TCRAP_Public/170928.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, September 28, 2017, Vol. 20, No. 193

                            Headlines


A U S T R A L I A

FAST TRACK: Second Creditors' Meeting Set for Oct. 5
LAUNCH ELECTRICAL: Second Creditors' Meeting Set for Oct. 5
MAKIN & LUBY: Second Creditors' Meeting Set for Oct. 6
MATHIESON FAMILY: Second Creditors' Meeting Set for Oct. 5
MEAT-TING PLACE: First Creditors' Meeting Set for Oct. 6

MEDIA MOVERS: First Creditors' Meeting Set for Oct. 6


C H I N A

CHINA METALLURGICAL: Moody's Raises BCA to Ba1; Outlook Stable
GREENLAND HOLDING: S&P Lowers Guaranteed Notes Rating to 'BB-'
HYDOO INT'L: Proposed Asset Disposal No Impact on Moody's B2 CFR
JIAYUAN INTERNATIONAL: Moody's Assigns B2 CFR; Outlook Stable
YUZHOU PROPERTIES: Moody's Rates Proposed USD Sr. Notes B1


I N D I A

134 INFRA: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
ADVANCE INFRASTRUCTURES: Ind-Ra Assigns 'B' Issuer Rating
AKHAND JYOTI: CRISIL Reaffirms B+ Rating on INR1MM Loan
AMRAPALI INFRASTRUCTURE: NCLT Admits Insolvency Proceedings
B. SAMAYAKK: CARE Reaffirms B+ Rating on INR10cr LT Loan

BABA BHUBANESWAR: CARE Assigns B Rating to INR8.13cr LT Loan
BAIT LOGITECH: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
BANSHIDHAR CONSTRUCTION: CRISIL Reaffirms B+ on INR8.75M Loan
CHANDRAKONA COLD: Ind-Ra Affirms B Issuer Rating; Outlook Stable
CLAVECON (INDIA): Ind-Ra Assigns B+ Issuer Rating, Outlook Stable

CUTTACK RESINS: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
DHAN LAXMI: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
DINODIA EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR12MM Loan
EMBEE AGRO: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
EUROKON GLOBAL: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan

GARG GRANITES: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
GAUTAMBUDH CARS: CARE Assigns B Rating to INR15cr LT Loan
IDT CLOTHING: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
INNOVATIVE INFRA: CRISIL Reaffirms 'D' Rating on INR17.8MM Loan
JAYDEEP TUBES: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating

KALPATARU COLD: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
KANACHUR ISLAMIC: CARE Assigns B Rating to INR140cr LT Loan
KP PACKAGING: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
KRISHNA COTTON: CARE Assigns B+ Rating to INR8.50cr LT Loan
MAGNUM AVIATION: CARE Lowers Rating on INR13.50cr ST Loan to D

NAND ENTERPRISE: CARE Assigns B+ Rating to INR6.50cr LT Loan
NHC FOODS: Ind-Ra Lowers Issuer Rating to BB+ Not Cooperating
PLANET PR: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
PRAFULLYA COLD: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
RAM COIR MILLS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating

RAYBAN FEEDS: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
RELIANCE COMMUNICATIONS: NCLT Moves Ericsson's Bid Hrg. to Oct. 6
S. RASIKLAL: CRISIL Reaffirms 'D' Rating on INR15.75MM Loan
SEAGULL TRUST II: Ind-Ra Assigns Prov B+ Rating on Series A2 PTCs
SENGUPTA MOTORS: CARE Assigns B+ Rating to INR5.80cr LT Loan

SHARMA CONSTRUCTION: CARE Moves B+ Rating to Not Cooperating
SHREE BALAJI: CARE Moves 'D' Rating to Not Cooperating Category
SHREE KRISHAN: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
SHIRISH HOTELS: CARE Assigns B+ Rating to INR13.35cr LT Loan
SPRAY ALCANS: CRISIL Reaffirms D Rating on INR5.2MM Term Loan

SRI KAVERI: CARE Reaffirms B+ Rating on INR15.55cr LT Loan
SRI LAXMI: CARE Lowers Rating on INR6cr LT Loan to 'D'
STEEL & METAL: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
VASHU YARN: CRISIL Assigns 'D' Rating to INR9.32MM Cash Loan
VISAKHA TRADES: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable

ZEARS DEVELOPERS: CARE Cuts Rating on INR25cr LT Loan to B+


I N D O N E S I A

INDIKA ENERGY: Moody's Puts B2 CFR on Review for Upgrade


J A P A N

TOSHIBA CORP: WD to Block Chip Unit Sale to Bain-led Group


N E W  Z E A L A N D

SKY TELEVISION: To Close Fatso DVD Rental Business on Nov. 23
WINDFLOW TECHNOLOGY: Henderson to Step Down as CEO


P H I L I P P I N E S

WORLD PARTNERS: Creditors Have Until Nov. 9 to File Claims


S I N G A P O R E

FALCON ENERGY: Notes Maturity Date Extended by 3 Years
SWISSCO HOLDINGS: Judicial Management Orders Extended to March 18


                            - - - - -


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


FAST TRACK: Second Creditors' Meeting Set for Oct. 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Fast Track
Engineering Pty Ltd has been set for Oct. 5, 2017, at 11:00 a.m.,
at Level 27, 259 George Street, in Sydney.

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

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

Henry Mckenna and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Fast Track on Aug. 30, 2017.


LAUNCH ELECTRICAL: Second Creditors' Meeting Set for Oct. 5
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Launch
Electrical Services Pty Ltd has been set for Oct. 5, 2017, at
10:30 a.m., at the offices of Cor Cordis Chartered Accountants
'One Wharf Lane', Level 20, 161 Sussex Street, in Sydney.

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

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

Ozem Kassem and  Alan Walker of Cor Cordis Chartered Accountants
were appointed as administrators of Launch Electrical on
Sept. 22, 2017.


MAKIN & LUBY: Second Creditors' Meeting Set for Oct. 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Makin & Luby
Pty Ltd has been set for Oct. 6, 2017, at 3:30 p.m., at the
offices of Grant Thornton Australia Limited, The Rialto, Level 30
525 Collins Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 5, 2017, at 4:00 p.m.

Andrew Hewitt and Matthew Byrnes of Grant Thornton were appointed
as administrators of Makin & Luby on Sept. 25, 2017.


MATHIESON FAMILY: Second Creditors' Meeting Set for Oct. 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Mathieson
Family Enterprises Pty Ltd has been set for Oct. 5, 2017, at 10:00
a.m., at the offices of BPS Reconstruction and Recovery
Suite 6, Level 5, 350 Collins Street, in Melbourne.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 4, 2017, at 4:30 p.m.

Simon Patrick Nelson of BPS Reconstruction and Recovery were
appointed as administrators of Mathieson Family on Sept. 7, 2017.


MEAT-TING PLACE: First Creditors' Meeting Set for Oct. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of The Meat-
Ting Place Organics Pty Ltd will be held at the offices of
SV Partners, SV House, 138 Mary Street, in Brisbane, Queensland,
on Oct. 6, 2017, at 10:30 a.m.

Terrence John Rose at SV Partners was appointed as administrator
of The Meat-Ting Place on Sept. 25, 2017.


MEDIA MOVERS: First Creditors' Meeting Set for Oct. 6
------------------------------------------------------
A first meeting of the creditors in the proceedings of Media
Movers Pty Ltd will be held at Gateway Building, Level 36, 1
Macquarie Place, in Sydney, on Oct. 6, 2017, at 10:00 a.m.

Andrew Peter Schwarz -- andrew@asadvisory.com.au -- and Matt John
Adams of AS Advisory were appointed as administrators of Media
Movers on Sept. 25, 2017.



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


CHINA METALLURGICAL: Moody's Raises BCA to Ba1; Outlook Stable
--------------------------------------------------------------
Moody's Investors Service has upgraded the issuer ratings of China
Metallurgical Group Corporation (CMGC) and its key subsidiary,
Metallurgical Corporation of China Ltd. (MCC) to Baa1 from Baa2.
Moody's has also raised CMGC's baseline credit assessment (BCA) to
ba1 from ba2.

At the same time, Moody's has upgraded the backed senior unsecured
rating on the bonds issued by MCC Holding (Hong Kong) Corporation
Limited and guaranteed by MCC to Baa1 from Baa2.

The ratings outlook is stable.

RATINGS RATIONALE

"The upgrades reflect Moody's expectations that CMGC's financial
leverage will continue to improve on a sustained basis over the
next 12-18 months, supported by a robust order backlog, cost
control measures and deleveraging efforts," says Chenyi Lu, a
Moody's Vice President and Senior Credit Officer.

"These factors will translate into steady revenue growth, improved
earnings and reduced debt levels," adds Lu.

Moody's expects that CMGC's revenue will increase by more than 6%
over the next 12-18 months, on the back of its robust order
backlog at end-June 2017.

The company's adjusted EBITDA margin will also improve to 9.2%-
9.3% over the same period from 8.8% in 2016, underpinned by its
continued focus on its profitable construction businesses and
real-estate development, and on expense and cost control measures.

In addition, Moody's expects that CMGC's adjusted debt will fall
gradually over the next 1-2 years from RMB139 billion at end-June
2017, driven by: (1) higher earnings, better working capital
management and lower capital expenditure, which together should
result in positive free cash flow for debt repayment; (2)
management's plan to utilize part of the high cash balance on hand
to repay debt; and (3) its moderate investment needs.

CMGC's financial leverage - as measured by adjusted debt/EBITDA -
will fall to about 4.5x-5.0x over the next 12-18 months from 6.3x
in 2016; a situation which supports the raising of its BCA.

Moody's projects a similar improving credit trend for CMGC's core
subsidiary, MCC, due to the fact that the credit profiles of CMGC
and MCC are closely linked. MCC accounts for more than 90% of the
parent group's revenue, adjusted EBITDA, assets and 90% of CMGC's
adjusted debt. As a result, MCC's rating and outlook mirror those
of CMGC.

CMGC's Baa1 issuer rating incorporates its BCA of ba1 and a three-
notch uplift based on Moody's assessment of a high level of
support for the company from its owner - the Chinese government
(A1 stable) - in times of need.

This high support assessment is underpinned by CMGC's key role in
the renovation and upgrade of steel plants in the domestic steel
industry, its importance to the development of the construction
industry in China, its 100% government ownership, and the track
record of government support for the company. It also factors in
the Chinese government's strong ability to provide support, as
reflected by the sovereign's A1 rating.

Moody's notes that CMGC will become a core subsidiary of China
Minmetals Corporation (Baa1 negative) - after CMGC completes its
business registration to change its shareholder from the State
Council of China to China Minmetals - because of the proposed
merger of these two central state-owned-enterprises in December
2015.

Nevertheless, Moody's expects that central government support for
CMGC will continue be provided directly to CMGC or flow through
from its future parent, China Minmetals, based on CMGC's highly
strategic importance to China Minmetals and the Chinese
government. CMGC accounted for 52%, 56% and 51% of China
Minmetals' revenue, adjusted EBITDA, and assets, respectively, in
2016.

CMGC's BCA - which is mainly supported by MCC's standalone credit
profile - reflects its:

(1) Track record, strong market position and large operating scale
in the Chinese engineering and construction (E&C) sector,
particularly in the construction of steel plants;

(2) Expansion into non-metallurgical construction, including the
building, transportation and infrastructure construction sectors,
which helps reduce the impact of the mature metallurgical
construction sector; and

(3) Good access to the domestic banks and capital market
financing.

On the other hand, CMGC's BCA is constrained by: (1) its exposure
to the pressured steel sector; and (2) the execution and financial
risks associated with its large E&C and overseas mining projects.

The stable outlook on CMGC's rating incorporates Moody's
expectations over the next 12-18 months that: (1) CMGC's credit
metrics will be maintained at levels that are appropriate for its
BCA; and (2) its important role in the country's metallurgical and
construction sectors and the Chinese government's ability to
support the company will remain intact, with the latter reflected
by the stable outlook on the sovereign's rating.

CMGC's issuer rating is unlikely to be upgraded in the near term,
given its stable rating outlook, which already factors in the
likely strengthening of CMGC's financial profile.

The rating could be upgraded over time if CMGC's BCA improves
significantly, underpinned by steady revenue growth, stable
profitability and debt reductions, such that adjusted debt/EBITDA
falls below 3.5x-4.0x on a sustained basis.

A sovereign upgrade will unlikely trigger a rating upgrade for
CMGC, if the company's BCA does not improve, because Moody's
government support assessment for CMGC is at the high end among
Moody's-rated central state-owned-enterprises in the Chinese
construction industry.

An upgrade of CMGC's rating will trigger an upgrade of MCC's
rating.

CMGC's rating will be downgraded if Moody's lowers the company's
BCA - because of a material deterioration in its business or
financial profile - absent any material changes in the support
assessment.

Credit metrics indicative of downward pressure on CMGC's BCA
include a weakening in its order backlog, lower profitability
and/or an increase in debt, such that adjusted debt/EBITDA fails
to trend below 5.0x-5.5x over the next two years.

A downgrade of CMGC's rating, without a change in its BCA, could
also be triggered by a weakening of Moody's government support
assessment for the company, either directly or via its future
parent, China Minmetals, due to its weakened strategic importance.

A downgrade of CMGC will trigger a downgrade of MCC's rating.

The principal methodologies used in rating China Metallurgical
Group Corporation were Construction Industry published in March
2017, and Government-Related Issuers published in August 2017. The
principal methodology used in rating Metallurgical Corporation of
China Ltd. and MCC Holding (Hong Kong) Corporation Limited was
Construction Industry published in March 2017.

China Metallurgical Group Corporation (CMGC) is engaged in the
business of engineering and construction, equipment manufacturing,
property development, and resources development.

Headquartered in Beijing, CMGC is a central state-owned enterprise
wholly owned by the State Council of China, and supervised by the
State-owned Assets Supervision and Administration Commission.

Metallurgical Corporation of China Ltd. - which is about 59.18%
owned by CMGC - is a core subsidiary of CMGC and accounted for
98%, 99%, 97% and 90% of CMGC's revenue, adjusted EBITDA, assets
and reported debt, respectively, in 2016.


GREENLAND HOLDING: S&P Lowers Guaranteed Notes Rating to 'BB-'
--------------------------------------------------------------
S&P Global Ratings said that it has reviewed its senior unsecured
issue-level ratings for Greenland Global Investment Ltd. that were
labeled as "under criteria observation" (UCO) after publishing its
revised issue ratings criteria, "Reflecting Subordination Risk In
Corporate Issue Ratings" on Sept. 21, 2017. S&P said, "With our
criteria review complete, we are removing the UCO designation and
are lowering our issue rating to 'BB-' from 'BB' on the senior
unsecured notes issued by Greenland Global Investment and
guaranteed by its parent, Greenland Holding Group Co. Ltd.
(BB/Negative/--)."

S&P said, "This rating action stems solely from the application of
our revised issue rating criteria and does not reflect any change
in our assessment of the corporate credit ratings for the issuer
of the affected debt issue.

"Our rating action takes into consideration Greenland Holding
Group's capital structure. This consists of Chinese renminbi (RMB)
116 billion of secured debt and RMB62 billion unsecured debt
issued or guaranteed by Greenland Holding Group, and RMB117
billion of unsecured debt issued or guaranteed by the company's
operating subsidiaries, as of June 30, 2017.

"We have therefore arrived at the following analytical conclusion:
The senior unsecured notes issued by Greenland Global Investment
Ltd. are rated a notch below the corporate credit rating of
Greenland Holding Group (guarantor), reflecting significant
subordination of this senior unsecured debt relative to other debt
in the issuer's consolidated capital structure."


HYDOO INT'L: Proposed Asset Disposal No Impact on Moody's B2 CFR
----------------------------------------------------------------
Moody's Investors Service says that Hydoo International Holding
Limited's (B2 negative) proposed disposal of its entire 84%
ownership in Xingning Hydoo Trade Logistics Centre Limited will
not immediately affect Hydoo's B2 corporate family rating, B3
senior unsecured ratings or the negative outlook on the ratings.

On September 20, 2017, Hydoo announced that it had agreed to sell
its entire 84% interest in Xingning Trade Center to an independent
third party - Shenzhen Ruihefeng Industrial Limited - for RMB489
million. Xingning Trade Center holds Hydoo's trade center project
in Xingning city, with a land bank of around 1.2 million sqm in
gross floor area (GFA) as of June 30, 2017.

"While the project to be disposed of represented around 10% of
Hydoo's total land bank as of June 30, 2017, the impact of the
impending sale on the company's contracted sales and credit
metrics will not be material over the next 1-2 years," says Kaven
Tsang, a Moody's Vice President and Senior Credit Officer.

The Xingning trade center project generated around 11% of Hydoo's
contracted sales in 2016, but its contribution will fall to below
5% of target sales in 2017. Its contribution to Hydoo's revenues
will also be less than 10% in 2017.

While the disposal will provide Hydoo with additional liquidity,
Moody's expects that Hydoo will use the proceeds to fund its
operations and new business opportunities rather than debt
repayment.

As a result, Hydoo's financial metrics will remain weak over the
next 12-18 months. The weak metrics are a result of the company's
low level of contracted sales, against the backdrop of slower
economic growth in China (A1 stable).

Hydoo's weak credit profile is consistent with the company's
negative ratings outlook.

Moody's expects that Hydoo's revenue/adjusted debt will fall to
around 45%-50% over the next 12-18 months from 52.1% for the 12
months to June 30, 2017, and its EBIT/interest will worsen to
around 1.3x from 1.8x over the same period.

Hydoo's B2 corporate family rating continues to reflect its track
record of developing trade centers in low-tier Chinese cities,
tempered by the challenges of: (1) the inherent business
volatility associated with the company's business model; (2) its
small scale; and (3) its high leverage.

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

Established in 2010, Hydoo International Holding Limited is a
Chinese property developer that specializes in developing and
operating trade centers in low-tier cities in China. As of June
30, 2017, it had a land bank of about 11.4 million square meters
in GFA.

The company listed on the Hong Kong Stock Exchange in October
2013, and was 52% owned by the Wang family as of June 30, 2017.


JIAYUAN INTERNATIONAL: Moody's Assigns B2 CFR; Outlook Stable
-------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Jiayuan International Group Limited. The rating
outlook is stable.

RATINGS RATIONALE

"Jiayuan's B2 rating reflects its established track record in its
core markets -- Nanjing, Yangzhou and Taixing -- in Jiangsu
Province, low-cost land bank, and focus on mass-market housing, as
well as management's demonstrated abilities in identifying quality
land," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

These strengths will support the company's execution of its
business growth plan and provide it with pricing flexibility, if
the property markets in Jiangsu Province weaken.

Jiayuan has kept its unit land acquisition cost at below 20% of
its average selling price over the past three years, supporting a
high gross margin of 34% in 2016.

Its strategy of focusing on mass-market housing and end-users
would also lower the company's exposure to the risk of regulatory
controls targeting investors.

Jiayuan achieved a strong 67% year-on-year growth in contracted
sales to RMB4.8 billion in the first eight months of 2017 after
showing 21.6% year-on-year growth in 2016.

"Jiayuan's rating is also constrained by its small operating
scale, high geographic concentration in Jiangsu Province, the
execution risks associated with its fast growth plan in the next
1-2 years, and its weak liquidity," adds Tsang, also Moody's lead
analyst for Jiayuan.

Its small and Jiangsu-centric operation mean that the company's
business performance is highly dependent on the sales and
completion of a small number of key projects, as well as the state
of housing demand, the availability of bank credit, and the
regulatory environment in Jiangsu Province.

Moody's notes that Jiayuan's four major markets -- Nanjing,
Taixing, Nantong and Yangzhou in Jiangsu -- accounted for more
than 80% of the company's contracted sales in the first seven
months of 2017.

Additionally, the company has a high exposure to low-tier cities
(cities other than Nanjing and Yangzhou) in Jiangsu, which
accounted for around 74% of its land bank as of June 2017.

Moody's believes the availability of bank credit in low-tier
cities will be more affected than major cities if the banks
tighten lending to the property sector, which in turn will affect
the company's sales.

While Jiayuan's expansion into new cities -- Shenzhen, Hainan and
Macau -- will gradually improve its geographic diversification,
the fast pace of expansion and the entry into multiple cities in a
short time frame entail execution risks and high funding needs.

Moody's expects Jiayuan's leverage will rise as a result, with
projected revenue/adjusted debt falling to 45%-50% at the end of
2017 from 60% at the end of June 2017 and 58% at the end of
December 2016 due to its debt-funded growth.

But the ratio will recover to around 55% by the end of 2018 when
the company's revenues increase, supported by its higher
contracted sales.

Moody's also expects the high profit margin and lower funding
costs after its IPO in 2016 will partly mitigate the effect of
higher borrowings. As a result, Jiayuan's projected EBIT/interest
will stay at 2.6x-3.0x in the next 12-18 months, versus 2.9x for
the 12 months ended June 2017 and 2.4x in 2016.

Nevertheless, Moody's believes Jiayuan's projected financial
metrics are appropriate for its B2 CFR.

Jiayuan has to seek new financing to support its liquidity. Its
cash holding of RMB3.3 billion at the end of June 2017 is
insufficient to cover payments of RMB4.8 billion for its committed
land acquisitions and the high refinancing needs for its short-
term debt of RMB2.2 billion.

On the other hand, Moody's notes that Jiayuan's cash/short-term
debt coverage strengthened to 1.6x at the end of June 2017 from
0.4x at the end of 2016 due to its growing contracted sales and
equity issuance in June 2017. Its cash holding was RMB1.4 billion
at the end of 2016.

Jiayuan's stable rating outlook reflects Moody's expectations that
(1) the company will grow sales as planned, and (2) it will adjust
its speed of expansion in accordance with market conditions and
maintain adequate liquidity by improving its funding channels and
strengthening its banking relationships both onshore and offshore.

Upward rating pressure could emerge if Jiayuan (1) materially
grows its scale and geographic coverage with financial discipline;
(2) builds up its brand in new locations outside its home market;
(3) maintains strong liquidity with cash/short-term debt coverage
of over 1.5x, and (4) improves its financial metrics with
EBIT/interest coverage consistently above 3.0x and
revenue/adjusted debt over 70%-75% on a sustained basis.

Downward rating pressure could emerge if (1) Jiayuan's liquidity
profile weakens materially; (2) contracted sales or revenue fall
short of Moody's expectations or profit margins substantially
decline, which in turn affects interest coverage and financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.

Metrics indicative of downward rating pressure include Jiayuan's
cash falling below 1x of short-term debt, or the company's
EBIT/interest coverage weakening below 1.5x on a sustained basis.

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

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu Province. The company had
a total land bank of around 6.9 million square meters (sqm) across
11 cities at the end of June 2017. Mr. Shum Tin Ching is the
chairman, holding a 60.81% stake as of June 2017.


YUZHOU PROPERTIES: Moody's Rates Proposed USD Sr. Notes B1
----------------------------------------------------------
Moody's Investors Service has assigned a B1 senior unsecured
rating to Yuzhou Properties Company Limited's (B1, positive)
proposed USD senior perpetual capital securities.

The perpetual securities will be issued directly by Yuzhou and
rank pari passu with all other present and future senior
obligations of Yuzhou.

Yuzhou plans to use the proceeds of the new USD notes issuance to
refinance existing debt and for general working capital purposes.

RATINGS RATIONALE

"The proposed perpetual securities will extend Yuzhou's debt
maturity profile and will not have a material impact on its credit
metrics, as the proceeds will mainly be used to refinance existing
debt," says Chris Wong, a Moody's analyst.

Moody's views the proposed perpetual securities as pure debt
instruments and accordingly does not apply any equity treatment to
these securities.

Yuzhou's B1 corporate family rating reflects the company's growing
operating scale, supported by its good sales performance over the
past one to two years.

The rating is further supported by Yuzhou's increasing geographic
diversification beyond its home market of Xiamen.

The rating also takes into account the company's above-peer-
average profitability and strong liquidity profile.

However, the rating is tempered by the company's moderately high
debt leverage (as measured by revenue/adjusted debt) for its
rating.

The positive outlook on Yuzhou's B1 rating reflects Moody's
expectation that Yuzhou's debt leverage will improve over the next
two years, based upon the assumption that the company can contain
the growth in its debt, slow its land acquisitions and maintain
its sales growth over the next two years.

Upward rating pressure for the company's corporate family rating
could emerge if Yuzhou: (1) achieves sustainable contracted sales
growth, (2) reduces its debt leverage by controlling its appetite
for land acquisitions while ramping up revenue recognition, or (3)
maintains high profit margins, strong liquidity and interest
coverage.

Credit metrics indicative of upward rating pressure include
revenue/adjusted debt above 70%-75% and EBIT/interest coverage
above 3.0x-3.5x on a sustained basis.

On the other hand, the ratings outlook could return to stable if:
(1) Yuzhou posts slower-than-expected growth in contracted sales
and revenue, (2) it shows a strong appetite for land acquisitions,
or (3) its credit metrics are unlikely to reach upgrade levels
over the medium term. Metrics indicative of such a situation
include EBIT/interest coverage below 3.0x and/or revenue/adjusted
debt below 65%-70%.

The rating could also be affected if Moody's assessment of
subordination risk on the company's senior unsecured debt rating
changes as a result of the proposed introduction in Moody's rating
methodology of specific guidance on structural subordination.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in April 2015.

Yuzhou Properties Company Limited is a property developer that
focuses on residential housing in the West Strait Economic Zone
and Yangtze River Delta. The company moved its headquarters to
Shanghai from Xiamen in 2016. At end-July 2017, it had a land bank
of over 10.1 million square meters in terms of total saleable
gross floor area.



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


134 INFRA: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned 134 Infra a Long-
Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR1,210 mil. Proposed term loan* assigned with Provisional
    IND BB+/Stable rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by 134 Infra to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect a high finance risk faced by 134 Infra. The
finance risk is high as the firm is yet to receive a sanction for
an INR1,210 million term loan for CASA RIVERA, a 0.85-million-
square-foot residential space on the Pal-Hazira Road in Surat. It
has received an in-principle sanction. The project cost is
estimated at about INR2,900 million. Moreover, a partner
contribution of INR850 million and a customer advance of INR840
million will fund the project cost. As of 30 June 2017, the
partners had contributed INR340 million and the firm had INR100.2
million in customer advances (5% of the total booking value).

The ratings also reflect a high execution risk, considering 134
Infra has completed 15% of the project so far. Timely sanction of
the term loan and receipt of customer advances will be critical
for timely project execution.

The ratings, however, are supported by a moderate offtake risk, as
44% of the project has been booked. Ind-Ra expects booking to
improve further as the project nears completion. Ind-Ra expects
cash DSCR to be in the range of 2.3x-6.0x over the project life,
considering timely realisation from bookings.

The ratings are also supported by the partners' track record in
successful project completion and extensive experience in the
Surat real estate market. It has 14 partners, who are promoters of
Marvella Group and Vasupujaya Group, each of which have over 10
years of experience in the real estate market of Surat.

Vasupujaya Group has completed nine residential projects (total
saleable area of 2.5 million square feet). On the other hand,
Marvella Group had completed nine projects (total saleable area of
2.6 million square feet). The project has obtained the
construction permission, the approval for the layout plan, the
environment clearance and the airport no-objection certificate,
indicating a low regulatory risk.

RATING SENSITIVITIES

Negative: Lower-than-expected bookings, slow realisation of
customer advances and/or significant time or cost overruns could
result in a downgrade.

Positive: Fast bookings, along with timely realisation of customer
advances and timely project execution without additional debt,
could result in an upgrade.

COMPANY PROFILE

134 Infra is a registered partnership firm with 14 partners.


ADVANCE INFRASTRUCTURES: Ind-Ra Assigns 'B' Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Advance
Infrastructures Private Limited (AIPL) a Long-Term Issuer Rating
of 'IND B'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR115 mil. Fund-based working capital limit assigned with
    IND B/Stable rating; and

-- INR115 mil. Non-fund-based working capital limit assigned
    with IND A4 rating.

KEY RATING DRIVERS

The ratings factor AIPL's small scale of operations and weak
credit metrics due to high competition in the construction
industry and input price fluctuation depending on the type of
contract. According to the FY17 provisional financials, revenue
was INR233 million (FY16: INR235 million), gross interest coverage
was 1.2x (FY16: 1.2x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 5.2x (FY16: 3.9x). The net financial
leverage deteriorated due to increased debt level.

The ratings also factor in the firm's tight liquidity situation as
reflected in its average working capital utilisation of 99% for
the 12 months ended August 2017 along with instances of
overutilisation between August 2016-April 2017, which were
regularised within 55 days.

The ratings, however, are supported by the company's founder's
decade-long experience in the execution of engineering,
procurement and construction contracts in the pipeline laying
business and volatile-but-strong EBITDA margin (FY17: 11%; FY16:
8.8%).

RATING SENSITIVITIES

Negative: Further deterioration in liquidity profile will lead to
a negative rating action.

Positive: An improvement in the liquidity profile along with
improvement in the credit metrics will lead to a positive rating
action.

COMPANY PROFILE

AIPL was incorporated in 2006 by Mr. Surendra Kumar Sharma in
Gujarat. The company is engaged primarily in the business of
construction of cross-country pipelines, city gas distribution
network, plant piping, equipment erection, and associated civil,
structural, electrical, instrumentation and telecommunication
work, civil work related to sewerage, pipelines, etc. Around 71%
of the revenue is generated from the oil and gas sector. However,
the company is gradually diversifying into power and telecom, and
civil and infrastructure sector.


AKHAND JYOTI: CRISIL Reaffirms B+ Rating on INR1MM Loan
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of Akhand Jyoti Jan Kalyan Sewa Samiti.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Overdraft               1        CRISIL B+/Stable (Reaffirmed)

The rating reflects the society's average financial risk profile
because of weak cash flow and stretched receivables, and low
operating margins. This weakness is partially offset by its
established track record in implementing social welfare
development schemes.

Key Rating Drivers & Detailed Description

Weakness

* Average financial risk profile:  Small networth of INR2.8 crore
as on March 31, 2016 and estimated at similar level in fiscal
2017, constrains financial flexibility. However, gearing and debt
protection metrics are comfortable in the absence of debt
obligation. The society is not expected to contract any debt over
the medium term as well.

* Low operating profit margin:  Given the not-for-profit nature of
operations, the operating margin has been around 1-2 percent
during past three years ended March 2017 and is likely to remain
low over the medium term.

Strengths

* Healthy track record:  Authorised members have experience of
over three decades and healthy relationship with government
authorities, leading to steady winning of projects.

Outlook: Stable

CRISIL believes AJJKSS's credit risk profile will remain
constrained over the medium term by small scale of operations and
low cash accrual. The outlook may be revised to 'Positive' if
increase in revenue and cash accrual improves financial risk
profile. The outlook may be revised to 'Negative' if decline in
income or cash accrual or large, debt-funded capital expenditure
weakens financial risk profile.

Set up in 1999 in Balrampur, Uttar Pradesh, AJJKSS is a not-for-
profit society managed by Mr. Chandreshwar Yadav (president) and
Mr. Ravi Shankar Tripathi (vice-president). It implements schemes
operated by state and central governments, such as running
Kasturba Gandhi Balika Vidyalaya, Uttar Pradesh Skill Development
Mission, and Mid-Day Meal in Balrampur, Sitapur, and Gonda (all in
Uttar Pradesh).


AMRAPALI INFRASTRUCTURE: NCLT Admits Insolvency Proceedings
-----------------------------------------------------------
The Economic Times reports that the principal bench of the
National Company Law Tribunal (NCLT) on Sept. 26 admitted an
insolvency petition against Amrapali Infrastructure, filed by Bank
of Baroda.

ET relates that the lender approached the tribunal after the
Amrapali group company defaulted on a loan of Rs97.30 crore. NCLT
will now appoint an insolvency resolution professional (IRP) to
manage the company. The IRP gets 270 days to turn around the
company, failing which its assets will be liquidated and the
proceeds will go towards repaying the loan, the report states.

According to the report, Bank of Baroda had on August 10 moved
NCLT to start insolvency proceedings against Amrapali
Infrastructure under the Insolvency and Bankruptcy Code. The case
was heard on the same day, but the court reserved its order and
pronounced it on Sept. 26.

"We will find a resolution in this matter within 3-5 months after
appointment of IRP. There are many companies interested in taking
up a stake in Amrapali Infrastructure," the report quotes Shiv
Priya, a director of Amrapali group, as saying.

ET relates that Priya said the company had invested around INR500
crore in the factory. "We had applied for restructuring of the
company's loans with the bank and asked for more time for payment
of dues. However, it denied our request and moved the NCLT," he
said.

Law firm Cyril Amarchand Mangaldas' Bishwajit Dubey had appeared
for Bank of Baroda in the case, the report discloses. Tata Capital
Financial Services and Magma Fincorp had also filed separate cases
in NCLT to initiate insolvency proceedings against Amrapali
Infrastructure, claiming to be financial creditors to the company,
ET notes. They will now have to file their claims before the IRP.

Amrapali Infrastructure engages in leasing of construction
equipment. It has a factory in Greater Noida that makes hollow
core slabs and column beams for affordable housing projects.


B. SAMAYAKK: CARE Reaffirms B+ Rating on INR10cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
B. Samayakk Agri Cottons (BSA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.00       CARE B+ Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of B. Samayakk Agri
Cottons (BSA) takes into account growth in total operating income
and significant improvement in interest coverage ratio in FY17
(refers to period April 1 to March 31). The rating continues to be
tempered by short track record and small scale of operations, thin
profitability margins, leveraged capital structure, proprietorship
nature of operations with inherent risk of with drawl of
proprietor's capital at the time of personal contingency, highly
fragmented industry and regulated by government, operating margins
susceptible to cotton price fluctuation and seasonality associated
with the cotton industry. The rating is, however, underpinned by
the experience of proprietor in the cotton processing business and
moderate operating cycle.

Going forward, the ability of the firm to increase its scale of
operations and profitability margins in competitive environment,
improve its capital structure and manage working capital
requirements efficiently would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record of operations along with proprietorship
nature of operations:  The firm started its commercial operations
from October 21, 2015 hence can be termed as short track record.
Furthermore, BSA constitution as a proprietorship firm has the
inherent risk of with drawl of proprietor's capital at the time of
personal contingency and the firm being dissolved upon the death /
retirement / insolvency of proprietor.  Moreover, Proprietorship
firms have restricted access to external borrowings.

* Thin profitability margins:  The firm experienced decline in
profitability margins during the review period. The PBILDT margin
of the firm declined from 4.55% in FY16 to 1.90% in FY17 due to
increase in raw cotton prices as the monsoon for the crop was not
favourable during the period. The PAT margins of the firm also
declining from 2.09% in FY16 to 1.58% in FY17 on account of
decrease in PBILDT levels coupled with increase in depreciation
expenses. However, interest expense has decline in FY17 on account
of closure of long term loan.

* Weak capital structure and debt coverage indicators:  The
capital structure of the firm remained leveraged for the last two
balance sheet dates. The overall gearing deteriorated from 4.12x
as on March 31, 2016 to 5.18x as on March 31, 2017 at back of
increase in working capital utilization coupled with increase in
unsecured loans. Total debt/GCA also deteriorated from 12.99x in
FY16 to 14.87x in FY17 on account of increase in debt levels of
the firm. However, PBILDT interest coverage increased
significantly and remained comfortable at 20.07x in FY17 compared
from2.18x in FY16 at the back of decrease in interest and finance
charges.

Key Rating Strengths

* Experience of proprietor in the cotton processing business:
The key proprietor, Mr. Veerendar Kumar Jain, is associated with
the cotton industry for around 9 years and looks after the overall
management of the firm. He was also associated with an associate
concern engaged in cotton ginning and pressing viz. Veerendar
Cotton Ginners. The firm discontinued the operations during 2015
and the factory along with the machines was leased out to BSA for
a period of 20 years. Furthermore, the proprietor have also
established a long standing relationship with the customers and
suppliers who are farmers supplying raw cotton over the past.

Growth in total operating income during the review period
The total operating income of the firm increased and doubled from
INR23.23 crore in FY16 to INR46.54 crore in FY17 on account of
increase in demand for cotton bales, cotton seeds and cotton lint
from its customers. The firm earns most of its revenue from the
sale of cotton bales which yields 68.25% cotton seeds, 30.75% of
cotton lint and remaining 0.75% from others. Moreover, BSA
operated at a capacity utilization of 50% during the FY17.

* Moderate operating cycle:  The operating cycle of the firm as on
March 31, 2017 remained moderate at 72 days. The firm receives
payment from its customer on average of 30 days and makes the
payment to its suppliers in 15-20 days due to low bargaining
power. The inventory days of BSA remained 57 days as on March 31,
2017 as the cotton is being agro commodity its production is
seasonal (harvesting) from November to February in a year. Apart
from that cotton ginners usually have procure raw cotton in bulk
quantity to get better discount from its suppliers. Significant
improvement in interest coverage ratio PBILDT interest coverage
increased significantly and remained comfortable at 20.07x in FY17
compared from 2.18x in FY16 at the back of decrease in interest
and finance charges.

Raichur based, B. Samyakk Agri Cottons (BSA) was established on
May 6, 2015 and started commercial operations from October 21,
2015. The firm was established as a proprietorship firm by Mr.
Veerendar Kumar Jain who is managing the overall business
operations of BSA. The firm is engaged in the cotton ginning and
pressing activity with a total installed capacity of 380 quintals
per day for cotton bales and 700 quintals for cotton seeds per day
as on March 31, 2016. Due to seasonal nature of raw material, the
company operates for only 9 months in a year and remains closed in
the months of July, August and September. The manufacturing unit
of the firm is located at Raichur, Karnataka.


BABA BHUBANESWAR: CARE Assigns B Rating to INR8.13cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Baba
Bhubaneswar Cold Storage Private Limited (BCS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.13       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BCS is constrained
by its small scale of business along with short track record of
operations, regulated nature of business, dependence on vagaries
of nature along with seasonality of business, presence in a highly
fragmented industry leading to intense competition, working
capital nature of operations and high leverage ratios. The
aforesaid constraints are partially offset by experienced
promoters and proximity to potato growing areas. Ability of the
company to grow its scale of operations, improve profitability
margins and manage working capital effectively would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of business along with short track record of
operations:  BCS is a relatively small player in the cold storage
industry having total operating income and net loss of INR2.38
crore and  INR0.23 crore respectively in FY16. Further, the net
worth base and total capital employed was low at INR3.62 crore and
INR14.11 crore respectively as on Mar.31, 2016. The small scale of
operation restricts the financial risk profile of the company
limiting its ability to absorb losses or financial exigencies in
adverse economic scenario. Further, BCS commenced operation since
April, 2015 and accordingly has a limited operational track record
of around two years. The management has informed that it has
achieved the TOI of around INR2.50 crore during the financial year
ended on March 31, 2017.

* Regulated nature of business:  In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labor
charge. Dependence on vagaries of nature and seasonality of
business BCS's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in March.
The loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having
a preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. Furthermore,
lower agricultural output may have an adverse impact on the rental
collections as the cold storage units collect rent on the basis of
quantity stored and the production of potato is highly dependent
on vagaries of nature.

* Presence in a highly fragmented industry leading to intense
competition:  In spite of being capital intensive, the entry
barrier for new cold storage is low, backed by capital subsidy
schemes of the government. As a result, the potato storage
business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

* Working capital intensive nature of operations and high leverage
ratios:  BCS is engaged in the cold storage business and
accordingly its operation is working capital intensive.
Accordingly the requirement of working capital remains high and
therefore the average utilization of cash credit remained at about
95% during the last 12 months ended May 31, 2017. The capital
structure of the company is moderately high marked by debt equity
ratio of 1.20x and high overall gearing of 2.88x as on March 31,
2016. The leverage ratios are high due to completion of heavily
debt funded project in the initial stage of operation.

Key Rating Strengths

* Experienced promoters:  The promoter of BCS is Mr.  Radha Raman
Mondal, Director, aged about 53 years, having more than two
decades of experience in the cold storage industry. He is being
duly supported by the other promoter director Mr. Swapan Kumar
Ghosh, Mr. Basudeb Majhi and Mr. Manas Kumar Dhara having
experience of around twenty years, fifteen years and twelve years
respectively in similar line of business. The promoters are
actively involved in the strategic planning and running the day to
day operations of the company along with a team of experienced
personnel.

* Proximity to potato growing areas:  BCS's storing facility is
situated in the Burdwan district of West Bengal which is one of
the major potato growing regions of the state. The favorable
location of the storage unit, in close proximity to the leading
potato growing areas provides it with a wide catchment and making
it suitable for the farmers in terms of transportation and
connectivity.

Baba Bhubaneswar Cold Storage Private Limited (BCS), incorporated
in the year 2014, is a Kolkata (West Bengal) based company,
promoted by Mr. Radha Raman Mondal, Mr. Swapan Kumar Ghosh, Mr.
Basudeb Majhi and Mr. Manas Kumar Dhara. BCS is engaged in the
business of providing cold storage services to potato growing
farmers and potato traders, having an installed storage capacity
of 19,500 MT in Burdwan district of West Bengal, which is divided
into two chambers. Mr. Radha Raman Mondal having more than two
decades of experience in the cold storage industry, looks after
the overall management of the company along with the other
directors Mr. Swapan Kumar Ghosh, Mr. Basudeb Majhi and Mr. Manas
Kumar Dhara and supported by the team of experienced
professionals.


BAIT LOGITECH: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Bait Logitech Pvt Ltd (BLPL) to 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee        6.6        CRISIL A4 (Reaffirmed)
   Cash Credit           5.5        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's small scale, and a
subdued financial risk profile, with small networth. These
weaknesses are partially offset by the extensive experience of
management in the logistics and liaison services industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Being a new entrant in the industry,
scale is small, with operating income at INR26 crore in fiscal
2017. The steel structure fabrication business is highly
fragmented with the presence of several small players. Modest
scale and limited track record in the business restrict bargaining
power with customers.

* Subdued financial risk profile: Networth remained modest at
INR3.71 crore in fiscal 2017. Small networth exposes the credit
risk profile to sudden changes in business conditions.

Strength

* Extensive experience of management: BLPL was incorporated in
2010. However, the management's extensive experience in the steel
industry has helped establish healthy relationships with customers
and suppliers, resulting in repeat orders.

Outlook: Stable

CRISIL believes BLPL will continue to benefit from its experienced
management team. The outlook may be revised to 'Positive' in case
of a significant increase in revenue and operating margin, while
capital structure remains stable. The outlook may be revised to
'Negative' in case of stretch in working capital cycle, or
deterioration in capital structure due to large, debt-funded
capital expenditure.

Incorporated in May 2010, in Bhubaneswar, BLPL, promoted by Mr.
Brahma Nanda Mishra, was set up to provide logistics and liaison
services for the iron ore mining industry. It also fabricates
heavy steel structures, and provides project and mining
consultancy services. Its manufacturing unit is at Tangi in
Odisha.


BANSHIDHAR CONSTRUCTION: CRISIL Reaffirms B+ on INR8.75M Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Banshidhar
Construction Private Limited (BCPL) for obtaining information
through letters and emails dated July 13, 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
   ----------          ---------     -------
   Long Term Loan          8.75      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 Banshidhar Construction Private
Limited. This restricts CRISIL's ability to take a forward
Banshidhar Construction 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'.

BCPL, incorporated in 2007-08 (refers to financial year, April 1
to March 31), undertakes construction of roads, and irrigation
projects for Water Resource Department for Bihar. The company is
promoted by Mr. Subhash Yadav, Mr. Ram Prasad Rai, Mr. Ashok Rai,
and Mr. Dev Prasad.


CHANDRAKONA COLD: Ind-Ra Affirms B Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Chandrakona Cold
Storage Private Limited's (CCSPL) Long-Term Issuer Rating at 'IND
B'. The Outlook is Stable. The instrument-wise rating action is:

-- INR72.5 mil. (increased from INR50 mil.) Fund-based limits
    assigned with IND B/Stable rating.

The final rating has been assigned following the receipt of
sanction letter by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects CCSPL's continued small scale of
operations and moderate credit metrics. As per FY17 provisional
financials, revenue was almost stable at INR23.2 million (FY16:
INR22.8 million). Operating EBITDA margins declined to 12.4%
(23.4%) due to an increase in storage expenses. Net leverage
(total adjusted net debt/operating EBITDA) deteriorated to 28.5x
(1.4x) due to additional debt availed to fund its working capital
requirement. However, interest coverage (operating EBITDA/ gross
interest expense) improved to 3.3x in FY17P (FY16: 2.3x;) due to a
decline in financial cost and lower utilisation of limits.

The liquidity position of the company remains comfortable with
90.8% utilisation of the working capital limits during the 12
months ended August 2017.

The ratings continue to be supported by CCSPL's founders' more
than two decades of experience in the cold storage business.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations along
with an improvement in the overall credit metrics will be positive
for the ratings.

Negative: Deterioration in the liquidity position will be negative
for the ratings.

COMPANY PROFILE

Incorporated in 1989, CKCS has a cold storage business through
which it stores potatoes. The cold storage is located in Paschim
Mednipur, West Bengal with a storage capacity of 221,163.6
quintals of potatoes. It is managed by two of its directors,
Kannai Lal Roy and Jayanta Kumar Roy.


CLAVECON (INDIA): Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Clavecon (India)
Private Limited (CIPL) a Long-Term Issuer Rating of 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR79.57 mil. Term loan due on August 2022 assigned with IND
    B+/Stable rating;

-- INR35 mil. Fund-based limit assigned with IND B+/Stable/
    IND A4 rating;

-- INR5 mil. Non-fund-based limit assigned with IND A4 rating;
    and

-- INR5 mil. Proposed non-fund-based limit* assigned with
    Provisional IND A4 rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
CIPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect CIPL's limited operational track record, given
the company commenced commercial operations from May 2015, and
small scale of operations. According to provisional financials for
FY17, revenue was INR233.75 million (FY16: INR135.73 million). The
improvement in revenue was driven by regular orders from existing
clients and the addition of new clients.

The ratings also reflect CIPL's weak credit metrics. In FY17, net
leverage (total adjusted net debt/operating EBITDA) was 5.90x
(FY16: 10.77x) and gross interest coverage (operating EBITDA/gross
interest expense) was 1.34x (1.07x). The improvement in credit
metrics was due to an increase in EBITDA (FY17: INR26.85 million;
FY16: INR16.99 million) and a decrease in debt (INR159.99 million;
INR189.04 million).

The ratings, however, are supported by a comfortable EBITDA margin
of 11.49% in FY17 (FY16: 12.52%) and liquidity position, indicated
by an average utilisation of about 76.81% of its fund-based limits
for the 12 months ended August 2017. The fall in EBITDA margin was
due to an increase in raw material costs.

RATING SENSITIVITIES

Negative: A substantial decline in operating profitability leading
to deterioration in credit metrics could lead to a negative rating
action.

Positive: A significant increase in revenue, with operating profit
leading to improved credit metrics, could lead to a positive
rating action.

COMPANY PROFILE

Incorporated in 2013, CIPL manufactures autoclaved aerated
concrete and concrete blocks. It has an installed capacity of
15,000 cubic metres per month.


CUTTACK RESINS: Ind-Ra Assigns 'B' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Cuttack Resins
Private Limited (CRPL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR70 mil. Fund-based limit assigned with IND B/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect CRPL's lack of operational track record, given
the company commenced commercial operations from May 2017.

The ratings, however, are supported by CRPL's moderate liquidity,
indicated by an average utilisation of about 60% for the four
months ended August 2017, and the directors' extensive experience
in trading. Moreover, CRPL has a location advantage, as it is
based in Cuttack, which is in proximity to Bhubaneswar, the
business capital of Odisha.

RATING SENSITIVITIES

Negative: Deterioration in liquidity will be negative for the
ratings.

Positive: Stabilisation of operations will be positive for the
ratings.

COMPANY PROFILE

Incorporated on March 3, 2017, CRPL is engaged in the trading of
synthetic resins used in the manufacturing of PVC pipes and
moulds. Its registered office is in Cuttack, Odisha. It is managed
by Mr. Piyush Pritam.


DHAN LAXMI: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Dhan Laxmi
Agromills India Limited (DAIL) 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
   ----------          ---------    -------
   Cash Credit              5       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                5       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dhan Laxmi Agromills India
Limited. This restricts CRISIL's ability to take a forward Dhan
Laxmi Agromills India 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'.

DAIL is an Uttarakhand-based company established and promoted in
2013 by Mr. Meghraj Garg, Mr. Naveen Kumar Singhal, Mr. Rajendra
Kumar Aggarwal, and Mr. Anshul Garg. It extracts rice bran oil and
manufactures de-oiled rice bran.


DINODIA EDUCATIONAL: CRISIL Reaffirms 'D' Rating on INR12MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dinodia
Educational Society (DES) 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
   ----------          ---------    -------
   Term Loan                12      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 Dinodia Educational Society.
This restricts CRISIL's ability to take a forward Dinodia
Educational Society 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'.

DES, established in 2008, is operating a school near Siliguri,
West Bengal, under the name G D Goenka Public School, Siliguri
(GDGPSS). DES is associated with the GD Goenka group of schools,
and all the facilities have been built up and the school is
operated under the ageis of the group. The school is located at
Dagapur, around 7 Km away from the city of Siliguri, West Bengal,
and is spread over an area of 7.32 acres. GDGPSS has commenced
operation from 2009-10 and operate classes from Nursery to class
XII under the affiliation of Central Board of Secondary Education.


EMBEE AGRO: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Embee Agro Food
Industries Private Limited (Embee) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR 86 mil. Term loan due on June 2020 assigned with IND BB-
    /Stable rating; and

-- INR140 mil. Fund-based working capital limits assigned with
    IND BB-/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect Embee's small scale of operations and weak
credit metrics due to the seasonal nature of business. According
to the FY17 provisional financials, revenue increased to INR492
million in FY17 from INR417 million in FY16 due to an increase in
orders from existing customers. EBITDA interest coverage
(operating EBITDA/gross interest expense) was stable at 1.5x in
FY17 (FY16: 1.5x) while net financial leverage (total adjusted net
debt/operating EBITDAR) improved to 7.2x (7.8x) due to an increase
in absolute EBITDA.

The ratings further reflect the company's volatile operating
profitability account of raw material price fluctuations due to
the seasonal nature of availability of paddy. EBITDA margins
fluctuated in the range of 4.2%-13.1% over FY14-FY17 and declined
to 9.8% in FY17 from 10.1% in FY16.

The ratings factor in Embee's tight liquidity position as
reflected in the average maximum working capital utilisation of
93.5% over the 12 months ended July 2017. Net working capital
cycle remained long in FY17 at 203 days, despite improving from
223 days in FY16 due to an increase in creditor days. The
inventory period is long due to the storage of paddy rice.

The ratings, however, are supported by the company's promoters'
more than two decades of experience in the processing of rice.

RATING SENSITIVITIES

Positive: Substantial growth in the revenue and EBITDA margin and
an improvement in the liquidity leading to an improvement in the
credit metrics could be positive for the ratings.

Negative: A substantial decline in the top line and profitability
and sustained deterioration in overall credit metrics or
deterioration in the overall liquidity profile could lead to a
negative rating action.

COMPANY PROFILE

Established in 2001 in Yadgiri District, Karnataka, Embee has an 8
tonnes per hour rice processing mill.


EUROKON GLOBAL: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Eurokon Global Exports Private Limited (EGE) at 'CRISIL
B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             15       CRISIL B+/Stable (Reaffirmed)

   Foreign Documentary
   Bills Purchase           2       CRISIL A4 (Reaffirmed)

   Packing Credit           4       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations,
large working capital requirement, and a weak financial risk
profile because of below-average debt protection metrics. These
weaknesses are partially offset by promoters' extensive experience
in the metal sheet components industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented industry:  Scale
is modest, as reflected in revenue of about INR32.69 crore in
fiscal 2017. Revenue dipped 40% in fiscal 2017 as the domestic
business, which was started in fiscal 2016, was discontinued on
account of working capital challenges. Furthermore, the metal
sheet components industry is highly fragmented, with several small
players and hence in the medium term, the firm is expected to
report revenue of INR35-36 crore. The operating margin is expected
to be at 8.0-8.5% owing to 100% export business.

* Working capital-intensive operations:  Operations are working
capital intensive as reflected in gross current assets of 169 days
as on March 31, 2017, driven by inventory of 48 days and debtors
of 65 days, further with working capital challenges faced by
company in domestic markets. Debtors include over six months
recoverable of INR2.25 crore as on March 31, 2017.

In the medium term, in the absence of any exposure in the domestic
market, the working capital cycle is expected to improve.

* Below-average financial risk profile:  Financial risk profile is
subpar, with below-average debt protection metrics-interest
coverage and net cash accrual to adjusted debt ratios were at 1.44
times and 0.05 time, respectively, for fiscal 2017-though
constrained by weak capital structure due to modest accretion to
reserve. With sustenance of working capital cycle and nil
significant, debt-funded capital expenditure plans, the financial
risk profile is expected to remain average over the medium term.

Strength

* Promoters experience in the industry:  The promoters have been
in the business of metal sheet components for over eight years and
have developed established relations with customers, leading to
steady orders over the medium term.

Outlook: Stable

CRISIL believes EGE will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of significantly high revenue and
profitability, along with diversity in customer base and
geographical reach, leading to higher cash accrual, and
improvement in capital structure mainly due to capital infusion by
promoters. Conversely, the outlook may be revised to 'Negative' in
case of a considerable decline in revenue or profitability,
deterioration in working capital management, or large, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile, particularly liquidity.

Incorporated in 2009, EGE manufactures and exports sheet metal
components such as brackets and clamps which find application in
building hardware and furniture. The company is based in
Faridabad, Haryana.


GARG GRANITES: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Garg Granites
Private Limited's (GGPL) 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:

-- INR60 mil. Fund-based working capital limits 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
Sept. 7, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1993, GGPL is engaged in processing and trading of
marble slabs and tiles of various texture and design. The
processing facility is situated at Kishangarh in Rajasthan with an
annual installed capacity of 3,000,00 cubic feet.


GAUTAMBUDH CARS: CARE Assigns B Rating to INR15cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Gautambudh Cars Private Limited (GCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            15.00       CARE B; Stable Assigned

Detailed Rational and key rating drivers

The rating assigned to the bank facilities of GCPL is primarily
constrained by its low profitability margins, leveraged capital
structure and weak debt service coverage indicators. The rating is
further constrained by working capital intensive nature of
operations and pricing constraints and margin pressure arising out
of competition from various commercial auto dealers in the market.
The rating, however, draws comfort from experienced promoters and
growing scale of operations.

Going forward, the ability of the company to increase its scale of
operations while registering improvement in its profitability
margins and capital structure alongside effective management of
working capital requirement shall be the key rating sensitivity.

Detailed description of key rating drivers

Key Rating Weakness

* Low profitability margins:  An automotive dealer's revenues are
driven by volumes while the profits are driven by sale of spares
and service income as the latter fetch higher profit margins. The
company has limited negotiating power with manufactures and has no
control over the selling price of the vehicles as the same is
fixed by the manufacturers. The PBILDT margin stood low at 3.22%
for FY17 (FY refers to the period April 1 to March 31; based on
provisional results) and showing decline from 3.63% for FY16.
Furthermore, owing to high interest expense and deprecation cost
PAT margin below unity at around 0.50% for the past three
financial year FY15-FY17.

* Leveraged capital structure and weak coverage indicators:  The
capital structure of the company marked by overall gearing ratio
stood leveraged on the balance sheet date of past three financial
years i.e. FY15-FY17 on account of high dependence on external
borrowing to meet the working capital requirements of the company
coupled with low net worth base of the company. The overall
gearing ratio stood leveraged at above 15 times as on March 31,
2017.

Further, the debt service coverage indicators of the company
remained weak marked by interest coverage ratio of 1.33x and total
debt to GCA of 28.80x respectively in FY17 on account of high debt
level resulting into high interest cost and low profitability
margins.

* Working capital intensive nature of operations:  The company
needs to stock different models of vehicles and spares in the
showrooms in order to ensure ample availability and visibility,
which leads to inventory holding days of around 2 months. Though
the sales to customers are made on "Cash and Carry" basis however,
around 70% of the cars are bought on vehicle financing basis
through banks/financial institutions resulting into collection
period of around a week and debtors are mainly the banks/financial
institutions. Further, the company has to make advance/cash
payments to the manufacturers for procurement. The large working
capital requirements are met through bank borrowings which
remained almost fully utilized for the last 12 months ended July,
2017.

* Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market:  The margin
on products is set at a particular level by Ford India Limited
thereby restricting the company to earn incremental income. With
the large dealership network of Ford India Limited, the bargaining
power of the dealer with the customer is further reduced. The
market also faces aggressive competition from various other
established automobile dealers of companies like Hyundai Motor
Company and Honda Motors Company Limited etc. In order to capture
the market share, the auto dealers have to offer better buying
terms like providing credit period or allowing discounts on
purchases which create margin pressure and negatively impact the
earning capacity of the company.

Key Rating Strengths

* Experienced Promoters:  The company was promoted by Mr. Parveen
Goel and Mr. Rama Murti. Mr. Parveen Goel is a chartered
accountant by qualification and has an experience of around two
decades in the dealership business through his association with
this entity and other group associates. Mr. Rama Murti has an
experience of around five decades in the dealership business
through his association with GCPL and other group concerns.
Further company has a dedicated team of marketing and sales
professionals, service in-charge and customer relation officers,
who have more than one and half decade of experience in their
respective field. Growing scale of business: The total operating
income of GCPL has grown at a compounded annual growth rate (CAGR)
of around 45% from  INR48.41 crore during FY15 to  INR101.56 crore
in FY17 (based on provisional results) mainly attributed to
increase in vehicles sold. Further, the company has achieved total
TOI of approx. INR35 crore till July 31, 2017.

Noida (Uttar Pradesh) based Gautambudh Cars Private Limited (GCPL)
was incorporated in 2013. The company is currently being managed
by Mr. Parveen Goel and Mr. Rama Murti. GCPL is an authorized
dealer of Ford India Limited (FIL) vehicles since 2013 and
operates though its single 3S (sales, spare service) facility
located in Noida, Uttar Pradesh.

Rama Motors Services Private Limited (an authorized dealer of Ford
India Limited) and Sharnam Motor Services Private Limited
(authorized dealer of Chevrolet India) are the other associate
concerns of GCPL engaged in the business of auto dealership.


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

The instrument-wise rating actions are:

-- INR125 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND B+(ISSUER NOT
    COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; and

-- INR7.5 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
April 10, 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 2001, IDT manufactures readymade garments and
exports them to foreign markets, mainly Canada, European countries
and the US. IDT's plant is located in Bhiwandi, Maharashtra. The
company is focusing on expanding presence in the domestic market.
IDT is managed by two brothers: Suraj Gupta and Amar Gupta.


INNOVATIVE INFRA: CRISIL Reaffirms 'D' Rating on INR17.8MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Innovative
Infraprojects Private Limited (IIPL) 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
   ----------          ---------      -------
   Term Loan               17.8       CRISIL D (Issuer Not
                                      Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Innovative Infraprojects
Private Limited. This restricts CRISIL's ability to take a forward
Innovative Infraprojects 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'.

IIPL, incorporated in 2009, develops residential and commercial
real estate projects in Dhanbad, Jharkhand. Its daily operations
are managed by Mr. Kashish Vyas.


JAYDEEP TUBES: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jaydeep Tubes Pvt
Ltd's (JTPL) 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:

-- INR20 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Sept. 12, 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 1999, JTPL manufactures Curpo nickel tubes, copper
tubes, brass tubes, PVC copper tubes, copper alloy and others at
its plant in Umbergaon, Gujarat.

JTPL is managed by Ashok J Shah and Mukesh J Shah.


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

The instrument-wise rating actions are:

-- INR41.8 mil. Term loans (Long-term)  migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

-- INR78.8 mil. Fund-based working capital limit (Long-
    term/Short-term)  migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating; and

-- INR2.0 mil. Non-fund-based working capital limit (Short-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Kalpataru Cold Storage was incorporated by G.P. Sinha in 1988 in
West Bengal. It operates a 220,092 quintals cold storage unit for
the preservation of agricultural produces mainly seeds and table
potatoes on a rental basis.


KANACHUR ISLAMIC: CARE Assigns B Rating to INR140cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kanachur Islamic Education Trust (KIET), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           140.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KIET are constrained
by its weak capital structure owing to the debt availed for the
setup of medical college and hospital, weak profitability and
hence cash accruals from operations in relation to the debt as
hospital and medical college operations yet to stabilize,
regulatory risk and competition from established and upcoming
educational institutes. The rating however derive strength from
experienced and resourcefulness of its promoters, and strong
demand for its medical course with full intake in the first year
of class.

Going forward the ability of trust to deleverage its capital
structure with additional funds from promoters, and improve its
cash accruals post the commencement of medical college's
operations would be the key rating sensitivities.

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Kanachur Islamic
Education Trust (KIET) are constrained by its weak capital
structure owing to the debt availed for the setup of medical
college and hospital, weak profitability and hence cash accruals
from operations in relation to the debt as hospital and medical
college operations yet to stabilize, regulatory risk and
competition from established and upcoming educational institutes.
The rating however derive strength from experienced and
resourcefulness of its promoters, and strong demand for its
medical course with full intake in the first year of class.

Going forward the ability of trust to deleverage its capital
structure with additional funds from promoters, and improve its
cash accruals post the commencement of medical college's
operations would be the key rating sensitivities.

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

* Weak capital structure owing to debt availed for the setup of
medical college and hospital:  The capital expenditure towards the
setup of the medical college and the tertiary hospital was around
INR171.32 crore largely funded through debt. The trust has
borrowed over INR 148 crore from various banks, out of which
INR135 crore was used towards the setup of medical college and
hospital. The capitalization structure will further weaken further
as the trust has availed additional debt of INR50 crore in Q4FY17,
towards the construction of additional building for the medical
college. In the coming years, till the operations of hospital
stabilizes and cash accruals from medical college increases with
new batches every year, the promoters are expected to support the
trust for meeting the debt obligations of the trust.

* Weak profitability levels owing to high interest cost and
operational expenditure on the hospital business:  The
profitability of the trust has been weak over the years, falling
over the years from net profit of INR0.52 crore in FY14, to net
losses of INR0.42 crore in FY15, deteriorating further to net loss
of INR2.49 crore in FY16, owing to the large level of operational
cost incurred over the years on the hospital.

* Regulatory risks associated with the education industry:
Despite the increasing trend of privatization of the education
sector in India, educational institutes have to adhere to the
regulations set by the regulatory authorities. The sector is
regulated by the Ministry of Human Resources at the national
level, by the education ministries in each state, as well as
Central bodies like University Grants Commission (UGC) and 14
other professional councils like All India Council for Technical
Education, Medical Council of India etc. The operating and
financial flexibility of the higher education sector are limited,
as regulations govern almost all aspects of operations, including
fee structure, number of seats, changes in curriculum and
infrastructure requirements. Karnataka is one among the states
which has largest concentration of educational institutions
especially Medical and Engineering colleges.

Key Rating Strengths

* Experienced and resourceful promoters:  The promoters, Monu
family has been involved in the education business for the last 15
years. They also have business interest in the areas of timber,
commodities trading, hospitality, and real estate development,
under its brand name 'Kanachur'. Mr. UK Monu, has an experience of
over 40 years in the timber business, and has served as Vice
President of South India Plywood manufacture INR

Incorporated in 2001, KIET was founded by Mr. U. K. Monu along
with his family members, to set up educational institute in
Mangalore. Initially it started with a school (affiliated to CBSE
board) in the year 2001, and over the years, it has started two
new educational institutes, Kanachur PU College and Kanachur
Institute of Management Science. In the year 2016-17, the trust
started medical college and hospital (hospital was partly
operational from FY15, and became fully operational from FY16-17).
The trust's campus is spread across 25 acres in the outskirts of
Mangalore. Presently society runs 7 educational institutions with
over 252 faculty members and 123 supporting members for its 13
academic programs.


KP PACKAGING: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.P. Packaging
Limited's (KPPL) 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:

-- INR40 mil. Fund-based working capital limit (long-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating; and

-- INR50 mil. Non-fund-based working capital limit (short-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Sept. 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

KPPL was incorporated in 1998 as a partnership firm. Later, in
July 2009, the entity was converted to a limited company. The
company is primarily engaged in manufacturing all kinds of
packaging products such as PVC film, aluminium foils, paper
laminates, polyester laminates, BOPP laminates, etc. KPPL has two
manufacturing units at Silvassa.


KRISHNA COTTON: CARE Assigns B+ Rating to INR8.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Krishna
Cotton (KC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KC is constrained on
account of modest scale of operations, low profit margins owing to
limited value addition nature of business with susceptibility to
fluctuation in the raw material prices owing to change in
government policies and seasonality associated with raw material
availability. The rating is further constrained due to working
capital intensive nature of operations, leveraged capital
structure, weak debt coverage indicators, presence in fragmented
and competitive cotton industry and partnership nature of
constitution.

The above weaknesses are off-set by the experience of promoters in
the cotton ginning and pressing business along with long track
record of operations of firm of more than one decade and location
advantage emanating from proximity to raw material suppliers and
customer.

The ability of the firm to increase its scale of operations,
improve its profitability and solvency position while efficiently
managing its working capital requirements is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations with low profitability:  The scale of
operations of the entity remained modest with TOI of INR40.71
crore during FY17 (Prov.), although, the same has been increasing
at a CAGR of ~5% during last three years ending FY17. Despite,
being operational for twelve years the net worth base remained low
at  INR1.83 crore as on March31, 2017(Prov.), limiting financial
flexibility of the entity. Furthermore, owing to limited value
addition nature of business and high competition operating profit
margins of the entity remained low at 1.70% in FY17(Prov.).

* Weak capital structure and debt coverage indicators:  The
capital structure of the entity remained weak owing to increased
reliance on external borrowings. Furthermore, high debt profile
against low networth, debt protection indicators also remained
weak.

* Working capital intensive nature of operations:  The liquidity
position of KC was low marked by low current ratio of 1.16x,
owing to moderate inventory holding period. KC procures raw cotton
from local farmers who provide a negligible credit period.
Furthermore, as the raw material is seasonal in nature, the entity
has to maintain higher inventory. The working capital requirements
of the entity are met by the cash credit facility, the average
utilization of the CC limit was on a higher side in the in peak
season (October-April).

* Susceptibility of margins to raw material price fluctuation:
The price of raw cotton in India is regulated through function of
MSP by the government. Furthermore, the price of raw cotton is
highly volatile in nature and depends upon factors like area under
production, yield for the year, international demand-supply
scenario, export quota decided by government and inventory carried
forward from previous year. Hence, any adverse change in
government policy that is higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for KC.

* Presence in seasonal and fragmented industry:  Operation of
cotton business is highly seasonal in nature, as the sowing season
is from March to July and the harvesting season is spread from
November to February. Furthermore, the cotton industry is highly
fragmented with large number (approx 80%) of players operating in
the unorganized sector. Hence, KC faces stiff competition from
other players operating in the same industry, which further result
in its low bargaining power against its customers.

* Partnership nature of constitution:  Being a partnership firm,
KC is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.

Key Rating Strengths

* Satisfactory experience of partners along with long track record
of the firm:  KC was established in May, 2005 and is promoted by
Mr. Rajendra K. Mali, Mrs. Shital R. Parekh, Mrs. Rajani C. Patil
and Mr. Dinesh Singh R. Patil. The partners have an average
experience of one decade in cotton ginning & pressing business.
Furthermore, over the years, KC has established longstanding
relations with its key customers and suppliers.

* Location advantage emanating from proximity to raw material:
The manufacturing facility of KC is located at Jalgaon,
Maharashtra which contributes to 3% of cotton production in
Maharashtra (2nd largest cotton producer in India). The presence
of KC in cotton producing region fetches a location advantage
owing to lower logistics expenditure and easy availability of
customers and suppliers. Moreover, there is robust demand of
cotton bales and cotton seeds in region due to presence of
spinning and oil mills.

Krishna Cotton (KC) was established as a partnership firm in June-
2005 and is engaged in the business of cotton ginning & pressing
at its manufacturing facility based in Dharangaon (Maharashtra).
The entity procures raw cotton from local farmers and Agriculture
Produce Market Committee (APMC) and the purchase decision is
dependent upon the MSP and market price of cotton. The major
proportion of revenue is derived from ginning process (~99%) and
rest from trading of cotton seed and cotton cake.


MAGNUM AVIATION: CARE Lowers Rating on INR13.50cr ST Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Magnum Aviation Private Limited (MAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             9.50       CARE D Revised from
                                     CARE BB; Stable

   Short term Bank
   Facilities            13.50       CARE D Revised from
                                     CARE A4

Rating Rationale

The rating assigned to the bank facilities of MAPL is primarily
constrained on account ongoing delays in debt servicing.

Detailed description of the key rating drivers

Key rating weakness

* Ongoing delay in debt servicing:  There have been delays in
interest servicing of working capital borrowings on account of
stressed liquidity position.

Noida-based (Uttar Pradesh) MAPL was incorporated in 2002 by Mr.
Vishal Varshnei and Ms Manvi Varshnei. The company is engaged in
the trading of aircraft spares such as aircraft wheels, brakes,
avionics, propellers hoses, lubricants, etc. Also, the company
provides maintenance, repairs & overhaul (MRO) services for the
aircraft components. MAPL has its service facility located in
special economic zone in Noida, Uttar Pradesh. MAPL caters to the
need of both civil and military aircraft customers in overseas
markets as well as in domestic markets. The key customers of the
company include ministry of defense, scheduled airlines, state
government, civil aviation departments, non-scheduled
manufacturers(OEM's) of various aircraft components for the
procurement of the products and is an authorized distributors for
thesupply and services of their products.


NAND ENTERPRISE: CARE Assigns B+ Rating to INR6.50cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nand
Enterprise (NE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of NE is primarily
constrained by its small scale of operations with low net worth
base, low profitability, leveraged capital structure and weak
coverage indicator. The rating is further constrained by working
capital intensive nature of operations, presence of the firm in
highly competitive nature of industry and along with NE's
constitution being partnership. The rating, however, draws comfort
from experienced partners with long track record of operations in
the industry. Going forward, the ability of the company to
increase its scale of operations, improve the profitability
margins and capital structure with effective working capital
management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations with low net worth base:  The scale of
operations of the firm has remained small marked by total
operating income of Rs 31.95 crore during FY16 (FY refers to April
01 to March 31) with gross cash accruals of INR0.08 crore.
Further, the net worth of the firm stood small at INR1.59 crore as
on March 31, 2016. The small scale limits the firm's flexibility
in times of stress and deprives it of scale benefits. Further, In
FY17 the firm has achieved a total operating income of INR36.00
crore (Based on Provisional Results).

* Low profitability, leverage capital structure and weak coverage
indicators:  The profitability margins of the firm have remained
on the lower side owing to the trading nature of the business and
intense market competition given the highly fragmented nature of
the industry. Interest cost further restricted the net
profitability of the firm. PBILDT and PAT margins of the firm
stood at 2.95% and 0.15% in FY16. PBILDT margin of the firm has
increased marginally owing to sale of product having higher profit
margins. Further, PAT margin stood below 0.10% for the last three
years i.e. FY14-FY16 mainly on account of high interest cost.

The capital structure stood leveraged on the balance sheet date of
past three financial years i.e. FY14-FY16 on account of high
dependence on external borrowings to meet the working capital
requirement against low net worth base. Overall gearing stood at
4.00x as on March 31, 2016 as against 4.31x as on March 31, 2015
mainly on account of higher net worth base owing to infusion of
funds by partners'.

The debt service coverage indicators as marked by interest
coverage and total debt to GCA stood weak for past three financial
years FY14-FY16 mainly on account of low profitability with high
debt levels. Interest coverage and total debt to GCA at below 1.
2x and above 60x for FY15 and FY16.

* Elongated operating cycle:  The firm offers an average credit
period of 30-45 days to retailers (in distributorship) and a
week's time to customer (in retail trade) resulting in average
collection period of 36 days for FY16. The firm procures the
electronic goods i.e. television, washing machine, refrigerator
etc. from LG mainly on cash and also receives a credit period of
around a week on few products. Further, the firm maintains an
adequate level of inventory to meet the immediate demand of the
customers resulting in an average inventory holding 49 days in
FY16. Entailing all lead to NE's high dependence on external
borrowings which resulted in almost full utilization of its
average working capital limits for the past twelve months ending
May 2017.

* Constitution of the entity being a proprietorship firm:  NE's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, Partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lender

* Highly competitive nature of the industry:  NE operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized and organized sector There
are number of small and regional players catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

Key Rating Strengths

* Experienced partners and long track record of operations:  The
operations of NE are currently managed by Mr. Basant Jain, Mr.
Anil Kumar Jain and Mr. Anuj Kumar Jain and Mr. Vipul Jain. The
firm is being managed by Mr. Basant and Mr. Anil; they have an
experience of more than 3 decades in trading of electronic devices
through his association with this entity and in individual
capacity. They are further assisted by Mr. Vipul Jain, son of Mr.
Basant, who has an experience of around 2 decade in trading
industry.

Kanpur (Uttar Pradesh) based Nand Enterprise (NE) was established
in 1984. Kanpur (Uttar Pradesh) based Nand Enterprise (NE) was
registered in 1984 as a partnership firm with Mr. Basant Jain, Mr.
Vipul Jain, Mr. Nail Kumar jain, Mr. Anuj Kumar and Mrs.
Shakuntala Jain as partners sharing profit and losses in the ratio
20% each. The firm is currently being managed by Mr. Basant Jain,
Mr. Anil Kumar Jain and Mr. Anuj Kumar Jain and Mr. Vipul Jain. NE
is an authorized dealer of electronics consumer products i.e.
Refrigerators and Washing Machines of LG brand since 2004. NE
operates though a retail outlet named "Nand Enterprise" located in
Kanpur.


NHC FOODS: Ind-Ra Lowers Issuer Rating to BB+ Not Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded NHC Foods
Limited's (NHCFL) Long-Term Issuer Rating to 'IND BB+(ISSUER NOT
COOPERATING)' from 'IND BBB-(ISSUER NOT COOPERATING)'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR22.6 mil. Term loan Downgraded and Maintained in Non-
    Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING)/Stable rating; and

-- INR240 mil. Fund-based facilities Downgraded and Maintained
    in Non-Cooperating Category with IND BB+(ISSUER NOT
    COOPERATING)/Stable/IND A4+(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects a sustained breach of Ind-Ra's negative
rating guideline of interest coverage (EBITDA/interest expenses)
below 2x since FY16 (1QFY18: 1.6x, FY17: 1.8x; FY16: 1.5x) due to
lower-than-expected EBITDA margins. NHC reported EBITDA margins of
2.2% in FY17 (FY16: 2.1%) against the agency's expectation of
around 2.9%, despite a decline in interest expenses to INR17
million (INR21.8 million).

The ratings have been maintained in the non-cooperating category
as the company did not provide Ind-Ra with a management
certificate regarding timely debt servicing for the last 12 months
and information related to working capital utilisation for the
last two months, despite continuous requests and follow-ups.
Investors and other users are advised to take appropriate caution
while using these ratings.

RATING SENSITIVITIES

Positive: An improvement in the profitability, leading to EBITDA
interest coverage exceeding 2x on a sustained basis will be
positive for the ratings.

Negative:  Further deterioration in the EBITDA margins, leading to
the EBITDA interest coverage reducing below 1.5x on a sustained
basis will be negative for the ratings.

COMPANY PROFILE

NHCFL was incorporated in 1960 by Himatlal Shah. The company
processes and exports spices and food grains.


PLANET PR: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Planet PR
Appartment Private Limited (Planet PR) for obtaining information
through letters and emails dated July 10, 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              8        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 Planet PR Appartment Private
Limited. This restricts CRISIL's ability to take a forward Planet
PR Appartment 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'.

Planet PR, promoted by Odisha-based Mr. Ranjan Kumar Pattanayak
and Mr. Pradyumna Singh, trades in iron ore and coal. Its
operations are primarily managed by Mr. Ranjan Kumar Pattanayak.


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

The instrument-wise rating actions are:

-- INR12 mil. Long-term loans (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

-- INR39.8 mil. Fund-based working capital limit (long-/short-
    term) migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating; and

-- INR1.5 mil. Non-fund-based working capital limit (short-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Prafullya, a partnership firm, was incorporated by GP Sinha in
1968 in West Bengal. It operates a 106,829-quintal cold storage
unit for the preservation of agricultural produces, mainly seeds
and table potatoes, on a rental basis.


RAM COIR MILLS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ram Coir Mills'
(RCM) 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:

-- INR130 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND B+(ISSUER NOT
    COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; and

-- INR38.4 mil. Term loan limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 1952, Kerala-based RCM is an export-oriented unit
that manufactures vinyl-backed coir products, coir mats, jute
products, rubber-moulded coir products, 100% rubber mats and
polypropylene mats. The firm is SA8000:2008 certified.


RAYBAN FEEDS: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rayban
Feeds and Hatcheries Private Limited (RFHPL) 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
   ----------          ---------     -------
   Cash Credit             12        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

   Proposed Long Term       2        CRISIL D (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 Rayban Feeds and Hatcheries
Private Limited. This restricts CRISIL's ability to take a forward
Rayban Feeds and Hatcheries 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'.

Incorporated in 2011, RFHPL is engaged in poultry farming. The
company was incorporated as a joint venture between the Elahi and
Vadivel families, based in Hapur, Uttar Pradesh,-and Coimbatore,
Tamil Nadu, respectively. It has a registered office in Coimbatore
while its poultry farming unit is in Hapur; the unit commenced
operations in fiscal 2014.


RELIANCE COMMUNICATIONS: NCLT Moves Ericsson's Bid Hrg. to Oct. 6
-----------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has adjourned the hearing of Ericsson's petition to admit
the insolvency case against Reliance Communications (RCom) to
October 6.

Rcom's senior counsel Ravi Kadam told the bench comprising of BSV
Prakash Kumar and V Nallasenapathy that if both parties do not
reach a settlement by the allotted date, he would file his
affidavit to the court, ET relates.

However, sources said that reaching a conclusion after failed
initial rounds of negotiations would be tough, the report says.
Last week, ET reported that the first round of talks between
Ericsson and Reliance Communications (RCom) have been
inconclusive, with the Swedish equipment maker sticking to its
stand on dragging the Anil Ambani group flagship through a
bankruptcy process if dues not paid, spelling more bad news for
the telco's merger with Aircel.

Sources had then said that Ericsson expected Rs550 crore to be
paid upfront because RCom had promised them that amount in
different stages of the process but failed to live up to it, the
report relays.

On September 11, Ericsson had filed for insolvency in the NCLT
under the newly-formed Insolvency and Bankruptcy Code to recover
INR1,150 crore from RCom for services and equipment it had earlier
supplied, ET recalls. Under this, the tribunal can initiate
takeover of the company or even liquidation to settle debt.

Last month, the court had rejected Ericsson's right to object to
admitting the merger application of Aircel and RCom as the amount
it was due was below 5% of RCom's total debt, the report states.
The application to object was simultaneously filed by 13 others,
apart from Ericsson, who were claiming dues from RCom, adds ET.

                About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.

As reported in the Troubled Company Reporter-Asia Pacific on
June 8, 2017, Moody's Investors Service has downgraded Reliance
Communications Limited's (RCOM) corporate family rating and
senior secured bond rating to Ca from Caa1.  The outlook is
negative.  This concludes the review of the ratings initiated by
Moody's on May 30, 2017.

The TCR-AP reported on June 8, 2017, that Fitch Ratings
downgraded India-based Reliance Communications Limited's (Rcom)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) to 'RD' from 'CCC'. Fitch has also downgraded the rating on
Rcom's USD300 million 6.5% senior secured notes due 2020 to
'C/RR4' from 'CCC/RR4'.

The downgrade follows Rcom's June 2, 2017 announcement that all
of its bank lenders are prepared to waive debt service
obligations until end-2017 to provide time for the company to
lower its debt through two proposed transactions and present a
plan demonstrating how the debt can be serviced over the long
term.

Under Fitch ratings definitions this situation constitutes a
restricted default, as multiple waivers or forbearance periods
have been extended in parallel following a non-payment event.


S. RASIKLAL: CRISIL Reaffirms 'D' Rating on INR15.75MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with S. Rasiklal
and Co. for obtaining information through letters and emails dated
July 11, 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
   ----------          ---------    -------
   Adhoc Limit              1       CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Foreign Exchange          .6     CRISIL D (Issuer Not
   Forward                          Cooperating; Rating
                                    Reaffirmed)


   Packing Credit           4.65    CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Post Shipment Credit    15.75    CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term      12.00    CRISIL D (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 S. Rasiklal and Co. This
restricts CRISIL's ability to take a forward S. Rasiklal and Co.
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'.

Set up in 1969 as a proprietorship concern by Mr. Rasiklal Shah,
S. Rasiklal was reconstituted as a partnership firm in 1972. The
firm is currently managed by Mr. Pravin Shah and his family. The
firm manufactures and exports cut and polished diamonds. It is
also engaged in the trading of polished diamonds.


SEAGULL TRUST II: Ind-Ra Assigns Prov B+ Rating on Series A2 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Seagull Trust II
(an ABS transaction) the following ratings:

-- INR2,711.6 mil. Series A1 pass-through certificates (PTCs)
    due on February 2019 assigned with Provisional IND
    AA+(SO)/Stable rating; and

-- INR301.3 mil. Series A2 PTCs due on February 2019 assigned
    with Provisional IND B+(SO)/Stable rating.

The final ratings will be contingent upon the receipt of executed
documents conforming to the information already received by
Ind-Ra.

The nature of underlying loans securing the Series A1 and Series
A2 PTCs are similar to the microfinance loans and disbursed under
Joint Liability Group structure and are of unsecured nature with
loan tenors in the range of 12-24 months. Credit underwriting is
based on the income generation ability of the borrowers. L&T
Finance Limited (LTFL; originator or seller or servicer)
internally classifies these loans as micro loans, as all the loan
features may not necessarily fall in the requirements for
microfinance loans as defined in the Reserve Bank of India
guidelines for microfinance institutions. The micro loan pool to
be assigned to the trust has been originated by LTFL.

KEY RATING DRIVERS

Transaction Rating Support Drivers: The provisional ratings are
based on the origination, servicing, collection and recovery
capabilities of LTFL, the legal and financial structure of the
transaction and the credit enhancement (CE) provided in the
transaction. The agency is of the opinion that the issuer's
origination and servicing capabilities are of an acceptable
standard.

The rating of Series A1 PTCs is supported by the robust and
exhaustive quality of the originator's specific portfolio and pool
data, superior credit quality of pool compared to the overall
portfolio of the originator and the financial strength of LTFL.
The superior pool credit quality includes nil overdue loans across
life of pool till the pool cut-off date, significantly high pool
collection efficiency of above 99% even in times of extreme stress
such as demonetisation, and significantly high weighted average
(WA) seasoning of 9.6 months and WA amortisation of 39.2%. While
about 75% of the average peak defaults have been observed in
LTFL's micro loan portfolio at seasoning levels of nine to 10
months, the proposed securitised pool has remained non-delinquent
till date. Additionally, Ind-Ra derives comfort from the
significant ability of the servicer to perform pool collections on
a steady state basis even in times of severe economic downturn or
idiosyncratic events such as demonetisation.

Transaction Structure: The provisional rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and the ultimate payment of principal by the final maturity date
of February 2019, in accordance with transaction documentation.
The provisional rating of Series A2 PTCs addresses the timely
payment of interest on monthly payment dates only after the
complete redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of February 2019, in
accordance with transaction documentation.

Availability of Credit Support: The transaction benefits from an
internal CE on account of excess interest spread and
subordination. The level of subordination available to Series A1
PTCs is 10% of the initial pool principal outstanding (POS). The
total excess cash flow or internal CE including subordination and
excess interest spread available to Series A1 and A2 PTCs is 20.2%
and 9%, respectively, of the initial POS. The transaction also
benefits from an external CE of 6.5% of the initial POS in the
form of fixed deposits in the name of the originator with a lien
marked in favour of the trustee. Additionally, the total excess
interest spread of the pool shall be trapped in an escrow account
if the 0+ days past due is greater than 5.0% of the initial POS
during the transaction tenor and shall be available for
unscheduled amortisation of Series A1 PTCs.

The external CE will be used in case of a shortfall in a) the
complete redemption of both PTCs on the final maturity date, b)
the monthly interest payment to Series A1 investors c) the monthly
interest payment of Series A2 investors after the complete
redemption of Series A1 investors.

Key Pool Characteristics: The collateral pool to be assigned to
the trust had an aggregate outstanding principal balance of
INR3,012.9 million as of the pool cut-off date of 31 August 2017.
The pool consisting of 1,81,572 loans has a weighted average
seasoning of 9.6 months and WA amortisation of 39.2%. The WA
balance tenor remaining for the pool is around 14.4 months. Also,
the WA internal rate of return is 24%. The pool is concentrated
close to 88% of POS in only two states viz. Tamil Nadu (66.4%) and
Kerala (22.0%). However, in the past the average collection
efficiency of the meeting centres in these states was greater than
99%.

Originator's Servicing, Underwriting & Collection Capabilities:
LTFL provides micro loans for income-generating purposes to Joint
Liability Groups, comprising women, typically in groups of five to
16 and in the age limit of 20 to 60. The loans are sourced
directly by an in-house 3,000 member team of front line officers
who are also engaged in collection activities. The loan amount
provided depends on the cycle of the loan, the income-generating
capacity of the borrower, and the total household annual income of
the borrower which typically exceeds INR0.1 million for loan
eligibility. The key features of the credit underwriting process
include assessment of credit worthiness and leverage of borrowers
and mandatory requirement of Aadhar Card by borrower as a part of
Know Your Customer norms. Additionally, business concentration of
micro loans in any district is capped at below 2% of the district
population and in any state it is less than 25% of the product
portfolio.

Key Assumptions: Ind-Ra has derived a base case net default rate
after adjusting for seasoning and amortisation in the range of 3%-
4%. The agency has analysed the characteristics of the pool and
established its base-case assumptions through the four key
performance variables namely default rate, recovery rate, recovery
timeline and prepayment rate, which collectively affect the credit
risk in a transaction. Ind-Ra considers both long-term historical
average of the key performance variables of the old static pools
and the performance of the latest static pools.

The current pool comprises micro loans which are unsecured in
nature. As the chances of recovery from these loans are less
likely, Ind-Ra has not assumed any recovery rate from the
underlying loans. Also, considering that the weighted average
balance tenor of the micro loans in the pool is only 14.4 months,
Ind-Ra does not perceive significant prepayment risk in the pool.

Ind-Ra stressed the above variables for the rating level as per
'Rating Criteria for Indian Asset-Backed Securitisations'.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model based
on the transaction's financial structure. The agency analysed
historical data to determine the base values of key variables that
would influence the level of expected losses in this transaction.
The base values of the default rate and recovery rate, time to
recovery, collection efficiency, prepayment rate and pool yield
were stressed to assess whether the level of CE was sufficient for
the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of both base case default rate worsened by 20%, the model-implied
rating sensitivity suggests that the rating of Series A1 PTCs will
be downgraded by two notches to 'IND AA-(SO)' and the rating of
Series A2 PTCs will be not be impacted.

COMPANY PROFILE

LTFL was established as Family Credit Ltd. (erstwhile Apeejay
Finance Group Ltd.) in 1993. LTFL is a registered non-banking
financial corporation. Its registered office is in Kolkata. L&T
Finance Holdings Limited (LTFHL) is a subsidiary of Larsen &
Toubro Limited, which is the flagship holding company for the
financial services business of the L&T Group. LTFL, which is
recognised as a systemically important non-deposit taking non-
banking financial corporation, is a wholly owned subsidiary of
LTFHL.

LTFHL completed the amalgamation of its wholly owned subsidiaries
LTFL and L&T Fincorp Ltd. with Family Credit Limited in February
2017. Family Credit Limited was subsequently renamed as L&T
Finance Limited.

The total micro loan book of LTFL stood at INR38.12 billion as on
Jun' 2017 and registered an Year-on-Year (Y-o-Y) growth of 57% as
compared to overall micro loan book of INR24.21 billion as on June
2016.

The company classifies any loan as a non-performing asset if it is
overdue for over 90 days. The reported gross NPA and net NPA of
the rural finance business segment (36% of which comprises micro
loans) were 11.35% and 7.62%, respectively, as of June 2017.


SENGUPTA MOTORS: CARE Assigns B+ Rating to INR5.80cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Sengupta Motors (SGM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.80       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.20       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SGM are constrained
by its nascent stage of operations, linkage to the fortunes of
Bajaj Auto Limited (Bajaj), limited profitability associated with
dealership business, renewable based dealership agreement, working
capital intensive nature of operations, proprietorship nature of
constitution, pricing constraints and margin pressure arising out
of competition from various auto dealers in the market. The
ratings, however, derive strength from experienced proprietor,
authorized dealership agreement with Bajaj and its integrated
nature of business.

Going forward, the ability of the firm to achieve the envisaged
revenue and profit margins with effective working capital
management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Nascent stage of operations:  SGM is an authorised dealer of
Bajaj, started its commercial operation from April, 2017 onwards.
Therefore, the firm has an extremely short track record of
operations. During 5MFY18, the firm has achieved turnover of
INR10.00 crore as maintained by the management. Going forward, the
ability of the firm to achieve revenue and profit margins as
envisaged will be critical for the firm.

* Linkage to the fortunes of Bajaj:  SGM, being an authorised
dealer of Bajaj, deals exclusively with Bajaj two wheelers, spares
parts and accessories. Accordingly, its fortunes are linked to the
performance of Bajaj's products. As such, any shift in customer
preference and brand equity will negatively impact SGM.

* Limited profitability associated with dealership business:
Automobile dealership is a volume driven business as margins on
vehicles and spares are controlled by automobile manufacturers.
Accordingly, due to limited pricing power of the firm
profitability levels and margins of SGM is estimated to remain on
the lower side in the future periods. Hence the firm's growth
prospects depend on the ability to increase its volume momentum
and capitalize on the spares fetching higher margin and service
segment.

* Renewal based dealership agreement: The dealership agreement
between Bajaj and SGM is valid for three years expiring on March
2020, thereafter subject to automatic renewal for two years unless
it is terminated due to breach of contract/fraud by the firm or
it's going into liquidation. Going forward, the ability of the
firm to meet the expectation of the principal i.e. Bajaj and
regular renewal of the dealership agreement with the principal
will be critical for the firm.

* Working capital intensive nature of operations: The business of
automobile dealership is having inherent high working capital
intensity due to high inventory holding requirements. The firm has
to maintain the fixed level of inventory for display and to guard
against supply shortages. Furthermore, Bajaj demands payment in
advance, resulting in higher working capital requirements. The
average fund-based working capital utilization remained high at
about 95% during the last five months ended August 31, 2017.

* Proprietorship nature of business: SGM, being a proprietorship
firm, is exposed to inherent risk of withdrawal of capital by the
proprietor, restricted access to funding and risk of dissolution
on account of poor succession planning. Furthermore,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

* Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market: Bajaj has
currently one dealer for each district thus eliminating the scope
of competition from other Bajaj dealers. With the sole authorized
dealership of Bajaj in Agartala (Tripura) the bargaining power of
SGM with customers is high. However, the firm is exposed to
external competition from other dealers of companies such as
Suzuki, Yamaha, TVS, Honda, etc. In order to capture the market
share, the auto dealers generally have to offer better buying
terms like providing credit period or allowing discounts on
purchases. Such discount creates margin pressure and negatively
impact the earning
capacity of the firm.

Key Rating Strengths

* Experienced proprietor albeit lack of experience in auto
dealership business: Mr. Avik Sengupta (Proprietor) has around
8years of business experience in construction industry through his
partnership firm 'Chandan Sengupta'. However, he lacks experience
in automobile dealership business. He is associated with the firm
since its inception, looks after the day to day operations of the
firm supported by experienced personnel.

* Authorized dealership agreements with Bajaj: SGM enjoys the
leverage of being an authorized dealer of Bajaj which is one of
the largest two and three wheelers manufacturers in India.
Integrated nature of business: SGM also provides authorized after
sales service and deals in original accessories & spare parts
apart from selling two wheelers by virtue of being a 3-S
authorized dealer of Bajaj. Owning authorized service centre helps
the firm to tap a larger client base who prefers to purchase two
wheelers from dealers having own authorized service centre to
avoid hassles in case of breakdown and requirement of service.

SGM was established as a proprietorship firm in October 2016 by
Mr. Avik Sengupta. SGM is an authorised dealer of Bajajand deals
exclusively with Bajaj two wheelers, its spares parts &
accessories and after sales services (repair and refurbishment)
for the entire state of Tripura. The firm has commenced operations
from April 2017 onwards and currently, it is operating through its
two showrooms which are located in Agartala, Tripura West.


SHARMA CONSTRUCTION: CARE Moves B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has moved rating to the bank facilities of Sharma
Construction Company, as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank
   Facilities            5.00       CARE B+; Issuer not
                                    cooperating; based on best
                                    available information

   Short term Bank
   Facilities            3.00       CARE A4; Issuer not
                                    cooperating; based on best
                                    available information

Detailed Rationale & Key Rating Drivers

Sharma Construction Company has not paid the surveillance fees for
the rating exercise agreed to in its Rating Agreement. In line
with the extant SEBI guidelines, CARE's rating on Sharma
Construction Company's bank facilities will now be denoted as CARE
B+ /CARE A4; ISSUER NOT COOPERATING. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating(s).

The ratings take into account the small scale of operations with
low net-worth base, moderate capital structure and geographically
concentrated revenue profile. Further, the ratings are constrained
by fragmented nature of the construction sector albeit improving
growth prospects and constitution of the entity being a
proprietorship firm. The ratings derive benefit from experienced
proprietor, established track record of entity, comfortable
profitability margins with satisfactory debt coverage indicators
and improvement in operating cycle.

Detailed description of the key rating drivers

At the time of last rating in May 2016, the following were the
rating strengths and weaknesses (Updated for the year FY17
based on information provided by client):

Key rating Weaknesses

* Small scale of operations with low net-worth base:  Despite
being in operations for more than two and a half decades, the
firm's scale of operations has remained low marked by Total
Operating Income (TOI) of  INR58.75 crore in FY17 (refers to the
period April 01 to March 31) and networth base of  INR5.38 crore
as on March 31, 2017. The small scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.

* Moderate capital structure:  The capital structure of SCC stood
moderate at 1.56x as on March 31, 2017. The same improved from
9.46x as on March 31, 2015 on account of increase in net worth
base of the firm coupled with repayment of term loans.

* Geographically concentrated revenue profile: SCC entirely
derives its revenue from the orders in the Punjab state which
exposes the firm to geographical concentration risk and closely
ties its fortunes to the incremental development of infrastructure
projects in the state.

* Fragmented nature of the construction sector albeit improving
growth prospects: The construction sector in India is highly
fragmented with a large number of small and mid-sized players.
This coupled with tendering process in order procurement results
into intense competition within the industry. Despite these road
blocks faced by the industry, the sector is expected to grow,
given huge economic significance associated with it and rising
investor interest.

* Constitution of the entity being a proprietorship firm:  SCC's
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor.

Key Rating Strengths

* Experienced proprietor and established track record of entity:
SCC is engaged in the civil construction work and is managed by
Mr. Naval KishoreSharma, having around two and a half decades of
industry experience. The proprietor has gained this experience
through his association with SCC only. The proprietor has adequate
acumen about various aspects of business which is likely to
benefit SCC in the long term.

* Comfortable profitability margins with satisfactory debt
coverage indicators: The profitability margins of the firm
remained comfortable marked by PBILDT margin and PAT margin of
9.57% and 6.13% respectively in FY17.  Additionally, the debt
coverage indicators remained at a comfortable level characterized
by total debt to GCA ratio of 1.75x as on March 31, 2017 and
interest coverage ratio of 6.72x in FY17.

* Improvement in operating cycle:  The average operating cycle of
the firm stood at -23 days for FY17. The same improved from 44
days for FY15. The firm receives payment from the client on
percentage of completion basis. Nearly 95% of the bill amount
raised by the firm is received within 1-2 days while the remaining
payment is made after competition of the contract. The same has
resulted in low collection period. Further, the average inventory
period of the firm improved from 76 days for FY15 to 3 days for
FY17. Furthermore, firm receives average credit period of around
one month from its suppliers of raw materials.

SCC is a proprietorship firm established in 1990 by Mr. Naval
Kishore Sharma. SCC is engaged in the civil construction work in
Punjab, mainly including road work projects. The firm is
registered as a 'class A1' contractor with Bridge &Road Division
(B&R), Municipal Corporation and Improvement Trust of Punjab. The
orders undertaken by the firm are secured through the competitive
bidding process. Besides SCC, the proprietor is also engaged in
another group concern, namely, Sharma Vibrotech Pipes (SVP), a
partnership firm, engaged in the manufacturing of cement pipes.


SHREE BALAJI: CARE Moves 'D' Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has moved rating to the bank facilities of Shree
Balaji Steel, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        4.80        CARE D; ISSUER NOT
   Facilities                        COOPERATING; on Best
                                     Available Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Shree Balaji Steel to
monitor the rating vide e-mail communications/letters dated
June 29, 2017, September 6, 2017 and September 9, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Shree Balaji Steel's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The rating takes into account the continuous delay in servicing of
debt obligations by the firm.

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Delay in servicing of debt obligations: As per the interaction
with the banker, there are continuous delays in repayment of term
loan and overdrawals in cash credit facility and the account has
been classified as NPA.

Shree Balaji Steel (SBS), based out of Nagpur, Maharashtra is a
proprietorship entity promoted by Mr. Radheshyam Sarda and
commenced operation in January 1981. SBS is engaged in trading of
iron &steel products such as Thermo Mechanically Treated (TMT)
bars, round bars, angles, channels, beams, flats, sheets, etc.
which find application in industries like construction,
infrastructure and engineering. The entity has its registered
office and servicing facility based in Nagpur, Maharashtra. The
servicing facility is rented and has an area of 800 sq. ft. The
entity procures materials from domestic suppliers players based in
Nagpur and sells its products in the state of Maharashtra and
Chhattisgarh.


SHREE KRISHAN: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Krishan Co
(Manufacturers) Private Limited (SKCMPLI) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR55 mil. (increased from INR33 mil.)  Fund-based working
    capital limit affirmed with IND BB/Stable rating;

-- INR117.9 mil. (reduced from INR154.7 mil.) Term loan due on
    April 2022 affirmed with IND BB/Stable rating; and

-- INR17.5 mil. Non-fund-based limit affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects the company's continued small scale of
operations, as reflected from its revenue of INR343 million based
on the provisional FY17 financials (FY16: INR277 million), due to
the short track record of its director in the snack manufacturing
business. Also, the working capital cycle has been considerably
long (FY17: around 119 days; FY16: 107 days) due to high inventory
days.

The ratings, however, are supported by SKCMPLI's continued
moderate-to-strong credit metrics, as reflected from its EBITDA
interest coverage of 3.8x in FY17 (FY16: 2.8x) and net financial
leverage of 2.3x (4.2x).The improvement in the credit metrics was
due to improved EBITDA and reduced debt. Moreover, the liquidity
profile of the company is moderate, with average utilisation of
around 90% during the 12 months ended August 2017.

The ratings are further supported by SKCMPLI's strong operating
EBITDA margin (FY17: 22.1%; FY16: 17.2%) and its recent
association with PepsiCo India Holdings Pvt Ltd for its Uncle
Chips brand.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
while maintaining the credit metrics will be positive for the
ratings.

Negative: A decline in the operating margins will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1975, SKCMPLI started commercial operation in
2013. It manufactures chips and snacks. The company has an
installed capacity of 6,700 metric tonnes per annum and sells its
products under its own brand name Njoy. It is managed by Mr. K. D.
Agarwal and its registered office is located in Howrah, West
Bengal.


SHIRISH HOTELS: CARE Assigns B+ Rating to INR13.35cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shirish
Hotels Private Limited (SHPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.35       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SHPL takes into
consideration short track record of the company with small scale
of operations, seasonality associated with hotel industry,
moderate capital structure and liquidity position, competition
from other players in the industry with geographic concentration
risk. The rating, is however, underpinned by the experience of the
promoter in hotel industry over two decades in hotel industry
along with locational advantage of the hotel. Going forward, the
company's ability to increase occupancy level to improve scale of
operations coupled with increase in average room rent to improve
its profitability margins would be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Seasonality associated with hotel industry:  The demand for
hotel and hospitality sector has direct relation to the overall
health of economy. The Indian hotel industry normally experiences
high demand during April to November month, mainly on account of
summer vacations and marriage season in the state. However, this
trend is seeing a change over the recent few years. Hotels have
introduced various offerings to improve performance (occupancy)
during the lean months. These include targeting the conferencing
segment and offering lucrative packages during the lean period.

* Competition from other players in the industry:  The company
faces competition from a number of small and medium players since
it is located in commercial area of the city. Though there are
other regional players offering services, SHPL is able to
withstand in the market through its vast experience through its
associate firm with continuous business promotion activities.
Apart from this, expansion of business operations will help the
company to attract new customers as well.

* Geographic concentration risk:  The business operations of the
company are geographically concentrated to Hyderabad, Telangana
State. However, the company is diversifying by opening multiple
branches in the state of Telangana which would mitigate the risk
of geographical concentration to an extent.

* Moderate capital structure and liquidity position:  The
company's initial capital expenditure for setting up the hotel
land and building along with infrastructure funded through own
funds of around INR 4.00 crores and bank term loan of  INR 12
crores and unsecured loan of INR 1 crore. High amount of long term
debt of the company impacted in higher debt equity and overall
gearing ratio of 3.16x and 3.29x respectively as on March 31,
2017. The same are estimated to be around 2.77x and 2.86x as on
March 31, 2018 with accretion of profits of FY2018 to networth.
Further the current ratio of the company stood moderate at 1.05
times as on March 31, 2017 and the same is likely to reduce
further due to increasing current portion of the term loans
availed by the company.

Key Rating Strengths

* Experience of promoter in hotel industry for over two decades:
SHPL was incorporated in the year 2016, promoted by Mr. Yugandhar
Dande(Managing Director),Mr. Shanmy Shirish Dande (Director), and
Mrs Uma Devi Dande(Director). All the directors are qualified
graduates and have more than a decade of experience in hotel
industry through its associate firm (Shirish Hotels). Mr.
Yugandhar Dande is also proprietor of "Shirish Hotels" under which
the proprietor runs a hotel located at Panjagutta, Hyderabad. The
directors are actively involved in day to day operations of the
company. The operations of the company are well supported by
strong management team who are qualified and experienced in their
respective fields.

* Location advantage of the Hotel:  SHPL has the location
advantage, as the hotel premise is located in one of the prime
commercial areas of Hyderabad city. The hotel provides restaurant,
coffee shop, bar and banquet hall services. With the commercial
nature of location of the hotel, the company is likely to have
assured business from room bookings, restaurant business and other
related incomes.

Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company by
Mr. Yugandhar Dande (Managing Director), Mr. Dande Shanmug Shirish
(Director) and Mrs Uma Devi Dande (Director). The company is
engaged in hospitality business and offers services in the area of
restaurants, bar, banquet hall, rooms, and coffee shop. Mr.
Yugandhar Dande is also proprietor of "Shirish Hotels (SH)" under
which the proprietor runs a hotel located at A.S Rao Nagar, Main
Road, Hyderabad. SH is engaged in bar & restaurants, Currently,
the company is managed by Mr. Yugandhar Dande and his son Mr.
Shanmug Shirish who look after overall operations of the company.


SPRAY ALCANS: CRISIL Reaffirms D Rating on INR5.2MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Spray
Alcans (SA) 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
   ----------          ---------     -------
   Cash Credit             2.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .1       CRISIL D(Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               5.2       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Spray Alcans. This restricts
CRISIL's ability to take a forward Spray Alcans 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'.

Set up in March 2015 as a partnership firm by Ms. Ashu Goel and
her son, Mr. Aayush Goel, SA purchased an existing aluminium can
manufacturing unit in Dehradun in November 2015 and commenced
operations from February 2016.


SRI KAVERI: CARE Reaffirms B+ Rating on INR15.55cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sri Kaveri Cotton Industries (SKCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             15.55      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SKCI takes into
account achievement of reasonable total operating income during
five months of operation along with satisfactory operating cycle
in FY17 (refers to period April 1 to March 31). The rating
continues to be tempered by limited track record and small scale
of operations, thin profitability margins, leverage capital
structure and weak debt coverage indicators, highly fragmented
industry and regulated by government, operating margins
susceptible to cotton price fluctuation and seasonality associated
with the cotton industry and constitution of entity as a
partnership concern with inherent risk of possibility of
withdrawal of the partner's capital. However, the rating continues
to derive benefits from experienced partners and established
relationship with clients and suppliers.

Going forward, the ability of the firm to increase the scale of
operations and profitability margins in a competitive environment
along with improvement in capital structure are the key rating
sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

* Limited track record of operations coupled with relatively small
scale of operations:  SKCI was established in the year 2013 and
the commercial operation started from Nov 2016. Hence, the firm
has very short track record of operations. However, the firm has
achieved total income of INR40.05 crore in FY17 and has networth
of INR2.96 crore as on March 31, 2017.

* Leverage capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged marked by
overall gearing of 5.87x as on March 31, 2017 due to low networth
and higher outstanding balance of working capital facility as on
account closing date along with term loan facility availed for
setting up of the cotton ginning unit. The total debt/GCA of the
firm was high at 12.07x in FY17 due to lower cash accruals on
account of only 5 months of operations in FY17. The interest
coverage ratio stood satisfactory at 2.73x in FY17.

* Highly fragmented industry and regulated by government
The ginning and pressing of cotton, which involves very limited
value addition and hence, results in thin profitability. Moreover,
on account of large number of units operating in the cotton
ginning business, the competition within the players remains very
high resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers. Furthermore, the
cotton prices in India are regulated by government through MSP
(Minimum Support Price) fixed by government, though due to huge
demand-supply mismatch the prices have rarely been below the MSP.
Moreover, exports of cotton are also regulated by government
through quota systems to suffice domestic demand for cotton.
Hence, any adverse change in government policy, i. e, higher quota
for any particular year, ban on the cotton or cotton yarn export
may negatively impact the prices of raw cotton in the domestic
market and could result in lower realizations and profit.

* Operating margins susceptible to cotton price fluctuation and
seasonality associated with cotton industry:  Operations of cotton
business are seasonal in nature, as sowing season is done during
March to July and harvesting cycle (peak season) is spread from
October to February every year. Prices of raw material, i. e, raw
cotton are highly volatile in nature and depend upon factors like
monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year. Ginners
usually have to procure raw materials at significantly higher
volume to bargain bulk discount from suppliers. Furthermore,
cotton being a seasonal crop, the inventory levels of the entity
generally remains high at the end of the financial year. Thus,
aggregate effect of both the above factors results in exposure of
ginners to price volatility risk and high dependence on working
capital bank borrowings.

* Constitution of the entity as a Partnership firm with inherent
risk of withdrawal of capital and limited access to funding:
Constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency which can adversely affect its capital
structure. Furthermore, partnership firms have restricted access
to external borrowings as credit worthiness of the partners would
be key factors affecting credit decision for the lenders.

Key Rating Strengths

* Experience of the partner for three decade in cotton industry:
SKCI is promoted by Mr. K Ramesh and their relatives. Mr. K Ramesh
has three decades of experience in cotton industry. He is also
actively involved in the associate concerns Kaveri Ginning Mills
Private Limited, Kaveri Ginning Industries Private Limited, Swathi
Ginning Mills Private Limited. Apart, Mr. K. Ramesh is actively
involved in Kaveri Cotton Traders which is in the name of Mrs. K.
Sujana (Spouse of Mr. K. Ramesh). Due to long term presence in the
market, the partners have established relations with the customer
and supplier which will further enable the firm to grow in future.

* Achieved reasonable revenue and profit margins within 5 months
of operations:  SKCI was established in the year 2013 and the
commercial operations started from Nov 2016, hence it has a very
short operational track record. However, within a short period of
time, the firm achieved total operating income of INR40.05 crore
in FY17 on account of established customer base due to presence of
associated entities in the similar line of business. The PBILDT
margin and PAT margin stood at 2.75% and 0.54% respectively in
FY17.

* Satisfactory operating cycle:  The operating cycle of the firm
remained satisfactory at 67 days in FY17. The firm extends credit
period of around 30-40 days to its customers while it makes
payment to the raw material suppliers (farmers) within a week and
sometimes by way of upfront cash. However, the firm also avails
credit period of 15-25 days based on the long standing
relationship with some of the farmers. The firm holds the
inventory of around two months which includes raw cotton,
inventory of raw cotton under process and finished inventory of
cotton bales and cotton seeds to meet customer requirements. The
average monthly utilization of working capital was 40% for the
last 12 month ended August 31, 2017.

Sri Kaveri Cotton Industries (SKCI), [erstwhile Kaveri Cotton
Industries] was established on April 27, 2013 and the firm stated
its commercial operation from Nov 2016. SKCI was promoted by Mr. K
Ramesh, his friends and relatives/family members. The firm is
engaged in manufacturing of cotton bales and cotton seeds. The
firm procures the raw cotton from the farmers located in and
around Karimnagar. The firm sells its products i.e. cotton bales
and cotton seeds to the spinning millers located at Tamil Nadu and
Andhra Pradesh.


SRI LAXMI: CARE Lowers Rating on INR6cr LT Loan to 'D'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Laxmi Narasimha Rice Industries (SLN), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank
   Facilities              6         CARE D; Revised from CARE B

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SLN factors in the
ongoing delays in servicing of debt obligations by the firm.

Establishing a clear track record of timely debt servicing is the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

* Delay in debt servicing obligations:  As per interaction with
the banker, there are on-going delays in in repayment of term loan
installment, interest obligations and overdrawals in cash credit
facility.

Sri Laxmi Narasimha Rice Industry (SLN) is a partnership firm
established in April 2015. The firm started with its commercial
operations from April 2016 onwards. The partners of the firm are
Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha
Reddy and Mr. S. Ramesh. The mill is located in Sriguppa in
Bellary district of Karnataka.


STEEL & METAL: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Steel & Metal
Tubes (India) Private Limited's (SMT) Long-Term Issuer Rating at
'IND BB+'. The Outlook is Stable. The instrument-wise rating
actions are:

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

-- INR130 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The ratings continue to reflect SMT's moderate scale of operations
and credit metrics. Revenue increased to INR851.86 million in FY17
from INR838.57 million in FY16. In FY17, net interest coverage
(operating EBITDA/gross interest expense) was 1.71x (FY16: 3.21x)
and net leverage (total adjusted net debt/operating EBITDAR) was
5.40x (3.67x). The deterioration in credit metrics was on account
of a significant decline in EBITDA margin.

The ratings continue to reflect volatile operating EBITDA margin
(1.4%-2.5% over FY14-FY17) due to fluctuations in raw material
prices.

The ratings are, however, continued to be supported by a
comfortable liquidity profile and SMT's promoters' three-decade
experience in the iron and steel industry. Its average working
capital utilisation was about 56% for the 12 months ended August
2016.

RATING SENSITIVITIES

Negative: A significant fall in overall revenue and operating
EBITDA margin leading to sustained deterioration in credit metrics
will be negative for the ratings.

Positive: Substantial revenue growth, with an improvement in
operating EBITDA margin leading to sustained improvement in credit
metrics, could be positive for the ratings.

COMPANY PROFILE

SMT was incorporated in 1971 as a private limited company. In July
1984, it was reconstituted as a deemed limited company. The
company manufactures pipes such as electric resistance welded
pipes and tubes. It has a 50,000-tonne-per-annum manufacturing
plant in Ghaziabad, Uttar Pradesh.


VASHU YARN: CRISIL Assigns 'D' Rating to INR9.32MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on bank
facilities of Vashu Yarn Mills India Private Limited (VYPL) and
assigned its 'CRISIL D' rating to these bank facilities. CRISIL
had suspended the rating vide its rating rationale dated April 22,
2013, as VYPL had not provided necessary information required for
a rating review. The company has now shared the requisite
information, enabling CRISIL to assign its rating to the bank
facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            9.32       CRISIL D (Assigned;
                                     Suspension revoked)

   Letter of Credit       1.00       CRISIL D (Assigned;
                                     Suspension revoked)

   Term Loan              4.68       CRISIL D (Assigned;
                                     Suspension revoked)

The ratings reflect the company's delays in meeting term debt
obligation due to weak liquidity. The company also has large
working capital requirement and a below-average financial risk
profile. However, it benefits from the extensive experience of its
promoter in the cotton industry.

Key Rating Drivers & Detailed Description

* Delays in meeting term debt obligation due to weak liquidity:
VYPL has been delaying interest and principal obligations on its
term loan. These delays are caused because of stretched liquidity
resulting from working capital intensive nature of operations. The
company's working capital requirements are intensive as indicated
by the gross current asset (GCA) of 166 days primarily driven by
the inventory holding of 3 to 4 months and receivables of 2-3
months. Consequently, the company's working capital limits are
fully utilised.

Weakness

* Working capital-intensive operations and susceptibility to
volatility in prices and availability of raw material:  VYPL had
gross current assets of 166 days as on March 31, 2017. It holds
large cotton inventory of 3-4 months because of the seasonal
availability of cotton. The company does not get significant
credit from its suppliers but has to extend credit of 30-60 days
to customers, resulting in high bank line utilisation of almost
100% over the 9 months through June 2017. CRISIL believes VYPL's
working capital-intensive operations will continue to constrain
its liquidity and financial flexibility.

Cotton, VYPL's key raw material, accounts for 70% of the company's
turnover. Cotton prices are volatile as they depend on the monsoon
and international demand. Volatility in availability and prices of
cotton affects the margins of cotton yarn. The company's
profitability may be adversely affected if it is unable to pass on
increase in cotton prices to customers.

* Below-average financial risk profile:  The company's financial
risk profile is constrained by modest networth and high gearing of
INR7 crore and 2.77 times, respectively, as on March 31, 2017.
Networth was eroded due to losses. Though the networth is expected
to improve over the medium term, it will remain modest due to low
accretion to reserves driven by constrained revenue. The gearing
is expected to remain high due to large working capital debt. The
debt protection measures were subdued with net cash accrual to
total debt and interest coverage ratios at 0.15 time and 2.91
times, respectively, in fiscal 2017. The debt protection measures
are expected to remain weak over the medium term due to modest
accrual.

Strength

* Extensive experience of the promoter in the textile industry:
VYPL has an established regional presence in the cotton yarn
segment, aided by the extensive experience of its promoter and
established relationships with customers and suppliers. Promoter-
director Mr. K S Vasudevan has been in a similar business for more
than a decade, and his relationships with suppliers date back to
around a decade. VYPL has 15-20 customers based in Tamil Nadu.

Set up in 2003, VYPL manufactures cotton yarn. Its facility in
Vijayamangalam, Tamil Nadu, has installed capacity of 18,000
spindles. The company also generates wind power, and has installed
capacity of 2.35 megawatt.


VISAKHA TRADES: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Visakha Trades'
(VT) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable.
The instrument-wise rating actions are:

-- INR3.25 mil. Long-term loans withdrawn (repaid in full) with
    WD rating;

-- INR40 mil. Fund-based facilities affirmed with IND BB-
    /Stable/IND A4+ rating;

-- INR20 mil. Non-fund-based facilities affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect VT's continued small scale of operations and
moderate credit metrics. According to provisional financials for
FY17, revenue was INR126 million (FY16: INR123 million). VT
registered a fall in orders due to demonetisation. In FY17,
interest coverage (operating EBITDA/gross interest expense) was
3.8x (FY16: 2.6x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 3.4x (FY16: 3.5x). The improvement in
credit metrics was driven by an increase in EBITDA and the
repayment of the term loan. VT booked INR21.97 million in revenue
for 4MFY18. EBITDA margin increased to 10.3% in FY17 (FY16:9.3%),
driven by the execution of high-margin orders.

The ratings also continue to reflect the sole proprietorship
nature of business.

The ratings, however, continue to be supported by moderate
liquidity, indicated by an average working capital limit
utilisation of 80% for the 12 months ended August 2017. Moreover,
the ratings are supported by the proprietor's over two-and-half-
decade experience in refurbishing the cabins of naval ships and
building porta cabins.

RATING SENSITIVITIES

Negative: Any decline in revenue and EBITDA margin leading to
deterioration in credit metrics could lead to a negative rating
action.

Positive: Substantial revenue growth and a rise in profitability
leading to an improvement in credit metrics would be positive for
the rating.

COMPANY PROFILE

Visakhapatnam-based VT is engaged in the refurbishing of the
cabins of naval ships, and the building and selling of porta
cabins.


ZEARS DEVELOPERS: CARE Cuts Rating on INR25cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Zears Developers Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        25.00       CARE B+; ISSUER NOT
   Facilities                        COOPERATING; Revised
                                     from CARE BB- on the
                                     basis of best available
                                     information

CARE has been seeking information from Zears Developers Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated August 16, 2017, August 24, 2017 and August 28, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Zears
Developers Pvt. Ltd's bank facilities will now be denoted as CARE
B+; ISSUER NOT COOPERATING.  Users of this rating (including
investors, lenders and the public at large) are hence requested to
exercise caution while using the above rating(s).

The ratings have been revised on account of losses incurred by
company in past two years along with increased in overall gearing
and weak debt coverage indicator.

Detailed description of the key rating drivers

At the time of last rating on July 14, 2016, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Key Rating Weaknesses

* Project execution risk:  As on June 15, 2016, ZDPL has incurred
INR47.30 crore (63.07% of total cost) on project which was funded
through promoter's contribution (infused 100% of estimated), bank
borrowings (56% of estimated) and customer advance (incurred 42%
of estimated). Since the future construction is largely dependent
on customer advances (58% yet to be received) and bank loan (44%),
therefore its ability to monetize the project and timely receive
customer advances, shall be critical for completing the project in
timely manner. Furthermore the ability of the entity to book the
units remains highly critical as repayment of term debt majorly
depends on customer bookings.

* High salability risk with low booking status:  The project is
located in Bandra (West), being a premium location in Mumbai,
thereby having high cost for each unit. Out of the 59 units (11
shops and 48 flats) being built only 21 flats will be saleable for
a total estimated value of  INR88 crore, further the project has
received  INR12.30 crore as advances till June 2016 towards four
flat booking (14% of total advances envisaged), majority of the
booking is yet to be done. Moreover majority of the term debt
repayment significantly relies on customer advances therefore the
ability of the entity to sell the units at the predicted prices
and timely booking of flats will be critical from credit
perspective.

* Moderate project execution risk:  The project was started in
December 2013 and is expected to complete by December2016. As on
June 15, 2016, the construction work up to 17th floor of project
has been completed and the interior work is in progress. Company
incurred 63% of total cost on the project funded through
promoter's contribution (100% of estimated) and unsecured
borrowings (100%). Hence, the future construction is primarily
depended up on bank debt, customer advances and timely
monetization of space. Furthermore the total committed outflow
remained at INR52.38 crore as against total expected inflow of
INR15.44 crore. The project execution risk remains moderate as
majorly of the work has been completed.

* Presence in cyclical real estate sector:  The real estate in
India is highly fragmented and is capital intensive in nature. The
life cycle of a real estate project is long and the state of the
economy at every point in time, right from land acquisition to
construction to actual delivery, has an impact on the project.
This capital intensive sector is extremely vulnerable to the
economic cycles. Adverse movement in interest rate affects the
real estate players in both ways by hampering demand as well as
increasing the cost of construction. The expectations of many, the
developers have been able to hold on to the prices so far.
However, given the considerable inventory levels, which direction
the price graph goes remains to be seen.

Key rating strengths

* Experienced promoters:  The promoters have been engaged in real
estate business since more than a decade. The overall operations
are being looked after by Mr. Ziauddin Siddique, promoter, having
experience of about a decade, looks after the execution of the
projects and business development aspect of the company. The
company has executed one project in Mumbai.

* Location advantage:  The project is located in Bandra (W) and
has location advantage in terms of being located in a premium
location, good connectivity to south Mumbai, close proximity to
railway station. Furthermore, the project is located in close
proximity of school, hospital, shopping mall and sports complex.

Incorporated in 2004, Zears Developers Private Limited (ZDPL) is
engaged into development of residential and commercial projects in
Mumbai. ZDPL is currently developing a redevelopment residential
project in Bandra, West under the name Shiv Asthan Heights. The
project includes construction of single residential building with
17 floors comprising of 59 units of which 38 units redevelopment
(including 11 shops) and 21 saleable flats). The project includes
2/3/4 BHK and Duplex flats with the average size of saleable flats
in the range of 758 sq ft to 2896 sq ft.



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


INDIKA ENERGY: Moody's Puts B2 CFR on Review for Upgrade
--------------------------------------------------------
Moody's Investors Service has placed on review for upgrade the B2
corporate family rating (CFR) of Indika Energy Tbk (P.T.) (Indika)
and the B2 ratings on the $500 million backed senior secured notes
issued by Indo Energy Finance II B.V. and the $265 million backed
senior secured notes issued by Indika Energy Capital II Pte. Ltd.

RATINGS RATIONALE

The review follows Indika's announcement on September 25, 2017
that it has signed share purchase agreements with Samtan Co. Ltd
and Muji Ini Utama to acquire an additional 45% of the shares of
Kideco Jaya Agung (P.T.), Indonesia's third largest coal producer.

Post-acquisition, Indika's ownership in Kideco will increase to
91% from the current 46%. Completion of the transaction is subject
to customary regulatory and shareholder approvals.

The total purchase consideration comprises an upfront payment of
$517.5 million and a contingent liability of $160 million, which
will be adjusted for certain terms and conditions.

The acquisition will be fully debt funded and expected to close by
the end of 2017.

"Moody's views the proposed acquisition of Kideco as credit
positive as Indika will gain control over the third largest coal
mining asset in Indonesia which has a long reserve life of over 13
years, based on its projected 2017 production volume. The
company's credit profile will also improve post-acquisition, with
consolidated leverage of around 3.6x on a look-through basis,"
says Rachel Chua, a Moody's Assistant Vice President and Analyst.

"Upon successful completion of the transaction, such that the
acquisition cost and funding structure are in line with Moody's
expectations, the ratings will likely be upgraded by two notches,"
adds Chua, who is also Moody's Lead Analyst for Indika.

Moody's review will focus on: 1) the timing, execution and
structure of a successful acquisition by Indika; 2) the final
funding structure of the transaction; and 3) Indika's capital
structure, credit profile and interest burden following the
completion of the proposed transaction.

Moody's will conclude the review at the completion date of both
the acquisition and its associated financing.

While the ratings could be upgraded to Ba3, subject to a
satisfactory conclusion of the review, reflective of Indika's
medium term credit profile, there will remain a high degree of
event risk given the expiry of Kideco's coal contract of work
(CCoW) in 2023. Negotiations for the extension of the CCoW can
only commence in 2021 and while it is Moody's current views that
an extension on similar terms will be forthcoming, Moody's remains
cognizant of the regulatory risk and the impact on Indika's credit
profile and ratings should that renewal not materialize in a
timely fashion.

The principal methodology used in these ratings was the Global
Mining Industry published in August 2014.

Indika Energy Tbk (P.T.) is an Indonesian integrated energy group
listed on Indonesia's Stock Exchange. As of June 30, 2017, its
principal investment is a 46% stake in Kideco Jaya Agung (P.T.),
Indonesia's third-largest domestic coal producer and one of the
world's lowest-cost producers and exporters of coal.



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


TOSHIBA CORP: WD to Block Chip Unit Sale to Bain-led Group
----------------------------------------------------------
The Japan Times reports that Western Digital Corp. said on
Sept. 27 that it will seek an interim injunction to prevent
Toshiba Corp. from selling its chip unit to a Japan-U.S.-South
Korea consortium.

The suit to be filed with the International Court of Arbitration
is the latest salvo in the companies' bitter legal battle, the
report states. If Western Digital's request is accepted, the sale
could be suspended.

According to The Japan Times, Toshiba is racing against the clock
to sell Toshiba Memory Corp. to cover massive losses stemming from
its now-bankrupt U.S. nuclear unit Westinghouse Electric Co. by
the end of next March. If it fails to eliminate its negative net
worth, the Japanese firm will be delisted from the Tokyo Stock
Exchange.

Last week, Toshiba said it had chosen a consortium led by U.S.
investment fund Bain Capital over a Western Digital group
following a prolonged sale process that went through twists and
turns until the very last minute, the report says.

As Toshiba has shown no willingness to resolve a number of legal
disputes in a constructive manner, "we intend to continue our
successful legal efforts into the binding arbitration process,"
Western Digital said in a statement released on Sept. 27, the
report relays.

The report notes that Western Digital, which jointly invests in
Toshiba's Yokkaichi flash memory plant in Mie Prefecture, filed a
request for arbitration with the international court in May to
block Toshiba from selling the unit on the grounds that the sale
would breach their joint venture contract.

But as the legal process is likely to take more than two years,
Western Digital has decided to seek an interim injunction that
would temporarily halt the sale until a court decision is made,
the report says.

Western Digital is set to file for a request within the next few
weeks, according to sources, and believes a temporary order
preventing Toshiba from selling the chip unit could be issued as
early as the beginning of next year, according to the report.

At one point, Toshiba had leaned toward a bid by the Western
Digital group and went as far as reaching a broad accord with the
company, but it eventually picked the Japan-U.S.-South Korea group
after talks with Western Digital stalled, the report says.

Toshiba is expected to seal a deal with the Bain Capital-led group
soon, The Japan Times adds.

                         About Toshiba

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

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

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



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


SKY TELEVISION: To Close Fatso DVD Rental Business on Nov. 23
-------------------------------------------------------------
Tom Pullar-Strecker at Stuff.co.nz reports that Sky Television
will close its Fatso DVD rental business in November, as internet
streaming continues to grow in popularity.

Spokeswoman Kirsty Way said Fatso had "fewer than 10,000
customers" and had become uneconomic, Stuff relates.

"The numbers are dwindling and it doesn't make sense anymore."

Stuff say Fatso lets people rent DVDs from a catalogue of 32,000
movie titles, TV shows and console games, with plans ranging from
NZ$9.95 a month.  The service operates nationwide via free post,
instead from a store. A selling point has been that customers can
hang on to DVDs for as long as they like, so long as they do not
exceed the number they are entitled to under their plan.

But Fatso had been impacted by the same forces that have led to
the closure of most of the country's DVD stores, Ms. Way, as cited
by Stuff, said.

Sky tweeted that it would be donating its catalogue of DVDs to
schools, hospitals, retirement villages and potentially other
recipients, inviting suggestions on Twitter, the report relays.

According to the report, customers will be offered half-price
access to Sky's Neon internet television service for three months,
as a consolation.

Neon, which normally costs NZ$20 a month, offers a catalogue of
movies as well as TV shows.

Ms. Way said Sky was starting to communicate the closure to Fatso
customers on Sept. 20, Stuff adds.

The service will shut on November 23, meaning there will be only
one more billing cycle, she said.


WINDFLOW TECHNOLOGY: Henderson to Step Down as CEO
--------------------------------------------------
Chris Hutching at Stuff.co.nz reports that Geoff Henderson, the
founder of twin blade electricity wind turbine company Windflow
Technology will resign as chief executive as the company winds
down operations.

According to the report, Mr. Henderson said he will remain a
director and will be available to in a consulting role in 2018,
"depending on the future plans of around business development,
capital raising and licensing of intellectual property".

His departure from active management marks 17 years since the
company was set up, the report states.

But his legacy continues in NZ Windfarms, which bought and
operates 96 Windflow turbines on the Tararua Ranges.

Stuff relates that NZ Windfarms chief executive John Worth said he
wished Henderson well and his work was not be belittled as
evidenced by improved performance at his company's Te Rere Hau
windfarm after a restructure and efficiency improvements.

Mr. Worth said the turbines were robust and well suited to
New Zealand's windy conditions, Stuff relays.

Over the years, Mr. Henderson has proved tenacious and dogged in
the promotion of his twin blade turbine against international
rivals with multi-million dollar budgets, the report states.

Windflow listed on the New Zealand Stock Exchange in 2003 with
shareholder support by some leading names in the alternative
energy sector including former Green Party leader at the time
Jeanette Fitzsimons, Stuff discloses.  But it proved impossible to
break into the market in a big way, aside from establishment of NZ
Windfarms, an unrelated company in terms of shareholders or
management, although several of its engineers came from Windflow.

Two weeks ago Windflow released its annual report including the
announcement that the decision has been taken to close the factory
in Christchurch, Stuff recalls.

The company has trimmed full time equivalent staff numbers from
14.4 to 4.8 who will continue to support the operation of Windflow
turbines installed in the UK and any other revenue-generating
activities, such as supporting a US prototype Class 2 turbine in
Texas, according to the report.

Windflow also has potential to market its patented synchronous
generators, which help manage electricity surges on the grid.

"Transmission operators in places like South Australia, Ireland,
north-western China and Germany are becoming concerned about the
lack of stability that synchronous generators provide," the report
quotes Mr. Henderson as saying.  "There's reason for optimism the
synchronous power-train may be an idea whose time has come."

He will vacate the chief executive role at the end of December and
the company will continue as a going concern with a small
engineering team helping support the UK turbines, Stuff notes.

According to Stuff, Windflow owns eight turbines in the UK, and
six of them will be sold to shareholder David Iles in exchange for
a NZ$23 million debt to him.

This will restructure the balance sheet to give it positive
equity, Stuff states.

For the year ended June 2017, Windflow earned revenue of
NZ$1.7 million. After overheads and finance costs it posted a
NZ$4.3 million loss, Stuff notes.

Christchurch, New Zealand-based Windflow Technology Limited --
http://www.windflow.co.nz/-- is engaged in the development and
manufacture of wind turbines.  The Company's wholly owned
subsidiaries include, Wind Blades Ltd, Pacific Windfarms Ltd and
Windflow Hawaii Ltd.  The Company has one customer, NZ Windfarms
Ltd.  Wind Gears Ltd is owned 50% by Windflow Technology Limited.
Wind Gears Ltd is engaged in the development and construction of
gear boxes for the wind turbines.  Windpower Otago Ltd is owned
20% by the Company.



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


WORLD PARTNERS: Creditors Have Until Nov. 9 to File Claims
----------------------------------------------------------
All creditors of the closed World Partners Bank (A Thrift Bank),
Inc. have until November 9, 2017 to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed World Partners Bank and include depositors
whose deposits exceed the maximum deposit insurance coverage
(MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may
also be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. A sample Claim Form against the assets of
the closed bank may be downloaded from the PDIC website,
www.pdic.gov.ph.

Claims filed after November 9, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

World Partners Bank was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on August 11, 2017 and PDIC, as
the designated Receiver, was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank's
Head Office is located at 74 A. Mabini St., Brgy. Poblacion, San
Pedro City, Laguna. Its four branches are located in Meycauayan
and Sta. Maria in Bulacan, San Pablo City in Laguna, and Tanauan
City in Batangas.

All requests and inquiries relating to World Partners Bank shall
be addressed to the PDIC Public Assistance Department through mail
at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, or through telephone numbers (02) 841-4630 or
841-4631. Depositors and creditors outside Metro Manila may call
the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in
clients may also visit the PDIC Public Assistance Center at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM.



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


FALCON ENERGY: Notes Maturity Date Extended by 3 Years
------------------------------------------------------
Rachael Boon at The Strait Times reports that bondholders of
mainboard-listed Falcon Energy Group have agreed to extend the
maturity date of its SGD$50 million notes - originally due Sept
2017 - by three years and also waive all financial covenants.

Out of 168 votes cast, 156 were in favor of the resolution, the
report says.

Falcon Energy is among the offshore and marine firms putting out
updates about debt restructuring efforts amid a protracted
slowdown in the sector, The Strait Times notes.

Singapore-based Falcon Energy Group Limited is an investment
holding company. The Company, through its subsidiaries, operates
in oil and gas industry, providing a range of services to global
oil companies and contractors, from the initial exploration-stage
to production and post-production stage. It operates in four
segments: Marine, Oilfield and drilling services, Oilfield
Projects and Resources.


SWISSCO HOLDINGS: Judicial Management Orders Extended to March 18
-----------------------------------------------------------------
Rachael Boon at The Strait Times reports that the judicial
managers of oil services firm Swissco Holdings and its unit said
the Singapore High Court granted several orders on Sept. 13.

One was for the judicial management orders to be extended to March
18, and for the judicial managers to be given until Oct. 31 to
give creditors a statement of proposals, the report states.

ST relates that the judicial managers will also have until Nov. 14
to convene meetings of creditors to consider the statement.

They also announced that Swissco's applications to the High Court
for directions on third-party securities are fixed for a full day
hearing on Oct. 13, the report adds.

Swissco Holdings Limited (SGX:ADP), along with its subsidiaries
-- http://swissco.net/html/index.php-- is a Singapore-based
integrated oil and gas service provider. The Company provides
drilling rigs, accommodation jackups and vessel chartering
services for the oil and gas industry. The Company's segments are
Drilling, which includes drilling rig chartering; Offshore
support vessels (OSV), which includes vessel chartering (such as
sale of out-port-limit services), ship repair and maintenance
services, maritime related services (such as sale of vessels) and
OSV related investment activities; Service assets, which includes
accommodation and service rig chartering, and Others segment,
which includes corporate activities. Its OSV segment owns and
operates a fleet of over 40 offshore support vessels that provide
a range of offshore chartering services for the marine, offshore
oil and gas, and civil construction industries. Its subsidiaries
include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte)
Ltd and Seawell Drilling Pte Ltd.

Swissco and SOPL entered into judicial management last November
after the listed holding company slipped into a US$296 million
quarterly loss on booking massive impairments.

A Singapore court in April 2017 approved the application made by
Swissco to be placed under judicial management after company
failed to receive support from its major creditors.



                             *********

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 ***