitation equipment and environmental business in 1H17 for
CNY11.6 billion in cash as the management intends to focus
existing resources on the construction and machinery segment.
While Fitch believes the transaction will improve Zoomlion's
balance sheet, it will also weaken its business profile as the
unit that was sold generated high and stable margins, leaving the
remaining business more exposed to a highly cyclical domestic
construction industry.

Top-line Recovery: Sales rebounded by 41% yoy to CNY12.6 billion
in 1H17 (or increased by 43% yoy to CNY10.1 billion on a proforma
basis excluding the environmental segment that was sold) due to
an increase in end-market demand for construction machinery.
Fitch expects Zoomlion's EBITDA in 2017 to remain flat at 2016
levels despite the loss of the environmental segment, which
contributed 28% of total revenue and 37% of total gross profit in
2016, due to increased sales in the construction machinery
segment.

Margin Erosion: Gross margin declined to 18% in 1H17 from 22% in
2016 and 27% in 2015. The decrease in gross margin in 1H17 was
partly due to the clearance of the company's inventory of
secondhand machinery and the poor performance of the agricultural
machinery segment. Fitch expects gross margin in 2017 to remain
around 20%, up slightly from 1H17 but still lower than the 22% in
2016. Fitch expects overall gross margins to face pressure from
the loss of the environmental business, which was a high-margin
segment.

Leverage Remains High: Fitch expects Zoomlion's FFO adjusted net
leverage to decrease from 70.0x in 2016 to 16.1x in 2017.
However, the material improvement was largely due to the disposal
of the major asset, which is non-recurring in nature. Therefore,
Fitch has not seen a clear trend towards sustainable low
leverage. Fitch expects Zoomlion's leverage to remain at a high
level in the next three years.

Liquidity Not an Immediate Issue: Zoomlion has CNY6.7 billion in
short-term debt due within one year. It has CNY10.6 billion in
cash on hand. Zoomlion, as the industry leader, still has good
access to banking facilities and the capital market. Therefore,
Fitch does not see any near-term issue with its liquidity.

DERIVATION SUMMARY

Compared with 'B' category peers such as China XD Plastics Co Ltd
(B+/Stable) and Tunghsu Group Co., Ltd. (B+/Stable), Zoomlion has
a significantly larger operating scale and a market leading
position but substantially higher leverage and lower coverage
ratios as well as weaker cash generation.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- CNY600 million in capex a year in 2017, 2018 and 2019.
- Gross margin to remain around 20%-23% between 2017 and 2019.
- No major M&As in the near term.

Recovery Rating Assumptions:
- The recovery analysis assumes Zoomlion would be liquidated in
a
   bankruptcy as a liquidation scenario generates higher value
   than a going-concern scenario
- Fitch has assumed a 10% administrative claim.
- The liquidation estimate reflects Fitch's view of the value of
   trade receivables, inventory and other assets that can be
   realised and distributed to creditors.
- Fitch applied a haircut of 70% on its trade receivables and
   receivables from finance leases, the largest asset class of
   Zoomlion. This is a higher haircut relative to the 20% Fitch
   normally apply to its peers, because of the company's
   distressed sales collection.
- Fitch applied a 60% haircut to its inventory, a higher haircut
   relative to the 50% Fitch normally apply to its peers, because
   of ongoing inventory provisions.
- Fitch applied a 60% haircut to its net property, plant and
   equipment, around the same as Fitch normally apply to Chinese
   manufacturing companies.
- A 47% recovery rate of offshore senior unsecured debt after
   administrative claims, which corresponds to a Recovery Rating
   of 'RR4', based on Fitch calculations of liquidation value.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- Material reduction in working capital
- Sustained improvement in FFO adjusted net leverage.

Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- Increasing liquidity pressure

LIQUIDITY

Zoomlion has around CNY10.6 billion in cash compared with CNY6.7
billion in short-term debt as of end-1H17. The company also
maintains around CNY100 billion in unused credit facilities.

FULL LIST OF RATING ACTIONS

Zoomlion Heavy Industry Science and Technology Co. Ltd
-- Long Term Foreign Currency IDR affirmed at 'B-', Outlook
    Stable;
-- Senior unsecured rating affirmed at 'B-' with 'RR4';
    Zoomlion H.K. SPV Co. Ltd
-- USD600 million 6.125% senior notes due 2022 affirmed at 'B-'
    with 'RR4'




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


HONGHUA GROUP: Moody's Hikes CFR to B3; Outlook Remains Negative
----------------------------------------------------------------
Moody's Investors Service has upgraded Honghua Group Limited's
corporate family rating to B3 from Caa1 and senior unsecured debt
rating to Caa1 from Caa2

The ratings outlook remains negative.

RATINGS RATIONALE

"The upgrade reflects the consideration that the company's
probability of default and refinancing risk will significantly
decline in the next 12-18 months, as its new, largest
shareholder, China Aerospace Science and Industry Corporation
(CASIC, unrated), which owns 29.99% of the company via Kehua
Technology Co., Limited -- a wholly owned subsidiary of CASIC --
will provide management oversight and facilitate the company's
access to funding," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

Moody's expects CASIC to exert strong management oversight of
Honghua, given CASIC's three board positions and its appointment
of the company's new senior management, including its chief
financial officer.

Moody's also expects that the company will increase its ability
to access funding and to refinance its short-term obligations due
to CASIC's state-owned enterprise background.

Moody's will closely monitor how CASIC will facilitate and assist
the company's operations and access to funding.

"The negative outlook reflects Honghua's weak financial metrics
due to its persistently weak business operations," adds Lu.

Honghua's 1H 2017 revenue fell by 36.8% year-on-year to RMB819
million, mainly because of lower revenue from land drilling rigs
(down 53.5%), and parts and components (down 32.5%).

Honghua's negative adjusted EBITDA expanded to negative RMB390
million for the 12 months ended June 30, 2017 from negative
RMB241 million in 2016, owing to its lower gross margins, in turn
driven by the high fixed costs for land drilling rigs, as well as
oil and gas services, and its high operating expense/revenue
ratio.

However, the company lowered slightly its adjusted debt to
RMB4.20 billion at end-June 2017 from RMB4.46 billion at end-
2016.

Honghua's weak liquidity position improved with its unrestricted
cash/short-term debt ratio at 87.3% at end-June 2017, up from
24.6% at end-2016.

This was supported by (1) better working capital management,
leading to positive cash flow from operations of RMB225 million
in 1H 2017, up from negative RMB180 million in 1H 2016; and (2)
the completion of two share placements, with net proceeds
amounting to around HKD1.6 billion (RMB1.4 billion) in 1H 2017.

Moody's expects the company's adjusted EBITDA to remain negative
over the next 12-18 months as its overall revenue levels will
stay weak and be insufficient to cover its costs and expenses,
despite continued efforts to control these two factors.

Honghua's B3 corporate family rating reflects management
oversight from CASIC, its ability to access funding, as
facilitated by CASIC, its strong market position in its onshore
drilling rigs and equipment business, as well as its diversified
level of geographic coverage.

On the other hand, Honghua's rating is constrained by its weak
liquidity and financial metrics against the backdrop of a weak
business environment.

The negative rating outlook reflects its weak liquidity position
and Moody's expectation that its operations and credit metrics
will remain weak over the next 12-18 months.

An upgrade in the ratings in the near term is unlikely, given the
negative outlook.

However, the ratings outlook would return to stable if CASIC
provides a good and ongoing track record of support to the
company; or Honghua improves its revenue, earnings and financial
leverage, and maintains a healthy level of backlog orders.

Downgrade pressure could emerge if the company cannot meet its
payment obligations, or if CASIC reduces its effective ownership
and management oversight, which in turn weakens Honghua's ability
to access funding.

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

Honghua Group Limited listed on the Stock Exchange of Hong Kong
in 2008. The company manufactures onshore drilling rigs and
equipment, offshore drilling platforms, and equipment packages.
It also engages in oil and gas engineering services.


NOBLE GROUP: Chairman Determined to Avoid Repeat of Lehman
----------------------------------------------------------
The Strait Times reports that the Noble Group executive charged
with restructuring the beleaguered commodity trader has no
intention of getting embroiled in another bankruptcy.

After winning shareholder approval for the sale of its gas and
power unit on Sept. 5, chairman Paul Brough, who oversaw the
liquidation of Lehman Brothers' assets in Asia, said Noble will
likely find a buyer for its oil business by the end of the month
and get an extension on a credit line beyond October, the report
relates. The company would then have the room to settle a
repayment plan with its banks and avoid default, he said.

"I don't go into companies with the intention of liquidating
them; I am a restructuring man," the report quotes Mr. Brough as
saying at a shareholders' meeting in Singapore. "I have only once
ever been in a Chapter 11 situation with Lehman Brothers, and I
don't wish to go there again. So rest assured, I'm doing all I
can to avoid any kind of formal process, and I'm doing all I can
to try and turn the business around."

According to The Strait Times, Noble is fighting for survival
more than two years into a crisis marked by criticisms of its
accounting, a plunge in its securities and credit rating
downgrades. The report says the trader is selling units to shore
up its finances after posting a US$1.75 billion loss in the
second quarter amid a surge in indebtedness. Moody's Investors
Service has warned the sales may be insufficient to cover its
debt, while S&P Global Ratings sees a risk of default in the next
six months.

Mercuria Energy Group bought the gas and power operation for
US$261 million, the report relates citing a circular to
shareholders. Selling the oil business, and extending the credit
facility as well as a covenant waiver, would give Noble "a
reasonably good platform now to sit down with our banks and talk
about a repayment plan," Mr. Brough, as cited by The Strait
Times, said.

Once Asia's largest commodity trader, the company's market value
has shrunk to just US$400 million from more than US$10 billion at
the end of 2010, the report discloses.

"Circumstances are very difficult indeed," including
relationships with lenders, Mr. Brough said, the report relays.
"The first three months of my chairmanship was to try and restore
the confidence of our bankers. If we can do that, then we can get
back to trading, business as usual," he said, adding that the
company will probably ask even more of shareholders in the future
than it has already.

Noble Group has US$2.6 billion in bank debt and bonds due in the
next 12 months, Moody's estimated in August. The company has been
trying to restore confidence among banks, counterparties and
investors after securing a covenant waiver until Oct 20. That was
in line with the extension agreed for a borrowing base facility
that underpins its US oil business.

"I think if we can get the extension from our North American
banks, which I expect to get very shortly, then we have a
platform until the end of the year to complete the oil liquids
sale and to talk to our other bond holders and lenders about a
repayment plan," the report quotes Mr. Brough as saying.

The company announced the gas and power sale to Mercuria in July.
Based on first half accounts, the company has flagged a possible
US$133 million loss on the deal, or the difference between the
book value of US$394 million and the sale price of US$261
million, the Strait Times notes.

As for the oil liquids business, Barclays has estimated its value
to be at least US$473 million. Noble also plans to raise a
further US$800 million to US$1 billion from asset sales, while a
search for a 'white-knight' investor continues, the report
relays.

After the sale of gas and power and oil liquids, operations would
include energy coal, carbon steel materials, metals, freight and
liquefied natural gas, according to a circular to shareholders
dated Aug. 19, the report relays. The trader has signaled it's
retreating to its Asian roots and has received support from
Mercuria and a small number of banks to help access financing.

                         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.


PHYSICAL PROPERTY: Incurs HK$169,000 Net Loss in Second Quarter
---------------------------------------------------------------
Physical Property Holdings Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss and comprehensive loss of HK$169,000 on HK$288,000 of
total operating revenues for the three months ended June 30,
2017, compared to a net loss and comprehensive loss of HK$177,000
on HK$260,000 of total operating revenues for the three months
ended June 30, 2016.

For the six months ended June 30, 2017, Physical Property
reported a net loss and total comprehensive loss of HK$389,000 on
HK$516,000 of total operating revenues compared to a net loss and
total comprehensive loss of HK$344,000 on HK$554,000 of total
operating revenues for the six months ended June 30, 2016.

As of June 30, 2017, Physical Property had HK$8.72 million in
total assets, HK$12.97 million in total liabilities, all current,
and a total stockholders' deficit of HK$4.24 million.

The Company has financed its operations primarily through
advances from the Principal Stockholder.

Cash and cash equivalent balances as of June 30, 2017, and Dec.
31, 2016 were HK$101,000 (US$13,000) and HK$49,000, respectively.

Net cash used in operating activities was HK$176,000 (US$23,000)
and HK$306,000 for the six-month periods ended June 30, 2017 and
2016, respectively.

Net cash used in investing activities, which mainly included
increase in bank deposit, were Nil and HK$1,000 for the six-month
periods ended June 30, 2017, and 2016, respectively.

Net cash provided by financing activities, which mainly includes
repayment of bank loans and advances from the Principal
Stockholder, were HK$228,000 (US$30,000) and HK$222,000 during
the six-month periods ended June 30, 2017 and 2016, respectively.

During the six-month periods ended June 30, 2017, and 2016, the
Company had not entered into any transactions using derivative
financial instruments or derivative commodity instruments or held
any marketable equity securities of publicly traded companies.


Consistent with the general practice of lessors of residential
apartments, the Company receives monthly rentals, which are due
on the first day of each billing period and are non-refundable.
This practice creates working capital that the Company generally
utilizes for working capital purposes.

The Company had no trade receivable balance as of June 30, 2017,
and Dec. 31, 2016.  The Company obtains rental deposits from its
tenants and has never experienced any significant problems with
collection of accounts receivable.  No provision for doubtful
receivables had therefore been made for the period under review.

During the six-month periods ended June 30, 2017, and 2016, the
Company had no purchases of investments.

Management believes that cash flow generated from the operations
of the Company, the tight cost and cash flow control measures and
the existing cash and bank balances on hand should be sufficient
to satisfy the working capital requirement of the Company for at
least the next 12 months as the Principal Stockholder has
confirmed his intention to make available adequate funds to the
Company as and when required to maintain the Company as a going
concern.  However, there can be no assurance that the financing
from him will be continued.

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

                     https://is.gd/koTZaR

                    About Physical Property

Physical Property Holdings Inc. (PPYH.PK) is a Hong Kong-based
real estate company.  The company buys, sells, invests in and
rents real estate in Hong Kong with five residential apartments
in the area.

Physical Property reported a loss and total comprehensive loss of
HK$730,000 on HK$1.08 million of rental income for the year ended
Dec. 31, 2016, compared with a net loss and total comprehensive
loss of HK$795,000 on HK$1.07 million of rental revenue for the
year ended Dec. 31, 2015.

Mazars CPA Limited, in Hong Kong, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, citing that the Company had a negative
working capital as of Dec. 31, 2016, and incurred losses for the
year then ended, which raised substantial doubt about its ability
to continue as a going concern.



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


AK DAS ASSOCIATES: Ind-Ra Affirms BB LT Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed A.K. Das
Associates Limited's (AKDAL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR250 mil. (increased from INR200 mil.) Fund-based limits
    affirmed IND BB/Stable rating; and

-- INR520 mil. (increased from INR300 mil.) Non-fund-based
    limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects AKDAL's continued small scale of
operations and moderate credit metrics in FY17, due to delays in
the execution of work orders. According to its provisional FY17
numbers, revenue grew marginally to INR624 million (FY16: INR615
million) due to slow execution of contracts. Also, gross interest
coverage and net financial leverage improved slightly to 2.1x in
FY17 (FY16: 1.6x) and 2.2x (2.8x), respectively. The improvement
in gross interest coverage was due to an improvement in operating
EBITDA and a decrease in interest cost. Net financial leverage
improved on account of a decline in total debt along with an
improvement in operating EBITDA.

Moreover, liquidity remains tight as reflected from its average
fund-based utilisation of 94.62% for the 12 months ended July
2017 because of a long net receivable days of 214 days in FY17
(FY16: 217 days).

The ratings remain supported by AKDAL's strong operating margin
(FY17: 19.3%; FY16: 16.8%), supported by the high-margins
contracts executed in trouble areas of Odisha, and promoters'
operating experience of over two decades in the construction of
transmission lines and substations, and related electrical and
civil works.

RATING SENSITIVITIES

Positive: An improvement in EBITDA interest coverage on a
sustained basis would lead to a positive rating action.

Negative: A decline in EBITDA interest coverage on a sustained
basis would lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1996, Odisha-based AKDAL constructs transmission
lines and substations, and related electrical and civil works.

AKDAL is promoted by Amiya Kanta Das, Sovarani Das and Pranati
Das.


APM INFRASTRUCTURE: ICRA Reaffirms 'B' Rating on INR8.5cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR8.5-crore fund-based facilities and the short-term rating
of [ICRA]A4 assigned to the INR7.0-crore non-fund based
facilities of APM Infrastructure Private Limited. The outlook on
the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-CC           8.5       [ICRA]B (Stable); reaffirmed
  Non-Fund Based-BG       7.0       [ICRA]A4; reaffirmed

Rationale

The ratings continue to take into account the extensive
experience of the Agarwal Group in the logistics business and the
company's stable revenues from the export-cargo handling
business. The ratings also factor in the inflow of unsecured
loans in FY2017 that have been providing cushion to the company's
liquidity position.

The ratings, however, are constrained by the company's low scale
of operations, modest operating margins and coverage metrics.
Further, the ratings are constrained by the significant level of
stuck receivables from NTPC-BHEL, though the management has
indicated that APM has won the arbitration contract for the same.
Going forward, the company's ability to improve its working
capital position and achieve diversified growth would remain the
key rating sensitivities. ICRA would also closely monitor the
inflow of the pending receivables.

Key rating drivers

Credit strengths

* Extensive experience of promoters in the logistics industry:
The promoters have an extensive experience in the logistics
industry being a part of the Agarwal Group and managing companies
like Agarwal Packers & Movers Limited and DRS Warehousing (North)
Private Limited.

* Stable revenues from export-cargo handling contract: The
company has been acting as a sub-contractor for handling export-
cargo services at the Indira Gandhi International Airport, New
Delhi. Export-cargo handling has been the core revenue streams
for the company, increasing to 96% in FY2017 from 84% in FY2016
and 58% in FY2015.

* Infusion in the form of interest-free unsecured loans: The
promoters have infused unsecured loans

Credit weaknesses

* Small scale of operations coupled with decline in business from
construction segment: The operating income of the company
declined over the years (from INR32.1 crore in FY2013 to INR22.3
crore in FY2017). The revenue of the company witnessed a YoY
decline on account of lower revenues from the construction and
maintenance business. APM had bid for a couple of projects in
FY2017 but did not win any contracts, leading increased
dependence on one contract.

* Growing overhead costs resulting in weak profitability in
FY2017: The profitability of the company saw a sharp decline in
FY2017 with operating margin contracting to 4.1% in FY2017 from
7.2% in FY2016 on account of high overhead cost towards the
construction segment.

* Stuck receivables towards NTPC-BHEL: APM executed work worth
INR40.0 crore for NTPC BHEL Power Projects Private Limited (a
joint venture of NTPC and BHEL) for construction of its factory
in Mannavaram, which was completed in FY2016. The outstanding
receivables for APM from NTPC-BHEL stood at INR6.97 crore. As per
the management, APM has won the arbitration case against NTPC-
BHEL. However, the inflow including interest charges is expected
in FY2018.

* Moderate capital structure with weak coverage indicators: The
total debt position in FY2017 improved marginally with adjusted
(adjusted for interest-free unsecured loans) gearing at 0.4 times
as on March 31, 2017. However, the coverage indicators remained
weak with interest coverage at 0.7 times and Net Cash
Accruals/Total Adjusted Debt of 4%.

APM, incorporated in 2005, was initially involved in construction
and renovation work, primarily for the Group companies. In FY2016
and FY2017, the company recorded a major portion of the revenue
from export-cargo handling services acting as a sub-contractor
for Celebi Delhi Cargo Terminal Management India Private Limited
at the airport in New Delhi. APM is a part of the Agarwal Movers
Group, which consists of a number of companies that are primarily
involved in the logistics sector, with the leading ones being
Agarwal Packers & Movers, DRS Logistics Private Limited and DRS
Warehousing (North) Private Limited.


ARJAN DASS: CRISIL Assigns 'B' Rating to INR8MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' rating to the
bank facilities of Arjan Dass and Sons Private Limited (ADSPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable
   Letter of Credit         2        CRISIL A4

The ratings reflect a marginal market share, and vulnerability to
cyclicality, in the steel industry, low operating profitability,
and working capital-intensive operations. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Marginal market share, and vulnerability to cyclicality, in the
steel industry: The Company has a marginal market share in the
Indian secondary steel industry, which is highly fragmented,
leading to intense competition. Individual players have limited
pricing power because of the commodity nature of the product.
Profitability is linked to the overall performance of the steel
industry, which is prone to cyclical changes in demand and
exposed to price volatility. The demand for steel products
depends on the growth of the primary end-user segments

* Low operating profitability and vulnerability to changes in
prices of raw material: The company does not have any fixed
order-based contracts for ingots. However, the rounds, squares,
flats that it manufactures are usually order backed. As there are
no price escalation clauses, the operating margin remains
susceptible to adverse movements in the prices of raw materials
such as sponge iron and scrap, which are procured from the local
market against advance payment. Hence, the operating margin
remains susceptible to changes in prices of raw materials.

* Working capital-intensive operations: Gross current assets were
high at over 200 days in the four fiscals ended March 31, 2017,
mainly driven by large inventory and receivables.

Strengths

* Extensive industry experience of the promoters:  The current
promoters have an experience of over a decade in the steel
industry.

Outlook: Stable

CRISIL believes ADSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of better working capital management or
higher-than-expected increase in operating income and
profitability. The outlook may be revised to 'Negative' in case
of lower-than-expected capacity utilisation, leading to
deterioration in the operating income and margins, or any
significant debt-funded capital expenditure.

ADSPL was set up in 1957 as a partnership firm, which was
reconstituted as a private limited company in 2007. The company
is presently being managed by the third generation of promoters,
Mr. Arun Agarwal and Mr. Sandeep Agarwal. It manufactures flats,
rounds, squares, hexagons, and ingots. The company has a rolling
mill located in Howrah, West Bengal, with an installed capacity
of around 13,000 tonne per annum (tpa). In 2010, it backward
integrated by setting up a manufacturing facility for ingots with
an installed capacity of around 18,000 tpa in Borjora, West
Bengal.


BALAJI OIL: Ind-Ra Affirms BB Long Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Balaji Oil
Industries Pvt Ltd's (BOIPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR30.0 mil. Fund-based facilities affirmed with
    IND BB/Stable rating; and

-- INR305.4 mil. (increased from INR278.9 mil.) Non-fund-based
    facilities affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BOIPL's moderate credit profile, with
marginal revenue growth. According to provisional financials for
FY17, revenue was INR956 million in FY17 (FY16: INR942 million).
Revenue growth was driven by higher receipt of orders from the
existing and new customers. In FY17, EBITDA interest coverage
(operating EBITDA/gross interest expense) was 3.6x (FY16: 4.0x)
and net financial leverage (total adjusted net debt/operating
EBITDAR) was 3.4x (6.1x). The improvement in net financial
leverage was driven by a fall in total debt, while the
deterioration in EBITDA interest coverage was due to a decline in
operating EBITDA.

The ratings are constrained by a slight decline in EBITDA margin
(FY17: 1.1%; FY16: 1.6%) and moderate liquidity position. The
decline in the margin was due to an increase in variable cost
owing to a shift in the focus to trading from manufacturing. Its
average utilisation of fund-based facilities was 95.84% during
the 12 months ended July 2017.

The ratings, however, are supported by the promoters' experience
of over three decades in the same line of business.

RATING SENSITIVITIES

Negative: A substantial decline in EBITDA margin affecting credit
metrics will be negative for the ratings.

Positive: Substantial growth in the revenue and improvement in
the profitability leading to a sustained improvement in the
credit metrics will be positive for the ratings.

COMPANY PROFILE

Established in 1985, BOIPL is a private limited company engaged
in the trading and manufacturing of refined palm oil, refined oil
and crude palm oil, hydrogenated vegetable cooking oil, and
bakery shortening.


BVL INFRASTRUCTURE: ICRA Assigns B+ Rating to INR23cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR23.0-
crore term loan, INR10.0-crore cash credit and INR4.0-crore long-
term unallocated facilities of BVL Infrastructure Private Limited
(BIPL). The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Fund
  Based- Term loan       23.0       [ICRA]B+(stable); Assigned

  Long-term-Fund
  Based- Cash Credit     10.0       [ICRA]B+(stable); Assigned

  Long-term-
  Unallocated
  Facilities              4.0       [ICRA]B+(stable); Assigned

Rationale

The assigned ratings are constrained by BIPL's nascent stage of
operations with the company expected to start commercial
operations in September, 2017. The fragmented and low value-
additive nature of granite-processing business results in intense
competition, resulting in pressure on pricing and margins.
Further, the financial risk profile of the company is modest,
characterised by high gearing and stretched debt-protection
metrics. BIPL's profitability is also vulnerable to foreign
exchange rate fluctuations in the absence of defined hedging
mechanism, as the company expects a major portion of its revenues
to be derived from exports. The ratings, however, favourably
factor in more than a decade-long experience of the promoters in
the granite-processing and trading business; and advanced stage
of construction with debt sanctioned and availed. Besides, ~80%
of the civil work has been completed as of July, 2017, through
term loan of INR20.0 crore and promoter funding of INR16.0 crore.
Further, the company has availed all required statutory approvals
and licences. Going forward, the firm's ability to execute the
project without time and cost overrun and generate adequate cash
accruals for term-loan repayments by achieving sufficient
capacity utilisation would be the key rating sensitivities from
the credit perspective.

Key rating drivers

Credit strengths

* More than a decade-long experience of the promoters in the
granite-processing and trading business: BVL Infrastructure
Private Limited is a part of the BVL Group of Companies, based in
Ongole, Andhra Pradesh. The group has major presence in tobacco
processing and export, construction, real estate and in granite
quarrying, processing and exporting. The promoters of the group
have vast experience in granite processing and trading business.

* Advanced stage of construction with debt sanctioned and
availed: The total project cost is INR43.25 crore, which was
planned to be funded by INR23.0-crore term loan and the remaining
through a mix of unsecured loan and equity from the promoters.
Till July 2017, the company has incurred ~Rs. 36 crore of project
cost and has completed ~80% of the civil construction work
through INR20.0-crore term loan and INR16.0-crore equity and
unsecured loans. The trial production started in June 2017, and
the commercial operations are expected to commence in September
2017.

* Availed all required statutory approvals and licences: The
company has availed all required statutory approvals and licences
like factory licence, industrial licence, Pollution Control Board
consent for establishment of factory etc, as required for timely
completion of the project.

Credit weaknesses

* Project implementation risk with the company expecting to start
commercial operations in September 2017: BIPL was incorporated in
2007, however, the company started the project in FY2015 for
construction of granite-processing unit, at Ongole, Andhra
Pradesh, with overall production capacity of 26,00,000
sq.ft./month. The company remains exposed to project-
implementation risks like completion of project without time and
cost overrun. The ability of the company to generate adequate
cash accruals for term-loan repayments by achieving sufficient
capacity utilisation, would be key to the overall credit profile.

* Modest financial risk profile: The financial profile of the
company is characterised by high gearing and stretched debt-
protection metrics in the initial years of its operation with the
proposed debt/promoter funding ratio of 1.14:1.

* Fragmented industry and low value-additive nature of granite-
processing business result in pressure on margins: The granite
processing industry in India is highly fragmented with the
presence of a large number of organised and unorganised players.
With intense competition from both national and international
players, coupled with limited value-additive nature of business,
the pricing flexibility and profitability of the company would
remain under pressure.

* Vulnerability to foreign exchange rate fluctuations: BIPL
expects to derive a major portion of its revenues from exports.
With no defined hedging policy, the profitability is exposed to
volatility in foreign exchange rates.

* Profitability of the company remains relatively limited: For
most of the orders of the current order book, the company is a
secondary contractor, which limits the profitability of the
company to an extent.

BVL Infrastructure Private Limited was incorporated in 2007.
However, the company started the project in FY2015 for
construction of granite-processing unit, at Ongole, Andhra
Pradesh, spread over an area of 22.07 acres with an overall
production capacity of 26,00,000 sq ft./month. BIPL would be
processing and exporting granite. The trial production started in
June, 2017 and the commercial production is expected to start in
September, 2017. The company is planning to process Black Galaxy,
Jet Black, Steel Grey, Black Pearl, Moon White, River White,
Iskon White variants of granite. BIPL is a part of the BVL Group
of Companies, which is based in Ongole, Andhra Pradesh. The group
has major presence in tobacco processing and export,
construction, real estate and in granite quarrying, processing
and exporting.


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

-- INR198.5 mil. Fund- based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

The firm was set up in 2010. It is engaged in real estate
development involving construction and sale of multi-unit
residential apartments.


DARJEELING POWER: ICRA Moves B+ Rating to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR25.00-crore bank lines and
unallocated facilities of Darjeeling Power Private Limited
(erstwhile known as Darjeeling Power Limited) to the 'Issuer Not
Cooperating' category. The rating is now denoted as:
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term, Fund        22.75      [ICRA]B+(Stable) ISSUER NOT
  Based Limits-                     COOPERATING; Rating moved to
  Term Loan                         the 'Issuer Not Cooperating'
                                    category

  Long term, Fund        0.78       [ICRA]B+(Stable) ISSUER NOT
  Based Limits-Cash                 COOPERATING; Rating moved to
  Credit                            the 'Issuer Not Cooperating'
                                    category


  Long term,             1.47       [ICRA]B+(Stable) ISSUER NOT
  Unallocated Limits                COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

Key rating drivers

Credit strengths

* Experience in managing hydropower projects - Darjeeling Power
Private Limited is promoted by the Mumbai based Somani Group who
has proven track record in executing four hydro projects having
an aggregate capacity of 15.9 MW. Further, the group operates two
schools and one vocational education institute in Mumbai.

Credit weaknesses

* High project gearing, which limits financial flexibility- The
total project cost is INR43.50 crore which is to be funded
through debt of INR22.75 crore and equity of INR20.75 crore (debt
- equity ratio 1.10:1.00). The high project gearing limits
financial flexibility.

* Exposure to hydrology risks - The project is exposed to
hydrology risks given the unavailability of long term flow series
data at the project site, leading to lack of discharge
calculation data based on downstream site.

Darjeeling Power Private Limited (erstwhile known as Darjeeling
Power Limited) is a Special Purpose Vehicle (SPV) incorporated to
develop, own and operate a 3 MW small hydro power (SHP) project
known as Shaung Mini Hydropower Project. The project is located
in Kinnaur District of Himachal Pradesh (HP). Darjeeling Power
Private Limited was promoted by the Mumbai based Somani Group
which is engaged in education as well as hydro power. On
March 23, 2016, the entity converted its legal status to a
Private Limited Company from a Limited Company.


DELEXCEL PHARMA: Ind-Ra Assigns BB- Issuer Rating; Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Delexcel Pharma
Private Limited (Delexcel) a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable. The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit assigned IND BB-
    /Stable/IND A4+ rating; and

-- INR140 mil. Term loan due on March 2024 assigned with IND BB-
    /Stable rating.

KEY RATING DRIVERS

The ratings reflect the execution and off-take risk associated
with Delexcel's ongoing project. The company is setting up a
plant for pharmaceutical formulation research & development and
contract research & manufacturing, at Medak District, Telangana.
It is scheduled to start commercial operations in October 2017.
However, the management contends that their contacts in the
pharma industry built over the past two decades mitigate the off-
take risks. The company has not commenced its operations and has
not utilised the rated working capital limits.

The ratings are supported by Delexcel's promoters and key
management personnel's combined experience of around five decades
in the pharma industry. The director and CEO, Mr. Dr Raghupathi
Kandarapu, has previously worked for Aizant Drug Research
Solutions Private Limited, Medreich Limited, Zydus Cadila
Healthcare Ltd, and Dr Reddy's Laboratories Ltd in the areas of
research & development and technical operations. Other key
managerial personnel have previously worked with companies such
as Aurobindo Pharma Limited ('IND AA+'/Stable), Zydus Cadila
Healthcare, Medreich, Jubilient Organosys, and Laurus Labs,
Aizant Drug Research Solutions Private Limited, Mylan
Laboratories Limited, Dr. Reddy's Laboratories in the area of
regulatory affairs, quality assurance, project management,
intellectual property management, formulation development,
business management, client relations etc.

The ratings are also supported by the on-schedule progress and
advance stage of the project. The total project cost of INR288.1
million is to be funded through a mix of debt and equity in the
ratio of 1.27:1.

RATING SENSITIVITIES

Positive: Scheduled commencement of the project and stabilization
of profitable operations, leading to generation of sufficient
cash flows, will lead to a positive rating action.

Negative: Any delays in the commencement of operations will lead
to a negative rating action.

COMPANY PROFILE

Delexcel was incorporated in September 2014 to set up a
pharmaceutical manufacturing plant located in Telangana.


DEVARSH CONSTRUCTION: ICRA Withdraws B+ Rating on INR3cr Loan
-------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+, outstanding
on the INR3.00 crore overdraft facility of Devarsh Construction
Company (DCC) and the short-term rating of [ICRA]A4, outstanding
on the INR3.50 crore bank guarantee limit of the company. ICRA
has also withdrawn the ratings of [ICRA]B+ and [ICRA]A4,
outstanding on the INR0.50 crore unallocated limits.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Overdraft              3.00        [ICRA]B+; Withdrawn
  Bank Guarantee         3.50        [ICRA]A4; Withdrawn
  Unallocated            0.50        [ICRA]B+/[ICRA]A4; Withdrawn

Rationale

The long-term and short-term ratings assigned to Devarsh
Construction Company have been withdrawn at the request of the
firm, based on the no-objection certificate provided by its
banker.

Gandhinagar (Gujarat)-based Devarsh Construction Co. (DCC) is
involved in construction of parks, beautification of lakes,
building construction, construction of canal siphon, etc. for
Government and semi-Government bodies of Gujarat. DCC is a
registered "A" contractor and an approved contractor in the
'Special Category II Contractor' class with the Government of
Gujarat. It was acquired in 2009 as a partnership firm by Mr.
Kairav Koya and Mr. Ramaji Sindhav with vast experience of around
two decades in the civil construction business.


DURATEX EXPORTS: ICRA Moves B Rating to Issuer Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the INR15.0 crore bank facilities
of Duratex Exports to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT
COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limit-
  Term Loan               7.50       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer not Cooperating'
                                     category

   Fund Based Limit       7.50       [ICRA]A4 ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer not Cooperating'
                                     category

Rationale

As part of its process and in accordance with its rating
agreement with Duratex, ICRA had sent repeated reminders to the
firm for payment of surveillance fee that became overdue and has
been trying to seek information from the firm so as to undertake
a surveillance of the ratings; however despite multiple requests;
the firm's management has remained non-cooperative. ICRA's Rating
Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the firm's
rating is now denoted as: "[ICRA]B (Stable)/A4 ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance.

Key rating drivers

Credit strengths

* Long and established track record of the promoters in the
manufacturing and marketing of shirting fabrics- Through their
various group entities, the promoters have been engaged in the
manufacture of shirting and jacquard fabrics for almost four
decades. They have established relationships with various
commission agents, for supplying to various wholesalers and
garment manufacturers that supply to leading brands in Latin
America.

Credit weaknesses

* Weak financial risk profile characterised by low profitability,
high gearing levels and moderate level of debt protection
metrics- The firm's capital structure is weak with a gearing of
8.7 times as on March 31, 2015 on account of debt funded capacity
expansion and high working capital intensity of operations. The
weak capital structure coupled with low profitability levels
resulted in moderate debt coverage indicators as demonstrated by
NCA/TD of ~14%, interest coverage of 2.1 times and TD/OPBDITA of
4.2 times for the period FY2015.

* Vulnerability of revenues to fluctuations in foreign exchange
rates on account of an export dominated revenue profile- With a
substantial part of the total sales of Duratex Export being
denominated in foreign currency, it is exposed to fluctuations in
exchange rates.

* High geographical and customer concentration risks; revenues
exposed to regulatory changes in importing countries- The revenue
profile of Duratex Exports is dominated by exports to Latin
American countries of Peru and Mexico. The other major market for
the firm is Middle East which contributed nearly 15% - 20% of the
firm's revenue over the past 2-3 years with the remaining exports
to Far East Countries. The high geographic concentration exposes
the firm to socio-economic conditions in Peru and Mexico. The
firm's revenues are also vulnerable to regulatory developments in
these countries. Further, given the export dependence, a material
appreciation of Indian currency will affect the firm's
profitability.

* High working capital intensity leading to a modest liquidity
profile- The firm's working capital intensity remains high on
account of high debtor and inventory days. The production and
despatch of fabrics takes 3-4 months from the date of receipt of
order, which results in high holding period of finished goods and
work in progress. The firm also maintains inventory of yarn to
ensure adequate raw material availability at any point of time,
which also contributes to the high inventory days ranging 100-120
days. High working capital intensity of operations has resulted
in stretched liquidity profile for the firm and as limits are
generally fully utilised.

* Operating in a highly competitive fabric export industry with
intense competition from other domestic players and from China
resulting in limited pricing and bargaining power- The shirting
and jacquard fabric industry is characterized by high levels of
competition from both domestic and Chinese fabric manufactures.
Because of the ease of replication of a product design with
limited quality differentiation, price competitiveness is the key
to attracting business. Further, exports are exposed to the
regulatory changes in the importing countries. Any tariff or non-
tariff barriers against Indian exporters or concessional
treatment to competing countries because of trade arrangements
could impact domestic fabric exporters including Duratex Exports.

* Exposure to fluctuations in raw material prices on account of
high inventory holding period- Yarn accounts for around 40-60% of
the total fabric cost for the firm. With India being one of the
low cost producers of cotton and polyester, the firm presently
procures its entire raw material indigenously. Cotton and
polyester prices have been volatile in recent years; with the
firm maintaining around 15-30 days of yarn inventory, its
profitability remains vulnerable to any sharp raw material price
fluctuations.

* Risks associated with a partnership firm- Any substantial
withdrawal from capital account would impact the net worth and
thereby the capital structure of the firm.

Duratex Exports is a partnership firm established in year 1997
for export of shirting fabric manufactured by Durable Silk Mills
Limited, which is the flagship company of the group. The Duratex
Group was founded in early 1970's by Mr. Durga Prasad Agarwal and
subsequently his two brothers namely Mr. Narendra Agarwal & Mr.
Sanjay Agarwal and his son Vikas Agarwal joined the business.
Till FY2014, Duratex Exports was essentially an exporting arm of
the group. In year 2014, the firm expanded its activity by
setting up a 30 lakh fabric manufacturing capacity targeting the
international markets. The facility was set up by the Group in
Duratex Exports in order to benefit from import duty exemption
available to an exporter for purchase of capital goods against
export obligations as well as to avail capital and interest
subsidy.


EMPIRE PROPERTIES: ICRA Withdraws B Rating on INR35cr Cash Loan
---------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B with Stable
outlook assigned to the INR35.00-crore fund based facility of
Empire Properties.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits-
  Cash Credit            35.00      [ICRA]B (Stable); Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

Established in 2007, Empire Properties is developing a
residential cum commercial real estate project 'Empire Square' at
Chinchwad, Pune. The promoters of EP, a partnership firm, are
Sukhwani group promoted by Mr. Gurmukh Sukhwani and Agrawal group
promoted by Mr. Ghanshyam Agrawal. Together, the group has
earlier developed one project named 'Empire Estate' with total
saleable area of 16.78 lakh sq ft in Pune.


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

-- INR11.1 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating;

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 29, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, GBR Hatcheries runs a poultry business.


GIRIJASHANKAR COTTON: ICRA Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the ratings for the INR8.00 crore bank facilities
of Girijashankar Cotton Private Limited (GSCPL) to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]
B+ (Stable) ISSUER NOT COOPERATING"

                        Amount
  Facilities          (INR crore)   Ratings
  ----------          -----------   -------
  Long-term fund          7.00      [ICRA]B+ (Stable); ISSUER NOT
  based                             COOPERATING; Rating moved to
                                    the 'Issuer not Cooperating'
                                    category

  Long-term-Unallocated   1.00      [ICRA]B+ (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer not Cooperating'
                                    category

Rationale

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

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

Key rating drivers

Credit strengths

* Proximity to cotton-producing belt of Maharashtra and Madhya
Pradesh resulting in favourable access to raw material and
reduction in transportation cost and agent commission

* Experienced management that has been in this line of business
for more than two decades

* Wide customer base mitigating customer concentration risk

Credit weaknesses

* The capacity of the new ginning unit is capsized on account of
fluctuating realization and low procurement of raw material
(Kapas)

* Low value-added nature of the operations resulting in low
operating profitability

* High competitive and fragmented nature of the industry owing to
presence of several unorganized players in the market which
exerts pressure on the realizations

* Seasonality in the business and changes in government
regulations imparts high volatility to cash flows and can impact
working capital requirements

* Financial profile remain stretched with leveraged capital
structure, low debt protection measures, and high working capital
intensity in FY15 although some improvement were seen owing to
the contraction in scale of operation and increased share of
margin accretive job work activities

Incorporated in October 2005, GCPL is engaged in cotton ginning
and pressing. GCPL procures raw seed cotton (Kapas) from
farmers/mandis, which is processed in ginning mills for removing
seeds and other impurities. The raw cotton seed sourced by the
firm is of various kinds such as desi, Shankar 6, BB, MCU-5 and
H4 cotton variety which is of high quality with staple length of
28-32 mm. The output of the process is cotton lint and cotton
seed. Cotton lint is in turn pressed into bales, and the overall
wastage in the ginning process is about 3%-4%, which is at par
with the industry average. The manufacturing facility is located
in Sendhwa, Madhya Pradesh with an installed capacity of 310
bales per day in FY13. With debt-funded expansion, the capacity
during FY14 ginning season has increased to 610 bales per day.

The entity reported a net profit of INR0.32 crore on an operating
income of INR17.60 crore in FY2016 as against net profit of
INR0.29 crore on an operating income of INR32.88 crore in FY2015.


GIRIRAJ JEWELLERS: ICRA Reaffirms B Rating on INR6cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR6.00 crore fund-based limits, the short-term rating of
[ICRA]A4 to the INR8.50 crore bank limits and the long-term and
short-term rating of [ICRA]B and [ICRA]A4 to the INR0.50 crore
unallocated limits of Giriraj Jewellers Private Limited.  The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term-Fund-
  Based-Cash Credit       6.00      [ICRA]B (Stable); Reaffirmed

  Short Ter-Fund-
  Based-PC/FBP/
  FUBP/PSDL               2.50      [ICRA]A4; Reaffirmed

  Short Term-Non-
  fund based-Bank
  Guarantee               6.00      [ICRA] A4; Reaffirmed

  Long Term and
  Short Term-
  Unallocated             0.50      [ICRA]B (Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The ratings take into account the longstanding experience of the
promoters in the jewellery business, and the steady growth in
revenues reported by the company over the past five years.
The ratings are, however, constrained by GJPL's weak financial
profile characterised by leveraged capital structure and weak
coverage indicators of the company, and the high working capital
intensity of operations owing to high inventory requirements
which adversely impacts the liquidity position of the company.
The ratings also remain constrained by GJPL's moderate scale of
operations, and susceptibility of the its profitability margins
to volatility in gold prices, exchange rate fluctuations given
the dependence on exports, and regulatory risks. The ratings are
further constrained by. The ratings also take into account the
highly competitive nature of the jewellery industry which keeps
the profitability under pressure.

Key rating drivers

Credit strengths

* Longstanding experience of the promoters in the jewellery
industry - The promoter of GJPL has been engaged in the jewellery
business for the past three decades through the proprietorship
firm, namely Giriraj Jewellers and incorporated GJPL in 2004.

* Steady growth in revenues over the past five years- The company
has witnessed a steady growth in its revenues over the past five
years driven mainly by the growth in demand in local as well as
the export market. The operating income has grown at a CAGR of
13% in the last five fiscals, from INR22.31 crore in FY2013 to
INR41.09 crore in FY2017.

Credit weaknesses

* Weak financial profile characterised by leveraged capital
structure and weak coverage indicators- The heavy reliance on
external debt for working capital requirements and low net-worth
have led to a leveraged capital structure for the company with a
gearing of 4.82 times as on March 31, 2017. High borrowings have
also resulted in weak coverage indicators as reflected by
interest coverage of 1.09 times, TD/OPBDITA of 8.22 times and
NCA/TD of 2% as on March 31, 2017.

* High working capital intensity due to high inventory holding
requirement- The working capital intensity has remained high over
the last five years at ~40% mainly on account of high inventory
holding requirements. The company maintains a high inventory as
samples at its showroom in Borivali, Mumbai, thus, showing signs
of stretched liquidity apparent in high utilisation of its fund
based limits.

* Modest scale of operations with vulnerability of profitability
to fluctuations in foreign exchange rates, regulatory risk and
fluctuations in the price of gold - Despite the steady growth in
revenues over the years, the scale of operations remains modest
at an absolute level. Further, the operating and net margins of
the company remain thin due to intense competition from organised
and unorganised players as well as high raw material costs and
interest charges. The company reported an operating margin of
4.41% in FY2017 and 4.08% in FY2016. The net profitability
margins of the company remain at about 1% due to high interest
charges. The company's profitability also remains exposed to
fluctuations in gold prices given the high inventory levels and
to exchange rate movements given the sizeable export sales.

* Industry characterised by strong competition from unorganised
as well as organised players limiting profitability margins- The
gems and jewellery industry is highly fragmented and is
characterised by high competition. Being a small player, GJPL
faces high competition from small unorganised sector players as
well as the larger well-established players in the organised
segment.

Incorporated in 2004, Giriraj Jewellers Private Limited is
engaged in manufacturing gold and diamond studded jewellery from
its manufacturing facility in Borivali (West), Mumbai. The
company also has a showroom in Borivali (West). The promoter of
GJPL has been engaged in the jewellery business for the past
three decades through the proprietorship firm, Giriraj Jewellers.
Giriraj Jewellers is currently engaged in wholesale of gold and
diamond jewellery and exports to the UAE and UK markets.


GRAND HYUNDAI: CRISIL Reaffirms B+ Rating on INR9.2MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Grand Hyundai (GH).

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

   Inventory Funding
   Facility                9.2      CRISIL B+/Stable (Reaffirmed)

   Term Loan                .8      CRISIL B+/Stable (Reaffirmed)

The rating reflects a modest scale of operations, large working
capital requirement, and a weak financial risk profile. These
rating weaknesses are partially offset by the extensive
experience of the promoters in automobile dealership industry and
benefits of association with the principal, Hyundai Motor India
Limited (HMIL; rated 'CRISIL A1+').

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue is estimated at a modest
INR85.26 crore for fiscal 2017 (Rs 77.01 crore in fiscal 2016).
The operating margin was low at 3.8% for fiscal 2016 and is
estimated at 3.8 % for fiscal 2017

* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high, estimated at 6.23 times as on
March 31, 2017. The debt protection metrics were average, with
interest coverage ratio estimated at 1.44 times and net cash
accrual to total debt ratio at 0.04 time for fiscal 2017.

* Susceptibility to risks relating to low bargaining power with
the principal and intense industry competition: Owing to the
modest scale of operations, there is limited bargaining power
with HMIL. Furthermore, the principal faces competitive pressures
from other four-wheel vehicle manufacturing brands such as Maruti
Suzuki, Renault, Tata, and Ford. Competition has compelled
automakers to cut costs, including reducing their commissions to
dealers.

Strengths

* Extensive industry experience of the promoters: The promoters
have an experience of 32 years in the automobile dealership
business. They have another concern, Grand Motors, engaged in the
dealership of Bajaj two- and three-wheelers in Palakkad and
Thrissur, in Kerala.

* Benefits from association with HMIL: HMIL has a dominant market
position in the industry as the second-largest player in the
passenger vehicle segment. Launch of new vehicles by the
principal will continue to drive the market position of GH.

Outlook: Stable

CRISIL believes GH will maintain a stable business risk profile
over the medium term backed by the extensive industry experience
of its promoters and an established relationship with the main
principal, HMIL. The outlook may be revised to 'Positive' if
there is infusion of substantial equity, leading to a better
financial risk profile and risk absorption capacity, and an
increase in turnover resulting in improvement of the business
risk profile. The outlook may be revised to 'Negative' in case of
a stretched working capital cycle, a decline in the operating
margin, or significant debt-funded capital expenditure, leading
to deterioration in the financial risk profile, particularly
liquidity.

Set up in April 2012, GH is mainly engaged in HMIL's dealership
for sale of cars, spares and service of vehicles in Kerala. The
firm has seven showrooms and three service centers. The day to
day operations are managed by Mr. Mohammed Iqbal.


HARIOM INGOTS: ICRA Reaffirms B+ Rating on INR28.16cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR8.16-crore (revised from INR10.64 crore) term loans and
INR20.00-crore (revised from INR25.00 crore) cash-credit
facilities of Hariom Ingots & Power Private Limited. The outlook
on the long-term rating is Stable. ICRA has also reaffirmed the
short-term rating of [ICRA]A4 assigned to the INR5.00-crore
(revised from Nil) non-fund based facilities and INR4.84-crore
(revised from INR2.36 crore) unallocated limits of HIPPL.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits      28.16      [ICRA]B+ (Stable); reaffirmed

  Non Fund-based
  Limits                  5.00      [ICRA]A4; reaffirmed

  Unallocated Limits      4.84      [ICRA]A4; reaffirmed

Rationale

The reaffirmation of the ratings takes into account HIPPL's weak
financial profile as reflected by low profitability and a
leveraged capital structure. The liquidity position of the
company also remained tight as evident from consistently high
utilisation of its working capital limits, which restricts its
financial flexibility. HIPPL's operating margin remained at a
modest level historically, and is likely to remain under check,
going forward, in absence of any captive power plant, given the
highly power-intensive nature of its operations. ICRA also takes
note of the company's vulnerability to the cyclicality associated
with the steel industry which went through a weak phase over the
past two years. However, the current scenario for the steel
industry is somewhat favorable, which is reflected in the
increasing realisation as well as demand scenario.

The ratings, continue to derive comfort from the long track
record of the promoters in the steel sector, which helps secure
business for the company, and HIPPL's proximity to the raw
material sources that mitigates raw material supply risk and
results in low inward freight cost.

The ability of the company to increase its scale of operations,
while improving profitability and capital structure would remain
the key rating sensitivities. Any sharp deterioration in the
working capital intensity of operations, which could adversely
impact the liquidity position of the company, would remain a
credit concern, going forward.

Key rating drivers

Credit Strengths

* Experience of promoters in the steel industry for more than a
decade- HIPPL has been involved in manufacturing of billets and
TMT bars since 2004. Long track record of the promoters in the
steel industry and established relationship with customers help
secure business for the company.

* Proximity to raw materials, leading to low landed cost of input
materials- All the necessary raw materials are locally available.
Proximity to raw material sources ensures regular availability
and also reduces inward freight cost.

Credit Weaknesses

* Weak financial profile characterised by low profitability and
leveraged capital structure- The operating profit margin of the
company remained in the range of 4-5% over the past few years.
The same was further impacted by high depreciation and interest
cost, and remained subdued at around 0.02% in FY2017 (P). The
capital structure of the company continued to remain leveraged
over the last few years. Although the gearing improved from 2.11
times as on March 31, 2016 to 1.85 times as on March 31, 2017, it
still remains at a high level. ICRA also notes that HIPPL has
extended corporate guarantee of INR3 crore to the bank for
availing working-capital facility of its group entity, OPTC Impex
Private Limited, which has a modest credit profile.

* Lack of captive power source, adversely impacting the cost of
production- HIPPL does not have any captive power plant and has
to depend on the external source of power for manufacturing of
billets and TMT bars. This, along with limited vertical
integration in operation, adversely impacted the company's cost
structure, as reflected by the modest operating margin over the
past years.

* High utilisation of working capital limits, restricting
financial flexibility of the company- The liquidity position of
the company remained tight as evident from consistently high
utilisation of its working capital limits, which restricts its
financial flexibility.

* Vulnerability to the cyclicality associated with the steel
industry- HIPPL's profitability was affected in FY2016 and for a
part of FY2017 due to a significant deterioration in the industry
scenario. However, some improvement was witnessed in the current
fiscal on the back of improvement in realisation as well as
demand scenario, primarily in the domestic market.

Incorporated in 2004, HIPPL is a closely-held private limited
company, promoted by the Bhilai-based Agrawal family. HIPPL has
facilities in Bhilai, Chhattisgarh for manufacturing MS billets
and TMT bars with an annual capacity of 60,000 metric tonnes
each. The TMT bars manufactured by the company are sold under the
brand 'Hariom TMT'. In FY2016, the company started manufacturing
epoxy-coated TMT bars, which are more durable than the normal TMT
bars and are sold under the brand 'Hariom Epoxy Shield'. In
addition, HIPPL is involved in the trading of TMT bars and
various rolled products manufactured by other steel players.

The company reported a net profit of INR0.03 crore (provisional)
on an operating income of INR177.53 crore (provisional) in FY2017
compared to a net profit of INR0.30 crore on an operating income
of INR177.92 crore during FY2016.


HOMERA TANNING: ICRA Raises Rating on INR30cr LT Loan to B+
-----------------------------------------------------------
ICRA has upgraded the long-term rating from [ICRA]B to [ICRA]B+
and reaffirmed the short-term rating of [ICRA]A4 on the INR46.86-
crore bank facilities of Homera Tanning Industries Private
Limited (HTIPL). The outlook on the long term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  based                  30.00      [ICRA]B+ (Stable); Upgraded
                                    from [ICRA]B(Stable)

  Short-term Non-
  fund Based             12.24      [ICRA]A4 Reaffirmed

  Long-Term/Short-        4.50      [ICRA]B+ (Stable) Upgraded
  Term Fund-based                   from [ICRA]B(Stable)/[ICRA]A4
  (Interchangeable)                 Reaffirmed

  Long-Term/Short-        0.12      [ICRA]B+ (Stable) Upgraded
  Term Unallocated                  from [ICRA]B(Stable)/[ICRA]A4
                                    Reaffirmed

Rationale

The rating action takes into account the favorable export growth
prospects with the addition of new customer, increased sales
volume and the company's healthy order book as on August 01,
2017, which provides adequate revenue visibility in the near
future. Furthermore, the ratings continue to favorably factor in
the satisfactory track record of the company in the leather-
manufacturing business and its established relationship with
clients, as evident from repeat orders. The ratings continue to
be constrained by the company's financial profile characterised
by a modest level of accruals, moderate coverage indicators and
dependence on working capital borrowings owing to its stretched
liquidity position on account of a long cash conversion cycle as
well as stretched debtors. In addition, the company is mainly
involved in exports and as such its business remains susceptible
to volatility in exchange rates and demand in export markets.
Further, profitability remains modest as it is mainly supported
by export incentives.

Going forward, the company's ability to improve profitability on
a sustainable basis, effectively manage working capital cycle,
maintain adequate liquidity position and increase its scale of
operations would remain the key rating sensitivities.

Key rating drivers

Credit strengths

* Long track record of promoter in leather-manufacturing business
- Incorporated in 1987 by Mr. Rizwan Ullah (Managing Director),
HTIPL manufactures and exports finished leather and shoe uppers
from its manufacturing facilities in Kanpur, Uttar Pradesh. Mr.
Rizwan Ullah has an extensive experience of over four decades in
the leather business.

* Established relationship with clients as evident in repeat
orders - The company has an established customer base of mainly
export customers across geographies, which provides revenue
stability and improves demand prospects. The company has been
successful in getting repeat orders and adding new customers
regularly.

* Favourable exports growth prospects - HTIPL has recently added
a new customer, which provides revenue visibility for the near
future. Also, the company has an adequate order position of
INR34.76 crore as on August 1, 2017. The company secured sales of
INR60.39 crore during April-July 2017.

Credit weaknesses

* Modest financial profile and low profit margin; profitability
largely supported by export incentives - The company's financial
profile remains moderate, characterised by operating margin of
6.14%, gearing of 1.09 times, interest coverage ratio of 2.39
times and NCA/Total Debt of 15% in FY2017. Furthermore,
profitability is mainly supported by export incentives. Notably,
export incentive as a percentage of OPBDITA is around 90% in
FY2017.

* Highly working-capital intensive operations and limited
accruals result in stretched liquidity profile - The company's
operations continue to be working-capital intensive, resulting in
stretched liquidity profile on account of long cash conversion
cycle as many of debtors (~44% of total debtors) are in the more
than six months bracket owing to three major parties being stuck.

* Susceptibility of revenue to demand in export markets; exposure
to foreign exchange rate fluctuation - The company continues to
focus on overseas markets as almost 93-97% of its products are
exported to the US, China, Russia, Italy, Bangladesh, Tunisia
etc. As a result, it remains exposed to the risk of adverse
foreign exchange fluctuations.

HTIPL was incorporated in 1987 by Mr. Rizwan Ullah and his family
members. The company is involved in the manufacture and export of
finished leather and shoe uppers. Its Kanpur-based tannery
manufactures cow-finished leather for shoes and bags and buffalo-
finished leather for upholstery. In addition, the company
manufactures buffalo-finished leather for fashion and safety
shoes.

For FY2017, on a provisional basis, the company reported profit
before tax (PBT) of INR2.87 crore on an operating income (OI) of
INR131.03 crore compared with a PBT of INR4.87 crore on an OI of
INR131.49 crore in the previous year.


HOTEL DEE: CRISIL Reaffirms 'B' Rating on INR9.9MM Term Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Hotel Dee Emm Residency (HDER) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility       .1       CRISIL B/Stable (Reaffirmed)

   Rupee Term Loan         9.9       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect exposure to risk associated with
ongoing project and to cyclicality inherent in the hospitality
sector. These weaknesses are partially offset by advantageous
location of the firm's hotel and adequate funding support from
promoters.

Key Rating Drivers & Detailed Description

Weakness

* Completion risk: Expansion project began in March 2016 after a
delay of six months due to severe winter; and is expected to be
completed by March 2018.

* Demand risk: Though the hotel is situated close to the railway
station and tourist spots, it faces intense competition as Shimla
is a favoured travel destination.

* Funding risk: Of the total sanctioned project debt of INR9.9
crore, bank has disbursed around INR2.75 crore and is expected to
disburse around INR6 crore over the next 12 months. Promoters
have infused INR1.1 crore of their estimated contribution of
INR4.12 crore. Hence, funding risk is moderate.

Strengths

* Advantageous location
The hotel is located in the city and is well-connected to the
railway station and tourist areas.

Outlook: Stable
CRISIL believes HDER will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if timely completion of project without significant
cost overrun and scale-up in revenue after project completion
lead to better financial risk profile. The outlook may be revised
to 'Negative' if delays or cost overruns in project or failure to
significantly increase revenue weakens financial risk profile.

Set up as a partnership firm in 2014 by Mr. Tek Chand Sood, Ms
Madhu Sood, and Mr. Sumit Sood, operates Hotel Dee Emm Residency
in Shimla. The hotel, which had 5 rooms, is being expanded to 47
rooms, and will also have a restaurant, coffee shop, lounges, and
a conference hall. Post-renovation and expansion, the hotel is
expected to commence operations in the fourth quarter of fiscal
2018.


IB COMMERCIAL: CRISIL Reaffirms 'D' Rating on INR57.84MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with IB Commercial
Private Limited (IBCPL) 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
   ----------          ---------     -------
   Proposed Long Term      0.16      CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Working Capital         57.84     CRISIL D (Issuer Not
   Demand Loan                       Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IB Commercial 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 IB Commercial 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'.

Incorporated in 2007 in Mumbai and promoted by Mr. Zuber Jaka,
Mr. Abdul Karim Jaka, Mr. Sajid Jaka, and Mr. Salim Jaka, IBCPL
has stockyards in Darukhana, Mumbai; Alang, Gujarat; and Kolkata.


KAILASH INFRATECH: ICRA Moves B Rating to Issuer Not Cooperating
----------------------------------------------------------------
ICRA has moved the ratings for the INR6.00-crore bank facilities
of Kailash Infratech Private Limited (KIPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]B
(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

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

  Short-term fund-based   1.00      [ICRA]A4; ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

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

Key rating drivers

Credit strengths

* Experience of promoters in the dealership business - The
promoter group has significant experience with dealership
business of Commercial Vehicles (CVs) and Passenger Vehicles
(PVs); although limited experience in managing Construction
Equipments (CEs) dealership.

Credit weaknesses

* High regional concentration risk - The company faces high
regional concentration risk with the company's entire sales being
derived from a single product segment in Madhya Pradesh (MP) as
the demand is driven by the level of economic and construction
activities in the region.

* High working capital intensive nature of operations - Being in
the dealership business, the funding requirements of KIPL are
high; mainly for working capital which arises on account of
maintenance of stock and credit period extended to customers.

The company was incorporated as Commercial Equipments Private
Limited on June 27, 2011 and commenced commercial operations from
October, 2011. It changed its name to Kailash Infratech Private
Limited in April, 2012. The company is 100% owned by Mr. Kailash
Gupta and his family members and is an authorized dealer of CE
manufactured by THCM for Indore, Gwalior and Jabalpur
territories. The company deals in various models of THCM,
including -- mini excavators, midi excavators, wheeled products,
cranes and other machines.


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

-- INR850 mil. Fund-based and Non-fund-based limit migrated to
    non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kundan Care Products operates two business divisions -
manufacturing and distribution of cosmetic products and gold
refining & trading. It has a manufacturing facility in Haridwar.
The company has an arrangement to use the brand JOLEN for
cosmetics products.


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

-- INR450 mil. Fund-based limit migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR1,250 mil. Non-fund-based limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)/
    IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KIPL is a 100% subsidiary of KRML. It was incorporated in 2016 to
segregate KRML's chemicals trading business into a separate
entity.


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

-- INR450 mil. Fund-based limit migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR500 mil. Non-fund-based limit migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KRML was incorporated in 1971 as a partnership firm and was
reconstituted as a company in FY15. It has two lines of business:
rice milling, and trading of chemicals and polymers.


LUCKNOW MEDICAL: ICRA Moves B Rating to Issuer Not Cooperating
--------------------------------------------------------------
ICRA has moved the ratings for the INR6.50 crore bank facilities
of Lucknow Medical Agencies to the 'Issuer Not Cooperating'
category. The rating is now denoted as: "[ICRA]B (Stable) ISSUER
NOT COOPERATING"

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  LT-Fund-based Limits      6.50     [[ICRA]B (Stable) ISSUER NOT
                                     COOPERATING* Rating moved to
                                     the 'Issuer not Cooperating'
                                     category

Rationale

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

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

Credit Strengths

* Long track record of operations as a pharmaceutical drugs
distributor in Delhi region

* Wide product portfolio encompassing over 9,000 branded drugs
(stock keeping units) supports business prospects

Credit Challenges

* Intense competition in the pharmaceuticals distribution space
given large number of players owing to low entry barriers;
increasing threat from expanding organized retail chains

* Exposure to risks related to partnership concern as indicated
by regular withdrawals by the partners for personal uses.

Established in 1999 as a partnership firm, LMA has been engaged
in the wholesaling and distribution of pharmaceutical drugs in
the domestic market for more than a decade in Delhi. The firm's
product portfolio consists of more than 9,000 branded drugs,
which are procured directly through the pharma manufacturers.
Some of the key suppliers include Cipla Ltd., Sun Pharma Limited,
Sanofi India Ltd., Abbott India Ltd. etc.


MAGUS METALS: ICRA Assigns C+ Rating to INR8.0cr Cash Loan
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]C+ to the
INR11.00 crore bank lines of Magus Metals Private Limited (MMPL).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit            8.00        [ICRA]C+; assigned

  Term Loans             1.90        [ICRA]C+; assigned

  Unallocated Limits     1.10        [ICRA]C+; assigned

Rationale

The assigned rating is constrained by the small scale of
operations in the metal extraction business with significant
decline in operating income from INR18.89 crore in FY2014 to
INR2.97 crore in FY2017 owing to uncertainty of raw materials in
international market coupled with bad monsoon which has resulted
in lower sales of major product Zinc Sulfate; and operating and
net losses over the last three years resulting in high gearing
levels and negative coverage indicators. The rating is also
constrained by the vulnerability of profits and revenues to
variations in agro climatic conditions as monsoon is a key
determinant for demand of fertilizers and availability of raw
material at viable price given the limited bargaining power
vis-a-vis its suppliers; high working capital intensity with
NWC/OI of 264% due to high inventory and high receivable levels.
The assigned rating however positively factors in the significant
experience of promoters for more than 20 years in the metal
extraction business; reputed customer base such as governmental
departments of Telangana, Andhra Pradesh and Karnataka states and
diverse product portfolio comprising zinc sulphate, zinc ingots,
copper cathode, copper cement and cadmium.

Going forward, the company's ability to increase the scale of
operations while improving profitability and managing working
capital requirements will remain key rating sensitivities from
credit perspective.

Key rating drivers

Credit strengths

* Experienced Promoters: The promoters have significant
experience for more than 20 years in the metal extraction
business.

* Reputed Customers: The major customers are agriculture
departments of Andhra Pradesh, Telangana and Karnataka states for
which the company sells zinc sulfate which is used as fertilizer

* Diverse product portfolio: The product portfolio of MMPL
comprises zinc sulfate, zinc ingots, copper cathode, copper
cement and cadmium however more than 60% of contribution of
revenue is from zinc sulfate in the past five years.

Credit weakness

* Weak financial risk profile: The operating income declined
significantly over the last three years from INR18.89 crore in
FY2014 to INR2.97 crore in FY2017 mainly due to reduced demand
for Zinc Sulfate owing to bad monsoon. The company has reported
operating and net losses in last three years due to lower sales
and higher fixed expenses. The gearing was high at 15.35 times as
on March 31, 2017 due to reduced net worth levels. The coverage
indicators have been negative over the last three years owing to
operating losses.

* Working capital intensive nature of business: The working
capital intensity is high with NWC/OI of 264% in FY2017 due to
high inventory levels and debtor days. The demand for zinc
sulfate has been low due to bad monsoon which has resulted in
pile of zinc sulfate inventory.

* Profitability vulnerable to availability of raw material and
climatic conditions: The profits are vulnerable to availability
of raw material at viable price given the limited bargaining
power vis-a-vis its suppliers. The profitability is also
vulnerable to variations in agro climatic conditions as monsoon
is a key determinant for demand of fertilizers.

Magus Metals Private Limited (MMPL) was started as R.R. Metals
Private Limited in the year 1990. Later in the year 2001, the
name of the company was changed as Magus Metals Private Limited.
From inception, the company is into manufacturing of non ferrous
metals from the scrap generated by smelters like Hindustan Zinc
limited and Binani Zinc Limited. The company manufactures
cadmium, zinc sulphate, copper cathode and zinc ingots. The
factory is situated at Chotuppal, Nalgonda Dist, Telangana.


MAHESHWAR REFOILS: ICRA Reaffirms B+ Rating on INR4cr Cash Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR7.50 crore fund-based facilities of Maheshwar Refoils Pvt.
Ltd. ICRA has also reaffirmed the long-term rating of [ICRA]B+
and assigned short-term rating at [ICRA]A4 to the INR1.25 crore
unallocated bank limits. The outlook on the long-term rating is
'stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                   4.00     [ICRA]B+ (Stable); Reaffirmed

  Fund-based-Term
  Loan                     3.50     [ICRA]B+ (Stable); Reaffirmed

  Unallocated Limit        1.25     [ICRA]B+(Stable)/[ICRA]A4;
                                    Reaffirmed/Assigned

Rationale
The reaffirmation of ratings continues to remain constrained by
weak financial risk profile characterised by low profitability,
aggressive capital structure and weak coverage indicators. The
ratings take into account the exposure of company's profitability
to volatility in raw material prices that vary with seasonality
and agro-climatic conditions as well as regulatory risks with
regard to minimum support price (MSP) fixed by Government of
India (GoI). The ratings further consider the highly fragmented
nature of edible oil industry, which results in high competitive
intensity due to low entry barriers.

The ratings, however, favourably factor in the experience of the
promoters in the edible oil sector, spanning more than three
decades, proximity to a large number of cotton ginning and
processing units located at Kapadwanj, Gujarat.

Key rating drivers

Credit strengths

* Long experience of the promoters in the edible oil sector -
MRPL was promoted by late Mr. Khajuromal Mehta and Mr. Anil Mehta
in 2013 to engage in refining of edible oil. The promoters had
more than three decades of experience in trading of edible oil.

* Proximity to cotton ginning units in Gujarat - The
manufacturing facility is located in Gujarat, an area with high
cotton acreage and quality cotton crop. MRPL benefits in terms of
proximity to procurement of cottonseed oil.

Credit weaknesses

* Weak financial risk profile - Despite significant improvement
in scale of operations, the profitability of the company stood
weak with operating margin at 1.00% in FY2017 (compared to 2.76%
in FY2016) due to majority of trading sales. The capital
structure remained adverse with gearing of 3.21 times due to high
working capital, term loan and unsecured loans coupled with low
networth of the company. Also, due to high dependence on
unsecured loans to repay the debt obligations, the coverage
indicators stood weak with interest coverage ratio of 1.49 times
and NCA/Debt of 5% in FY2017 (compared to 2.97 times and 11%
respectively in FY2016).

* Exposure to agro-climatic risks and regulatory changes - The
primary raw material for the oil refining units are oilseeds.
Oilseed, being an agriculture produce, there is a high degree of
vulnerability to agro-climatic vagaries and pests/diseases, which
may affect the crop output and/or the quality. Also, factors like
relative attractiveness of alternative crops and govt. Policy
w.r.t. MSP etc can also have a bearing on crop availability.
* Fragmented industry structure and intense competition due to
limited product differentiation - Due to low barriers to entry
and low capital-intensive nature of the business, the Indian oil
processing segment is highly fragmented and competitive. Further,
edible oil is a price sensitive product with easy
substitutability among varieties depending on economics. As a
result, margins in this business tend to remain under pressure.

Incorporated in 2013, Maheshwar Refoils Private Limited (MRPL) is
engaged in trading and refining of cotton seed oil, soybean oil
and refined palm oil. It commenced commercial operations in
April, 2015. The plant is located in Kapadwanj, Kheda, with a
total installed capacity of refining 200 MT of oil per day. The
company is promoted by the Mehta family who have more than three
decades of experience in trading of edible oil.

In FY2017 (provisional financials), the company reported a net
profit (before depreciation and tax) of INR0.52 crore on an
operating income of INR157.82 crore, as compared to a net profit
of INR0.06 crore on an operating income of INR69.81 crore in the
previous year.


MALIK MARKETING: ICRA Withdraws B Rating on INR7.50cr Cash Loan
---------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B ISSUER NOT
COOPERATING assigned to the INR7.50-crore cash-credit facility
and INR0.40 crore untied limit and the short term rating of
[ICRA]A4 ISSUER NOT COOPERATING assigned to the INR2.10-crore
bank guarantee facility of Malik Marketing & Infracom Private
Limited (MMIPL).

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash         7.50      [ICRA]B (Stable) ISSUER NOT
  Credit                            COOPERATING Withdrawn

  Untied Limit            0.40      [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING Withdrawn

  Non Fund-based-         2.10      [ICRA]A4 ISSUER NOT
  Bank Guarantee                    COOPERATING Withdrawn

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

Incorporated in 2008, MMIPL is engaged in trading of FMCG
products and mobile handsets (including sale of accessories and
e-recharge). The company is based in Durg, Chhattisgarh and has a
distributorship agreement with some of the leading FMCG players
like, Dabur India Ltd, Hindustan Unilever Ltd, Panasonic Energy
India Ltd, Emami Ltd, etc. The company also operates a retail
outlet in Durg for mobile handsets and other allied services, and
have a franchisee of Reliance Communications Ltd. MMIPL has
recently entered into an agreement with Reliance Jio Infocomm Ltd
for distribution of its mobile handsets and network services in
the Raipur district of Chhattisgarh.


MANSAROVAR TRADE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Mansarovar Trade
Link (MTL) for obtaining information through letters and emails
dated February 24, 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              7        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 Mansarovar Trade Link. 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 Mansarovar Trade Link 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'.

MTL is a partnership firm which commenced commercial operations
from June 2014. The firm trades in sugar. Mr. Debesh Agarwal, Mr.
Mahesh Agarwal, and Mr. Kailash Prasad Agarwal are partners in
the firm. Its operations are primarily managed by Mr. Debesh
Agarwal. Its office is in Siliguri (West Bengal).


NATIONAL STEEL: CRISIL Reaffirms B- Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
National Steel Suppliers (NSS) at 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          4        CRISIL A4 (Reaffirmed)
   Cash Credit            10        CRISIL B-/Stable (Reaffirmed)
   Overdraft              10        CRISIL A4 (Reaffirmed)

The rating continues to reflect a below-average financial risk
profile, a modest scale of operations, and susceptibility to
fluctuations in input prices. These weaknesses are partially
offset by the extensive experience of the proprietor in the steel
trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: The networth was modest
at around INR7.61 crore as on March 31, 2017, as low
profitability led to limited accretion to reserves. Debt
protection metrics were low, with interest coverage ratio of 1.26
times for fiscal 2017 because of large bank borrowing and low
profitability. The gearing of the firm stood at 6.30 times for
the fiscal 2017 as against 10.06 times in the fiscal 2016.

* Modest scale of operations: Though the firm has been in the
steel-trading business since 1982, its scale of operations has
remained small with revenue of about INR87.21 crore in fiscal
2017. Revenue of INR4.65 crore was generated from the consignment
business, wherein the firm is the only consignment agent for
Rashtriya Ispat Nigam Ltd (RINL) in Ghaziabad and Dehradun. The
scale of operations in the consignment business is small as only
transportation, cutting, and stocking income is received from
RINL. The industry is highly fragmented with several players,
low-value addition, and intense price-based competition.

Susceptibility to fluctuations in input prices: The operating
margin is vulnerable to the movement in prices of steel products.
Any sharp decline in these prices may substantially impact the
margin.

Strength:

* Extensive industry experience of the proprietor: The proprietor
has an experience of about 36 years in the steel-trading business
and also in other fields, such as real estate and education. He
has an established relationship with suppliers and customers. In
the trading business, the firm is in an advantageous position as
it saves on consignment commission. It has also entered into a
memorandum of understanding (MoU) with RINL, which ensures supply
from the latter and availability of products at a discount.
Products are sold to a diversified customer base in the National
Capital Region (NCR) and Dehradun.

Outlook: Stable

CRISIL believes NSS's financial risk profile will remain below
average over the medium term given its sizeable working capital
requirement and investments in unrelated businesses. The outlook
may be revised to 'Positive' in case of significant improvement
in the financial risk profile, particularly liquidity, driven by
large cash accrual or reduced investments in unrelated
businesses. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of large working capital requirement or additional investments in
real estate, land, or equity shares.

Set up in 1982, NSS is a proprietorship firm of Mr. Anand
Prakash. It trades in steel products such as thermo-mechanically
treated (TMT) bars, angles, shapes and sections, beams, billets,
rounds and others. It is also the consignment agent of RINL for
Ghaziabad and Dehradun, wherein it undertakes transportation,
grading, sizing, and warehousing.

Operating income was INR87.21 crore and profit after tax of
INR36.11 lakhs in fiscal 2017, as against operating income of
INR89.28 crore and profit after tax of 3.40 crore in the fiscal
2016.


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

-- INR30 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating;

-- INR52.3 mil. Term loan facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR24.7 mil. Proposed long-term loans facilities migrated to
    non-cooperating category with Provisional IND BB+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 1, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1998, Phorotech Surfin (India) is a Tier 2 player
in the auto industry. It provides anti-corrosive coating services
for auto components manufactured by Tier 1 suppliers. It has
plants in Chennai and Bengaluru. PSIPL has established a dominant
position in south India, with an annual capacity of 277.2 million
square metres.


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

-- INR57 mil. Fund-based facilities (Long Term/Short term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR112.9 mil. Term Loan (Long Term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 11, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings

COMPANY PROFILE

PKP Feed Mills, founded by PK Pounraj in 2011, is based in
Dharmapuri, Tamil Nadu. Its 100% owned by PK Pounraj and his
family. The company is involved in the production of feeds and
sale of eggs. PKP has around 500,000 birds and sells around
350,000 eggs every day in Tamil Nadu.


RAGHUVEER METAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raghuveer Metal
Industries Limited's (RMIL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit affirmed with IND
    BB/Stable/IND A4+ rating;

-- INR40 mil. Non-fund based working capital limit affirmed with
    IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects RMIL's continued moderate scale of
operations, weak EBITDA margins and moderate credit metrics. The
revenue declined to INR868.94 million in FY17 (FY16: INR1,207.42
million) and EBITDA margins to 2.26% (2.31%) due to the
discontinuation of business association with Kamdhenu Ispat
Limited. RMIL had been a franchisee of Kamdhenu Ispat in
Rajasthan since 2005. The net interest coverage deteriorated to
2.05x in FY17 (FY16: 2.32x) and net leverage to 4.47x (2.91x) due
to a decline in operating profit. FY17 financials are provisional
in nature.

The ratings factor in RMIL's continued tight liquidity position
as evident from its full utilisation of the fund-based limits
during the 12 months ended July 2017.

However, the ratings are supported by the agreement signed
between RMIL and Rathi Powertech Global Private Limited in
September 2016 to use the latter's trademark Powertech. The Rathi
group has a ready market for its products, which gives revenue
visibility. The ratings are also supported by RMIL's promoter's
experience of around three decades in the iron & steel industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the top line and operating
profit leading to an improvement in the credit metrics could be
positive for the ratings.

Negative: Deterioration in the operating profit resulting in
worsening of liquidity and deterioration in the overall credit
metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 1997, RMIL manufactures steel ingots, thermo-
mechanically treated and cold twisted bars in Ajmer (Rajasthan)
with an annual installed capacity of 46,800 tonnes of steel
ingots and 60,000 tonnes of bars.


RAMGARH SPONGE: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramgarh Sponge
Iron Private Limited (RSIPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable. The agency has also assigned MEW's
bank loans the following ratings:

-- INR50 mil. Fund-based limit assigned with IND B+/Stable/
    IND A4 rating; and

-- INR26 mil.Non-fund-based limit assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect volatility in RSIPL's operating performance
during FY13-FY17 due to volatile raw material cost and overall
slowdown in the iron and steel industry. According to the FY17
provisional financials, revenue grew 77.84% yoy to INR1,117.93
million (FY15: INR358.92 million; FY14: INR491.56 million) and
EBITDA margins rose to 4.90% (FY16: negative 7.12%; FY15: 13.61%;
FY14: negative 0.28%). The substantial improvement in operating
performance in FY17 is attributed to the increase in capacity
utilisation with a strong order book and better price
realisation. FY17 financials are provisional in nature.

The ratings also factor in RSIPL's tight liquidity position as
evident from its around 98% average utilisation of the fund-based
limits during the 12 months ended July 2017 and an elongated
working capital cycle of 133 days in FY17 (FY16: 177 days).

The ratings also factor in RSIPL's becoming comfortable credit
metrics in FY17 with interest coverage (operating EBITDA/gross
interest expense) of 7.78x (FY16: negative 5.31x) and net
financial leverage (total adjusted net debt/operating EBITDA) of
1.25x (negative 1.20x).  The credit metrics improved in FY17 on
the back of a substantial improvement in the operating profit to
INR54.85 million in FY17 (FY16: negative INR44.75 million).

The ratings are also supported by RSIPL's promoter's experience
of around four decades in the iron and steel industry.

RATING SENSITIVITIES

Negative: A decline in the operating profitability resulting in
deterioration in the overall credit metrics could lead to a
negative rating action.

Positive: An improvement in the operating profitability leading
to a sustained improvement in the credit metrics could lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2004, RSIPL manufactures sponge iron at its
facility in Jharkhand.


S.K. SOLVEX: ICRA Moves 'B' Rating to Issuer Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the INR8.50 crore bank facilities
of S.K. Solvex Private Limited (SKSPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] B
(Stable) ISSUER NOT COOPERATING"

                          Amount
  Facilities            (INR crore)    Ratings
  ----------            -----------    -------
  Long-term fund based       8.50     [ICRA]B (Stable) ISSUER NOT
                                       COOPERATING; Rating moved
                                       to the 'Issuer not
                                       Cooperating' category

Rationale

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

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

Key rating drivers

Credit strengths

* Established track record of promoters in the edible oil
business

* Long term agreement with Adani Wilmar for supply of edible oil
ensures product off take

* Favourable demand growth prospects of edible oil and related
products in India; Favourable location with proximity to mustard
seed belt in Rajasthan

Credit weaknesses

* High customer concentration risk with almost all the revenues
coming from single customer; however, long and established
relationship partly mitigates the risk

* Weak financial risk profile as reflected in thin profitability,
high gearing and weak debt protection metrics

* Low profitability margins inherent in edible oil business and
owing to high level of fragmentation and competition in the
edible oil space

* Any adverse impact of agro-climatic conditions on the domestic
production of the edible oils (especially mustard oil) could
impact the volumes

SKSPL was incorporated in 2001 and is engaged in the
manufacturing of mustard oil and cake at its unit in Jaipur,
Rajasthan. The current seed crushing capacity of the oil mill is
36,000 metric tonnes per annum (MTPA).

In FY2015, the company reported a Profit After Tax (PAT) of
INR0.10 crore on an Operating Income (OI) of INR132.61 crore, as
against a PAT of INR0.08 crore on an OI of INR131.31 crore in the
previous year.


SAI INDIA: ICRA Withdraws B+ Rating on INR5.10cr LT Loan
--------------------------------------------------------
ICRA withdraws the long-term rating outstanding of [ICRA]B+ with
'Stable' outlook, on the INR0.35-crore term loans, the INR5.10-
crore cash-credit facility and the INR1.45-crore unallocated
limits of Sai India limited (SIL). ICRA also withdraws the short-
term rating outstanding of [ICRA]A4 on the 1.10-crore non-fund
based limits and the INR1.45-crore unallocated limits of SIL.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Long-term-Term Loan      0.35      [ICRA]B+ (Stable); Rating
                                     withdrawn

  Long-term-Fund-          5.10      [ICRA]B+ (Stable); Rating
  based Cash Credit                  withdrawn

  Short-term-Non-fund
  Based Facilities         1.10      [ICRA]A4; Rating withdrawn


  Long/Short-term-         1.45      [ICRA]B+ (Stable)/ [ICRA]A4;
  Unallocated Limits                 Ratings withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the no objection certificate provided by its banker.

Sai India Limited was incorporated in 1989 with the objective of
marketing various hydraulic products of SAI s.p.a, Italy. The
company started commercial production in 1992 after obtaining
Foreign Collaboration Agreement. FIN.OL.IM, Italy became the
holding company of Sai India Limited in 2003 by purchasing SAI
s.p.a's stake. Yuken India Limited, an oil hydraulic equipment
manufacturing company holds a 40% stake in Sai India Limited. Sai
s.p.a continues as the Licenser for Sai India Limited to
manufacture and sell the products under the brand name of SAI.
The company manufactures hydraulic radial piston motors along
with the associated drives, incorporating gearbox and brakes for
various industrial and mobile applications. SIL has a production
capacity of 12,000 units of hydraulic motors per annum. The
company has manufacturing units at Mahadevpura, Bangalore and
Shimoga, Karnataka.


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

-- INR80 mil. Term loan due on December 2017 migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, SVP is a partnership firm engaged in the
construction of residential projects located in Vapi, Gujarat.
The company's registered office is in Mumbai.


SANATAN LOGISTICS: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sanatan
Logistics Private Limited (SLPL) a Long-Term Issuer Rating of
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR9.03 mil. Term loan due on May 2018 assigned with IND
    BB+/Stable rating;

-- INR255 mil. Fund-based limit assigned with IND BB+/Stable/IND
    A4+ rating; and

-- INR21 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SLPL's moderate credit profile. As per FY17
provisional financials, revenue surged to INR1,016.07 million
(FY16: INR600.65 million) owing to new customer additions. EBITDA
margins were moderate-to-weak at 4.78% in FY17P (FY16: 4.02%) due
to higher hire charges paid to other vehicle vendors. Gross
interest coverage (operating EBITDA/gross interest expense) was
almost stable at 2.15x in FY17P (FY16: 2.24x), while net leverage
(total adjusted net debt/operating EBITDA) improved to 3.60x
(5.89x) on account of an improvement in absolute EBITDA to
INR48.56 million (FY16: INR24.13 million).

The ratings also factor in the company's moderate net working
capital cycle of 84 days in FY17P (FY16: 105 days).

However, the ratings are supported by the company's comfortable
liquidity position with around 77% utilisation of fund-based
working capital limits during the 12 months ended July 2017. The
ratings also benefit from the promoter's experience of over 20
years in the logistics industry.

RATING SENSITIVITIES

Positive: A substantial growth in the top line and operating
profitability leading to an improvement in the credit metrics
could lead to a positive rating action.

Negative: A decline in the operating profitability and/or
deterioration in the net working capital cycle leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2013, SLPL provides transportation, and
warehousing and storage services primarily to companies in the
pharmaceutical, metal and FMCG sectors.


SANMATI EDIBLE: ICRA Moves 'B' Rating to Issuer Not Cooperating
---------------------------------------------------------------
ICRA has moved the ratings for the INR8.00 crore bank facilities
of Sanmati Edible Oils Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA] B
(Stable) ISSUER NOT COOPERATING"

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Long-term fund based      8.00     [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING; Rating moved to
                                     the 'Issuer not Cooperating'
                                     category

Rationale

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

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

Key rating drivers

Credit strengths

* Established track record of promoters in the edible oil
business

* Favourable demand growth prospects of edible oil and related
products in India

* Favourable location with proximity to mustard seed belt in
Rajasthan

Credit weaknesses

* High customer concentration risk with ~75% of the revenue
coming from the top five customers;

* Weak financial risk profile as reflected in thin profitability,
high gearing and weak debt protection metrics

* High level of fragmentation and competition in the edible oil
industry

* Any adverse impact of agro-climatic conditions on the domestic
production of the edible oils (especially mustard oil) could
impact the volumes

Sanmati Edible Oils was established as a partnership firm in 1992
by Jaipur-based (Rajasthan) Jain family. Later, the constitution
of the concern was changed to private limited company in March
1999 and named as Sanmati Edible Oils Private Limited (SEOPL).
SEOPL is engaged in the extraction of crude edible oil and De-
Oiled Cake (DOC) from mustard seeds as well as trading of crude
edible oil and DOC. The manufacturing facility of the company is
situated in Jaipur with a processing capacity of around 15,000
Metric Tonnes Per Annum (MTPA) as on March 31, 2015.

The key promoters of the company are, Mr. Suresh Chand Jain, Mr.
Suresh Kumar Jain and Mr. Ramesh Kumar Jain. The promoters have
also promoted S K Solvex Private Limited (rated [ICRA]B), which
is engaged in manufacturing of mustard oil and DOC, Sanjay
Containers Private Limited, engaged in the manufacturing of empty
tin containers and Shri Vikas Industries, engaged in the trading
of mustard oil and DOC.

In FY2015, the company reported a Profit After Tax (PAT) of
INR0.02 crore on an Operating Income (OI) of INR132.02 crore, as
against a PAT of INR0.09 crore on an OI of INR91.88 crore in the
previous year.


SHANTI ISPAT: CRISIL Reaffirms B- Rating on INR11.45MM Term Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Shanti Ispat
Limited (SIL) for obtaining information through letters and
emails dated April 24, 2017, and June 09, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              11.45      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 Shanti Ispat 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 Shanti Ispat 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'.

SIL was incorporated by Mr. Rakesh Batra and his brother Mr.
Pawan Batra in 1988. However, operations were stated in June
1990. It is engaged in the fabrication of sheet metal components
for two wheelers and four wheeler vehicles. The company has its
manufacturing facility located in Gurgaon.


SHREE BALAJI: ICRA Reaffirms 'B' Rating on INR3.90cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B to the
INR5.85-crore fund-based facilities of Shree Balaji Ice and Cold
Storage. The outlook on the long-term rating is Stable.

                          Amount
  Facilities           (INR crore)   Ratings
  ----------           -----------   -------
  Fund-based Cash Credit   3.90      [ICRA]B (Stable); reaffirmed
  Fund-based Term Loan     1.95      [ICRA]B (Stable); reaffirmed

Rationale

ICRA's rating action factors in the slight increase in operating
income (OI) as well as improvement in gearing levels in FY2017.
However, the company has witnessed deterioration in operating
margins as well as increase in working capital intensity.

The rating continues to factor in the high working capital
intensive nature of operations on account of the upfront advances
extended to farmers at the time of loading of potatoes. This
exerts pressure on the company's liquidity position and the
regulated nature of the industry, making it difficult to pass on
the increase in operating costs. The rating is also constrained
by the intense competition in the cold-storage industry with
numerous unorganised players. The vulnerability of SBICS'
profitability to significant fall in potato prices and the
possible inventory loss if the market price of potato is lower
than the collateral value is a negative. Moreover, the rating
continues to factor in SBICS' modest scale of operations and weak
financial profile, characterised by low cash accruals, high
gearing and weak debt-coverage indicators. The rating also
continues to take into account the partnership constitution of
the firm that exposes it to risks of termination and capital
withdrawals.

However, the rating derives comfort from the long track record of
the promoters in the cold-storage business and the advantage of
the firm due to the proximity of its storage facility to potato-
growing areas.

The company's ability to improve its profitability and manage its
working capital requirements efficiently would be the key rating
sensitivities, going forward.

Key rating drivers

Credit strengths

* Established track record of promoters in cold-storage business
- The firm was incorporated in 2008 for the purpose of providing
cold-storage facility to the potato-growing farmers and traders
on a rental basis with a storage capacity of 19,601 metric tonne
(MT).

* Location-specific advantage with cold-storage unit in Sasan -
Uttar Pradesh (UP) is the largest potato-growing state in India.
Strategic location of the company's unit in Sasan in close
proximity to the major potato-growing regions of UP ensures
demand of cold storage for potato and potato seeds.

Credit weaknesses

* Modest coverage indicators and subdued return on capital
employed reflect small scale of operations and weak financial
risk profile - The firm earns rental income in the form of
cooling charges for potatoes stored in cold storage. The upper
limit of the cooling charges is fixed by the state government,
limiting the growth in OI in the absence of capacity expansion.
The operating margins, although healthy, have declined over the
years on account of sharply rising electricity and labour charges
as against a marginal increase in rental rate set by the state
government. This has led to modest coverage indicators and
subdued return on capital employed.

* Regulated nature of the industry makes it difficult to pass on
the increase in operating costs, exerts pressure on profitability
- SBICS's income stream is primarily generated from multiple
sources that include basic cooling charges, insurance commission
and interest income from farmers. The basic rental rate for cold
storages operating in Uttar Pradesh is regulated by the state
government, which makes it difficult to pass on the increase in
operating costs, thus exerting pressure on the profitability.

* High working-capital intensity due to advances extended to
farmers - The firm has to extend advances to farmers, depending
upon the value of goods stored. These advances are recovered at
the time of offloading of potato, which results in high working-
capital intensity of operations for the firm. The working-capital
intensity of operations increased from 162% in FY2016 to 180% in
FY2017 as the firm had extended higher advances to farmers in the
fiscal.

* Seasonal nature of operations; risks associated with
delinquency of loans given to farmers - The cold-storage units'
operations are seasonal in nature. With the harvesting period
commencing in February, the loading of potatoes in cold storages
starts by the end of February and lasts till March. Further, with
potatoes having a limited life even after preservation, farmers
liquidate their stock from the cold storage by November. The unit
remains non-operational during the period from December to
February, during which it undergoes annual maintenance. Against
the pledge of potatoes stored, SBICS provides interest-bearing
advances to farmers. These advances are funded by banks, which
are routed to farmers through the firm. Before the close of the
season in November, the farmers have to pay their outstanding
dues, including repayment of the loans taken along with interest.

Incorporated in 2008, SBICS provides cold-storage facilities to
potato manufacturers on a rental basis. The firm has a cold
storage facility at Sasni, UP and has a capacity to store 19,601
MT of potatoes.

SBICS reported a net profit of INR0.02 crore on an OI of INR3.20
crore in FY2016, as against a net profit of INR0.02 crore on an
OI of INR3.41 crore in FY2015. The firm, on a provisional basis,
reported an OI of INR3.29 crore in FY2017.


SHRIMATI URMILA: CRISIL Reaffirms C Rating on INR1MM Term Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Shrimati Urmila
Devi Mehgaiya Paropkari Trust (SUDMPT) 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
   ----------          ---------     -------
   Bank Guarantee           5        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                1        CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SUDMPT, formed in 2003, were managing a veterinary college,
Mahatma Gandhi Veterinary College, in Bharatpur (Rajasthan). Mr.
B D Gupta is president of the college. However, the operations
are suspended as the college has been derecognized in 2011. The
trust is in the process of obtaining fresh recognition.


SIZZLING BEVERAGES: ICRA Assigns 'Ir B' Issuer Rating
-----------------------------------------------------
ICRA has assigned a long-term issuer rating of Ir B to Sizzling
Beverages Private Limited. The outlook on the long-term rating is
Stable.

Rationale

The assigned rating favorably factors in the promoter's
experience in the beverage industry, revenue visibility due to
association with the Indian Railway Catering and Tourism
Corporation (IRCTC) and the National Cooperative Consumers'
Federation of India Limited (NCCF) as one of its distributors for
beverages, and the company's growing distribution network. ICRA
also notes the expected growth in revenues driven by the
company's intent to introduce tetrapack packaging for juices to
cater to the IRCTC.

The rating, however, is constrained by the company's leveraged
capital structure, which is likely to further deteriorate due to
the planned debt-funded capital expenditure towards capacity
expansion. The ratings also take into account the company's
projected debt repayment obligations, which are larger than its
projected cash accruals. ICRA also notes the capital-intensive
nature of the bottling business with high maintenance capex
requirements, which further increases the company's funding
requirements. The ratings also consider the seasonality in the
company's business as a major portion of the revenues is
generated in the first half of the year, which exposes its sales
to adverse weather changes during the summer months. The rating
also factors in the increasing competition from regional
carbonated soft drinks (CSD) players and company's exposure to
regulatory risks of adverse changes in Government policies and
regulations; as well as the increasing health focus of customers,
which may lower the consumption of CSDs in the longer term.

Key rating drivers

Key strengths

* Long experience of the promoters in the beverages industry: The
company bottles various soft drinks, fruit drinks, and packaged
drinking water under its own brand "Jingle". The promoters have
been in this business since the company's inception, which has
aided its healthy revenue growth.

* Growing distribution network with over 200 distributors in UP:
SBPL has a growing distribution network in northern India, with
over 200 distributors in UP and a few adjoining states. Further,
the company is empanelled with the IRCTC and the NCCF for the
supply of beverages, which is a positive.

* Expansion of product portfolio: Rising health awareness among
the young and educated population has led consumers to gradually
shift towards fruit-based drinks, which may impact the future
growth

* Financial support from promoters: The promoters have been
supporting the company financially by way of unsecured loans
during the time of necessity. The management is planning to
infuse additional equity and unsecured loans to the tune of
INR9.69 crore (in phases) to meet the expenditure requirements.

* Adequate demand potential: Adequate demand prospects for CSD
consumption in the company's targeted areas, supported by
favourable demographics and increasing purchasing power of
consumers.

Key weaknesses

* Leveraged capital structure owing to debt-funded capex in
FY2017 and planned capex in the current year; and the associated
interest cost and repayment burden:

-- The company's operations are capital intensive in nature,
owing to the need for regular investment in sale-generating
assets like bottle coolers, crates and ice boxes as well as
periodic upgrade/modernisation of the plants. In FY2017, the
company underwent a capex of INR5 crore, which resulted in an
increase in the gearing levels as of March 2017.

-- Further, in order to cater to future requirements of the
IRCTC, the company is planning to incur ~Rs. 40 crore of capex
for setting up a tetra pack line, which is to be funded through
75% bank finance. This is likely to put more pressure on the
company's capital structure. It is likely to remain dependent on
financial support from the promoter group to fund the debt-
servicing obligations over the medium term.

* Exposure to risks owing to geographic concentration in UP: The
company also remains exposed to regulatory risks and adverse
event risk specific to UP owing to its geographic concentration
in the state.

* Intense competition: The company faces competition from
increasing number of unorganised players catering to the same
target segment. As a result, its pricing flexibility and
bargaining power with customers is limited, which in turn puts
pressure on its revenues and margins.

* Scarcity of water or non-availability of quality water may
negatively impact the company's costs and production capacity:
Bottling operations remain susceptible to changes in government
regulations regarding content of bottled drinks and increasing
environmental concerns in India about ground water depletion and
discharge of effluents by bottling plants.

SBPL bottles various soft drinks, fruit based drinks, and
packaged drinking water under its own brand "Jingle", with the
major ones being Jingle Cola, Jingle Lemon, Jingle Orange, Jingle
Brite, Jingle Mango Drink etc. The products are sold in
polyethylene terephthalate (PET) bottles of sizes between 250
millilitres and 2 litres. The PET bottles are made in house. SBPL
has its manufacturing unit at Meerut spanning an area of 15,000
square feet.


TEESTA URJA: ICRA Reaffirms 'D' Rating on INR3,328.90cr Loan
------------------------------------------------------------
ICRA has reaffirmed long-term rating of [ICRA]D for INR3,328.90-
crore term loans of Teesta Urja Limited (TUL).

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loans            3,328.90    [ICRA]D; Reaffirmed

Rationale

The rating action takes into account the continued delays in
servicing of debt by TUL, which has developed 1200-MW Teesta III
hydro-power project in Sikkim, on account of significant under
recovery of costs led by delay in operationalization of power
purchase agreements (PPAs) and high repayment obligations. Though
the project has been commissioned in February 2017, it is yet to
commence the sale of power to distribution companies under its
long-term PPAs. As per the PPA signed with PTC India Limited, 70%
of the power is to be sold on a long-term basis. While Central
Electricity Regulatory Commission (CERC) has issued an interim
order allowing provisional tariff, power off-take has not
commenced yet. Therefore, the power being generated is being sold
in power exchange at 2.2-2.67 per unit, which has resulted in
subdued cash flows for the company. Significant risks remain
pertaining to approval of capital cost by the regulator,
considering the substantial time and cost overruns witnessed in
the project. These will ultimately have a bearing on the tariff,
which is to be determined on a cost-plus basis and on the
affordability/attractiveness of the power so generated. The final
debt-to-equity mix is 79:21, resulting in high financial risk in
the project.

The company has a strong parentage as the Government of Sikkim
(GoS) holds ~60% stake. It is also supported by other strong
investors such as PTC India Limited and project management
consultant, NHPC Limited. Firm off-take arrangements for 100%
power and presence of deemed generation clauses provide cushion
against hydrological and silting risks. Going forward,
improvement in debt servicing due to approval of capital cost,
determination of final tariff, commencement of power off-take and
restructure of debt obligations will be the key rating
sensitivity.

Key rating drivers

Credit strengths

* Strong parentage and experienced management - GoS holds 60%
stake and has been instrumental in bringing in equity capital for
completion of the project. NHPC Ltd. is the project management
consultant, which is another source of comfort.

* Commercial operations of project on track - Funding and
execution risks have abated post commissioning of the project in
February 2017.

Credit weaknesses

* Delays in debt servicing - The delay in interest during
construction at the pre-commissioning phase was on account of
delayed sanction of cost overrun funds. However, high debt
funding and inadequate tariff realisation has resulted in
continued delays post commissioning as well.

* Power off-take under long-term PPA yet to start - Even though
TUL has a firm PPA for its entire generational capacity, the
state discoms have not commenced procurement of power resulting
in inadequate cash accruals. Further, uncertainty regarding the
quantum of project cost approved by the regulator poses risk
towards the company's ability to generate sufficient cash flows
to service its debt obligations.

TUL is a Special Purpose Vehicle (SPV) incorporated on March 11,
2005 for the development of the 1,200-MW Teesta Stage III hydro-
electric electric project. The company has become a GoS
enterprise with the state government holding 60.08% stake in it.
Other investors in the company include Asian Genco Pte Limited
(24.98%), PTC India Limited (PTC, 5.62%), Indus Clean Energy
(India) Private Limited (5.18%), Athena Projects Private Limited
(2.72%) and APPL Power Private Limited (1.42%). All six units
have been commissioned in February 2017 and the budgeted project
cost is INR13,965 crore. Till March 2017, the company had
incurred ~Rs. 12,570 crore on cash basis. TUL has signed a PPA
for sale of 100% of saleable power with PTC, which will sell 70%
of the total generation on a long-term basis and rest on a short-
term basis. However, at present, the power generated is being
sold in the exchange as the PPAs are yet to be operational.


TP BUILDTECH: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed TP Buildtech
Private Limited's (TPBPL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Stable. The instrument-wise rating actions are:

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

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

KEY RATING DRIVERS

The affirmation reflects TPBPL's continued small scale of
operations, moderate EBITDA margin and weak credit metrics.
Revenue grew to INR200.71 million in FY17 (FY16: INR150.33
million) on account of increased orders from new customers. As a
result, the company reported an EBITDA of INR12.57 million in
FY17, as opposed to an EBITDA loss of INR5.06 million in FY16.
EBITDA margin was 6.26%, gross interest coverage (operating
EBITDA/gross interest expense) was 1.34x and net financial
leverage (total adjusted net debt/operating EBITDAR) was 5.81x in
FY17.

The ratings also factor in the company's continued moderate
liquidity position with 95.18% average cash credit utilisation
during the 12 months ended July 2017. However, the ratings
continue to benefit from TPBPL's promoters' two-decade-long
experience in the manufacturing of polycarboxylate ether.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin leading to weaker
credit metrics will be negative for the ratings.

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

COMPANY PROFILE

Incorporated on 6 November 2012, TPBPL manufactures
polycarboxylate ether. It is a joint venture between Tinna Group,
headed by Bhupinder Kumar, and PI Industries, headed by Mayank
Singhal. The company's registered office is located in Mehrauli,
Delhi.


TULASI SEEDS: CRISIL Raises Rating on INR50MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Tulasi
Seeds Private Limited (TSPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable (Issuer Not Cooperating)', while removing its bank
facilities from 'Issuer Not cooperating'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             50        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable/Issuer
                                     Not Cooperating')

   Proposed Long Term      18        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable/Issuer
                                     Not Cooperating')

The upgrade reflects CRISIL's belief that TSPL's financial risk
profile would improve over the medium term supported by
improvement in working capital management and hence lower debt
levels. As a result the TOL TNW ratio (total outside liabilities
to tangible net worth) is expected to improve to less than 2.2
times over the medium term against 2.7 times as on March 31,
2017. The company's net cash accruals to total debt ratio (NCATD)
and interest coverage ratio stood at 0.08 times and 1.71 times
for fiscal 2017. Interest overage ratio expected to improve to 2
times respectively over the medium term. The working capital
management would continue to remain a key rating monitorable.

CRISIL, on May 16 2017, downgraded the rating to CRISIL B/Stable
with the remark 'Issuer not cooperating'. However the company has
now provided adequate information enabling CRISIL to take
appropriate rating action.

The rating continues to reflect the company's large working
capital requirements, its seasonal nature of operations, and its
exposure to risks related to the agriculture-based commodity
business. These rating weaknesses are partially offset by the
extensive industry experience of TSPL's promoters in the hybrid
seeds industry, its established brand name, its strong research
and development (R&D) capabilities and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirements
TSPL's business is highly working capital intensive, as reflected
in estimated gross current asset (GCA) days of 711 days estimated
as on March 31, 2017. The high GCA days emanates from the
company's high inventory and receivables of around 324 days and
240 days respectively as on the same date.

* Seasonal nature of operations and exposure to risks related to
agriculture-based commodity business
TSPL primarily processes and conditions hybrid BT cotton seeds.
The firm generates nearly 65 per cent of its revenues in the pre-
monsoon months of April to June owing to the seasonal nature of
the seed business, resulting seasonal cash flows. Moreover,
irregular monsoons or any adverse regulation can adversely affect
the topline.

Strength

* Extensive industry experience of promoters in the hybrid seeds
industry, established brand name, and strong research and
development (R&D) capabilities
TSPL's promoters have over 25 years of experience in the
industry. Currently, TSPL is an established hybrid cotton seed
manufacturer  in India supported by its 'Tulasi' brand and strong
R&D capabilities.

* Moderate financial risk profile: TSPL's gearing was xx as on
xx. Interest coverage ratio and net cash accruals to total debt
was 1.71 times and 8% for Fiscal 2017 respectively.

Outlook: Stable

CRISIL believes that TSPL will continue to benefit over the
medium term from its promoter's extensive experience in the seeds
industry, and its strong R&D capabilities. The outlook may be
revised to 'Positive' if the company registers a sustained
improvement in its working capital cycle, with an improvement in
its liquidity on the back of sizeable equity infusion by its
promoters. Conversely, the outlook may be revised to 'Negative'
in case of a steep decline in the company's revenues or
profitability margins, or deterioration in its liquidity caused
most likely by any stretch in its working capital cycle.

TSPL was set up in 1992 by Mr. Tulasi Ramachandra Prabhu and his
family members. The company produces and sells Bacillus
Thuringiensis (BT) cotton hybrid seeds and vegetable seeds. It
sells the seeds under its own brand - 'Tulasi Seeds'.

TSPl reported a profit after tax of INR4.36 crore on revenue of
INR130.66 crore in fiscal 2017, against INR 24.77 crore and
revenue of INR135.7 crore in fiscal 2016.


U R AGROFRESH: Ind-Ra Upgrades Long-Term Issuer Rating to 'B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded U R Agrofresh
Private Limited's (UR Agro) Long-Term Issuer Rating to 'IND B+'
from 'IND B'. The Outlook is Stable. Instrument-wise rating
actions are:

-- INR75 mil. Long-term loans due on March 2024 upgraded with
    IND B+/Stable rating; and

-- INR45 mil. Fund-based facilities assigned with IND
    B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects timely commencement of UR Agro's project in
June 2016 in line with the project cost. The project cost of
INR100 million was funded in debt to equity ratio of 3:1. As per
FY17 provisional financials, the company achieved revenue of
INR77 million and EBITDA margin of 25.7%. Although, the revenue
generated was lower than Ind-Ra's expectation on account of
scarce rainfall received during FY17, which led to shortage of
gherkins, the primary raw material for the company. As of August
2017, UR Agro had an order book of INR69.6 million, which is to
be executed within the next four months.

The ratings also factor in the company's moderate credit metrics
with net leverage (total adjusted net debt/operating EBITDAR) of
5.1x and EBITDA interest cover (operating EBITDA/gross interest
expense) of 1.8x in FY17P. Ind-Ra expects a scheduled term loan
repayment in 1HFY18 will lead to an improvement in the credit
metrics in the medium term.

The ratings also benefit from UR Agro's comfortable liquidity
position with 30% average use of working capital limits for the
10 months ended August 2017.
The ratings are also supported by the promoters' three decades of
experience in the food processing industry.

RATING SENSITIVITIES

Positive: Any substantial growth in the top line along with an
improvement in the EBITDA margin and liquidity position leading
to a sustained improvement in the credit metrics could be
positive for the ratings.

Negative: Deterioration in the liquidity position and a decline
in the EBITDA margin leading to a sustained deterioration in the
credit metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2009, U R Agro processes gherkins and exports
semi-processed gherkins in barrels to the US and Europe.


UNITY DEVELOPERS: ICRA Withdraws B+ Rating on INR9.23cr Loan
------------------------------------------------------------
ICRA has withdrawn the long term rating of [ICRA]B+ assigned to
the INR9.23 crore Term Loan limits and INR2.00 crore unallocated
limits of Unity Developers.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund-based Term Loan     9.23      [ICRA]B+; Withdrawn
  Unallocated              2.00      [ICRA]B+; Withdrawn

Rationale
The ratings assigned to UD have been withdrawn at the request of
the company based on the no objection certificate provided by its
banker.

Established in December 2013 as a partnership firm, Unity
Developers (UD) is involved in the construction of residential
apartments. The firm is based in Ahmedabad, Gujarat, and is
currently executing its first residential project, "Domain
Heights", at Satellite in Ahmedabad. The project consists of two
towers comprising 112 apartments, with a total saleable area of
1,84,464 sq. ft. The partners of the firm have executed several
projects, comprising a total saleable area of 17,05,545 sq. ft.
in Ahmedabad, in association with other companies.


USHER AGRO: Ind-Ra Migrates 'D' NCDs Rating to Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Usher Agro
Limited's (UAL) non-convertible debentures (NCDs) at 'IND D'. The
rating action reflects the continued decline in the company's
financial performance and delays in debt servicing.

The rating has simultaneously been migrated to the non-
cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow ups
by the agency. Thus, the rating is on the basis of best available
information. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The rating action is:

-- INR550 mil. NCDs (Long-term) at 11% coupon rate issued on
    December 23, 2015, due on June 2021, affirmed and migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

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

KEY RATING DRIVERS

The affirmation reflects the continued decline in UAL's revenue
to INR523 million in 4QFY17 (4QFY16: INR3,082 million) and EBITDA
losses suffered over the past four quarters. The decline in
revenue is attributed to the company's tight liquidity position
which has impacted capacity utilisation of its rice milling
facilities.

The ratings also reflect UAL's announcement to undertake a
strategic debt restructuring (SDR) programme as the lenders
invoked the SDR due to the company's inability to service its
debt.

RATING SENSITIVITIES

Positive: Recovery from the SDR programme and a sustainable
profitability along with timely debt servicing would lead to a
positive rating action.

COMPANY PROFILE

UAL is primarily engaged in the processing of non-basmati rice,
basmati rice and wheat products. The company sells its products
to wholesalers and large organised retailers under the brand,
Rasoi Raja, which is a registered trademark. UAL mainly operates
in Uttar Pradesh and Bihar, which are among the main rice and
wheat growing regions in India. According to management, the
company is the largest rice miller in Uttar Pradesh and Bihar.

Mr. Vinod Kumar Chaturvedi and Mr. Manoj Pathak are the
promoters. Mr. Chaturvedi has over 21 years of experience in the
food processing business.


WELCOME MINERAL: ICRA Reaffirms B+ Rating on INR5.37cr Loan
-----------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]B+ to the INR5.37
crore fund-based facilities and a short-term rating of [ICRA]A4
to the INR1.10 crore non-fund based facilities of Welcome Mineral
Private Limited (WMPL). ICRA has also reaffirmed a long-term
rating of [ICRA]B+ and a short-term rating of [ICRA]A4 to the
INR2.48 crore unallocated limits of WMPL. The outlook on the
long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       5.37      [ICRA]B+(Stable); Reaffirmed

  Non-fund Based Limits   1.10      [ICRA]A4; Reaffirmed

  Unallocated Limits      2.48      [ICRA]B+(Stable)/[ICRA]A4;
                                    Reaffirmed

Rationale

The ratings continue to favorably take into account the long
experience of the promoters in the ceramic industry and the
proximity of the company's manufacturing unit to the ceramic hub
of Morbi, which benefits in terms of easy and timely availability
of key raw materials.

However, the ratings are constrained by the company's modest
scale of operations, stretched capital structure and high working
capital intensity owing to elongated receivables as on March 31,
2017. Furthermore, the ratings also factor in the highly
fragmented nature of the tiles industry, which results in intense
competitive pressures. The cyclical nature of the real estate
industry, which is the main end-user sector, and the exposure of
the company's profitability to volatility in raw material and
natural gas prices are other credit concerns.

Key rating drivers

Credit strengths

* Experience of promoters in the ceramic industry - WMPL was
promoted by Mr. Pradeepkumar Kavar and Mr. Ramesh Sanadav in
September 2013. The promoters have long experience in the ceramic
industry through their association with other entities engaged in
ceramic tiles business, prior to WMPL.

* Location advantage from presence in largest ceramic cluster -
The company's manufacturing facility is located in Morbi,
Gujarat, which is the largest ceramic cluster of India,
benefitting the company by providing access to raw material
sources, proximity to major ports and ease in availability of
labour.

Credit weaknesses

* Modest scale of operations - The company operates at modest
scale of operations with marginal decline in revenue during
FY2017, which stood at INR14.24 crore, owing to demand slowdown
in the wall tiles segment of the ceramic industry.

* Financial profile characterised by stretched capital structure
and high working capital intensity - The company's capital
structure is stretched as reflected by high gearing of 2.07 times
as on March 31, 2017 on account of high borrowing levels and low
net-worth position. Further, the working capital intensity of the
company has remained high due to elongated year-end receivables
as reflected by NWC/OI of 29.5% in FY2017.

* Intense competition given the low entry barriers - The company
faces stiff competition from other established as well as
unorganised players in the ceramic business due to the fragmented
industry structure and low entry barriers. These limit its
pricing flexibility and bargaining power with customers, putting
pressure on its revenues and margins.

* Vulnerability of profitability to fluctuation in raw material
and gas prices; exposure to cyclicality in real estate industry -
Raw material and fuel are the two major cost components in the
ceramic tiles business determining the cost competitiveness of
the operations. Thus, the margins of the company are exposed to
fluctuation in raw material and natural gas prices. The cash
flows are also susceptible to cyclicality in the real estate
industry, which is the main consuming sector.

Incorporated in September 2013, Welcome Mineral Private Limited
(WMPL) is promoted and managed by Mr. Pradeep Kavar and Mr.
Ramesh Sanavada. The commercial production of the company
commenced from September 2014. WMPL manufactures body clay as
well as glazed wall tiles of two sizes (10"X15", 10"X18", and
12"X12"), which are widely used in commercial as well as
residential buildings. The manufacturing facility of WMPL is
located in Morbi, Gujarat, with an installed production capacity
of 90,000 metric tonnes of body clay and 18,000 metric tonnes of
wall tiles per annum.

The company reported a net profit of INR0.27 crore on an
operating income of INR14.24 crore in FY2017, as compared to a
net profit of INR0.03 crore on an operating income of INR14.39
crore in the previous year.



=========
M A C A U
=========


STUDIO CITY: Improved 1H 2017 Results No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Studio City Finance Limited's
improved financial results for 1H 2017 are in line with Moody's
expectations and have no immediate impact on its B2 corporate
family rating or the negative rating outlook.

"Studio City continued to show an improvement in revenue and
earnings in 1H 2017, underpinned by the gradual ramp-up in its
operations," says Stephanie Lau, a Moody's Vice President and
Senior Analyst.

"That said, despite the improvement, its financial leverage
remained high for the B2 rating category, which is reflected in
the negative outlook," says Lau.

Total net revenue of $252 million and adjusted EBITDA of $120
million in 1H 2017 were up 34% and 453% year-on-year
respectively. These increases mainly reflected additional revenue
from gaming-related services at its rolling chip operations which
only commenced in November 2016, and the overall improvement in
the mass market table games segment.

Moody's expects that Studio City will record about a 10%-15%
year-on-year growth in net revenues in FY2017 and adjusted EBITDA
of around $220-230 million, driven by: (1) the continual ramp-up
of its casino operations, as underpinned by the gradual recovery
of the mass market segment; and (2) Moody's expectation that
Studio City will record EBITDA margins of around 45%-50%.

Studio City's profitability - as measured by its adjusted EBITDA
margin, excluding non-recurring items - stayed largely stable in
2Q 2017 at around 47%, compared to 1Q 2017. The company only
started to record operating income beginning 4Q 2016.

As a result of the increase in EBITDA, Studio City's adjusted
debt/EBITDA improved to about 10.2x for the 12 months to June
2017 from 20.1x in 2016. Moody's expects its adjusted debt/EBITDA
to further improve to around 9.0x-9.5x in 2017.

Moody's would consider revising the rating outlook to stable if
the company's financial leverage trends towards or below 7.0x.

Studio City reported an unrestricted cash balance of $322 million
at end-June 2017. In addition to its modest operating cash flow
from operations, Moody's estimates this total is sufficient to
meet its interest and capital expenditure in the next 12 months.
This conclusion reflects Moody's assumption that Studio City's
phase two construction will not commence in the same period.

In addition, on August 14, 2017, Studio City International
Holdings Limited - an intermediate holding company of Studio City
Finance - announced that it had submitted a draft registration to
the US Securities and Exchange Commission for a possible public
offering. If the offering receives regulatory approval and
materializes, this will provide an additional funding channel to
improve Studio City Finance's financial leverage and liquidity.

The principal methodology used in this rating was Global Gaming
Industry published in June 2014.

Studio City Finance Limited, through its wholly owned subsidiary,
Studio City Company Limited (B1 negative), develops and operates
the Studio City project, which is an integrated gaming and
entertainment resort, located at Cotai in Macao. The casino at
Studio City is operated by Melco Resorts (Macau) Limited
(unrated), which is a subsidiary of Melco Resorts & Entertainment
Limited (unrated).

Studio City Finance Limited is a 60%-owned subsidiary of Melco
Resorts & Entertainment Limited. It is 40% indirectly owned by
New Cotai, LLC (unrated), a holding company controlled by private
equity sponsors.



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


TOP RETAIL: Topshop New Zealand Placed Into Receivership
--------------------------------------------------------
Holly Ryan at The NZ Herald reports that Topshop New Zealand has
been tipped into receivership in the face of mounting
competition.

Top Retail Ltd, the company that operates the license for the
British brand in New Zealand, said its Auckland and Wellington
stores had been placed in receivership but would operate as usual
until a decision was made on the future ownership of the company,
the NZ Herald relates.

According to the report, the directors said they were committed
to working closely with staff through the transition stage.

"We have put our hearts and souls into this business, we have the
best staff, great store locations, and the directors have left no
stone unturned in trying to find a solution," the directors, as
cited by the NZ Herald, said.  "It is with regret that the
directors had no alternative but to request the secured lender to
appoint receivers. We will work closely with the receivers to
ensure the best possible outcome for the business and employees."

McGrathNicol's Conor McElhinney and Kare Johnstone were appointed
receivers by the Auckland-based company's secured lender at the
request of directors on Sept. 7, the receivers said, the report
discloses.

Directors Mary Devine, Gary Hitchcock, Karen Walker and James
Whiting ran the rule over the business' ability to keep trading
in an environment of heightened competition after the Australian
Topshop operation was placed into voluntary administration over
similar issues, according to the NZ Herald.

"It became apparent that the company was unable to continue to
trade due to the losses being incurred and the directors
therefore requested the secured lender appoint receivers to the
company," the receivers said.

According to the NZ Herald, questions were put to the New Zealand
division of Topshop in May when Topshop Australia was placed in
receivership.

At the time a spokesperson for the company reassured consumers
that the New Zealand business was not in trouble and was
continuing to build its market.

"The franchise for Topshop Topman NZ is an entirely separate
entity and shareholding from the Australian business, so their
situation doesn't have any affect on our business operations,"
the report quotes spokesperson as saying.

"Unlike the Australian business that has a couple of dozen large-
format stores in a highly competitive market, Our strategy and
approach to rolling out the brand in the NZ market has been a
much slower, considered rollout with only two stores in key
locations."

The report notes that the plan to bring the British retail brand
to New Zealand had been in talks for three years before it
opened, with Kiwi designer Karen Walker and her husband Mikhail
Gherman partnering with Barker's managing director Jamie Whiting
and rich-lister Philip Carter to form Top Retail in 2014.

The company secured the rights to own, develop and operate the
brand across New Zealand.

A spokesperson for Karen Walker said the Karen Walker group was a
completely different entity to Top Retail and was unaffected, the
NZ Herald adds.



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


WORLD PARTNERS: PDIC Starts Deposit Insurance Payment
-----------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that it has started mailing Postal Money Orders (PMOs) to all
depositors eligible for early payment who maintained deposits
with the closed World Partners Bank (A Thrift Bank), Inc. on
September 4, 2017, 13 working days after the bank's takeover on
August 11, 2017.

Eligible for early payment of deposit insurance are depositors
with valid deposit balances of PHP100,000 and below who have no
outstanding loans with the closed bank, and have complete mailing
address in the bank records or updated this information through
the PDIC Mailing Address Update Form (MAUF).

PMOs amounting to PHP15,000 and below may be encashed either with
the local postal office or with the nearest branch of the Land
Bank of the Philippines. Meanwhile, PMOs above PHP15,000 may be
deposited to the depositor's account in any local bank.

World Partners Bank was ordered closed by the Monetary Board
through Resolution No. 1340 dated August 11, 2017. It is a five-
unit thrift bank with Head Office located at #74 A. Mabini St.,
Brgy. Poblacion, San Pedro City, Laguna. Its four branches are
located in Meycauayan and Sta. Maria in Bulacan, San Pablo City
in Laguna, and Tanauan City in Batangas.

Depositors who have not received their checks are advised to
contact the Public Assistance Department at telephone numbers
(02) 841-4630 to 31, or e-mail PDIC at pad@pdic.gov.ph.
Depositors outside Metro Manila may call the PDIC Toll Free
Hotline at 1-800-1-888-PDIC (7342). Inquiries may also be sent to
the official PDIC Facebook account at
www.facebook.com/OfficialPDIC.



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


TT INTERNATIONAL: Wins Court Nod on Moratorium Application
----------------------------------------------------------
Business Times reports that TT International is temporarily
protected from creditors until Feb 11, 2018, after its moratorium
application for all creditors to be restrained from taking
certain further action against the company has been granted.

The High Court had on Sept. 6 granted the moratorium application
and ordered, among others, that until Feb. 11, 2018, no
appointment shall be made of a receiver or manager over any
property or undertaking of the company, the company said in a
Singapore Exchange filing early Sept. 7, the report relates.

The company had on Aug. 4 requested voluntary suspension of
trading, Business Times notes.

TT International Limited -- http://www.tt-intl.com/-- is engaged
in trading of consumer electronics. The Company's principal
activities are retail, trading and distribution of furniture,
furnishings, electrical and electronics products and investment
holding. It operates through three segments: Retail; Distribution
and trading, and Warehousing and logistics services. The Retail
segment is engaged in sale of consumer products to retail
customers through retail outlets. The Distribution and trading
segment is engaged in distribution and trading of consumer
electronic and furniture, and furnishing products to distributors
and dealers. The Warehousing and logistics services segment is
engaged in provision of warehousing and logistics services. Its
brands include Akira, Mod Living, Castilla, Natural Living,
Barang Barang, Novena and Teac. It has operations in Association
of South East Asian Nations; East Asia and other countries;
Africa and Middle East, and Commonwealth of Independent States,
Russia and Eastern Europe.



                             *********

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
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                 *** End of Transmission ***