TCRAP_Public/170914.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 14, 2017, Vol. 20, No. 183

                            Headlines


A U S T R A L I A

BUBS BABY: Second Creditors' Meeting Set for September 21
LA TROBE 2017-2: Moody's Assigns (P)B1 Rating to Class F Notes
LATITUDE AUSTRALIA: Fitch Assigns 'BB' Rating to Class E Notes
QUEENSLAND NICKEL: Liquidator Seeks Recovery of Pref. Payments
STYLING GROUP: Second Creditors' Meeting Set for Sept. 21

TORTURED GUM: Second Creditors' Meeting Set for Sept. 20


C H I N A

CHINA LOGISTICS: Add'l. Notes Issue No Impact on Fitch's B Rating
LESHI HOLDING: Put on Top Court's Default Blacklist
ONE HORIZON: Founder Rejoins as CEO to Lead Growth Strategy
WUZHOU INTERNATIONAL: Fitch Affirms CCC Long-Term FC IDR
YIHUA ENTERPRISE: S&P Assigns 'B' Long-Term CCR, Outlook Stable


I N D I A

AKSHAT PAPERS: CRISIL Lowers Rating on INR22.4MM Cash Loan to B+
ALBUS INDIA: CRISIL Reaffirms 'D' Rating on INR11MM Cash Loan
ARAVIND CERAMICS: Ind-Ra Ups Issuer Rating to BB, Outlook Stable
ARPIT PROJECTS: Ind-Ra Lowers Issuer Rating D, Outlook Stable
AVI TECHNOLOGIES: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan

BATHSHA MARINE: CARE Assigns 'B' Rating to INR3.92cr LT Loan
ESH ISPAT: CRISIL Reaffirms B+ Rating on INR4.5MM Term Loan
FALCON BUSINESS: CRISIL Lowers Rating on INR6.6MM Loan to 'B'
GOLD PLUS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
GOLDFIELD FRAGRANCES: CRISIL Cuts Rating on INR9.75MM Loan to B

H.L. AGRO: CRISIL Downgrades Rating on INR50MM Cash Loan to B
K.V.J. BUILDERS: CARE Assigns B+ Rating to INR10.50cr LT Loan
KUDOS FINANCE: CRISIL Assigns B+ Rating to INR5MM LT Loan
LAKSHMI RANGA: CRISIL Reaffirms 'D' Rating on INR7.75MM Cash Loan
LAKSHMI TRADERS: CRISIL Reaffirms 'D' Rating on INR4MM Cash Loan

MAP LIMITED: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
MEC SHOT: CARE Moves B+ Rating to Not Cooperating Category
MEHSANA DAIRY: CRISIL Lowers Rating on INR30MM Term Loan to B
MORINDA RICE: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
NIKITA JEWELLERS: Ind-Ra Migrates BB Rating to Not Cooperating

NIRVIN COLD: CARE Reaffirms 'B' Rating on INR8.25cr LT Loan
PARASAKTI ORTHOCARE: CRISIL Reaffirms B+ Rating on INR5MM Loan
PATANJALI CHIKITSALAYA: CARE Assigns B Rating to INR9cr LT Loan
PRAKASH AUTO: CRISIL Reaffirms B+ Rating on INR16MM Loan
PREM INFRACITY: CRISIL Reaffirms 'D' Rating on INR28MM LT Loan

RAGHAVA PROJECT: CRISIL Reaffirms 'D' Rating on INR3.25MM Loan
RAGHUNANDAN JEWELLERS: Ind-Ra Ups Long Term Issuer Rating to B+
RAI BAHADUR: CRISIL Lowers Rating on INR181MM Cash Loan to 'C'
RAINBOW INFRA: CRISIL Reaffirms B+ Rating on INR1.5MM Loan
RAOSAHEBDADA PAWAR: CRISIL Assigns 'B' Rating to INR77.26MM Loan

RUBBER PRODUCTS: CRISIL Lowers Rating on INR4.50MM Cash Loan to C
S H ENTERPRISE: CARE Reaffirms B+ Rating on INR8cr LT Loan
SATYAWATI RICE: CRISIL Reaffirms 'B' Rating on INR14.5MM Loan
SEKHANI INDUSTRIES: Ind-Ra Ups BB Issuer Rating, Outlook Stable
SENBO ENGINEERING: CARE Cuts Rating on INR157.32cr Loan to D

SHREE DEVELOPERS: CRISIL Reaffirms B+ Rating on INR5.65MM Loan
SHRIRAM EPC: Ind-Ra Migrates D Issuer Rating to Not Cooperating
SINGHAL CLEARING: CRISIL Reaffirms B- Rating on INR3.5MM Loan
SR CYLINDERS: CRISIL Assigns B+ Rating to INR6.4MM Term Loan
SURYA PLASTIC: CARE Moves 'D' Rating to Not Cooperating

SYRMA TECHNOLOGY: Ind-Ra Migrates BB+ Rating to Not Cooperating
TRES MERCARI: CRISIL Assigns B+ Rating to INR4.MM Overdraft
UNITED MASTERBATCHES: CRISIL Reaffirms B+ Rating on INR3.81M Loan
VIKAS TECHNOPLAST: Ind-Ra Migrates BB- Rating to Not Cooperating
WINDSTON SPRINGS: CRISIL Lowers Rating on INR7MM Cash Loan to B


I N D O N E S I A

CIPUTRA DEVELOPMENT: Fitch Rates New Singapore Dollar Notes BB-


J A P A N

TOSHIBA CORP: Inks MOU with Bain to Negotiate Memory Unit Sale


N E W  Z E A L A N D

SLI SYSTEMS: Co-Founder Step Down as Company Post Another Loss
VERITAS INVESTMENTS: Faces Uncertainty as ANZ Pulls Support


P A K I S T A N

PAKISTAN: May Need Bailout Package From China or IMF, PTI Says


                            - - - - -


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A U S T R A L I A
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BUBS BABY: Second Creditors' Meeting Set for September 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of:

  - Bubs Baby Shops Pty Ltd
  - Brisbane Bubs Pty Ltd (trading as Brisbane Bubs & Bubs
    Aspley)
  - Kawana Bubs Pty Ltd (trading as Bubs Boutique Maroochydore &
    Bubs Boutique Noosa)
  - Bubs Baby Shop Gold Coast Pty Ltd
  - Bubs Baby Shop Logan Pty Ltd
  - Bubs City Pty Ltd (trading as Bubs City Fortitude Valley)
  - Baby Shop Direct Pty Ltd
  - Bubs Baby Shop Tuggerah Pty Ltd
  - Bubs Baby Shop Rutherford Pty Ltd

has been set for Sept. 21, 2017, at 10:30 a.m., at:

  the offices of Worrells Solvency & Forensic Accountants Suite
  1, Level 15, 9 Castlereagh Street, in Sydney

                         AND

  Level 8, 102 Adelaide Street, in Brisbane, Queensland

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 20, 2017, at 5:00 p.m.

Simon Cathro and Christopher Cook of Worrells Solvency were
appointed as administrators of Bubs Baby and subsidiaries on
Aug. 16, 2017.


LA TROBE 2017-2: Moody's Assigns (P)B1 Rating to Class F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Perpetual Corporate Trust
Limited (the Trustee) as trustee of La Trobe Financial Capital
Markets Trust 2017-2.

Issuer: La Trobe Financial Capital Markets Trust 2017-2

-- AUD203.50 million Class A1 Notes, Assigned (P)Aaa (sf)

-- AUD55.50 million Class A2 Notes, Assigned (P)Aaa (sf)

-- AUD59.20 million Class A3 Notes, Assigned (P)Aaa (sf)

-- AUD26.64 million Class B Notes, Assigned (P)Aa1 (sf)

-- AUD5.18 million Class C Notes, Assigned (P)A1 (sf)

-- AUD7.40 million Class D Notes, Assigned (P)Baa1 (sf)

-- AUD4.81 million Class E Notes, Assigned (P)Ba1 (sf)

-- AUD4.07 million Class F Notes, Assigned (P)B1 (sf)

The AUD3.70 million Equity Notes are not rated by Moody's.

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

The deal is an Australian non-conforming residential mortgage-
backed securities (RMBS) transaction secured by a portfolio of
prime and non-conforming residential mortgage loans. All
receivables were originated and are serviced by La Trobe
Financial Services Pty Limited (La Trobe Financial, unrated).

A portion of the portfolio consists of loans extended to
borrowers with impaired credit histories (31.2%) or made on an
alternative documentation basis (47.5%).

RATINGS RATIONALE

The provisional ratings take account of, among other factors:

- Moody's MILAN CE assumption of 12.5%, the loss Moody's expects
   the portfolio to experience in the event of a severe recession
   scenario.

- Moody's portfolio expected loss assumption of 1.4%.

- The 45.0% credit enhancement (CE) to the Class A1 Notes, the
   30.0% CE to the Class A2 Notes, the 14.0% CE to the Class A3
   Notes, the 6.8% CE to the Class B Notes, the 5.4% CE to the
   Class C Notes, the 3.4% CE to the Class D Notes, the 2.1% CE
   to the Class E Notes, and the 1.0% CE to the Class F Notes.
   The CE strengthens ratings stability, should the pool
   experience losses above expectations.

- A liquidity facility equal to 3.0% of the outstanding note
   balance, subject to a floor of 25% of the initial Liquidity
   Facility limit (AUD2,775,000).

- The experience of La Trobe Financial in servicing residential
   mortgage portfolios. La Trobe Financial has been an originator
   of mortgage loans for over 60 years. It is also a relatively
   new securitiser in the Australian RMBS market, having
   completed four term RMBS transactions since 2014. However, La
   Trobe Financial has extensive securitisation experience
   through its various warehouse funding arrangements. This will
   be its fifth term RMBS transaction and the second for 2017.

The key transactional and pool features are:

- The notes will initially be repaid on a sequential basis until
   the stepdown conditions are met. During the pro-rata repayment
   period, principal repayment amounts due to the Equity Notes
   are used to repay the other notes in reverse sequential order,
   from the Class F Notes up the capital structure. Principal
   repayment switches back to sequential pay on the call option
   date.

- Whilst the Class A1, A2 and A3 Notes rank sequentially in
   relation to interest and charge-offs, they rank pari passu in
   relation to principal throughout the life of the transaction.
   Principal repayments will be allocated pro-rata, based on the
   stated amount of the notes. This feature reduces the absolute
   amount of credit enhancement available to the Class A1 and
   Class A2 Notes.

- The yield enhancement reserve account is available to meet
   losses and charge-offs, whilst any Class A Notes are
   outstanding. The reserve account is funded by trapping excess
   spread at an annual rate of 0.40% of the outstanding principal
   balance of the portfolio up to a maximum amount of
   AUD2,200,000.

- The portfolio is well-diversified geographically due to La
   Trobe Financial's wide distribution network.

- The portfolio contains 31.2% exposure to borrowers with prior
   credit impairment (default, judgment or bankruptcy). Moody's
   assesses these borrowers as having a significantly higher
   default probability.

- 47.5% of the portfolio consist of loans granted based on an
   alternative documentation (alt doc) basis. These alt doc loans
   have been subject to additional verification checks over and
   above the typical checks for a traditional low documentation
   product. These checks include a call from a La Trobe Financial
   underwriter, a declaration of financial position, and either
   six months of business bank statements, six months of Business
   Activity Statements or an accountant's letter in a format
   specified by La Trobe Financial.

- 55.9% of the loans in the portfolio were extended to self-
   employed borrowers. Moody's analysis of historical delinquency
   and default data has indicated that loans granted to self-
   employed borrowers have a greater propensity to default
   compared to loans granted to employed PAYG borrowers.

- 4.7% of the loans in the portfolio were extended to borrowers
   classified as companies. These loans are secured against
   residential property, and are provided wholly or predominantly
   for business purposes. Moody's has penalized these loans in
   its analysis of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2016.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of
loss could be better than its original expectations because of
fewer defaults by underlying obligors or higher recoveries on
defaulted loans. The Australian jobs market and the housing
market are primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in
credit quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

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

Based on the current structure, if the MILAN CE assumption was
25.0%, versus the current 12.5% and the Moody's portfolio
expected loss was 2.8% as opposed to 1.4%, the model-implied
ratings of the Class A1, Class A2 and Class A3 Notes would all
drop two notches from the currently assigned levels. Similarly,
the model-implied ratings of the Class B and Class C Notes would
drop five notches and the Class D Notes would drop four notches
from the currently assigned levels.


LATITUDE AUSTRALIA: Fitch Assigns 'BB' Rating to Class E Notes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to Latitude Australia
Credit Card Loan Note Trust Series 2017-2's floating-rate notes.
The issuance consists of notes backed by credit card receivables
originated by Latitude Finance Australia. The ratings are:

AUD342.95 million Class A1 notes: 'AAAsf'; Outlook Stable
AUD62.83 million Class A2 notes: 'AAAsf'; Outlook Stable
AUD28.80 million Class B notes: 'AAsf'; Outlook Stable
AUD26.18 million Class C notes: 'Asf'; Outlook Stable
AUD20.93 million Class D notes: 'BBBsf'; Outlook Stable
AUD18.32 million Class E notes: 'BBsf'; Outlook Stable
AUD23.56 million Originator VFN Subordination notes: 'NRsf'

The notes were issued by Perpetual Corporate Trust Limited in its
capacity as trustee of the Latitude Australia Credit Card Loan
Note Trust.

Fitch confirms that the above issuance will not result in a
withdrawal or downgrade of any of the existing ratings of the
notes of the Latitude Australia Credit Card Loan Note Trust.

The notes are backed by a collateral pool of credit card
receivables with an average outstanding balance across active
accounts of AUD2,064. The portfolio is well-seasoned; by balance,
58.5% is held in accounts seasoned in excess of 36 months. The
portfolio is geographically diversified among Australian states
with no specific geographic concentration.

KEY RATING DRIVERS
Solid Asset Performance: Fitch has set a yield steady state
assumption of 12.5%, a charge-off steady state assumption of 5.5%
and a monthly payment rate (MPR) steady state of 13.0%. The yield
and MPR steady state assumptions are significantly lower than for
most other international credit card trusts. The charge-off
steady state is in line with or lower than other credit card
trusts due to solid performance and Australia's benign economic
conditions in the last few years. Steady state assumptions remain
unchanged from the prior issuance.

Variable Funding Notes (VFN): The VFN structure provides funding
flexibility that is typical and necessary for credit card trusts.
The structure also employs a separate "Originator VFN" purchased
and held by Latitude. This serves four main purposes: providing
credit enhancement to the rated notes, adding protection against
dilution by way of a separate transferor interest, supporting a
liquidity reserve and serving minimum retention requirements.

Experienced Originator and Servicer: Latitude, through its
previous ownership, has been managing large portfolios of
consumer receivables for well over a decade in Australia. Fitch
reviewed Latitude's underwriting and servicing capabilities and
found them satisfactory. Latitude is not rated and servicer risk
is mitigated through back-up servicer arrangements.

Steady Asset Outlook: Fitch expects stable Australian credit card
performance in the medium-term, with marginal upward charge-off
movements in 2017, since current levels are unsustainable in the
long term. Australian economic conditions are expected to remain
benign.

RATING SENSITIVITIES

Fitch believes the main rating drivers for credit card
transactions are charge-offs, the MPR and the portfolio yield.

Rating sensitivity to increased charge-off rate
Increase base case by 25% / 50% / 75%
Series 2017-1 A1: AAAsf / AAAsf / AAAsf
Series 2017-1 A2: AA+sf / AAsf / AA-sf
Series 2017-1 B: AA-sf / A+ sf / Asf
Series 2017-1 C: A-sf / BBB+sf / BBB-sf
Series 2017-1 D: BBB-sf / BB+sf / BB-sf
Series 2017-1 E: BB-sf / B+sf/ Bsf

Rating sensitivity to decreased MPR
Reduce base case by 15% / 25% / 35%
Series 2017-1 A1: AAAsf / AAAsf / AAAsf
Series 2017-1 A2: AA+sf / AAsf / A+sf
Series 2017-1 B: AA-sf / Asf / A-sf
Series 2017-1 C: A-sf / BBB+sf / BBBsf
Series 2017-1 D: BBB-sf / BB+sf / BB+sf
Series 2017-1 E: BB-sf / BB-sf / B+sf

Rating sensitivity to decreased yield
Reduce base case by 15% / 25% / 35%
Series 2017-1 A1: AAAsf / AAAsf / AAAsf
Series 2017-1 A2: AAAsf / AA+sf / AAsf
Series 2017-1 B: AAsf / AA-sf / AA-sf
Series 2017-1 C: Asf / A-sf / A-sf
Series 2017-1 D: BBBsf / BBB-sf / BBB-sf
Series 2017-1 E: BB-sf / BB-f / B+sf

Defined sensitivities to increased charge-offs to reduce rating
by one full category/reduce rating to non-investment grade/reduce
rating to CCCsf
Series 2017-2 A1: 163% / 370% / 588%
Series 2017-2 A2: 31% / 152% / 274%
Series 2017-2 B: 39% / 110% / 215%
Series 2017-2 C: 43% / 69% / 162%
Series 2017-2 D: 49% / 36% / 122%
Series 2017-2 E: 60% / n.a. / 79%


QUEENSLAND NICKEL: Liquidator Seeks Recovery of Pref. Payments
--------------------------------------------------------------
Tony Raggatt at Townsville Bulletin reports that Townsville is
facing a second wave of pain from the failure of Clive Palmer's
Yabulu nickel refinery with liquidators now chasing the return of
millions of dollars in payments made to businesses for supplying
goods and services in the months leading up to the collapse.

While liquidators FTI Consulting describe the attempted clawback
as a "standard part" of liquidation, Townsville lawyer Evan
Sarinas said there was "great concern" among businesses they
could be ruined, the report relates.

According to the report, Mr. Sarinas said one client, who did not
want to be identified, had received a letter of demand for the
return of almost AUD100,000.

Other businesses had also made inquiries to him about similar
demands from FTI Consulting.

"This is of great concern to the local business community," the
report quotes Mr. Sarinas as saying.  "They are already finding
it tough given the demise of Queensland Nickel.  "Now they are
being pursued to pay back money they received for goods and
services that were supplied."

Townsville Bulletin says liquidators are obliged to recover funds
for the benefit of creditors and the Corporations Act provides
that payments made six months before their appointment can be
recovered as "unfair preferential payments".

In a report to creditors, FTI Consulting estimates up to 52
entities have received possible preferential payments totalling
AUD18.4 million, according to Townsville Bulletin.

Townsville Bulletin relates that Mr. Sarinas said FTI Consulting
had issued a letter of demand to his client seeking payment
within 14 days. But from his investigations, Mr. Sarinas said the
transactions were not some sort of shadowy dealings but payments
for goods and services duly provided in the normal course of
business.

He said the client was a family business and that to pay
AUD100,000 "could ruin you," the report relays.

Townsville Bulletin notes that an FTI Consulting spokesman
confirmed they were "vigorously pursuing" uncommer-cial and
director-related transactions with legal actions under way.

But the firm also warned in its creditors report that Queensland
Nickel may have had "an apparent or prima facie right" to dispose
of assets and interests as a trustee, including a trustee's right
to be indemnified, despite their investigations identifying some
AUD224 million in Queensland Nickel funds which had been
transferred to director-related parties in the five years before
the refinery's collapse, the report adds.

                      About Queensland Nickel

Headquartered in Townsville, Australia, Queensland Nickel engages
in the production and marketing of nickel and cobalt.  It owns
and operates the Palmer Nickel and Cobalt Refinery in Queensland,
Australia. It is owned by businessman and politician Clive
Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On January 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April.


STYLING GROUP: Second Creditors' Meeting Set for Sept. 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of The Styling
Group Pty. Ltd has been set for Sept. 21, 2017, at 11:00 a.m., at
the Boardroom of Chifley Advisory, Level 2, 9 Phillip Street, in
Parramatta, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 20, 2017, at 4:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Styling Group on Aug. 30, 2017.


TORTURED GUM: Second Creditors' Meeting Set for Sept. 20
--------------------------------------------------------
A second meeting of creditors in the proceedings of Tortured Gum
Brewery Pty Ltd has been set for Sept. 20, 2017, at 11:00 a.m.,
at the offices of Deloitte Financial Advisory Pty Ltd, Ground
Floor, 8 Brindabella Circuit, Brindabella Business Park, in
Canberra Airport, ACT.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 19, 2017, at 4:00 p.m.

Ezio Senatore and Neil Cussen of Deloitte Financial were
appointed as administrators of Tortured Gum on Aug. 16, 2017.




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C H I N A
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CHINA LOGISTICS: Add'l. Notes Issue No Impact on Fitch's B Rating
-----------------------------------------------------------------
Fitch Ratings says China-based warehouse owner China Logistics
Property Holdings Co., Ltd's (CNLP; B/Stable) proposed issuance
of an additional USD100 million of its 8% senior notes due 2020
will not affect the existing 'B' rating on the bond. The proposed
and existing bonds are rated at the same level as CNLP's senior
unsecured rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.

CNLP's ratings are supported by strong industry demand for high-
standard warehouses, the company's national geographic coverage
and its extensive network. CNLP also has the advantage of being
one of the largest logistic-property owners in China's Yangtze
River Delta region, a major economic hub. However, its ratings
are constrained by its small scale, low interest coverage of
below 1.0x and continuing funding demand for capex. CNLP's
reliance on debt for its expansion indicates its limited
financial flexibility, and is therefore a further constraint on
its rating.

Fitch sees CNLP's business profile within the 'B+'/'BB-' category
as it enjoys a strong network with more than 2 million sq m of
completed logistic properties as of end-1H17.

However, CNLP's recurring EBITDA interest coverage weakened to
0.32x as of end-1H17 from 0.57x at end-2016 due to a drop in
gross profit margin to 63.7% in 1H17 from 67.2% in 2016. CNLP was
faced with multiple tenancies expiring without extension in the
first half of 2017, which caused revenue and margins to be lower
than Fitch's previous expectations.

CNLP has already found new tenants for the vacant properties. Its
newly stabilised properties since early 2016, defined as having
been in operations for 12 months or with occupancy above 90%,
have also achieved satisfactory occupancy levels, restoring
CNLP's overall occupancy rate to 88.5% as of end-August 2017 from
84.7% as of end-June 2017. This will mean that CNLP's 2017 EBITDA
will fall short of Fitch's forecast but 2018 EBITDA will still
match Fitch expectations provided tenant retention or replacement
remains as stable as expected. Fitch will consider taking
negative rating action if CNLP's tenant retention remains
unstable, resulting in its recurring EBITDA interest coverage
failing to improve significantly.


LESHI HOLDING: Put on Top Court's Default Blacklist
---------------------------------------------------
Ecns.com, citing Beijing Youth Daily, reports that Leshi Holding
(Beijing) Co and LeTV Mobile and Intelligent Information
Technology (Beijing) Corporation were put on China's highest
level credit default blacklist on September 7.

Ecns.com relates that the blacklist was made available on
shixin.court.gov.cn, a site covering the implementation of
rulings by the Supreme People's Court.

In one lawsuit, which was accepted on March 21 and involved both
Leshi Holding and LeTV Mobile, the No. 2 Intermediate People's
Court of Tianjin ruled that the companies should make payments
worth over CNY57.16 million ($8.76 million), but neither
implemented the ruling, according to the report.

Both companies "have the ability to honor obligations but refuse
to do so," said the court, the report relays.

Ecns.com relates that in another case, accepted in April, Leshi
Holding was obliged to pay over CNY50.08 million, according to
the court ruling. But it had not implemented the ruling, either.

Information on shixin.court.gov.cn showed the head of Leshi
Holding was Jia Yueting, and that of LeTV Mobile, Jia Yuemin, the
report discloses.


ONE HORIZON: Founder Rejoins as CEO to Lead Growth Strategy
-----------------------------------------------------------
One Horizon Group, Inc., announced that Mark White has rejoined
the Company as chief executive officer, president and director.
Mr. White will lead the Company's new strategy directed at growth
opportunities for online and Software-as-a-Service (SaaS)
businesses, primarily centered on the security, education and
gaming markets.  Following the recent disposition of its loss
making subsidiaries, One Horizon is now focused on the Company's
business and subsidiaries based in China and Hong Kong.  One
Horizon also announced that Edwin C. Lun is joining as chief
operating officer based in Hong Kong to oversee the Company's
business development and operations in China and Hong Kong.

In consideration for his services, the Company will pay Mr. White
an annual salary of $480,000, provided that until the earlier of
the acquisition by the Company of a business with a valuation in
excess of $1,000,000 and Dec. 31, 2017, the salary payable to Mr.
White will be accrued but not paid, with such accrued salary to
be paid in equal monthly installments during the period
commencing March 1, 2018 through July 1, 2018, or such earlier
date upon which Mr. White's employment is terminated.  Mr. White
also will be entitled to receive a bonus for periods commencing
Aug. 1, 2018, based upon performance criteria to be determined by
the Board of Directors.  As an inducement to join the Company,
the Company has issued Mr. White 1,600,000 shares of its common
stock. Mr. White also will be entitled to participate in any
employee health, life or disability insurance plans established
and maintained by the Company.  The Company also has agreed to
cause the nomination of Mr. White to its Board of Directors as
long as he is employed as its president and chief executive
officer.

"I am pleased to rejoin One Horizon and lead our strategy to
focus on acquisitions of attractive and profitable online
technology businesses.  There are huge opportunities to acquire
businesses based in Southeast Asia with global growth
opportunities," said Mark White, One Horizon's chief executive
officer.  "We expect to build on the strong foundation we've
established with our Chinese and Hong Kong subsidiaries.  The
Company is also excited to have Edwin Lun join as Chief Operating
Officer to direct our businesses in China and Hong Kong, where he
has over 20 years of experience in operational roles in
technology ventures and supply chain management."

Mr. White founded and became chief executive officer of a
predecessor of the Company, One Horizon Group PLC, in 2004 and
served as chief executive officer and a director of One Horizon
Group, Inc. from 2012 to 2014.  His entrepreneurial career in the
distribution of electronic equipment and telecommunications spans
over 25 years.  He founded Next Destination Limited in 1993, the
European distributor for Magellan GPS and satellite products, and
sold the business in 1997.  Prior to that, Mr. White was chief
executive officer for Garmin Europe, where he built up the
company's European distribution network.

Mr. Lun has served as a non-executive director of Mobi724 Global
Solutions (CSE: MOS), a technology company that is a leader in
mobile payment solutions.  Mr. Lun has also served as a board
member of GS1, an organization that develops global standards for
business communication.  Mr. Lun is currently China Advisory
Board member of Hope International Microfinance, a global
microfinance institution in 16 countries.  Mr. Lun has experience
running large scale manufacturing operations and supply chain
management distribution systems in the Fast Moving Consumer Goods
(FMCG) sector, including over 20 years of experience in
CAD/CAM/CAE, ERP and PLM software implementation.  Mr. Lun is a
graduate of the Harvard President Management Program at the
Harvard Business School.

Mr. Lun will receive an annual base salary of $250,000 and will
be entitled to a bonus based upon performance criteria to be
determined by the Board of Directors, provided that until the
earlier of the acquisition by the Company of a business with a
valuation in excess of $1,000,000 and Dec. 31, 2017, the salary
payable to Mr. Lun will be accrued but not paid, with such
accrued salary to be paid in equal monthly installments during
the period commencing March 1, 2018, through July 1, 2018, or
such earlier date upon which Mr. Lun's employment is terminated.
In addition, as a signing bonus, the Company has issued Mr. Lun
1,400,000 shares of its common stock.  Mr. Lun will be entitled
to participate in any employee health, life or disability
insurance plans established and maintained by the Company.

                     Exchange Transactions

One Horizon has entered into two agreements intended to reduce
its debt and eliminate its outstanding preferred stock.  On
Sept. 4, 2017, the Company entered into an agreement with
Zhanming Wu, owner of the Company's 8% Series A Convertible
Debentures in the principal amount of $3,500,000, pursuant to
which Mr. Wu agreed that he would not demand payment of the
Debentures on or prior to Oct. 1, 2017, in consideration for the
right to convert $3,000,000 of the outstanding Debentures,
together with all accrued but unpaid interest on the entire
principal amount of the Debentures, which as of Sept. 30, 2017,
will equal approximately $350,000, into shares of the Company's
common stock at any time on or before Jan. 31, 2018.  On Sept. 4,
2017, the Company entered into an agreement with Mark White,
owner of 555,555 shares of the Company's Series A-1 Convertible
Preferred Stock, all of the Preferred Stock currently
outstanding, pursuant to which the Company agreed to redeem the
Preferred Shares for shares of the Company's common stock.  Upon
consummation of the two Agreements, the Company will issue an
aggregate of 17,000,000 shares of common stock to Messrs. Wu and
White.  In addition, upon conversion of the $3,000,000 portion of
the Debentures, the balance of the Debentures will be deemed
cancelled and the Company will issue to Mr. Wu its $500,000
promissory note bearing interest at the rate of 7% per annum
payable on Aug. 31, 2019.  In addition to the shares issuable to
Mr. White for the Preferred Shares, he will receive a $500,000
promissory note identical to the note issued to Mr. Wu.

The issuance of the shares of common stock in exchange for the
Debentures and the Preferred Shares is subject to stockholder
approval in accordance with the applicable rules of the NASDAQ
Capital Market, the exchange upon which the Company's common
stock is listed, since the issuance of those shares is in excess
of 20% of the outstanding shares of the Company's common stock.
The Company intends seek the written consent of stockholders
owning a majority of the outstanding shares of common stock to
approve the issuance of the number of shares of common stock
contemplated by the Exchange Transactions, or if it is unable to
obtain such stockholder consents, to call a special meeting of
stockholders to approve such issuances.

                About One Horizon Group, Inc.

One Horizon Group, Inc. (NASDAQ: OHGI) --
http://www.onehorizongroup.com/
-- is a reseller of secure messaging software for the growing
gaming, security and education markets primarily in China and
Hong Kong.  One Horizon is the inventor of the patented
SmartPacketTM Voice over Internet Protocol platform.  The
Company's software is designed to capitalize on numerous industry
trends, including the rapid adoption of smartphones, the adoption
of cloud based Internet services, the migration towards all IP
voice networks and the expansion of enterprise bring-your-own-
device to work programs.

One Horizon reported a net loss of $5.54 million on $1.61 million
of revenue for the year ended Dec. 31, 2016, compared to a net
loss of $6.30 million on $1.53 million of revenue for the year
ended in 2015.

As of June 30, 2017, One Horizon had $8.83 million in total
assets, $7.20 million in total liabilities and $1.63 million in
total stockholders' equity.

The Company's independent accountants Cherry Bekaert LLP, in
Tampa, Fla., issued a "going concern" opinion in its report on
the Company's consolidated financial statements for the year
ended Dec. 31, 2016, stating that the Company has recurring
losses and negative cash flows from operations that raise
substantial doubt about its ability to continue as a going
concern.


WUZHOU INTERNATIONAL: Fitch Affirms CCC Long-Term FC IDR
--------------------------------------------------------
Fitch Ratings has affirmed China-based property developer Wuzhou
International Holdings Limited's Long-Term Foreign-Currency
Issuer Default Rating at 'CCC'. Wuzhou's senior unsecured rating
and the rating of its USD300 million senior notes due 2018 have
also been affirmed at 'CCC', with the Recovery Rating remaining
at 'RR4'.

The ratings have been affirmed as Wuzhou's contracted sales have
been bottoming and Fitch expects secured borrowings to remain an
option for the company to refinance its maturing debt given its
large unencumbered asset base. Lower development expenditure and
increasing the amount of completed inventory available for sale
could also slow the pace of leverage expansion. However, the
trend of Wuzhou's weaker contracted sales to end-1H17 and its
still-deteriorating leverage does not reflect a sustainable
profile and constrains its ratings.

KEY RATING DRIVERS

Insufficient Cash Flow for Expenses: Fitch estimates Wuzhou's
contracted sales, which remain below CNY7.5 billion per annum,
will generate insufficient cash flow to cover its high interest
and tax expenses. Wuzhou's contracted sales had seen two
consecutive years of decline; falling by 32% yoy to CNY4.1
billion in 2016 after declining by 9% to CNY6 billion in 2015.
Sales of CNY2.2 billion in 1H17 remained weak, down by 3.4% yoy,
but were slightly up from CNY1.9 billion in 2H16. Wuzhou has
moved into residential property development and expects to boost
its sales in 2H17. A general improvement in lower-tier city
housing sales will lower the risk of Wuzhou's business
diversification strategy.

Climbing Leverage: Fitch expects Wuzhou's leverage to continue
climbing in 2017 and 2018 due to weak sales and still-low profit
margin. Leverage and sales churn weakened in 2016 and 1H17,
performing worse than Fitch had expected. However, profit margin
improved. Wuzhou's leverage, measured by net debt/adjusted
inventory, jumped to 59.7% in 1H17, from 48.7% in 2016 and 37.3%
in 2015. This was partly because Wuzhou acquired three in-
progress projects, of which two are residential, which have not
generated sales. Wuzhou's EBITDA margin was 8.8% in 1H17, down
from 20.9% in 2016, but higher than the -3.5% in 2015. Churn,
measured by contracted sales/gross debt, was 0.3x in 1H17, down
from 0.4x in 2016 and 1.0x in 2015.

Lower Development Expenditure: Fitch believes Wuzhou's
construction expenditure is falling as its gross floor area (GFA)
under development declined to 1.7 million square metres (sq m) in
1H17, from 1.8 million sq m in 2016 and 2.6 million sq m in 2015.
This will slow the pace of completed inventory increase. Wuzhou's
completed development properties increased to CNY3.8 billion,
from CNY3.5 billion in 2016 and CNY3.1 billion in 2015. These
assets are held at cost and do not require additional
expenditure, hence cutting completed inventory levels can help
the company deleverage. The GFA of its completed inventory is
564,000 sq m, whereas GFA of investment properties totalled
841,000 sq m with a valuation of CNY9.7 billion.

Secured Debt Access Instrumental:  Fitch estimated that Wuzhou
has a large pool of unencumbered assets that may allow it to
raise a further CNY5 billion-6 billion in secured borrowing,
assuming at maximum loan/value ratio of 60%. The company has
capital market debt, including convertible bonds, onshore
corporate bonds and offshore senior notes totalling CNY4.8
billion that may require redemption in 2017 and 2018. Fitch does
not expects Wuzhou to generate positive free cash flow. It will
be tough for Wuzhou to refinance its capital market debt through
the issue of new US-dollar senior notes at its rating level, as
it has insufficient cash for repayment, even though it has
regulatory approval to do so. This means Wuzhou is highly reliant
on secured debt financing for the redemption of its capital
market debt.

Recovery Rating Pressure: Wuzhou's Recovery Rating may come under
pressure if its prior-ranking debt increases significantly, due
to its high financial leverage. This may happen if Wuzhou borrows
a large amount of secured debt to refinance part, but not all, of
its offshore debt, or expands its business scale by further
relying on onshore debt.

DERIVATION SUMMARY

Wuzhou's business risk is high due to weak demand for its main
trade-centre products stemming from poor sentiment among China's
small- to medium-sized enterprises, which comprise most of its
customer base. Contracted sales declined in 1H17, 2016 and 2015
and leverage rose to close to 60% in 1H17, from 48.7% in 2016 and
37% in 2015. Wuzhou will not face liquidity risks in the
following year, but its financial profile will not be sustainable
if sales and collections do not pick up.

Compared with China South City Holdings Limited (CSC, B/Stable)
and Hydoo International Holdings Limited (B-/Stable), Wuzhou
faces greater financial risk because of lower leverage headroom
to sustain ongoing capex. Wuzhou's leverage is as high as that of
CSC and much higher than that of Hydoo, while its margin is
weaker than that of both peers. CSC has a healthy recurring
EBITDA/gross interest ratio of 0.5x, putting it in a better
position to service its debts and making it more likely to be
able to refinance its maturing debts.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Land replenishment at 1.2x of GFA sold
- Contracted sales of CNY5.8 billion in 2017 and CNY7.4 billion
   in 2018
- Gross profit margin of 35% (average of 35% between 2013 and
   2016, with a low of 24% in 2015)
- Annual capex of CNY600 million

Recovery rating assumptions
- Wuzhou will be liquidated in a bankruptcy because it is an
   asset trading company
- 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed
to creditors.
- Fitch applied a haircut of 45% to adjusted inventory, slightly
   higher than the 40% norm used for Wuzhou's homebuilding peers,
   as trade centre properties face weak demand
- Fitch applied a 50% haircut to net property, plant and
   equipment, including investment properties and prepaid land
   leases
- Fitch assumed Wuzhou's CNY1.5 billion pledged deposits are
   used to pay debt

Based on Fitch calculations of the adjusted liquidation value,
after administrative claims, Fitch estimates the recovery rate of
the offshore senior unsecured debt to be 45%, which corresponds
to a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Sustained improvement in sales and cash collection
- Contracted sales/gross debt sustained above 1.0x (12 months to
   end-June 2016: 0.6x; 2015: 1.0x)
- Net debt/adjusted inventory sustained below 40%

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Further weakening of liquidity position
- Failure to provide plans for the repayment of senior notes and
   bonds due in 2018 by end-1H18

LIQUIDITY

Tight Liquidity: Cash, including pledged cash of CNY1.6 billion,
amounted to CNY2.1 billion at end-1H17, covering only half of
Wuzhou's short-term debt of CNY4.2 billion. Its USD300 million
senior notes are due in September 2018, adding to liquidity
pressure. Wuzhou may have to rely on obtaining more secured
borrowings with its available unpledged assets, which Fitch
estimates at around CNY10 billion at end-1H17.


YIHUA ENTERPRISE: S&P Assigns 'B' Long-Term CCR, Outlook Stable
---------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term corporate credit
rating to Yihua Enterprise (Group) Co. Ltd. (Yihua group). The
outlook is stable.

Yihua group primarily engages in the manufacture and distribution
of furniture globally. The company has also expanded into
healthcare services through several acquisitions since 2014. It
also engages in real estate, capital management, and hotel
management businesses in China.

The rating on Yihua group reflects the company's limited market
share in the competitive global furniture industry, execution
risks from expansion into healthcare services, and high debt
leverage. Yihua group's good business diversity, vertically
integrated supply chain in the furniture segment, high profit
margin, and large balance of cash and liquid investments temper
these risks.

S&P expects Yihua group's market share to remain limited in the
furniture industry over the next 12-24 months, given the high
market fragmentation and intense competition. The top five
players in North America accounted for less than 20% of the
furniture market value in the country, while the top five in
China only accounted for less than 10% of the domestic market in
2016. In addition, Yihua group lacks brand awareness and product
differentiation because it is mainly a China-based furniture
exporter to North America. Although the company has accelerated
its expansion in China's domestic furniture market by opening
self-owned and franchise stores since 2011, the scale is still
small and the company will take time to establish brand equity.
As of end-2016, Yihua group was the largest China-based wood
furniture exporter to North America. Furniture exports accounted
for about 78% of Yihua group's revenue in the furniture segment
in 2016, while domestic sales in China contributed the rest.

Yihua group's acquisition of Singapore-based HTL International
Holdings Ltd. in September 2016 will enlarge its operating scale
and improve its product and geographic diversity over the next
two to three years. HTL primarily engages in manufacturing and
distribution of sofas in Europe. S&P expects Yihua group to
generate about 50% of its furniture sales from North America over
the next 12 months (from about 60% in 2016), about 20% from
Europe (2016: about 10%), and the rest 30% from Asia-Pacific
(2016: about 30%). However, the market share of the combined
entity will remain limited, given the high market fragmentation.

Yihua group's vertically integrated supply chain in the furniture
industry supports its credit profile. The company gets in-house
supply of about 30% of its demand for timber. S&P said, "We
estimate that raw material cost savings from in-house supply of
timber could be up to 35%, compared with external procurement.
This underpins the company's higher profit margin than the
industry average. Yihua group plans to further increase the
portion of in-house timber supply over the next two to three
years. However, we have not reflected notable benefit from this
initiative in our base-case assumptions, given the uncertainties
on the timing and actual impact on profit margins. EBITDA margin
of the company's furniture segment was about 25% in 2016,
compared with 8%-14% for the global consumer durables industry.

"Yihua group's exposure to substantial execution risks from its
aggressive expansion in the healthcare services industry further
constrains its competitive position, in our view. The company
does not have sufficient track record or extensive experience of
managing several different business segments within the highly
regulated healthcare services industry. Any potential operation
defect or incident may weaken the company's creditworthiness.
Yihua group's practice of retaining existing management teams to
continue to manage the acquired subsidiaries tempers the risks.
We anticipate that the healthcare services segment will account
for about 20% of the company's EBITDA over the next 12-24 months,
compared with no exposure till 2014. Yihua group provides
logistic and administrative services to hospitals, operates
elderly care services centers, manufactures medical devices, and
manages and invests in hospitals in China.

"We estimate that Yihua group's EBITDA margin will decrease to
21%-23% in 2017-2018, from about 23.0% in 2016, due to the
integration of the less profitable HTL and increasing spending on
selling and distribution to expand its sales network for
furniture in China. In addition, we believe Yihua group's fast
expansion of the healthcare services segment will dilute its
EBITDA margin. Our base case assumes that the EBITDA margin of
Yihua group's healthcare services will gradually improve to 17%-
18% over the next two years, from about 16% in 2016, driven by
higher revenue contribution from the more profitable hospital
management sub-segment."

Yihua group's debt leverage is likely to remain high over the
next 12-24 months, given the company's aggressive capital
investment plan and a strong pipeline of acquisitions. S&P said,
"We anticipate that the company will invest Chinese renminbi
(RMB) 1.5 billion-RMB2.0 billion per year over the next two to
three years, primarily on its planned construction of a
greenfield hospital in Shantou and capacity expansion for
furniture production. Our base case assumes that Yihua group will
acquire several healthcare services companies and high-end
elderly-care centers for an aggregate cash consideration of
RMB2.0 billion-RMB3.0 billion per year in 2017-2018. The
company's payment for the acquisitions in tranches across several
years with detailed net profit requirement tempers the risks."

Yihua group's good operating cash flows from property contract
sales will partially fund the company's massive capital
investment and acquisitions over the next 12-24 months. S&P said,
"We anticipate property contract sales of Yihua group to reach
RMB1.7 billion-RMB2.1 billion in 2017 and 2018, from about RMB1.3
billion in 2016, driven by increased saleable resources and
higher property prices in Shantou. We expect Yihua group's debt-
to-EBITDA ratio to improve to 8.0x-9.0x in 2017-2018, from about
11.5x in 2016, mainly driven by the full-year consolidation of
HTL as well as good property contract sales." Yihua group
consolidated about four months of HTL's EBITDA in 2016, but the
full balance of HTL's debt as of end-December 2016. The company
reported contract sales of about RMB800 million in the first half
year of 2017.

S&P said, "In our view, Yihua group's large balance of cash and
liquid equity investments could provide some financial and
liquidity cushion to support its credit profile. Although we do
not expect the company to use its cash or monetize the liquid
equity investment to pay down debt, we believe the liquid assets
could partially fund the company's future capital investments and
acquisition plans. In addition, we assess Yihua group's overall
competitive position as better than its peers that also have a
weak business risk profile. We reflect these potential benefits
and relative strengths into our positive assessment of the
company's comparable rating analysis.

"The stable outlook reflects our expectation that Yihua group
will smoothly integrate HTL and gradually expand its furniture
distribution network in China over the next 12 months. We expect
the company's market share to remain limited in the highly
fragmented global furniture industry and the intensively
competitive healthcare services industry in China. We also expect
the company's debt leverage to remain materially above 5.0x due
to its aggressive debt-funded acquisitions and capital
investment. This is despite our anticipation of good operating
cash flows from Yihua group's property contract sales and strong
revenue growth over the next 12 months.

"We could lower the rating if Yihua group's competitive position
deteriorates materially over the next 12 months, as indicated by
weakening profit margin or loosening working capital management.
This could happen if: (1) the company's market position in the
furniture industry erodes due to intense competition; or (2) the
company's exposure to the healthcare services segment rises
substantially without effective execution control over the next
12 months.

"We could also lower the rating if Yihua group's liquidity
materially weakens over the next 12 months, possibly due to: (1)
aggressive capital investment or shareholder returns; or (2) a
significant erosion in its banking relationship or access to the
equity or credit markets.

"Rating upside is limited over the next 12 months. Nevertheless,
we could raise the rating if Yihua group becomes more disciplined
with debt-funded capital investment and acquisitions, and
establishes a longer and satisfactory operating track record in
the hospital and healthcare services segment. A debt-to-EBITDA
ratio below 6.0x and EBITDA interest coverage above 2.0x on a
sustained basis, with sufficient excess cash balance and liquid
non-strategic equity investments would indicate such
improvement."



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


AKSHAT PAPERS: CRISIL Lowers Rating on INR22.4MM Cash Loan to B+
----------------------------------------------------------------
CRISIL has been consistently following up with Akshat Papers
Limited (APL) for obtaining information through letters and
emails dated August 31, 2016 and July 12, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.7        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit           22.4        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Term Loan              4.4        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

APL, promoted by Mr. Suresh Singhal and his son Mr. Akshat
Singhal, manufactures kraft paper. The company was incorporated
in 1996 and has been operational since 1998; it has a production
plant in Bardoli, near Surat (Gujarat).


ALBUS INDIA: CRISIL Reaffirms 'D' Rating on INR11MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Albus India
Limited (AIL) for obtaining information through letters and
emails dated May 30, 2017 and July 18, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                11       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

AIL was set up in 2011 by Mr. Gaurav Agrawal and his two brothers
-- Mr. Gautam Agrawal and Mr. Gokul Agrawal. The company
manufactures low carbon ferro manganese. Its manufacturing unit
is located in Vishakhapatnam (Andhra Pradesh), and commenced
operations in August 2015.


ARAVIND CERAMICS: Ind-Ra Ups Issuer Rating to BB, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Aravind Ceramics
Private Limited's (ACPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB-(ISSUER NOT COOPERATING)'. The Outlook is Stable. The
instrument-wise rating action is:

-- INR360 mil. (reduced from INR430 mil.) Fund-based working
    capital facility Long-term rating upgraded; Short-term rating
    affirmed with IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in ACPL's credit profile and
liquidity despite a fall in profitability, as it was comfortable.
Credit profile remains moderate. According to provisional
financials for FY17, revenue was INR1,537.5 million (FY16:
INR1,273.8 million). Revenue growth was driven by improved
marketing efforts. In FY17, interest coverage (operating
EBITDA/gross interest expense) was 1.7x (FY16: 1.5x) and net
financial leverage (total adjusted net debt/operating EBITDAR)
was 3.9x (4.5x). The improvement in credit metrics was due to a
fall in short-term debt. Profitability, albeit volatile, remained
comfortable at 5.3%-7.2% over FY13-FY17 on account of the
successful establishment of own brand (Anuj).

Moreover, its liquidity was comfortable, indicated by an average
maximum peak utilisation of fund-based working capital limits of
90% for the 12 months ended July 2017, despite a reduction in the
sanctioned working capital facility. The improvement in liquidity
was due to better management of working capital cycle (FY17: 136
days; FY16: 178 days), driven by a fall in receivable and
inventory days.

The ratings are supported by ACPL's promoters' two decades of
experience in the tile and sanitary fittings trading business
that has helped the company in establishing healthy relationships
with customers and suppliers.

However, the ratings are constrained by stiff competition from
both organised and unorganised players.

RATING SENSITIVITIES

Negative: Any decline in profitability leading to a substantial
decline in credit metrics and/or liquidity will be negative for
the ratings.

Positive: Revenue growth while maintaining or improving
profitability, credit metrics and liquidity will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 1996, ACPL is a family-owned tile and sanitary
fittings trading business.


ARPIT PROJECTS: Ind-Ra Lowers Issuer Rating D, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Arpit Projects
Limited's (APL) Long-Term Issuer Rating to 'IND D' from 'IND BB'.
The Outlook was Stable. The instrument-wise rating action is:

-- INR1,490 mil. Term loan due on December 2025 downgraded with
    IND D rating.

KEY RATING DRIVERS

The downgrade reflects APL's delays in debt servicing during the
four months ended July 2017. This was due to a tight liquidity
position, resulting from delays in the commencement of
operations.

COMPANY PROFILE

APL was incorporated in 1995 and acquired Country Inn and Suites
By Carlson, Gurgaon Udyog Vihar from Gurgaon Recreational Park in
2016 to venture into the hospitality space. The company is
planning to change the brand to Radisson Blue. The company has
yet to commence operations at the hotel. It has no other business
division.


AVI TECHNOLOGIES: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Avi Technologies
(AVIT) for obtaining information through letters and emails dated
January 31, 2017 and July 18, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          7.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

AVIT, a partnership firm set-up in 2013-14, is based in Himachal
Pradesh and does contract manufacturing for Cipla Ltd and also
manufactures calcium medicines. Its current partners are Mr. S K
Saxena, Mr. Suresh Chand Jain, Ms. Meeta Saxena, and Ms. Shadhi
Pradhan.


BATHSHA MARINE: CARE Assigns 'B' Rating to INR3.92cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bathsha Marine Exports Private Limited (BMEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.92       CARE B; Stable Assigned

   Short-term Bank
   Facilities             5.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Bathsha Marine
Exports Private Limited (BMEPL) are tempered by small scale of
operations with declining operating margins and thin net profit
margin, leveraged capital structure with weak debt coverage
indicators, moderate operating cycle days along with competitive
nature of industry. The ratings are further tempered by
regulatory risk and seasonality associated with seafood industry
along with fluctuation in foreign exchange prices. The ratings
however, are underpinned by the long track record and experienced
promoters for more than two decade in sea food industry, growth
in total operating income during review period and locational
advantage of the plant. Going forward, the ability of the company
to increase its scale of operations, improve capital structure
and its debt coverage indicators and manage working capital
requirements efficiently would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations with declining operating margins and
thin profit net profit margin

The scale of operations of the company is small marked by total
operating income of FY17 (Prov. C.A. Certified) of INR12.84 crore
coupled with low net worth of INR1.49 crore as on March 31, 2017
(C.A. Certified Prov.) as compared to other peers in the
industry.

The PBILDT margin of the company decreased from 46.94% in FY15 to
14.74% in FY17 (C.A. Certified prov.) due to diversification of
business from storage of sea food to processing and exporting
shrimp and various sea food resulted in increase in shipment
expenses, employee cost and other expenses. The company has
incurred net losses on account of purchase of new machinery
resulted in under absorption of overheads, coupled with above
said factor. However, the company has turnaround from loss to
profit and achieved PAT margin of 1.66% in FY17 (C.A. Certified
Prov.) on account of increase in PBILDT in absolute terms.

Leveraged capital structure and weak debt coverage indicators
The debt profile of the company majorly comprises of term loan.
The debt to equity ratio of the company improved from 16.07x as
on March 31, 2015 to 2.69x as on March 31, 2017 (C.A. Certified
Prov.) due to increase in tangible netwoth albeit increase in
long term debt at the back of availment of new machinery.
Moreover, overall gearing of the company though improved still
remained leveraged at 4.85x as on March 31, 2017 as against 4.02x
as on March 31, 2016 on account of high amount of term loan and
working capital utilization levels as against the net worth of
the company.

BMEPL has weak debt coverage indicators during review period.
Total debt/ GCA of the company though improved from 23.61x in
FY16 to 7.42x in FY17 (Prov. C.A. Certified) due to increase in
cash accruals, still remained at moderate level. The PBILDT
interest coverage ratio of the company deteriorated from 4.03x in
FY15 to 1.57x in FY16 due to increase in interest cost. However
it is improved to 2.28x in FY17 (C.A. Certified Prov.) on account
of increase in PBILDT levels.

Moderate operating cycle days
BMEPL has moderate operating cycle at 33 days in March 31, 2017
(C.A. Certified Prov.).The average collection period improved
from 148 days to 24 days due to the sundry debtors remained at
INR0.66 crore as on March 31, 2016. The company is required to
maintain inventory of shrimp for duration of around 90-120 days
due to seasonal availability and to meet customers' requirements
on time. Further, the company makes the payment to its supplier
within 45-90 days due to long term relationship with farmers .
The company receives the payment from its customer through
telegraphic
transfer (TT).

Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry
The company has to stock shrimps for export during the off
season, thus increasing its inventory levels. Apart from
seasonality, adverse climate conditions, lack of quality feed,
rampant diseases continue to pose risk in the raw material
procurement. Furthermore, due to limited value addition nature of
business and less technological input entry barriers are low. As
a result, processed sea food industry is highly competitive with
the presence of a large number of Indian players as well as
players from other international market. Furthermore, exports of
sea food is highly regulated, as exporters of sea food have to
meet various regulations imposed by importing nations as well as
imposed by the Indian government.

Profitability margins are susceptible to fluctuation in foreign
exchange prices
The company generates 100% of revenue through export sales
therefore the profitability margins of the company are
susceptible to fluctuation in foreign exchange prices on account
of absence of hedging mechanism.

Key Rating Strengths

Long track record and experience of the promoters for more than
two decade in sea food industry
BMEPL was incorporated in the year 1997, promoted by Mr. Akber
Bathsha (Managing Director), Mrs. Sunitha Bathsha (Director) and
Mr. Yazar Bathsha (Director), all the directors are qualified
graduate having more than two decade of experience in sea food
industry. The directors are actively involved in day to day
operations of the company. Mr Akber Bathsha has more than two
decades of experience in sea food industry and looks after the
marketing activities. Due to long term presence in the market,
the promoters have good relations with suppliers and customers.
Growth in total operating income during review period.

The total operating income of the company grew at a compounded
annual growth rate (CAGR) of 238.56% during FY15-FY17 (C.A.
Certified Provisional) from INR1.12 crore in FY15 to INR12.84
crore in FY17 (C.A. Certified Prov.) due to Initially the company
was engaged in storage of sea food where rent is received for the
storage sea food. However from May 2016 onwards, the company
started processing and export of shrimp and various fish, on
account of diversification of business the revenue of the company
was increased during review period.

Locational advantage
The plant location of the company is located in aquaculture Zone
near Kerala, which enables the company to procure raw materials
and send the same for process immediately after harvest. This
results in better quality product as well as lowers the
transportation cost

Placo Enterprises Private Limited was incorporated in the year
1997 and later on the name was changed to Placo Plastics Private
Limited. During 2003, the company name was changed to current
nomenclature Bathsha Marine Exports Private Limited (BMEPL).
Initially the company was engaged in storage of sea food. However
from May 2016 onwords, the company started processing, packing
and export of shrimp and various fish to the places like Vietnam,
Portugal, Australia, Kuwait and Korea. The product profile of the
company includes black tiger, Vannamei, white shrimp, Cuttle
Fish, Indian Mackeral, Yellow Fin Tuna and Ribbon Fish. The
company is 100% Export Oriented Unit (EOU). BMEPL procures fish
and shrimp from local fisher men i.e., Kerala and other places
like Nellore and Andhra Pradesh. The plant has the certification
from 'Hazard Analysis Critical Control Point (HACCP) and British
Retail Consortium (BRC). The processing and storage facilities of
SMPL are approved by the Marine Products Export Development
Authority (MPEDA).


ESH ISPAT: CRISIL Reaffirms B+ Rating on INR4.5MM Term Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Esh Ispat Private Limited (EIPL) at 'CRISIL B+/Stable'.

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

   Proposed Cash
   Credit Limit             2       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       4.3     CRISIL B+/Stable (Reaffirmed)

   Proposed Term Loan       4.5     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations, large working capital requirement, and susceptibility
of profitability to volatility in raw material prices and to
intense competition. These weaknesses are partially offset by the
extensive experience of its promoters in the steel industry and
comfortable debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: With
revenue of INR43.39 crore in fiscal 2017, scale remains small in
the intensely competitive secondary steel industry that has low
entry barrier and limited product differentiation. This restricts
negotiating power with suppliers and customers.

* Large working capital requirement: Gross current assets were
high at 201 days as on March 31, 2017, despite improving from 362
days as on March 31, 2016. This is mainly on account of sizeable
inventory and large payables. Any stretch in working capital
cycle may weaken liquidity.

* Susceptibility of profitability to volatility in raw material
prices and intense competition: Prices of steel have remained
highly volatile in the last few years, leading to fluctuations in
operating profitability margins of the company. Large inventory
will further expose the company to sudden movement in input
prices.

Strengths

* Extensive experience of promoters: Key promoter, Mr Sanjay
Kumar Rai, has been in the steel industry since 1996 and has
gained strong insight into demand-supply patterns and price
trends, and established healthy relationship with customers.

* Comfortable debt protection metrics: Moderate operating
profitability and gearing led to robust debt protection metrics,
with interest coverage and net cash accrual to total debt ratios
of 2.08 times and 0.12 time, respectively, for fiscal 2017.
Metrics are likely to remain steady over the medium term with
gradual improvement in scale and profitability and expected
reduction in debt levels.

Outlook: Stable

CRISIL believes EIPL will continue to benefit over the medium
term from the extensive experience of its promoters and
established customer relationship. The outlook may be revised to
'Positive' if a substantial and sustained increase in revenue and
cash accrual and improvement in working capital management lead
to a better financial risk profile, particularly liquidity. The
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, weakens because of lower-than-expected
cash accrual, stretch in working capital cycle, or sizeable,
debt-funded capital expenditure.


FALCON BUSINESS: CRISIL Lowers Rating on INR6.6MM Loan to 'B'
-------------------------------------------------------------
CRISIL has been consistently following up with Falcon Business
Resources Private Limited (FBRPL) for obtaining information
through letters and emails dated May 08, 2017 and June 12, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Letter of credit        1.5       CRISIL A4 (Issuer Not
   & Bank Guarantee                  Cooperating; Downgraded
                                     from 'CRISIL A4+')

   Secured Overdraft       6.6       CRISIL B/Stable (Issuer Not
   Facility                          Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Secured Overdraft       3.9       CRISIL B/Stable (Issuer Not
   against term deposits             Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

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

FBRPL, a Delhi-based company was incorporated in 1983 under the
name of Delhi Su-per Trade Pvt Ltd and was renamed in 2003. It
operates under the brand name of Clay Telecom and is currently
being managed by Mr. Devendra Dhawan and his son Mr. Gaurav
Dhawan. It provides international prepaid and postpaid airtime.
It offers a diverse range of rental packages for SIM cards,
wireless gadgets, cell phones and data cards.


GOLD PLUS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gold Plus Glass
Industry Limited (GPGIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR4,114.1 mil. Term loans due on March 2022 assigned with
    IND BB+/Stable rating;

-- INR811.4 mil. Non-convertible debentures (NCDs) with 9.65%
    coupon rate issued on 22 December 2016, due on March 2024
    assigned with IND BB+/Stable rating;

-- INR540.9 mil. Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR345 mil. Non-fund-based working capital limits assigned
    with IND BB+/Stable/IND A4+ rating.

The NCDs has been issued to banks as right of recompense amount
as part of the corporate debt restructuring mechanism.

KEY RATING DRIVERS

The ratings are constrained by GPGIL's large capex outlay, tight
liquidity as well as exposure to raw material price volatility.
GPGIL is setting up a new 700 tonnes per day float glass unit at
its Roorkee plant, which would increase its capacity to 1,160TPD.
The total capex on the unit is likely to be INR5,420 million with
a debt component of INR3,620 million. The company expects to
commission the unit in April 2018 with an improvement in credit
profile from FY19 due to the increased production capacity. GPGL
entered the corporate debt restructuring mechanism in June 2011
due to liquidity issues and exited in May 2016 due to an
improvement in financial performance, though liquidity remained
tight. The peak average utilisation of the fund-based working
capital limits was around 92% during June 2016 to May 2017.

The ratings, however, are supported by GPGIL's improving
profitability over FY14-FY17, with EBITDA margins being healthy
at 29.8% in FY17 (FY16: 27.8%; 19.0%; 10.8%). The improvement in
profitability was driven by a decline in power and fuel costs as
the company modified its furnace to use multiple fuels (furnace
oil, natural gas and diesel) as against using furnace oil only
earlier. However, the company does not have long-term raw
material and fuel souring contracts, exposing it to price
volatility in them.

The ratings are also supported by GPGIL's steady revenue growth
at a CAGR of around 3% over FY14-FY17. The company reported
revenue of INR4.9 billion in FY17. According to the management,
the company is operating at the full capacity for the past three
years, reflecting the strong demand for its products and low per
capita demand.  Also, the credit metrics are comfortable with net
adjusted debt/EBITDA at 3.3x in FY17 (FY16: 3.0x) and gross
interest coverage at 3.7x (3.4x).

RATING SENSITIVITIES

Positive: An improvement in the revenue and profits leading with
timely completion of the second unit leading to an improvement in
liquidity position along with stable credit metrics could lead to
a rating upgrade.

Negative: A decline in the revenue and profit and/or time and
cost overruns on the capex leading to worsening of the liquidity
and/or higher-than-expected deterioration in the credit metrics
could lead to a rating downgrade.

COMPANY PROFILE

GPGIL, incorporated in 2009, has three units, one each in Roorkee
(Uttarakhand), Haryana and Himachal Pradesh. The Roorke unit has
an installed capacity of 460TPD and can produce float glass,
mirror reflective glass and frosted glass. The two processing
units in Haryana and Himachal Pradesh produce toughened,
insulated and laminated glass for automotive, architectural and
industrial applications. Mr. Subhash Tyagi is the chairman of the
company.


GOLDFIELD FRAGRANCES: CRISIL Cuts Rating on INR9.75MM Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Goldfield
Fragrances Private Limited (GFPL; part of the Goldfield group)
for obtaining information through letters and emails dated
May 12, 2017 and June 14, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             9.75      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit        1.00      CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term      0.88      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

   Standby Line of Credit   .76      CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB+/Stable')

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of GFPL with Quintessence Fragrances Pvt
Ltd (QFPL) and Quintessence Fragrances Ltd (QPL). This is because
all the companies, collectively referred to as the Goldfield
group, have considerable business linkages and common business
lines, and are under the same management.

Incorporated in 1986 by Mr. B V Kamte, Mr. J R Vaidya and Mr. R R
Mullick, (GFPL) manufactures and supplies fragrance compound and
has its manufacturing facility in Goa.

QFPL is a subsidiary of GFPL and is involved in a similar line of
business; with manufacturing facilities in Chennai.

QFPL is also a subsidiary of GFPL in the similar line of
business; with manufacturing facilities in the United Kingdom.


H.L. AGRO: CRISIL Downgrades Rating on INR50MM Cash Loan to B
-------------------------------------------------------------
CRISIL has been consistently following up with H.L. Agro Products
Private Limited (HLAPL) for obtaining information through letters
and emails dated May 3, 2017 and June 12, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

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

Detailed Rationale

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

HLAPL was incorporated in 2008, promoted by the Kanpur-based Sahu
family. The company is engaged in the processing of white sesame
seeds. It is currently setting up a plant for the manufacture of
maize starch powder and its by-product, liquid glucose which is
expected to commence operations in March 2016. Its promoters are
Mr. Akhilesh Sahu and his brother, Mr. Awadesh Kumar Sahu.


K.V.J. BUILDERS: CARE Assigns B+ Rating to INR10.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of K.V.J.
Builders and Developers Private Limited (KVJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             10.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of K.V.J. Builders and
Developers Private Limited (KVJ) takes into consideration small
scale of operations with fluctuating total operating income,
tender based nature of operations, leveraged capital structure
and debt coverage indicators and working capital intensive nature
of operations due to elongated operating cycle. The rating is
however, underpinned by the long track record of the company with
experience of the promoters of more than two decades in
construction industry, moderate order book position and
increasing PBILDT margin and fluctuating PAT margin during review
period. Going forward, the company's ability to increase its
scale of operations and capital structure and debt coverage
indicators and execution of the projects in timely manner along
with efficient management of working capital requirements would
be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses
Small Scale of operations with fluctuating total operating income
Despite of moderate track record of the company, scale of
operations of the company are relatively small marked by total
operating income (TOI) of INR20.76 crore in FY17 with moderately
low networth base of INR8.18 crore as on march 31, 2017 (CA
certified prov.) as compared to other peers in the industry. The
total operating income of the company has been fluctuating during
review period FY15-FY17 (CA certified Prov.). The company's TOI
has reduced from INR22.73 crore in FY15 to INR18.52 crore in FY16
due to low amount orders received by government departments
(Kerala State Government) during FY16. However the same increased
to INR20.76 crore during FY17 (CA certified prov.) at the back
increased amount of cannel works executed by the company during
FY17.

Tender based nature of operations
The company receives 100% of its work orders from government
organizations which are tender- based and are procured online.
The revenues of the company are dependent on the ability of the
promoters to bid successfully for the tenders and execute the
same effectively. However the promoter's long experience in the
industry for more than two decades mitigates the risk to an
extent. Nevertheless, there are numerous fragmented & unorganized
players operating in the segment which makes the civil
construction space highly competitive.

Leveraged capital structure and debt coverage indicators of the
company
The capital structure of the company remained leveraged marked by
higher overall gearing ratio of the company. Overall gearing
ratio of the company though improved marginally from 2.22x as on
March 31, 2015 to 2.08x as on March 31, 2016 remained leveraged
at the back of repayment of machinery loan. However, the same
further deteriorated marginally to 2.28x as on March 31, 2017
prov. as the company has availed vehicles and machinery on hire
purchase. Total debt/GCAof the company improved from 19.74x as on
March 31, 2016 to 15.49x as on March 31, 2017 prov. at the back
of increased cash accruals from INR0.78 crore in FY16 to INR1.20
crore in FY17 prov. Despite of the improvement during FY17
(prov.) Total debt/GCA still remained on a higher side.
Furthermore, despite increase in the PBILDT level of the company,
PBILDT interest coverage ratio deteriorated slightly from 1.43x
in FY15 to 1.31x in FY16 due to increased amount of interest
cost.

Elongated working capital cycle days reflecting working capital
nature of business
The company's operating cycle days stood significantly high in
the range of 274 and 390 days during FY15 and FY17 Prov. due to
high level of collection days of the company. Collection days of
the company stood high during the review period due to late
realisation of the receivables of the project based works
executed by the company. Such higher receivable days has impacted
in reliance of the company on working capital borrowings. In
order to meet the working capital gap the company availed the
Interchangeability of INR3.50 crore from BG to CC limit. The
average utilization of working capital was 100% for the last 12
months ended July 31, 2017.

Key Rating Strengths
Long track record of the company with experienced promoters for
more than two decades in the construction industry KVL was
incorporated in the year 2004 by Mr. Vinodh George and Mrs.
Reshma Dinu. The day to day activities of the company are managed
by Mr. Vinodh George only. Mr. Vinodh George is a graduate and
has more than two decades of experience in the civil construction
industry through its associates company. He also has considerable
experience in dealing with Kerala State Construction Corporation
Limited, Kerala Public Works and Haeber Engineering Division in
term of procurement and completion of the tender works, and also
realization of payments for the works executed.

Moderate order book position of around INR38.68 crore as on
August 8, 2017
The company has moderate order book of INR38.68 crore as on
August 8, 2017 which translates to 1.87x of total operating of
FY17 (CA Certified prov.) and the same is likely to be completed
by December 2018. The said order book is related to construction
of bridges and port of INR38.68 crore. However, the orders in
hand provide revenue visibility to the company for short to
medium term.

Increasing PBILDT margin and fluctuating in PAT margin during
review period
PBILDT margin of the company is seen improving y-o-y form 17.93%
during FY15 to 21.81% during FY17 (CA certified Prov.) at the
back of reduced material cost and employee cost. Despite of the
increasing PBILDT, margins of the company are dependent on the
nature of contracts executed and also come under pressure because
of competitive nature of the tender based contract works of the
company. PAT margin of the company has been fluctuating in the
range of 0.25% - 4.12% during FY15-FY17 prov. due to reduced
depreciation cost and increased interest cost of the company from
INR2.84 crore in FY15 to INR3.44 crore in FY17 (prov.).

K.V.J Builders and Developers Private Limited (KVJ) was
incorporated in the year 2004 by Mr. K. Vinodh George (Managing
Director) and Mrs. Reshma Dinu (director). The company has its
registered office located at Edappally, Ernakulam, Kerala
and is a Class-A contractor for constructions of bridges, roads,
airports and sea ports. The company procuress its work orders
through online tenders of Kerala State Construction Corporation
Limited (KSCCL), Kerala Public works Departments (KPWD) and some
from other private bodies. The company purchases the key raw
materials like cement, steel, bricks etc. from Indian Cement,
Steel Authority of India and TATA Steel etc. The company has the
present order book of INR38.68 crore to be completed by December
2018.


KUDOS FINANCE: CRISIL Assigns B+ Rating to INR5MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the proposed
long-term bank loan facility of Kudos Finance and Investments
Private Limited (Kudos Finance).

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

The rating reflects a small scale of operations and vulnerability
of asset quality due to the weak credit risk profiles of
borrowers. These rating weaknesses are partially offset by above
average earnings.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations
Assets under management (AUM) are likely to remain modest at
INR20-25 crore over the medium term. The company mainly provides
small business loans and machinery finance, where the average
ticket size is around INR5 lakh. It had a limited base of around
300 customers as on June 30, 2017. In addition, operations are
concentrated in Pune district, Maharashtra, and are likely to
remain so over the medium term.

* Vulnerability of asset quality to the weak credit risk profiles
of borrowers

The borrowers have weak credit risk profiles with limited
documented income and no easy access to formal credit. Any impact
on their business due to an unforeseen event can affect their
cash flow and repayment capacity. The company provides unsecured
business loans to borrowers who undertake small businesses such
as kirana stores, small traders, and restaurants largely for
their working capital requirements. 1 year-lagged 90+ days past
due (dpd) has increased to 5.4% as on March 31, 2017, from 2.5%
as on March 31, 2016.

However, the company is developing internal expertise to assess
the credit risk profiles of these borrowers and is in the process
of improving its systems and processes in line with growth plans.
It has inducted experienced professionals from the industry to
strengthen its sales and credit team. Most of the portfolio is
sourced internally. Though the company has a moderate asset
quality, its ability to maintain this with the increase in scale
is yet to be tested given the vulnerability of the borrower
class.

Strengths

* Above-average earnings
Return on assets was high at around 4% over the three fiscals
through 2017. Given the weak credit profile of borrowers, the
company charges high yields of 26-28%. The operating cost is not
expect to increase materially over the medium term. Low credit
cost has been maintained, but to continue to do so with the
increase in scale of operations will be critical for
profitability.

Outlook: Stable

CRISIL believes the operations of Kudos Finance will remain
modest and regionally concentrated over the medium term.
Furthermore, its asset quality will remain vulnerable on account
of the weak credit risk profiles of its borrowers. The outlook
may be revised to 'Positive' if there is significant improvement
in capitalisation and market position. The outlook may be revised
to 'Negative' if the asset quality and profitability deteriorate
significantly, constraining the financial risk profile.

Kudos Finance is a non-deposit-taking non-banking financial
company promoted by Mr Pavitra Walvekar and started in 2009.  He
graduated in finance from the California State University,
Fresno, in 2005 and worked in Citi Bank, Merrill Lynch, and Wells
Fargo before starting Kudos Finance. The company mainly provides
small-ticket business loans and machinery financing loans. It
operates from two branches in Pune. It had AUM of INR16 crore and
a networth of INR4.3 crore as on June 30, 2017.

Profit after tax (PAT) was INR48 lakh on total income of INR3.15
crore for the fiscal 2017, as against a PAT and total income of
INR28 lakh and INR1.58 crore, respectively, for the previous
fiscal. PAT was INR15 lakh and total income of INR90 lakh during
the quarter ended June 30, 2017.


LAKSHMI RANGA: CRISIL Reaffirms 'D' Rating on INR7.75MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Lakshmi Ranga
Enterprises Private Limited (LREPL; part of the Lakshmi group)
for obtaining information through letters and emails dated
May 24, 2017 and June 9, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.75      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.25      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LREPL and Lakshmi Traders (LT). This
is because the two entities, together referred to as the Lakshmi
group, have a common management and are engaged in similar lines
of business.

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


LAKSHMI TRADERS: CRISIL Reaffirms 'D' Rating on INR4MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Lakshmi Traders -
Chennai (LT; part of the Lakshmi group) for obtaining information
through letters and emails dated May 24, 2017 and June 09, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              4       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Working
   Capital Facility         2       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of LT and Lakshmi Ranga Enterprises Pvt
Ltd (LREPL). This is because the two entities, together referred
to as the Lakshmi group, have a common management team and are
engaged in similar lines of business.

LREPL, set up in 1984, trades in paints, hardware, plywood, and
various building construction material. LT, established in 2009,
trades in white cement and other building construction material.
The group is managed by Mr. R. Anbalagan and his family members,
and based in Thiruvannamalai (Tamil Nadu).


MAP LIMITED: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MAP Limited's
Long-Term Issuer Rating of 'IND BB'. The Outlook was Stable. The
instrument-wise rating action is given below:

-- INR500 mil. Fund-based working capital limits withdrawn with
    WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings as the
instrument has been repaid in full. This is consistent with The
Securities and Exchange Board of India's circular dated 31 March
2017 for credit rating agencies. Ind-Ra will no longer provide
analytical and rating coverage for MAP.

COMPANY PROFILE

Established in 2012, MAP is engaged in the trade of cotton bales
and wash oils.


MEC SHOT: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------
CARE has been seeking information from Mec Shot Blasting
Equipments Private Limited (MSBE), to monitor the rating
vide e-mail communications/ letters dated May 3, 2017, June 1,
2017, August 2, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. Furthermore, MSBE has
not paid the surveillance fees for the rating exercise as agreed
to in its Rating Agreement. In line with the extant SEBI
guidelines CARE's rating on MSBE bank facilities will now be
denoted as CARE B+/A4; ISSUER NOT COOPERATING.

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

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.50       CARE B+; Issuer not
                                     Cooperating

   Short-term Bank
   Facilities             6.50       CARE A4; Issuer not
                                     Cooperating

Detailed description of the key rating drivers

At the time of last rating on June 30, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Continuous decline in Total Operating Income (TOI) coupled with
operating and net loss as well as cash loss in FY15 and
FY16
TOI of MSBE has witnessed declining trend in last three financial
years ended FY16 due to lower sales realization as well as lower
sales volume owing to increase in competition. During FY15, TOI
declined by 4.98% over FY14 and further in FY16, TOI has reduced
by 24.77% over FY15.

Further, MSBE has registered operating and net loss in FY15 as
well as in FY16 owing to un-ability of the company to fully
pass on raw material cost to its customers. With operating and
net losses, the company has registered negative GCA level in FY15
as well as in FY16.

Highly leveraged capital structure and weak debt coverage
indicators
The capital structure of the company continuously deteriorated
over the last three financial years ending on March 31, 2016 and
stood at 7.60 times as on March 31, 2016 owing to decrease in
net-worth base due to net losses and infusion of unsecured loans
by promoters and their relative for working capital requirement.
Further, the debt coverage indicators stood weak with negative
interest coverage and negative total debt to GCA owing to
operations as well as cash losses in FY15 and FY16.

Working capital intensive nature of operations
The business of MSBE is working capital intensive in nature
marked by elongated operating cycle at 314 days in FY16 owing to
higher inventory holding period. The company takes 7 to 9 months
for conversion of raw material to finished goods. Further, it
receives part payment in advance from its customers which is
nearly 20% and rest amount is received in 4-5 months after
successful installation of machinery at customer premises. Due to
it, the current ratio stood comfortable at 1.39 times as on
March 31, 2016, however, quick ratio stood below unity at 0.63
times as on March 31, 2016. Further, it has utilized fully its
working capital bank borrowings in the last 12 months ending May,
2016

Low order book of position
The order book position of the company stood moderate of INR25.00
crore approximately as on June 28, 2016 and is expected to be
completed till FY17. The majority of the contracts in hand have
price variation/escalation clause for major raw materials.
Therefore, looking to the outstanding order book position there
appears moderate revenue visibility in upcoming years. The
projects are required to be completed in FY17, thereby indicating
moderate revenue visibility in medium term

Key Rating Strengths
Wide experience of the management in shot blasting equipment
industry
Mr. Anand Kishore Modi, Managing Director, has experience of more
than two decades in shot blasting machines manufacturing
business. He manages the overall affairs of MSBE along with other
family members. Being present in the industry since 1990, the
management has developed healthy relationship with its suppliers
and customers. The clientele base of MSBE includes both domestic
as well as international and gets repeated orders from them. The
company has appointed agents outside India in Belgium, Dubai,
Saudi Arabia, UAE, Brazil, etc. Further, it also conducts regular
workshops to appraise the latest development in the field of shot
peening and surface preparation to its customers.

Association with recognized organizations and awarded with
various awards
MSBE has membership of American Society of Mechanical Engineers
(ASME), USA, Surface Engineering Society UK, Confederation of
Indian Industries-India and Bureau of Indian Standards. Further,
it is awarded as 'Udyog Shiromani Award' in 2008 from NIED,
'Business excellence Award' in 2008 from International Study
Circle (ISC), 'National Leadership Award' from Indian
International Council for Industries & Trade (IICIT), Delhi in
2008 Infusion of funds by the promoters.

Due to operating and cash losses in FY15 and FY16, the promoters
have infused funds in the company in form of share capital as
well as unsecured loans. During FY15, the promoters have infused
share capital of INR1.91 crore. Further, promoters have infused
unsecured loans of INR5.62 crore in last two financial year ended
FY16.

Jodhpur (Rajasthan) based MEC Shot Blasting Equipments Private
Limited (MSBE) was formed in 1990 by Mr. Anand Kishore Modi. MSBE
provides solution in the field of surface preparation through air
operated and airless/turbine blasting machines. It designs and
manufactures shot blasting and shot peening machines with media
conveying dust collectors, painting & baking rooms and its
accessories. The manufacturing unit/facilities of MSBE is ISO
9001:2008 certified for quality management system standard, ISO
14001:2004 certified and recognition of in-house R&D by
Department of Scientific and Industrial Research Technology
(DSIR), New Delhi. The machines manufactured by MSBE find
industrial application in Aerospace, Railway, Defence, Shipyard,
Tyre, Power, Textile, Surgical and Automobile. The product
portfolio of MSBE includes custom built machines with full and
semi automated machines for blasting, cleaning, etching,
deburring, Degreasing, descaling and Shot peening application
with 'CE' marked accreditation.


MEHSANA DAIRY: CRISIL Lowers Rating on INR30MM Term Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Mehsana Dairy and Food Products Limited (MDFPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Term Loan               30        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

The downgrade reflects delayed commencement of commercial
operations and resultantly subdued operating performance.
Operations were expected to commence from November 2016 but it
started from February 2017 and resulted in turnover of INR2.86 Cr
and minimal operating profits and net losses in fiscal 2017.
Demonstration of ramp up in sales in current year remains
critical and hence will be closely monitored.

The ratings also factor in a weak financial risk profile because
of high gearing. Gearing of company was more than 2.5 times as on
March 31, 2017. The ratings continue to reflect the extensive
industry experience of promoters and their funding support in the
form of unsecured loans.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR5.90 crore as on March 31, 2017, from promoters as neither
debt nor equity. That's because the loans are expected to remain
in the business over the medium term and same are from promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Subdued operating performance because of delayed commencement
of commercial operations
Revenue and operating profitability remained subdued at INR2.86
crore and 9.4%, respectively, for fiscal 2017 due to delay in
operations of the skimmed milk powder (SMP) plant which was
proposed to start in November 2016, began only in February 2017.
The company also incurred net losses. With repayment already
begun, the ramp up in sales and adequate profitability remain
critical.

* Weak financial risk profile
Financial risk profile remains constrained due to high gearing
(on account of debt funded capex) and stretched liquidity.
Liquidity is stretched, owing to high debt repayments in coming
years. Controlled working capital management and generation of
adequate cash accruals will remain a key rating sensitive factor.

Strengths

* Extensive experience of promoters and established milk
procurement network through group concern
The promoters have over two decades of experience in the dairy
industry and also set up the Bharat Dairy in 2010, which
processes milk and manufactures ice cream, cheese, butter, ghee
and butter milk. The experience of the promoters has helped in
the establishment of a strong network of farmers, which has
resulted in uninterrupted supply of milk for its group concern
and the same will also benefit the new plant. Benefits from the
promoters' extensive experience, established milk procurement
network and wide spread distribution network of its group firm
will support the business risk profile over the medium term.

Outlook: Stable

CRISIL believes MDFPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability improve,
leading to higher-than-expected cash accrual, coupled with
efficient working capital management. Conversely, the outlook may
be revised to 'Negative' in case of lower-than-expected cash
accrual or stretch in working capital cycle, or any large, debt-
funded capital expenditure weakening financial risk profile and
liquidity.

Incorporated in 2015, MDFPL has established a greenfield dairy
project for manufacturing SMP, ice cream, and other related dairy
products.  Its manufacturing unit will be located at Kadi in
Mehsana.

MDFPL is proposed to have two divisions: SMP division, with
estimated production capacity of 30 tonne per day; and ice cream
division, with estimated production capacity of 20,000 litre per
day. SMP operations began in February 2017, while operations of
ice cream and food products are proposed to begin by end of
September 2017.

For fiscal 2017, provisional net loss was INR2.68 crore on net
sales of INR3.30 crore.


MORINDA RICE: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with Morinda Rice and
Gen. Mills (MRGM) for obtaining information through letters and
emails dated May 9, 2017 and June 12, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

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

   Proposed Long Term       3       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Morinda Rice and Gen. Mills.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Morinda Rice and Gen. Mills is
consistent with 'Scenario 5' outlined in the 'Framework for
Assessing Consistency of Information and hence CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.

MRGM was set up in 1981 as a proprietorship entity. It is
promoted by Mr. Prem Singh. It mills and processes paddy into
non-basmati rice. It has paddy milling capacity of 10 tonne per
hour in Ropar, Punjab.


NIKITA JEWELLERS: Ind-Ra Migrates BB Rating to Not Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nikita Jewellers
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 action is:

-- INR156 Fund-based limits migrated to non-cooperating category
    with  IND BB(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Nikita Jewellers was incorporated in 1998 and is engaged in
jewellery retailing. The company has two showrooms in Mumbai,
which are managed by Suresh D Bagrecha.


NIRVIN COLD: CARE Reaffirms 'B' Rating on INR8.25cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nirvin Cold Storage Private Limited (NCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.25       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NCSPL is
constrained by its small scale of operation, high gearing levels,
highly regulated industry, presence in highly fragmented industry
leading to intense competition and dependency on vagaries of
nature and seasonality of business. The aforesaid constraints are
partially offset by its experienced promoters, long track record
of operations and proximity to potato growing areas. Going
forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations

The company although registered a the total operating income
(TOI) registered the growth of 11.13% in FY17 (A) vis-a-vis FY16
(A), the same continues to remain small in comparison to its
peers. Also the tangible net worth continues to be low at INR1.69
crore as on March 31, 2017.

Highly regulated industry

In West Bengal, the basic rental rate for cold storage operations
is regulated by state government through West Bengal State
Marketing Board. Due to ceiling on the rentals to be charged it
is difficult for cold storage units like NCSPL to pass on sudden
increase in operating costs leading to downward pressure on
profitability.

High gearing level

The overall gearing ratio of the company although improved to
4.04x as on March 31, 2017 from 4.37x as on March 31, 2016 was
high.

Presence in a highly fragmented industry leading to intense
competition
Despite being capital intensive, entry barrier for setting up of
new cold storage unit is low on account of government support and
high demand for cold storages in West Bengal. The storage
business is highly competitive in the potato growing regions of
the state as it is the second largest producer of potato in
India. In Burdwan, one of the major potato growing districts of
the state around 107 cold storages is in operation. In view of
the same, cold storage business is highly competitive in this
region forcing cold storage owners to lure farmers by offering
them lower rental and other services.

Dependence on vagaries of nature and seasonality of business
NCSPL's operations are seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having
a preserve able life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent
on the basis of quantity stored and the production of potato and
other vegetables is highly dependent on vagaries of nature.

Key Rating Strengths

Experienced promoters

Shri Niraj Kumar Bansal possesses more than 25 years of
experience in same line of business and looks after the day-today
operations of the company. Smt. Jyoti Bansal has more than 14
years of experience in the same line of business.

Long track record of operations
The company started its operation in 1984 and accordingly has
more than three decades of presence, reflecting long track record
of the company in the cold storage business.

Proximity to potato growing areas
The said cold storage is located in potato growing belt of
Bankura district of West Bengal, having large network of potato
growers along with potato traders, thereby making it suitable for
the farmers and traders in terms of transportation and
connectivity and ensures company's higher level of capacity
utilization.

Nirvin Cold Storage Pvt. Ltd. (NCSPL), incorporated in the year
1984, is a Kolkata (West Bengal) based company, promoted by Shri
Niraj Kumar Bansal and Smt. Jyoti Bansal (wife of ShriNiraj Kumar
Bansal). It is engaged in the business of providing cold storage
services to potato growing farmers and potato traders, having an
installed storage capacity of 19,465 MTPA in Bankura district of
West Bengal. Besides providing cold storage services, NCSPL also
trades in potatoes, which accounted for around 54.06% of the
total revenue in FY17. Shri Niraj Kumar Bansal, looks after the
day to day activities of the business with adequate support from
co-director and a team of experienced professionals.


PARASAKTI ORTHOCARE: CRISIL Reaffirms B+ Rating on INR5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Parasakti Orthocare (PO) at 'CRISIL B+/Stable'.

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

   Proposed Cash
   Credit Limit            1        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a below-average financial risk
profile because of a high total outside liabilities to tangible
net worth (TOLTNW) ratio, and working capital-intensive
operations. These rating weaknesses are partially offset by the
extensive experience of the partners in the pharmaceutical
healthcare distribution sector.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The TOLTNW ratio was high
at around 5 times as on March 31, 2017, mainly due to a small
networth of INR1.6 crore and high dependence on short-term
borrowing for meeting working capital requirement.  Debt
protection metrics were low, with interest coverage and net cash
accrual to total debt ratios at 1.53 times and 4%, respectively,
in fiscal 2017.

* Working capital-intensive operations: Gross current assets were
high at 421 days as on March 31, 2017. That's primarily on
account of large inventory of 300-330 days. The inventory is
expected to remain large as various components of different sizes
need to be stocked. Furthermore, significant credit period of 60-
90 days is offered to customers.

Strengths

* Extensive industry experience of the partners: The partners
have been in the current line of business for the past two
decades. The firm distributes orthopaedic implants of Johnson &
Johnson Ltd (J&J) and handles over 70% of the latter's sales in
the Chennai and Vellore districts of Tamil Nadu. Given the extent
of competition and fragmentation in the healthcare distribution
segment, the longstanding and established association with the
principal will remain a key differentiator for the firm.

Outlook: Stable

CRISIL believes PO will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant improvement in the financial
risk profile driven by better-than-expected cash accrual along
with efficient working capital management. The outlook may be
revised to 'Negative' if the financial risk profile weakens on
account of lower-than-anticipated cash accrual or larger-than-
expected working capital requirement.

Set up in 2008, PO is a partnership firm of Mr V Yuvarajan and
his brothers. The firm distributes orthopaedic implants of J&J in
the Chennai and Vellore districts.

Profit after tax (PAT) was INR0.33 crore on operating income of
INR8.41 crore in fiscal 2017, against INR 0.02 crore and INR7.63
crore, respectively, in fiscal 2016.


PATANJALI CHIKITSALAYA: CARE Assigns B Rating to INR9cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Patanjali Chikitsalaya (PC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            9.00        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Patanjali
Chikitsalaya (PC) takes into consideration small scale of
operations, thin and declining profit margins, leveraged capital
structure and weak debt coverage indicators, Intense competition
from other drugs, pharmaceuticals and FMCG products and
constitution as a proprietorship concern with risk of
withdrawal of capital, limited resources of proprietor and
continuity of business.

However, the rating derives comfort from experience of the
promoters in FMCG industry for more than three decades, growth in
total operating income during the review period, satisfactory
operating cycle and reputed and established brand of Patanjali
Products.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Rating weakness 1: Small scale of operations and constitution as
a proprietorship concern with risk of withdrawal of capital,
limited resources of proprietor and continuity of business PC's
operations are small marked by its total operating income of
INR31.01 crore in FY16 and very low net worth of INR0.41 crore as
of March 31, 2016. The small scale of operations impacts the
firm's negotiation capabilities with suppliers and customers,
while limiting its financial flexibility with the lenders.

PC's constitution as a proprietorship concern has the inherent
risk of possibility of withdrawal of the capital at the time of
personal contingency which will affect its capital structure.
There has been an instance of withdrawal of capital in FY15.
Also, the tenure of the business is co terminus with the
proprietor's life span.

Rating weakness 2: Thin and declining profit margins along with
leveraged capital structure
The profitability margins of the firm have been thin over the
review period due to trading nature of business along with
presence in competitive FMCG segment. Furthermore, the PBILDT
margin of the firm declined from 3.73% in FY14 to 1.88% in FY16
on back of major increase in the cost of traded goods with
increase in the number of orders received. The PAT margin
fluctuated during the review period on back of marginal increase
in the interest costs coupled with significant growth in total
income. The PAT margins were in the range of 1.20%-2.09%.

The capital structure of PC stood leveraged marked by debt equity
ratio of 8.83x as of March 31, 2016 as against 0.76x as of March
31, 2014. The deterioration in the same was on back of increase
in the total debt with additional loans (housing loan and vehicle
loan) availed. The overall gearing ratio also stood very weak at
9.88x as of March 31, 2016 as compared to 5.59x as of March 31,
2014 on back of increase in the debt levels. The debt protection
matrix also stood weak marked by TD/GCA of 9.79x in FY16 as
against 7.41x in FY14 on back of increase in the total debt.
Interest coverage ratio stood moderate and improving year-on-year
at 3.38x in FY16 as against 2.28x in FY14.

Rating weakness 3: Intense competition from other drugs,
pharmaceuticals and FMCG products
The product range of PC faces stiff competition from other FMCG
companies which are also in the business of food products,
juices, toiletries, cosmetic products and others. Also, the
ayurvedic and herbal products of Patanjali are subject to intense
competition from other ayurvedic as well as allopathic and
related drugs produced by the pharmaceutical companies.

Key Rating Strengths

Rating Strength 1: Experience of the promoters in FMCG industry
for more than three decades
Smt. Suman Devi Lath, the proprietor of the firm, has around 15
years of experience in FMCG industry. Mr. Santosh Kumar Lath (H/o
the proprietor), is the POA (Power of Attorney) holder of the
firm and has around three decades of experience in the same
industry. He has been associated with PC since inception and he
takes care of the overall activities of the firm. Also, being
established in 2009, PC has considerable operational track record
of around 9 years in this industry which is also likely to
benefit PC at large.

Rating Strength 2: Growth in total operating income at a CAGR of
155% during the review period
The total operating income (TOI) of the firm grew at a CAGR of
155% during the period FY14-FY16 on back of increase in the
number of orders received with favourable market conditions. TOI
grew from INR4.77 crore in FY14 to INR31.01 crore in FY16. With
improvement in the TOI, the cash accruals also grew from INR0.10
crore in FY14 to INR0.41 crore in FY16. In FY17 (Prov.), the firm
has achieved a TOI of INR49.72 crore with PAT of INR0.62 crore.

Rating Strength 3: Satisfactory operating cycle
PC's products are predominantly sold on a cash and carry basis
while the regular customers alone avail credit upto 10 days. On
purchases, the firm avails credit upto 10-15 days. The firm
employs around 50 members. The products which are procured from
the Patanjali Ayurved Limited, Divya Pharmacy and other Patanjali
distributors are stocked as per the orders received. Orders are
received on a daily basis. The average inventory period stood
comfortable at 29 days in FY16 as compared to 26 days in FY15.
The firm is involved in trading nature of business which makes
the firm less working capital intensive. Hence, the working
capital cycle of the firm also stood comfortable at 26 days in
FY16 as against 30 days in FY15. The liquidity position of the
firm also stood comfortable marked by current ratio of 2.89x as
of March 31, 2016.

Rating Strength 4: Reputed and established brand of Patanjali
Products
PC deals with Patanjali products which has good reputation and
brand name in the FMCG industry. Out of the total purchases, 70%
of the products are procured from Patanjali Ayurved Limited,
Haridwar and Divya Pharmacy, a manufacturing unit of Patanjali
Yogpeeth. The remaining 30% are from the patanjali distributors
like Patanjali Biscuits P Ltd, Patanjali Gramodyog Nyas,
Patanjali Natural Colorma P Ltd, etc. The firm has also
established good relationship with its customers with the
moderate operational track record. The customer base of the firm
includes Sri Lakshmi Narayana Agency, Raj Rani Devi Enterprises,
Patanjali Arogya Kendra, Chennai Ayurved Centre, Sudha
Enterprises, Neha Herbals,
Annai Enterprises, etc. However, PC's complete dependency on
Patanjali products exposes the firm to supplier concentration
risk.

Patanjali Chikitsalaya (PC) was established in January 2009 as a
proprietorship concern by Smt. Suman Devi Lath in Chennai, Tamil
Nadu. The firm is involved in trading of FMCG products and is an
authorized dealer of Patanjali Ayurved Limited (rated CARE A+;
Stable/CARE A1), Haridwar and Divya Pharmacy, a manufacturing
unit of Patanjali Yogpeeth. The products sold by PC are Ghee,
Face creams, Medicines, Soaps, Detergents, Wheat flour, Sunflower
oil, Honey, etc. The registered office of the firm is located at
Egmore in Chennai (Tamil Nadu).


PRAKASH AUTO: CRISIL Reaffirms B+ Rating on INR16MM Loan
--------------------------------------------------------
CRISIL has reaffirmed its ratings on the long term bank
facilities of Prakash Auto Pvt Ltd (PAPL) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Inventory Funding
   Facility               16.0      CRISIL B+/Stable (Reaffirmed)

   Overdraft                .3      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .7      CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of PAPL continue to
reflect the extensive experience of PAPL's promoters in the
automobile dealership industry, and the company's average
financial risk profile, marked by moderate total outside
liabilities to tangible networth and average debt-protection
metrics, and efficient working capital management. These rating
strengths are partially offset by PAPL's modest scale of
operations in the passenger car dealership business, and low
profitability on account of low bargaining power with its
principal

CRISIL had earlier on August 10, 2017 downgraded the ratings on
PAPL to 'CRISIL B+/Stable' from 'CRISIL BB-/Stable'. The
downgrade reflects weakening liquidity due to stretch in working
capital cycle arising from pile-up of inventory in July 2017, and
decline in sales due to implementation of the Goods and Service
Tax. Liquidity is expected to remain stretched due to incremental
working capital requirement over the medium term. Hence, timely
and commensurate funding from promoter will be a key rating
sensitivity factor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations
With revenue of INR102 crore in fiscal 2017, scale is small. This
is compounded by competition from other Maruti Suzuki India Ltd
(MSIL; rated at 'CRISIL AAA/Stable/CRISIL A1+) dealers in the
vicinity, and from dealers of other passenger car manufacturers
such as Hyundai Motor India Ltd (rated 'CRISIL A1+') and Tata
Motors Ltd. Scale will remain modest over the medium term due to
regional presence.

* Low profitability
PAPL has limited pricing power with principal, given its marginal
contribution to MSIL's sales. Also, as the company has a non-
exclusive contract with principal, it is susceptible to
competition, leading to modest operating margin.

Strengths

* Extensive experience of promoter
The promoter has been in the automobile dealership segment for
around two decades. He has started focusing on car servicing and
sales of accessories to sustain operating margin in a competitive
environment.

* Above-average financial risk profile
Total outside liabilities to tangible networth ratio and debt
protection metrics are comfortable. Though financial risk profile
is constrained by a small networth, in the absence of capital
expenditure, and controlled reliance on bank debt, it will remain
steady.

Outlook: Stable

CRISIL believes PAPL will benefit over the medium term from its
longstanding association with MSIL. The outlook may be revised to
'Positive' if liquidity shores up with fund infusion from
promoter and sustained correction in working capital cycle. The
outlook may be revised to 'Negative' if financial risk profile
weakens due to lower profitability or large working capital
requirement.

Incorporated in July 2005 and promoted by Mr Prakash Ahuja, PAPL
is an authorised dealer of MSIL's entire range of passenger
vehicles. It also deals in spare parts and car accessories, and
provides servicing. The company has three showrooms, one each in
Ulhasnagar, Kongaon, and Badlapur in Thane.

Provisional profit after tax (PAT) is INR0.7 crore on net sales
of INR102 crore for fiscal 2017; PAT was INR0.4 crore on net
sales of INR93.4 crore.


PREM INFRACITY: CRISIL Reaffirms 'D' Rating on INR28MM LT Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Prem Infracity
Private Limited (PIPL) for obtaining information through letters
and emails dated April 12, 2017 and May 12, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           28       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

PIPL was set up in 2010 by Mr. Kamal Keswani, Mr. Jitendra
Keswani, Mr. Upendra Chhabra, and Mr. Ashish Mangal. The company
develops residential real estate in and around Agra. The
promoters have experience of over 13 years in the real estate
sector.


RAGHAVA PROJECT: CRISIL Reaffirms 'D' Rating on INR3.25MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank loan facilities of
Raghava Project Constructions Pvt Ltd (RPCPL).


                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          3.25       CRISIL D (Reaffirmed)
   Overdraft               3.25       CRISIL D (Reaffirmed)

RPCPL has a modest scale of operations, large working capital
requirement and exposed to intense competition in the civil
construction industry. However, the company benefits from its
promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing debts
The ratings reflects instances of delay by RPCPL in servicing its
debt. There have been delays by the firm in servicing its debt
repayment obligations.

* Modest scale of operations
The Company has recorded revenues of INR36 Cr for 2016-17 though
has increased from INR22. cr for the fiscal 2016; the scale of
operations continued to remain modest.

* Large working capital requirement and exposed to intense
competition in the civil construction industry
High GCA days of 123 days as on March 31,2017 is due to stretched
receivables and intense competition on account of low entry
barriers has resulted in large number of players

Strengths

* RPCPL benefits from its promoters' extensive industry
experience. The main promoter of RPCPL, Mr. B. Raghava Rao, has
an experience of around two decades as contractor for civil works
in Andhra Pradesh and Telangana.

RPCPL was set up in 2012 by Mr. B Raghava Rao and Mrs. B Sudha
Rani. The company executes civil contracts in Andhra Pradesh. It
is based in Vijayawada, Andhra Pradesh.

The Company has recorded PAT of INR0.48 Crore on operating Income
of INR36.03 Crore for the fiscal 2017 against PAT of INR0.32
Crore on operating Income of INR22.4 Crore for the fiscal 2017


RAGHUNANDAN JEWELLERS: Ind-Ra Ups Long Term Issuer Rating to B+
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Raghunandan
Jewellers (Delhi) Private Limited's (RJDPL) Long-Term Issuer
Rating to 'IND B+' from 'IND B'. The Outlook is Stable. The
instrument-wise rating action is:

-- INR90 mil. Fund-based limits long-term rating upgraded;
    short-term rating affirmed with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in RJDPL's operating
profitability and credit metrics in FY17, despite a decline in
revenue. As per FY17 provisional financials, EBITDA margin
improved to 16.63% (FY16: 7.75%, FY15: 8.77%) driven by an
increase in diamond sales, which is a high margin product for the
company. Interest coverage (operating EBITDA/gross interest
expense) improved to 1.97x (FY16: 1.25x; FY15: 1.17x) and net
leverage (adjusted net debt/operating EBITDAR) to 5.26x (6.87x;
6.56x) due to the scheduled repayment of term loan and an
increase in absolute EBITDA. However, revenue fell to INR141.82
million in FY17P (FY16: INR203.7 million) owing to a decline in
commodities prices.

The ratings also factor in RJDPL's comfortable liquidity position
with 20% average maximum utilisation of fund-based limits over
the 12 months ended August 2017.

The ratings also remain supported by RJDPL's promoters'
experience of more than one decade in the jewellery trading
business.

RATING SENSITIVITIES

Negative: A decline in the operating margins leading to a decline
in the credit metrics will be negative for the ratings.

Positive: An improvement in the top line while maintaining or
improving operating profitability will be positive for the
ratings.

COMPANY PROFILE

Established in 2013, RJDPL operates a jewellery showroom in
Pitampura, New Delhi. The company started commercial operations
in June 2013.


RAI BAHADUR: CRISIL Lowers Rating on INR181MM Cash Loan to 'C'
--------------------------------------------------------------
CRISIL has been consistently following up with Rai Bahadur Narain
Singh Sugar Mills Ltd (RBNL) for obtaining information through
letters and emails dated October 18, 2016, November 14, 2016, and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           2        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            181        CRISIL C (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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 they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company.

Detailed Rationale

CRISIL has downgraded its rating on the long term bank facilities
of RBNL to 'CRISIL C' from 'CRISIL B+/Stable' while reaffirming
the short term rating at 'CRISIL A4'.

The downgrade reflects delay in repaying one of its term loans
from Government of Uttarakhand.

Incorporated in 1932 and promoted by Mr Rai Bahadur Narain Singh,
RBNL started commercial production in 1935. It currently has a
manufacturing capacity of 8,400 TCD of sugar. Operations are
managed by promoter's son, Mr Hardev Singh Akoi.


RAINBOW INFRA: CRISIL Reaffirms B+ Rating on INR1.5MM Loan
----------------------------------------------------------
CRISIL has been consistently following up with Rainbow
Infrastructure Private Limited (RIPL) for obtaining information
through letters and emails dated April 12, 2017 and May 4, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              1.5      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Proposed Short Term     5.0       CRISIL A4 (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rainbow Infrastructure 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 Rainbow Infrastructure Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL
B+/Stable/ CRISIL A4 '.

Incorporated in 2005, RIPL undertakes civil construction related
to buildings, warehouses, and substations. The company is
promoted by Kolkata-based. Mr Suman Ghosh, who has been in the
civil construction business for almost three decades.


RAOSAHEBDADA PAWAR: CRISIL Assigns 'B' Rating to INR77.26MM Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Raosahebdada Pawar Ghodganga Sahakari
Sakhar Karkhana Ltd (RPGSSK).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan       76.07       CRISIL B/Stable (Withdrawn)

   Sugar Pledge Cash
   Credit                77.26       CRISIL B/Stable (Assigned)

   Short Term Loan        9.20       CRISIL A4 (Assigned)

The ratings reflect a below-average financial risk profile, and
susceptibility to regulatory changes and cyclicality inherent in
the sugar industry. These weaknesses are partially offset by
promoters' extensive experience and moderate operating efficiency
backed by integrated operation.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Sizeable working capital
borrowings and large term loans contracted for capital
expenditure have led to high gearing at 9.74 times as on
March 31, 2017. Furthermore, debt protection metrics remain
below-average as reflected in interest coverage ratio at 1 time
for fiscal 2017.

* Susceptibility to regulatory changes and cyclicality inherent
in the sugar industry: The sugar manufacturing industry is highly
regulated and is also exposed to risks related to seasonality in
sugarcane production. These factors have impact on the scale and
profitability.

Strengths

* Promoters' experience: The promoter family has been in the
sugar industry for about three decades has developed healthy
relations with local farmers. Benefits from their experience
should continue over the medium term.

* Moderate operating efficiency backed by integrated operation:
The company has an integrated operation with capacities of 2,500
tonne sugar crushed per day (tpd) and distillery unit with 30
kilo litres per day (klpd) for alcohol. It has also set up a co-
gen unit with capacity of 20.5 megawatt during fiscal 2018 and is
likely to be operational with current sugar season. This helps to
face downturns in the industry as revenue is more stable, unlike
for other non-integrated players.

Outlook: Stable

CRISIL believes RPGSSK will benefit over the medium term from the
promoters' experience, and integrated nature of operations. The
outlook may be revised to 'Positive' in case of significant and
sustainable increase in cash accrual, while efficiently managing
working capital requirement. Conversely, the outlook may be
revised to 'Negative' if low cash accrual, or stretched working
capital cycle weakens financial risk profile, especially
liquidity.

RPGSSK was incorporated in 1990 as a co-operative society by the
late Mr Raosahebdada Pawar. Its plant is in Shirur (Maharashtra)
and has installed sugar cane crushing capacity of 2500 tcd and a
distillery with installed capacity of 30 klpd. The society
recently set up a co-generation plant, with capacity of 20.5 MW.


RUBBER PRODUCTS: CRISIL Lowers Rating on INR4.50MM Cash Loan to C
-----------------------------------------------------------------
CRISIL has been consistently following up with The Rubber
Products Limited (RPL) for obtaining information through letters
and emails dated June 28, 2017, and August 23, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            4.50       CRISIL C (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

   Letter of Credit       1.25       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term     3.50       CRISIL C (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL B-/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the long-term bank facility
of RPL to 'CRISIL C' from 'CRISIL B-/Stable' and reaffirmed the
rating on the short-term bank facility at 'CRISIL A4'. The rating
action follows RPL's operating performance had weakened
significantly in fiscal 2017 and first quarter of 2018 and was
much below the expectation. The company reported topline of
INR6.10 crore and loss of INR2.88 crore in fiscal 2017 (Rs.9.1
crore and INR2.47 crore in previous year), further its revenue
declined to INR0.39 crore in first quarter of current year with
sizable losses.

Also, despite repeated attempts to engage with the management,
CRISIL failed to receive any information on either the business
performance or strategic intent. This restricts CRISIL's ability
to take a forward looking view on the credit quality of the
entity.

RPL was originally set up by the late Mr. Narayan Shetty in 1966
and reconstituted as a public listed company with the present
name in 1989. In 2006, the late Mr. Sadanand Shetty (friend of
Mr. Narayan Shetty) acquired a majority shareholding in the
company. RPL manufactures rubber products such as sheets, hoses,
coated fabric, extruded rubber products, boats and jackets, mini
water tanks (collapsible ponds), and inflammable storage spaces.
Its overall operations are managed by Ms. Sucharita Hegde,
daughter of Mr. Sadanand Shetty.

In fiscal 2016, net loss was INR2.71 crore on total sales of
INR9.27 crore, against a PAT of INR2.43 crore on total sales of
INR13.22 crore in fiscal 2015.


S H ENTERPRISE: CARE Reaffirms B+ Rating on INR8cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
S H Enterprise (SHE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8.0       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SHE is constrained
by its partnership nature of constitution, small scale of
operations coupled with low margin trading nature of business,
pricing constraints and margin pressure arising out of
competition from other players in the market, working capital
intensive nature of operation leading to leveraged capital
structure and geographical concentration risk. The aforesaid
constraints are partially offset by long track record &
experienced partners and Strategic location of the warehouse.

Ability of the firm to grow its scale of operations, improve
profitability margins and to manage working capital effectively
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Partnership nature of constitution: SHE, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Furthermore, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Small scale of operations coupled with low margin trading nature
of business: The scale of operations remained modest as compared
to its peers with a PAT of INR0.22 crore on total operating
income of INR53.02 crore during FY17 (provisional). Furthermore,
tangible net worth of the firm, also remained low with the same
being at INR2.68 crore as on March 31, 2017 (provisional).

Pricing constraints and margin pressure arising out of
competition from other players in the market: The industry is
highly fragmented in nature with low entry barriers due to
minimal capital required and easy access to clients and
suppliers. Various players are involved in the trading of iron &
steel products in the local market, thus putting pressure on
margins.

Working capital intensive nature of operation leading to
leveraged capital structure: Due to the trading nature of
operations, SHE's business is working capital intensive, because
of which the average monthly utilization of working capital was
around 90% during the last twelve months ended July 31, 2017. Due
to highly competitive business and low bargaining power the
average collection period remained high at around 97 days in FY17
(provisional). The working capital cycle of the firm remained at
around 82 days during FY17 (provisional). The overall gearing
remained high at 3.90x (over 3.71x as on March 31, 2016) as on
March 31, 2017 (Provisional).

Geographical concentration risk: The firm caters to customers in
Jharkhand region only thereby having a restricted
geographical presence.

Key Rating Strengths

Experienced partners:
Long track record & experienced partners: The partners Mr. Sanjay
Kumar Agarwal and Mr. Murari Lal Agarwal are having experience of
around 25 years and 21 years respectively in this line of
business.

Strategic location of the warehouse: The warehousing facility of
the firm is strategically located at Jamshedpur, Jharkhand which
is well connected through all forms of logistics.

M/s. S. H. Enterprises (SHE) was set up as a proprietorship firm
in 1992 by Shri Sanjay Kumar Agarwal of Jamshedpur, Jharkhand for
carrying out business of trading of iron & steel products.
Subsequently in 2002, it was converted into partnership firm with
induction of Shri Murari Lal Agarwal as partner, with equal
profit sharing ratio. SHE is a small sized Jharkhand based firm
engaged in trading of iron & steel products like MS Ingot, Sponge
Iron, Coal, Coke, Iron ore, etc. The firm mainly caters to
clients present in Jharkhand.


SATYAWATI RICE: CRISIL Reaffirms 'B' Rating on INR14.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Satyawati Rice
Mill (SRM) for obtaining information through letters and emails
dated April 24, 2017 and May 12, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            14.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .22      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                .28      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 Satyawati Rice Mill. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Satyawati Rice Mill 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'.

SRM was established in 1999 as a partnership firm, by Rakesh
Kumar, Brijesh Kumar, Kamal Prakash, and Vimal Prakash in
Surajpur, Uttar Pradesh. The firm is mainly engaged in milling
and marketing of higher grades of rice, including Basmati. The
firm derives more than 90 per cent of its revenue from sale of
basmati rice. Its milling capacity of 8 tonnes per hour is
currently utilised at about 70 per cent. The firm sells its
produce to exporters.


SEKHANI INDUSTRIES: Ind-Ra Ups BB Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sekhani
Industries Private Limited's (SIPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB-'. The Outlook is Stable. Instrument-wise
rating action is:

-- INR322.5 mil. (reduced from INR370 mil.) Term loans due on
    March 2021-2024 upgraded with IND BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects stabilisation of operations at SIPL's
sanitary napkin manufacturing unit and the subsequent expected
growth in revenue in FY18. The company successfully commenced
phase II unit operations in September 2016 (phase I operational
since October 2015). During the five months ended August 2017, it
achieved revenue of INR505 million, including INR346.89 million
from sanitary napkin and knit segment, and INR158.1 million from
embroidery segment.

The upgrade also reflects an increase in revenue to INR578.7
million in FY17 (FY16: INR501.6 million) and stable EBITDA margin
of 20.5% (20.3%). Credit metrics continue to be moderate with net
leverage (net adjusted debt/operating EBITDAR) of 6.8x (5.6x) and
interest coverage (operating EBITDA/gross interest expense) of
2.5x (2.4x). The deterioration in the net leverage was because of
debt-funded capex for setting up the sanitary napkin
manufacturing unit. Ind-Ra believes the credit profile will
improve from FY18 on the back of the expected revenue growth
coupled with scheduled debt repayments and absence of debt-led
capex in the short to medium term.

The ratings also factor its SIPL's comfortable liquidity position
with 61% average peak utilisation of fund-based working capital
limits during the 12 months ended August 2017. However, Ind-Ra
believes with the incremental revenue, the utilisation will
increase in FY18.

The ratings continue to be supported by the promoters' over three
decades of operating experience in the textiles business.
However, the ratings are constrained by stiff industry
competition from both organised and unorganised players.

RATING SENSITIVITIES

Negative: A substantial decline in the operating profitability
resulting in a sustained deterioration in the credit metrics
and/or liquidity position will lead to a negative rating action.

Positive: A substantial growth in the top line while maintaining
the operating profitability, leading to a sustained improvement
in the credit metrics will be positive for the ratings.

COMPANY PROFILE

SIPL was established as Mangal Cotton Mills Private Limited in
1985. It was renamed to SIPL in 2014. The company undertakes
embroidery works on fabrics on a job-work basis. It has an annual
installed capacity of 5.9 million meters. In FY16, the company
ventured into manufacturing of sanitary napkins under the brand
name, Wonder Wings. The combined installed capacity of phase I
and phase II units was 1,168 million pieces per annum.


SENBO ENGINEERING: CARE Cuts Rating on INR157.32cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Senbo Engineering Limited (SEL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities            142.68      CARE D Revised from
                                     CARE B+; Stable

   Short Term Bank
   Facilities            157.32      CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
Senbo Engineering Limited (SEL) is mainly on account of the
on-going delay in servicing of its debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: The liquidity position of the
company has been impacted due to delayed receipts from customers
leading to ongoing delays in servicing of its debt obligations.

Senbo Engineering Limited (SEL), was initially established as
Senbo & Company, a proprietorship entity by one Mr. Kajal
Sengupta in Kolkata, West Bengal. The entity was reconstituted as
private limited company on July 13, 1990 and later converted to a
public limited company in April, 2005. SEL is engaged in
construction of underground tunneling, station for metro
railways, flyovers and bridges. Over the decades, it has executed
medium sized metro railways contracts in Kolkata and New Delhi,
besides completing few flyover projects. Furthermore, SEL also
execute work orders in joint venture with other companies.

Currently, the day to day affairs of the company is looked after
by Mr. Sengupta (Chairman and Managing Director) well supported
by the other directors.


SHREE DEVELOPERS: CRISIL Reaffirms B+ Rating on INR5.65MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Shree Developers -
Jhansi (SDJ) for obtaining information through letters and emails
dated January 31, 2017 and May 12, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               5.65      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital         2.35      CRISIL B+/Stable (Issuer Not
   Facility                          Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Established in 2009 with commercial operations beginning in 2012,
SDJ is a Jhansi (Uttar Pradesh)-based partnership firm that
undertakes residential real estate development projects. The firm
is promoted by 11 members which includes Mr. Rakesh Bhagel and
JMK Motors Pvt Ltd. The firm is currently executing a residential
project in Jhansi.


SHRIRAM EPC: Ind-Ra Migrates D Issuer Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shriram EPC
Ltd's (SEPC) Long-Term Issuer Rating to 'IND D' from 'IND
BB(suspended)' while simultaneously migrating the ratings 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 based on the best available
information. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR4,240 mil. Fund-based working capital limits (long-
    /short-term) downgraded and migrated to non-cooperating
    category with IND D(ISSUER NOT COOPERATING) rating;

-- INR6,706 mil. Non-fund-based limits (long- /short-term)
    downgraded and migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating; and

-- INR18,231.7 mil. Term loan (long-term) downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects SEPC's classification as special mention
account category 1 with the banks due to the devolvement of
letters of credit.

COMPANY PROFILE

Set up in 2000, SEPC is an engineering, procurement and
construction company that operates in the renewable energy,
process and metallurgy, and municipal service segments.


SINGHAL CLEARING: CRISIL Reaffirms B- Rating on INR3.5MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Singhal Clearing
And Forwarding Services Private Limited (SCFSPL) for obtaining
information through letters and emails dated April 13, 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             3.5       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.25      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SCFSPL is a Delhi-based entity established in 2002 by Mr. Manish
Singhal as a proprietorship firm, and reconstituted as a private
limited company in 2006. It provides logistics services by acting
as carrying and forwarding agent, and also offers stockist
services to Cadbury, PepsiCo, Haldirams, Priya Gold, and
Perfetti.


SR CYLINDERS: CRISIL Assigns B+ Rating to INR6.4MM Term Loan
------------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of SR Cylinders Private Limited (SRCPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               6.4       CRISIL B+/Stable

   Proposed Long Term
   Bank Loan Facility       .6       CRISIL B+/Stable

   Letter of Credit        1.0       CRISIL A4

   Bank Guarantee           .5       CRISIL A4

   Cash Credit             1.5       CRISIL B+/Stable

The ratings reflects  sufficient revenue visibility on the back
of confirmed orders from Bharat Petroleum Corporation Ltd (BPCL,
rated 'CRISIL AAA/Stable/CRISIL A1+') and Hindustan Petroleum
Corporation Ltd (HPCL, rated 'CRISIL AAA/FAAA/Stable/CRISIL
A1+'), expected healthy profitability and the financial support
expected from promoter, Mr. Shiva Shankara Reddy, to meet any
cash flow deficits. These strengths are partially offset by short
track record as commercial operations began in June 2017 and
modest financial risk profile due to partial debt-funding of cost
overrun while setting up the plant.

Key Rating Drivers & Detailed Description

Weakness

* Absence of operational track record:
Operations began in June, 2017. Also, since manufacturing gas
cylinders is a new line of business for the promoters, successful
and timely execution of the initial orders and the stabilization
of working capital cycle will remain the key rating sensitivity
factors.

Strengths

* Confirmed orders from companies with strong credit risk
profile:
The company has already received a confirmed order for supplying
50,000 cylinders each from BPCL, IOCL and HPCL. This provides
health revenue visibility.

* Expected financial support from promoters:
Promoters extended their portion of project cost on time. They
will continue to extend need-based support.

Outlook: Stable

CRISIL believes SRCPL will benefit over the medium term from
revenue visibility provided by confirmed orders. The outlook may
be revised to 'Positive' if stabilization of plant's operations
and timely ramp-up in order execution lead to increase in
turnover and profitability, while maintaining working capital
cycle. The outlook may be revised to 'Negative' if liquidity is
strained due to delays in realizing receivables, or if delay in
order execution results in lower-than-expected cash generation.

Incorporated in 2015 in Hyderabad and promoted by Mr. Shiva
Shankara Reddy, SRCPL manufactures domestic liquefied petroleum
gas (LPG) cylinders, in sizes ranging from 2-47.50 kilogramme.
Unit has installed capacity of 5.28 lakh cylinders per annum. It
also offers services like such as hot / cold repair of cylinders.
The company plans to manufacture auto LPG tanks, fire
extinguishers, and electrical transformer bodies.

Despite no operational history, profitability is expected to be
more than 10%. Gearing is moderate at about 2.2 times as on
March 31, 2017 but is expected to improve over the medium term on
the back of steady cash generation. Liquidity management is
expected to be prudent with receivables of 14 days, payables of
21 days, and gross current assets of 60-80 days.


SURYA PLASTIC: CARE Moves 'D' Rating to Not Cooperating
-------------------------------------------------------
CARE has been seeking information from Surya Plastic
Manufacturing Private Limited, to monitor the rating(s) vide e-
mail communications/ letters dated August 22, 2017 and June 27,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In-line with the SEBI guidelines,
CARE has reviewed the rating on the basis of publicly available
information which however, In Care's opinion is not sufficient to
arrive at fair rating. Furthermore, Surya Plastic Manufacturing
Private Limited has not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. The ratings of
Surya Plastic Manufacturing Private Limited will now be denoted
as CARE D; ISSUER NOT COOPERATING. The ratings have been revised
on account of ongoing delays in meeting the debt obligations.

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

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             9.00       CARE D; Issuer not
                                     cooperating; Revised
                                     from CARE B+ on the
                                     basis of best available
                                     information.

Detailed description of the key rating drivers

The rating has been revised on account of ongoing delays in debt
servicing due to stretched liquidity position.

Bhiwani (Haryana) based Surya Plastics Manufacturing Private
Limited (SPMPL) was incorporated as a Private Limited Company in
2012 by Mr. Keshav Aggrawal and Ms. Ruchi Aggarwal. The company
commenced its operation in January 2016. The company is engaged
in manufacturing of non-woven fabric and Poly Proplyene (PP)
tape. The manufacturing facility is located at Bhiwani.

The key raw material is plastic granules which are procured
domestically. The company markets non-woven fabric through
dealers located in Delhi, Haryana and Rajasthan etc.


SYRMA TECHNOLOGY: Ind-Ra Migrates BB+ Rating to Not Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Syrma Technology
Private Limited's (Syrma) 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:

-- INR30.4 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR270 mil. Fund-based working capital facilities migrated
    to non-cooperating category with IND BB+(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR 202 mil. Non-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
Aug. 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2005, Syrma manufactures and exports coils, coil
subassemblies, tags, PCB assemblies, memory modules and
transmission equipment.


TRES MERCARI: CRISIL Assigns B+ Rating to INR4.MM Overdraft
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Tres Mercari Private Limited (TMPL). The
rating reflects exposure to risks related to early stage of
operations. This weakness is partly offset by promoter's
extensive experience in the textile industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         2.38       CRISIL B+/Stable (Assigned)
   Overdraft              4.00       CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to early stage of operations:
TMPL is venturing into apparel retailing through its own brands,
and is expected to commence retail store by September 2017 in
Chennai. Early stage of operations exposes the company to
implementation and demand risks. Also, intense competition will
likely lead to moderate demand risk for its product.

Strength

* Promoters' extensive experience:
The promoters' have experience of over 10 years in the textile
industry and have gained deep understanding about nuances of the
business. Also, they have established relationships with weavers
and other garment manufacturers which should support the business
risk profile.

Outlook: Stable

CRISIL believes TMPL will benefit over the medium term from the
promoter's extensive experience, and healthy prospects of the
readymade garments industry. The outlook may be revised to
'Positive' in case of timely commencement and quick ramp-up of
operations, leading to improvement in revenue and profitability.
Conversely, the outlook may be revised to 'Negative' in case of
significant time and cost overrun in commencement of operations,
lower-than-expected operating income or significant stretch in
working capital management, resulting in deterioration in the
financial risk profile.


Incorporated in 2016, TMPL retails women's apparel under brands
such as Zarivastram, Amor Tela, and Navalia. Daily operations are
managed by Mr Vamsi Krishna Yeluri.


UNITED MASTERBATCHES: CRISIL Reaffirms B+ Rating on INR3.81M Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
United Masterbatches Private Limited (UMPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          .2       CRISIL A4 (Reaffirmed)
   Cash Credit            3.81      CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       2         CRISIL A4 (Reaffirmed)
   Term Loan              1.99      CRISIL B+/Stable (Reaffirmed)

The ratings reflect a limited track record of operations, and a
small networth. These weaknesses are partially offset by the
extensive experience of promoters in the masterbatch industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Limited track record of operations: UMPL started operations
from September 2015, and has a limited track record of
operations. Furthermore, it is a small player in the large Indian
masterbatch industry, with sales expected at INR25-28 crore over
the medium term. It faces competition from organised and
unorganised industry players catering to regional demands. Low
capital intensity and entry barriers facilitate entry of the
unorganised players, intensifying competition.

* Small networth: Financial risk profile is constrained by modest
networth of INR2.88 crore as on March 31, 2017. The networth
constrains financial flexibility and ability to scale up
operations and meet working capital requirement.

Strength

* Promoters' extensive experience: The promoters have been in the
chemical industry for over 15 years through their group company.
They have built relations with Indian and overseas customers and
suppliers. Their experience has helped UMPL ramp up operations
quickly.

Outlook: Stable
CRISIL believes UMPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a significant increase in scale,
and a shorter-than-expected working capital cycle. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
in the financial risk profile, particularly liquidity, on account
of lower-than-anticipated revenue and profitability, larger-than-
expected, debt-funded capital expenditure, or a substantial
increase in working capital requirement.


Established in 2006, UMPL, based in Kolkata, is promoted by Mr
Debdip Ghosh, Mr Gopal Khadelwal, and Mr Vijay Kumar Tewary. The
company has set up a facility for manufacturing of colour and
speciality masterbatch items for the domestic as well as export
market.


VIKAS TECHNOPLAST: Ind-Ra Migrates BB- Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vikas
Technoplast 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 limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR16.8 mil. Term loan due on March 2019 migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING).

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

COMPANY PROFILE

Incorporated in 2013, Vikas Technoplast manufactures plastic
bottles, pet jars, preform, moulds and other plastic products
used for packaging and storing purpose.


WINDSTON SPRINGS: CRISIL Lowers Rating on INR7MM Cash Loan to B
---------------------------------------------------------------
CRISIL has been consistently following up with Windston Springs
Private Limited (WSPL; part of the Windston group) for obtaining
information through letters and emails dated May 24, 2017, and
June 9, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

   Proposed Long Term       3        CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Detailed Rationale

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

For arriving at the rating, CRISIL has combined the financial and
business risk profiles of WSPL and Piano Presitel (PP). This is
because both the entities, together referred to as the Windston
group, have common management and similar businesses. Moreover,
WSPL holds 90 percent stake in PP.

WSPL, incorporated in 1986, manufactures engineering products
such as disc springs (metal springs), valve plates, valve
assemblies, and spring plates. Its manufacturing facilities are
in Surendranagar, Gujarat, and at Bhayandar in Thane,
Maharahstra. PP manufactures automotive components such as
springs, valves, and sheet-metal parts such as washers and clutch
plates at its plant in Thane. The group is promoted by Dr. N M
Shah and his family members.



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


CIPUTRA DEVELOPMENT: Fitch Rates New Singapore Dollar Notes BB-
---------------------------------------------------------------
Fitch Ratings has assigned a 'BB-(EXP)' expected rating to
Indonesia-based developer PT Ciputra Development Tbk's (BB-
/Stable) proposed unsecured unsubordinated Singapore dollar
medium-term notes (MTN). The proposed notes to be issued by the
company are rated at the same level as its Long-Term Issuer
Default Rating (IDR). The rating of the notes is not notched down
despite being structurally subordinated as Fitch believes that
the noteholders will not be impaired as prior ranking debt is
less than 2.5x of Ciputra Development's EBITDA.

The final rating on the notes is contingent upon the receipt of
final documents conforming to information already received. Fitch
expects Ciputra Development's financial profile to remain within
the parameters of its 'BB-' Long-Term IDR as part of the proceeds
would be used for refinancing existing foreign-currency unsecured
debt. The rest of the funds will be for working capital needs, as
well as potentially refinancing existing local-currency secured
debt.

KEY RATING DRIVERS

Rating Based on Consolidated Profile: Fitch analyses Ciputra
Development and its subsidiaries as a single economic entity
because of their strong intra-group legal and operational
linkages that stem from a commonality in shareholding and board
structure among the group companies. Fitch believes these
linkages give Ciputra Development strong control over its
subsidiaries and therefore they operate as a single entity.

MTN Not Notched Down: Ciputra Development's proposed note
issuance is not notched down from its IDR despite being
structurally subordinated. This is because prior ranking debt is
less than 2.5x EBITDA, the level at which Fitch considers that
creditors at Ciputra Development could be impaired. Additionally,
Fitch notes that the company's estimated ratio of unencumbered
assets to unsecured debt is greater than 1.5x, supporting Fitch
views that noteholders will not be impaired.

Diversified Portfolio, Solid Recurring Income: Ciputra
Development is one of Indonesia's most diversified property
developers by product, geography and segmentation. The group has
a wide operating presence in Indonesia with multiple locations.
The company has 56 residential projects and 19 commercial
properties, which include malls, hotels and hospitals in more
than 30 Indonesian cities. The diversified properties mean that
the group generates multiple revenue streams across various
segments of the property market. Its commercial property business
also provides strong debt service visibility with a robust
recurring coverage ratio, as measured by Fitch's forecast of
revenue/net interest, of 3.8x in 2017.

Large Land Bank: Ciputra Development has a land bank of around
1,400 hectares, making it one of the largest portfolios owned by
developers in Indonesia. Its land bank is also relatively well-
spread geographically, with a sizeable presence in Greater
Jakarta and Greater Surabaya. This bodes well for the company's
credit profile, as it ensures project longevity, especially
during the current high land-price environment.

Strong Joint-Development Record: Apart from its wholly owned
projects, the Ciputra group's strategy includes joint
developments with land owners on a profit/revenue sharing scheme.
This helps the group expand its operational scale, with a lower
balance sheet burden. However, this strategy does not allow
Ciputra Development full claim on project cash flows. Hence,
Fitch has adjusted the consolidated profile to take into account
the amounts attributable to the company in proportion to its
stakes in the projects.

Weak Presales, Metrics Still Robust: Fitch expects Ciputra
Development to continue facing weak presales in 2017, especially
with the continued delay in new project launches, after 2016
presales fell 22% yoy (14% on an attributable basis). Fitch 2017
total target of IDR7.6 trillion represents just a 6% yoy growth.
On an attributable basis, Fitch expects a decline of 8%. Due to
the weak presales environment, Fitch expects the company's
presales turnover to weaken, falling to marginally under 1x in
2017-2018. Nonetheless, Fitch think the company's metrics still
merit a 'BB-' rating, as it has sufficiently low leverage, high
recurring cover and strong presales turnover, relative to other
Fitch-rated developers.

DERIVATION SUMMARY

Ciputra Development's profile is well-positioned relative to
other 'BB-' rated developers such as PT Pakuwon Jati Tbk (PWON,
BB-/Positive), PT Bumi Serpong Damai Tbk (BSD, BB-/Stable) and PT
Agung Podomoro Land Tbk (APLN, BB-/Stable). PWON is rated at the
same level despite Ciputra Development's larger scale and project
diversification with similar leverage, PWON's Outlook is
Positive, reflecting Fitch expectations of the company's
increasing scale and diversification. PWON's rating reflects its
robust investment property portfolio, which allows it to generate
strong cash flows from operations, as well as its significantly
higher recurring cover ratios.

BSD operates on a larger scale than Ciputra Development, and both
companies generate similar levels of recurring cover. However,
BSD's scale advantage is countered by its concentrated
development portfolio, as well as a higher leverage, relative to
Ciputra Development, and hence they have the same rating. Ciputra
Development's profile is similar to APLN's. Both companies have
similar development property scales, with similar levels of
recurring cover and comparatively high degrees of diversification
across their portfolios relative to Indonesian developers, which
warrant the two companies to be rated at the same level.

KEY ASSUMPTIONS

Fitch's key assumptions for the consolidated profile include:
- Revenue recognition: houses - 20%-25% in year two, 50% in year
   three and the remainder in year four; apartments -25% over
   years one to four
- Cash collection over five years
- Attributable presales to amount to IDR5.4 trillion in 2017 and
   IDR6 trillion in 2018
- Capex, excluding land acquisition, to peak at IDR1.1 trillion-
   1.2 trillion annually in 2017-201.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Attributable presales reaching a minimum of IDR7 trillion on a
   sustained basis
- Growth in investment properties and hotel assets such that
   recurring revenue increases to more than IDR3 trillion, with
   the five largest properties accounting for less than 50% of
   recurring revenue
- Recurring revenue net interest cover ratio sustained above
   4.5x
- Leverage, as measured by net debt/adjusted inventory,
   sustained below 30%

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Recurring revenue/net interest expense falling below 3.0x on a
   sustained basis
- Leverage, as measured by net debt/adjusted inventory, rising
   above 40% on a sustained basis
- Weakening in legal and operational ties between the parent and
   the operational subsidiaries

LIQUIDITY

Liquidity Adequate: Ciputra Development should have sufficient
liquidity on a consolidated basis to meet maturities due.
Liquidity has tightened due to several projects allowing for
longer-tenor instalments and is set to tighten further with a
SGD48 million medium-term note due in 2018. Nonetheless, it still
has IDR7 trillion in unused facilities, sufficient to meet
maturities of under IDR1 trillion due by end-2017.



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


TOSHIBA CORP: Inks MOU with Bain to Negotiate Memory Unit Sale
--------------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. has decided to
sign a memorandum of understanding with U.S. investment fund Bain
Capital to begin concrete negotiations over the sale of its
memory unit, as the embattled Japanese conglomerate struggles to
survive.

According to the report, the decision was reached at a Toshiba
board meeting on Sept. 13, and the company has already informed
its main banks about the decision. Bain leads a tri-national
consortium including South Korean chipmaker SK Hynix, The
Innovation Network Corp. of Japan and the Development Bank of
Japan, the report says.

Toshiba ended the previous financial year in negative net worth,
and needs the funds from the sale of its flash memory unit to
remain on the Tokyo Stock Exchange, the Nikkei notes.  The report
says the company had been in negotiations with partner Western
Digital over the sale, but significant differences between the
two led Toshiba to once again prioritize negotiations with the
Bain-led consortium. The Japanese company is looking to finalize
the deal at a board meeting next week, the Nikkei notes.

The memorandum is not legally binding, however, and Toshiba will
continue negotiating with other bidders including the group led
by Western Digital, the Nikkei adds.

                           About Toshiba

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

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

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



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


SLI SYSTEMS: Co-Founder Step Down as Company Post Another Loss
--------------------------------------------------------------
Chris Hutching at Stuff.co.nz reports that SLI Systems co-founder
and head of corporate development Shaun Ryan is leaving the
company as it posts another loss.

According to the report, Mr. Ryan will remain a director under a
major restructure just announced for the company which provides
online retailers with computer software to speed up internet
searches for products.

"SLI's technology has great potential, but change is needed [and]
SLI needs to change its approach to achieve more widespread
adoption," the report quotes Mr. Ryan as saying.

The share price has more than halved over the past year from
50 cents each to 21 cents, and well down on the NZ$2.85 a share
at the beginning of 2014, Stuff discloses.

According to Stuff, Chief executive Chris Brennan said SLI was
indebted to Mr. Ryan for his early leadership of the company and
more recently his contribution to driving innovation and building
relationships with major customers.

Stuff adds that the new strategy at SLI was recently announced
when it posted its annual result for the year ending June 2017
which revealed a fall in revenue to NZ$32 million (NZ$35.6
million last year), and a NZ$1.9 million loss (NZ$553,000 last
year).

SLI Systems has adopted a new self-service strategy allowing
customers to configure the company's web search products
themselves or via third parties, Stuff notes. Alternatively,
customers could rely on SLI's expertise.

SLI is also introducing a new pricing model that will see the
separation of software licensing revenue streams from its
professional services, the report says.

Until now, the pricing from these sources has been bundled
together.

Stuff adds that Mr. Brennan said that in recent weeks it became
evident changes made to the sales teams alone would not deliver.
Strong competition among retailers meant they were much more cost
conscious.  The bundled software and service model was a
disincentive.  Competitive pressure had been particularly acute
in North Americas, which is SLI's largest market.

"Our new approach, which introduces much greater flexibility,
ensures we take account of the multitude of ways our customers
wish to implement search services on their e-commerce sites," the
report quotes Mr. Brennan as saying.  "Cash reserves remain
strong at NZ$5.6 million. Directors remain confident the company
has sufficient cash for the new strategy."

The recent loss included a non-cash expense of NZ$760,000 related
to the accounting treatment of long term incentives payments to
staff and non-recurring restructuring charges of NZ$280,000
relating largely to a reorganisation of the US executive team,
adds Stuff.


VERITAS INVESTMENTS: Faces Uncertainty as ANZ Pulls Support
-----------------------------------------------------------
Stuff.co.nz reports that Veritas said ANZ was withdrawing its
banking facilities when they fell due in October and November.

This created "material uncertainty" for the company, which owned
the Mad Butcher and Better Bar Company franchises, and its
ability to continue, Stuff relates.

As a result, Veritas was looking at the potential sale or merger
of the business, raising capital or refinancing with alternative
banking arrangements, the report says.

The directors of the company were confident a solution could be
found, Stuff notes.

"The directors acknowledge that if the group is unable to obtain
alternative sources of funding, within the required timeframe to
enable the repayment of the bank debt, or receive an extension of
timing of debt repayments to the bank to enable the group to
execute any of the above options, then the going concern
assumption would not be appropriate," Veritas, as cited by Stuff,
said.  "Whilst material uncertainties exist, the directors
consider that there is a reasonable expectation that the above
options can be executed and that the ANZ will support the group
through this process."

Veritas reported a net loss of $800,000 for the year ended June
30, up from a $4.6m loss last year, Stuff discloses.

Veritas Investments Limited (NZE:VIL) --
http://www.veritasinvestments.co.nz/-- is an investment company
with shareholdings in a range of New Zealand businesses in the
food and beverage and hospitality sectors. The Company's segments
include the Mad Butcher, Nosh, the BBC, Kiwi Pacific Foods and
Other. The Mad Butcher segment represents the activities of the
Mad Butcher franchisor business, as well as an owned retail
store. The Mad Butcher franchisor comprises the brand, franchise
system and franchisor rights for Mad Butcher stores across New
Zealand. Mad Butcher stores are retail butchers. Nosh includes
the business activities of Nosh Group Limited. Nosh is a chain of
specialty food stores based in New Zealand. The BBC segment
includes the business activities of The Better Bar Company
Limited, which operates a chain of approximately eight bars based
in Auckland and Hamilton. Kiwi Pacific Foods includes the 50%
joint venture interest the Company has in Kiwi Pacific Foods
Limited. Other includes the activities of the Company.



===============
P A K I S T A N
===============


PAKISTAN: May Need Bailout Package From China or IMF, PTI Says
--------------------------------------------------------------
The Express Tribune reports that the Pakistan Tehreek-e-Insaf
(PTI) has expressed fear that Pakistan will have to seek
financial bailout either from China or the International Monetary
Fund (IMF) to avoid default as early as next year due to rapidly
worsening economic situation.

"It is almost confirmed now that the country will need another
bailout package from international creditors by next year," said
PTI's Asad Umar, a member of National Assembly Standing Committee
on Finance while giving his party's position on the current
economic situation on Sept. 12, the Express Tribune relates.

The report says Umar came down hard on Finance Minister Ishaq Dar
for 'bringing the economy to its knees' within four years and
urged the government to take emergency measures to avoid any
untoward situation on the economic front.

According to the Express Tribune, Umar said the PTI's support for
a bailout programme would depend upon the terms of the agreement
between Pakistan and the IMF. Umar predicted that the IMF would
not be soft on Pakistan this time due to change in mood in
Washington.

The report relates that Umar said despite worsening economic
conditions particularly of the external sector, the PML-N
government would not immediately seek an IMF bailout package, as
it was in a state of denial. He said the bailout could come
either from China or the IMF, the report relays.

After coming to power in June 2013, the PML-N government had
entered into a three-year arrangement with the IMF for a $6.2
billion bailout programme to avoid looming default at the time,
the report recalls.

"There is an imminent default risk as external debt payments are
rising sharply but the foreign exchange earnings are declining,"
the report quotes Umar as saying.

He said the biggest mistake that Dar committed was that he put
taxes before the economic growth, which was contrary to the
economic theories that suggest that growth generates revenues,
the report relates.

Umar said that contrary to Ishaq Dar's public rhetoric of signing
a Charter of Economy by all the political parties, he never
presented any concrete proposal at any forum, including
parliament, the report relays. "The political parties are mature
enough to give unanimous response on any issue that affects the
country," he said.

He said the PML-N government increased its revenues by primarily
relying upon indirect taxes, which affected the poor the most and
reduced the tax burden of the rich. He said direct taxes
collection was only 1.3% of Gross Domestic Product (GDP), which
once used to be 6%, the report adds.

According to the report, Umar said the IMF never stopped the
government from levying taxes on rich, as the PML-N itself
backtracked from its promise of bringing 200,000 rich and
affluent people in the tax net.

"Although, Pakistan's economy is facing extreme challenges, there
are still solutions to the problems," said Umar, who is being
perceived as economic wizard of the PTI, the report relays.
"Pakistan can overcome its external sector challenges by reviving
exports and curtailing imports."

Pakistan closed the last fiscal year at a record current account
deficit of $12.1 billion and a record budget deficit of
PKR1.863 trillion, the report discloses. According to the report,
Umar said contrary to its election manifesto, the PML-N
government had taken maximum loans, which he estimated at a
whopping PKR10.8 trillion. This includes actual loans taken
during past four years and Ministry of Finance's projections of
loans for new fiscal year.

He said Pakistan's external debt and liabilities have mounted up
to a record $79 billion at the end of the fourth year of the PML-
N government - an addition of net $18 billion in four years, the
report adds.



                             *********

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

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

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


                            *********


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

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

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

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

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



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