TCRAP_Public/170925.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

           Monday, September 25, 2017, Vol. 20, No. 190

                            Headlines


A U S T R A L I A

AUSTRALIAN TECHNOLOGY: Moody's Assigns Ba3 CFR, Outlook Stable
BRIGHTSTAR CONSULTING: Second Creditors' Meeting Set for Oct. 3
DIPLOMA GROUP: Court Allows Creditors to Vote on Rescue Plan
JAILEY INVESTMENTS: First Creditors' Meeting Set for Oct. 3
MESOBLAST LIMITED: Completes AUD50.7 Million Entitlement Offer

OSTWALD BROS: Creditors' Meeting Extended for Two More Months
PANAMERA COMMERCIAL: Second Creditors' Meeting Set for Oct. 3
RAILWORKS RESOURCE: Second Creditors' Meeting Set for Oct. 3


C H I N A

CHINA XD: Fitch Affirms B+ Long-Term IDR, Outlook Stable
COUNTRY GARDEN: Fitch Raises LT Issuer Default Rating From BB+
DR. PENG HOLDING: Moody's Rates US$500MM 5.05% Notes 'Ba2'


I N D I A

AAVISHKAAR SEP 2016: Ind-Ra Affirms BB(SO) Rating on INR21MM Certs
AXLE PAPER: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
BIHAR BOTTLERS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
CHARIOT INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR11MM Loan
DEVDHAR RICE: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating

DWARIKAMAYEE BHANDAR: CRISIL Cuts Rating on INR5.8MM Loan to D
ENTALLY ASTHA: Ind-Ra Moves 'BB-' Loan Rating to Non-Cooperating
GANAPATI FISHING: CRISIL Reaffirms B Rating on INR15.5MM Loan
GOL OFFSHORE: CRISIL Reaffirms 'D' Rating on INR802MM LT Loan
J.K. INTERNATIONAL: CRISIL Reaffirms 'B' Rating on INR4.55MM Loan

JEEVANDEEP PRAKASHAN: Ind-Ra Moves 'BB' Rating to Non-Cooperating
KEYA REALTY: CRISIL Lowers Rating on INR9.26MM LT Loan to 'D'
LAHOTI MOTORS: CRISIL Raises Rating on INR6.5MM Loan to B+
MAA KALIKA: CRISIL Lowers Rating on INR22.5MM Cash Loan to 'D'
MAGNOLIA INFRA: CRISIL Assigns 'B' Rating to INR15MM Loan

MAHAVIR ENTERPRISES: CRISIL Lowers Rating on INR14MM Loan to D
MANJUSHREE HARDWARES: CRISIL Cuts Rating on INR5.5MM Loan to 'D'
MITTAL HOSPITALS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
MTAB ENGINEERS: CRISIL Lowers Rating on INR9.5MM Cash Loan to B+
PINK ROSE: Ind-Ra Migrates 'B+' Issuer Rating to Non-Cooperating

PORBANDAR SOLAR: Ind-Ra Withdraws Rating on INR1.10BB Certs.
PRANANDA PRIVATE: CRISIL Assigns 'B' Rating to INR20MM LT Loan
RANGA RAJU: CRISIL Reaffirms B+ Rating on INR24MM Cash Loan
RD CLEANTECH: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
RPL INDUSTRIES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

RUBBER O MALABAR: Ind-Ra Migrates 'D' Rating to Non-Cooperating
SAMRAT WIRES: Ind-Ra Affirms 'B-' Long-Term Issuer Rating
SECUNDERABAD HOTELS: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
SHAH GROUP: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
SHREE KALKA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan

SIXTH ENERGY: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
STERLITE TECHNOLOGIES: Moody's Assigns B1 Corporate Family Rating
SRI ADHIKARI: CRISIL Lowers Rating on INR75MM Term Loan to 'D'
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
SWAAA CORP: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating

TOP GEAR: CRISIL Lowers Rating on INR2MM Cash Loan to 'D'
TRICON POLYFABS: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
TRIDEV RESINS: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
VARAHA LAKSHMI: CRISIL Reaffirms 'D' Rating on INR11MM LT Loan


J A P A N

TOSHIBA CORP: Deal on Chip Unit Sale May Face Legal Hurdles
TOSHIBA CORP: Sale of Memory Business Credit Pos., Moody's Says


M A L A Y S I A

PRIME GLOBAL: Incurs US$41,400 Net Loss in Third Quarter


N E W  Z E A L A N D

NOSH GROUP: Unit Ordered to Pay Former Worker NZ$11,000


S I N G A P O R E

MERCATOR LINES: Judicial Manager Applies to Wind Up Company


T A I W A N

CTBC BANK: Fitch Raises Support Rating Floor From BB+
BANK SINOPAC: Fitch Affirms BB+ Support Rating Floor
TAICHUNG COMMERCIAL: Fitch Affirms 'B' Short-Term IDR
TAISHIN INTERNATIONAL: Fitch Affirms BB+ Support Rating Floor


T H A I L A N D

KTB SECURITIES: Fitch Assigns B(tha) National Short-Term Rating


                            - - - - -


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A U S T R A L I A
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AUSTRALIAN TECHNOLOGY: Moody's Assigns Ba3 CFR, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has assigned a corporate family rating
(CFR) of Ba3 to Australian Technology Innovators Pty Limited
("ATI"). Moody's also assigned a definitive rating of Ba3 to the
backed senior secured term loan facility of AUD350 million entered
into by LEAP Legal Software Pty Limited ("LEAP"). This follows the
completion of the merger between LEAP Legal Software Pty Limited
and InfoTrack Group Pty Ltd with Australian Technology Innovators
Pty Limited being the holding company of the merged group. At the
same time, Moody's Investors Service has withdrawn LEAP Legal
Software Pty Limited's provisional CFR of (P)Ba3.

This is the first time that Moody's has assigned a rating to
Australian Technology Innovators Pty Limited. The outlook on the
rating of ATI and LEAP is stable.

The facilities are fully and unconditionally guaranteed on a joint
and several basis by group entities subject to a guarantor
coverage test.

RATINGS RATIONALE

"The Ba3 CFR reflects ATI's leading position in Australia's market
for legal practice management platforms for smaller legal and
conveyancing firms, and strong position in integrated search and
services platforms for professionals; solid cash flow generation
and high barriers to entry resulting from its entrenched first-
mover advantage in delivering integrated systems; well-diversified
and growing customer base; and solid liquidity profile," says
Shawn Xiong, a Moody's Analyst.

Moody's expects growth in ATI's EBITDA and cash flow generation to
be driven by sustained demand for integrated legal practice
management systems and search and services platforms. Demand
growth expectations are supported by the ability to expand its
product offering from legal and property-related services to a
broader range of search products.

However, the ratings are constrained by the company's high
adjusted debt-to-EBITDA leverage and relatively small scale.

Moody's expects adjusted debt-to-EBITDA, pro forma for ATI in 2016
and acquisition debt, to be just over 6.0x, which is high for the
rating. However, EBITDA growth, coupled with modest debt
reduction, should support deleveraging to below 5.0x by the end of
the fiscal year ending June 2018. The rating and the stable
outlook incorporate Moody's expectation that this deleveraging
will occur.

ATI is a highly leveraged small business when compared to
similarly rated issuers. However, this factor is mitigated by its
solid and predictable margins supported by a high degree of repeat
and retention business, stable cash flow generation, solid EBITDA
growth prospects and an expectation for significant deleveraging
over the next two years.

ATI's liquidity is expected to remain solid over the next 12-18
months, supported by cash balances of up to AUD50 million and
consistent free cash flow generation. Moody's expects free cash
flow to be allocated to debt reduction.

If ATI's adjusted debt-to-EBITDA fails to trend towards or below
5.0x in the next 12-18 months, the ratings could be downgraded.
Further, sustained adjusted EBITA-to-interest expense below 2.5x
or adjusted retained cash flow-to-net debt below 10% could also
result in a ratings downgrade.

The ratings are unlikely to be upgraded over the next two years,
given ATI's small scale and high leverage. Moody's is unlikely to
consider an upgrade prior to the company lowering its adjusted
debt-to-EBITDA on a sustained basis below 4.0x.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

LEAP Legal Software Pty Limited provides a cloud-based legal
practice management platform to small and medium-sized Australian
legal and conveyancing firms. InfoTrack Pty Ltd is a premium
cloud-based Software-as-a-Service (SaaS) integrated search and
services platform for professionals. Australian Technology
Innovators Pty Limited is the holding company of the merged group.


BRIGHTSTAR CONSULTING: Second Creditors' Meeting Set for Oct. 3
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Brightstar
Consulting Group Pty Ltd, trading as Premier Buys, has been set
for Oct. 3, 2017, at 11:00 a.m., at the offices of AMB Insolvency
Level 1, 6 Allison Street, in Bowen Hills, Queensland.

The purpose of the meeting are (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 Oct. 2, 2017, at 4:00 p.m.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Brightstar Consulting on Aug. 28, 2017.


DIPLOMA GROUP: Court Allows Creditors to Vote on Rescue Plan
------------------------------------------------------------
Peter Williams at The West Australian reports that the Federal
Court of Australia has given creditors of Diploma Group the
opportunity to vote on a rescue plan for the collapsed builder-
developer.

The court, according to The West Australian, on Sept. 20 allowed
Diploma's liquidators from Grant Thornton to appoint themselves
administrators of the listed parent entity, clearing the way for a
creditors' meeting in about four weeks. The Australian Securities
and Investments Commission had opposed the application, the report
says.

Nineteen other Diploma companies, including its construction arms,
remain in liquidation with debts of up to AUD80 million, the
report discloses.

The West Australian relates that Justice Neil McKerracher said the
orders would provide creditors of Diploma Group with one chance to
approve or reject the rescue plan.

Diploma founders, the Di Latte family, have proposed a AUD5
million recapitalisation by June 30, with shares allocated to
creditors and former employee entitlements paid out, the report
relates. The court was told by the family that secured creditor
Swiss Re -- owed about AUD7 million of Diploma Group's estimated
AUD20 million debt -- supports the revised deed of company
arrangement (DOCA), the report recalls.

The liquidators have told the court they were likely to recommend
creditors vote against the DOCA, The West Australian relates.

According to the report, Justice McKerracher said if creditors
backed the plan, the court would have the final say on its
approval.

Justice McKerracher added, the orders would not cause a conflict
of interest for the liquidators, nor prevent them from
investigating and pursuing potential breaches of the law by
Diploma's bosses, the report relays. "Creditors will still have
the opportunity, as advised by the liquidators, to consider the
most appropriate course of action in that regard," The West
Australian quotes Justice McKerracher as saying.

ASIC said it opposed the move mainly because of a perceived lack
of independence from Grant Thornton personnel being administrators
of one Diploma company and liquidators of the others, the report
cites.

                       About Diploma Group

Diploma Group Limited was a Perth-based commercial construction
and property development company.

On December 21, 2016, a secured creditor appointed Martin Jones
and Andrew Smith of Ferrier Hodgson as receivers and managers of
Diploma Group Limited, Diploma Construction (WA) Pty Ltd and DGX
Construction Pty Ltd.

Following this, on December 22, the directors of Diploma Group
Limited, Diploma Construction (WA) Pty Ltd, and DGX Construction
Pty Ltd appointed Matthew Donnelly, Mr. Hewitt and Mr. Hodgson of
Grant Thornton as voluntary administrators to those three
companies. Mr. Donnelly later ceased.

As reported in the Troubled Company Reporter-Asia Pacific in May
2017, Justice McKerracher of the Federal Court of Australia has
lifted an earlier stay on the appointment of David Hodgson and
Andrew Hewitt of Grant Thornton as provisional liquidators to ASX-
listed Diploma Group Limited and its subsidiaries following an
application by the Australian Securities and Investments
Commission. The subsidiaries, collectively called the Diploma
Group, are:

  1. Diploma Construction (WA) Pty Ltd (Receivers and Managers
     Appointed) (Administrators Appointed);

  2. DGX Construction Pty Ltd (Receivers and Managers Appointed)
     (Administrators Appointed);

  3. Diploma Properties Pty Ltd;

  4. Diploma TCO Holdings Pty Ltd;

  5. Diploma Construction (NSW) Pty Ltd;

  6. Diploma Capital Pty Ltd;

  7. Allegro Realty Holdings Pty Ltd;

  8. Diploma Development Management Pty Ltd;

  9. Weststructure Pty Ltd;

10. 24 Flinders Lane Pty Ltd;

11. 176 Adelaide Tce Pty Ltd;

12. Rockingham Serviced Apartments Pty Ltd;

13. Chemlabs Emporium Pty Ltd;

14. Allegro Realty Pty Ltd;

15. 300 Lord St Pty Ltd;

16. 303 Campbell St Pty Ltd;

17. 254 West Coast Hwy Pty Ltd;

18. Subiaco Residential Apartments Pty Ltd; and

19. Diploma Capital Securities Pty Ltd

The provisional liquidation commenced on May 22, 2017.


JAILEY INVESTMENTS: First Creditors' Meeting Set for Oct. 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Jailey
Investments Pty Ltd will be held at Nineways Business Centre,
Grand Floor, 2 Partside Crescent, in Maryville, New South Wales,
on Oct. 3, 2017, at 12:00 p.m.

Kathleen Vouris and Blair Pleash of Hall Chadwick Chartered
Accountants were appointed as administrators of Jailey Investments
on Sept. 21, 2017.


MESOBLAST LIMITED: Completes AUD50.7 Million Entitlement Offer
--------------------------------------------------------------
Mesoblast Limited announced it had successfully completed the
fully underwritten 1 for 12 pro-rata accelerated non-renounceable
entitlement offer raising approximately AUD50.7 million
(Entitlement Offer). After adjusting for total net proceeds from
the Entitlement Offer, Mesoblast had cash reserves of US$84.0
million on a pro-forma basis as of June 30, 2017. The proceeds
from the Entitlement Offer and existing cash reserves will ensure
Mesoblast is fully funded to complete/advance its near term
objectives.

Mesoblast Chief Executive Dr Silviu Itescu said: "We appreciate
the strong support from both our institutional and retail
shareholders.  Mesoblast's strengthened cash reserves will provide
strategic flexibility in line with upcoming important clinical
trial readouts."

                     Retail Entitlement Offer

The retail component of the Entitlement Offer (Retail Entitlement
Offer) under which eligible retail shareholders were able to take
up their pro rata entitlement and apply for additional new shares
closed on Sept. 12, 2017.

The Retail Entitlement Offer was fully underwritten by Bell Potter
Securities Limited, and there was strong take up by eligible
retail shareholders, including applications for additional new
shares under the top up facility.

New shares to be issued in relation to the final acceptance under
the Retail Entitlement Offer (including additional new shares) are
expected to be allotted on Sept. 18, 2017 and commenced trading on
a normal settlement basis on Sept. 19, 2017. Holding statements
were expected to be dispatched on Sept. 19, 2017.

                          About Mesoblast

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

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, compared to a
net loss before income tax of US$90.82 million for the year ended
June 30, 2016.

As of June 30, 2017, Mesoblast had US$655.7 million in total
assets, US$138.9 million in total liabilities and US$516.8 million
in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.


OSTWALD BROS: Creditors' Meeting Extended for Two More Months
-------------------------------------------------------------
John Weekes at Sunshine Coast Daily reports that people and
companies owed millions of dollars by Ostwald Bros. have been
given two more months to figure out how to save the big
beleaguered resources company from catastrophe.

Ostwald Bros owed about AUD61 million, the Brisbane Supreme Court
heard on Sept. 21, the report relates.

A hearing was held after administrators PricewaterhouseCoopers
Australia said some creditors "came to the fore" and wanted more
time to arrange a meeting, the report says.

Sunshine Coast Daily relates that Ostwald Bros was part of a
resources and infrastructure group providing "large scale"
services to the mining and construction sectors. The company did
work that included civil engineering and bulk haulage. Company
turnover in the past financial year was about AUD178 million but
it had a loss of about AUD25 million, the report cites. The
company likely owed about AUD30 million to ANZ Bank and about
AUD31 million more to some 536 other creditors. But how best to
get that money back was yet to be figured out, the report points
out.

According to Sunshine Coast Daily, Justice Douglas said creditors
wanted Ostwald Bros to keep trading as a going concern, because
that would provide the best return to people owed money.
Restructuring the company was also being considered, the report
states.

"The administrators are in a situation where they either wish to
sell the assets or obtain a viable deed of company arrangement
proposal," the report quotes Justice Douglas as saying.

Three former employees objected to the time extension, according
to the report.

But Justice Douglas said it was "significant" ANZ supported the
application for a time extension, Sunshine Coast Daily relates.

Another company owed about AUD450,000 did not appear in court to
debate the issue. In fact, nobody appeared in court to oppose the
application, the judge said, according to the report.

The administrators, PwC, also need until November 24 to give a
report to creditors, the judge, as cited by Sunshine Coast Daily,
said.

Sunshine Coast Daily adds that Justice Douglas said he was
persuaded it was in the creditors' best interests to allow more
time for the meeting.

Creditors of the Company include included Caltex, Ergon Energy,
FKG Group, IOR Petroleum and Wagners.

Derrick Craig Vickers and Sam Andrew Marsden of
PricewaterhouseCoopers were appointed as administrators of
Ostwald Bros. on Aug. 25, 2017.


PANAMERA COMMERCIAL: Second Creditors' Meeting Set for Oct. 3
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Panamera
Commercial Pty Ltd has been set for Oct. 3, 2017, at 10:00 a.m.,
at the offices of KordaMentha, Level 10, 40 St Georges Tce, in
Perth, West Australia.

The purpose of the meeting are (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 Oct. 2, 2017, at 4:00 p.m.

John Bumbak and Richard Tucker of KordaMentha were appointed as
administrators of Panamera Commercial on June 27, 2017.


RAILWORKS RESOURCE: Second Creditors' Meeting Set for Oct. 3
------------------------------------------------------------
A second meeting of creditors in the proceedings of Railworks
Resource Management Pty Ltd has been set for Oct. 3, 2017, at 3:00
p.m., at the offices of Mackay Goodwin, Level 2, 10 Bridge Street,
in Sydney, New South Wales.

The purpose of the meeting are (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. 29, 2017, at 4:00 p.m.

Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay
Goodwin were appointed as administrators of Railworks Resource on
July 3, 2017.



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CHINA XD: Fitch Affirms B+ Long-Term IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed China XD Plastics Co Ltd's (CXDC) Long-
Term Issuer Default Rating (IDR) at 'B+'. The Outlook is Stable.
Fitch has also affirmed the senior unsecured rating of the company
at 'B+ ', with a Recovery Rating of 'RR4'. The affirmation of the
rating reflects Fitch expectations of an improvement in the
company's leverage after peaking in 2017 and limited refinancing
risk.

KEY RATING DRIVERS

Margin Squeeze Continues: CXDC's EBITDA dropped from 18%-20% in
2013-14 to 16%-17% in 2015-16 due to overcapacity in the modified
plastic market in China. Fitch believes CXDC has low pricing power
due to its low market share (2% by value) and the stiff
competition from foreign chemical companies with a strong presence
in China. As a result, its average selling price (ASP) has
continued to drop since 2015. Fitch believes CXDC is unlikely to
show ASP growth and EBITDA margin recovery in the short to medium
term due to the nature of the business.

Deleveraging on Lower Capex: Fitch expects CXDC's FFO adjusted net
leverage to drop from 3.9x in 2017 and 3.3x in 2018 due to new
capacity in Sichuan and Dubai. The construction of the two
facilities is likely to be completed in 1H18. New production
capacity in Sichuan should improve revenue, EBITDA and the FFO
profile of CXDC. Fitch expects CXDC to have no significant
increase in capacity after its Sichuan and Dubai plants are
completed and therefore, there will be no additional leverage.
Capex is expected to drop from USD211 million-235 million a year
in 2016-17 to USD30 million a year from 2018-20.

Higher Working Capital Requirements: In June 2017, liquidity was
slightly tight as inventory turnover days increased to 146 in 1H17
from 107 in 2016. Fitch believes the high inventory level is due
to the company preparing to ramp up production at the Sichuan
plant. Fitch expects inventory levels to normalise after early
2018. CXDC's account receivable days fell from 125 in 2016 to 50
in 1H17 while its payable days dropped from 179 in 2016 to 50 in
2017, offsetting each other.

Stronger Yuan Improves Cash Flow: The recent strength in the yuan
may translate to better revenue, EBITDA and cash flow for CXDC in
2H17. However, the impact will be limited beyond 2H17 as 90% of
its revenue and operating EBITDA are generated domestically. More
than 50% of CXDC's borrowings are offshore.

DERIVATION SUMMARY

CXDC's EBITDA margin of 15.6% in 1H17 is lower than chemical
industry peers such as Yingde Gases Group Company Limited (B+/RWN)
and China Hongqiao Group Limited (B+/RWN) but is higher than
industrial counterparts including Zoomlion Heavy Industry Science
and Technology Co. Ltd (B-/Stable). The company's FFO adjusted net
leverage is lower than Yingde's and Zoomlion's and in line with
Hongqiao's. CXDC's rating reflects the company's deleveraging
efforts after the ramp-up of its Sichuan plant, which improves
FFO. Fitch expects no short-term liquidity issues due to its
ability to roll over or refinance bank borrowings.

KEY ASSUMPTIONS

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

- Revenue to increase 19% in 2017, 20% in 2018 and 2%-5% in
   2019-20;

- EBITDA margin of 15% in 2017, 13.9% in 2018 and 13.3%-13.4% in
   2019-20;

- Capex of USD30 million per year during 2018-20 as Fitch
   expects  no significant increase in capacity. The Sichuan
   plant is expected to improve CXDC's revenue, EBITDA and FFO
   profile from 2H17 onwards

- Fitch expects CXDC's preferred shares to be fully converted
   into debt by 2019

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action

- Operating EBITDA margin stable and sustained above 20%

- FFO adjusted net leverage sustained below 2x

- More geographically diversified customers after the Dubai
   plant increases production capacity

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action

- Delays in capacity run-up or lower-than-expected utilisation
   for the Sichuan plant

- FFO adjusted leverage sustained above 3.5x (2016: 2.8x)

- Operating EBITDA margin sustained below 12%

LIQUIDITY

Sufficient Liquidity: Fitch estimates that CXDC's total available
cash and unused bank credit facilities at end-2017 are enough to
meet its short-term debt requirements if most of the bank
facilities are rolled over. As of 2016, CXDC had available cash of
USD423 million, unused banking facilities of USD539 million,
negative free cash flow of USD121 million and short-term debt of
USD445 million.


COUNTRY GARDEN: Fitch Raises LT Issuer Default Rating From BB+
--------------------------------------------------------------
Fitch Ratings has upgraded China-based Country Garden Holdings Co.
Ltd.'s Long-Term Issuer Default Rating (IDR) to 'BBB-' from 'BB+'.
The Outlook is Stable. Fitch has also upgraded Country Garden's
senior unsecured rating and the ratings on its outstanding notes
to 'BBB-' from 'BB+'.

Country Garden's ratings are supported by its stronger business
profile and the improving stability of its financial profile,
which has strengthened to be in line with those of investment-
grade peers. Country Garden has secured sufficient well-
diversified land across China to take advantage of the business
upcycle in the lower tier cities in the past 12 months and avoid a
downturn in 2015-2016 because of its rising exposure to higher-
tier cities. Its cash flow from operations (CFO) also turned
positive after it successfully rebalanced its land bank to target
customers in all tiers of cities across all major economic regions
in China.

These improvements to its business profile occurred without
compromising Country Garden's leverage, which Fitch sees as
evidence of a well-implemented growth strategy. Country Garden's
falling funding costs, to levels similar to investment grade
peers, has also given it greater financial flexibility.

KEY RATING DRIVERS

Diversified Land Bank: Country Garden's stronger business profile
is evident in its well-balanced land bank that targets customers
across all tiers of cities. Fitch believes Country Garden has one
of the best land bank diversification among top Chinese
homebuilders, which will help it to sustain stable sales
performance throughout business cycles. Country Garden has been
rebalancing its land bank since 2015 from its traditional core
markets in Tier 3-4 cities towards Tier 1-2 cities. This has
reduced the impact of short-term trends affecting specific market
sectors.

Country Garden's land bank is about evenly split between higher-
tier and lower-tier cities. This has been particularly beneficial
in 2017, as the company had the flexibility to generate strong
sales growth in lower-tier cities while Tier 1-2 cities are facing
stringent home purchase restrictions and tougher mortgage
financing conditions. Country Garden also generated strong
attributable sales growth of 89% in 2016 when higher-tier cities
were doing well. This strongly contrasted with its flat
attributable contracted sales growth in 2015.

Leading Homebuilder, Strong Execution: Country Garden has
overtaken China Vanke Co., Ltd. (BBB+/Stable) and China Evergrande
Group (B+/Stable) to become the largest homebuilder in China by
sales value and sales area (including JV/associates) so far in
2017. Country Garden's attributable sales increased 89% in 2016 to
CNY234.8 billion and 107% yoy in January-July 2017 to CNY240.3
billion. Attributable average selling price rose 13% in January-
July 2017 to reflect its better land quality as well. Country
Garden has upgraded its annual sales target to CNY500 billion from
CNY400 billion. Fitch expects Country Garden's attributable sales
to reach more than CNY400 billion in 2017.

CFO Turns Positive: Fitch expects Country Garden to have
sufficient internal and external financial resources to maintain a
neutral to positive CFO in the future. CFO was previously one of
the main constraints on Country Garden's rating due to its
fluctuation and volatility. CFO turned positive in 2016 and 2017H
as Country Garden's land bank acquisitions relative to its sales
stabilised.

High Churn, Controlled Leverage: Country Garden's attributable
contracted sales/total debt is around 2x, one of the highest among
the investment-grade Chinese property developers, driven by its
quality land bank and outstanding execution of management
strategy. The land acquisition pace has been on track and within
expectation. Country Garden spent CNY163 billion in attributable
land premium in January-July 2017 on projects mainly in Guangdong,
Jiangsu and Anhui provinces. Leverage, measured by net
debt/adjusted inventory, which includes all JV adjustments and
guarantees provided to JV/associates, was around 33.2% as of end-
June 2017, compared with 37% at end-2016. Fitch expects leverage
to be sustained below 35% in the next three years.

Low Margin Constrains Rating: Country Garden had one of the lowest
EBITDA margins among its peers and its EBITDA margin was only 16%
in 1H17, compared with 17% in 2016. The low EBITDA margin is
mitigated by Country Garden's low funding cost and low land
appreciation tax due to lower margins than its peers. Country
Garden has consistently maintained its net profit margin at a
healthy level of above 10% through business cycles. Fitch expects
Country Garden's EBITDA margin to continue to be low compared with
its peers due to its high churn business model.

Early HKFRS 15 Adoption: Fitch believes the Hong Kong Financial
Reporting Standard 15 (HKFRS 15), which will take effect from
January 2018, will be able to reflect the profitability of
contracted sales earlier than before but will have minimum impact
on cash flow and balance sheet. This change therefore has limited
impact on Fitch's assessment of Country Garden's credit ratios.
Country Garden has already adopted HKFRS 15, which allows for
recognition of revenue by stages of construction, compared with
the previous standard that allowed revenue recognition only when
properties are completed and delivered to the customers.

Revenues and profits are higher under HKFRS 15 and companies need
to reclassify customer deposits to contract liabilities. Country
Garden's leverage numbers are still comparable with historical
numbers following this accounting policy change, but its EBITDA
margins are higher than before the HKFRS 15 adoption because
Country Garden's sales in 2H16 and 1H17 fetched higher margins.

DERIVATION SUMMARY

The rating upgrade reflects Country Garden's well-diversified land
bank, which has an important role in enhancing Country Garden's
resilience, supported its strong sales in 2016 and 1H17, and
helped to stabilise and turn positive its CFO.

Compared with higher-rated China Vanke, Fitch think that a two-
notch difference is justified as Country Garden has a weaker
financial profile; its EBITDA margin and leverage are worse than
Vanke's. Both companies have comparable business profiles with
similar scale and sales efficiency.

Compared with similarly rated homebuilders, Country Garden has the
largest contracted sales and EBITDA as well as the highest churn
rate versus Longfor Properties Co. Ltd. (BBB-/Stable) and Shimao
Property Holdings Limited (BBB-/Stable). This is offset by its
lower EBITDA margin than that of these two companies. Fitch also
expects Country Garden's leverage, measured by net debt/adjusted
inventory, to remain below 35% (33.2% at end-1H17), which is
similar to that of the other two companies. However, the other two
companies have higher recurring EBITDA/gross interest coverage.

KEY ASSUMPTIONS

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

- Attributable contracted sales to reach CNY400 billion in 2017
   and increase 5% a year in 2018-2019.

- Land premium of around 55% of sales proceeds in 2017, and 40%-
   50% in 2018-2019, to secure sufficient land for three to four
   years of development.

- Construction costs of around 30%-40% of its sales proceeds in
   2017-2019.

- Gross profit margin maintained above 20% in 2017-2019.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

- Three-year average EBITDA margin above 20% for a sustained
   period (average 2014-2016: 18.9%)

- Three-year average net debt/adjusted inventory ratio below 25%
   for a sustained period (average 2014-2016: 38.6%)

- Sustained neutral or positive CFO (2016: CNY40 billion)

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

- Three-year average EBITDA margin below 16% for a sustained
   period

- Three-year average net debt/adjusted inventory ratio above 35%
   for a sustained period

- Three-year average attributable contracted sales/gross debt
   ratio below 1.8x for a sustained period (average 2014-
   2016:1.5x)

- Sustained negative CFO

LIQUIDITY

Sufficient Liquidity: Country Garden had CNY120 billion of cash on
hand, including CNY10 billion in restricted cash, as at end-June
2017. Country Garden also had CNY222 billion in undrawn credit
facilities at end-June 2017. This was more than sufficient to
cover its short-term debt of CNY27 billion and CNY6.6 billion of
receipts under securitisation arrangements.

Diversified Funding Channels: Country Garden has many financing
options, including equity issuance, perpetual capital securities,
offshore notes, onshore debentures and bank borrowings. Its
weighted-average borrowing cost was 5.3% at end-June 2017.

FULL LIST OF RATING ACTIONS

Country Garden Holdings Co. Ltd.

- Long-Term IDR upgraded to 'BBB-' from 'BB+'; Outlook Stable
- Foreign-currency senior unsecured rating upgraded to 'BBB-'
   from 'BB+'
- USD900 million 7.5% senior unsecured notes due 2020 upgraded
   to 'BBB-' from 'BB+'
- USD700 million 4.75% senior unsecured notes due 2022 upgraded
   to 'BBB-' from 'BB+'
- USD650 million 4.75% senior unsecured notes due 2023 upgraded
   to 'BBB-' from 'BB+'
- USD350 million 5.625% senior unsecured notes due 2026 upgraded
   to 'BBB-' from 'BB+'


DR. PENG HOLDING: Moody's Rates US$500MM 5.05% Notes 'Ba2'
----------------------------------------------------------
Moody's Investors Service has assigned a definitive Ba2 rating to
the US$500 million, 5.05%, 3-year notes due June 1, 2020, and
issued by Dr. Peng Holding Hongkong Limited, and guaranteed by Dr.
Peng Telecom & Media Group Co., Ltd. (Dr. Peng, Ba2 stable).

The rating outlook is stable.

RATINGS RATIONALE

Moody's definitive rating assignment follows Dr. Peng's completion
of its USD note issuance, the final terms and conditions of which
are consistent with Moody's expectations.

The provisional rating was assigned on May 22, 2017, and Moody's
rating rationale was set out in a press release published on
April 13, 2017.

The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.

Dr. Peng Telecom & Media Group Co., Ltd. is the fourth-largest
telecom operator and the largest private telecom operator in
China, offering broadband internet access and application services
across 26 provinces and 211 cities.

Headquartered in Beijing, Dr. Peng Telecom & Media Group Co., Ltd.
was founded in 1985 and listed on the Shanghai Stock Exchange
(600804.CH) in 1994. At end-2016, Chairman Yang Xue Ping and
President Lu Liu together held an approximate 20% stake in the
company.



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


AAVISHKAAR SEP 2016: Ind-Ra Affirms BB(SO) Rating on INR21MM Certs
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aavishkaar Sep
2016 Trust (an ABS transaction) as follows:

-- INR77.11 mil. Series A1 pass-through certificates (PTCs),
    issued on September 30, 2016 at 9.00% coupon rate with final
    maturity date on June 20, 2018, affirmed with IND A-
    (SO)/Stable rating; and

-- INR21.0 mil. SLCF -- issued on September 30, 2016, due
    on June 20, 2018 -- affirmed with IND BB(SO)/Stable rating.

The microfinance loan pool has been originated by Arohan Financial
Services Private Limited (AFSPL). The servicing and collection
services are also provided by the respective institution.

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The affirmation is based on the legal and financial structure of
the transaction, the credit enhancement (CE) provided in the
transaction, and the origination, servicing, collection and
recovery expertise of the originators. AFSPL mainly focuses on the
lower income group female borrowers in the low income states (LIS)
of India. AFSPL follows the Joint Liability Group model for its
operations. Members hand over instalments to their respective
representative, who finally passes it to the Customer service
representatives. All collections are done in cash and deposited in
the bank accounts on the same day.

Availability of External Credit Support: According to the payout
report dated 20 July 2017, the available CE was INR38.49 million
and the current pool principal outstanding (POS) including overdue
was INR84.03 million. There was a minimal use of the CE in the
past, as the excess spread in the transaction was sufficient to
absorb shortfalls.

The current CE for purchaser payouts increased to 45.81% of the
current POS including overdues at end-June 2017 from 11.00% at
end-September 2016. The CE is in the form of fixed deposits with
Yes Bank in the name of the originator with a lien marked in
favour of the trust ('IND AA+'/Stable/'IND A1+').

Key Pool Characteristics: As of 20 July 2017, the total POS was
INR84.03 million, signifying an amortisation of 76.0% of the pool.
The zero plus days past due delinquency bucket was around 5.07% of
the original POS and 21.12% of the current POS. On 20 July 2017,
the pool consisting 7,128 loans had a weighted average seasoning
of 13.4 months, implying a moderate repayment track record of the
underlying borrowers. Also, the average current loan balance was
INR11,790 with a weighted average internal rate of return of
23.0%.

Key Assumptions: At the time of the initial rating, Ind-Ra has
derived a base case gross default rate of 4%-6%. The agency had
analysed the characteristics of the pool and established its base
case assumptions through four key performance variables, viz.
default rate, recovery rate, recovery timeline and prepayment
rate, which collectively affect the credit risk in a transaction.
The current available CE can absorb stressed defaults in the range
of 45%-50% of future POS.

RATING SENSITIVITIES

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of both base case default rate and base recovery rate were
simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the rating of PTCs will not be
downgraded.

COMPANY PROFILE

Founded in 2006, AFSPL is a registered NBFC-MFI headquartered in
Kolkata. The company started microfinance operations in FY06-FY07
by offering microloans in West Bengal. It then expanded to
Jharkhand, Bihar, Assam Meghalaya, Chhattisgarh and Odisha. As of
March 2017, the company operated through 277 branches in 94
districts across seven Indian states, catering to 725,000
customers. It employed 2,370 individuals as of March 2017.

On March 31, 2017, AFSPL's gross loan portfolio stood at INR10.14
billion (up 56% y-o-y). The company classifies any loan as NPA if
it becomes overdue by more than 90 days. Its net NPAs, as a
percentage of net advances, were nil on 31 March 2017 compared
with 0.41% on 31 March 2016.


AXLE PAPER: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its long term rating on the bank
facilities of Axle Paper Pvt Ltd (AXPL) at 'CRISIL B+/Stable' and
assigned 'CRISIL A4' rating to its short term bank facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .8        CRISIL A4 (Reassigned)

   Cash Credit           4.5        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .3        CRISIL B+/Stable (Reaffirmed)

   Term Loan             7.4        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect exposure to risks related to
timely stabilisation of operations, which are still in the initial
stage, ramp-up in revenue, intense competition in the paper
industry, and average financial risk profile. These weaknesses are
partially offset by the extensive entrepreneurial experience of,
and funding support received from, the promoters; favorable
location of the plant and proximity to customers.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
from the promoters and their families as neither debt nor equity.
That is because the loans are expected to remain in business over
the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stabilisation, and ramp-up in
  revenue: Commercial operations at the newly established kraft
  paper manufacturing unit commenced from February 2017. Timely
  stabilisation of operations, and commensurate ramp-up in revenue
  and operating profitability, during the initial phase, remain
  critical.

* Average financial risk profile: Financial risk profile may
  remain average, owing to the debt-funded capital expenditure,
  with gearing expected at 1.6-1.9 times in the medium term.

* Intense competition and susceptibility to volatile waste paper
  prices: Unorganised players account for bulk of the production
  in the domestic kraft paper industry. Though high customisation
  levels limit the threat of imports, presence of a large number
  of players has intensified competition. Further, revenue and
  profitability remain susceptible to volatility in waste paper
  prices.

Strengths

* Extensive experience of the promoters: Benefits from over a
  decade-long presence of the promoters in the kraft paper,
  ceramic and packaging industry, their keen grasp over local
  market and business dynamics, and established relationships with
  suppliers and customers, will continue.

* Favorable location of the plant and proximity to customers: The
  favorable location of the unit, at Morbi, Gujarat, will support
  growth, as increasing number of ceramic tiles manufacturers in
  the vicinity, will drive demand for kraft paper.

Outlook: Stable

CRISIL believes AXPL will benefit from the extensive
entrepreneurial experience of its promoters and the strategic
location of the plant. The outlook may be revised to 'Positive' if
timely stabilisation and ramp-up of operations generates high cash
accrual. The outlook may be revised to 'Negative' if a delay in
ramp up of operations, leads to low cash accrual, and weakens
financial risk profile, especially liquidity.

Incorporated in March 2016, AXPL is promoted by Mr. Sagar Charola,
Mr. Sanjay Kakasania and Mr. Vipul Kaila. The company has set up a
36,000 million tonne per annum plant at Morbi for manufacturing
kraft paper, mainly used in product packaging and corrugated
boxes.

Revenue was INR2.07 crore and net loss was INR0.14 crore for
fiscal 2017. There were no commercial operations during fiscal
2016.


BIHAR BOTTLERS: Ind-Ra Moves 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bihar Bottlers
and Blenders Pvt. Ltd.'s (BBBPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND B(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR15.5 mil. Fund-based working capital limit migrated
    to non-cooperating category with IND B(ISSUER NOT
    COOPERATING) rating;

-- INR59.49 mil. Term loan migrated to non-cooperating category
    with IND A4(ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 2, 2015. 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, BBBPL is engaged in the manufacturing,
bottling and sale of alcoholic beverages. The plant is located at
Siwan district, Bihar with an installed capacity of 120,000 boxes
per month.

The entity became operational in 2013 and is managed by Abhay
Kumar, Santosh Kumar and Rajesh Mishra.


CHARIOT INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR11MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Chariot International
Private Limited (CIPL) continue to reflect CIPL's modest scale of
operations in the intensely competitive granite processing
industry, and large working capital requirement. These weaknesses
are partially offset by promoter's extensive industry experience,
and the company's comfortable financial risk profile, marked by
moderate gearing and debt protection metrics.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Letter of Credit       0.5       CRISIL A4 (Reaffirmed)
   Packing Credit        11         CRISIL B+/Stable (Reaffirmed)
   Term Loan              5         CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirements: CIPL has large working
  capital requirements on account of large inventory and credit
  period offered to end customers. This is reflected in high gross
  current assets (GCA) of 309 to 406 days over the four years
  through March 31, 2017

* Small scale of operations in intensely competitive granite
  processing industry: CIPL's business risk profile remains
  constrained by its modest scale of operations in the intensely
  competitive granite industry.

Strengths

* Promoter's extensive industry experience: CIPL benefits from the
  extensive experience of its promoter, Mr. Sandeep Wadhwa, who
  has been in the granite industry for over ten years. The company
  derives its revenues from supply of granite products primarily
  to Japan, the US, the UK, and Russia. On the product portfolio,
  around 70 per cent of its revenues are derived from the supply
  of slabs, around 20 per cent from tiles, while the remaining is
  derived from supply of monuments. CIPL makes most of its sales
  through agents and traders, which whom they have established
  relations. Ability to maintain high product quality and maintain
  stringent delivery deadlines have resulted in CIPL obtaining
  repeat orders from its customers in the past.

* Moderate financial risk profile: CIPL's net worth was moderate
  and the accretion to reserves has remained constrained by the
  company's small scale of operations and moderate profitability;
  consequently, its net worth is expected to remain moderate over
  the medium term. CIPL is estimated to have had a healthy gearing
  estimated at 1.09 times as on March 31, 2015.

Outlook: Stable

CIPL will continue to benefit over the medium term from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if the company significantly increases
revenue and profitability on a sustainable basis and improves
working capital management, resulting in better liquidity.
Conversely, the outlook may be revised to 'Negative' if liquidity
weakens, most likely due to stretched receivables or considerable
decline in revenue, or if the company undertakes a large debt-
funded capital expenditure, weakening financial risk profile.

CIPL, set up in 1992, is engaged in granite processing. The
company's day-to-day operations are managed by Mr. Sandeep K
Wadhwa.


DEVDHAR RICE: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Devdhar Rice
Mill's (DERM) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B-(ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR87 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 15, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2014, DERM is engaged in the business of rice
milling and packaging of non-basmati rice. The plant has the
installed capacity to process five tonnes of paddy per hour.


DWARIKAMAYEE BHANDAR: CRISIL Cuts Rating on INR5.8MM Loan to D
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Dwarikamayee Bhandar (DB; part of Maa Kalika group) for obtaining
information through letters and emails dated September 13, 2017,
August 24, 2017 and June 23, 2017 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.7       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BBB-/Stable')

   Proposed Cash           5.8       CRISIL D (Issuer Not
   Credit Limit                      Cooperating; Downgraded
                                     from 'CRISIL BBB-/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 the Maa Kalika group. 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 the group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded the
rating on long-term bank facilities of DB to 'CRISIL D' from
'CRISIL BBB-/Stable'.

The downgrade reflects overdrawn working capital limits of the
group for over 30 days.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DB, Kohenoor Industries (KI), Shree
Krushna Enterprises (SKE) and Maa Kalika Bhandar (MKB). The firms,
together referred to as the Maa Kalika group, are under a common
management with common customer and supplier base. Moreover, the
promoters treat the four entities as one single group for funding
and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.


ENTALLY ASTHA: Ind-Ra Moves 'BB-' Loan Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Entally Astha's
loan rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is as follows.

-- INR100 mil. Term loans migrated to non-cooperating category
    migrated to non-cooperating category with IND BB-(ISSUER NOT
    COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
July 30, 2015. Ind-Ra is unable to provide an update as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

Formed in 2004-2005, Entally Astha was incorporated under the
Society Registration Act, 1961. Its head office is in Kolkata.
Since April 2010, it has been engaged in microfinance operations
through a self-help group model and various livelihood programmes.

The society focuses on women empowerment, as only women are
eligible for credit services. In addition, it imparts training on
capacity building and income generating activities and provides
guidance on skill development and financial literacy.


GANAPATI FISHING: CRISIL Reaffirms B Rating on INR15.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ganapati
Fishing Lines Private Limited (GFLPL) for obtaining information
through letters and emails dated July 13, 2017 and August 8, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer's Credit         15.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Established in 1988 as a private limited company, GFLPL is engaged
in trading of packaging films such as polyester and BOPP (Bi-
axially Oriented Polypropylene) films. The company is promoted by
Mr. Prem Jain, Ms. Pramila Minni, Mr. Tanmay Jain and Mr. Shejal
Jain. It is based at Bangalore.


GOL OFFSHORE: CRISIL Reaffirms 'D' Rating on INR802MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of GOL Offshore Limited (GOL) at 'CRISIL D/CRISIL D'. The company
is under provisional liquidation and an official liquidator is
being appointed by the Bombay High Court. The ratings are based
only on publicly available information. The ratings continue to
reflect instances of delay in servicing of debt on account of weak
liquidity and cash flow mismatches.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Letter of credit &
   Bank Guarantee          185        CRISIL D (Reaffirmed)

   Long Term Loan          802        CRISIL D (Reaffirmed)

   Proposed Letter of
   Credit & Bank
   Guarantee                65        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      298        CRISIL D (Reaffirmed)

   Short Term Loan         150        CRISIL D (Reaffirmed)

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GOL and all its subsidiaries, as these
companies are strategically important to GOL and are controlled by
the same management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  High gearing, at 79.5 times as on
March 31, 2016, and weak debt protection metrics - interest
coverage at 0.54 time and net cash accrual to total debt at
negative 0.16 time in fiscal 2016 - constrains financial risk
profile. Cash flow has remained sluggish due to continuing delays
in delivery of under construction offshore supply vessels (OSVs)
and deployment of jack-up rig.

*Slowdown in end-user industry coupled with higher maintenance
costs because of ageing fleet:  Cash flows will remain under
stress on account of slowdown in oil exploration and production
industry due to decline in oil prices and the challenges faced by
the ship building industry leading to low demand of rigs and delay
in OSV deliveries, respectively. Also, an ageing fleet results in
high repair and maintenance costs.

Strengths

* Established market position:  GOL is the first one of the
largest Indian private sector players in the offshore support
services business with 41 vessels, comprising drilling assets,
support vessels, construction barges and tugs. A two-decade long
presence in the industry ensures GOL is among the few Asian
players operating with its own crew in the harsher waters of the
North Sea.

GOL is an offshore oil field service provider in India, offering
support services to oil and gas companies for exploration and
production activities. The company was formed when the offshore
division of The Great Eastern Shipping Company Ltd (GESCL) was
demerged into a separate company in October 2006. GOL entered the
offshore business, with the purchase of an offshore support vessel
in 1983. The company entered the drilling business with its first
rig in 1987. It was also the first to own a platform supply
vessel, and pioneered the fire-fighting vessel segment with two
dedicated vessels.

It has seven wholly-owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL Offshore
Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship Repairs Ltd,
Great Offshore (International) Ltd, and GOL Salvage Services. GOL
also holds a 26% equity stake in a joint venture, United
Helicharters Pvt Ltd. Bharati Shipyard, along with its
subsidiaries, is the single-largest shareholder in GOL, with a
stake of 49.7%.


J.K. INTERNATIONAL: CRISIL Reaffirms 'B' Rating on INR4.55MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of J.K. International (JKI) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.45      CRISIL B/Stable (Reaffirmed)
   Cash Term Loan          4.55      CRISIL B/Stable (Reaffirmed)

The business risk profile is supported by healthy revenue growth
in fiscal 2017, and the expected sustenance of growth levels,
albeit on a small scale, over the medium term. This is on account
of improvement in the product portfolio with the addition of
bulletproof glass, insulating glass, and windshields and windows.
However, the business risk profile remains constrained by modest
scale and intense competition. The industry is fragmented with
several small players catering to the construction sector.

Financial risk profile is constrained by weak capital structure
due to modest accretion to reserve. High total outside liabilities
to adjusted networth (TOLANW) ratio was 6.99 times as on March 31,
2017, due to large capital expenditure (capex) undertaken in the
recent past and working capital borrowings in the wake of low
internal accrual. With sustenance of working capital cycle and nil
significant, debt-funded capex plans, the financial risk profile
is expected to remain average over the medium term.

Liquidity is constrained by high dependence on bank borrowings due
to working capital-intensive operations as reflected in average
bank limit utilisation of 90% over the 12 months through March
2017. Expected net cash accrual over the medium term should remain
sufficient to meet debt obligation. Liquidity were also
constrained by withdrawals in fiscal 2017 which are expected to
continue in future.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented industry with
intense competition from other small players:  Scale is modest, as
reflected in revenue of about INR24 crore for fiscal 2017.
Furthermore, for fiscal 2018, the firm is expected to report
revenue of about INR30 crore. The construction industry is highly
fragmented, with several small players, resulting in price wars
and reduced profit margins. Although additions to the product
portfolio are less competitive and have better margins.

* Working capital-intensive operations:  Operations are working
capital intensive as reflected in gross current assets of 124 days
as on March 31, 2017, driven by inventory of 46 days and debtors
of 56 days, supported by creditors of 69 days. Any significant
increase in sales may lead to higher incremental working capital
requirement over the medium term.

* Below-average financial profile:  Financial risk profile is
subpar, with average debt protection metrics' interest coverage
and net cash accrual to adjusted debt ratios of 2.06 times and
0.08 time, respectively, for fiscal 2017'though constrained by
weak capital structure due to modest accretion to reserve. With
sustenance of working capital cycle and nil significant, debt-
funded capex plans, the financial risk profile is expected to
remain average over the medium term.

Strength

* Partners' experience in the industry:  The partners have been in
the business of glassware and glassworks for over 15 years and
have developed established relations with suppliers and customers.

Outlook: Stable

CRISIL believes JKI will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' if operations scale up and operating
profitability is maintained, or prudent working capital management
improves the financial risk profile. The outlook may be revised to
'Negative' if cash accrual declines, or if large working capital
requirement weakens the financial risk profile.

Established in 2004 as a partnership between Mr. Sarjit Singh Kang
Mr. Bikramjit Singh Kang, JKI, based in Jalandhar, Punjab,
manufactures and processes architectural and automotive glass. The
firm has its manufacturing facilities at Jalandhar, and Kharla,
Himachal Pradesh. Operations are managed by Mr. Sarjit Singh Kang.


JEEVANDEEP PRAKASHAN: Ind-Ra Moves 'BB' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jeevandeep
Prakashan Pvt. Ltd.'s (JPPL) 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. Instrument-wise rating actions are:

-- INR200 mil. Fund-based cash credit limits migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR80 mil. Fund-based standby line of credit limits with IND
    BB(ISSUER NOT COOPERATING) rating;

-- INR70 mil. Fund-based overdraft against property limits
    migrated to non-cooperating category with IND BB(ISSUER NOT
    COOPERATING) rating; and

-- INR43.8 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 24, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2002, JPPL is one of the leading book publishers
in the field of education. The company has 17 branches nationwide.
It has an office in the UAE to cater to the needs of the Middle
Eastern countries.


KEYA REALTY: CRISIL Lowers Rating on INR9.26MM LT Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Keya Realty
(Keya) for obtaining information through letters and emails dated
July 12, 2017 and July 18, 2017 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Long Term Loan          9.26       CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BB/Stable')

   Proposed Long Term       .74       CRISIL D (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 Keya. 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
Keya is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' category
or lower. Based on the last available information, CRISIL has
downgraded the rating to 'CRISIL D/Issuer Not Cooperating' from
'CRISIL BB/Stable.'

Set up as a proprietorship concern in 2002, by Mr. Manish
Mahendhrabhai Patel, Keya is engaged in construction of
residential and commercial real estate projects in Vadodara.


LAHOTI MOTORS: CRISIL Raises Rating on INR6.5MM Loan to B+
----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the long term bank
facilities of Lahoti Motors Private Limited (LMPL) to 'CRISIL
B+/Stable from 'CRISIL B/Stable and reaffirmed its short term bank
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          1.5        CRISIL A4 (Reaffirmed)

   Cash Credit             6.5        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

   Proposed Long Term      3.6        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                 from 'CRISIL B/Stable')

   Term Loan               1.9        CRISIL B+/Stable (Upgraded
                                      from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that LMPL will sustain
the improvement in its liquidity profile. The liquidity profile of
the company is marked by moderate utilisation of bank lines of 91
per cent for the 12 months ending March 2017 as against the
overdrawals made earlier. The company is also expected to generate
adequate net cash accrual generation to meet its term debt
obligations. The upgrade also factors in LMPL's stable business
risk profile, marked by the company maintaining its revenue and
the sustenance of its operating margin.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to intense competition in automobile dealership
segment:  The LMPL's operations are concentrated in the Karnataka
region, where it has all its sales outlets and service centres.
This exposes the group to geographical concentration as any
deterioration in the economy of the region will impact automobile
sales, which would affect automobile dealers. CRISIL believes that
the LMPL business risk profile will remain constrained over the
medium term on account of its exposure to risks related to
geographical and supplier concentration, and to intense
competition in the automobile dealership segment.

Strength

* Healthy relationship with Maruti Suzuki India Ltd (MSIL):  LMPL
benefits from its established relationship with MSIL and its
status as exclusive dealer in Gulbarga. Furthermore, the company
setup in NEXA in FY 17 which ramp up the scale of operations by
launching new variants in the same period. This has helped LMPL
register strong revenue growth with revenue of INR78 cr in FY
2016-17 from INR51 cr in FY 15-16. CRISIL believes that LMPL's
satisfactory performance and established relationship with MSIL
over a short period will likely benefit the company over the
medium term and support its business risk profile

* Low exposure to risks related to inventory and receivables:
LMPL maintains inventory of 30 to 35 days, the inventory includes
several car models and their variants, to cater to varied customer
preferences. However, it faces low inventory risk as any downward
revision in the prices of vehicles is compensated by the principal
in the form of incentive schemes. Further, the company is subject
to low debtor risk in the absence of any major credit given to its
customers. LMPL delivers car only on receipt of full payment.

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

Outlook: Stable

CRISIL believes that LMPL will continue to benefit from its
promoters' established relations with MSIL. The outlook may be
revised to 'Positive' if the company improves its scale of
operations and profitability, resulting in sizeable cash accruals.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile and liquidity deteriorate because of
significantly low cash accruals, or substantial working capital
requirements or debt-funded capital expenditure.

LMPL was founded in December 2010, by Mr. Srikant Lahoti and his
wife, Mrs. Usha Lahoti. The company is an authorised dealer of
Maruti passenger cars in Gulbarga and Bidar (Karnataka). Besides
new cars and spares, LMPL also trades in used cars under MSIL's
True Value brand.

Profit after tax (PAT) and net sales are estimated at INR0.80
crore and INR78 crore, respectively, for fiscal 2017; PAT was
INR0.14 crore on net sales of INR51 crore for the previous fiscal.


MAA KALIKA: CRISIL Lowers Rating on INR22.5MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maa Kalika
Bhandar (MKB; part of Maa Kalika group) for obtaining information
through letters and emails dated September 13, 2017, August 24,
2017 and June 23, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             22.5      CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BBB-/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 the Maa Kalika group. 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 the group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded the
rating on long-term bank facility of MKB to 'CRISIL D' from
'CRISIL BBB-/Stable'.

The downgrade reflects overdrawn working capital limits of the
group for over 30 days.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MKB, Kohenoor Industries (KI), Shree
Krushna Enterprises (SKE), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base.
Moreover, the promoters treat the four entities as one single
group for funding and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.

Status of non-cooperation with previous CRA

MKB has not cooperated with Brickwork Rating which marked its
ratings as a case of 'Rating not reviewed' vide a release dated
December 27, 2016. The reason provided by Brickwork Ratings was
non-availability of information for carrying out the review of the
rating.


MAGNOLIA INFRA: CRISIL Assigns 'B' Rating to INR15MM Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' ratings to the
long-term bank facilities of Magnolia Infra (MI).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Secured Overdraft
   Facility                 15        CRISIL B/Stable

The ratings reflect modest customer advance and offtake and
susceptibility to risks inherent in the real estate sector. These
rating weaknesses are partially offset by the locational advantage
of MI along will its experience in real estate industry.

Key Rating Drivers & Detailed Description

Weakness

* Moderate customer advance and offtake:  Customer advance and
offtake remains moderate due to intense competition in the real
estate industry and regulatory changes.

* Susceptibility to risks and cyclicality inherent in the real
estate industry:  The real estate sector in India is cyclical
because of sharp movements in prices and a highly fragmented
market structure. With increase in supply, attractive prices
offered by various builders, and constant regulatory changes,
profitability of real estate players is expected to come under
pressure over the medium term

Strengths

* Promoters' extensive experience in real estate segment:  MI is
established by Mr. Tejas Joshi, Mrs Deval Soparkar and Mr. Malav
Patel in 2015. The promoters have indicated their ability as well
as willingness to bring in additional fund as and when required to
meet any liquidity gap. Over the medium term, MI is expected to be
benefitted by the extensive industry experience of its promoters

* Locational Advantage: MI is located in the Satellite Area,
Ahmedabad with all necessary amenities located very nearby thus
partially mitigating the offtake risk

Outlook: Stable

CRISIL believes that MI will maintain its healthy financial risk
profile, because of the experience and risk averse nature of the
promoters in real estate industry. The outlook may be revised to
'Positive' if the company strengthens its financial flexibility
and cash flow adequacies with sizeable revenue from the balance
portion of its completed projects. Conversely, the outlook may be
revised to 'Negative' if MI's liquidity is stretched by
significantly low offtake or weakening of financial risk profile
due to substantial contracting of debt and/or time and cost
overruns in the execution of its new projects

MI is engaged in the development of residential real estate. The
company is mainly present in Ahmedabad, Gujarat. MI is promoted
and is currently being run by Mr. Tejas Joshi, Mrs. Deval Soparkar
and Mr. Malav Patel. Currently it is executing a single project-
Magnolia Infra which was launched in the year 2015.


MAHAVIR ENTERPRISES: CRISIL Lowers Rating on INR14MM Loan to D
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mahavir
Enterprises (ME; part of Mahavir group) for obtaining information
through letters and emails dated Aug. 10, 2017, August 24, 2017
and June 23, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              14        CRISIL D (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 the Mahavir group. 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 the group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded the
rating on long-term bank facility of ME to 'CRISIL D' from 'CRISIL
BB+/Stable'.

The downgrade reflects overdrawn working capital limits of the
group for over 30 days.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of ME and Ali Agency. This is because both
the firms, together referred to as the Mahavir group, have a
common management and significant operational synergies.

Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.


MANJUSHREE HARDWARES: CRISIL Cuts Rating on INR5.5MM Loan to 'D'
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Manjushree
Hardwares (MH) for obtaining information through letters and
emails dated July 13, 2017 and August 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               5.5       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL A4')

   Proposed Long Term      0.1       CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded
                                     from 'CRISIL A4')

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 MH. 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 MH
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 its rating on the bank facilities of MH to 'CRISIL
D/CRISIL D/Issuer Not Cooperating' from 'CRISIL B/Stable/CRISIL
A4'.

The downgrade reflects instances of excess drawing and
irregularity for more than 30 days on fund-based working capital
limits of the firm.

Set up in 1990 in Bengaluru as a proprietorship firm, MH trades in
construction material such as paints, cement, and sanitary ware.
Operations are managed by Mr. R Shankar.


MITTAL HOSPITALS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mittal Hospitals
Limited's (MHL) 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:

-- INR184.6 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR35 mil. Cash credit limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in September 2002, MHL runs a hospital and nursing
college in Ajmer.


MTAB ENGINEERS: CRISIL Lowers Rating on INR9.5MM Cash Loan to B+
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of MTAB Engineers Pvt Ltd (MTAB) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.4       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit             9.5       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Letter of Credit        1.4       CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Proposed Long Term      3.4       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

   Term Loan               1.3       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects CRISIL's belief that business risk profile
will remain weak over the medium term due to subdued operating
performance and increase in working capital requirements. Revenue
declined to INR24.71 crore in fiscal 2016 and further to INR17.58
crore in fiscal 2017 from INR43.36 crore in fiscal 2015, owing to
execution of fewer orders. Working capital intensity also
increased, with gross current assets of 386 days as on March 31,
2017, against 126 days as on March 31, 2015, due to larger
inventory. The downgrade also factors in the deterioration in the
financial risk profile marked by weakening of gearing and debt
protection metrics.

The ratings reflect MTAB's modest scale of operations, exposure to
risks inherent in tender-based business, below-average financial
risk profile because of weak gearing and modest networth, and
susceptibility to volatility in raw material prices. These
weaknesses are partially offset by the extensive experience of its
promoters in the equipment manufacturing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to risks inherent in
tender-based business:  With turnover of INR18.09 crore for fiscal
2017, scale remains small in the intensely competitive equipment
manufacturing segment that has many organised and unorganised
players. This limits ability to exploit benefits associated with
economies of scale and restricts bargaining power with suppliers
and customers. Also, since 70% of income is tender-based, revenue
depends on ability to bid successfully.

* Below-average financial risk profile:  Networth was small at
INR5.98 crore and gearing weak at 2.03 times, as on March 31,
2017. Debt protection metrics are moderate, with interest coverage
and net cash accrual to adjusted debt ratios of 1.94 times and
0.09 time, respectively, for fiscal 2017.

* Moderate operating margins; susceptible to changes in raw
material prices:  The company reported a moderate operating margin
of 14.2 percent in fiscal 2017, up from 12 percent in fiscal 2016
and 4.1 percent in fiscal 2015. The improvement was supported by
execution of high margin orders. However, the metric continues to
remain vulnerable to volatility in raw material prices. This is
compounded by absence of a price escalation clause in contracts
with customers.

Strength

* Extensive experience of promoters: The promoters have an
experience of more than two decades in the equipment-manufacturing
industry. Aided by their extensive industry experience, the
company has been able to establish healthy relationship with
customers and suppliers.

Outlook: Stable

CRISIL believes MTAB will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if a sustained increase in revenue and
profitability improves business risk profile. The outlook may be
revised to 'Negative' if decline in revenue or operating margin,
stretch in working capital cycle, or any large, debt-funded
capital expenditure weakens financial risk profile.

Established in 1991 as Machine Tool Aid (Bureau) Pvt Ltd by Ms S
Geetha and Mr. S Sairaman, MTAB's name was changed to the current
one in 1993. The company manufactures computer-numerical-control
machines, flexible management systems, and other industrial
equipment that have application in the educational institutes,
automobiles, and oil and gas segments.

The company has reported profit after tax (PAT) of INR0.53 crore
on total revenue of INR18.59 crores in fiscal 2017, vis-a-vis PAT
of INR0.88 crore on total revenue of INR25.37 crores in fiscal
2016.


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

-- INR8.68 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating;

-- INR85 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating; and

-- INR120 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with INDA4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 4, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

PRLPL was incorporated in 2008 as a private limited company in
Bangalore. It manufactures innerwear for women. The company
earlier used to execute lingerie manufacturing jobs for various
parties through contracts. From October 2013, it started
manufacturing products under the brand name Laavian. The company
is managed by Santosh Kumar and Madumati Kumar.


PORBANDAR SOLAR: Ind-Ra Withdraws Rating on INR1.10BB Certs.
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Porbandar Solar Power Limited's (PSPL) non-convertible debentures
(NCDs) as follows:

  -- INR1,105.5* million NCDs (INE699M07013) issued on December
     30, 2015 at 10.05% coupon rate, due on September 30, 2025,
     withdrawn with WD rating;

*Outstanding on March 21, 2017

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, based on the
receipt of a no-dues certificate from debenture trustee that NCDs
have been repaid in full. This is consistent with Securities and
Exchange Board of India's circular dated March 31, 2017 for credit
rating agencies.

COMPANY PROFILE

PSPL is an SPV created to develop, own and operate a photovoltaic-
based solar plant in Porbandar, Gujarat. The plant is grid
connected and commenced operations in April 2012. Hindustan
Cleanenergy Limited is the sponsor of the project. Hindustan
Cleanenergy holds around 163MW operating renewable assets. The
total NCD issuance was INR1,267 million in December 2015
(outstanding INR1,040.8 million as of June 30, 2017).


PRANANDA PRIVATE: CRISIL Assigns 'B' Rating to INR20MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B/Stable' rating to the long-
term bank facilities of Prananda Private Limited (PPL). The rating
reflects exposure to risks associated with completion of the on-
going project and subsequent stabilization and ramp up in
operations. These rating weaknesses are partially offset by
extensive experience of the promoters.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Long Term
   Bank Loan Facility       20        CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weakness

* Risks associated with completion of the on-going project and
subsequent stabilization and ramp up in operations: The company is
undergoing a capital expenditure of approximately INR22 crore
towards setting up of its milk processing unit with capacity of 50
lakhs litres per day. The company is exposed to moderate project
risk and also risks associated with stabilization of and
subsequent ramp up in operations.

Strengths

* Extensive experience of the partners: The decade-long experience
of the promoters in the FMCG distribution industry, and their keen
grasp over local market dynamics along with tie up with Karnataka
Co-operative Milk Producer's Federation Ltd, will continue to
support the business risk profile.

Outlook: Stable

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

Incorporated in 2015, PPL is promoted by Mr. Rajesh Kumar L and
Ms. Lakshmi Deepika L. PPL is undertaking project to set up unit
to process milk and manufacture milk products in Morasapudi,
Nuzividu Mandal in Krishna district of Andhra Pradesh. Company is
expected to start its operations in December 2017.


RANGA RAJU: CRISIL Reaffirms B+ Rating on INR24MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Ranga Raju Rice Mill (RRRM) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              24       CRISIL B+/Stable (Reaffirmed)

The rating continue to reflect RRRM's below-average financial risk
profile marked by a high gearing, and below-average debt
protection metrics. The rating also reflects the firm's modest
scale of operations in the intensely competitive rice milling
industry, and susceptibility of its profitability margins to
changes in government regulations and paddy prices. These rating
weaknesses are partially offset by the extensive experience of
RRRM's partners in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the fragmented rice milling
industry:  RRRM's business risk profile is marginally constrained
on account of its modest scale of operations in the fragmented
rice milling industry. The firm's revenue of around INR57 crore in
2016-17 is indicative of the firm's modest scale of operations in
the intensely competitive rice milling industry.

* Susceptibility of profitability to volatility in raw materials
prices and adverse government regulations:  RRRM has moderate
operating profitability of around 2.6 per cent in 2016-17. The
operating profitability has been range bound between 2.6 and 3.7
per cent over the three years ended March 31, 2017. CRISIL
believes that RRRM's moderate operating profitability will remain
susceptible to adverse government regulations and raw material
price volatility.

Strengths

* Extensive industry experience of promoters:  RRRM's business
risk profile benefits from the extensive industry experience of
its promoters in the rice milling industry.

Outlook: Stable

CRISIL believes that RRRM will continue to benefit over the medium
term from its partners' extensive industry experience. The outlook
may be revised to 'Positive' if the firm registers a sustained
increase in the profitability margins, or there is a substantial
increase in its net-worth on the back of sizeable capital
additions by its partners. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in the firm's
profitability margins, or significant deterioration in its capital
structure caused most likely by a stretch in its working capital
cycle.

RRRM was set up in 1983 as a partnership firm by Mr. Ranga Raju
and his family members. The firm mills and process paddy into rice
and generates by-products such as broken rice, bran, and husk. Its
rice milling unit is in Palakol, Andhra Pradesh. The company also
trades in Chilly and Maize during the season.

During fiscal 2017, the firm provisionally reported a profit after
tax (PAT) of INR0.06 Crores on operating income of INR57.4 Crores
against PAT of INR0.14 Crores on operating income of INR56.2
Crores in the previous fiscal.


RD CLEANTECH: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated RD CleanTech Pvt
Ltd's (RDCPL) 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 given below:

-- INR75 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 2, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

RDCPL, a special purpose vehicle founded by Ardee Hi-Tech Private
Limited and MASS Ventures, is a private limited company. Ardee Hi-
Tech Private Limited provides automation solutions to Indian
customers and develops mineral beneficiation and allied
technologies. MASS Ventures is a partnership firm founded by seven
members to carry out the business of investment and funding. RDCPL
was set up to commission a lignite processing plant for Gujarat
Mineral Development Corporation Limited on a build, own, operate
and maintain basis.


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

-- INR70 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

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

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

COMPANY PROFILE

RPL Industries manufactures tyres for two wheelers, three
wheelers, passenger cars, utility vehicles, light commercial
vehicles and farm vehicles. The company's plant in Ghaziabad
(Uttar Pradesh) has an annual installed capacity of 3,00,000
tyres.


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

-- INR45.80 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR14.2 mil. Fund-based facilities (Long-term/Short-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 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 2009, Kerala-based Rubber O Malabar Products
manufactures various types of rubber conveyor belts. It belongs to
the Infinis group of companies owned by a group of technocrats who
have been in the industry for more than two decades.


SAMRAT WIRES: Ind-Ra Affirms 'B-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Samrat Wires
Private Limited's (SWPL) Long-Term Issuer Rating at 'IND B-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits affirmed with IND B-/Stable/IND
    A4 rating;

-- INR54 mil. Term loan due on March 2021 affirmed with IND B-
    /Stable rating; and

-- INR30 mil. Non-fund-based limits affirmed with IND B-
    /Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects SWPL's continued small scale of
operations and weak credit metrics. According to the FY17
provisional numbers, revenue was INR199.79 million (FY16:
INR214.35 million), interest coverage (operating EBITDA/gross
interest expense) was 0.85x (0.80x), and net leverage (total
adjusted net debt/operating EBITDAR) was 10.86x (9.45x). The year-
on-year variations in FY17 financials were because of unfavourable
market conditions.

The ratings continue to be supported by over 10 years of
experience of the company's promoters in the wire manufacturing
industry and the company's comfortable liquidity as evident from
around 92.58% average utilisation of the working capital
facilities during the 12 months ended August 2017.

RATING SENSITIVITIES

Positive: Significant revenue growth along with improved credit
metrics could lead to a positive rating action.

COMPANY PROFILE

Established in 2010, SWPL manufactures wires at its state-of-the-
art facility in Khopoli, Raigad (Maharashtra).


SECUNDERABAD HOTELS: Ind-Ra Moves 'BB+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Secunderabad
Hotels Pvt. Ltd.'s (SHPL) 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:

-- INR226.4 mil. Long-term loans migrated to non-cooperating
    category with IND BB+(Issuer not cooperating) rating;

-- INR107.5 mil. Fund based working capital limit migrated to
    non-cooperating category with IND BB+(Issuer not cooperating)
    rating; and

-- INR11.5 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(Issuer not cooperating)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 26, 2015. 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, SHPL operates five three-star hotels under
the brand name Minerva Grand and six multi-cuisine restaurants and
bars under the name of Blue Fox Restaurant. The company also
operates two vegetarian restaurants and a non-vegetarian shop
under the brand Minerva Coffee Shop and Fiesta, respectively. In
addition, SHPL operates two lounge bars at Minerva Grand Tirupati
and Nellore. All these facilities are located in Andhra Pradesh,
Hyderabad and Telangana.

SHPL's founder A. Vijayavardhan Reddy is the managing director of
the company who looks after the key strategic issues and his wife
A. Indira is the other director of the company.


SHAH GROUP: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shah Group
Builders Limited's (SGBL) 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:

-- INR 1,350 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating;

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

COMPANY PROFILE

SGBL was formed as a private limited firm in June 2005. It was
reconstituted as a public limited company in May 2006. The company
is a part of the Shah Group, which has a track record of over a
decade in the real estate industry in Navi Mumbai.


SHREE KALKA: CRISIL Assigns 'B' Rating to INR10MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B/Stable' rating to the long-
term bank facilities of Shree Kalka Cotton Corporation -
Sangareddy (SKC). The rating reflects exposure to risks associated
with completion of the on-going project and subsequent
stabilization and ramp up in operations. These rating weaknesses
are partially offset by extensive experience of the promoters.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             10         CRISIL B/Stable
   Long Term Loan           2.75      CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weakness

* Risks associated with completion of the on-going project and
subsequent stabilization and ramp up in operations:  The firm is
undertaking a capital expenditure of approximately INR5 crore
towards setting up of its ginning unit with capacity of 400 bales
per day. The firm is exposed to moderate project risk and also
risks associated with stabilization and subsequent ramp up in
operations.

Strengths

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

Outlook: Stable

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

Established in February 2017, SKC, a partnership firm is setting
up a ginning unit in district of Sangareddy in Talangana with
capacity of 400 bales per day. Firm is promoted by Mr. Ramavtar
Tayal and Mr. Sachin Tayal and is expected to start its commercial
operations in November 2017.


SIXTH ENERGY: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sixth Energy
Technologies Private Limited's (SETPL) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR60 mil. Fund-based working capital limits affirmed with
    IND BB+/Stable rating; and

-- INR39 mil. Packing credit affirmed with IND BB+/Stable
    rating.

KEY RATING DRIVERS

The affirmation reflects SETPL's continued small scale of
operations and working capital intensive nature of business. As
per FY17 provisional financials, revenue declined to INR254
million (FY16: INR305 million) on account of lower orders owing to
the government's November 2016 demonetisation drive. During
1QFY18, the company achieved revenue of INR70 million. As of July
2017, it had an order book of INR50 million, to be executed by
end-September 2017. Ind-Ra expects the revenue to grow in FY18 on
the back of high demand for remote monitoring solution in the
banking and telecom industries.

Net working capital cycle remained elongated, although improved to
260 days in FY17P (FY16: 279 days) due to a decrease in debtor
days to 114 days (144 days). Inventory holding period was 167 days
in FY17P (FY16: 150 days) due to time taken for executing telecom-
related projects and high inventory of semi-finished materials on
the back of a long gestation period for the confirmation of orders
from the date of installation of the equipment.

The ratings are constrained by SETPL's tight liquidity position
with 94.7% average utilisation of fund-based facility during the
12 months ended August 2017.

The ratings also factor in the company's moderate credit metrics
with interest coverage (operating EBITDA/gross interest expense)
of 3.6x in FY17P (FY16: 5.7x) and financial leverage (total
adjusted debt/operating EBITDAR) of 2.4x (2.1x). The deterioration
in the credit metrics was owing to the decline in the revenue,
despite an improvement in EBITDA margin to 16.5% in FY17P (FY16:
15.7%) due to an increase in high margin orders. The EBITDA
margins remained volatile at 15.0%-19.9% over FY14-FY17P on
account of the nature of order profitability.

The ratings remain supported by over a decade of operating
experience of its directors in the field of machine data
technology.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the operating profitability and credit metrics could be positive
for the ratings.

Negative: A decline in the operating profitability or further
elongation of the net cash cycle leading to deterioration in the
credit metrics could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2003, SETPL is a Bangalore-based company providing
end-to-end remote management solutions for data centres,
businesses, banks and telecom sectors, and enterprise
infrastructures. The company remotely monitors and manages power
and cooling equipment in telecom towers (base station controller,
base transceiver stations), telecom switching centres (mobile
switching centre), data centres, industrial locations, enterprise
buildings, off-grid and grid-tie renewable energy power stations.


STERLITE TECHNOLOGIES: Moody's Assigns B1 Corporate Family Rating
-----------------------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) to Sterlite Technologies Limited.

This is the first time that Moody's has assigned a rating to
Sterlite.

The outlook is stable.

RATINGS RATIONALE

"The B1 rating reflects Sterlite's position as a leading
manufacturer of optic fiber and optic fiber cable in India and its
growing presence internationally, primarily China", says Annalisa
Di Chiara, a Moody's Vice President and Senior Credit Officer.

Rapid growth in demand for data services is driving investment in
telecom infrastructure globally, which benefits optical fiber
manufactures such as Sterlite.

In particular, growing demand for optic fiber in India reflects
(1) the rapid growth in data consumption; (2) the proliferation of
low-cost smartphones; (3) network roll-outs and upgrades by
telecommunications operators; and (4) a push by the Indian
government to digitize the country.

"As the largest manufacture of optic fiber in India - in terms of
installed capacity - Sterlite is well positioned to capture
increased demand for optic fiber. Moreover, the company
manufactures optic fiber out of the basic raw material -- silica -
which it sells to other manufactures, but also utilizes for its
own production of optic fiber cable. This situation provides a
significant cost advantage, which supports a healthy operating
margin", adds DiChiara, also Moody's lead analyst for Sterlite.

The company recorded around INR26.0 billion in revenue and INR5.7
billion in adjusted EBITDA at year-end March 31, 2017, giving rise
to a 21.9% EBITDA margin. Between 60%-65% of consolidated revenues
are generated domestically and 35%-40% internationally, from
primarily China, Europe, the Middle East, and US.

However, the company's small scale provides limited ability to
absorb revenue shortfalls, lower capacity utilization or increased
levels of working-capital intensity.

In particular, the production of optic fiber and optic fiber cable
is capital intensive. Therefore, high levels of capacity
utilization across the company's manufacturing facilities is
critical for maintaining profitability and stable cash flows.

"As a result, any decline or postponement in capital expenditure
by India's telecommunications operators or a delay in product
orders from the government - for example, because of a slower
roll-out of broadband infrastructure projects - could lead to
volatility in the company's cash-flow generation capabilities,"
adds DiChiara.

Sterlite plans to grow its service business on the back of the
Indian government's push towards digitization, connectivity and
significant expansion of the country's broadband infrastructure.
According to management, the company is already developing several
network projects, such as a secure network for the armed forces
under Network for Spectrum, enabling rural broadband through
BharatNet, developing Smart Cities, and establishing high-speed
fiber-to-the-home (FTTH).

However, Moody's believes these network roll-out projects are
exposed to execution risks - including project delays, project
cancellations, or longer receivable cycles - which could also lead
to some volatility in the company's cash-flow generation
capabilities.

Still, leverage -- expressed as adjusted debt/EBITDA -- has
remained at or below 2.4x over the last two years, primarily
reflecting the growth in EBITDA and a stable adjusted EBITDA
margin of around 22% over the same period. This low leverage is
appropriate for the B1 rating level, particularly when considering
the company's small revenue size and increasing exposure to
working capital volatility.

Over the next 12-18 months, Moody's expects the company's adjusted
EBITDA margin to remain above 20% and adjusted leverage to remain
between 2.0x and 2.2x. This includes around INR6.8-7.4 billion in
debt-funded capex through March 2019, the majority of which will
be used to expand capacity to 50mfkm.

As to liquidity, Moody's expects cash and cash from operations to
be insufficient to fund Sterlite's debt maturities (including
working capital borrowings), capex, and dividends over the next 12
months. That said, the company has access to working capital
facilities, and Moody's expects a significant portion of short-
term debt will be rolled over.

In addition, management has stated that it will look to fund
expansionary capex with additional long-term debt facilities.
Failure to line up funding would adversely impact liquidity or
hold up the expansion of capacity.

The stable outlook reflects the solid demand for Sterlite's core
products. It also reflects the company's low leverage of around
2.0x-2.2x and stable adjusted EBITDA margins of around 21%.

The rating may experience upward pressure after a longer track
record of winning government contracts; timely project
completions; and timely receipt of payments from the government
and telecommunications operators, resulting in an expansion in
revenues, cash flow generation and financial flexibility. EBITDA
increasing towards $125 million would be another positive for the
rating

In addition, Moody's would look for the company to execute longer-
term debt facilities to fund the company's capacity expansion as
well as the terming out its debt maturity profile to support
upward ratings pressure.

Downward rating pressure would occur if market conditions
deteriorate, such that demand for optic fiber falls below Moody's
expectations, or the company's capacity utilization declines
materially.

Credit metrics that will indicate a possible downgrade include
debt/EBITDA rising above 3.0x; EBITDA falling below $75 million;
or cash on balance sheet falling below $15 million or 5% of sales.

The principal methodology used in this rating was Communications
Infrastructure Industry published in September 2017.

Sterlite is a telecom products, services and software company. The
company manufactures optical communication products (ie preform,
optic fiber, optic fiber cable and copper cables). The services
business includes network and system integration for end-to-end
project management for building and managing broadband networks.
The software business sells operating and business support systems
(OSS/BSS), primarily to telecommunications operators.

At March 31, 2017, Volcan Investments, through its 100%-owned
subsidiary Twin Star Overseas Ltd, owned 52.6% of Sterlite, while
Vedanta Resources plc (B1 Stable) owned a 1.2% direct
shareholding. The public float was 45.5%. The company is listed on
the Bombay Stock Exchange.


SRI ADHIKARI: CRISIL Lowers Rating on INR75MM Term Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Sri Adhikari Brothers Television Network Limited
(SABTNL) to 'CRISIL D' from 'CRISIL BBB-/Negative'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               75        CRISIL D (Downgraded
                                     from 'CRISIL BBB-/Negative')

The downgrade reflects delays in servicing of interest and
principal repayment obligations on the term loans due to
significantly low business performance leading to weak liquidity.
CRISIL notes the company's management had concealed the
information about the delays and overdue in bank facilities. The
management has misrepresented by providing undertakings confirming
timely repayments of banking facilities, which is crucial for
forming a credit opinion.

The ratings also reflect long working capital cycle, exposure to
risks inherent in the content production and syndication business
and high debt repayment obligations in the near term. The rating
weaknesses are partially offset by the company's established
market position in the television content syndication business.

Key Rating Drivers & Detailed Description

Weaknesses

* Long working capital cycle:  SABTNL has large working capital
requirements, on account of high receivable cycle.

* Exposure to risks inherent in the content production and
syndication business:  The biggest risk in the media and
entertainment industry, particularly for content producers and
aggregators, is the rapidly changing consumer tastes and
preferences. SABTNL has to regularly update the library which
entails costly acquisitions and the returns on the same is
dependent on customer's tastes and preferences which keeps on
changing.

* High debt repayment obligation in the near team:  The Company
has term loans outstanding resulting in high debt repayment
obligations.

Strengths

* Established market position in the television content
syndication business:  The Company has an established position in
the content syndication business supported by a large library of
content rights. The company has a large content library comprising
of comedy, thriller and suspense episodes. The company has strong
negotiating position due to its reputation and brand image; which
helps it to acquire quality content and distribute at favorable
terms. The company's ability to vet the title rights and support
technical quality of deliverables on a large scale and leadership
position enables it to compete successfully. Moreover, the
company's experience and understanding of the Indian television
industry positions it well to compete with new and existing
players in the Indian media and entertainment sector.

SABTNL was incorporated on December 19, 1994 by Mr. Gautam
Adhikari and Mr. Markand Adhikari, to take over the business of
partnership firm - Sri Adhikari Brothers. SABTNL is engaged in the
business of content production and syndication for television. The
company is listed on the Bombay and National Stock Exchanges.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR8MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
loan facility of Sri Lakshmi Raw & Boiled Rice Mill (SLR) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            8       CRISIL B+/Stable (Reaffirmed)

The rating reflects reflect the firm's below-average financial
risk profile because of high gearing, modest debt protection
metrics and networth, its modest scale of operations and large
working capital requirements, and its susceptibility of operating
profitability to volatility in raw material prices. These
weaknesses are partially offset by extensive industry experience
of its promoter in the rice milling industry.

Analytical Approach

The firm has unsecured loan of INR1.83 crores as on March, 2017
which has been treated as 75 per cent equity and 25 per cent debt
as it is non-interest bearing, subordinated to bank debt, not
withdrawn from the business over the past five years ending march,
2017 and bought in by partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in highly fragmented Rice milling
industry:  SLR has a modest scale of operations with revenues of
around INR46 crores in 2016-17 (refers to financial year, April 1
to March 31). The modest scale of operations restricts the firm
from getting benefits accruing from economies of scale.

* Large working capital requirements:  Gross current assets were
around 148 days, driven by high inventory days of 110 days and
moderate debtor days of 43 days as on March, 2017.

* Below-average financial risk profile:  SLR's financial risk
profile is below-average marked by high gearing, modest debt
protection metrics and networth. The gearing was high at gearing
of 2.2 times and networth was modest at INR6.7 crores as on March,
2017. Interest coverage and net cash accrual to total debt ratios
were low at 1.3 times and 0.03 times in fiscal 2017.

* Susceptibility of its operating profitability to volatility in
raw material prices:  The domestic rice industry is highly
regulated in terms of paddy prices, export/import policy for rice,
and rice release mechanism, which affects the credit quality of
players in the industry. SLR's operating profitability would
continue to remain low due to the low value addition in its
product and would remain susceptible to adverse government
regulations and raw material price volatility.

Strengths

* Extensive industry experience of the promoters in the rice
milling industry:  SLR's business risk profile benefits from the
extensive experience of its promoters in the rice milling
industry. The firm is promoted by Mr. Muralidhar Reddy and family
who have been associated with the rice milling industry for more
than three decades which has enabled the firm to establish healthy
linkages with farmers in the region there by aiding the raw
material (paddy) procurement.

Outlook: Stable

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

SLR mills and processes paddy into rice, rice bran, broken rice,
and husk. It is promoted by Mr. Muralidhar Reddy, and is based in
Nellore, Andhra Pradesh.


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

-- INR42.5 mil. Fund-based working capital limits (long-
    term/short-term) migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating; and

-- INR36.6 mil. Term loan (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 13, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Swaaa Corporation was incorporated as a partnership firm in 2011.
It was converted into a private limited company in April 2013. The
company manufactures and exports beauty bar soaps. Its
manufacturing facility in Gandhiram, Gujarat commenced operations
in June 2013.


TOP GEAR: CRISIL Lowers Rating on INR2MM Cash Loan to 'D'
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Top Gear Transmission Private Limited (TGTPL; part of the TG
group) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee          0.75       CRISIL D (Downgraded
                                      from 'CRISIL A4')

   Cash Credit             2.00       CRISIL D (Downgraded
                                      from 'CRISIL B+/Stable')

   Letter of Credit        1.50       CRISIL D (Downgraded
                                      from 'CRISIL A4')

   Long Term Loan          0.97       CRISIL D (Downgraded
                                      from 'CRISIL B+/Stable')

   Proposed Long Term      4.78       CRISIL D (Downgraded
   Bank Loan Facility                 from 'CRISIL B+/Stable')

The downgrade reflects delays in servicing debt on account of long
working capital cycle due to stretched receivables.

The ratings continue to reflect the TG group's modest scale, and
large working capital requirements in a highly competitive
industry. The ratings also factor in the group's weak financial
risk profile, with modest networth and high gearing. These
weaknesses are partially offset by promoters' extensive experience
in the industrial machinery industry and moderate profitability.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TGTPL and Top Gear Transmissions (TGT),
together referred to as the TG group, on account of significant
operational and financial linkages between the two.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing:  Delays in receivables have resulted
in weak liquidity, leading to delays in servicing debt.

* Large working capital requirement: Gross current assets were
high, estimated at 294 days, driven by inventory and debtors of
168 and 127 days, respectively, as on March 31, 2017.

* Modest scale of operations:  With revenue of INR36.97 crore in
fiscal 2017, scale will likely remain modest in the intensely
competitive industrial machinery industry.

* Weak financial risk profile:  Financial risk profile is
constrained by modest networth of INR7.60 crore coupled with high
gearing of 2.49 times and total outside liabilities to networth of
5.04 times as on March 31, 2017.

Strengths

* Extensive experience of promoters:  By virtue of being in the
industry for over a decade, the promoters have built a strong
network of reputed customers.

* Moderate profitability:  Profitability stood moderate, with
operating margin of 14.30% in fiscal 2017 supported by moderate
raw material prices and controlled overheads.

Established in 2002 as a proprietorship firm in Satara
(Maharashtra) by Mr. Srikanth Pawar, TGT designs and manufactures
planetary gear boxes as well as custom built gear boxes used in
the capital goods industry.

TGTPL, incorporated in 2002 in Satara by Mr. Shashikant B Pawar,
manufactures heavy-built gear boxes used in the capital goods
industry.


TRICON POLYFABS: CRISIL Reaffirms B+ Rating on INR7.5MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the long-term bank
facilities of Tricon Polyfabs Pvt Ltd (TPPL) at 'CRISIL
B+/Stable', while short-term rating was assigned at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           1       CRISIL A4 (Reassigned)

   Cash Credit              7.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1.5     CRISIL B+/Stable (Reaffirmed)

   Term Loan                7.5     CRISIL B+/Stable (Reaffirmed)

The rating reflects TPPL's initial stage of operations and
working-capital-intensive operations. These rating weaknesses are
partially offset by promoter's extensive experience in the polymer
industry.

Analytical Approach

Unsecured loans of INR10.2 crores as on March 31, 2017, from the
promoters have been treated as neither debt nor equity, as these
loans are subordinated to bank borrowings and are expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Initial stage of operations:  Incorporated in 2014, the
commercial operations were commenced in February 2017 and are
still at a nascent stage, hence, track record of efficient
capacity utilisation and ramp up of operations is yet to be
demonstrated, which will be monitored closely.

* Working capital intensive operations:  Moderate debtors and
inventory holding, led to moderately working capital-intensive
operations. The utilisation of bank lines is expected to remain
high due to its working capital requirement, over the medium term

Strength

* Promoters' extensive experience:  The promoters Mr. Rabindra
Agarwal and Mr. Surendra Agarwal have an experience of over 2
decades in manufacturing of packaging material. Their
understanding of the industry dynamics, especially with regard to
demand-supply patterns, and healthy relationships with suppliers
and customers, should help scale operations faster.

Outlook: Stable

CRISIL expects TPPL to benefit from extensive experience of the
promoters, in manufacturing and trading of packing material. The
outlook may be revised to 'Positive' if substantial cash accrual
through ramp up in scale of operations is generated, while
maintaining profitability and efficient working capital management
during the initial phase of operations. The outlook may be revised
to 'Negative' if lower-than-expected cash accrual, or any
significant stretch in the working capital cycle, weakens
liquidity.

Incorporated in 2014, TPPL manufactures Poly Propylene
(PP)/printed sacks and fabrics at its facility in Kolkata, West
Bengal with an installed capacity 2000 tonne of PP sacks and
fabrics and 1700 tonne of printed sacks and fabrics. TPPL is
promoted by Mr. Rabindra Agarwal and Mr. Surendra Agarwal, who
look after the daily operations.


TRIDEV RESINS: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Tridev Resins
Private Limited's (TRPL) 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:

-- INR45 mil. Fund-based foreign bill discounting migrated to
    non-cooperating category wit IND BB(ISSUER NOT COOPERATING)
    rating;

-- INR20 mil.Non-fund-based letter of credit migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR2 mil. Non-fund-based bank guarantee migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR1 mil. Non-fund-based forward contract limits migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR20 mil. Cash credit limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 22, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006, TRPL manufactures synthetic resins and
acrylic emulsions for printing inks, paints and surface coating
industries.


VARAHA LAKSHMI: CRISIL Reaffirms 'D' Rating on INR11MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank loan
facilities of Varaha Lakshmi Narasimha Swamy Educational Trust
(VLN).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              1        CRISIL D (Reaffirmed)
   Long Term Loan          11        CRISIL D (Reaffirmed)

The ratings continue to reflect delays by VLN in servicing its
debt; the delays have been caused by the Trust's weak
liquidity.VLN is also susceptible to adverse regulatory changes.
However, it benefits from the extensive experience of its
promoters in the education sector.

Key Rating Drivers & Detailed Description

Weakness

* Delays by VLN in servicing its debt:  The ratings reflect
instances of delay by VLN in servicing its debt. There have been
delays by VLN in servicing its term loan repayment obligations on
account of delayed receivables.

* Susceptibility to adverse regulatory changes:  The establishment
and running of higher educational institutions are governed by
various governmental and quasi-governmental agencies such as
University Grants Commission (UGC), AICTE, universities, and state
governments and any regulatory changes stipulated by the same
restricts substantial increase in revenues for VLN

Strengths

* Extensive experience of its promoters in the education sector:
Mr. K V Satyanarayana, chairman of the management committee of
VLN, has extensive experience in the education sector. He was a
member of the trust that commenced Swarnandhra College of
Engineering and Technology at Narsapur (Andhra Pradesh) in 2000-
01. Furthermore, he was part of the board that commenced
Swarnandhra Institute of Engineering And Technology and Bhimavaram
Institute of Engineering And Technology in 2007-08.The rich
experience of promoter is expected to support the business profile
of VLN.

Incorporated in 2007 by Mr. K V Satyanarayana, VLN runs two
educational institutions in Visakhapatnam (Andhra Pradesh),
offering graduate and post-graduate courses in engineering and
management.

VNL has recorded PAT of INR1.86 Cr on operating income of INR10.27
Cr for the fiscal 2016 vis-a-vis PAT of INR1.26 Cr on operating
income of INR10.9 Cr for the fiscal 2015.



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


TOSHIBA CORP: Deal on Chip Unit Sale May Face Legal Hurdles
-----------------------------------------------------------
The Japan Times reports that eight months after announcing its
plan to sell its chip unit, Toshiba Corp. has finally selected a
buyer following a protracted and chaotic sales process. But the
embattled tech giant faces big hurdles ahead as it tries to fix
its finances and remain a listed company.

According to the report, the chip unit deal is subject to
regulatory screenings in major markets, and a lengthy process may
prevent the Japanese conglomerate from raising necessary funds in
time. Also looming ahead are challenges from a legal battle with
Toshiba's longtime U.S. partner, whose bid for the unit has been
rejected, the report says.

Further concern about Toshiba's future is its perceived lack of
leadership - an impression made by the months-long bidding process
for the chip unit, characterized by indecision and confusion,
which came following a series of scandals, analysts said, the
Japan Times relays.

On Sept. 20, Toshiba said it will sell Toshiba Memory Corp. to a
Japan-U.S.-South Korean consortium for JPY2 trillion ($17.8
billion) after failing three times to meet a target date to
announce a deal.

"Toshiba has taken a major step forward," the report quotes Hideki
Yasuda, a senior analyst at the Ace Research Institute, as saying.
But he also warned of lingering uncertainty, saying that Toshiba's
chances of ending its financial crisis is "still not 100 percent."

One major issue raised during the bidding process was whether
Toshiba will receive approval from antitrust examiners for the
planned deal, the report notes.

The Japan Times says Toshiba Memory will go through regulatory
scrutiny in major markets but concerns remain that antitrust
reviews, especially in China, could become lengthy and take at
least six months or more. Some describe China's screening as a
"black box" given its opaque screening standards.

The report says the consortium, led by U.S. investment fund Bain
Capital, also includes South Korean chipmaker SK Hynix Inc. The
combined global market share of Toshiba Memory and SK Hynix is
nearly 30 percent, approaching the 35 percent share held by
industry leader Samsung Electronics Co. of South Korea.

According to the report, Chinese regulators could take a tough
stance on the Toshiba deal as part of efforts to foster growth of
China's own chip industry.

But Toshiba has no time to lose as it needs cash to cover massive
losses stemming from its now-bankrupt U.S. nuclear unit
Westinghouse Electric Co. and avoid reporting next March a
negative net worth for a second straight year, the report states.
Without eliminating its excess liabilities, Toshiba will face a
forced delisting from the Tokyo Stock Exchange.

According to the Japan Times, a TSE spokeswoman said Toshiba will
need to receive the money paid for the chip unit by the end of
March, and even the slightest delay will not be tolerated.

"If Toshiba says that it will have the cash in May, it will still
be delisted. Our rules make no exception," the spokeswoman said,
adding that changing the rules would not be easy. "We are not in a
position where we can simply change our rules for a single
company," the Japan Times relays.

The Japan Times adds that Toshiba was placed on the TSE's watch
list earlier this year after the nuclear unit accounting scandal
emerged in 2015. The bourse is assessing whether Toshiba's
internal controls have improved.

After first announcing a write-down related to Westinghouse in
December, Toshiba repeatedly failed to submit its earnings reports
on time, with its auditor criticizing the company's internal
controls, the report relates.

Another sticking point for Toshiba is the legal dispute with
Western Digital Corp. a joint owner of Toshiba's flash memory
plant in Japan, the report says.

Western Digital has taken Toshiba to court claiming that selling
the chip unit without its consent breaches their contract.

An international court of arbitration will start examining the
legal dispute this month or in October, sources close to the
matter said, the Japan Times relays.

"The biggest question is what is going to happen with the legal
case with Western Digital," the report quotes Masayuki Kubota,
chief strategist at Rakuten Securities Inc., as saying. "The
situation is still unclear for investors."

                          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.


TOSHIBA CORP: Sale of Memory Business Credit Pos., Moody's Says
---------------------------------------------------------------
Moody's Japan K.K. says that Toshiba Corporation's (Caa1 negative)
announced sale of its share in Toshiba Memory Corporation (TMC) is
credit positive because it will raise the likelihood of a
strengthening in Toshiba's own liquidity and capital structure.

However, there is no immediate impact on its ratings, because
various concerns will need to be resolved before the conclusion of
the transaction, such as Toshiba's dispute with Western Digital
Corporation (Ba1 stable), TMC's JV partner, and legal procedures
in key jurisdictions relating to competition laws.

On September 20, 2017, Toshiba announced its intention to sell its
share in its wholly owned subsidiary TMC to a special purpose
company (SPC) established by a consortium led by Bain Capital
Private Equity LP.

Toshiba expects the sales price to be JPY2 trillion and is
targeting to close the deal by the end of March 2018.

The transaction, if completed successfully, would improve
Toshiba's capital structure and eliminate its negative net worth
position with effect from March 2018.

Toshiba says that it will post profit before tax of JPY1,080
billion on gains on the sale of the shares, and its capital
position will increase by JPY740 billion after the expected tax
impact.

Toshiba needs to return to positive net worth position by the end
of March 2018 to maintain its listing status on various stock
exchanges, a status that is also key for its remaining business to
continue. Its shareholders' equity had weakened to negative
JPY504.3 billion as of June 2017.

Moody's estimates Toshiba will receive cash of at least JPY1
trillion from the transaction, after its own capital injection
into the SPC of JPY350.5 billion and the expected tax impact. As
such, the transaction will significantly boost Toshiba's liquidity
position, a credit positive.

This cash amount and its cash on hand of JPY515.8 billion are
sufficient to cover Toshiba's parent guarantee of JPY656.1 billion
(USD5,848 million) to two US utility companies through 2022
related to the construction of nuclear generation plants in the
US, as well as its short-term debt of JPY643.7 billion as of June
2017. Liabilities belonging to the utilities have already been
agreed and no additional cash-out related to the nuclear projects
is expected in the future.

Further, Toshiba has access to unused committed bank lines of
JPY576.0 billion as of June 2017. However, since TMC's shares are
pledged with the banks as collateral -- which will be released
along with the share sale -- Moody's believes that the amount
available under the committed lines may fall to the amount
corresponding to future working capital needs.

Upward rating pressure could arise if Toshiba successfully
completes the transaction, strengthens its capital, and stabilizes
its earnings and cash flow.

On the other hand, downward rating pressure could arise if the
sale of its memory business is not successful and/or there is
further evidence of a challenged liquidity position or a non-
curable breach in its bank debt covenants.

In addition, the rating could be pressured if Toshiba's revised
corporate governance structure fails to function properly, leading
to a further deterioration in its financial metrics. Evidence of
further material accounting irregularities would also pressure the
rating.

Toshiba Corporation, headquartered in Tokyo, is one of the largest
integrated electronics companies in Japan.



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


PRIME GLOBAL: Incurs US$41,400 Net Loss in Third Quarter
--------------------------------------------------------
Prime Global Capital Group Incorporated filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
reporting a net loss of US$41,437 on US$288,680 of net total
revenues for the three months ended July 31, 2017, compared to a
net loss of US$219,990 on US$436,462 of net total revenues for the
three months ended July 31, 2016.

For the nine months ended July 31, 2017, Prime Global reported a
net loss of US$497,185 on US$914,452 of net total revenues
compared to a net loss of US$485,415 on US$1.28 million of net
total revenues for the same period during the prior year.

As of July 31, 2017, Prime Global had US$44.04 million in total
assets, US$16.63 million in total liabilities and US$27.41 million
in total equity.

As of July 31, 2017, the Company had cash and cash equivalents of
US$175,504, as compared to US$331,587 as of the same period last
year.  Its cash and cash equivalents decreased as a result of cash
used in operation.

"We expect to incur significantly greater expenses in the near
future, including the contractual obligations that we have assumed
. . . to begin development activities.  We also expect our general
and administrative expenses to increase as we expand our finance
and administrative staff, add infrastructure, and incur additional
costs related to being a large accelerated filer, including
directors' and officers' insurance and increased professional
fees.

"We have never paid dividends on our Common Stock.  Our present
policy is to apply cash to investments in product development,
acquisitions or expansion; consequently, we do not expect to pay
dividends on Common Stock in the foreseeable future," said the
Company in the report.

"Our continuation as a going concern is dependent upon improving
our profitability and the continuing financial support from our
stockholders.  Our sources of capital in the past have included
the sale of equity securities, which include common stock sold in
private transactions and public offerings, capital leases and
short-term and long-term debts.  While we believe that we will
obtain external financing and the existing shareholders will
continue to provide the additional cash to meet our obligations as
they become due, there can be no assurance that we will be able to
raise such additional capital resources on satisfactory terms.  We
believe that our current cash and other sources of liquidity
discussed below are adequate to support operations for at least
the next 12 months."

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

                      https://is.gd/zLpQ89

                       About Prime Global

Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.

Prime Global reported a net loss of US$911,522 for the year ended
Oct. 31, 2016, compared to a net loss of US$1.59 million for the
year ended Oct. 31, 2015.

Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Oct. 31, 2016, citing that the Company has a
working capital deficiency, accumulated deficit from recurring net
losses and significant short-term debt obligations maturing in
less than one year as of Oct. 31, 2016.  All these factors raise
substantial doubt about its ability to continue as a going
concern.



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


NOSH GROUP: Unit Ordered to Pay Former Worker NZ$11,000
-------------------------------------------------------
The New Zealand Herald reports that a company linked to failed
grocery chain Nosh has been ordered to pay a former employee
nearly NZ$11,700.

Nosh Group, which ran the grocery chain, was placed into
receivership in July and receiver Damien Grant previously said he
was "not optimistic" about staff receiving wages or holiday pay
they were owed, the Herald discloses.

The Herald relates that the Employment Relations Authority (ERA)
on Sept. 21 released a decision ordering the company to pay a
former produce manager, Ka Fai Jarvis Kwan, NZ$11,700 within a
week of the determination, which was delivered on September 12,
for unpaid wages, holiday pay and costs.

Mr. Kwan left his job on June 8 but did not receive his final pay
cheque, according to the Herald.

No one appeared on Nosh's behalf at the ERA's meeting and "no good
reason has been given for its failure to attend or be
represented", the decision said, the Herald relays.

"The Authority has a copy of a letter from Waterstone Insolvency
notifying Mr. Kwan that Nosh Group Limited has been placed in
receivership," the ERA decision, as cited by the Herald, noted.
"That letter overlooks the fact that Nosh Food Market Ltd is the
name of the employer set out in the written employment agreement
and is still registered on the Companies Register."

Nosh Food Market is a subsidiary of Nosh Group, the company in
receivership, the report notes.

The Herald says the ERA ordered Nosh Food Market to pay
Mr. Kwan NZ$11,700.

Nosh closed its Auckland stores in June ahead of a planned
relaunch later that month. When the time came, notices posted on
store windows said the relaunch had been delayed until July 8.
That relaunch didn't happen on that day either, the report notes.

Three staff members, who did not want to be named, previously told
the Herald they were waiting to be paid wages and holiday pay.

                       About Nosh Group

Based in News Zealand, Nosh Group Limited operated a chain of
food retail stores. It offers various gourmet treats; ham and
turkey products; and a range of cheeses, breads, flowers, coffee,
and chocolates. The company also engaged in the online retail of
flowers, platter, and other gift products. Nosh Group Limited was
formerly known as Veritas Holdings Limited and changed its name
to Nosh Group Limited in September 2014.

Steven Khov and Damien Grant from Waterstone Insolvency were
appointed as receivers of Nosh Group Limited on July 14, 2017.



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


MERCATOR LINES: Judicial Manager Applies to Wind Up Company
-----------------------------------------------------------
The Business Times reports that Mercator Lines, which is under
judicial management, said its judicial manager (JM) has filed an
application to wind up the company.

According to the report, Mercator Lines said its JM has held
preliminary discussions with several potential investors to
explore transferring the company's listing status and/or
restructuring the company; but, while these potential investors
have expressed an interest in its listing status, the company has,
to date, been unable to justify an application for a further
extension on its judicial management order.

The announcement follows the JM's announcement in July that
Mercator Lines had terminated a proposed deal which would have
seen its listing status transferred to a company to be set up by
two individuals, Nickolaos Mitropoulous and Dimitrios Podaridis,
who own three Australian businesses, Champion Commodities, Country
Fresh Milk and Champion Beverages, the report says.

Mercator Lines was placed under judicial management in January
last year, following an application by its creditor HSH Nordbank
to the Singapore courts.

Mercator Lines (Singapore) Limited operates as a dry bulk shipping
company. The company charters maritime vessels on short-term and
long-term contracts; and provides marine transportation services.



===========
T A I W A N
===========


CTBC BANK: Fitch Raises Support Rating Floor From BB+
-----------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) and
National Ratings on Taiwan-based CTBC Bank Co., Ltd. (CTBC Bank)
and revised the Outlook to Stable from Negative.

Fitch has simultaneously downgraded by one-notch the ratings on
its parent CTBC Financial Holding Co., Ltd. (CTBC Holding) and its
sister companies Taiwan Life Insurance Co., Ltd. (Taiwan Life) and
CTBC Securities Co., Ltd. (CTBC Securities) to reflect the growing
life insurance operation and the holding company's high common-
equity double leverage ratio.

KEY RATING DRIVERS

IDRS, VIABILITY RATING, NATIONAL RATINGS AND SENIOR DEBT RATINGS -
CTBC Bank and CTBC Holding

CTBC Bank's rating affirmation and Outlook revision to Stable from
Negative is primarily based on the bank's enhanced capital profile
and its focus on organic growth in domestic and offshore markets
in the near to medium term. It also reflects Fitch's expectation
that Taiwan Life should not require capital from CTBC Holding, and
ultimately CTBC Bank, to support its business growth in the near
to medium term. Fitch expects CTBC Bank's capitalisation to hold
steady in 2017-2018, based on its satisfactory internal capital
generation.

CTBC Bank's IDRs, Viability Rating, National Ratings and senior
debt ratings primarily reflect its strong and stable domestic
banking franchise and sound capitalisation relative to its risk
profile. They also consider its well-established centralised risk
management, diversified earnings mix and generally healthy asset
quality.

The downgrade of the ratings on the bank's parent mainly reflects
the continued growth of Taiwan Life, which forms a significant
part of CTBC group but has weaker standalone strength than CTBC
Bank. Taiwan Life amounted to 28% of CTBC group's consolidated
assets as of end-1H17. The downgrade also takes into account the
high leverage at the holding parent, as measured by common equity
double leverage ratio, of 125% at end-1H17. CTBC Holding will
issue up to TWD20 billion in perpetual preferred shares by end-
2017 to lower its regulatory double leverage ratio. However, Fitch
uses a double leverage calculation based on common equity, and
estimates that CTBC Holding's common equity double leverage ratio
is likely to remain high at around 124% in 2H17-2018.

The Stable Outlooks on the ratings of CTBC Holding are aligned
with those of CTBC Bank.

SUPPORT RATING AND SUPPORT RATING FLOOR - CTBC Bank

The revision of CTBC Bank's Support Rating to '2' from '3' and
Support Rating Floor to 'BBB-' from 'BB+' is based on the bank's
increased systemic importance. For example, the bank's system
interconnectedness and deposit market share (6.2% at end-1H17) has
gradually increased over the past several years. Fitch believes
there is a high probability of external support provided to CTBC
Bank, if needed.

SUBSIDIARIES AND AFFILIATES

The rating actions on Taiwan Life and CTBC Securities correspond
to the rating actions on CTBC Holding.

Taiwan Life's Insurer Financial Strength (IFS) ratings reflect the
progress in strengthening its business franchise, and the
company's adequate profitability and capitalisation. Fitch has
provided a one-notch uplift from Taiwan Life's standalone credit
profile to recognise the high possibility of capital or liquidity
support from CTBC Holding, if needed.

CTBC Holding will maintain Taiwan Life's regulatory risk-based
capital ratio above 250% (end-1H17: 345%). The insurer delivered
good first-year premium growth (13% yoy) in 1H17 with a market
share by first-year premiums increasing to 10.8% in 1H17, from
7.9% in 2015 (pro-forma), putting it in fourth place out of 23
life insurers in Taiwan. Taiwan Life has gradually diversified its
assets to other classes, such as equities and property, for better
investment yields and profitability. This sustained its pre-tax
operating ROA of about 0.7% in 1H17 and 0.4% in 2016,
respectively.

CTBC Securities' ratings are aligned with those of CTBC Holding,
reflecting the holding parent's obligatory support under Taiwan's
Financial Holding Company Act and the parent's strong ability to
provide support due to CTBC Securities' small size.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

The rating actions on the subordinated debt and hybrid securities
of CTBC Bank and CTBC Holding are consistent with the rating
actions on the issuers because they are notched from the
companies' Long-Term Foreign-Currency IDRs, which are on a par
with their Viability Ratings and National Long-Term Ratings.

CTBC Bank's Basel II-compliant subordinated bonds are rated one
notch below the issuer's Long-Term IDR and National Long-Term
Rating to reflect their subordinated status and the absence of
going-concern loss-absorption features.

CTBC Bank's Basel III-compliant subordinated debt is rated two
notches below its National Long-Term Rating to reflect the bonds'
limited recovery prospects. Bondholders risk significant loss at
the point of non-viability, when common equity capital would be
low, resulting in a thin loss-absorption buffer. At the point of
non-viability, which is reached upon government receivership, the
bonds would rank equally with common shares under the regulatory
order for resolution or liquidation.

CTBC Bank's perpetual non-cumulative subordinated bonds are rated
four notches down from its National Long-Term Rating. The notching
comprises two notches for non-performance risk, based on standard
and less-easily triggered profit and capital thresholds for coupon
omission and deferral, and two notches for poor recovery
prospects.

CTBC Holding's Basel II-compliant subordinated bonds are rated
three notches below its National Long-Term Rating to reflect the
bonds' going-concern loss-absorption mechanism (mainly coupon
deferral under specified conditions).

RATING SENSITIVITIES

IDRS, VIABILITY RATINGS, IFS RATINGS, NATIONAL RATINGS AND SENIOR
DEBT RATINGS

Positive rating actions on CTBC Bank's IDRs, National Ratings,
Viability Rating and senior debt ratings are not likely, unless
CTBC Bank further strengthens its banking franchise and
capitalisation significantly. Downward rating pressure would build
if there is weakening of CTBC Bank's capital profile, which may be
due to the bank's pursuit of aggressive growth or large-scale
acquisitions or capital support to Taiwan Life.

Any changes in CTBC Bank's ratings will affect the ratings of CTBC
Holding, Taiwan Life and CTBC Securities to a similar extent. CTBC
Holding's ratings could be aligned to those of CTBC Bank if CTBC
Holding demonstrates its ability to maintain its common equity
double leverage ratio consistently below 120% and Taiwan Life's
standalone credit profile improves, making the standalone rating
gap between Taiwan Life and CTBC Bank narrower.

SUPPORT RATING AND SUPPORT RATING FLOOR

CTBC Bank's Support Rating and Support Rating Floor are sensitive
to changes in assumptions around the propensity or ability of the
Taiwan government to provide timely support to the bank.

SUBORDINATED DEBT AND OTHER HYBRID SECURITIES

Any rating action on CTBC Bank and CTBC Holding will trigger
similar moves on their subordinated debt and hybrid securities
ratings.

The rating actions are:

CTBC Bank Co., Ltd.

  Long-Term Foreign-Currency IDR affirmed at 'A'; Outlook revised
  to Stable from Negative

  Short-Term Foreign-Currency IDR affirmed at 'F1'

  National Long-Term Rating affirmed at 'AA+(twn)'; Outlook
  revised to Stable from Negative

  National Short-Term Rating affirmed at 'F1+(twn)'

  Viability Rating affirmed at 'a'

  Support Rating revised to '2' from '3'

  Support Rating Floor revised to 'BBB-' from 'BB+'

  National Long-Term Rating on senior unsecured bonds affirmed at
  'AA+(twn)'

  Long-Term Rating on subordinated bonds (Basel II Tier 2 capital)
  affirmed at 'A-' and National Long-Term Rating affirmed at
  'AA(twn)'

  National Long-Term Rating on subordinated bonds' (Basel III Tier
  2 capital) affirmed at 'AA-(twn)'

  National Long-Term Rating on perpetual non-cumulative
  subordinated bonds' (Basel III Additional Tier 1 capital)
  affirmed at 'A(twn)'

CTBC Financial Holding Co., Ltd.

  Long-Term Foreign-Currency IDR downgraded to 'A-'from 'A';
  Outlook revised to Stable from Negative

  Short-Term Foreign-Currency IDR downgraded to 'F2' from 'F1'

  National Long-Term Rating downgraded to 'AA(twn)' from
  'AA+(twn)'; Outlook revised to Stable from Negative

  National Short-Term Rating affirmed at 'F1+(twn)'

  Viability Rating downgraded to 'a-' from 'a'

  Subordinated bonds (Basel II deferrable lower Tier 2 capital)
  downgraded to 'A(twn)' from 'A+(twn)'

Taiwan Life Insurance Co., Ltd

  Insurer Financial Strength Rating downgraded to 'A-' from 'A',
  Outlook revised to Stable from Negative

  National Insurer Financial Strength Rating downgraded to
  'AA(twn)' from 'AA+(twn)'; Outlook revised to Stable from
  Negative

CTBC Securities Co., Ltd.

  Long-Term Foreign-Currency IDR downgraded to 'A-' from 'A',
  Outlook revised to Stable from Negative

  Short-Term Foreign-Currency IDR downgraded to 'F2' from 'F1'

  National Long-Term Rating downgraded to 'AA(twn)' from
  'AA+(twn)'; Outlook revised to Stable from Negative

  National Short-Term Rating affirmed at 'F1+(twn)'


BANK SINOPAC: Fitch Affirms BB+ Support Rating Floor
----------------------------------------------------
Fitch Ratings has affirmed the Issuer Default Ratings (IDRs) of
Taiwan-based Bank SinoPac (BSP) and its parent, SinoPac Financial
Holdings Company Limited (SPH), at 'BBB', with a Stable Outlook
for both.

KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND VIABILITY RATING (VR)

The affirmation of BSP's IDR and VR with the Stable Outlook
reflects its stable credit profile that is underpinned by its
well-managed asset quality and healthy capitalisation. The ratings
also consider pressure on the bank's core profitability amid a
slow economic recovery.

BSP has been more active in pursuing growth opportunities in
Greater China compared with other local peers. The bank has
consistently maintained a China exposure that is higher than its
peers and seeks to expand its footprint further through its
strategic alliance with Industrial and Commercial Bank of China
Limited (ICBC, A/Stable) and a locally incorporated subsidiary in
Nanjing. Fitch assessed that the inherent risk of its current
China exposure remains moderate; however, meaningful growth in
China could ultimately alter the bank's risk profile.

The bank has maintained sound capitalisation with a Fitch Core
Capital ratio sustained at a high 12% at end-1H17 (which could be
higher at about 13% if adjusted for higher capital charges for
mortgages in Taiwan compared with other developed markets) due to
earnings retention and moderate asset growth. Fitch views BSP's
adequate capital position and high reserve coverage ratio as
sufficient to provide a buffer against earnings and asset quality
volatility. BSP's asset quality metrics are better than other
similarly rated peers as a result of the bank's conservative
credit standards, with most of its loans going towards housing
purchases or to large corporates with lower risks.

The bank's profitability has shown some improvement from a bottom
in 2016, when it was hit by higher credit costs associated with
loan write-offs and additional general provisioning required for
mortgages in Taiwan. Annualised return on assets increased to 0.6%
in 1H17 from 0.5% in 2016 due to a better trading performance and
reduced credit costs, while core revenue (net interest income and
fee income) remained under pressure.

BSP's funding and liquidity profile is adequate with a 76% loans-
to-deposits ratio at end-1H17.

A recent investigation by Taiwan's Financial Supervisory
Commission into lending irregularities at the group has unveiled
deficiencies in corporate governance. Despite a reshuffling of the
group's senior management, Fitch has not yet seen any notable
damage to the bank's franchise and credit profile following the
investigation.

The affirmation of SPH's IDR and VR is in line with the rating
action on its principle subsidiary, BSP. Fitch views SPH and BSP
as highly integrated in terms of management and operations while
SPH maintains moderate leverage at the holding company level.

SUPPORT RATING AND SUPPORT RATING FLOOR

BSP's Support Rating (SR) of '3' and Support Rating Floor (SRF) of
'BB+' reflect a moderate probability of state support, if needed,
due to its moderate systemic importance with about 3.3% share of
the deposits in Taiwan's fragmented banking system.

RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND VIABILITY RATING (VR)

A rating upgrade may occur if BSP is able to establish a solid
cross-strait franchise, leading to sustained and robust
profitability without materially raising risk appetite. A
significant deterioration of its franchise and a weakened risk
profile arising from aggressive growth in its China-related
exposure may result in negative rating action.

Any rating action on BSP could trigger a similar move on SPH's
ratings. In addition, a significant increase in leverage at SPH
may lead to a rating downgrade.

SUPPORT RATING AND SUPPORT RATING FLOOR

The SR and SRF are sensitive to any change in assumptions around
the propensity or ability of the Taiwan government to provide
timely support to the bank.

The rating actions are:

Bank SinoPac:

Long-Term IDR: affirmed at 'BBB'; Outlook Stable
Short-Term IDR: affirmed at 'F2'
National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable
National Short-Term rating: affirmed at 'F1+(twn)'
Viability Rating: affirmed at 'bbb'
Support Rating: affirmed at '3'
Support Rating Floor: affirmed at 'BB+'

SinoPac Financial Holdings Company Limited:

Long-Term IDR: affirmed at 'BBB'; Outlook Stable
Short-Term IDR: affirmed at 'F2'
National Long-Term rating: affirmed at 'A+(twn)'; Outlook Stable
National Short-Term rating: affirmed at 'F1+(twn)'
Viability Rating: affirmed at 'bbb'


TAICHUNG COMMERCIAL: Fitch Affirms 'B' Short-Term IDR
-----------------------------------------------------
Fitch Ratings has affirmed the ratings of EnTie Commercial Bank,
Far Eastern International Bank (FEIB), King's Town Bank (KTB),
Sunny Bank, Taichung Commercial Bank Company Limited, Taipei Star
Bank (TSB) and The Shanghai Commercial and Savings Bank (SCSB).
The Rating Outlooks are Stable.

At the same time, Fitch has upgraded Taichung's Support Rating to
'4' from '5' and revised Support Rating Floor to 'B+' from 'NF'
due to bank's increasing regional significance in Taichung City,
Taiwan's second largest city by population. The bank has steadily
expanded its deposit market share to 1.6% at end-1Q17, from 1.1%
at end-2010.

KEY RATING DRIVERS
ISSUER DEFAULT RATINGS, NATIONAL RATINGS AND VIABILITY RATINGS

The banks' ratings are driven by their intrinsic credit profiles
and have been affirmed with Stable Outlooks as Fitch expect the
banks to maintain stable balance-sheet strength in 2017 and 2018,
including enhanced provision buffers, adequate capitalisation and
healthy liquidity.

A modest economic recovery would support the banks' asset quality
and earnings. The central bank ended its rate cuts in 3Q16 in
light of renewed economic growth and a small pick-up in loan
growth and easing margin compression suggest a stable earnings
outlook. The banks' impaired loan ratio and return on assets
generally exhibited stable performance in 1H17. 'BBB' and 'BB'
category banks' asset quality and funding and liquidity look
positive against that of international peers and benefits from
ample system liquidity stemming from a steadily growing deposit
base.

KTB and SCSB are rated higher due to their strong balance sheets
and financial performance. KTB maintains sound capital generation
and a stable risk profile. It has a consistent strategy to
diversify credit exposure by investing in foreign bonds and to
pursue selective lending in niche markets. SCSB has sound
capitalisation and satisfactory earnings, backed by long-
established SME clients and greater-China franchise through its
Hong Kong-based subsidiary, Shanghai Commercial Bank Ltd (A-
/Stable), and major Chinese partner, Bank of Shanghai.

Fitch considers the remaining five banks' capitalisation more
vulnerable to cyclical downturns due to their modest internal
capital generation or higher credit concentration.

Fitch expects EnTie to sustain its above-peer capitalisation
through earnings retention and modest growth, which will provide a
sufficient buffer for the likely asset quality volatility
associated with its high single-borrower lending concentration.

FEIB's ratings reflect its adequate risk buffer, which it has
maintained through managed credit growth, and Fitch expectations
of easing pressure on profitability and asset quality over the
next year or two. The ratings also consider its below-peer
capitalisation and modest banking franchise.

Sunny's ratings are constrained by its limited franchise, below-
peer capitalisation and concentrated property exposure. They also
factor in the bank's peer-average profitability and steady asset
quality.

Taichung's ratings reflect Fitch's expectation that the bank will
moderate its credit growth in the next year or two and sustain its
capitalisation commensurate with its risk profile. The ratings
also reflect its peer-average profitability and weaker-than-peer
asset quality.

A limited franchise and business scope underpin TSB's weak
profitability and constrain its ratings. The bank's balance-sheet
strength remains stable, including sound asset quality and
adequate capitalisation.

SUPPORT RATING AND SUPPORT RATING FLOOR

FEIB, KTB, Taichung and SCSB have Support Ratings of '4' or '5'
and Support Rating Floors of 'B+' or 'NF', reflecting their modest
systemic importance.

SUBORDINATED DEBT

EnTie, FEIB and Taichung's Basel II-compliant subordinated debt is
rated one notch below their National Long-Term Ratings to reflect
its subordinated status and the absence of a going-concern loss-
absorption mechanism.

FEIB and Taichung's Basel III-compliant subordinated debt is rated
two notches below their National Long-Term Ratings, which are
anchored by their respective Viability Ratings, to reflect the
bonds' limited recovery prospects. Bondholders risk significant
loss at the point of non-viability, which is reached upon
government receivership or a regulatory order for resolution or
liquidation, because the bonds would rank equally with common
shares in Taiwan.

RATING SENSITIVITIES

ISSUER DEFAULT RATINGS, NATIONAL RATINGS AND VIABILITY RATINGS

The banks' ratings are sensitive to a significant increase in risk
appetite in pursuit of yield, which would compromise underwriting
standards, and a significant deterioration in asset quality
arising from a sharp property market correction.

Rating upside prospects are limited in light of the banks' modest
franchises and concentration risks for some. Further, for lower-
rated banks, balance-sheet strength is not likely to be enhanced
significantly in the near term due to still-thin interest margins.

A downgrade of EnTie's ratings could stem from a failure to
maintain an adequate risk buffer relative to its risk-taking and a
significant deterioration of its niche in fee-based structured
finance and property-related lending.

FEIB's ratings are more sensitive to a sharp fall in housing
prices than local peers given its concentrated mortgage book.
Excessive risk-taking in emerging Asian markets could also lead to
a rating downgrade.

Downward rating pressure on KTB could stem from a failure to
execute its strategy or an unexpected change in senior management.

Negative rating action for Sunny is likely to come from an
unexpected sharp property-market correction, compromised
underwriting standards leading to weaker asset quality or
significant growth pressuring capitalisation.

Negative rating action on Taichung could occur if the bank takes
on excessive risks that dampen its asset quality and capital
position to the level substantially below that of its ratings peer
group.

Downward pressure on TSB's ratings could come from unexpected
large growth in corporate lending outside of its home market or a
sharp property-market decline leading to significant asset-quality
deterioration.

A downgrade of SCSB's ratings is likely to be driven by a
downgrade of its subsidiary's rating or a weakened risk profile
due to excessive risk-taking in Asian emerging markets. Rating
upside is limited given its appetite for expanding into the
region's higher-risk emerging markets.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Ratings and Support Rating Floors are sensitive to
changes in Fitch's assumptions around the propensity of the Taiwan
government (AA-/Stable) to provide timely support to the banks.

SUBORDINATED DEBT

The subordinated debt ratings of EnTie, FEIB and Taichung are
sensitive to the same considerations that might affect their
Viability Ratings.

The rating actions are:

EnTie:

National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Subordinated debt affirmed at 'A-(twn)'

FEIB:

Long-Term Issuer Default Rating affirmed at 'BBB-'; Outlook
  Stable
Short-Term Issuer Default Rating affirmed at 'F3'
National Long-Term Rating affirmed at 'A(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb-'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'
Subordinated debt affirmed at 'A-(twn)'
Subordinated debt (Basel III-compliant) affirmed at 'BBB+(twn)'
Convertible bond affirmed at a Long-Term Rating of 'BBB-' and
  National Long-Term Rating of 'A(twn)'

KTB:

Long-Term Issuer Default Rating affirmed at 'BBB'; Outlook Stable
Short-Term Issuer Default Rating affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'No Floor'

Sunny:

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'

Taichung:

Long-Term Issuer Default Rating affirmed at 'BB+'; Outlook Stable
Short-Term Issuer Default Rating affirmed at 'B'
National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F2(twn)'
Viability Rating affirmed at 'bb+'
Support Rating upgraded to '4' from '5'
Support Rating Floor revised to 'B+' from 'No Floor'
Subordinated debt affirmed at 'BBB+(twn)'
Subordinated debt (Basel III-compliant) affirmed at 'BBB(twn)'

TSB:

National Long-Term Rating affirmed at 'A-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'

SCSB:

Long-Term Issuer Default Rating affirmed at 'A-'; Stable Outlook
Short-Term Issuer Default Rating affirmed at 'F1'
National Long-Term Rating affirmed at 'AA(twn)'; Stable Outlook
National Short-Term Rating affirmed at 'F1+(twn)'
Viability Rating affirmed at 'a-'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'


TAISHIN INTERNATIONAL: Fitch Affirms BB+ Support Rating Floor
-------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Taishin International
Bank (TIB), its parent Taishin Financial Holding Co., Ltd. (TFHC)
and sister company Taishin Securities Co., Ltd. (TSS). The
Outlooks on all three entities are Stable.

KEY RATING DRIVERS

IDRS, NATIONAL RATINGS AND VIABILITY RATINGS

TIB's affirmation reflects an adequately sustained consumer
banking franchise, backed by its well-established wealth
management advisory platform, an expanded retail client base,
collaborative cross-selling initiatives and a highly targeted
customer acquisition and penetration plan. This is in spite of
increasing competition in the retail banking space, especially in
credit card and wealth management.

Fitch also sees TIB's profitability improving moderately from a
bottom in 2016, when it was hit by provisioning costs associated
with the sale of target-redemption forwards (TRF). In 1H17,
annualised return on assets increased to 0.8% from 0.7% in 2016,
mainly due to a pick-up in fee income generation as well as
notably reduced credit costs. Fitch expects the trend to continue
over 2017-2018 as the Taiwan economy is on track for a mild
recovery while TIB has maintained stable asset quality over its
growth in the last few years. Loan mix has remained similar;
mortgage and home equity together make up about 45% of the total
loan book, with a current loan-to-value ratio averaging at about
40%.

Fitch expects TIB's capitalisation to improve in 2018, with common
equity Tier 1 ratio reaching 9% and Tier 1 ratio at 10.5%, as per
Basel III standards, plus a 200bp Pillar 2 buffer for overseas
expansion required by the local regulator. Fitch believes this
will be achieved mostly through TIB's strong internal capital
generation. TIB's Fitch Core Capital ratio was at 9.7% at end-
1H17, based on Taiwan's higher capital charge for mortgages, and
the agency estimates that it will rise to 10.0%-10.5% at end-2018.
Fitch believes TIB has a healthy liquidity profile, as it is
mostly funded by customer deposits and would continue to benefit
from the plentiful liquidity in Taiwan.

The affirmation of TFHC is in line with the rating action on its
wholly owned principal banking subsidiary - TIB. TFHC's Long-Term
Issuer Default Rating (IDR) is one notch below that of TIB to
reflect TFHC's high common equity double leverage ratio (142% at
end-1H17). Fitch expects TFHC's use of leverage to remain at a
high level in the near term. Fitch see TFHC maintaining its
appetite to sustain TIB's growth at above the sector's average as
well as its ambition to pursue inorganic growth. Fitch believe the
group may diversify its business mix through expanding its
securities business or adding an insurance line. Fitch also sees
uncertainty over its stake in Chang Hwa Bank continuing to
constrain the group's capital planning and strategy.

The ratings and outlooks of TSS are aligned with its parent, TFHC,
reflecting its status as a core subsidiary, the obligatory support
from TFHC under Taiwan's Financial Holding Company Act and the
parent's strong ability to provide support due to TSS's small
size.

SUPPORT RATING AND SUPPORT RATING FLOOR

TIB's Support Rating and Support Rating Floor reflect a moderate
probability of state support, if needed, given its moderate
systemic importance with a deposit market share of about 3%.

SUBORDINATED DEBT

TIB's subordinated bonds are rated one notch below its National
Long-Term Rating to reflect their subordinated status and the
absence of the going-concern loss-absorption feature. TFHC's
subordinated bonds are rated three notches below its National
Long-Term Rating, reflecting the bonds' subordination status and
going-concern loss-absorption features. The bonds' ratings have
thus been affirmed due to the affirmation of TFHC and TIB.

RATING SENSITIVITIES

IDRS, NATIONAL RATINGS AND VIABILITY RATINGS

TIB's IDRs, National Ratings and Viability Rating are sensitive to
changes in Fitch's assessment of TIB's capital flexibility as well
as ability to sustain its consumer banking franchise. Downward
rating pressure would build if capitalisation fails to improve as
the agency expects and if there is a noticeable deterioration in
capital generation and profitability at TIB.

Any changes in TIB's ratings will affect the ratings of TFHC and
TSS to a similar extent. TFHC's ratings may be equalised to those
of TIB if TFHC establishes a record of prudent leverage use by
reducing its common equity double leverage ratio to consistently
below 120%.

SUPPORT RATING AND SUPPORT RATING FLOOR

TIB's Support Rating and Support Rating Floor are sensitive to a
change in Fitch's assumptions around the propensity or ability of
the Taiwan government to provide timely support, if needed.

SUBORDINATED DEBT

Any rating action on TFHC and TIB could trigger a similar move on
their debt ratings, as the subordinated debt ratings are broadly
sensitive to the same considerations that might affect TFHC and
TIB.

The rating actions are:

Taishin International Bank

Long-Term IDR affirmed at 'BBB+'; Outlook Stable
Short-Term IDR affirmed at 'F2'
National Long-Term Rating affirmed at 'AA-(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1+(twn)'
Viability Rating affirmed at 'bbb+'
Support Rating affirmed at '3'
Support Rating Floor affirmed at 'BB+'
Subordinated (Basel II Tier 2 capital) debt rating affirmed at
  'A+(twn)'

Taishin Financial Holding Co., Ltd.

Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'
Viability Rating affirmed at 'bbb'
Subordinated (Basel II deferrable lower Tier 2 capital) debt
  rating affirmed at 'BBB+(twn)'

Taishin Securities Co., Ltd.

Long-Term IDR affirmed at 'BBB'; Outlook Stable
Short-Term IDR affirmed at 'F3'
National Long-Term Rating affirmed at 'A+(twn)'; Outlook Stable
National Short-Term Rating affirmed at 'F1(twn)'



===============
T H A I L A N D
===============


KTB SECURITIES: Fitch Assigns B(tha) National Short-Term Rating
---------------------------------------------------------------
Fitch Ratings (Thailand) has assigned KTB Securities (Thailand)
Company Limited (KTBST) a National Long-Term Rating of 'BB(tha)'
with a Stable Outlook. At the same time, the agency assigned the
company a National Short-Term Rating of 'B(tha)'.

KEY RATING DRIVERS

KTBST's National Ratings are based on its standalone financial
profile, which takes into account its small local franchise and
weak financial profile, especially a poor capital buffer and
weakening liquidity and funding profile. The rating also reflects
Fitch's view that its overall operation and profitability outlook
is improving after a change of management.

The company's management and strategy is one of the key rating
drivers. The 2016 change in management led to improvement in the
outlook for KTBST's strategy and profitability, with recent
performance turning around following nine years of losses.
However, KTBST's profitability remains more volatile than the
average for the Thai security industry due to its very small
domestic franchise. Fitch believes that KTBST's current
capitalisation, though weak relative to its risk profile, should
be able to support its business growth over the next one to two
years because asset growth is likely to be moderate and
profitability is likely to improve.

Fitch expects KTBST to face increasing funding and liquidity risks
as it funds its business expansion. However, Fitch believes the
risks are manageable at the current rating, given the company's
policy is to cap debt issuance at 1x its equity and maintain
credit lines from commercial banks to mitigate refinancing risk.

KTBST's franchise is small with only about 1% share of the Thai
brokerage market over the past several years. Its market share
improved in the recent years but remains below that of its rated
peers.

RATING SENSITIVITIES

A significant reduction in its capitalisation, weakening
profitability or decreasing liquidity could put downward pressure
on the ratings.

Fitch believes potential rating upside is limited over the near
term given the company's small franchise, and its weak business
and financial profile. Increased revenue diversification as well
as improvements in its financial profile, particularly in
liquidity and capital, would be positive for the rating.

The ratings actions are:

- National Long-Term Rating assigned at 'BB(tha)'; Stable
   Outlook

- National Short-Term Rating assigned at 'B(tha)'





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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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