TCRAP_Public/170927.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

         Wednesday, September 27, 2017, Vol. 20, No. 192

                            Headlines


A U S T R A L I A

4DATA HALL: First Creditors' Meeting Set for Oct. 4
AUSTRALIAN SALES: Fitch Rates AUD50.4MM Class E Notes 'BBsf'
CLAYTON BESPOKE: First Creditors' Meeting Set for Oct. 6
CUSTOMETAL ENGINEERING: First Creditors' Meeting Set for Oct. 4
GOGNOS HOLDINGS: High Court Appoints McGrathNicol as Liquidators

LA TROBE: Moody's Assigns Ba3(sf) Rating to AUD5.70MM Cl. F Notes
NUCENTURY GROUP: First Creditors' Meeting Set for Oct. 5
RTP ELEVATOR: First Creditors' Meeting Set for Oct. 4


C H I N A

YESTAR: Beijing Kaihongda Deal No Impact on Moody's Ba3 CFR
* S&P Takes Various Actions on China's Financial Institutions
* Some Chinese LGFV Defaults Likely, Timing Uncertain, Fitch Says


H O N G  K O N G

NAN HAI: Moody's Assigns B1 Corp. Family Rating; Outlook Stable


I N D I A

A ONE DUTY: CRISIL Reaffirms B+ Rating on INR7MM Packing Credit
ADHARSHILA SAMAZIK: CRISIL Reaffirms B- Rating on INR1MM Loan
AIRSON CERAMIC: CRISIL Lowers Rating on INR3.73MM LT Loan to B+
ALLIANCE GRANIMARMO: ICRA Moves D Rating to Not Cooperating
ARTEK ENTERPRISES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating

B.P. FOOD: ICRA Moves 'D' Rating to Non-Cooperating Category
BIAX ELECTRIC: ICRA Assigns 'D' Rating to INR5.5cr Loan
BINDU FOOD: CRISIL Raises Rating on INR1.94MM LT Loan to B-
BUDS TEA: ICRA Moves D Rating to Non-Cooperating Category
CLASSIC ENGICON: Ind-Ra Migrates 'BB' Rating to Non-Cooperating

FORTUNE'S SPARSH: ICRA Lowers Rating on Rs7.5cr Loans to D
GANGOTHRI NUTRIENTS: CRISIL Ups Rating on INR7.6MM Loan to B+
GANPATI FOODS: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
GAUTAM MALHOTRA: CRISIL Lowers Rating on INR6MM Cash Loan to B+
HABIB TEXTILES: ICRA Reaffirms B+ Rating on INR10cr Loan

HARITHA FERTILISERS: ICRA Raises Rating INR31cr Loan to 'C'
INA ELITE: ICRA Moves 'B' Rating to Not Cooperating Category
J.K. ASSOCIATES: CRISIL Reaffirms B+ Rating on INR4MM Loan
JONAS PETRO: ICRA Moves 'D' Rating to Not Cooperating Category
KARAN ASHOK: CRISIL Reaffirms B+ Rating on INR10MM Loan

KUDU INDUSTRIES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
KUTTANAD RUBBER: CRISIL Reaffirms 'B' Rating on INR6.36MM Loan
LIFE SHINE: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
MAHALAXMI ASSOCIATES: ICRA Moves B+ Rating to Not Cooperating
MASUR GARDEN: CRISIL Reaffirms B Rating on INR5.80MM Term Loan

MATESHWARI PAPER: CRISIL Reaffirms B+ Rating on INR1.65MM Loan
MEERA AND COMPANY: ICRA Lowers Ratings on Bank Loans to D
MONGA IRON: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
NV NAGESWARA: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
NANDRAJ RICE: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating

PARTH COTTON: ICRA Moves C+ Rating to Not Cooperating Category
PATEL WOOD: ICRA Moves 'D' Rating to Not Cooperating Category
R.K CITY: ICRA Lowers Rating on INR18cr LT Loan to 'D'
R.K. DHABHAI: ICRA Moves 'D' Rating to Not Cooperating Category
RADHAGOBINDA RICE: ICRA Moves 'D' Rating to Not Cooperating

RANGER COTTON: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
S.M. INTERIOR: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
SAIKRUPA COTGIN: ICRA Withdraws B+ Rating on INR19.21cr Loan
SANJAY RICE: ICRA Moves 'D' Rating to Not Cooperating Category
SIMHAPURI ENERGY: ICRA Moves 'D' Rating to Not Cooperating

SNEHA MARKETING: CRISIL Reaffirms B Rating on INR6.0MM Loan
SREE VAAGESWARI: CRISIL Reaffirms D Rating on INR6MM Term Loan
THARU JANJATI: CRISIL Reaffirms B+ Rating on INR1MM Loan
VASWANI INDUSTRIES: Ind-Ra Migrates BB Rating to Non-Cooperating
VERA INDIA: ICRA Lowers Rating on INR25cr LT Loan to 'D'

WARANA DAIRY: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
YANTRA GREEN: CRISIL Reaffirms 'D' Rating on INR31.19MM LT Loan
YASH JEWELLERY: CRISIL Reaffirms 'D' Rating on INR119.3MM Loan


I N D O N E S I A

WIJAYA KARYA: Fitch Publishes 'BB' Long-Term IDR; Outlook Stable


N E W  Z E A L A N D

123 MART: Discount Store Chain Goes Into Liquidation
NEW ZEALAND SALES: Fitch Rates NZD40.7MM Class E Notes 'BBsf'
TOP RETAIL: Topshop and Topman Stores to Close by October 1


P H I L I P P I N E S

FILYSN CORP: Board Approves Move to Wipe Out Capital Deficiency


S I N G A P O R E

EZION HOLDINGS: Refutes Noteholder's Claim to Early Redemption


S O U T H  K O R E A

KUMHO TIRE: Creditors to Take Control Debt Restructuring Program


                            - - - - -


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


4DATA HALL: First Creditors' Meeting Set for Oct. 4
---------------------------------------------------
A first meeting of the creditors in the proceedings of 4Data Hall
1 Pty Limited will be held at Suite 601B, Level 6, 91 Phillip
Street, in Parramatta, New South Wales, on Oct. 4, 2017, at
3:00 p.m.

Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of 4Data Hall on Sept. 21, 2017.


AUSTRALIAN SALES: Fitch Rates AUD50.4MM Class E Notes 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the current ratings of
the Australian Sales Finance and Credit Cards Trust's floating-
rate notes due to a restructure of the facility. The restructure
is not due to adverse circumstances or a deterioration in
performance, and is therefore not a distressed debt exchange. At
the same time, Fitch is assigning final ratings to the
restructured transaction.

The issuance consists of notes backed by Australian consumer
receivables originated by Latitude Finance Australia. The rating
actions are listed below:

The following ratings have been affirmed and withdrawn:

AUD3100.0 million Class A notes: 'Asf'; Outlook Stable;
AUD157.5 million Class B notes: 'BBBsf'; Outlook Stable;
AUD241.7 million Class C notes: 'BBsf'; Outlook Stable; and
AUD213.5 million Class D notes: 'NRsf'

The following ratings have been assigned to the notes of the
restructured transaction:

AUD1250.0 million Class A notes: 'AAAsf'; Outlook Stable;
AUD97.6 million Class B notes: 'AAsf'; Outlook Stable;
AUD90.9 million Class C notes: 'Asf'; Outlook Stable;
AUD69.4 million Class D notes: 'BBBsf'; Outlook Stable;
AUD50.4 million Class E notes: 'BBsf'; Outlook Stable;
AUD95.2 million Class F notes: 'NRsf'

The notes are issued by Perpetual Corporate Trust Limited in its
capacity as trustee of the Australian Sales Finance and Credit
Cards Trust.

The transaction is a revolving, asset-backed debt programme that
features a multi class structure that purchases receivables from
the seller on a revolving basis. The pool is subject to
eligibility criteria. The transaction has triggers in place to
protect the debt holders from deterioration in the credit quality
of the portfolio, which either requires rectification or may cause
a rapid amortisation event in which all collections will be used
to pay down the debt in sequential order.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement and excess spread are able to support the current
ratings, the pool's stable credit quality and performance, and
Fitch's expectations of economic conditions in Australia.

The assignment of the ratings is based on:

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

These assumptions are stressed at various multiples dependent on
the rating level tested (AAA / AA / A / BBB / BB), and the
utilised stresses are as follows:

Gross Yield: 35% / 30% / 25% / 20% / 15%
MPR: 40% / 35% / 30% / 25% / 20%
Charge-offs: 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

Sufficient Credit Enhancement: All classes of notes benefit from
sufficient subordination and a liquidity facility provided by the
National Australia Bank.

Performance Triggers: The transaction benefits from several
performance triggers, which if breached, can potentially lead to
rapid amortisation of the transaction to prevent exposure to
further deterioration in asset performance.

Experienced Originator and Servicer: Latitude, through its
previous ownership, has been managing large portfolios of consumer
receivables for well over a decade in Australia. Latitude is not
rated and servicer risk is mitigated through back-up servicer
arrangements.

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

RATING SENSITIVITIES

Fitch has evaluated the sensitivity of the ratings assigned to the
Australian Sales Finance and Credit Cards Trust to decreased
yields, increased charge-offs, and decreased MPR over the life of
the transaction.

Fitch's analysis found that the class A, B and C notes were
sensitive to low stresses to charge-off rates (25% increase),
whereas the class D and E notes were sensitive to a medium stress
(50% increase).

Sensitivity to increased charge-offs (25% / 50% / 75%)
Class A: AA+sf / AA+sf / AAsf
Class B: AA-sf / A+sf / Asf
Class C: A-sf / BBB+sf / BBBsf
Class D: BBBsf / BB+sf / BB+sf
Class E: BBsf / BB-sf / Bsf

Analysis also showed that the class A, B, C and D notes were
sensitive to low stresses to MPR (15% decrease), and the E note
sensitive to medium stresses to MPR (25% decrease).

Sensitivity to decreased MPR (15% / 25% / 35%)
Class A: AA+sf / AAsf / AA-sf
Class B: AA-sf / A+sf / A-sf
Class C: A-sf / BBB+sf / BBBsf
Class D: BBB-sf / BB+sf / BBsf
Class E: BBsf / BB-sf / B+sf

The transaction is not highly sensitive to yield, with the class D
notes sensitive to a medium stress (25% decrease), and class C and
E notes sensitive to a severe stress (35% decrease). The other
rated classes were not sensitive to changes in yield.

Sensitivity to decreased yields (15% / 25% / 35%)
Class A: AAAsf / AAAsf / AAAsf
Class B: AAsf / AAsf / AAsf
Class C: Asf / Asf / A-sf
Class D: BBBsf / BBB-sf / BBB-sf
Class E: BBsf / BBsf / BB-sf

Fitch also analysed to determine the increases in charge-offs that
would need to occur to result in a rated note being downgraded (i)
by one category (ii) to sub-investment grade (iii) to 'CCCsf'.

Class A: 19% / >100% / >100%
Class B: 21% / 98% / >100%
Class C: 23% / 47% / >100%
Class D: 24% / 24% / 89%
Class E 24% / n.a. / 49%


CLAYTON BESPOKE: First Creditors' Meeting Set for Oct. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Clayton
Bespoke Pty Ltd will be held at the offices of Veritas Advisory,
Level 5, 123 Pitt Street, in Sydney, New South Wales, on Oct. 6,
2017, at 11:00 a.m.

David Iannuzzi & Vincent Pirina Veritas Advisory were appointed as
administrators of Clayton Bespoke on Sept. 25, 2017.


CUSTOMETAL ENGINEERING: First Creditors' Meeting Set for Oct. 4
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Custometal
Engineering Pty Ltd will be held at the offices of Chartered
Accountants Australia and New Zealand, Level 18, 600 Bourke
Street, in Melbourne, Victoria, on Oct. 4, 2017, at 11:00 a.m.

Sam Kaso & Daniel P Juratowitch of Cor Cordis were appointed as
administrators of Custometal Engineering on Sept. 21, 2017.


GOGNOS HOLDINGS: High Court Appoints McGrathNicol as Liquidators
----------------------------------------------------------------
The Supreme Court of Queensland in Brisbane has appointed Messrs.
Michael Hill and William Harris of McGrathNicol as joint and
several liquidators of Gognos Holdings Ltd and Dynamic Agri Tech
Ltd. The court has ordered that the liquidators' appointment be
stayed until 10:00 a.m. on Sept. 29, 2017, in order that the
companies' rights of appeal be preserved.

After a trial in the Supreme Court of Queensland, the court found
that both Gognos and DAT had committed, and were continuing to
commit, numerous contraventions of the Corporations Act 2001 (Cth)
(Act).

The past and continuing contraventions include a failure by the
companies to lodge audited reports with ASIC, a failure to report
to members annually, a failure to hold Annual General Meetings and
a failure to keep and produce accounting records. The court stated
that the companies have contravened 'important provisions, aimed
at ensuring the affairs of companies are appropriately regulated
for the protection of shareholders and the public.'

The court also found that misleading representations were made to
investors in Gognos by Mr. Manasseh Showa Manasseh (also known as
Maurice Showa Manasseh).

The court concluded that it was in the public interest for the
affairs of the companies to be placed into liquidation and be
wound up because there is a well-founded and justified lack of
confidence in the conduct and management of the companies'
affairs, which gives rise to a risk to the public that warrants
protection, as well as to prevent and condemn the repeated and
continuing breaches of the Act. The court stated:

'It is inappropriate that the [companies] be allowed to continue
on the basis of what could be put no higher than an 'unknowable'
prospect of potential commercial success . . . and where those now
presenting as the 'new management' are not 'new' at all, but have
long-term associations with the companies and the principal
offender in terms of the misleading conduct of the past,
Mr. Manasseh, who remains in the shadows of these companies.'

Gognos' sole business activity was raising funds from members of
the public through the issue of its shares. Those funds were
on-lent to Dynamic and related entities to fund their business
operations, which included the development of technology to
manufacture animal fodder in container modules.

Gognos raised more than AUD7 million from more than 100
shareholders since 2008. ASIC filed its application to wind up the
companies on Sept. 21, 2016.


LA TROBE: Moody's Assigns Ba3(sf) Rating to AUD5.70MM Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited
(the Trustee) as trustee of La Trobe Financial Capital Markets
Trust 2017-2.

Issuer: La Trobe Financial Capital Markets Trust 2017-2

-- AUD286.00 million Class A1 Notes, Assigned Aaa (sf)

-- AUD78.00 million Class A2 Notes, Assigned Aaa (sf)

-- AUD83.20 million Class A3 Notes, Assigned Aaa (sf)

-- AUD37.40 million Class B Notes, Assigned Aa1 (sf)

-- AUD7.30 million Class C Notes, Assigned Aa3 (sf)

-- AUD10.40 million Class D Notes, Assigned A3 (sf)

-- AUD6.80 million Class E Notes, Assigned Baa3 (sf)

-- AUD5.70 million Class F Notes, Assigned Ba3 (sf)

The AUD5.20 million Equity Notes are not rated by Moody's.

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

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

A portion of the portfolio consists of loans extended to borrowers
with impaired credit histories (27.6%) or made on an alternative
documentation basis (47.7%).

RATINGS RATIONALE

The definitive ratings take account of, among other factors:

-- Moody's MILAN CE assumption of 11.9%, the loss Moody's expects
    the portfolio to experience in the event of a severe recession
    scenario.

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

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

-- A liquidity facility equal to 3.0% of the outstanding note
    balance, subject to a floor of 25% of the initial Liquidity
    Facility limit (AUD3,900,000).

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

The key transactional and pool features are as follows:

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

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

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

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

-- The portfolio contains 27.6% exposure to borrowers with prior
    credit impairment (default, judgment or bankruptcy). Moody's
    assesses these borrowers as having a significantly higher
    default probability.

-- 47.7% of the portfolio consist of loans granted based on an
    alternative documentation (alt doc) basis. These alt doc loans
    have been subject to additional verification checks over and
    above the typical checks for a traditional low documentation
    product. These checks include a call from a La Trobe Financial
    underwriter, a declaration of financial position, and either
    six months of business bank statements, six months of Business
    Activity Statements or an accountant's letter in a format
    specified by La Trobe Financial.

-- 57.4% of the loans in the portfolio were extended to self-
    employed borrowers. Moody's analysis of historical delinquency
    and default data has indicated that loans granted to self-
    employed borrowers have a greater propensity to default
    compared to loans granted to employed PAYG borrowers.

-- 4.5% of the loans in the portfolio were extended to borrowers
    classified as companies. These loans are secured against
    residential property, and are provided wholly or predominantly
    for business purposes. Moody's has penalized these loans in
    its analysis of the portfolio.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

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

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

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

Moody's Parameter Sensitivities:

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

Based on the current structure, if the MILAN CE assumption was
23.8%, versus the current 11.9% and the Moody's portfolio expected
loss was 2.8% as opposed to 1.4%, the model-implied ratings of the
Class A1, Class A2 and Class A3 Notes would all drop two notches
from the currently assigned levels. Similarly, the model-implied
ratings of the Class B and Class D Notes would drop four notches
and the Class C Notes would drop six notches from the currently
assigned levels.


NUCENTURY GROUP: First Creditors' Meeting Set for Oct. 5
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Nucentury
Group Pty Ltd will be held at the offices of BPS Recovery, Level
18, 201 Kent Street, in Sydney, New South Wales, on Oct. 5, 2017,
at 11:00 a.m.

Mitchell Ball and Daniel Frisken of BPS Recovery were appointed as
administrators of Nucentury Group on Sept. 22, 2017.


RTP ELEVATOR: First Creditors' Meeting Set for Oct. 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of RTP
Elevator Services Pty Ltd will be held at Level 12, 460 Lonsdale
Street, in Melbourne, Victoria, on Oct. 4, 2017, at 10:00 a.m.

Malcolm Kimbal Howell and Liam William Paul Bellamy of Jirsch
Sutherland were appointed as administrators of RTP Elevator on
Sept. 21, 2017.



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


YESTAR: Beijing Kaihongda Deal No Impact on Moody's Ba3 CFR
-----------------------------------------------------------
Moody's Investors Service says that Yestar Healthcare Holdings
Company Limited's Ba3 corporate family and senior unsecured bond
ratings are not immediately affected by its acquisition of Beijing
Kaihongda Technology Company Limited.

The ratings outlook remains stable.

"The Beijing Kaihongda transaction is in line with Yestar's
expansion strategy in relation to in vitro diagnostic product
distribution," says Gerwin Ho, a Moody's Vice President and Senior
Analyst.

"The acquisition and its impact on Yestar's financial metrics are
also within Moody's expectations," adds Mr. Ho, who is also
Moody's Lead Analyst for Yestar.

In addition, the transaction is in line with Yestar's announcement
on August 14, 2017 on potential acquisitions of equity interests
in companies in the Northern region of China (A1 stable) that are
principally engaged in the distribution of medical devices,
including in vitro diagnostic (IVD) products.

On September 20, 2017, Yestar announced that it would acquire for
RMB105 million, a 70% equity interest in Beijing Kaihongda, a
medical equipment distributor.

Moody's expects the transaction to deepen Yestar's relationship
with its supplier, Roche Holding AG (A1 stable), and expand the
company's footprint to Beijing and the Inner Mongolia Autonomous
Region from its current presence in the eastern and southern parts
of China, namely, Guangdong, Jiangsu, Shanghai, Anhui, Fujian,
Shenzhen and Hainan.

Like its previous IVD product acquisitions in 2014, 2015 and 2016,
Yestar will acquire a 70% equity interest in Beijing Kaihongda
upfront, with the remaining 30% to be acquired only after the
target company has achieved guaranteed net profit levels for each
of the following three years. Such a structure reduces integration
risks and helps ensure that the target company will retain its
value over the medium term.

The selling shareholders of the target company have entered
non-compete arrangements lasting two years after the expiry of the
period covered by the profit guarantee.

Yestar held RMB679 million in cash at end-June 2017, which,
combined with expected cash flow from operations, will be
sufficient to fund the Beijing Kaihongda transaction, as well as
its RMB244 million in short-term debt and remaining payments for
previously announced acquisitions.

Moody's expects that Yestar's revenue and EBITDA will show solid
growth over the next 12-18 months, based on acquisitions and
organic growth in its IVD business.

Moody's also expects that Yestar's leverage -- as measured by
adjusted debt/EBITDA -- will register around 3.0x over the next
12-18 months; a result similar to the 2.9x for the 12 months ended
30 June 2017. Moody's assessment is based on the view that
acquisition funding will be mainly from cash on hand and internal
cash flow generation.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is one of the largest distributors of Roche Holding AG's
(A1 stable) diagnostics products in China, and also the largest
distributor of FUJIFILM Holdings Corporation's (A1 negative) film
products in the country.


* S&P Takes Various Actions on China's Financial Institutions
-------------------------------------------------------------
S&P Global Ratings said that it had taken various rating actions
on banks and nonbank financial institutions operating in China,
given the lowering of its Banking Industry Country Risk Assessment
(BICRA) and the lower capability of the downgraded Chinese
sovereign to provide support.

The revised BICRA assessment is primarily driven by S&P's updated
view of increased economic risks that Chinese financial
institutions face domestically.

S&P said, "Rapid domestic credit expansion through regular and
shadow banking has pushed up China's debt leverage over the past
few years, and we expect it to increase further. The country's
ratio of nonfinancial and nonpublic debt to GDP is very high
relative to the country's GDP per capita. According to our
calculation, China's private sector debt-to-GDP ratio was 162.5%
at end-2016, presenting challenges for all financial institutions
operating in China.

"In our view, the elevated debt leverage and risk overhang from a
possible property price correction subject China's banking
industry to heightened credit risks in the economy, and outweigh
potential benefits from the country's economic resilience. As a
result, we have lowered our anchor rating, the starting point of
our rating construction for banks and finance companies by one
notch to 'bb+' and 'bb-', respectively."

The anchor rating for securities firms remains at 'bb' because:
(1) these firms are more exposed to market risk; (2) most
regulatory interventions imposed during the stock market turmoil
have been removed, including the return of the market
stabilization fund investments; and (3) a more stringent
regulatory framework that offsets heightened risks in the Chinese
economy.

The downgrade of China Minsheng Banking Corp. Ltd. mainly reflects
the bank's weakened stand-alone credit profile (SACP) due to its
weakened risk-adjusted capitalization as a result of increased
credit risks in the Chinese economy.

S&P said, "The downgrade of Lionbridge Capital Co. Ltd. reflects
our view that the entityis operating in a heightened credit risk
environment.

"We affirmed the ratings on Industrial and Commercial Bank of
China Ltd. And China Construction Bank Corp., despite lowering
their SACPs by one notch to 'bbb' following the downward revision
of the bank anchor. We continue to see a very high likelihood of
extraordinary government support for these government-related
entities when in need, allowing the banks to sustain their overall
creditworthiness. We downgraded these banks' Additional Tier
securities because these capital instruments are designed to
absorb losses and we do not expect them to benefit from Chinese
government support.

"We affirmed all the ratings on Bank of China Ltd. (BOC) and kept
its SACP at'bbb+'. BOC benefits from significantly greater global
diversification than its peers' in the top four, which places it
on a stronger footing to withstand challenges from rising credit
risks in China."

The CreditWatch with negative implications on Agricultural Bank of
China Ltd. considers the pressure on the bank's 'bbb' SACP from a
lowered bank anchor,and the Chinese government's weakened credit
profile to provide extraordinary support. Nevertheless, S&P has
seen a steadily improving trend in the bank'sasset quality
metrics, which may prove to be comparable to the industryaverage.
This, together with the bank's efforts in overhauling its
riskmanagement, could place the bank in a better position to deal
with theheightened credit risks in the economy.

S&P said, "We placed our ratings on China Huarong Asset Management
Co. Ltd. (China Huarong), its highly strategic subsidiary China
Huarong International Holdings Ltd., and the debt it guarantees on
CreditWatch with negative implications.This is due to China
Huarong's fast debt-funded expansion under a heightened risk
environment, which is elevating the financial leverage of the non-
bank operations. Credit deterioration at the banking subsidiary
level alsonegatively affects the overall group credit profile.
Nevertheless, China Huarong's capital raising plans, should they
be sufficient and timely enough, may offset these risks.

"We affirmed the ratings on Bank of Communications Co. Ltd. and
its core leasing subsidiary. This reflects our view that a
stronger likelihood of support from the Chinese government,
notwithstanding its weakened credit profile to provide
extraordinary support, negates the impact from operating under
heightened economic risk in China.

"We also affirmed the rating on Shanghai Pudong Development Bank
Co. Ltd. notwithstanding the downward revision in the bank's SACP
to 'bb' from 'bb+' on weakened risk-adjusted capitalization amid
heightened economic risk. This is because of our assessment that
the bank has a high likelihood of receiving extraordinary support
from Shanghai municipal government, resulting in arating uplift of
three notches.

"For Far East Horizon Ltd., we expect additional group support
from Sinochem group, and this should offset the worsened economic
risk in China, the country of its core operations. As a result we
revised the outlook to stable.

"We do not expect the worsened economic risk score to have an
immediate effecton our ratings on other rated banks, finance
companies, and securities firmsin China. This is because: (1) our
ratings on those financial institutionsincorporate a lower
capitalization assessment that already captures a higherlevel of
risk; (2) these entities are less sensitive to economic risk; or
(3)there are other offsetting factors."

A list of the Affected Ratings is available at:

                     http://bit.ly/2wgcdpr


* Some Chinese LGFV Defaults Likely, Timing Uncertain, Fitch Says
-----------------------------------------------------------------
The first defaults on public bonds by Chinese local government
financing vehicles (LGFVs) are becoming more likely, and will
probably trigger a repricing of the market, says Fitch Ratings.
However, widespread LGFV defaults remain a tail-risk, given that
the authorities continue to rely on local government investment -
supported by LGFVs - to hit economic growth targets, and have a
broad spectrum of policy tools to limit default contagion.

No Chinese LGFV has defaulted to date on its publicly traded debt.
Moreover, judging by narrow spreads on LGFV securities, investors
have not revised their expectations significantly for government
support since the passage of the 2014 Budget Law, which stated
that LGFVs are no longer recognised as public-sector liabilities
and are not officially eligible for government support. Subsequent
guidance reiterating that LGFV debt is to be evaluated by
creditors on market principles has also had little impact on
investor perceptions. However, there remains a conflict between
these stated central government policies and implicit support of
LGFVs in practice at the local level.

Efforts to disentangle LGFVs from public-sector balance sheets
have been part of a broader drive by the central authorities to
contain risks associated with growth in municipal contingent
liabilities. Debt ceilings and debt swaps to facilitate the
conversion of LGFV obligations into explicit local government debt
have also been introduced. However, LGFV debt continues to rise
strongly. Fitch estimates that CNY4 trillion (5.4% of GDP) in LGFV
bonds issued domestically since the Budget Law came into effect in
2015 remain outstanding, and it is likely that this growth has
involved at least pockets of excessive risk taking and debt
hiding.

The authorities' next step to address indiscriminate LGFV debt
growth and to encourage greater market discipline might be to
allow selected defaults on LGFVs that come under stress. There is
a precedent for this in the way some Chinese state-owned
enterprises have defaulted over the last couple of years, as the
central government has sought to impose hard budget constraints
and inject greater market discipline in the credit-allocation
process.

Selected LGFV defaults would have consequences for the broader
LGFV market. "For example, we would expect a repricing of LGFV
bonds due to better risk discrimination by creditors and an
accelerated replacement of the opaque LGFV mechanism with a
genuine municipal bond and loan market. It is also likely that
market liquidity might dry up for some LGFVs, at least
temporarily, which could cause problems for some issuers -
particularly those that have issued debt with short maturities and
are therefore exposed to refinancing risk. Access to foreign
borrowing may also become more limited or expensive for some
LGFVs," Fitch says.

"However, the authorities are in a position to prevent systemic
defaults. In particular, the government's pervasive ownership and
influence across the financial system provide other tools to limit
contagion. The use of fiscal resources to bail out LGFVs would be
a last resort, given recent policy efforts to break perceptions of
implicit state support, but credit could be directed toward the
LGFV sector if required, which would contain the risk of a market
panic.

"We believe only some LGFVs would be likely to default. These
would be LGFVs deemed most financially stretched by the
authorities, and consist mostly of lower-tier (non-provincial)
LGFVs, particularly those that mix commercial with policy
activities, such as property with urban development. This excludes
the vast majority of Fitch-rated LGFVs, which are connected with
high-ranking local governments and undertake key policy roles.
Fitch rates LGFVs using a notching approach from the relevant
local government, and may widen the notching or switch to a
bottom-up rating approach if the policy role of the LGFVs is seen
to be diluted."



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


NAN HAI: Moody's Assigns B1 Corp. Family Rating; Outlook Stable
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating (CFR) to Nan Hai Corporation Limited.

At the same time, Moody's has assigned a B2 senior unsecured
rating to the proposed USD notes to be issued by Top Yield
Ventures Limited - a wholly owned subsidiary of Nan Hai - and
unconditionally and irrevocably guaranteed by Nan Hai.

The ratings outlook is stable.

The net proceeds from the notes issuance will be used for general
corporate purposes.

RATINGS RATIONALE

"Nan Hai's B1 corporate family rating reflects the company's
profitable property development operations and the strong market
position of its cinema operations; the latter of which is an
industry with good growth potential" says Franco Leung, a Moody's
Vice President and Senior Credit Officer.

Nan Hai's diversified business portfolio covers cinema network
operations, property development, enterprise cloud and new media
services. These businesses have different business cycles, thus
reducing Nan Hai's risk exposure to any one industry.

Moody's expects Nan Hai's property development business -- which
accounted for 51% of revenue and 70%-75% of EBITDA in 2016 -- will
remain the largest revenue and profit contributor for at least the
next 3 years, although the company plans to grow its cinema
operations.

The property development segment is highly profitable, with high
gross profit margins of 60% in 2016 that were not matched by other
B or Ba-rated Chinese property peers.

The segment's high profitability is a result of its low-cost land
bank in China's top-tier cities, namely Shenzhen and Guangzhou,
where property demand is strong and property prices are high.

In addition, the company is unlikely to meaningfully replenish its
land bank, given its longer term goal of primarily developing its
cinema network. Its total land bank of around 1.5 million square
meters in gross floor area at the end of July 2017 is sufficient
to support its property development plans for the next 4-5 years.

Absent major land acquisitions, Nan Hai's property business will
continue to generate positive free cash flow, which in turn is an
important source of cash to fund the development of its other key
business -- its cinema operations -- over the next 2-3 years.

In view of its current business model, Moody's has applied as the
principal rating methodology, the Homebuilding And Property
Development Industry methodology, published in April 2015, to
assign the B1 corporate family rating.

If and when the company's cinema segment becomes the main revenue,
profit and cash flow contributor -- which Moody's estimates will
take at least 3-4 years -- Moody's may change its approach to
rating Nan Hai to reflect the change in the associated operational
and financial risks.

The B1 CFR also considers Nan Hai's investments to expand its
cinema operations.

Based on Moody's estimates and adjustments, Nan Hai's cinema
operations contributed around 35% of revenue and 24% of EBITDA in
2016. Moody's does not expect a material change in these results
over the next three years, unless the company pursues further
acquisitions.

Although the segment still contributes less than 50% of revenue
and EBITDA, growth potential is supported by (1) its good market
position, (2) ability to develop non-ticket cinema-related
revenues, and (3) growth in box office revenue over the long term
in China (A1 stable).

Nan Hai has operated cinemas in China since 2006. Its flagship
cinema chain, Dadi cinema, was the country's second largest cinema
operator in 2016, with a 4.9% share of box office sales.

Nan Hai has strengthened its market position and improved its
geographic diversification through its acquisition of Orange Sky
Golden Harvest Cinemas (China) Company Limited (OSGH)'s mainland
China businesses in July 2017. The acquisition has grown the scale
of Nan Hai's cinema operations by around 20%. Dadi and OSGH
operated a total of 2,422 screens in 2016.

Nan Hai has diversified its revenue base to non-ticket sales, such
as concessionary sales and advertising. The contribution of non-
ticket revenue to total cinema revenue increased to around 22% in
2016, from 18% in 2015. Such revenues also help reduce potential
cyclicality in its cinema revenue.

On the other hand, the financial profile of the cinema business is
constrained by (1) its small scale when compared with global
peers, (2) weak financial profile due to high debt leverage from
its expansion, and (3) intense competition in China's cinema
industry.

Nan Hai's B1 CFR has incorporated Moody's expectations that the
company will deleverage, with adjusted debt/EBITDA falling to
around 5.0x in the next 12-18 months, from 5.8x in 2016 and 11.3x
in 2015.

Such deleveraging trend will be driven by (1) net cash inflow from
its property business, (2) EBITDA growth in both its property and
cinema businesses, and (3) contained debt growth through strong
discipline and caution in acquisitions of cinemas and non-core
businesses.

Nan Hai's liquidity is adequate. At the end of June 2017, its cash
balance -- including short-term pledged and restricted bank
deposits -- totaled HKD10.6 billion, which was sufficient to cover
its short-term debt of HKD6.2 billion.

Nan Hai's senior unsecured rating is notched down to B2 from Nan
Hai's CFR of B1, reflecting the material subordination risk for
bond holders arising from the high levels of priority debt and
claims at Nan Hai's operating subsidiaries.

Moody's expects that the company's priority debt will remain well
above 15% of the company's total assets, given its sizable onshore
funding needs over the next 12-18 months.

The stable rating outlook reflects Moody's expectations that Nan
Hai will sustain revenue and profit growth in its property and
cinema operations businesses, while continuing to deleverage and
maintaining an adequate liquidity position.

Upward rating pressure could emerge if the company: (1) improves
its scale and expands its cinema operations with stable profit
margins, so that such operations account for more than 50% of
revenue and EBITDA, (2) improves its debt leverage, and (3)
maintains adequate liquidity and good access to the debt and
capital markets.

Metrics indicative of upward rating pressure include adjusted
debt/EBITDA below 4.0x.

On the other hand, downward rating pressure could arise if the
company (1) experiences lower-than-expected property contracted
sales and cash flow, (2) fails to deleverage, (3) undertakes
aggressive acquisitions outside of its property and cinema
businesses, or (4) experiences a deteriorating liquidity position.

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

Headquartered in Hong Kong, Nan Hai Corporation Limited is engaged
in various businesses, including culture and media services,
property development, enterprise cloud services and new media.
Listed on the Hong Kong Stock Exchange in 1991, the company was
54% owned by its chairman, Mr. Yu Pun Hoi at end June 2017.



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


A ONE DUTY: CRISIL Reaffirms B+ Rating on INR7MM Packing Credit
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of A One Duty Free
Pvt Ltd (A one) continue to reflect modest scale of operations,
and its modest financial risk profile marked by modest networth
and debt protection metrics. These rating weaknesses are partially
offset by the benefits derived from the extensive industry
experience of its promoters and its exclusive tie-ups with its key
principals.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           12      CRISIL A4 (Reaffirmed)

   Export Packing Credit     7      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        5      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations:  The Company has recorded sales of
INR29 Crore as on March 31,2017; the scale has increased by 34% in
fiscal 2017 from INR21.7 Cr in fiscal 2016.Though the scale of
operations are expected to reach INR36 Cr over medium term, the
scale of operations will continue to remain modest.

* Modest financial risk profile:  The Company has modest financial
risk profile with modest net worth of INR0.9 Cr and high TOLTNW of
9 times as on March 31,2017.The debt protection metrics are below
average with Risk Coverage and Interest Coverage of 1.2 times and
0.6 times respectively for the fiscal 2016-17.

Strengths

* Extensive industry experience of its promoters and its exclusive
tie-ups with its key principals:  A one benefits from extensive
industry experience of the promoters. The company is promoted by
Mr. Bommidala Rama Krishna and his family. The promoter family
have an experience in Tobacco, Aquaculture and other allied
industry for nearly 6 decades. Various companies promoted by the
group include Bommidala Purnaiah Holdings Pvt Ltd (rated CRISIL
C), Bommidala Sreeram Agro Traders Private Limited (rated CRISIL
B/Stable), Bommidala Ventures Private Limited (rated CRISIL A4+)
amongst others.

Outlook: Stable

CRISIL believes that A one will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to Positive if the company
reports higher-than-expected revenues and profitability coupled
with better working capital management, resulting in a substantial
increase in its cash accruals, and hence, an improvement in its
financial risk profile. Conversely, the outlook may be revised to
Negative if the revenues and profitability are lower-than-
expected, or if there is stretch in working capital cycle, or if
it undertakes large debt-funded capital expenditure, leading to
weakening of its financial risk profile.

Incorporated in the year 2010, A One is engaged in distribution of
confectionary and tobacco products at duty free outlets located in
international airports in India. Promoted by Mr. Bommidala Rama
Krishna and his family, the company operates through SEZ in
Vishakhapatnam.

A one has recorded losses of INR0.19 Crore on operating income of
INR29 Crore for the fiscal 2017 vis-a-vis losses of INR1.33 Crore
on operating income of INR 21.7 Crore for the fiscal 2016.


ADHARSHILA SAMAZIK: CRISIL Reaffirms B- Rating on INR1MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Adharshila
Samazik Evam Sanskritik Vikas Sansthan (ASESVS) for obtaining
information through letters and emails dated July 10, 2017 and
August 9, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-           1        CRISIL B-/Stable (Issuer Not
   Based Bank Limits                 Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

ASESVS, set up in 1998 as a not-for-profit society, is managed by
Mr. J D Bharti. The Lucknow-based society is engaged in various
schemes operated by the state and central governments in Lucknow
and surrounding areas; these include the Rajiv Gandhi National
Creche Scheme, SHG Formation Programme, Coaching Programme, Short
Stay Home, and other government-mandated schemes.


AIRSON CERAMIC: CRISIL Lowers Rating on INR3.73MM LT Loan to B+
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on bank facilities of
Airson Ceramic Industries (ACI) to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Downgraded
                                     from 'CRISIL A4+')

   Cash Credit              3.5      CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term       3.73     CRISIL B+/Stable (Downgraded
    Bank Loan Facility               from 'CRISIL BB-/Stable')

   Term Loan                 .77     CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

The downgrade reflects subdued and weaker-than-expected operating
performance marked by continuous decline in revenue for the two
fiscals ended 2017. Turnover and profitability are estimated to
decline to INR13.35 crore and 7.1% respectively, in fiscal 2017,
from INR16.15 crore and 12.1%, respectively, in fiscal 2016, and
INR20.26 crore and 11%, respectively, in fiscal 2015. Sales was
adversely impacted by decline in realisations and intense
competition in the ceramic wall tile segment. Hence, cash accrual
has also been lower in fiscal 2017 as compared to previous
fiscals. Improvement in operating performance will remain critical
and hence a key monitorable.

The rating continues to reflect ACI's modest revenue and average
profitability, working capital intensity in operations and
susceptibility to volatility in raw material and fuel prices.
These weaknesses are partially offset by extensive experience of
the promoters and favourable location of manufacturing facility,
which ensures easy availability of raw material and labour.

Key Rating Drivers & Detailed Description

Weakness

* Modest and subdued operating performance and presence in
fragmented and competitive wall tile manufacturing industry:
Revenue and profitability were subdued at INR13.35 crore and
7.06%, respectively, during fiscal 2017, in the aftermath of
demonetisation, constrained by the intense competition in the
ceramic tiles industry.

* Working capital intensity in operations:  Operations will remain
working capital intensive, as reflected in gross current assets of
257 days as on March 31, 2017, mainly because of large receivables
and inventory. Working capital management is partly supported by
credit from suppliers.

* Susceptibility of operating margin to raw material and fuel
(gas) prices:  Intense competition limits the firm's ability to
pass on any increase in cost of raw material or fuel, to the
customers.

Strengths

* Extensive experience of promoters in the ceramic industry and
strategic location of plant:  Presence of over a decade in the
ceramic tile manufacturing industry, through group entities, has
enabled promoters to develop strong insight into market dynamics,
expand distributor network across India, and increase export
revenue. Also, manufacturing facility at Morbi, Gujarat, a tile
manufacturing hub, offers easy access to raw material and labour.

* Moderate financial risk profile marked by capital infusion from
promoters:  Networth and gearing stood at INR5.49 crore and 0.7
times, respectively, as on March 31, 2017. Promoters also infused
INR0.79 crore to support business exigencies during the fiscal.
Debt protection metrics remained moderate, with interest coverage
and net cash accrual to total debt ratios of 2.26 times and 0.14
time, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes ACI will continue to benefit from the extensive
experience of its promoters, and strategic location of its plant.
The outlook may be revised to 'Positive' if the firm reports an
improvement in revenue and profitability, and hence, cash accrual,
and manages its working capital efficiently. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual, further
stretch in the working capital cycle, or any major capital
expenditure, weakens the financial risk profile and liquidity.

Established in 2009, ACI was initially involved in manufacturing
of ceramic floor tiles. Subsequently from 2012, the company
changed its product mix, and currently manufactures digital glazed
wall tiles. Operations are handled by Mr. Balkrishna Ambani, and
other family members. The company has its manufacturing facility
at Morbi, with a capacity of 10,000 boxes per day.

Revenue was INR13.35 crore and net loss was INR0.18 crore for
fiscal 2017, against revenue of INR16.15 crore and net profit of
INR0.43 crore, for fiscal 2016.


ALLIANCE GRANIMARMO: ICRA Moves D Rating to Not Cooperating
-----------------------------------------------------------
ICRA Limited has moved the ratings for the Rs 58.00 crore bank
facilities of Alliance Granimarmo Private Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term Fund          17.97     [ICRA]D ISSUER NOT
  Based-TL                          COOPERATING; rating moved
                                    to the 'Issuer not
                                    cooperating' category

  Short Term Fund
  Based                   33.50     [ICRA]D ISSUER NOT
                                    COOPERATING; rating moved
                                    to the 'Issuer not
                                    cooperating' category

  Short Term Non
  Fund Based               2.00     COOPERATING; rating moved
                                    to the 'Issuer not
                                    cooperating' category

  Long term/Short
  term Unallocated         4.53     COOPERATING; rating moved
                                    to the 'Issuer not
                                    cooperating' category

Rationale

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

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

Key rating drivers

Credit Strengths

* Long-standing experience of the promoters in mineral export
business:  The rating considers the long standing experience of
the promoters in the industry.

* Financial profile characterised by high gearing, weak coverage
metrics, stretched working capital intensity and low return on
capital employed:  The ratings consider the weak financial profile
of the company characterized by high gearing levels and high
working capital intensity.

Incorporated in 1998, AGPL is engaged in quarrying and processing
of rough granite blocks into slabs and tiles. The Company exports
the granites slabs and tiles to the USA, Europe, Africa, and
Middle East. During 2013-14, AGPL also started executing
construction projects on a turnkey basis. The company's
manufacturing facility is located in Tada, Andhra Pradesh, with a
processing capacity of 38 lakh square foot of granite slabs per
year. AGPL operates one leased tan brown colour granite quarry in
Karimnagar, Telangana and one absolute black quarry in Vanapuram,
Tamil Nadu. AGPL is part of the Gimpex group, which is mainly
engaged in sales of barite, coal, iron ore, mill scale, clinker,
and bentonite. The company's name was changed from Alliance
Minerals Private Limited to Alliance Granimarmo Private Limited,
in November 2014.


ARTEK ENTERPRISES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Artek Enterprises
Private Limited's (AEPL) 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:

-- INR10 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR49.5 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
June 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

AEPL was established in 1979 and provides system integration and
networking services such as network security, voice video data,
physical security, audio visuals, renewable energy and video
conferencing to government, semi-government and private companies.
Its head office is located in New Delhi.


B.P. FOOD: ICRA Moves 'D' Rating to Non-Cooperating Category
------------------------------------------------------------
ICRA Limited has moved the ratings for INR200 crore bank
facilities of B. P. Food Products Private Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as [ICRA] D;
ISSUER NOT COOPERATING.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term: Fund-       75.00      [ICRA]D; ISSUER NOT
  based limits                      COOPERATING; Rating moved
                                    to 'Issuer Not-cooperating
                                    category

  Long-term: Term        61.29      [ICRA]D; ISSUER NOT
  loan                              COOPERATING; Rating moved
                                    to 'Issuer Not-cooperating
                                    category

  Short-term: Non-       45.00      [ICRA]D; ISSUER NOT
  fund based limits                 COOPERATING; Rating moved
                                    to 'Issuer Not-cooperating
                                    category

  Long-term/Short-       18.71      [ICRA]D; ISSUER NOT
  term: Unallocated                 COOPERATING; Rating moved
  limits                            to 'Issuer Not-cooperating
                                    category

Rationale

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

As part of its process and in accordance with its rating agreement
with BPFP, ICRA has been trying to seek information from the
company so as to monitor its performance. It has also been
following up for payment of surveillance fee that became due; but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of the requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taking a rating view based on the best available
information.

Key Rating Drivers

Credit weaknesses

* Irregularities in debt servicing:  BPFP is facing liquidity
issues, which has driven multiple instances of delay in debt
servicing during the past few months.

B. P. Food Products Private Limited, incorporated in December
1994, is engaged in the milling of wheat and manufacturing of food
products like whole wheat flour, refined flour, semolina, bran for
cattle feed and broken wheat. The company's promoters include Mr.
Ravi Prakash Bansal and Ms. Rekha Bansal, who also serve as
directors.

BPFP has followed an inorganic growth strategy by acquiring
unsuccessful plants and turning them around into profitable units,
while expanding capacity. Currently, the company has five
operational plants, one each at Sanchi, Gotegaon, Jabalpur,
Pithampur and Malanpur (all in Madhya Pradesh). Based on the
family settlement reached in 2011 and 2012, the plants at Indore
(Madhya Pradesh), Agra (Uttar Pradesh) and Gwalior (Madhya
Pradesh) were transferred to the brothers of the promoters.


BIAX ELECTRIC: ICRA Assigns 'D' Rating to INR5.5cr Loan
-------------------------------------------------------
ICRA Limited has assigned a long term rating of [ICRA]D to the
INR5.50-crore fund based and a short term rating of [ICRA]D to the
INR2.00-crore non-fund based facilities of Biax Electric &
Controls Pvt. Ltd.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-
  PC/PCFC                 5.5       [ICRA]D; Assigned

  Non-fund based-
  Letter of Credit        2.0       [ICRA]D; Assigned

Rationale

The rating assigned factors in the ongoing delays in debt
servicing as reflected by overdrawals for more than 30 days in the
fund based working capital facilities. Further, the ratings are
also constrained by the company's modest scale of operations along
with the stagnant revenue growth over the last five years, and the
intensely competitive industry. This, coupled with the exposure to
fluctuations in the raw material prices, result in modest and
fluctuating profitability indicators. The ratings are further
constrained by the moderate coverage and capitalisation indicators
and, the high working capital intensity due to the inventory-
holding period which impacts the liquidity as is evident from the
overdrawals in the working capital limits.

The assigned ratings favourably factor in the extensive experience
of the promoters spanning over 15 years in the metal industry, and
the established customer and supplier base of the company.

Key Rating Drivers

Credit strengths

* Experience of promoters in the metal industry spanning over 15
years:  Incorporated in 2001 for the purpose of manufacturing sub-
sea cable connectors, termination parts and accessories, flanges,
stub ends, ferrules, special cable fittings, etc. It makes various
copper, aluminium and brass components used in electrical
components, construction, earthing and lighting, plumbing, etc.
The copper components contribute a major portion to revenues.

* Long-term relationship with key customers and suppliers:  The
company has an established customer base of mainly export
customers from the UK and the UAE. It has a total customer
portfolio of about 25 companies and the customer concentration has
been low with the top seven customers accounting for 26% of total
sales in FY2017 as against 22% in FY2016.

Credit weaknesses

* Ongoing delays in debt servicing as reflected by overdrawals for
more than 30 days in the fund based working capital facilities

* Small scale of operations; moderate and fluctuating
profitability indicators:  The company has a small scale of
operations and has witnessed muted revenue growth over the last
five-year period. The operating income stood at INR19.21 crore in
FY2017 as against INR18.98 crore in FY2016, translating into a
modest YoY growth of 1%. The operating profit margins are largely
affected by the raw material price fluctuation which in turn
affects the sales realisations and stood modest at 6.51% in
FY2017.

* Weak financial profile characterised by leveraged capital
structure and weak debt coverage indicators:  As of March 31,2017,
the company's gearing stood high at 1.96 times while the debt
coverage indicators stood weak with interest coverage at 1.20
times and NCA/Total Debt at 6%.

* High working capital intensity resulting from high inventory
levels which impacts liquidity:  The working capital intensity of
the company remains high on account of high inventory holding
period and stood at 54% in FY2017. The company offers a credit
period of 30-60 days to its customers and has to make payments
within 30 days to its suppliers. About 90% of the raw material
procurement by the company is order-backed. It maintains an
inventory of about INR5-6 crore at any given time, consisting of
various types of products manufactured, thus pushing up the
inventory-holding period and also exposing the company to the risk
of inventory losses.

* Intense competition, given the low complexity of work involved:
The company faces stiff competition from other unorganised players
supplying copper, aluminium and brass components, which limits its
pricing flexibility and bargaining power with customers, thereby
putting pressure on its revenues and margins.

* Vulnerability of profitability to any adverse fluctuation in raw
material prices though the firm is protected to an extent:  The
margins of the company are largely affected by the raw material
price fluctuation which in turn affects the sales realisations.
Any adverse movement in the price of raw materials could have an
adverse impact on the firm's margins, considering the limited
ability to pass on the price hike owing to high competitive
intensity. The price fluctuations also impact the realisations of
the company.

Biax was incorporated in 2001 for the purpose of manufacturing
sub-sea cable connectors, termination parts and accessories,
flanges, stub ends, ferrules, special cable fittings, hose
fittings, cable lugs, flexible conduits, earthing and lighting
equipment, aluminium clad steel wire etc. The company currently
manufactures copper, aluminium and brass components used in
electrical components, construction, earthing and lighting,
plumbing, precision fluid control systems etc. The company markets
its products in over 47 countries to a network of customers,
distributors and original equipment manufacturer (OEMs).

Biax has a manufacturing facility in Silvassa (Dadra Nagar Haveli)
with a capacity of 250 metric tonne (MT) per annum. Its operations
are managed by two of its directors, Mr. Malay K. Shah and Mr.
Manoj Jain. The Biax plant is ISO certified and its products have
been approved by internationally-accredited laboratories like
Underwriters Laboratories (UL) and Canadian Standards Association
(CSA).

In FY2017, on a provisional basis, the company reported a net
profit of INR0.42 crore on an operating income of INR19.21 crore,
as compared to a net profit of INR0.24 crore on an operating
income of INR18.98 crore in the previous year.


BINDU FOOD: CRISIL Raises Rating on INR1.94MM LT Loan to B-
-----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the bank facilities of
Bindu Food Processors Pvt Ltd (BFPPL) to 'CRISIL B-/Stable' from
'CRISIL D/Issuer Not Cooperating'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6         CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D/Issuer Not
                                     Cooperating')

   Long Term Loan          .29       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D/Issuer Not
                                     Cooperating')

   Proposed Long Term     1.94       CRISIL B-/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL D/Issuer Not
                                     Cooperating')

   Working Capital Loan   0.99       CRISIL B-/Stable (Upgraded
                                     from 'CRISIL D/Issuer Not
                                     Cooperating')

The ratings upgrade reflects timely servicing of debt by BFPPL
over the past six months.

The ratings reflect below average financial risk profile because
of modest networth and weak debt coverage indicators with interest
coverage of 1.11 times and NCATD of 0.04 times. The ratings also
factor in susceptibility to regulatory changes and vulnerability
to delay in payments by farmers because of adverse market
conditions and intense competition. These weaknesses are mitigated
by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of the promoters:  Benefits from the
extensive experience of the promoters and healthy relations with
traders and farmers should support business.

Weakness

* Vulnerability to delay in payments by farmers because of adverse
market conditions:  As part of Government of West Bengal's
initiative to support agriculture, banks extend financial
assistance to farmers for storing produce in private cold
storages, against pledge of cold-storage receipts. Cold storages
obtain loans from banks on behalf of farmers and traders. However,
primary responsibility to repay bank loan lies with cold storages.
In case of adverse market trends and a decline in potato prices,
farmers do not find it profitable to pay rental and interest
charges along with loan repayment and hence do not retrieve
potatoes from cold storages. Hence, operating margin is impacted
by defaults by farmers.

* Susceptibility to regulatory changes and intense competition:
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association. Furthermore, the segment
is competitive with 400 cold storages in the state, which
constrain the bargaining power of players, who also have to offer
discounts to ensure healthy utilisation of capacities.

* Weak liquidity:  Working capital intensive operations ensure
high bank limit utilisation of around 93%. Net cash accrual also
remained very low at around INR30 lakh for fiscal 2017 against
term debt repayments of INR1 crore.

Outlook: Stable

CRISIL believes BFPPL will continue to benefit from the long
standing experience of its promoters.  The outlook may be revised
to 'Positive' in case of efficient management of farmers'
financing, ramp up in scale of operations and improvement in cash
accrual, capital infusion and profitability. The outlook may be
revised to 'Negative' if delays in repayments by farmers, low cash
accrual or any debt-funded capex weakens liquidity.

Incorporated in 1997, BFPPL was promoted by Mr. Inder Raj Agrawal
and his cousins, Mr. Hanuman Sahay Agrawal and Mr. Anil Agrawal.
The company operates a 21,300 MT cold storage unit (primarily for
storing potatoes) in Paschim Medinipur. It also provides funding
to farmers against the potatoes stored. Post-acquisition in 2015,
operations are managed by Mr. Supreme Lodha and Mr. Rajendra Kumar
Agrawal.


BUDS TEA: ICRA Moves D Rating to Non-Cooperating Category
---------------------------------------------------------
ICRA Limited (ICRA) has reaffirmed the rating for the INR26.75-
crore fund based facilities and INR0.5- crore non-fund based bank
facility of Buds Tea Industries Limited (BTIL) at [ICRA]D. The
rating is moved to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Term         14.00      [ICRA]D ISSUER NOT
  Loan                               COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

  Fund-based-Cash         12.75      [ICRA]D ISSUER NOT
  Credit                             COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category


  Non-fund based-          0.50      [ICRA]D ISSUER NOT
  Bank Guarantee                     COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

Rationale

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

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

Key rating drivers

Credit strengths

* Status as a part of the Limtex Group:  Buds Tea Industries
Limited is part of the Limtex group which has been engaged in
manufacturing of tea for more than three decades.

Credit weaknesses

* Delay in timely debt servicing:  The company has been delaying
in servicing its debt obligations in a timely manner due to
liquidity issues.

* Small scale of operations:  BTIL is a small player in the
domestic tea industry with a manufacturing capacity of 5 million
kg.

* Low profitability on account of limited value addition:  The
company depends entirely on bought leaves and does not have any
plantation facilities of its own, which exposes it to the
availability, quality and price risks associated with bought tea
leaves which in turn impacts profitability.

Buds Tea Industries Limited was established in the year 2006 and
is engaged in manufacturing CTC variety of tea. The plant is
located near Jalpaiguri, West Bengal. At present the annual
capacity of the company is 5.5 million lakh kg of tea.


CLASSIC ENGICON: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Classic Engicon
Private Limited's (CEPL) 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:

-- INR50 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING);

-- INR160 with Non-fund-based facilities  migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR90 mil. Proposed non-fund-based facilities migrated to
    non-cooperating category Provisional IND A4+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 22, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CEPL was established in Jharkhand in October 2007. The company,
promoted by Mr. Dilip Kumar Singh, undertakes construction of
roads, bridges, check dams, irrigation and other such projects.
Its key customer is the Public Works Department (PWD) of Jharkhand
and Bihar. It is registered as a Class-1 contractor with PWD
Jharkhand and central PWD of India.


FORTUNE'S SPARSH: ICRA Lowers Rating on Rs7.5cr Loans to D
----------------------------------------------------------
ICRA Limited has downgraded the ratings for the Rs7.50 crore bank
facilities of Fortune's Sparsh Healthcare Private Limited to
[ICRA]D from [ICRA]B. ICRA has also moved the ratings to the
'Issuer Not Co-operating' category. The rating is now denoted as:
"[ICRA]D ISSUER NOT CO-OPERATING".

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based-Term         7.50     [ICRA]D ISSUER NOT
  Loan                             CO-OPERATING downgraded
                                   from [ICRA]B; Rating moved
                                   to the 'Issuer Not Co-
                                   operating' category

Rationale

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

Key Rating Drivers

Credit Strengths

* Presence of experienced promoters, with established track record
in different medical fields, strengthens business prospects:  Of
the four promoters, three are experienced and well qualified
medical professionals who are expected to improve referrals to the
hospital. Additionally, the medical team consists of three doctors
who are relatives of the promoters further reduces attrition risk
at top level. Further on, risk of attrition of key doctors stands
partially mitigated given the shareholding of top doctors in the
company.

* Favorable hospital location with ease of accessibility from key
roads and proximity to residential and commercial areas:  The
hospital site is well connected to Mumbai-Pune Expressway and
Highway and is in close proximity with the upcoming residential
areas in Maval region, north of Pune and the industrial areas like
Chakan Industrial Area which provide some location advantage. The
region, currently also has limited supply of specialty hospitals.

Credit Weaknesses

* Delays in debt servicing due to lower than anticipated occupancy
levels during the initial stages of operations:  There have been
instances of delays in debt servicing on account of tight
liquidity conditions emanating from the lower than anticipated
occupancy levels in the initial stages of operations.

* Single-asset concentration risk, as entire revenues of the
company would be dependent on a single hospital:  The hospital is
the only source of revenues to the company. Thus, remunerative
occupancies and healthy revenue metrics will be key determinants
in order for the hospital to be profitable and timely debt
servicing, going forward.

Fortune's Sparsh Healthcare Private Limited is promoted by
Dr.Rahul Bade, Dr. Vikas Kude, Dr.Amit Wagh and Mr.Vinod Adaskar.
The company operates a 70 bedded super specialty hospital at
Somatane Phata which is close to 30 kms from Pune.


GANGOTHRI NUTRIENTS: CRISIL Ups Rating on INR7.6MM Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Gangothri Nutrients and Fertilizers Private Limited
(GNFPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             6        CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Long Term Loan          6.4      CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Proposed Fund-          7.6      CRISIL B+/Stable (Upgraded
   Based Bank Limits                from 'CRISIL B/Stable')

The upgrade reflects CRISIL belief that the business risk profile
of the Company will continue to improve over medium term. Revenues
grew INR29% in Fiscal 2017 and are expected to grow by 50% over
medium term supported by new product additions in water soluble
fertilizer segment and increasing presence in the B2C segment.
Profitability is expected to sustain at healthy 20-22% over medium
term due to enhanced capacity utilizations and better realization
on account of new products. Improved liquidity along with
sustained profitability will be key rating drivers going forward.

The rating reflects GNFPL's small scale of operations in the
intensely competitive fertilizer industry, large working capital
requirement. These weaknesses are partially offset by extensive
industry experience of its promoters and moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the intensely competitive
fertilizer industry:  GNFPL's is part of the fertilizers industry
which is marked by high concentration among the few producers that
results in intense competition thereby constraining the scale and
bargaining power. Given this intense competition, GNFPL has modest
scale of operations at INR18 Crore for the fiscal 2017.

* Large working capital requirement:  GNFPL has working capital
intensive operations as seen in the GCA days of 197 days as on
March 31, 2017.The same is on account of high debtor days and
inventory days of 123 and 96 respectively.

Strengths

* Extensive industry experience of its promoters:  GNFPL's
business risk profile benefits from the extensive experience of
the promoters. The company is promoted by Mr. K. Madhuram Reddy
and Mr. K. Sammaiah, who are qualified engineers and have diverse
business interests in aquaculture, real estate, civil
construction. The entrepreneurial experience of the promoters has
enabled them to successfully set up and commercialize GNFPL during
2013-14.

* Moderate financial risk profile:  The Company has moderate
financial risk profile marked by moderate networth of INR13 Cr as
on March 31,2017 along with low gearing of 0.7 times. With no
major debt funded capex plans and expected improvement in accruals
the gearing is expected to remain low. The debt protection metrics
are average with NCATD and Interest coverage being 0.31 times and
1.5 times respectively for 2016-17

Outlook: Stable

CRISIL believes GNFPL will continue to benefit from its promoters'
extensive industry experience, and its established customer
relationships. The outlook may be revised to 'Positive' if revenue
and profitability increase on a sustained basis, resulting in a
better financial risk profile. The outlook may be revised to
'Negative' in case of considerable decline in revenue or
profitability, or deterioration in working capital management
leading to weak liquidity, or large debt-funded capital
expenditure, constraining financial risk profile.

GNFPL, incorporated in 2010 by Mr. K Madhuram Reddy and Mr. K
Sammaiah, manufactures soil conditioners and micronutrients. The
company started commercial operations in 2013-14.

The Company has recorded PAT of INR1.4 Crore on operating income
of INR18 Cr for the fiscal 2017 vis-a-vis PAT of INR0.1 Cr on
operating income of INR14.1 Cr for the fiscal 2016.


GANPATI FOODS: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ganpati
Foods - Fazilka (GFF) for obtaining information through letters
and emails dated July 10, 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
   ----------          ---------    -------
   Cash Credit              5       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Warehouse Receipts        2      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

Established in 2012, by Mr. Vijay Chabra and Mr. Raj Kumar
Periwal, GFF is a partnership firm that processes and sells
basmati rice. Its facility is at Fazilka, Punjab.


GAUTAM MALHOTRA: CRISIL Lowers Rating on INR6MM Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Gautam Malhotra and Co. (GMC) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              6       CRISIL B+/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects significant deterioration in business risk
profile along with continued weak financial risk profile. The
revenue declined to an estimated INR29.08 crore for fiscal 2017
from previous fiscal's INR46.16 crore. The 37% decline was due to
change in operational territory from Ludhiana to Ropar (both in
Punjab) The financial risk profile remained weak, marked by high
gearing at 2.9 times and low interest coverage at 1.3 time as on
March 31, 2017.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risk related to government regulations:  The liquor
industry of Punjab is auction-based, where licences for sale and
distribution of liquor products in both the wholesale and retail
segment are controlled by the Government of Punjab. Any adverse
change in the licence authorisation policy of the government such
as discontinuing or limiting the renewal of licences or
substantially increasing licence fees, could impact the business
continuity of players such as GMC

* Weak financial risk profile:  Financial risk profile is
constrained as reflected in muted debt protection metrics, with
interest coverage and net cash accrual to total debt ratios of 1.3
times and 0.01 time, respectively, in fiscal 2017 due to lower
profitability.

Strength

* Promoters' extensive experience in the liquor business:  Benefit
of promoters' experience of more than a decade in the business is
reflected in GMC surviving business cycles and adverse regulatory
changes in the liquor trade in Punjab over the past 15 years.

Outlook: Stable

CRISIL expects that GMC will continue to benefit over the medium
term on the back of established presence in the Punjab market and
extensive experience of promoters in the liquor business. The
outlook can be revised to 'Positive' in case the firm reports
higher-than-expected growth in revenues or significant improvement
in margins, thereby improving its capital structure. Conversely,
the outlook can be revised to 'Negative' if the GMC's financial
risk profile deteriorates, on account of significant decline in
revenue or margins, or any adverse change in the regulatory
framework impacts operations.

Established in 2008 as a partnership between Mr. Deep Malhotra,
Mr. Gaurav Malhotra, Mr. Gautam Malhotra, Ms. Reeya Malhotra, and
Ms. Niharika Malhotra, GMC, based in Ludhiana, trades in Indian-
made foreign liquor (IMFL) through retail outlets. The company has
retail L2 (retail of IMFL) and L14 (retail for country liquor)
liquor licences for Bhatinda district in Punjab.


HABIB TEXTILES: ICRA Reaffirms B+ Rating on INR10cr Loan
--------------------------------------------------------
ICRA Limited has reaffirmed the long-term rating of [ICRA]B+ for
the INR10.00 crore fund-based bank facilities of Habib Textiles
Private Limited. The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based Limits      10.00     [ICRA]B+ (Stable); Re-affirmed

Rationale

The rating reaffirmation for HTPL continues to take into account
its weak financial risk profile characterised by modest
profitability levels, its leveraged capital structure and weak
coverage ratios. Moreover, the rating remains constrained by the
company's tight liquidity position emanating from its high
inventory levels, which entail high utilisation of working capital
limits. Further, the ratings are constrained by the susceptibility
of profitability to adverse movement in yarn and fabric prices.
ICRA also notes the limited pricing flexibility within the
industry, given the highly competitive and fragmented nature of
the textile industry.

The ratings, however, favorably factor in the experience of the
promoters in the textile industry spanning over four decades, as
well as the company's well-diversified customer base spread across
the domestic market. ICRA also takes into account the favourable
location of HTPL's manufacturing unit in the textile hub of
Bhiwandi (Maharashtra), providing easy access to raw material and
fabric processors.

Going forward, the firm's ability to manage its working capital
cycle, especially by reducing its inventory holding and ramping up
its scale of operations, while improving its profit margins, will
remain the key rating sensitivity from a credit perspective.

KEY RATING DRIVERS

Credit Strengths

* Extensive experience of promoters in the textile business:  The
promoters of the company have a strong experience of over four
decades in the fabric manufacturing business. This has facilitated
the company to establish recognition in the domestic market, among
its customers and suppliers.

* Favorable location of weaving facilities at Bhiwandi
(Maharashtra), a textile processing hub, provides easy access to
raw material and fabric processors:  The weaving facility being
present in Bhiwandi, which is a textile-processing hub in
Maharashtra, enables easy access to requisite raw materials and
provides proximity to several processing units. This helps the
company to manufacture finished fabrics in a timely manner at a
lower transit cost. Presence in textile processing hub provides
exposure to a large and strong customer base, which provides an
opportunity to increase its market share within the industry.

* Diversified customer base leading to lower counter-party risk:
Backed by long association within the industry, the promoters have
established a strong network of agents within the textile
industry, resulting in a diversified customer base across the
country. This leads to lower counter-party risk.

Credit Weaknesses

* Weak financial risk profile characterised by modest
profitability, highly stretched capital structure and weak debt
coverage indicators: The company witnessed a muted growth of 1.60%
owing to weak markets during FY2017. Profitability continued to
remain modest due to significant outsourcing of manufacturing
operations. Further, as on March 31, 2017, a high debt level of
INR15.84 crore and low net-worth of INR4.76 crore, led to a highly
stretched capital structure as indicated by high gearing of 3.33
times. Modest profitability and high interest cost on external
funding led to weak coverage indicators as represented by
OPBITA/I&F charges and DSCR of 1.49 times and 1.14 times,
respectively, during FY2017.

* Stretched liquidity emanating from high inventory levels, which
leads to high working capital intensity and entail almost full
utilisation of working capital limits:  A higher inventory level
maintained by the company to swiftly cater to its wide customer
based has kept the working capital intensity within the business
at higher level. Working capital intensity as represented by
NWC/OI continued to remain high at about 34% during FY2017,
leading to high dependency on external funding and almost full
utilisation of working capital limits.

* Stiff competition within industry limiting margin flexibility:
The textile industry is very fragmented and is characterised by
severe competition. HTPL not only faces a stiff competition from
the dominant unorganised players, but also from well-established,
organised players. Stiff completion, coupled with outsourcing of
dyeing operations (job-works), keep margins under check and limits
margin flexibility.

* Margins susceptible to adverse movement in yarn and fabric
prices:  The primarily raw material for manufacturing fabrics is
partially oriented yarn (POY). The prices of POY had earlier
demonstrated a high degree of volatility owing to its direct
linkages with crude oil prices. As a result, the margins of the
company remain highly susceptible to any adverse raw material
price variations, as the ability to pass on the price risk to its
customers is limited due to competitive pricing pressures.

Habib Textiles Pvt. Ltd. (HTPL), promoted by the Ansari family,
was incorporated in 2003. The company manufactures fabric (greige
as well as finished) that are mainly used as shirting material.
The company procures textured yarn from agents based in Mumbai and
undertakes warping, weaving, sizing and cutting works in-house,
while dyeing work is outsourced to third parties on job-work
basis. Its head office and manufacturing facility are in Bhiwandi,
Thane (Maharashtra). The company also has a sales office in Surat
(Gujarat).

HTPL has recorded an operating profit of INR2.40 crore and a
profit before tax of INR0.37 crore on an operating income of
INR50.92 crore for the year ending March 31, 2017, as per the
provisional statement.

This is against an operating profit of INR2.48 crore and net
profit of INR0.24 crore on an operating income of INR50.11 crore
for the year ended March 31, 2016, as per the audited statement.


HARITHA FERTILISERS: ICRA Raises Rating INR31cr Loan to 'C'
-----------------------------------------------------------
ICRA Limited (ICRA) has downgraded the long-term rating assigned
to the INR31.00-crore cash-credit facility of Haritha Fertilisers
Limited (HFL) from [ICRA]B to [ICRA]D and has simultaneously
upgraded the rating to [ICRA]C. ICRA has also downgraded the long-
term and short-term rating assigned to the INR4.00-crore
unallocated limit of HFL from [ICRA]B and [ICRAA4 to [ICRA]D and
has simultaneously upgraded the rating to [ICRA]C and [ICRA]A4.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term-Cash         31.00      Downgraded from [ICRA]B
  Credit                            to [ICRA]D and simultaneously
                                    upgraded to [ICRA]C

  Long Term/Short         4.00      Downgraded from
  Term-Unallocated                  [ICRA]B/[ICRA]A4 to [ICRA]D
  Limit                             and simultaneously upgraded
                                    to [ICRA]C/[ICRA]A4
Rationale

The ratings downgrade takes into account the delay in debt
servicing over the period from February 2017 till May 2017.
However, the ratings upgrade factor in no delays in meeting debt
obligations in the recent past. The ratings are constrained by the
weak financial profile of the company as reflected by the stressed
capital structure, subdued coverage indicators and dip in the
revenues for the third consecutive year in FY2017 due to adverse
monsoon. ICRA also takes note of the company's stretched liquidity
as reflected by high utilization of the working capital borrowings
due to the working capital intensive nature of operations on
account of the high inventory holding. The ratings are further
constrained by the vulnerability of profitability to raw material
price fluctuations as the purchases are not order backed and are
exposed to agro-climatic conditions. The ratings, however,
positively take into account extensive experience of the promoters
in the fertiliser industry and established sales and distribution
network with presence of over 500 dealers in Telangana. Going
forward, timely debt servicing, increase in scale of operations
and efficient management of working capital requirement will
remain the key rating sensitivities.

Key Rating Drivers

Credit Strengths

* Extensive experience of the promoters in the fertiliser
industry:  The company is promoted by Mrs. P Aruna Kumari, Mr. N.
Gani Reddy and Mr. V Rami Reddy, who have more than two decades of
experience in the fertiliser industry.

Credit Weaknesses

* Delay in debt servicing:  The company had delayed in debt
servicing over the period from February 2017 to May 2017 post
which it was regularised.

* Significant dip in revenues over the last three years:  The
company's revenue dipped significantly to INR15.73 crore in FY2017
for the third consecutive year due to adverse monsoon and limited
geographical presence in the state of Telangana.

* Stressed capital structure:  The company's capital structure and
coverage indicators remained stressed due to the high working
capital requirement as reflected by high gearing of 2.24 times as
on March 31, 2017.

* Vulnerability to fluctuations in raw material prices:  The key
raw material for the company are Urea, Muriate of Potash (MOP),
Diammonium Phosphate (DAP) and Single Super Phosphate (SSP) which
are procured from the large fertiliser manufacturing companies.
Since the purchases are not backed by orders, the company's
profitability remain vulnerable to the fluctuations in raw
material prices.

* Tight liquidity position:  The company's liquidity position
remains stretched owing to the working capital intensive nature of
operations due to the high inventory holding.

* High competition:  The company is involved in the manufacturing
of NPK mixture fertilisers, which is relatively low value additive
thus resulting in intense competition in the segment.

Incorporated in 2006, HFL is involved in the manufacturing of
nitrogen-phosphorous-potassium (NPK) fertilisers. The company has
two manufacturing facilities with installed capacity of 1.50 lakh
metric tonne per annum each. The unit-I is located at
Ankireddypalli village in Ranga Reddy district and unit-II is
located at Damaracherla village in Nalgonda district of Telangana.
The company sells products under own brand "Nandi" in Telangana.
Based on the provisional results for FY2017, HFL reported a net
profit of INR0.44 crore on an operating income of INR15.73 crore.
In FY2016, the company reported a net profit of INR0.44 crore on
an operating income of INR16.47 crore as against a net profit of
INR0.80 crore on an operating income of INR30.40 crore in FY2015.


INA ELITE: ICRA Moves 'B' Rating to Not Cooperating Category
------------------------------------------------------------
ICRA Limited has moved the long term rating outstanding of [ICRA]B
on the INR10.00-crore term loan of INA Elite Hospitality Private
Limited (IEHPL) to 'Issuer not cooperating' category. The rating
is now denoted as '[ICRA]B (Stable) ISSUER NOT COOPERATING'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Term         10.00      [ICRA]B (Stable); ISSUER NOT
  Loan                              COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating is based on no updated information on the company's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action. As part of its process and in accordance with its rating
agreement with INA Elite Hospitality Private Limited, ICRA has
been trying to seek information from the entity so as to monitor
its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence
of requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key Rating Drivers

Credit Strengths

* Extensive experience of the promoters in the hospitality
   Industry

* Favorable location of the upcoming hotel in Narsapura area
   on the NH4 highway, in proximity to one of the fastest growing
   industrial area with no major competition in the vicinity will
   support occupancy

* Support from the two operational 3-star hotels in Bangalore

Credit Weaknesses

* Small scale of operations restricts operational and financial
   Flexibility

* Significant competitive intensity in Bangalore for the two
   operational hotels in Koramangala and HSR Layout

* Cyclical industry, vulnerable to general economic slowdown and
   exogenous factors (geo-political crisis, terrorist attacks,
   disease outbreak etc.)

INA Elite Hospitality Private Limited is a closely held private
limited company of Mr. Naresh Chhabra and family. The company is
engaged in running budget hotels. There are 2 hotels under the
company located at Koramangala and HSR layout, Bangalore. The
company has around 50 permanent employees.


J.K. ASSOCIATES: CRISIL Reaffirms B+ Rating on INR4MM Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with J.K.
Associates (JKA) for obtaining information through letters and
emails dated July 10, 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
   ----------          ---------    -------
   Bank Guarantee          1.5      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Bill Discounting        2.0      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Cash Credit             4.0      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Letter of Credit       10.0      CRISIL A4 (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of J.K. Associates. This restricts
CRISIL's ability to take a forward J.K. Associates is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable/CRISIL A4'.

JKA is a Delhi-based proprietorship firm, established and promoted
in 1990 by Mr. Deepak Arora. The firm trades in dyes, pigment
raisins, chemicals and colors, particularly for textile and
printing inks industries.


JONAS PETRO: ICRA Moves 'D' Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Limited has moved the long term rating outstanding of [ICRA]D
to the INR5.50-crore long term facilities and short term rating
outstanding of [ICRA]D to the INR1.50-crore short term facilities
of Jonas Petro Products Private Limited (JPPPL) to 'Issuer not
cooperating' category. The rating is now denoted as
'[ICRA]D/[ICRA]D ISSUER NOT COOPERATING'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term-Cash
  Credit                  0.75      [ICRA]D; ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Long-term-Term
  Loan                    2.84      [ICRA]D; ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Long-term-Unallocated   1.91      [ICRA]D; ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Short-term-Bank
  Guarantee               0.05      [ICRA]D; ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

The rating is based on no updated information on the company's
performance since the time it was last rated in March 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action. As part of its process and in accordance with its rating
agreement with Jonas Petro Products Private Limited, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key Rating Drivers

Credit Strengths

* Extensive track record of the promoter:  The company is promoted
by Mr. Sunil Jonas and Ms. Sandhya Jonas who hold more than two
decades experience in petroleum trading business

Credit Weaknesses

* Weak financial profile:  The financial profile of the company is
characterised by high gearing of 48.83 times and low net-worth of
0.14 crore as on March 31, 2015. Debt protection metrics also
stood weak with NCA/TD of 0.07 times and debt service coverage
ratio of 0.90 times as on March 31, 2017

* Limited usability owing to the low energy characteristics:  The
company products has low usability owing to low calorific value of
the recycled oil as compared to the other conventional fuels

* Working capital intensive nature of operations:  The company's
operations are working capital intensive in nature due to high
inventory of finished goods and high receivables

Jonas Petro Products Private Limited (JPPPL) was established in
the year 2010 and is engaged in conversion of waste oil to
recycled fuel oil/reclaimed fuel oil (RFO). JPPPL has a storage
and processing unit of 12000 kilo liter per annum situated in
Mangalore, Karnataka. The company also has a well-equipped waste
water treatment facility. The company commenced its operations in
April 2012.


KARAN ASHOK: CRISIL Reaffirms B+ Rating on INR10MM Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Karan Ashok Auto Pvt Ltd (KAAPL) at 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft
   Facility                1.25     CRISIL B+/Stable (Reaffirmed)

   Electronic Dealer
   Financing Scheme
   (e-DFS)                10.00     CRISIL B+/Stable (Reaffirmed)

   Term Loan               1.85     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest operating margin and
financial risk profile. These rating weaknesses are partially
offset by the company established position as a dealer for Honda
Cars India Ltd (HCIL) in the Kumaon region of Uttarakhand.

Key Rating Drivers & Detailed Description

Weakness

* Modest operating margin:  The trading nature of business and
pricing pressures from competition constrain operating margin, as
reflected in operating margin of 2.7-3.8% over the four fiscals
ended 2017; estimated operating margin was 3.5% in fiscal 2017.
The margins are likely to remain in similar range, over the medium
term.

* Modest financial risk profile:  The financial risk profile is
modest driven by modest networth (estimated networth was INR2.7
crores as on March 31, 2017), moderate total outside liabilities
to adjusted networth (TOLANW) ratio (estimated TOLANW was 3.0
times as on March 31, 2017) and modest debt protection metrics
(estimated interest coverage ratio at 1.7 times for fiscal 2017).
The financial risk profile is expected to remain modest over the
medium term.

Strengths

* Established position as a dealer for Honda Cars India Ltd (HCIL)
in Uttarakhand:  KAAPL has been associated with HCIL since
inception in 2010 and enjoys an established market position, being
the sole dealer in Uttarakhand region. This has resulted in
estimated operating income of INR31.9 crores in fiscal 2017.
Benefits from its association with HCIL are likely to continue
over the medium term.

Outlook: Stable

CRISIL believes KAAPL will continue to benefit over the medium
term from its established market position. The outlook may be
revised to 'Positive' in case of substantial improvement in sales
volume and operating margin, or significant equity infusion
resulting in a better capital structure, along with prudent
working capital management. Conversely, the outlook may be revised
to 'Negative' if market share reduces, thereby significantly
impacting revenue and profitability, or in case of any large,
debt-funded capital expenditure, or stretch in working capital
requirement, leading to deterioration in liquidity.

KAAPL was incorporated in 2010, promoted by the Haldwani,
Uttarakhand-based Singh family. The company runs HCIL dealerships
in Haldwani, Rudrapur, and Moradabad. Mr. Ashok Pal Singh and his
son, Mr. Gaurav Singh, the directors, manage operations. In fiscal
2017, estimated operating income was INR 31.9 crores.


KUDU INDUSTRIES: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kudu Industries
Limited's (KIL) 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:

-- INR25 mil. Long-term loans migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR75 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

KIL was incorporated in 1990. Its manufacturing facilities at
Ludhiana, Punjab have an installed capacity of producing 20 tonnes
of fabric per day in different knits from a wide range of coarse
to fine gauges and a variable selection of single jersey,
interlock and other specialty and basic knits. It specialises in
lycra and performance fabrics with moisture wicking, UV coating,
soil repellent, among others. The entity is managed by Gagan
Bishan Mittal and his sons Gaurav Mittal and Gautam Mittal


KUTTANAD RUBBER: CRISIL Reaffirms 'B' Rating on INR6.36MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with The
Kuttanad Rubber Co Ltd (KRCL) for obtaining information through
letters and emails dated July 11, 2017 and August 07, 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/
   Overdraft facility       1        CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           .05      CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Mortgage Loan
   Facility                6.35     CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of The Kuttanad Rubber Co Ltd.
This restricts CRISIL's ability to take a forward The Kuttanad
Rubber Co Ltd is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

KRCL is a closely held public limited company and operates a
rubber plantation of 440 acres in Kanjirapally (Kerala). The
company extracts raw rubber latex from its plantation and sells it
to local centrifuged latex (cenex; used in making medical and
surgical items) manufactures. The daily operations of the company
is managed by the executive director, Mr. Joseph Thomas.


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

The instrument-wise rating action is:

-- INR140.73 mil. Term loans migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 8, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy. The company operates with 300-bed hospital
(Tulasi Hospitals) in Hyderabad, Telangana. The hospital provides
services in cardiovascular, ophthalmology, neurology, paediatrics
and other segments.


MAHALAXMI ASSOCIATES: ICRA Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
ICRA Limited has reaffirmed the long term rating for the INR6.0-
crore fund based facility of Mahalaxmi Associates Private Limited
(MAPL) at [ICRA]B+. The outlook on the long-term rating is stable.
ICRA has also reaffirmed the short-term rating for the INR10.0-
crore non-fund based facility of MAPL at [ICRA]A4. The rating is
moved to the 'Issuer Not Cooperating' category. The rating is now
denoted as: "[ICRA]B+ (stable), [ICRA]A4 ISSUER NOT COOPERATING".

CRISIL gave these ratings:

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based limit        6.00     [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved
                                   to the 'Issuer Not
                                   Cooperating' category

  Non-fund based limit   10.00     [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

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

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

Key Rating Drivers

Credit Strengths

* Experience of the promoters in coal trading business:  MAPL has
been engaged in the business of coal trading for over fifteen
years. The promoters are involved in the similar line of business
through a group entity also.

Credit Weaknesses

* High competitive intensity of business with presence of large
number of players in the unorganized keeps margins under pressure:
MAPL operates in a highly competitive business with the presence
of a large number of players in the unorganized segment owing to
low entry barriers, thereby keeping the margins under pressure.

* Limited value addition: MAPL is engaged in trading of coking and
non-coking coal primarily in the northern and north-eastern states
of India. Given the trading nature of its operations, there is
limited value addition done by the company.

Incorporated in 1998, MAPL is engaged in trading of coking and
non-coking coal primarily in the northern and north-eastern states
of India. The company commenced trading in sugar and rice from
FY2015 onwards. Its registered office is located at Beltola in
Guwahati, Assam, with branches at Ludhiana (Punjab), Kutch
(Gujarat) and Paradip (Odisha). The company has a number of group
entities, including Mahalaxmi India Private Limited, which are
also engaged in coal trading.


MASUR GARDEN: CRISIL Reaffirms B Rating on INR5.80MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Masur
Garden Resorts Private Limited (MGRPL) 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
   ----------           ---------     -------
   Proposed Long Term       .25       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                 Cooperating; Rating
                                      Reaffirmed)

   Term Loan               5.80       CRISIL B/Stable (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

Masur Garden Resort Pvt Ltd (MGRPL), incorporated in 2005, is
currently setting up a resort in Ramanagar, Karnataka. MGRPL
currently operates a tours and travels agency and ticket booking
counter of VRL Logistics Ltd. The company is promoted by Mr.
Adiveppa Masur.


MATESHWARI PAPER: CRISIL Reaffirms B+ Rating on INR1.65MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mateshwari
Paper Mill Private Limited (MPMPL) for obtaining information
through letters and emails dated July 11, 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
   ----------          ---------      -------
   Proposed Cash
   Credit Limit            1.65       CRISIL B+/Stable (Issuer
                                      Not Cooperating: Rating
                                      reaffirmed)

   Proposed Letter
   of Credit                .60       CRISIL A4 (Issuer Not
                                      Cooperating: Rating
                                      reaffirmed)

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

Detailed Rationale

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

Mateshwari Paper Mill Private Limited (MPMPL) incorporated in
December, 2012 is engaged in manufacturing of kraft paper and the
company now proposes to set up a 100 TPD waste paper based duplex
paper board manufacturing facility. The duplex board unit is
expected to commence commercial operations from December 2016
onwards.


MEERA AND COMPANY: ICRA Lowers Ratings on Bank Loans to D
---------------------------------------------------------
ICRA Limited has downgraded the long term rating to [ICRA]D from
[ICRA]C+  and short term rating to [ICRA]D from [ICRA]A4 for the
bank facilities of Meera and Company Limited (MACL). ICRA has also
moved the rating to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund Based Limits-       9.50      [ICRA]D ISSUER NOT
  Cash Credit                        COOPERATING; Rating
                                     downgraded from [ICRA]C+ and
                                     moved to the 'Issuer Not
                                     Cooperating' category

   Non Fund Based Limits    0.10     [ICRA]D ISSUER NOT
                                     COOPERATING; Rating
                                     downgraded from [ICRA]A4 and
                                     moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing by MACL
to the lender(s), as confirmed by them to ICRA. The rating
downgrade further factors in the stretched liquidity position as
evidenced by overutilization and high working capital intensity.

ICRA has limited information on the entity's performance since the
time it was last rated in April 2016.

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

Key Rating Drivers

Credit Strengths

* Long experience of the promoters in the engineering products
manufacturing business:  The Company is fully owned by Mr. Rajen
Gupta and his family members. He has more than two decades of
experience in engineering products manufacturing sector.

Credit Weaknesses

* Delay in debt servicing:  The key driver of the rating revision
is the delay in servicing the debt obligations.

* Stretched liquidity position:  Increase in debtor and inventory
days increased networking capital intensity in FY2016 affecting
liquidity of the company.

MACL manufactures Diesel Generating Sets for various applications.
Till 2010 the company was operating as an OEM1 for DG sets for
Mahindra and Leyland. However, in 2010 the company has set up its
own engine manufacturing unit and is selling the DG sets under the
brand name of 'Meeraco'. The company is fully owned by Mr Rajen
Gupta and his family members and has a presence mainly in Punjab.
MACL has two manufacturing unit located in Jammu and Ludhiana.


MONGA IRON: CRISIL Reaffirms B- Rating on INR6MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Monga Iron
& Steel Pvt. Ltd. (MISPL) for obtaining information through
letters and emails dated July 10, 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
   ----------          ---------    -------
   Cash Credit              6       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term       6       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 Monga Iron & Steel Pvt. Ltd...
This restricts CRISIL's ability to take a forward Monga Iron &
Steel Pvt. Ltd. is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B-/Stable'.

MISPL was set up in 1985 as a proprietorship firm, and was
reconstituted as a private limited company with the present name
in 2008. The company trades in stainless steel products. Its
registered office is in New Delhi.


NV NAGESWARA: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated N.V. Nageswara
Rao's (NVNR) 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:

-- INR110 mil. Fund-based limits (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

-- INR29.1 mil. Term loan (long-term) migrated to non-
    cooperating category IND D(ISSUER NOT COOPERATING) rating;
    and

-- INR20 mil. Non-fund-based limits (short-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 5, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1979, NVNR is a proprietorship business engaged in
the construction of roads, railway lines and minor bridges. Its
registered office is in Vijaywada, Andhra Pradesh. It is managed
by Mr. Nageswara Rao.


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

-- INR70 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, Nandraj Rice Mill is engaged in the business
of rice milling and packaging of non-basmati rice. The plant has
an installed capacity for processing 3.5 tonnes of paddy per hour.


PARTH COTTON: ICRA Moves C+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Limited has moved the ratings for the INR6.50 crore bank
facilities of Parth Cotton and Oil Industries (PCOI) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]C+ ISSUER NOT COOPERATING".

CRISIL gave these ratings:

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------    -------
  Term Loan               1.50     [ICRA]C+ ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

  Cash Credit            5.00      [ICRA]C+ ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The rating action is based on limited information on the company's
performance since the time it was last rated in February 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
company. The company's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

Key Rating Drivers

Credit Strengths

* Long standing experience of the promoters in the cotton industry

* Favorable location of the plant in Saurashtra region of Gujarat

Credit Weaknesses

* Relatively small scale of operations

* Highly fragmented and competitive industry structure is expected
to keep margins under pressure

* Vulnerability of profitability to any adverse fluctuations in
the raw material prices, which are subject to seasonality, crop
harvest and government regulations

* Risks inherent in partnership firm with respect to capital
withdrawals and its potential impact on credit profile

Incorporated in the year 2012, Parth Cotton & Oil Industries
(PCOI) is engaged in the business of cotton ginning and cotton
seed crushing. The firm commenced commercial production from
November 2013 from its manufacturing facility located at Morbi in
Gujarat. The unit is equipped with 24 ginning machines, 1 pressing
machine and 5 expellers, having processing capacity of approx.
17280 MTPA of raw cotton. PCOI is a partnership firm with the
promoters having extensive experience in the cotton industry for
more than a decade.


PATEL WOOD: ICRA Moves 'D' Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Limited has downgraded the long-term rating to [ICRA]D from
[ICRA]B+ for the INR1.00 crore sub-limit within INR9.00 crore fund
based limit of Patel Wood Syndicate. ICRA has also downgraded the
short-term rating for the INR9.00 crore fund based and non-fund
based limits to [ICRA]D from [ICRA]A4. ICRA has also moved the
rating to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D ISSUER NOT COOPERATING".

CRISIL gave these ratings:

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based Limit-       9.00       [ICRA]D ISSUER NOT
  Packing Credit                     COOPERATING; Rating revised
                                     from [ICRA]A4 and moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Fund Based Limits-
  Post-shipment limit    (9.00)      [ICRA]D ISSUER NOT
                                     COOPERATING; Rating revised
                                     from [ICRA]A4 and moved to
                                     the 'Issuer Not Cooperating'
                                     category
  Fund Based Limit-
  Import Trust           (9.00)      [ICRA]D ISSUER NOT
                                     COOPERATING; Rating revised
                                     from [ICRA]A4 and moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Non-fund Based Limits-
  Letter of Credit       (9.00)      [ICRA]D ISSUER NOT
                                     COOPERATING; Rating revised
                                     from [ICRA]A4 and moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Fund Based Limit-
  Cash Credit            (1.00)      [ICRA]D ISSUER NOT
                                     COOPERATING; Rating revised
                                     from [ICRA]B+ and moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

The rating downgrade follows the delays in debt servicing by PWS
in September 2017 following pressure on liquidity due to
significant increase in debtors over the past two years. ICRA also
notes that the firm's revenues have been declining since FY2014
due to ban imposed on exports of unprocessed timber from Myanmar.
The rating is based on limited cooperation from the entity since
the time it was last rated in March 2016. As part of its process
and in accordance with its rating agreement with Patel Wood
Syndicate, ICRA has been sending repeated reminders to the entity
for payment of surveillance fee that became due. However, despite
multiple requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite cooperation and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, the company's rating has been moved to the
"Issuer Not Cooperating" category. The lenders, investors and
other market participants may exercise appropriate caution while
using this rating, given that it is based on limited updated
information on the company's performance since the time it was
last rated.

Key Rating Drivers

Credit Strengths

* Established track record of the promoters in the timber
business:  Established in 1986, PWS is engaged in the business of
sawing and trading of timber. All the promoters have extensive
experience of over three decades in timber trading business.

Credit weaknesses

* Recent delay in debt servicing owing to liquidity pressure:  PWS
had installed solar panels in Solapur, Maharashtra in 2013 at a
total cost of Rs.7.22 crore. The project was largely funded by
external debt (term loan) of Rs.5.04 crore and balance INR2.18
crore was met through own funds. The firm has delayed the
repayment of the availed term loan, due in September 2017 on
account of liquidity pressure

* Declining revenues post announcement of ban on export of timber
from Myanmar in 2014:  The firm's operations have been adversely
hit in the past two years, following a ban on export of timber
from Myanmar announced in April 2014. While, the top-line was
supported in FY2015, by selling the accumulated inventory, the
turnover has been falling over the past two fiscals

* High working capital intensity owing to high receivables:  The
firm's net working capital intensity has increased significantly
in FY2017 to 86% from 60% in FY2016 on account of high receivables
outstanding.

Established in 1986, PWS is a partnership concern engaged in
sawing and trading of timber. In 2006, the firm diversified its
business into renewable power generation with setup of windmills
in Solapur, Maharashtra. Further in 2013, the firm increased its
power generation capacity with installation of solar panels in
Solapur, Maharashtra.

The firm is actively managed by five partners viz. Mr. Bhavan
Patel, Mr.Kanitlal Patel, Mr. Maganlal Patel, Mr. Dahyabhai Patel
and Mr. Gangadas Patel. All the partners are well qualified and
have long standing experience in timber trading. The firm has its
registered office located in Andheri, Mumbai and a timber yard and
saw mill located in an area of 30,000 sq.ft in Bhiwandi
In FY2017, the firm reported profit before tax of INR3.44 crore on
an operating income of INR11.07 crore compared with profit before
tax of INR2.91 crore on an operating income of INR18.56 crore in
the previous year.


R.K CITY: ICRA Lowers Rating on INR18cr LT Loan to 'D'
------------------------------------------------------
ICRA Limited has revised its long-term rating on the INR18.00
crore bank facilities of R.K City Developers Private Limited to
[ICRA]D from [ICRA]B+.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long-term fund-
  based Limits          18.00      [ICRA]D; Revised from [ICRA]B+

Rationale

The key driver of the rating revision is the delay in debt
servicing by R K City due to the company's stretched liquidity
position. ICRA takes note of R K City's moderate scale of
operations; risk related to the real estate sector, dependence on
project performance, sector cyclicality and mismatch in cash flows
resulting in stressed liquidity position. ICRA however takes note
of the extensive experience of the promoters in diversified
businesses including agro-processing, trading, real estate and
construction and others.

The company's ability to demonstrate a track record of timely debt
servicing, driven by a sustained improvement in its liquidity
position, will be the key rating sensitivity.

Key Rating Drivers

Credit Weaknesses

* Delays in debt servicing:  Mismatch in cash flows resulted in
stressed liquidity position, which led to delay in dent servicing

R.K. City Developers Private Limited (RK City) is a closely held
company promoted by Mr Rakesh Kumar and his father Mr Vijay Kumar
who take up construction of real estate and commercial projects
for the group and other regional players. The company has been in
this line of business for the past four years and has completed
construction of a housing project for its promoter group
comprising 74 apartments at Moga (Punjab).


R.K. DHABHAI: ICRA Moves 'D' Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Limited has moved the ratings for the INR6.62 crore bank
facilities of R.K. Dhabhai Minerals and Chemicals Private Limited
to the 'Issuer Not Cooperating' category. The rating is now
denoted as [ICRA]D; ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term: Fund        4.41       [ICRA]D ISSUER NOT
  Based Limits                      COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating category

  Short term: Non        2.21       [ICRA]D ISSUER NOT
  Fund Based Limits                 COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating category

Rationale

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

As part of its process and in accordance with its rating agreement
with RK, ICRA has been trying to seek information from the entity
so as to monitor its performance. However, despite multiple
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating is now denoted as: "[ICRA] D ISSUER NOT COOPERATING".

Key Rating Drivers

Credit Strengths

* Experienced promoters Credit weaknesses

* Small scale of operations

* Business viability and growth is dependent on ability of the
company to fetch new orders and renewal of the existing orders
from the clients

Incorporated in 2007 by Mr. R.K. Dhabhai and his wife Mrs. Urmila
Dhabhai, RK performs job work like grinding, crushing, loading and
transportation of rock phosphate for Rajasthan State Mines and
Minerals Limited and Hindustan Zinc Limited. The company's two
operational units for grinding and crushing are located in
Rajasthan with a total grinding capacity of 1,08,000 metric tonnes
(MT) per annum and total crushing capacity of 2,40,000 MT per
annum.


RADHAGOBINDA RICE: ICRA Moves 'D' Rating to Not Cooperating
-----------------------------------------------------------
ICRA Limited has reaffirmed the long term rating for the INR5.4-
crore term loan facility and INR2.2-crore cash credit facility of
Radhagobinda Rice Mill Private Limited (RRMPL) at [ICRA]D. The
rating is moved to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term         5.40      [ICRA]D ISSUER NOT
  Loan                              COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund-based-Cash         2.20      [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

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

Key Rating Drivers

Credit strengths

* Experience of the promoters in the rice milling business:  The
promoters of RRMPL have been engaged in the business of rice
milling through a group entity for over a decade.

* Presence in a major paddy growing area results in easy
availability of paddy:  The company procures paddy from the local
farmers and traders on cash basis. By virtue of its location, the
company enjoys proximity to raw material sources, which results in
easy availability of paddy and also keeps the inward freight costs
under control.

Credit weaknesses

* Low entry barriers:  RRMPL operates in a highly fragmented
nature of the industry, which intensifies competition and puts
pressure on margins.

Incorporated in 2009, RRMPL is currently engaged in the milling of
non-basmati rice with an installed capacity of 28,800 metric tonne
per annum (MTPA). The manufacturing facility of the company is
located at Jaunlia, in the district of Murshidabad, West Bengal.
The company started its production in July 2012.


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

The instrument-wise rating actions are:

-- INR91.8 mil. Long-term loans migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating;

-- INR185 mil. Fund-based Facilities migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) rating; and

-- INR14.6 mil. Non-fund-based Facilities migrated to non-
    cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RCMPL was set up in 2004 by Mr. A Arumugam. It manufactures grey
cotton and cotton yarn in counts ranging from 20s to 40s. The
company's facilities are located in Gobichettipalayam, Tamil Nadu.


S.M. INTERIOR: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with S. M.
Interior Private Limited (SMIPL). for obtaining information
through letters and emails dated July 11, 2017 and August 9, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.7       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

   Proposed Fund-          0.3       CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2011 and promoted by Mr. Sahabuddin Molla and Ms.
Naima Parvin, SMIPL provides end-to-end interior design solutions
for corporates and for residential projects. The company also
executes civil construction projects, mostly for the government.


SAIKRUPA COTGIN: ICRA Withdraws B+ Rating on INR19.21cr Loan
------------------------------------------------------------
ICRA Limited has withdrawn the long-term rating of [ICRA]B+
outstanding for the INR19.21 crore long-term, fund-based limits of
Saikrupa Cotgin Private Limited (SCPL).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  based Limits           19.21       [ICRA]B+; withdrawn

Rationale

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

Incorporated in 2009, Saikrupa Cotgin Private Limited is a 100%
promoter owned company engaged in ginning and pressing of raw
cotton. The company also undertakes crushing of cottonseed to
extract cottonseed oil and oil cake. The company's manufacturing
facility is located at Wani Town in Yavatmal district of
Maharashtra. SKCPL was set up by taking over the assets and
liabilities of Saikrupa Ginning Factory (proprietor Sunil Katkade)
and Saikrupa Ginning and Pressing Industries (proprietor
Mahadeorao Katkade) in FY2012. The Saikrupa Ginning Factory (SGF),
which commenced operations in FY2005, was engaged in the ginning
of raw cotton. Saikrupa Ginning and Pressing Industries (SGPI),
which commenced operations in 2006, was engaged in pressing of
ginned cotton produced by SGF, along with the manufacturing of
cottonseed oil and oil cake.


SANJAY RICE: ICRA Moves 'D' Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Limited has moved the ratings for the INR8.50-crore bank
facilities of Sanjay Rice Mills Private Limited (SRMPL) to the
'Issuer Not Cooperating' category. The rating is now denoted as:
"[ICRA]D ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash        2.75       [ICRA]D ISSUER NOT
  Credit                            COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Term        4.16       [ICRA]D ISSUER NOT
  Loan                              COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Non Fund-based-        0.32       [ICRA]D ISSUER NOT
  Bank Guarantee                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Unallocated            1.27       [ICRA]D ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

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

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

Key Rating Drivers

Credit Strength

* Long experience of the promoters in rice milling business: The
promoters of the company are experienced in the rice milling
business through one of its group entities, which is engaged in
the production of parboiled rice at Cooch Behar, West Bengal.

Credit Challenge

* Strong competition owing to low entry barriers: The ratings also
take into account the intense competition in the business due to
low entry barriers, thus exerting pressure on margins.

Incorporated in 2011, SRMPL is engaged in milling non-basmati rice
with a de-husking capacity of 6 metric tonne per hour (MTPA). The
manufacturing facility of the company is located at Cooch Behar,
West Bengal. The company commenced its commercial operation from
October 2014.


SIMHAPURI ENERGY: ICRA Moves 'D' Rating to Not Cooperating
----------------------------------------------------------
ICRA Limited has moved the ratings for the INR2206.81 crore bank
facilities of Simhapuri Energy Limited to the 'Issuer not co-
operating' category. The rating is now denoted as: "[ICRA]D ISSUER
NOT CO-OPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  based Limits          2173.01     [ICRA]D ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Long-term
  Unallocated Limits      33.80     [ICRA]D ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating takes into account continued delays in debt servicing
by the entity. As part of its process and in accordance with its
rating agreement with SEL, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information,
ICRA's Rating Committee has taken a rating view based on best
available information in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's
rating is now denoted as: "[ICRA]D ISSUER NOT COOPERATING". The
lenders, investors and other market participants may exercise
appropriate caution while using this rating, given that it is
based on limited or no updated information on the company's
performance since the time it was last rated.

Key Rating Drivers

Credit strengths

* No execution risk for project:  The operational nature of this
project eliminates the execution risk

Credit challenges

* Delays in debt servicing:  The rating is constrained by delays
in debt servicing by SEL. Currently the account is declared as
NPA.

* Lack of long term Power Purchase Agreements (PPAs):  SEL has
high off-take risk owing to lack of long term power purchase
agreements (PPAs) for its 600 MW operational thermal power
capacity. ICRA notes that the capacity tied-up with PTC India
Limited (350 MW out of 600 MW) does not have back to back firm
PPAs.

Simhapuri Energy Limited (SEL), promoted by the Hyderabad based
Madhucon Group, is setting up a coastal coal based thermal power
plant with an ultimate capacity of 1920 MW, to be developed in
three phases near Krishnapatnam, in Nellore District, Andhra
Pradesh. The Madhucon Group largely undertakes EPC works across
various sectors with Madhucon Projects Limited as its flagship;
the Group also has several investments in BOT projects. Simhapuri
Energy has commissioned Phase 1 (300 MW) and Phase 2 of the
project (300 MW).


SNEHA MARKETING: CRISIL Reaffirms B Rating on INR6.0MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Sneha
Marketing (SM) for obtaining information through letters and
emails dated July 11, 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
   ----------          ---------    -------
   Cash Credit            3.95      CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Foreign Letter         6.00      CRISIL B/Stable (Issuer Not
   of Credit                        Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      .05      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 Sneha Marketing. 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 Sneha Marketing is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable'.

SM, established in 2000, trades in polystyrene granules and other
polymers. It is an authorised distributor of high-impact
polystyrene (HIPS) and general-purpose polystyrene (GPPS) products
of LG Polymers India Pvt Ltd (LGPI) in Silvassa and Maharashtra.


SREE VAAGESWARI: CRISIL Reaffirms D Rating on INR6MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Sree Vaageswari Educational Society (SVES) at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                5        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1        CRISIL D (Reaffirmed)

   Rupee Term Loan          6        CRISIL D (Reaffirmed)

The ratings reflect instances of delay in servicing debt; the
delays were owing to weak liquidity.

The ratings also reflect high geographical concentration in
revenue profile and exposure to risks arising from the competitive
and regulated nature of the education industry. However it
benefits from extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* High degree of geographical concentration in its revenue
profile:  The society has an integrated campus with six institutes
which are located in Karimnagar (Telangana), thus exposing its
revenues to risks related to concentration in a single geography.

* Exposure to risks arising from the competitive and regulated
nature of the education industry:  SVES, like other colleges in
the area, faces competition from many reputed universities and
colleges in Karimnagar and other parts of Telangana and Andhra
Pradesh.  Moreover, the education segment is highly regulated and
hence SVES would remain exposed to risks arising from the
regulated nature of education industry

Strengths

* Extensive experience of promoters in education sector: SVES has
been in existence for around a decade. The promoters' extensive
industry experience has helped the society expand aggressively by
opening six institutes and establish a strong brand in Karimnagar

Founded in 1988 by the Reddy family, SVES operates six institutes
which provide education in engineering, degree, and pharma science
and management studies. The colleges are affiliated to Jawaharlal
Nehru Technological University, Hyderabad. The society is based in
Karimnagar (Telangana).

During fiscal 2017, the Society reported a profit after tax (PAT)
of INR1.28Crores on operating income of INR20.37 Crores against
PAT of INR0.37 Crores on operating income of INR16.12 Crores in
the previous fiscal.


THARU JANJATI: CRISIL Reaffirms B+ Rating on INR1MM Loan
--------------------------------------------------------
CRISIL Ratings has been consistently following up with Tharu
Janjati Mahila Vikas Samiti (TJMVS) for obtaining information
through letters and emails dated July 10, 2017 and August 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-           1        CRISIL B+/Stable (Issuer Not
   Based Bank Limits                 Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Tharu Janjati Mahila Vikas
Samiti. This restricts CRISIL's ability to take a forward Tharu
Janjati Mahila Vikas Samiti is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable'.

TJMVS, set up in 1989, is a not-for-profit society and is managed
by Mr. K N Pandey. It is based in Lucknow, Uttar Pradesh, and is
engaged in various state and central government schemes such as
Kasturba Gandhi Balika Vidyalaya, Target Intervention, (Uttar
Pradesh Welfare for People Living with HIV/AIDS (UPNP+), Neer
Nirmal Pariyojna, in Lucknow and surrounding areas.


VASWANI INDUSTRIES: Ind-Ra Migrates BB Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vaswani
Industries Limited's (VIL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB+'. The Outlook is Stable. The instruments-wise rating
actions are:

-- INR400 mil. Fund-based working capital limit downgraded with
    IND BB/Stable rating;

-- INR81.6 mil. Term loans withdrawn (repaid in full) with WD
    rating; and

-- INR320 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects continued deterioration in VIL's overall
liquidity profile as reflected by 99.75% average maximum
utilisation of working capital limits during the 12 months ended
August 2017.

The ratings also factor in VIL's sustained moderate scale of
operations and credit metrics. Revenue grew to INR2,555 million in
FY17 (FY16: INR2,375 million) due to an increase in sales volume
of sponge iron, steel billets and ingots, partially offset by a
decline in average realisation of sponge iron. The company's
moderate scale makes it more vulnerable to fluctuations in prices
of raw materials and end products, with limited ability to absorb
the same in absence of full integration. Interest coverage
(operating EBITDA/gross interest expense) was 1.76x in FY17 (FY16:
1.8x) and net leverage (total adjusted net debt/operating EBITDAR)
was 2.36x (2.49x).

However, the ratings continue to draw comfort from VIL's founders'
experience of over two decades in the iron and steel industry.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity profile while
maintaining the current credit profile will be positive for the
ratings.

Negative: Any further deterioration in the overall liquidity
profile and worsening of the credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 2003, VIL is engaged in power generation and
manufacturing of sponge iron, steel billets and ingots in Raipur.
Its sponge iron is mainly used as a raw material for manufacturing
mild steel billets/ingots. Its captive power plant provides
uninterrupted power supply to its manufacturing plant.


VERA INDIA: ICRA Lowers Rating on INR25cr LT Loan to 'D'
--------------------------------------------------------
ICRA Limited has revised its long-term rating on the INR25.00
crore bank facilities of Vera India Limited to [ICRA]D from
[ICRA]B+.

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Long-term fund-
  based Limits          25.00      [ICRA]D; Revised from [ICRA]B+

Rationale

The revision in ratings follows delays in debt servicing by Vera
India Limited due to the company's stretched liquidity position.
ICRA takes note of the company's moderate scale of operations;
vulnerability of the company's profit margins to adverse
fluctuations in raw material prices, mismatch in cash flows
resulting in stressed liquidity position.

The company's ability to demonstrate a track record of timely debt
servicing, driven by a sustained improvement in its liquidity
position, will be the key rating sensitivity.

Key Rating Drivers

Credit Weaknesses

* Delays in debt servicing:  Mismatch in cash flows resulted in
stressed liquidity position which led to delay in dent servicing

VIL was incorporated in July 2013 with Mrs. Sita Rani, Mr. Vijay
Kumar and Mr. Rakesh Kumar as its promoters. The company began
operations in August 2013 and is engaged in trading of tea, cotton
and mustard seeds, cakes and oil. The company operates out of its
office situated at Muktsar, Punjab, in the same area as the
group's other manufacturing companies- Vijay Oil Mills and Vijay
Agro Foods Pvt Ltd.


WARANA DAIRY: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research has downgraded ratings of Warana Dairy
And Agro Industries Ltd's (WDAIL) bank loans to 'IND D' from 'IND
BB (suspended)'. The ratings have also been migrated to the non-
cooperating category. The issuer did not participate in the rating
exercise, despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR485.19 mil. Bank loan  (Long-term) downgraded and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR80 mil. Fund-based working capital limit (Long-term)
    downgraded and  migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects the classification of WDAIL's account as
non-performing by the banker.

RATING SENSITIVITIES

Positive: Reclassification of the account as standard and timely
debt servicing thereafter would be positive for the ratings.

COMPANY PROFILE

Shree Warana Sahakari Dudh Utpadak Prakriya Sangh Limited (SWS) a
co-operative society established in 1968, set up WDAIL in 2008 in
Warana, Maharashtra for the purpose of milk processing and milk
products manufacturing.


YANTRA GREEN: CRISIL Reaffirms 'D' Rating on INR31.19MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Yantra
green Power Private Limited (YGP) for obtaining information
through letters and emails dated June 29, 2017 and July 20, 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         31.19      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

YGP was set up in 2012 by Vivimed Labs Ltd, BBR Projects Pvt Ltd,
Mr. Santosh Varalwar, and Mr. Sandeep Varalwar. The company is
setting up a 5-megawatt solar photovoltaic-based power plant in
Hyderabad. The plant is expected to commence operations in October
2015.


YASH JEWELLERY: CRISIL Reaffirms 'D' Rating on INR119.3MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Yash
Jewellery Private Limited (YJPL) 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
   ----------          ---------      -------
   Corporate Loan         119.3       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Funded Interest
   Term Loan                4.93      CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Packing Credit          20         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Post Shipment Credit    30         CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

   Working Capital
   Demand Loan             41.77      CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

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

YJPL, incorporated in 2006, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold jewellery.



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


WIJAYA KARYA: Fitch Publishes 'BB' Long-Term IDR; Outlook Stable
----------------------------------------------------------------
Fitch Ratings has published Indonesia-based construction company
PT Wijaya Karya (Persero) Tbk's (WIKA) Long-Term Issuer Default
Rating (IDR) of 'BB' and National Long-Term Rating of 'AA(idn)'.
Both ratings are on Stable Outlook.

The ratings reflect WIKA's profile as one of the largest and
operationally most diversified, in terms of construction projects,
state-controlled construction companies. The company's strong
order-book growth in the last few years and sound financial
profile also underpin its ratings. The ratings also incorporate a
two-notch rating uplift on account of the moderate linkages
between the company and its majority shareholder, the state of
Indonesia (BBB-/Positive, 65.05% ownership), as defined in Fitch's
Parent and Subsidiary Rating Linkage criteria. Government has
oversight over WIKA's operations, and the company is strategically
important to government's plans for infrastructure growth.

KEY RATING DRIVERS

Robust Order-Book Growth: WIKA's order book expanded to IDR83
trillion in 2016, surpassing Fitch expectations. The company
achieved 48% of its IDR43 trillion full-year 2017 target for new
contracts within the first half. Fitch expects new contract wins
over the medium term to ease gradually as the company focuses more
on executing its existing order-book. Nevertheless, order-
book/revenue should remain high at 4.0x-4.5x in the next three to
four years.

Large Flagship Projects: The strong order-book growth has been
supported by large strategically important flagship projects as
part of the government's infrastructure development program such
as the IDR15.7 trillion Jakarta-Bandung High Speed Railway project
(HSR), which contributed new orders of IDR54 trillion during 2016.
However, execution of the contracts has been slower than expected,
resulting in weaker cash generation and revenue recognition.

Delays in land acquisition were the main reason for the project
delays across various projects. However, the government has
recently announced new regulations (Peraturan Pemerintah (PP) No
13/2017) in order to help expedite the land-clearing process for
National Strategic Projects, and this may help to mitigate further
delays in the execution of the HSR project. WIKA has also had to
prioritise the delivery of the Balikpapan-Semarinda toll road, the
Kelapa Gading LRT project and a few others over the HSR, as these
other projects need to be completed ahead of the Asian games which
will be held in Jakarta in 2018.

Project-Concentration Risks: Other major flagship projects won in
2016 include the Balikpapan-Semarinda Toll road and the Kelapa
Gading LRT project. These, combined with the HSR project, account
for 32% of WIKA's 2016 order-book, while the HSR project on its
own represents18%

Strategic Importance to Government: WIKA's linkages with the state
stem from its strong operational and strategic linkages but weak
legal linkages. In 2016 the government injected its full-share of
a rights issue of IDR6.1 trillion in order to support WIKA's
medium-term order-book growth.

Small Scale, Cash Flow Deficit: WIKA's standalone credit profile
reflects its small operating scale relative to global and national
peers as well as its negative free cash flow (FCF) stemming from
the requirement to fund the government's infrastructure programme.
Fitch expects WIKA to remain in a high-growth phase over the next
few years, and FCF is therefore likely to remain negative. These
negatives are counterbalanced by WIKA's relatively low leverage
compared with global and local peers, as well as its strong access
to domestic credit markets because of its association with
government and government-sponsored construction projects.

DERIVATION SUMMARY

WIKA's standalone IDR of 'B+' compares well with international
peers such as Italy's Astaldi S.p.A (B+/Stable) and Spain's Grupo
Aldesa (B/Stable). WIKA's standalone National Long-Term Rating of
'A+(idn)' compares well with PT Sri Rejeki Isman Tbk (Sritex,
A+(idn)/Stable), and PT Waskita Karya (Persero) Tbk (WSKT,
standalone rating of 'BBB+(idn)'/Stable).

Groupo Aldesa's operations are more geographically diverse than
WIKA. However, WIKA has a larger operating scale - as reflected in
its leading market position in Indonesia, and a substantially
stronger financial profile than Aldesa. For these reasons WIKA's
standalone IDR of 'B+' is higher than Aldesa's 'B' IDR. Aldesa
faces multiple challenges in its end markets and there are limited
growth prospects, while growth prospects for WIKA are brighter.

Astaldi's operating scale is larger than that of WIKA, although
its project-concentration risk is significantly higher. Still,
larger scale is reflected in Astaldi's broader greater
geographical diversity than WIKA. However Astaldi's heavy
investments in toll-road concessions has led to substantially
higher leverage than WIKA, and therefore Astaldi is rated at the
same level as WIKA's 'B+' standalone IDR.

WIKA's cash flows would be more cyclical than those of Sritex as
it is leveraged to the pace at which government executes its
infrastructure programme - and therefore the last eight years show
continued strong growth in order-book and cash flows stemming from
Indonesia's infrastructure investments. WIKA has a considerably
stronger financial profile than Sritex to compensate for more
cyclical cash flows, and is therefore rated at the same Indonesian
National rating level as Sritex on a standalone basis.

WSKT is the largest domestic construction company, and its recent
business growth has been due largely to a rapid increase in toll-
road investments and related order-book in 2016. Both are equally
strategically important to the state, albeit in different
infrastructure segments. However, WSKT's financial profile is
significantly weaker than that of WIKA, which drives its two-notch
lower rating.

KEY ASSUMPTIONS

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

- WIKA's order-book to increase to more than IDR100 trillion in
   2017, and around IDR120 trillion in 2018
- EBITDA margins to remain around 12% in 2017-2018
- IDR5 trillion-6 trillion of aggregate capex to be expensed in
   2017 and 2018

RATING SENSITIVITIES

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

- Stronger linkages between WIKA and the government of Indonesia
- A strengthening in WIKA's standalone profile, as reflected in
   a substantial increase in its operating scale combined with
   the ability to generate neutral FCF on average, while
   maintaining a stable credit profile

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

- Weakening credit profile of the Republic of Indonesia and/or
   weakening linkages between WIKA and government
- Weakening in WIKA's standalone credit profile, as reflected by
   an increase in its net adjusted debt/EBITDAR to more than
   2.0x, or EBITDAR fixed-charge cover to less than 2.5x, both on
   a sustained basis

LIQUIDITY

Adequate Liquidity: WIKA had readily available cash of IDR9.2
trillion at 31 December 2016 compared with term debt of IDR1.24
trillion maturing in 2017 and a Fitch-forecast FCF deficit of
IDR3.8 trillion for 2017. WIKA has strong access to domestic
credit markets, particularly to state-owned banks, given its
association with the state and its strong operating record, which
further underpins its liquidity profile



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


123 MART: Discount Store Chain Goes Into Liquidation
----------------------------------------------------
Rachel Clayton at Stuff.co.nz reports that discount store chain
123 Mart Limited has gone into liquidation after failing to pay
tax debt.

Jared Booth and Tony Maginness from Staples Rodway have been
appointed liquidators, the report discloses.

The company owns 60 stores throughout New Zealand.

Stuff relates that Mr. Booth said the liquidators were in
discussions and negotiations with a number of different parties
over the potential sale of a number of stores.

"The company was placed into liquidation by its shareholders
following recovery proceedings by the Inland Revenue Department
for unpaid tax debts," the report quotes Mr. Booth as saying.

"No further information is provided at this time on the basis that
it may be prejudicial to the realisation of assets."

Stuff says the announcement comes after 123 Mart was found guilty
by the Commerce Commission for selling choking hazards in its
stores earlier this year.

Judge Rob Ronayne found 123 Mart sold about 9,000 of seven types
of toys with small parts that were choking hazards for young
children, Stuff relates.

The 123 Mart was opened in 1995 by Joseph Choi and operated under
four different brands, including The 123 Mart, Dollar Store 123,
King Dollar Store and Max!Out.


NEW ZEALAND SALES: Fitch Rates NZD40.7MM Class E Notes 'BBsf'
-------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the current ratings of
New Zealand Sales Finance and Credit Cards Trust's floating-rate
notes due to a restructure of the facility. The restructure is not
due to adverse circumstances or a deterioration in performance,
and is therefore not a distressed debt exchange. At the same time,
Fitch is assigning final ratings to the restructured transaction.

The issuance consists of notes backed by New Zealand consumer
receivables originated by Latitude Financial Services Limited. The
rating actions are listed below:

The following ratings have been affirmed and withdrawn:

NZD776.0 million Class A notes: 'Asf'; Outlook Stable;
NZD62.7 million Class B notes: 'BBBsf'; Outlook Stable;
NZD50.7 million Class C notes: 'BBsf'; Outlook Stable; and
NZD83.5 million Class D notes: 'NRsf'

The following ratings have been assigned to the notes of the
restructured transaction:

NZD712.5 million Class A notes: 'AAAsf'; Outlook Stable;
NZD76.0 million Class B notes: 'AAsf'; Outlook Stable;
NZD57.9 million Class C notes: 'Asf'; Outlook Stable;
NZD51.7 million Class D notes: 'BBBsf'; Outlook Stable;
NZD40.7 million Class E notes: 'BBsf'; Outlook Stable;
NZD76.2 million Class F notes: 'NRsf'

The notes are issued by The New Zealand Guardian Trust Company
Limited in its capacity as trustee of the New Zealand Sales
Finance and Credit Cards Trust.

The transaction is a revolving, asset-backed debt programme that
features a multi class structure that purchases receivables from
the seller on a revolving basis. The receivables pool is subject
to eligibility criteria. The transaction has triggers in place to
protect the debt holders from deterioration in the credit quality
of the portfolio, which either requires rectification or may cause
a rapid amortisation event in which all collections will be used
to pay down the debt in sequential order.

KEY RATING DRIVERS

The affirmations reflect Fitch's view that the available credit
enhancement and excess spread are able to support the current
ratings, the pool's stable credit quality and performance, and
Fitch's expectations of economic conditions in New Zealand.

The assignment of the ratings is based on:

Solid Asset Performance: Fitch has set a yield steady state
assumption of 12.5%, a charge-off steady state assumption of 4.25%
and a monthly payment rate (MPR) steady state of 9.4%. The yield
and MPR steady state assumptions are significantly lower than most
other international credit card trusts and charge-off steady state
assumptions are in line with or lower than other credit card
trusts due to solid performance and New Zealand's benign economic
conditions in the last few years. Steady state assumptions remain
unchanged.

These assumptions are stressed at various multiples dependent on
the rating level tested (AAA / AA / A / BBB / BB), and the
utilised stresses are as follows:

Gross Yield: 35% / 30% / 25% / 20% / 15%
MPR: 40% / 35% / 30% / 25% / 20%
Charge-offs: 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

Sufficient Credit Enhancement: All classes of notes benefit from
sufficient subordination and a liquidity facility provided by the
Bank of New Zealand.

Performance Triggers: The transaction benefits from several
performance triggers, which if breached, can potentially lead to
rapid amortisation of the transaction to prevent exposure to
further deterioration in asset performance.

Experienced Originator and Servicer: Latitude, through its
previous ownership, has been managing large portfolios of consumer
receivables for well over a decade in New Zealand. Latitude is not
rated and servicer risk is mitigated through back-up servicer
arrangements.

Steady Asset Outlook: Fitch expects stable New Zealand credit card
performance in the medium term, with marginal upward charge-off
movements in 2017, since current levels are significantly lower
than historical levels, and unlikely to be sustained. New
Zealand's economic conditions are expected to remain benign.

Tax Neutrality: This trust, unlike other New Zealand
securitisation trusts, is not tax neutral due to withholding tax
on distribution to offshore note subscribers. The overall amount
of tax is relatively small and structural features help to
mitigate this risk.

RATING SENSITIVITIES

Fitch has evaluated the sensitivity of the ratings assigned to the
New Zealand Sales Finance and Credit Cards Trust to decreased
yields, increased charge-offs, and decreased MPR over the life of
the transaction.

Fitch's analysis found that the class A, B and C notes were
sensitive to low stresses to charge-off rates (25% increase),
whereas the class D and E notes were sensitive to a medium stress
(50% increase).

Sensitivity to increased charge-offs (25% / 50% / 75%)
Class A: AA+sf / AA+sf / AAsf
Class B: AA-sf / A+sf / Asf
Class C: A-sf / BBB+sf / BBBsf
Class D: BBBsf / BBB-sf / BB+sf
Class E: BBsf / BB-sf / B+sf

Analysis also showed that the class A, B, C and D notes were
sensitive to low stresses to MPR (15% decrease), and the E note
sensitive to medium stresses to MPR (25% decrease).

Sensitivity to decreased MPR (15% / 25% / 35%)
Class A: AA+sf / AA-sf / A+sf
Class B: A+sf / Asf / BBB+sf
Class C: A-sf / BBB+sf / BBB-sf
Class D: BBB-sf / BB+sf / BBsf
Class E: BBsf / BB-sf / B+sf

The transaction is not highly sensitive to yield, with the class
B, C and D notes sensitive to a medium stress (25% decrease), and
class A and E notes sensitive to a severe stress (35% decrease).

Sensitivity to decreased yields (15% / 25% / 35%)
Class A: AAAsf / AAAsf / AA+sf
Class B: AAsf / AA-sf / AA-sf
Class C: Asf / A-sf / A-sf
Class D: BBBsf / BBB-sf / BBB-sf
Class E: BBsf / BBsf / BB-sf

Fitch also analysed to determine the increases in charge-offs that
would need to occur to result in a rated note being downgraded (i)
by one category (ii) to sub-investment grade (iii) to 'CCCsf'.

Class A: 25% / >100% / >100%
Class B: 25% / 99% / >100%
Class C: 27% / 55% / >100%
Class D: 28% / 28% / >100%
Class E: 28% / n.a / 57%


TOP RETAIL: Topshop and Topman Stores to Close by October 1
-----------------------------------------------------------
Rachel Clayton at Stuff.co.nz reports that Topshop and Topman
stores in Wellington and Auckland will close by Oct. 1 after
receivers failed to find a buyer.

The two stores went into receivership on September 7, which came
as no surprise to retail analysts who said the stores operated as
outlets for the parent company in the United Kingdom, the report
relates.

But when the doors close, other international retailers are likely
to swoop in, the report states.

Stuff relates that both shops are on prime 1200-square-metre sites
and real estate agents said neither would stay on the market for
long.

According to the report, First Retail managing director Chris
Wilkinson said other international retailers may be looking at the
Topshop sites.

"The Auckland space would suit one of the next-comers such as
Uniqlo, or could suit being split on the ground floor to enable a
business that was able to leverage the lower cost first floor
space while benefiting from Queen Street frontage," the report
quotes Mr. Wilkinson as saying.

"The remaining ground floor space could suit one of the luxury
brands eyeing New Zealand or work for daily-essential retailers
like Chemist Warehouse."

Wellington's Lambton Quay space was smaller than Auckland's, which
was a challenge for big European brands, he said.

But vacancy along Lambton Quay is less than 1 per cent was a prime
two-storey space, Stuff relays.

"It may suit one of the brands eyeing the capital as a temporary
space until they can find the right scale and presence," the
report quotes Mr. Wilkinson as saying.

Sources have said Spanish retailer Zara is one contender that's
expressed interest in the space, the report adds.

McGrathNicol receivers Conor McElhinney and Kare Johnstone said in
a statement the stores would close after October 1 but could close
earlier if they run out of stock, Stuff adds.

The stores employed 70 staff who have been told the stores will
close, the report says.

"We would like to thank the directors of Top Retail for their
support, which has enabled gift cards to be redeemed during the
receivership trading period, and staff for their commitment since
our appointment," the receivers, as cited by Stuff, said.

Conor McElhinney and Kare Johnstone of McGrathNicol were appointed
Receivers and Managers of fashion apparel retailer, Top Retail
Limited, on Sept. 7, 2017. The company trades under the Topshop
and Topman brands at two stores located in Auckland and
Wellington.



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


FILYSN CORP: Board Approves Move to Wipe Out Capital Deficiency
---------------------------------------------------------------
VG Cabuag at Business Mirror reports that the board of Filsyn
Corp., a dormant company, has approved a scheme that hopes to wipe
out its capital deficiency by means of financial restructuring,
selling its assets and venturing into a new business.

In its disclosure to the Philippine Stock Exchange, the company
said it plans to reduce its par value to PHP2.50 from the current
P5 in an effort to erase its PHP604.13-million capital deficit as
of end-June, according to Business Mirror.

Business Mirror relates that the company told regulators it is
also working to develop its 300,018-square-meter (30-hectare)
property in Santa Rosa, Laguna, as well as venture into a PET
(polyethylene terephthalate) recycling plant to revive Filsyn's
operation.

"At least a majority of the directors of the corporation approved
a business plan to address the corporation's existing capital
efficiency," the company, as cited by Business Mirror, said.

According to the report, Filsyn said part of the quasi-
reorganization is the conversion of 33.43-million common B shares
held by foreign investors to preferred shares, and conversion of
debt to equity, to erase PHP1.32 billion in obligations from the
company's balance sheet, divided into PHP930.13 million in
outstanding loan and PHP388.18 million in interest. The conversion
is expected to reduce Filsyn's total liabilities by 84.55 percent
at PHP240.91 million, from PHP1.56 billion.

The preferred shares will have the right to prescribe the same
proportion of shares in case of issuance of new shares, right to
receive fixed cumulative dividend and profit-participating stocks,
right to veto the development of Santa Rosa land. The development
project of said land must be approved by preferred shares holders,
Business Mirror discloses.

"The preferred shares will then be held by the creditor. Upon
conversion, the preferred shares will yield 560.9-million shares,"
Filsyn said, the report relays. "In the event that the 60-percent
to 40-percent requirement is breached, a qualified Filipino
shareholder will be identified."

Formerly known as Filipinas Synthetic Fiber Corp., the company was
established in 1968 to promote and support the polyester fiber and
yarn requirements of the Philippines's textile industry, before it
diversified its business into aquaculture and real estate.

However, the firm suffered under the trade liberalization of the
textile industry starting in 1995. That year, the industry was
reeling from excess capacity coupled with high production costs
and financing costs.

Three years later on December 14, Filsyn entered into an agreement
with creditors and a supplier to restructure its overdue and
outstanding obligations.

In December 2009, the company offered its Santa Rosa, Laguna,
property in payment of the entire obligation to one of its
creditors, which was accepted in November 2010. It has yet to
formally execute the dacion en pago arrangement. The same
property, valued at PHP1.47 billion, is now the subject of a
redevelopment plan with Filsyn wants to partner with a number of
developers for the property, Business Mirror recalls.

"Filsyn proposes the Santa Rosa property development which is to
be patterned after Taipei's Far Easter Telecom Park [T-Park]
development plant," the company said.

Filsyn added that, as part of the development plan, it is
negotiating with SM Investment Corp. for the sale of 10 hectares
of the Santa Rosa property at PHP8,000 per square meters and a
potential joint venture with the latter for the remaining 20
hectares, Business Mirror relays.

Filsyn said it is also in talks with Filinvest Land Inc. for a
50:50 joint venture with the company using that land as its
contribution for a development project. That project is estimated
to cost PHP29.89 billion, Business Mirror notes.



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


EZION HOLDINGS: Refutes Noteholder's Claim to Early Redemption
--------------------------------------------------------------
The Business Times reports that Ezion Holdings, in an announcement
released after trading close on Sept. 25, refuted the basis cited
by a noteholder to redeem his share of some SGD120 million of
medium term notes.

BT relates that Ezion said that, contrary to what was stated in
the request received from noteholder, shares in the company have
not ceased to be listed or traded on the Singapore Exchange.
Instead, Ezion's shares have only been suspended from trading, as
requested by the company and stated in its announcement dated
Aug. 14, 2017. The company is thus refuting the basis of the
noteholder to redeem his share of notes on the view that the
condition as invoked in his request has not been triggered, the
report relays.

BT says the request was put forth to Ezion ahead of the company's
scheduled meeting with its noteholders on Oct 2.

According to the report, Ezion is expected to seek consent from
its noteholders to restructure outstanding notes on its books in
support of a broader debt revamp exercise.

Singapore-based Ezion Holdings Limited engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.



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


KUMHO TIRE: Creditors to Take Control Debt Restructuring Program
----------------------------------------------------------------
Yonhap News Agency reports that creditors of Kumho Tire Co. will
take control of the troubled tiremaker under a debt restructuring
program to help the company swiftly get back on its own feet, a
state-run creditor bank said on Sept. 26.

Yonhap relates that the Korea Development Bank (KDB), main
creditor of Kumho Tire, said it has agreed with the tiremaker's
parent, Kumho Asiana Group, on the creditors-led "normalization"
plan.

Park Sam-koo, chairman of Kumho Asiana Group, gave up his
management rights at the tire company and pledged to work with
creditors, the KDB said, the report relays.

According to the report, the KDB, which rejected a self-rescue
plan by Kumho Tire, said it will soon hold a creditor meeting to
discuss the details of the debt restructuring program, which
requires all creditors to vote in favor of it.

If it fails to win approval, Kumho Tire will likely to be placed
under a debt workout program, the report notes.

Kumho Tire had graduated from a debt-restructuring program in late
2014, Yonhap discloses.

Earlier this month, Kumho Tire submitted the self-rescue plan
worth KRW630 billion (US$557.2 million), including asset sales, to
the creditors, Yonhap says.

The future of Kumho Tire has been in doubt since a deal to sell it
to China's Qingdao Doublestar fell through, Yonhap notes.

Kumho Tire Co. Ltd. manufactures tire.  The company's offerings
include tires for sports utility vehicles, passenger cars, various
sizes of trucks and buses and racing cars.  In addition, the
company provides batteries for automobiles.  The company is part
of the Kumho Asiana Group.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***