TCRAP_Public/170929.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, September 29, 2017, Vol. 20, No. 194

                            Headlines


A U S T R A L I A

A & T COTTON: First Creditors' Meeting Set for Oct. 9
BUBS BABY: Owes More Than AUD1 Million to Employees
BURRELL SOLICITORS: Second Creditors' Meeting Set for Oct. 6
CLICKTHRU PTY: First Creditors' Meeting Set for Oct. 9
COMPLEX INSTITUTE: First Creditors' Meeting Set for Oct. 9

DAPTO BOWLING: Second Creditors' Meeting Set for Oct. 5
FIVE STAR 2017-1: Fitch Rates AUD4.5 Million Class E Notes 'BBsf'
K.T. AUSTRALIA: Second Creditors' Meeting Set for Oct. 6
LATITUDE AUSTRALIA 2017-2: DBRS Finalizes BB Rating on E Notes
QUEENSLAND NICKEL: Judge Notes 'Radio Silence' From Mensink

STOCHASTIC SIMULATION: Goes Into Liquidation


C H I N A

AOXING PHARMACEUTICAL: Voluntarily Delists Common Stock From NYSE
FANTASIA HOLDINGS: S&P Hikes Sr. Unsecured Notes Rating to 'B+'


I N D I A

AADITYA KRAFT: CRISIL Reaffirms 'B' Rating on INR17.95MM Loan
AIMS BEVERAGES: CRISIL Reaffirms 'B' Rating on INR7.95MM Loan
ARAVIND MILKFOODS: CRISIL Assigns B+ Rating to INR9MM Cash Loan
BALAJI RAW: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
BHAI KANHAIYA: CRISIL Reaffirms 'D' Rating on INR5.37MM Loan

BHANDARI PRECISION: CRISIL Assigns B+ Rating to INR11MM Cash Loan
BHOOMIDHAN COLD: CRISIL Reaffirms 'B' Rating on INR4.60MM Loan
DHARMRAJ ALUMINIUM: CRISIL Reaffirms 'D' Rating on INR20MM Loan
DSP KNITTING: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
GANGAKHED SUGAR: Ind-Ra Moves D Issuer Rating to Non-Cooperating

GOLDENLINE INFRA: CRISIL Reaffirms D Rating on INR15MM Loan
GULABCHAND BADRINARAYAN: CRISIL Reaffirms B Rating on INR5MM Loan
JAY JINENDRA: CRISIL Reaffirms B+ Rating on INR13.5MM Term Loan
K. LALL: CRISIL Assigns B+ Rating to INR20MM Loan
KARAVALI OCEAN: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

KG IRON: CRISIL Reaffirms B- Rating on INR5.5MM Cash Loan
KG MULTISPECIALITY: CRISIL Reaffirms B Rating on INR15MM Loan
LAL BABA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
MAP COTTON: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
MASAFI DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR10MM Loan

MELSTAR INFORMATION: CRISIL Cuts Rating on INR6MM Loan to 'D'
NEW STONE: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
NIRMALA INFRA: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
RAMATIRTH POLYPACKS: CRISIL Reaffirms B- Rating on INR4MM Loan
RANA FARMS: CRISIL Reaffirms 'D' Rating on INR5MM LT Loan

REMI PROCESS: Ind-Ra Withdraws BB+ Issuer Rating, Outlook Stable
SARAF TEXTILE: CRISIL Lowers Rating on INR6MM Loan to 'D'
SB COLD STORAGE: Ind-Ra Moves D Issuer Rating to Non-Cooperating
SIMPLEX CASTINGS: Ind-Ra Lowers 'BB+' Issuer Rating, Outlook Neg.
SINHA COLD STORAGE: Ind-Ra Migrates D Rating to Non-Cooperating

SHETKARI SAKHAR: CRISIL Reaffirms 'B-' Rating on INR34.27MM Loan
SHIVA SHAKTHI: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
SHREE GANESH: CRISIL Lowers Rating on INR189.5MM Loan to 'D'
SHRI JAGRITI: CRISIL Reaffirms 'B' Rating on INR9MM LT Loan
SHRI SHYAM: Ind-Ra Affirms BB/Stable Long-Term Issuer Rating

SHRI VENKATESH: CRISIL Reaffirms B+ Rating on INR7.58MM Loan
SNEHA MARKETING: Ind-Ra Moves B Issuer Rating to Non-Cooperating
SOMNATH COTTON: CRISIL Reaffirms B+ Rating on INR7.7MM Loan
UNITED STEEL: CRISIL Reaffirms 'D' Rating on INR6MM Cash Loan


I N D O N E S I A

INDIKA ENERGY: Fitch Puts B- IDR on Rating Watch Positive


J A P A N

TAKATA CORP: Creditors Oppose U.S. Unit Paying Parent's Fees
TOSHIBA CORP: Inks Deal to Sell Chip Arm to Bain Group for $18BB


M A C A U

WYNN MACAU: S&P Raises Unsecured Debt Rating to 'B+', Off UCO


M A L A Y S I A

PRIME GLOBAL: Jeremy Chia Pei Chai Quits Board of Directors


N E W  Z E A L A N D

MAINZEAL GROUP: Six-Week Hearing to Start in September 2018


S I N G A P O R E

CHINA FISHERY: Trustee Asks Judge to Reaffirm Power to Probe HSBC
LI JIE CONSTRUCTION: Accused of Owing Subcontractors SGD1 Million


S O U T H  K O R E A

KUMHO TIRE: Creditors Expected to Agree on Debt Restructuring Plan
LEO MOTORS: Invests $226,000 in Leo Kartrena


                            - - - - -


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A U S T R A L I A
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A & T COTTON: First Creditors' Meeting Set for Oct. 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of A & T
Cotton Investments Pty Ltd will be held at the offices of Vincents
Chartered, Level 7, 1 Hobart Place, in Canberra, on Oct. 9, 2017,
at 3:00 p.m.

Anthony Lane of Vincents Chartered was appointed as administrator
of A & T Cotton on Sept. 27, 2017.


BUBS BABY: Owes More Than AUD1 Million to Employees
---------------------------------------------------
Stephanie Bennett at The Courier-Mail reports that employees of
collapsed Queensland retailer Bubs Baby Shops are owed more than
AUD1 million in leave and entitlements, with the company placed
into liquidation at a second creditors meeting on Sept. 21.

Employees and other secured creditors are owed a total of AUD1.6
million, while AUD3.8 million is owed to suppliers, the ATO and
lay-by customers, who make up the bulk of the unsecured creditors,
Courier-Mail discloses.

According to the report, administrators Worrells Solvency said
these "unsecured, nonpriority creditors" would most likely not
receive a dividend.

Bubs Baby Shops Group entered voluntary administration on
August 17 and its eight stores and online shop are now closed.

Courier-Mail says hundreds of customers, mostly expectant parents,
with lay-by orders were given the option of paying extra cash to
secure their goods or forfeit the deposits following the company's
collapse.

Many customers have resorted to paying the extra funds for their
purchases, or pursuing charge-back options with their financial
institutions.

With the eight stores now closed following drastic sales, an
expression of interest campaign for the sale of the company's
remaining assets was still being assessed with interested buyers,
the report notes.

The company, owned by businessman Guy Hinze -- the brother of
supermodel Kristy Hinze and grandson of former Queensland
politician Russ Hinze -- had been operating for 17 years before
its demise.

Courier-Mail adds that Worrells said Mr. Hinze had assisted with
its inquiries into the company's collapse.

Worrells said it would continue its obligations as liquidator by
investigating any insolvent trading claims, and uncommercial or
voidable transactions, Courier-Mail reports.

Worrells Solvency's Simon Cathro and Christopher Cook, on Aug. 17,
2017, were appointed as voluntary administrators of nine
company entities that operated the Bubs Baby Shops network, which
was founded 2000. The companies are:

-- Bubs Baby Shops Pty Ltd;
-- Brisbane Bubs Pty Ltd, trading as Brisbane Bubs & Bubs
    Aspley;
-- Kawana Bubs Pty Ltd, trading as Bubs Boutique Maroochydore
    & Bubs Boutique Noosa;
-- Bubs Baby Shop Gold Coast Pty Ltd;
-- Bubs Baby Shop Logan Pty Ltd;
-- Bubs City Pty Ltd, trading as Bubs City Fortitude Valley;
-- Baby Shop Direct Pty Ltd;
-- Bubs Baby Shop Tuggarah Pty Ltd; and
-- Bubs Baby Shop Rutherford Pty Ltd.


BURRELL SOLICITORS: Second Creditors' Meeting Set for Oct. 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Burrell
Solicitors Pty Limited has been set for Oct. 6, 2017, at
2:00 p.m., at the offices of Hall Chadwick Chartered Accountants
Level 40, 2 Park 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. 5, 2017, at 5:00 p.m.

Steven Arthur Gladman of Hall Chadwick Chartered Accountants was
appointed as administrator of Burrell Solicitors on Aug. 31, 2017.


CLICKTHRU PTY: First Creditors' Meeting Set for Oct. 9
------------------------------------------------------
A first meeting of the creditors in the proceedings of Clickthru
Pty Limited will be held at the Boardroom of Chifley Advisory,
Level 2, 9 Phillip Street, in Parramatta, New South Wales, on Oct.
9, 2017, at 11:00 a.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Clickthru Pty on Sept. 26, 2017.


COMPLEX INSTITUTE: First Creditors' Meeting Set for Oct. 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Complex
Institute of Education Pty Ltd will be held at The Rialto, Level
30, 525 Collins Street, in Melbourne, Victoria, on Oct. 9, 2017,
at 11:00 a.m.

Stephen Dixon and Andrew Hewitt of Grant Thornton were appointed
as administrators of Complex Institute on Sept. 27, 2017.


DAPTO BOWLING: Second Creditors' Meeting Set for Oct. 5
-------------------------------------------------------
A second meeting of creditors in the proceedings of Dapto Bowling
Club Limited has been set for Oct. 5, 2017, at 12:00 p.m., at
Dapto Bowling Club.

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 3:00 p.m.

Robert Michael Brennan of RT Hospitality was appointed as
administrator of Dapto Bowling on Sept. 6, 2017.


FIVE STAR 2017-1: Fitch Rates AUD4.5 Million Class E Notes 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Five Star 2017-1
Trust's mortgage-backed floating-rate notes. The issuance consists
of notes backed by first-ranking Australian residential, full-
documentation mortgage loans originated by Victorian Mortgage
Group (VMG).

The ratings are:

AUD126.0 million Class A1 notes: 'AAAsf'; Outlook Stable;
AUD26.2 million Class A2 notes: 'AAAsf'; Outlook Stable;
AUD7.2 million Class B notes: 'AAsf'; Outlook Stable;
AUD6.3 million Class C notes: 'Asf'; Outlook Stable;
AUD5.4 million Class D notes: 'BBBsf'; Outlook Stable;
AUD4.5 million Class E notes: 'BBsf'; Outlook Stable; and
AUD4.4 million Class F notes: 'NRsf'.

The notes are issued by Perpetual Trustee Company Limited in its
capacity as trustee of Five Star 2017-1 Trust.

The total collateral pool consisted of 686 obligors, totalling
AUD178 million, at the July 31, 2017 cut-off date.

KEY RATING DRIVERS

Sufficient Credit Support: The class A1 and A2 notes benefit from
credit enhancement (CE) of 30.0% and 15.4%, respectively, provided
by the subordinated notes. The class B, C, D and E notes benefit
from CE of 11.4%, 7.9%, 4.9% and 2.4%, respectively, provided by
their respective subordinated notes.

Delinquent Loans Included: The portfolio contains loans that were
in arrears at the cut-off date. The 30+ day arrears were 0.7% of
the pool. The portfolio has weighted-average (WA) seasoning of 52
months; with a WA unindexed loan/value ratio (LVR) of 62.4% and WA
indexed LVR of 55.9%. The average obligor current loan size is
AUD258,975. Investment loans represent 29.2% of the pool by
balance and interest-only loans represent 24.4%.

Sequential/Pro Rata Paydown: The class A1 and A2 notes will
initially receive principal on a pari passu basis, with all other
classes receiving principal sequentially prior to the pro rata
test conditions being met. Once met, principal will be allocated
on a pro rata basis across all notes excluding the class F notes.

Multiple Liquidity Sources: Liquidity support will be provided via
excess income, principal draws and a liquidity facility sized at
2.0% of the note balance, with a facility floor of AUD360,000.
Liquidity will be available to all rated note classes, however,
charge-off triggers will restrict liquidity to notes rated below
AAAsf.

Back-Up Servicer: Servicer continuation risk is mitigated by the
appointment of Perpetual Trustee Company Limited as the Back-Up
Servicer.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the coverage decline. Hence, Fitch conducts sensitivity
analysis of the ratings by stressing the transaction's initial
base-case assumptions.

Expected impact upon the note rating of increased defaults:
Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Increase defaults by 15%: AA+sf / AA+sf / AA-sf / Asf / BBB-sf /
  BB-sf
Increase defaults by 30%: AA+sf / AA+sf / A+sf / A-sf / BB+sf /
  B+sf

Expected impact upon the note rating of decreased recoveries:
Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Reduce recoveries by 15%: AA+sf / AA+sf / AA-sf / Asf / BB-sf /
  CCCsf
Reduce recoveries by 30%: AAsf / AAsf / A+sf / BBB+sf / CCCsf /
  CCCsf

Expected impact upon the note rating of multiple factors:
Rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
Increase defaults by 15%; reduce recoveries by 15%:
AAsf / AAsf / A+sf / BBB+sf / B+sf / CCCsf
Increase defaults by 30%; reduce recoveries by 30%:
A+sf / A+sf / A-sf / BBB-sf / CCCsf / CCCsf

Decrease in recovery rate required to reduce the rating of the
rated notes:
From rating: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf
By one full category (%): 13 / 13 / 21 / 25 / 7 / 4
To non-investment grade (%): more than 100 / more than 100 / 93 /
51 / 7 / n.a.
To 'CCCsf' (%): more than 100 / more than 100 / more than 100 / 86
/ 28 / 12

The transaction structure supports an LMI-independent rating for
all the rated notes; therefore, LMI is not required to support the
rating due to the level of credit support provided by the lower
notes.


K.T. AUSTRALIA: Second Creditors' Meeting Set for Oct. 6
--------------------------------------------------------
A second meeting of creditors in the proceedings of K.T. Australia
Pty Ltd has been set for Oct. 6, 2017, at 8:30 a.m., at K.T.
Australia Pty Ltd, Corner Muttaburra Road and Flinders Highway, in
Hughenden, Queensland.

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

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

Sean Wengel and Robert Whitton of William Buck were appointed as
administrators of K.T. Australia on Aug. 31, 2017.


LATITUDE AUSTRALIA 2017-2: DBRS Finalizes BB Rating on E Notes
--------------------------------------------------------------
DBRS Ratings Limited finalised provisional ratings previously
assigned to the Series 2017-2 Notes issued by Latitude Australia
Credit Card Loan Note Trust as follows:

-- Series 2017-2 Class A1 Notes at AAA (sf)
-- Series 2017-2 Class A2 Notes at AAA (sf)
-- Series 2017-2 Class B Notes at AA (sf)
-- Series 2017-2 Class C Notes at A (sf)
-- Series 2017-2 Class D Notes at BBB (sf)
-- Series 2017-2 Class E Notes at BB (sf)

The transaction represents the issuance of Notes backed by credit
card receivables related to credit agreements originated or
acquired by Latitude Finance Australia (Latitude) to customers in
Australia and assigned to the Latitude Australia Credit Card
Master Trust. DBRS has previously assigned ratings to the Issuer's
Series 2017-1 Notes in April 2017.

The credit card accounts within the portfolio substantially
include those originated by GE Capital Australia prior to its
acquisition by a consortium comprising Deutsche Bank AG and funds
managed by Varde Management L.P. and KKR & Co. L.P. in November
2015, at which point the business was renamed Latitude, and
accounts subsequently originated by Latitude.

The Class A1 notes benefit from a minimum credit support of 34.5%
which includes subordination of the Class A2 Notes, the Class B
Notes, the Class C Notes, the Class D Notes and the Class E Notes
(collectively 30.0%) and the series-specific Originator VFN
(4.5%). Upon closing, part of the initial balance of the Series
Originator VFN subordination, equal to 1% of the rated Notes, is
used to fund a specific ledger that provides liquidity support to
the transaction. This liquidity support would only be available as
credit enhancement if not utilised for liquidity purposes.

The ratings are based on DBRS's review of the following analytical
considerations:

-- The transaction capital structure and the form and sufficiency
of available credit enhancement.

-- Credit enhancement levels are sufficient to support the DBRS
charge-off, payment and yield rate assumptions under various
stress scenarios at a AAA (sf) standard for the Class A1 and Class
A2 Notes, AA (sf) standard for the Class B Notes, A (sf) standard
for the Class C Notes, BBB (sf) standard for the Class D Notes and
BB (sf) standard for the Class E Notes.

-- The ability of the transaction to withstand stressed cash flow
assumptions and repay investors according to the terms under which
they have invested.

-- The transaction parties' capabilities with respect to
originations, underwriting, servicing and cash management.

-- The credit quality of the collateral and Latitude's ability to
perform collection activities on the collateral.

-- The legal structure and presence of legal opinions addressing
the assignment of the assets to the Trust and the consistency with
DBRS's "Legal Criteria for European Structured Finance"
methodology.

DBRS considers the Australian credit card market to share a
similar consumer credit protection framework to that of European
jurisdictions. Furthermore, the performance and operation of
Latitude's portfolio is deemed comparable with other originators
where DBRS has previously assigned structured finance ratings.
Subsequently, DBRS has elected to reference its "Rating European
Consumer and Commercial Asset-Backed Securitisations" methodology
when assessing the transaction.

As the Issuer is part of a master issuance structure where all
series of notes are supported by the same pool of receivables and
generally issued under the same requirements regarding servicing,
amortisation events, priority of distributions and eligible
investments, DBRS notes that the issuance of the Notes will not
result in a downgrade or withdrawal of the ratings listed below:

-- Series 2017-1 Class A1 Notes at AAA (sf)
-- Series 2017-1 Class A2 Notes at AAA (sf)
-- Series 2017-1 Class B Notes at AA (sf)
-- Series 2017-1 Class C Notes at A (sf)
-- Series 2017-1 Class D Notes at BBB (sf)
-- Series 2017-1 Class E Notes at BB (sf)

The transaction was modelled in DaVinci, a DBRS proprietary cash
flow model.

Notes: All figures are in Australian dollars unless otherwise
noted.


QUEENSLAND NICKEL: Judge Notes 'Radio Silence' From Mensink
----------------------------------------------------------
Alexandra Patrikios at the Australian Associated Press reports
that a Federal Court judge said it's fair to assume Clive Palmer's
globe-trotting nephew has "absolutely no intention" of returning
to Australia while liquidators want to grill him about Queensland
Nickel's collapse.

Legal representatives for the doomed venture's special purpose
liquidators applied for costs to be secured for Clive Mensink's
appeal to have warrants issued for his arrest set aside, AAP says.

But Judge Michael Wigney told a hearing on Sept. 28 there had been
"complete radio silence" from Queensland Nickel's former director
since he filed an affidavit in June this year, the report relates.

AAP says Mr. Mensink left Australia in June 2016, with recent
court testimony from his uncle Clive Palmer revealing he is being
paid AUD8,019 a fortnight by the former politician's company,
Mineralogy.

"It's a fair inference that he has absolutely no intention of
coming back to Australia while the liquidators intend to examine
him," AAP quotes Judge Wigney as saying.

AAP relates that the judge said the circumstances of the matter
were "somewhat bizarre" and asked Mr. Mensink's barrister, Pat
Zappia QC, about the sought-after man's whereabouts.

"Your Honour, I can't tell you where he is," Mr. Zappia replied,
the report relays.

According to the report, the special purpose liquidators'
barrister Tom Sullivan QC said the ongoing payments were "not a
comfort" to liquidators - who previously understood Mr. Mensink to
be retired - that any future costs order could be executed.

He pointed to a lack of material from the opposing side and said
there was a "strong prospect" the appeal would fail, the report
relays.

"He's off somewhere on AUD8,000 a fortnight (and) doesn't say
anything to this court at all," AAP quotes Mr. Sullivan as saying.
"This appeal's been instituted for his benefit but he remains mum
about what his asset position is."

He told the court it could be argued that Mr. Palmer's nephew had
tried to create a "state of wilful blindness" to court orders and
since gone "incommunicado".

"We've got a gentleman who we would say has absconded overseas,"
he said.

Judge Wigney reserved his decision on the security of costs
application for a future date, AAP cites.

                     About Queensland Nickel

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

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

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

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

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

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


STOCHASTIC SIMULATION: Goes Into Liquidation
--------------------------------------------
Business News reports that Stochastic Simulation has gone into
liquidation, about five months after it went into receivership,
with secured creditors likely to receive about 4 cents in the
dollar in a best-case scenario.

About AUD1.7 million was claimed by secured creditors, Business
News relates citing a report by liquidators Jason Tracy and
Richard Hughes from Deloitte.

Osborne Park-based Stochastic Simulation developed oil and gas
software such as GasAssure and ResAssure, which were used in
evaluation of reservoirs and field development modeling.



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AOXING PHARMACEUTICAL: Voluntarily Delists Common Stock From NYSE
-----------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc.'s Board of Directors has made
a determination to remove the Aoxing Pharma Common Stock from the
NYSE MKT. On Sept. 25, 2017, Aoxing Pharma notified the NYSE MKT
of its intention to file a Form 25 ("Notification of Removal from
Listing and/or Registration under Section 12(b) of the Securities
Exchange Act of 1934") with the Securities and Exchange Commission
on Oct. 6, 2017. The purpose of the Form 25 filing is to effect
the voluntary delisting from the NYSE MKT of Aoxing Pharma's
outstanding Common Stock and the deregistration of the Common
Stock under Section 12(b) of the Securities Exchange Act of 1934.
The Company expects that the Form 25 filing will become effective
on Oct. 16, 2017. After the effectiveness of the Form 25 filing,
Aoxing Pharma also intends to file a Form 15 with the SEC,
requesting the suspension of the Company's reporting obligations
under Sections 13(a) and 15(d) of the Exchange Act and the
deregistration of its Common Stock under Section 12(g) of the
Exchange Act.

The Board made the decision to remove the Common Stock from the
NYSE MKT and to seek deregistration under the Exchange Act
following its review and careful consideration of several factors,
including the Company's inability to obtain equity financing
during the past year, the ongoing listing, legal, administrative
and accounting costs associated with being a publicly listed
company, the risk that ongoing atrophy in the market price for the
Common Stock will result in non-compliance with NYSE MKT continued
listing requirements, and the amount of executive time and Company
resources consumed in regulatory compliance obligations. The Board
determined that delisting and deregistration are in the overall
best interests of Aoxing Pharma and its stockholders.

Aoxing Pharma expects its Common Stock to begin trading on the OTC
Market's Pink market tier following the effectiveness of the Form
25.

                           About Aoxing

Jersey City, New Jersey-based Aoxing Pharmaceutical Company, Inc.
-- http://www.aoxingpharma.com/-- is a U.S. incorporated
pharmaceutical company with its operations in China, specializing
in research, development, manufacturing and distribution of a
variety of narcotics and pain-management products. Headquartered
in Shijiazhuang City, outside Beijing, Aoxing Pharma has the
largest and most advanced manufacturing facility in China for
highly regulated narcotic medicines. Its facility is one of the
few GMP facilities licensed for the manufacture of narcotic
medicines by the China Food and Drug Administration.

Aoxing reported net income of $2.24 million for the year ended
June 30, 2016, compared to net income of $5.81 million for the
year ended June 30, 2015.

As of March 31, 2017, Aoxing had $62.46 million in total assets,
$44.38 million in total liabilities, and $18.08 million in total
equity.

BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2016, citing that the Company accumulated a
large deficit and a working capital deficit that raise substantial
doubt about its ability to continue as a going concern.


FANTASIA HOLDINGS: S&P Hikes Sr. Unsecured Notes Rating to 'B+'
---------------------------------------------------------------
S&P Global Ratings said that it has reviewed its senior unsecured
issue-level ratings for Fantasia Holdings Group Co. Ltd.
(B+/Stable/--) 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. With S&P's criteria review complete, it is removing the
UCO designation from these ratings and are raising its issue
rating on Fantasia's senior unsecured notes to 'B+' from 'B'.

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 on Fantasia.

"Our rating action takes into consideration the China-based
developer's capital structure as of end-2016. This consists of
Chinese renminbi (RMB) 3.26 billion in secured debt and RMB19.6
billion unsecured debt (of which RMB536 million is in the form of
financial guarantees to third parties) issued by Fantasia; it also
consists of RMB7.08 billion in unsecured debt issued by the
company's operating subsidiaries.

"We have therefore arrived at the following analytical conclusion:
The senior unsecured notes issued by Fantasia are rated 'B+', the
same as our assigned corporate credit rating on the company,
because no sources of significant subordination have been
identified."



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AADITYA KRAFT: CRISIL Reaffirms 'B' Rating on INR17.95MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on long-term bank
facilities of Aaditya Kraft & Papers Private Limited (AKPPL) at
'CRISIL B/Stable'. The rating continues to reflect its start-up
phase and expected small scale of operations in the highly
fragmented industrial paper segment. These weaknesses are
partially offset by the entrepreneurial experience and funding
support of promoters.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           3.30        CRISIL B/Stable (Reaffirmed)
   Term Loan            17.95        CRISIL B/Stable (Reaffirmed)

Analytical Approach

For arriving at the rating, unsecured loans of INR8.45 crore from
promoter and his friends and relatives have been treated as
neither debt nor capital, based on a specific undertaking from
management to retain these loans in business till the currency of
bank debt.

Key Rating Drivers & Detailed Description

Weakness

* Start-up phase and expected small scale of operations:  With
installed capacity of 2500 tonne per month and production
estimated to have commenced from November 2016, scale is likely to
remain modest over the medium term. Moreover, as industrial kraft
paper would be the company's only source of revenue, it will
remain vulnerable to seasonal nature of demand. Moreover, the
kraft paper segment is intensely competitive due to low entry
barrier, which will limit pricing power and increase
susceptibility to volatile raw material prices.

Strength

* Entrepreneurial experience and funding support of promoters:
Though AKPPL is the first project of its promoters in the paper
industry, they have more than 10 years of experience in material
handling services for aluminum industries across Cuttack. Also,
prior to that, the promoters had successfully executed many
contracts for Indian Railways and other players. Furthermore,
promoters have constantly bought in funds and are expected to
continue to extend need-based support.

Outlook: Stable

CRISIL believes AKPPL will benefit over the medium term from the
entrepreneurial experience and funding support of its promoters.
The outlook may be revised to 'Positive' if ongoing project is
completed within stipulated time and cost and generates strong
revenue and profitability, resulting in sizeable cash accrual. The
outlook may be revised to 'Negative' if delay in completion of
project and stabilisation of operations leads to low revenue and
profitability; or if large working capital requirement or debt-
funded capital expenditure weakens financial risk profile,
particularly liquidity.

Incorporated in 2012 and promoted by Mr. Bibekananda Behara and
family, AKPPL manufactures kraft paper at its facility in Cuttack.
For fiscal 2017, loss was INR3.60 crore on sales of INR5.25 crore.


AIMS BEVERAGES: CRISIL Reaffirms 'B' Rating on INR7.95MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aims
Beverages (AB) for obtaining information through letters and
emails dated June 22, 2017, and August 24, 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        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          7.95      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .05      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 Aims Beverages. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Aims Beverages is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable'.

Established in September 2014, as a proprietorship firm, Gujarat-
based AB is promoted by Mr. Sagar Jasani. It will manufacture and
supply carbonated soft drinks and fruit-based drinks under its
Sailor, Frutas, and Rebellion. Its facility, with an installed
capacity of 120 bottles per minute, is expected to be commissioned
from April 2016.


ARAVIND MILKFOODS: CRISIL Assigns B+ Rating to INR9MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facilities of Aravind Milkfoods Private Limited (AMFL). The
ratings reflect the AFML's modest financial risk profile marked by
a leveraged capital structure and exposure to intense competition
in the packaged foods segment. These weaknesses are partially
offset by the extensive experience of promoters in the packaged
foods segment.

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Long Term Loan           0.36      CRISIL B+/Stable
   Cash Credit              9         CRISIL B+/Stable
   Export Packing Credit    1         CRISIL B+/Stable

Analytical Approach

For arriving at the rating, CRISIL has treated the unsecured loans
from promoters as debt as these are not expected to be retained in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest operations in the packaged foods manufacturing industry:
The scale has been moderate at around INR20 to 40 crores for the
three years through March 2017 as compared to large players in the
industry. Given the fragmentation in the industry, with the
presence of many small, midsized, and large players, the scale has
remained modest. CRISIL believes sustenance of growth in scale and
profitability amid intense competition will remain a key rating
sensitivity factor over the medium term but the scale will likely
remain small.

* Modest financial risk profile:  AFML's financial risk profile is
modest marked by a leveraged capital structure and below average
debt protection metrics. The networth and gearing was at around
INR4 crore and 3 times as on March 31, 2017. The debt protection
metrics are modest marked by an interest coverage of around 1.4
times and NCATD of around 2 percent for fiscal 2017. With gradual
improvement in the debt levels, the debt protection metrics are
also gradually expected to improve over the medium term.

Strength

* Promoter's extensive experience in the packaged foods
manufacturing industry:  AMFL has been incorporated by Mr.Ilango
and his wife Ms. Thamizaharasi. Mr.Ilango is a third generation
entrepreneur and has an experience of around 3 decades in the
dairy industry. Extensive experience of the promoters have aided
the company to establish healthy relationships with suppliers and
customers who include reputed companies like Brittania Industries
Limited. CRISIL believes that AMFL shall continue to benefit over
the medium term from its promoter's extensive industry experience.

Outlook: Stable

CRISIL believes that AMFL will benefit over the medium term from
the extensive experience of its management. The outlook may be
revised to "Positive" in case of significant improvement in
operating income or profitability leading to better than expected
cash accruals. Conversely, the outlook may be revised to
"Negative" in case of a sharp decline in operating income or
profitability, or in case of an elongation in working capital
management or in case of a higher than expected debt funded capex
plan resulting in deterioration of financial risk profile,
particularly liquidity.

AMFL was incorporated in 2004 and is engaged in the manufacturing
of ghee and other packaged products. The company is incorporated
by Mr. Ilango and his wife, Mrs. Thamizharasi.

AMFL reported a profit after tax (PAT) of around INR0.11 crore on
an operating income of around INR30.23 crore for fiscal 2017 on a
provisional basis against PAT of INR0.38 crore on operating income
of INR42.14 crore for fiscal 2016.


BALAJI RAW: CRISIL Reaffirms B+ Rating on INR3.5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ms. Balaji
Raw & Boiled Rice Mills (BRBRM) for obtaining information through
letters and emails dated July 18, 2017 and August 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave these ratings:

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           3.5      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Reaffirmed)

   Proposed Cash         2.0      CRISIL B+/Stable (Issuer Not
    Credit Limit                  Cooperating; Rating Reaffirmed)

   Proposed Long Term    2.0      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ms. Balaji Raw & Boiled Rice
Mills. This restricts CRISIL's ability to take a forward Ms.
Balaji Raw & Boiled Rice Mills 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'.

Set up in 1993 as a partnership firm and based out of Prakasam in
Andhra Pradesh, BRBRM is involved in milling and processing of
paddy into rice, rice bran, broken rice and husk. The firm is
promoted by by Mr. M. Venkateswara Rao and his family.


BHAI KANHAIYA: CRISIL Reaffirms 'D' Rating on INR5.37MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhai
Kanhaiya Sewa Society (BKSS) for obtaining information through
letters and emails dated July 31, 2017 and September 12, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               1.5       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .13      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               5.37      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 Bhai Kanhaiya Sewa Society.
This restricts CRISIL's ability to take a forward Bhai Kanhaiya
Sewa 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/CRISIL D'.

Formed in 1983, BKSS runs Radiant Institute of Engineering and
Technology and Homeopathic Medical College and Hospital in Abohar,
Punjab. The society is being currently chaired by Mr. Tara Singh
Ji.


BHANDARI PRECISION: CRISIL Assigns B+ Rating to INR11MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Bhandari Precision Forgings Private
Limited (BPF).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              11        CRISIL B+/Stable

The ratings reflect modest scale of operations in a fragmented
industry, working capital-intensive operations, and below-average
financial risk profile due to weak gearing. These weaknesses are
partially offset by promoter's extensive experience in the steel
forging industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a fragmented industry:  Scale is
modest as reflected in revenue of INR34.08 crore in fiscal 2017.
The operating performance in constrained by the highly competitive
and fragmented nature of the industry, which consists of few large
players and several medium and small players. Owing to
competition, bargaining power with customers and suppliers is
limited, leading to pressure on operating profit margin.

* Working capital-intensive operations:  Operations are working
capital intensive as reflected in gross current assets (GCAs) of
383 days as on March 31, 2017. The high GCA days were mainly on
account of inventory of 205 days, and debtors of 160 days as on
March 31, 2017. The requirements are, however, part funded by high
credit of around 150 days received from suppliers. Operations are
expected to remain working capital intensive over the medium term.

* Below-average financial risk profile:  Financial risk profile is
constrained by weak gearing, at 2.48 times as on March 31, 2017,
mainly on account of high reliance on working capital borrowings.
Networth was moderate at INR7.01 crore as on March 31, 2017.
Modest scale and moderate operating profitability have kept
accretion to reserve limited. Debt protection metrics are moderate
as reflected in interest coverage ratio of 1.71 times and net cash
accrual to adjusted debt of 0.08 time in fiscal 2017.

Strengths

* Promoters' extensive experience in the steel forging industry:
BPF was established in 1983 by Mr. Nemichand Bhandari. His son,
Mr. Suresh Bhandari, has been managing operations since 1991.
Aided by his expertise and industry knowledge, the company has
been able to increase scale over the years, and establish strong
relationships with customers, suppliers and other key
stakeholders.

Outlook: Stable

CRISIL believes BPF will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if scaling up of operations while
maintaining operating profitability leads to higher accrual.
Conversely, the outlook may be revised to 'Negative', if liquidity
deteriorates due to significant, debt-funded capital expenditure
or stretch in working capital cycle or if the scale or
profitability declines leading to lower-than-expected accrual.

Incorporated in 1983, BPF manufactures customised products of
open-die forgings and joint-less ring forgings using carbon steel
and alloy steel. The company is based out of Bengaluru, and is
managed by Mr. Suresh Bhandari.

BPF generated a profit after tax (PAT) of INR0.60 crore on total
revenue of INR34.17 crores in fiscal 2017, vis-a-vis PAT of
INR0.21 crore on total revenue on INR35.70 crores in fiscal 2016.


BHOOMIDHAN COLD: CRISIL Reaffirms 'B' Rating on INR4.60MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bhoomidhan
Cold Storage (BCS) for obtaining information through letters and
emails dated June 22, 2017, and August 24, 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            2.45       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term     2.95       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan              4.60       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 Bhoomidhan Cold Storage. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the information
available for Bhoomidhan Cold Storage 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'.

BCS is a cold storage chain providing cold storage facilities for
various vegetables. It will become operational in March 2016 and
will be managed by Mr. Amrutlal Parmar. BCS is based in Dantiwada,
Gujarat and has four chambers in its cold storage.


DHARMRAJ ALUMINIUM: CRISIL Reaffirms 'D' Rating on INR20MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dharmraj
Aluminium Industries Private Limited (DAIPL) 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
   ----------          ---------     -------
   Cash Credit              20       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 Dharmraj Aluminium Industries
Private Limited. This restricts CRISIL's ability to take a forward
Dharmraj Aluminium Industries 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'.

DAIPL, incorporated in 2011, manufactures aluminium ingots. The
company is currently promoted and managed by Mr. Vijay C Gujar and
Mr. Bharat B Gujar. DAIPL has a manufacturing facility in
Aurangabad (Maharashtra) with a capacity of 18,000 tonne per
annum.


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

The instrument-wise rating actions are:

-- INR15 mil. Long-term loan migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR52.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
May 14, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

DSPKC was established in 1967 as a partnership entity. The entity
is primarily engaged in manufacturing garments for export markets.
Its manufacturing site is located in Tirupur, Tamil Nadu.


GANGAKHED SUGAR: Ind-Ra Moves D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gangakhed Sugar
and Energy Ltd's (GSEL) 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:

-- INR2,446.6 mil. Long-term loans (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

-- INR1,500 mil. Cash credit limits (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR1,170 mil. Non-fund-based limits (short-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 20, 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 2007, GSEL is an integrated cane processing plant
located in the cane surplus district of Parbhani, Maharashtra. In
addition to a 6,000 tonnes crushed per day sugar mill, it has a
60,000 litres per day distillery plant and a 30MW co-generation
power plant.


GOLDENLINE INFRA: CRISIL Reaffirms D Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Goldenline
Infrastructure Private Limited (GIPL) for obtaining information
through letters and emails dated July 10, 2017 and August 7, 2017
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

CRISIL gave these ratings:

                           Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term         15       CRISIL D (Issuer Not
   Bank Loan Facility                  Cooperating; Rating
                                       Reaffirmed)

   Term Loan                  10       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 Goldenline Infrastructure
Private Limited. This restricts CRISIL's ability to take a forward
Goldenline Infrastructure 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'.

GIPL was incorporated in 2006, promoted by Mr. Ashish Gupta along
with Aerens Gold Souk International Ltd of Gurgaon, Haryana. The
company is setting up a residential project, Aerens Golden Tulip,
at Ajmer, Rajasthan.


GULABCHAND BADRINARAYAN: CRISIL Reaffirms B Rating on INR5MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Gulabchand Badrinarayan (GB).

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

   Proposed Long Term
   Bank Loan Facility       1       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect modest scale of operations in an
intensely competitive trading industry and weak financial risk
profile due to highly leveraged capital structure. The weaknesses
are partially offset by proprietor's extensive experience and
moderate working capital requirement.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive trading
industry:  Intense competition in the trading industry constrains
the scale as reflected in estimated revenue at INR53 crore for
fiscal 2017.

* Weak financial risk profile: Small networth (estimated at INR1
crores as on March 31, 2017) and reliance on working capital
borrowings, has resulted in a highly leveraged capital structure
(total outside liabilities to tangible networth ratio of 3.4
times).

Strengths

* Proprietor's extensive experience:  The proprietor has around
two decades of experience which supports the business risk
profile.

* Moderate working capital requirements:  GB has moderate working
capital cycle as reflected in gross current assets of 61 days as
on March 31, 2017.

Outlook: Stable

CRISIL believes GB will continue to benefit from the proprietor's
extensive experience and established customer and supplier
relationships. The outlook may be revised to 'Positive' if
significant increase in sales, leading to sizeable cash accrual,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' in case of a further stretch in the working capital
cycle, significant capital withdrawal, or large, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

Established in 2000, GB, a Nagpur (Maharashtra)-based
proprietorship by Mr. Prakash Khandelwal, trades in and
distributes branded edible oil and dairy products. The firm is
also a carrying and forwarding agent for Ruchi Soya, Mother Dairy,
Louis Dreyfus, Gemini, and Bhole Baba Milk Food Industries Ltd for
Vidarbha region of Maharashtra.


JAY JINENDRA: CRISIL Reaffirms B+ Rating on INR13.5MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Jay
Jinendra Realators Private Limited (JJRPL) for obtaining
information through letters and emails dated July 21, 2017 and
September 5, 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             13.5       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 Jay Jinendra Realators Private
Limited. This restricts CRISIL's ability to take a forward Jay
Jinendra Realators 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'.

JJRPL was incorporated in 2010 in Thane by Mr. Sunderlal Aklinglal
Jain and Mr. Chandubhai Ramshankar Rawal. The company is
developing a commercial real estate property under name 'Jai Vijay
Industrial Estate' at Naigaon, National Highway 8, near Vasai
(Maharashtra).


K. LALL: CRISIL Assigns B+ Rating to INR20MM Loan
-------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
bank facilities of K. Lall International (KLI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              .5       CRISIL B+/Stable
   Foreign Letter
   of Credit              20.0       CRISIL B+/Stable

The rating reflects modest scale due to start up nature of
operations, and average financial risk profile. These weaknesses
are partially offset by extensive experience of partners in the
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations due to start-up phase:  Since
commercial production began in June 2017, revenue was low at
INR25.84 crore for the 3 months period ended September 13, 2017.
With expected turnover of INR64.0 crore during fiscal 2018, scale
is likely to remain subdued over the medium term.

* Average financial risk profile:  Financial risk profile is
expected to be average, with high TOL/TNW of 4.01 times and
moderate debt protection metrics, with interest coverage ratio at
3.84 times and net cash accrual to total debt ratio at 0.59 time
expected for fiscal 2018.

Strengths

* Promoters' extensive industry experience:  Presence of over five
decades in the chemical and edible oil trading segment through
group entities (K Lall Overseas and K Lall Overseas Pvt Ltd) has
enabled the promoters to understand market dynamics and establish
strong relationship with clients and suppliers.

Outlook: Stable

CRISIL believes KLI will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of successful ramp up of operations of the
firm and significant increase in revenue and profitability over
the medium term. Conversely the outlook may be revised to
'Negative' in case the firm records lower than expected revenues
or profitability resulting in weakening in its financial risk
profile or if the firm undertakes significant debt funded capex
resulting in deterioration in financial risk profile.

Set up in 2017 in Ludhiana as a partnership firm by Mr. Shravan
Goel and his father, Mr. Pawan Kumar Goel, KLI imports edible oil,
polyvinyl chloride resins, and industrial chemicals (dyes, metal
complex solvent dyes, basic dyes, and chrome dyes) and sells in
the domestic market. The operations of the firm have started in
June 2017.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based limits migrated to non-cooperating
    category with IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR20.87 mil. Term loan due on March 2018 migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 30, 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 October 2011, KOPL processes seafood at its plant
in the Udupi taluk of Karnataka.


KG IRON: CRISIL Reaffirms B- Rating on INR5.5MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with KG Iron and
Steel Castings Private Limited (KGIS) for obtaining information
through letters and emails dated June 29, 2017, and September 8,
2017, among others, apart from telephonic communication. However,
the issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.5      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.0      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)


   Term Loan               4.5      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 KG Iron and Steel Castings
Private Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for KG Iron and Steel Castings
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'.

KGIS was incorporated in September 2009 as Suchita (India) Alloys
& Steels Private Limited and started operations in January 2011.
During December 2012, Mr. Kamlesh Gupta and Mr. Rahul Gupta
acquired majority stake in the company. Consequently, name was
changed to KG Iron & Steel Castings Private Limited in March 2013.
KGIS is engaged in manufacturing of mild steel (MS) ingots and has
its manufacturing unit situated in Raisen, Madhya Pradesh.


KG MULTISPECIALITY: CRISIL Reaffirms B Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with KG
Multispeciality Hospital & Research Centre (KGRC) for obtaining
information through letters and emails dated July 12, 2017 and
August 14, 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           15       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 KG Multispeciality Hospital &
Research Centre. This restricts CRISIL's ability to take a forward
KG Multispeciality Hospital & Research Centre 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'.

KGRC, established in 2014 by Dr. S K Latha, is setting up a 150-
bed multi-speciality hospital in Thanjavur, Tamil Nadu. The
Hospital is expected to start operations by June 2016.


LAL BABA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Lal Baba Seamless
Tubes Private Limited's (Lal) Long-Term Issuer Rating to 'IND BB-'
from 'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR155 mil. Fund-based limits upgraded with IND BB-/Stable
    rating;

-- INR25.9 mil. Non-fund-based limits upgraded with IND A4+
    rating;

-- INR1.2 mil. Term loan withdrawn (repaid in full) with WD
    rating.

KEY RATING DRIVERS

The upgrade reflects the significant improvement in Lal's credit
metrics due to an improvement in its operating profitability.
Interest coverage (operating EBITDAR/gross interest expense) was
1.8x in FY17 (FY 16: 0.9x), net financial leverage (adjusted net
debt/operating EBITDAR) was 6.6x (10.7x) and EBITDA margin was
8.7% (6.9%). The reason for the improvement in operating margin
was a decline in raw material prices. Also, revenue grew 22.8% yoy
in FY17 to INR784 million due to an improvement in order flow.

However, Lal's credit profile remains moderate, despite the strong
improvement in the scale of operations and credit metrics. Also,
liquidity profile remains moderate level with average working
capital utilisation being 93% during the 12 months ended August
2017.

RATING SENSITIVITIES

Positive: A substantial improvement in the scale of operations
along with a further improvement in the credit metrics could be
positive for ratings.

Negative: Substantial deterioration in the liquidity profile could
be negative for the ratings.

COMPANY PROFILE

LBSTPT manufactures cold-drawn carbon steel seamless tubes,
primarily used in the oil and gas industry. It has an installed
capacity of 36,000 metric tonnes per annum.


MAP COTTON: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MAP Cotton
Private Limited's (MCPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR460 mil. Fund-based working capital limits affirmed IND
    BB/Stable/IND A4+ rating;

-- INR18.9 mil. (reduced from INR27.7 mil.) Term loan due on
    March 2020 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects MCPL's continued moderate credit profile.
This is because of the company's presence in the highly fragmented
and competitive cotton ginning business, raw material price
fluctuations due to the seasonal nature of availability of cotton
seeds and changes in the government policies. According to
provisional financials for FY17, net financial leverage (Ind-Ra
total adjusted net debt/operating EBITDAR) was 9.0x (FY16: 7.7x)
and EBITDA interest coverage (operating EBITDA/gross interest
expense) was 1.2x (1.1x). The deterioration in net financial
leverage was due to higher use of short-term working capital debt,
and the improvement in EBITDA interest coverage was driven by a
decline in interest expenses and an increase in absolute EBITDA
(FY17: INR69.2 million; FY16: INR65.4 million). EBITDA margins
were 3.2% in FY17 (FY16: 3.8%). Revenue grew 27% yoy to INR2,188.9
million due to improved realisation.

Liquidity remains moderate as evident by the average peak
utilisation of its working capital facilities being 97% during the
12 months ended August 2017.

The ratings, however, continued to be supported by MCPL's
locational advantage as its plant is situated in the city of Kadi
in Gujarat where the main raw material -- cotton -- is available
in abundance. The ratings are further supported by more than three
decades of experience of the company's promoters in various cotton
related businesses, leading to the established relationships with
the customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the revenue or rise in the margin pressures
leading to sustained deterioration in the credit metrics and
liquidity could be negative for the ratings.

Positive: Substantial growth in the revenue leading to a sustained
improvement in the overall credit metrics could be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2014, MCPL is an Ahmedabad-based company, engaged
in cotton ginning and pressing at its plant located in Kadi
(equipped with 58 ginning machines and one pressing machine) with
a daily installed capacity of 750 bales.


MASAFI DEVELOPERS: CRISIL Reaffirms 'B' Rating on INR10MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Masafi
Developers Private Limited for obtaining information through
letters and emails dated July 21, 2017 and September 8, 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           10      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 Masafi Developers Private
Limited. This restricts CRISIL's ability to take a forward Masafi
Developers 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'.

Incorporated in the year 2013, Masafi is operating a 5 star hotel
in Kochi, Kerala. The company belongs to the Aroma Fresh group
based in Kerala, which is engaged in development and operation of
hotels and resorts. Masafi is promoted by Mr. Sajeev PK.


MELSTAR INFORMATION: CRISIL Cuts Rating on INR6MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Melstar Information Technologies Limited (MITL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Overdraft                4        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       6        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')


The downgrade reflects continuous overdrawals in cash credit limit
for more than 30 days leading to weak liquidity.

The ratings continue to reflect MITPL's modest scale of operations
and weak financial risk profile marked by weak capital structure.
These weaknesses are partially offset by the extensive experience
of management in IT industry.

Analytical Approach

For arriving at the ratings of MITL, CRISIL has evaluated the
credit profile of the company on a standalone basis as the company
does not have any subsidiaries as on March 31, 2017. CRISIL had
earlier consolidated the business and financial risk profile of
MITL and those of its subsidiaries, Melstar Inc (MI; based in
USA), and IDV Technology Solutions Pvt Ltd (IDV; acquired by MITL
IN December 2015), collectively referred to as the Melstar group.
The consolidated approach is because MI and IDV were wholly owned
subsidiaries of MITL, and the entities had significant business
synergies and fungible cash flows.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  Weak financial risk profile is
marked by modest capital structure, liquidity and debt protection
metrics, which is reflected in small net worth of INR4.03 crore,
gearing of 2.5 times and negative interest coverage ratio and net
cash accrual to total debt.

* Modest scale of operations:  MITL's scale of operations is
modest, as reflected in its revenues of around INR21 crore in
fiscal 2017.

Strength

* Extensive experience of management: MITL benefits from the
extensive experience of promoters of over 2 decades in providing
IT based staffing solutions many large corporate.

MITL, part of the Yash Birla group of companies, primarily
provides staffing services to large information technology (IT)
companies and IT divisions of large corporations. MITL also
provides application development and implementation services,
albeit on a modest scale. MITL is listed on the Bombay Stock
Exchange and the National Stock Exchange.


NEW STONE: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of New Stone Quarry to 'CRISIL B/Stable' from 'CRISIL
BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5        CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Proposed Long Term
   Bank Loan Facility      1.49     CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

   Term Loan               1.60     CRISIL B/Stable (Downgraded
                                    from 'CRISIL BB-/Stable')

The downgrade reflects disruption in firm's business operations in
fiscal 2017 in which it was operation for only 15 days. The firm
could clock a topline of INR0.41 crore in fiscal 2017 which
declined from INR10.53 crore in fiscal 2016 as the firm was barred
from sales on account of pending environment clearance certificate
(EC certificate). Consequently, liquidity remained weak and firm
had to rely on promoters' unsecured loans to meet its debt
obligations.

Key Rating Drivers & Detailed Description

Strengths

* Extensive experience of promoters in the mining industry:  The
promoters have been in the mining industry since 13 years, which
has helped NSQ build a good clientele. Its customers are civil
contractors and builders in Dahod, Gujarat.

Weaknesses

* Uncertainty regarding operations:  NSQ is vulnerable to
regulatory restrictions. It was prohibited from selling mining
products from April 2016 to March 2017 as it did not possess EC
certificate.

* Stretched liquidity:  Due to low revenue, accrual was inadequate
to meet debt obligation, leading to high bank limit utilization of
close to 96% for last 12 months ending April 2017 and reliance on
promoters' fund support to meet the debt obligations.

* Below-average financial risk profile:  Financial risk profile
remains weak on account of small networth of INR4.74 crore and
average debt protection metrics.

Outlook: Stable

CRISIL believes NSQ will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if sustained track record of revenue, profitability,
and moderate cash accrual, along with controlled working capital
management. The outlook may be revised to 'Negative' if lower-
than-expected revenue and cash accrual, or stretch in working
capital cycle, or large, debt-funded capital expenditure weakens
the financial risk profile and liquidity.

NSQ is a partnership firm established in 2003 to undertake stone
quarrying at Rampura in Dahod. Mr. Hafeez Contractor, Mr.
Sherryana Contractor, Mr. Vallary Contractor, Mr. Yezdi Contractor
are partners in the firm. Before the quarrying business, the
partners were involved in agriculture. The quarry is spread across
4 acres. NSQ has capacity of 250 tonne per day.


NIRMALA INFRA: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nirmala Infra
Projects India Private Limited's (NIPPL) 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:

-- INR35 mil. Fund-based limits (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

-- INR12 mil. Term loan (long-term) due on March 2018 migrated
    to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR83 mil. Non-fund-based limits (short-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 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 2008, NIPPL undertakes civil construction works.


RAMATIRTH POLYPACKS: CRISIL Reaffirms B- Rating on INR4MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ramatirth
Polypacks Products Private Limited (RPPPL) for obtaining
information through letters and emails dated June 29, 2017, and
September 1, 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       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Long Term Loan           4       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 Ramatirth Polypacks Products
Private Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Ramatirth Polypacks Products
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'.

Incorporated in 2013, RPPPL is owned and promoted by Mr.
Kadsiddappa Ramatirth and Ms. Sahana Ramatirth. It is engaged in
manufacturing of polypropylene bags for cement and sugar
industries.


RANA FARMS: CRISIL Reaffirms 'D' Rating on INR5MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Rana Farms
and Foods Private Limited (RFPL) for obtaining information through
letters and emails dated July 12, 2017, and August 17, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.6       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          5.0       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 Rana Farms and Foods Private
Limited. This restricts CRISIL's ability to take a forward looking
view on the credit quality of the entity. CRISIL believes that the
information available for Rana Farms and Foods 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'.

Set up in 1985 by Mr. R Ravindran, RFPL is engaged in layer
farming for production and sell of white shell eggs to wholesalers
located in Tamil Nadu, Kerala, Karnataka, Bangalore etc. The
company has its own poultry farm spread across an area of around
545acres in Namakkal district of Tamil Nadu. Currently RFPL has
egg production capacity of around 2,00,000 eggs per day.


REMI PROCESS: Ind-Ra Withdraws BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Remi Process
Plant & Machinery Limited's (RPPML) Long-Term Issuer Rating of
'IND BB+'. The Outlook was Stable. The instrument-wise rating
actions are:

-- INR50 mil. Fund-based working capital facilities withdrawn
    with WD rating;

-- INR80 mil. Non-fund-based working capital facilities
    withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the
agency has received no-objection certificates from the lenders.
This is consistent with the Securities and Exchange Board of
India's circular dated 31 March 2017 for credit rating agencies.
Ind-Ra will no longer provide analytical and rating coverage for
RPPML.

COMPANY PROFILE

Incorporated in 1985, RPPML manufactures portable agitators and
industrial mixtures that find utility in the paint, chemical,
petrochemical, mining and oil marketing companies for storage
purposes.


SARAF TEXTILE: CRISIL Lowers Rating on INR6MM Loan to 'D'
---------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Saraf Textile Mills Private Limited (STMPL) to
'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.  The
downgrade reflects delays in servicing its term debt obligations
because of weak liquidity, as indicated by the banker.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           6        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan                1.69     CRISIL D (Downgraded from
                                      'CRISIL B+/Stable')

The company also has a weak financial risk profile because of a
modest networth and high gearing and a small scale of operations
in a highly fragmented industry.  However, it benefits from
promoter's extensive experience in the textile industry.

Key Rating Drivers & Detailed Description

Weakness

* Recent delays in debt servicing due to weak liquidity:  STMPL
has delayed in servicing its term debt obligations. The delays
have been due to weak liquidity.

* Weak financial risk profile:  The financial risk profile is weak
marked by a modest networth and high gearing due to large working
capital requirements.

* Modest scale of operations and working capital intensive
operations:  The operating income was modest at INR11.21 crores in
fiscal 2016 2016. The operations are also working capital
intensive driven by high inventory and debtors leading to gross
current assets of over 358 days as on March 31, 2016.

Strength

* Promoter's extensive experience in the industry:  STMPL's
promoter-partners have been in readymade garment industry for past
4 decades. STMPL is mainly engaged in manufacturing of shirts and
pants for gents and children and skirts for ladies.

STMPL, established in 1976, manufactures shirts and pants for men
and children, and skirts for women.

The company reported a net loss of INR0.46 crore on total revenue
of INR11.22 crore in fiscal 2016, as against INR3.04 crore and
INR3.55 crore, respectively, in fiscal 2015.


SB COLD STORAGE: Ind-Ra Moves D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.B. Cold Storage
Industries Private Limited's 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:

-- INR55.5 mil. Term loans (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
     rating;

-- INR78.7 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

S.B. Cold Storage Industries was incorporated by G.P. Sinha in
1972 in West Bengal. It operates a 217,867 quintals cold storage
unit for the preservation of agricultural produces mainly seeds
and table potatoes on a rental basis.


SIMPLEX CASTINGS: Ind-Ra Lowers 'BB+' Issuer Rating, Outlook Neg.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Simplex
Castings Ltd's (SBL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based limit downgraded with IND BB+/Negative
    rating;

-- INR550 mil. Non-fund-based limits downgraded with IND A4+
    rating; and

-- INR146.4 mil. Term loan due on February 2020-April 2021
    downgraded with IND BB+/Negative rating.

KEY RATING DRIVERS

The downgrade reflects a continuous breach of Ind-Ra's negative
rating guideline of net financial leverage above 3.5x due to the
continuous addition of debt to fund its working capital
requirements. Adjusted net debt/operating EBITDAR was 4.1x in FY17
and 4.26x in FY16, and is likely to remain so for FY18 as the
company has availed fresh term loans to fund its ongoing capex.
Ind-Ra has thus assigned a Negative Outlook to this entity. Also,
interest coverage (operating EBITDAR/gross interest expense),
though slightly improved to 1.8x in FY17 (FY16: 1.5x) due to an
improvement in EBITDA margins to 10% (8.4%), remained below 2x.

The downgrade also reflects cash flow from operations
deteriorating further to negative INR41 million during FY17 (FY16:
negative INR30 million). It is likely to remain negative in FY18
on account of high working capital requirements due to a
continuous rise in inventory days.

The Negative Outlook further reflects the likelihood of a decline
in SBL's scale of operations in FY18 (FY17: INR2,075 million) in
view of 1QFY18 revenue of INR235.74 million (1QFY17: INR550.2
million). The performance is likely to remain muted in 2QFY18 as
well because the company is facing a slowdown due to adverse
market conditions.

The ratings, however, are supported by SBL's experience of over
two decades in manufacturing customised engineering products.

RATING SENSITIVITIES

Positive: A significant improvement in the EBITDA margin leading
to net financial leverage reducing below 4x on a sustained basis
will result in a Stable Outlook.

Negative: Deterioration in the EBITDA margin or unplanned debt-led
capex resulting in net financial leverage remaining above 4x on a
sustained basis will be negative for the ratings.

COMPANY PROFILE

SCL was established in 1970 and was converted into a private
limited company in 1980. In 1993, the company became a public
limited company and got listed on the Bombay Stock Exchange. SCL
manufactures iron and steel casting products which are used in
various industries such as railways, steel, defence among others.
The company has three manufacturing units, one each in Bhilai,
Urla and Tedsara.


SINHA COLD STORAGE: Ind-Ra Migrates D Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sinha Cold
Storage & Warehouse Company Private Limited's 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. Term loans (long-term) migrated to non-cooperating
    category with IND D(ISSUER NOT COOPERATING) rating

-- INR45.1 mil. Fund-based working capital limit (long-
    term/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

Sinha Cold Storage & Warehouse Company was incorporated by G.P.
Sinha in 1978 in West Bengal. It operates a warehousing unit and
108,074 quintals cold storage unit for the preservation of
agricultural produces mainly seeds, table potatoes and other
horticultural commodities on a rental basis.


SHETKARI SAKHAR: CRISIL Reaffirms 'B-' Rating on INR34.27MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shetkari
Sakhar Karkhana (Chandapuri) Limited (SSKL) for obtaining
information through letters and emails dated July 26, 2017 and
September 8, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         10.73      CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Reaffirmed)

   Term Loan           34.27      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 Shetkari Sakhar Karkhana
(Chandapuri) Limited. This restricts CRISIL's ability to take a
forward Shetkari Sakhar Karkhana (Chandapuri) 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'.

SSKL was incorporated in 2011, promoted by Mr. M Waghmode and his
family, along with other directors. The company manufactures sugar
at its factory at Chandapuri in Solapur.


SHIVA SHAKTHI: CRISIL Reaffirms 'B' Rating on INR12MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shiva
Shakthi Rice Industries (SSRI) for obtaining information through
letters and emails dated July 12, 2017 and August 17, 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 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 Shiva Shakthi Rice Industries.
This restricts CRISIL's ability to take a forward Shiva Shakthi
Rice Industries 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'.

SSRI was established as a proprietorship concern in 1995 by Mr. N
T Sivakumar and reconstituted as a partnership firm in March 2013
when his wife joined as partner. The firm mills rice at its unit
in Puducherry that has an installed capacity of 7 tonne per hour.


SHREE GANESH: CRISIL Lowers Rating on INR189.5MM Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Shree Ganesh Metaliks Limited (SGML) to 'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Cash Credit            79.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit       14.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan             189.5       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')


The downgrade reflects delays in interest payment and repayment in
the term loan.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations are working
capital intensive, as reflected in high estimated gross current
assets of 196 days as on March 31, 2017, driven by high inventory
and moderate debtor levels. Raw material inventory is generally
stocked for up to three months, and inventory stood at 128 days as
on March 31, 2017, leading to large working capital requirement,
which in turn resulted in higher reliance on bank lines, and
consequently, stretched liquidity.

* Marginal market share; vulnerability to cyclicality in the steel
industry: SGML is a marginal player, with topline of INR260 crore
in fiscal 2017 (INR280 crore in fiscal 2016), in the intensely
competitive and fragmented Indian steel industry. Individual
players have limited pricing power because of the commoditised
nature of products. Furthermore, profitability is linked to the
overall performance of the steel industry. The steel industry, in
the recent past, has experienced a slowdown, with prices of
intermediary steel products declining 25-50%, indicating the
cyclicality inherent in the steel industry. Moreover, the fortune
of the industry is linked with the performance of its primary end-
user segments such as infrastructure and real estate, and any
slowdown in these segments may adversely affect the demand for
secondary steel products over the medium term.

* Weak financial risk profile: Despite sizeable networth base,
high reliance on bank lines to finance expansion project and
working capital requirement resulted in weak gearing, which
remained at 3.29 times as on March 31, 2017. Lower operating
profitability and cash losses incurred in fiscal 2017 also
resulted in subpar debt protection metrics as reflected in below
unity interest coverage ratio and negative net cash accrual to
total debt ratio.

Strengths

* Promoters' extensive experience: Current promoters given their
longstanding presence in the steel industry commissioned an 18-
megawatt (MW) waste heat recovery-based power plant, a 14-MW
fluidised bed combustion-based power plant, and an induction
furnace and coal washery, with capacities of 300 and 150 tonne per
day (tpd), respectively. Business risk profile is also likely to
benefit from the promoters' longstanding relationships with
suppliers and customers.

Incorporated in 2003, SGML manufactures sponge iron and billets.
The company has its manufacturing facility at Sundergarh, Odisha,
with sponge iron and billet capacities of about 400 and 30 tpd,
respectively. SGML has commissioned an 18-MW waste heat recovery-
based power plant, a 14 MW fluidised bed combustion-based power
plant, and an induction furnace and coal washery, with capacities
of 300 and 150 tpd, respectively.


SHRI JAGRITI: CRISIL Reaffirms 'B' Rating on INR9MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri
Jagriti Solvex Private Limited (SJSPL) for obtaining information
through letters and emails dated July 13, 2017 and August 17, 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        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           9        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 Shri Jagriti Solvex Private
Limited. This restricts CRISIL's ability to take a forward Shri
Jagriti Solvex 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'.

SJSPL, incorporated as a private limited company in 2011 and
promoted by Mr. Kamal Kumar and Mr. Shashank Shrivastava, is
setting up a solvent extraction plant and refinery. Its solvent
extraction processing facility and refinery is at Mahasamund in
Chhattisgarh. The solvent extraction plant will have capacity of
200 tonne per day (tpd) and the refinery will have capacity of 50
tpd. The company is expected to commence commercial operations
from January 1, 2017.


SHRI SHYAM: Ind-Ra Affirms BB/Stable Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Shyam Oil
Extraction Private Limited's (SSOEPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR50 mil. Fund-based limits affirmed with IND BB/Stable
    rating; and

-- INR28.75 mil. (reduced from INR40 mil.) Term loan due on June
    2021 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects SSOEPL's short operational track record
as it started its operations in April 2015, moderate (though
moderate) credit metrics and declining operating EBITDA margin.
Operating margin deteriorated to 4.1% based on the FY17
provisional financials from 5.5% in FY16, majorly due to an
increase in raw material prices, which the company could not pass
on to its end-customers. Credit metrics however improved with
gross interest coverage at 2.9x in FY17 (FY16: 2.7x) and net
financial leverage (adjusted net debt/Operating EBITDAR) at 3.8x
(4.6x) due to an improvement in operating EBITDA and a decrease in
total debt due to the scheduled repayment of a long-term loan. The
improvement in operating EBITDA was backed by an increase in
revenue to INR541 million in FY17 (FY16: INR348 million).

The ratings continue to be constrained by SSOEPL's tight liquidity
as reflected by its average working capital utilisation of 93.32%
for the 12 months ended August 2017.

The ratings, however, continue to be supported by the company's
promoter's experience of over two decades in the rice milling
business.

RATING SENSITIVITIES

Positive: An improvement in the company's scale of operations
while maintaining the credit metrics could be positive for the
ratings.

Negative: Any deterioration in the credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, SSOEPL operates a 60,000 MTPA solvent
extraction plant for the production of rice bran oil in Janjgir,
Chhattisgarh.


SHRI VENKATESH: CRISIL Reaffirms B+ Rating on INR7.58MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri
Venkatesh Polymould Private Limited (SVPPL) for obtaining
information through letters and emails dated July 11, 2017 and
August 17, 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       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                7.58    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 Shri Venkatesh Polymould
Private Limited. This restricts CRISIL's ability to take a forward
Shri Venkatesh Polymould 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'.

Incorporated in 2012 in Aurangabad and promoted by Mr. Nandkishor
R. Mantri, SVPPL manufactures moulded plastic components for
consumer durables such as washing machine, television, fridge, and
air conditioner. It primarily supplies to Videocon Industries Ltd.


SNEHA MARKETING: Ind-Ra Moves B Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sneha Marketing'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:

-- INR39.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND B(ISSUER NOT COOPERATING)
    rating; and

-- INR60.0 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 29, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sneha Marketing is a partnership firm, established in 2000. The
firm is an authorised dealer of LG Polymers India Pvt Ltd. for
Mumbai, Silvassa, and Daman. The main activity of the firm is the
trading of plastic raw materials such as polystyrene and polymer
granules.


SOMNATH COTTON: CRISIL Reaffirms B+ Rating on INR7.7MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Somnath
Cotton Private Limited (SCPL) for obtaining information through
letters and emails dated June 29, 2017, and September 5, 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             7.7       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.8       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Somnath Cotton Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Somnath Cotton 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'.

Incorporated in 2006, SCPL is promoted by Talaja, Gujarat-based
Mr. Kababhai Madhabhai and his family members and friends. The
company mainly gins and presses cotton into bales, but also
extracts oil from cotton seeds.


UNITED STEEL: CRISIL Reaffirms 'D' Rating on INR6MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with United
Steel Building Systems Private Limited (USBS) for obtaining
information through letters and emails dated July 12, 2017 and
August 17, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility         .5     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 United Steel Building Systems
Private Limited. This restricts CRISIL's ability to take a forward
United Steel Building Systems 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'.

USBS was set up in 2010 by Mr. Chandramohan R and his family. The
company is engaged in the design and supply of pre-engineered
metal building (PEB). The company is based in Chennai, Tamilnadu.



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


INDIKA ENERGY: Fitch Puts B- IDR on Rating Watch Positive
---------------------------------------------------------
Fitch Ratings has placed Indonesia-based PT Indika Energy Tbk's
(Indika) Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDR) of 'B-' on Rating Watch Positive (RWP). The agency
has also placed on RWP Indika's outstanding senior notes due 2023
and Indika Energy Capital II Pte Ltd's USD265 million senior notes
due 2022 (guaranteed by Indika), which are rated 'B-' with a
Recovery Rating of 'RR4'.

The RWP reflects Fitch's expectations of improvement in Indika's
credit profile after the proposed acquisition of an additional 45%
stake in PT Kideco Jaya Abung (Kideco) - Indika's key coal-mining
asset. Fitch believes that the acquisition will enhance Indika's
control over Kideco's operational and financial strategy and
increase its access to Kideco's cash, which will be credit-
positive relative to the incremental debt to finance the
acquisition.

Fitch believes Indika's business profile and credit metrics will
be comparable with other low 'BB' rated coal peers following the
proposed share purchase; however the lumpy debt maturities around
2022/2023 constrains the ratings. Fitch is likely to upgrade
Indika's ratings to 'B+' after it completes the proposed
acquisition subject to the company's plan for funding the
transaction.

KEY RATING DRIVERS

Additional Stake Value Accretive: Fitch expects Indika's proposed
plan to acquire the additional Kideco stake to be value accretive,
considering the proposed purchase consideration when weighed
against the benefits of additional cash access and greater
operational and financial control. The proposed transaction will
result in an initial payout of around USD517.5 million and a
deferred consideration of around USD160 million, on present-value
basis. The deferred consideration is to be paid upon fulfilment of
certain terms and conditions.

Fitch expects Indika's incremental dividends on account of the
additional stake in Kideco to be sufficient to repay more than
half of additional debt after meeting funding costs on the
additional debt over the next five years. Fitch also believes that
Indika will have greater control to influence the production plans
and timing of dividends.

Consolidated Approach: Fitch expects to take a consolidated view
of Indika including Kideco, with Kideco becoming a majority-owned
subsidiary of Indika, in addition to analysing Indika's holding
company cash flows on a standalone basis. The consolidated view
reflects Indika's greater control over Kideco's operations and
financial strategy. We believe Indika's cash flows and credit
metrics will benefit from the favourable incremental dividends
relative to the additional debt.

Credit Metrics to Improve: Fitch expects credit metrics to improve
from financial year 2018 (FY18, to December 2018) following the
completion of the share purchase. Consolidated EBITDAR fixed-
charge cover should be around 4x from FY18, while consolidated net
leverage (net adjusted debt/ EBITDAR) is likely to decline to
around 2x in FY18 and remain around 1.5x-2x over the medium term.
Fitch also expects Indika's standalone (holding company on a
standalone basis) EBITDA interest cover to improve and range
between 1.7x-4x over the next five years, with average interest
cover of 2x versus our previous expectations of around 1.3x.

Lumpy Debt Maturities Constrain Ratings: Indika has USD265 million
notes maturing in 2022 and its USD500 million notes due in 2023.
Most coal-mining and coal-related peers have more staggered debt
maturities. Fitch believes that Indika has some flexibility to
manage its debt maturity profile from call options on its existing
US dollar notes, yet refinancing risk remains against the backdrop
of rising global interest rates and coal-price volatilities, which
constrain the ratings.

Cyclical Coal-Industry Exposure: Indika is vulnerable to the
commodity cycle, as its earnings and cash flow are linked to the
thermal coal industry. Thermal coal prices have come off their
late-2016 peak, reflecting China's coal-price management policies.
Fitch expects some production uptick in response to higher prices,
which should lead to further price moderation over the medium term
and is reflected in Fitch's price assumptions. Furthermore, Fitch
expects Asian thermal coal prices to be highly susceptible to
import demand in the region, particularly Chinese demand and
policies relating to the coal sector.

Kideco's Low-Cost Operations: Kideco's benefits from the low-cost
structure of its key mines (first and second quartile) and high
production flexibility and capacity, which requires little capex.
It also benefits from the large reserves (proven reserves of
around 422 million tonnes) and relatively favourable reserve life
of its mines. The absence of any debt also supports its
profitability and pre-dividend free cash generation. Kideco
trimmed costs during 2016, but we expect rising oil prices to
drive up costs marginally over the medium term. Notwithstanding
this, Kideco retains its ability to generate stronger cash flow
based on our coal-price assumptions.

Subsidiaries' Operations to Improve Gradually: Fitch expects
operations of 70%-owned PT Petrosea Tbk (a mining contractor) and
51%-owned PT Mitrabahtera Segara Sejati Tbk (MBSS, coal barging
and handling) to improve gradually in 2017 and 2018, supported by
higher commodity prices. We expect Petrosea and MBSS to turn
around and generate net profit from 2017 and 2018, respectively,
compared with their net losses in 2015 and 2016.

Fitch believes these subsidiaries will be able to fund their own
investment needs and will not require financial support from
Indika. Fitch expects order-book and revenues of fully owned
Tripatra (an engineering, procurement and construction company) to
benefit from a boost to infrastructure investments in Indonesia -
including the oil & gas sector - over the medium term. Tripatra's
revenues increased by 25% yoy during 1H17 to USD149 million.

DERIVATION SUMMARY

The RWP on Indika's ratings reflects Fitch's expectation of
improvement in Indika's profile following the completion of the
proposed agreement to purchase additional shares in Kideco - its
key coal-mining asset. Fitch expects Indika to benefit from
incremental cash flows and greater operational control of Kideco
when weighed against the proposed purchase consideration.

Fitch expects Indika's post-acquisition business profile to be
comparable with PT Bukit Makmur Mandiri Utama (BB-/Stable) and PT
ABM Investama Tbk (BB-/Stable) given the low-cost position of
Kideco - one of the top 3 coal producers in Indonesia - and
partially integrated operations in to coal-mine contracting and
transportation though its other subsidiaries. However, Fitch
expects Indika's financial profile to be weaker as its lumpy debt
maturities can expose the company to refinancing risks over the
medium term - resulting in its rating being one notch lower. Geo
Energy Resources Limited's (B+/Stable) business profile is weaker,
given its small scale of operations and limited reserves of its
mines compared with Indika. However, its stronger financial
profile than Indika's expected financial profile following the
proposed share purchase transaction results in their ratings being
similar.

Indika's current 'B-' ratings reflect the improved liquidity,
which is supported by the successful refinancing of its 2018 debt
maturities in April 2017 and improved cash flows from higher coal
prices. Indika has better liquidity than MIE Holdings Corporation
(CCC), which faces a significant challenge in refinancing its
outstanding notes due February 2018 and April 2019, made more
difficult by the company's depleted asset base relative to its
high indebtedness.

KEY ASSUMPTIONS

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

- Coal prices in line with Fitch's mid-cycle commodity price
   assumptions, adjusted for difference in calorific value
   (average Newcastle 6,000 kcal free-on-board (FOB): USD65/metric
   tonne in 2018 and thereafter).

- Acquisition of 45% of additional equity stake in Kideco for
   around USD677.5 million in 2017, with USD517.5 million payable
   in 2017.

- Kideco coal volumes of around 32 million tonnes (mt) in 2017,
   34mt in 2018 and around 36mt by 2019. Capex of around USD3
   million in 2017 and around USD10 million in 2018 and 2019.

- Dividend payout ratio for Kideco remaining high at around 95%-
   98%.

- No dividend from MBSS or Petrosea in 2017, with dividends of
   around USD1 million from Petrosea in 2018. Dividends from
   associate PT Cirebon Electric Power of about USD6 million per
   year over the medium term.

- Low capex at Tripatra and MBSS, and higher capex at Petrosea,
   to support new mining contracts, resulting in capex of around
   USD115 million in 2017 and in the range of USD75 million-100
   million a year thereafter.

RATING SENSITIVITIES

Fitch will resolve the Watch on Indika's rating and upgrade the
ratings to 'B+' upon successful completion of the proposed share
purchase, subject to the company's plan for funding the
transaction.

If the transaction is not completed, Fitch will affirm the ratings
with a Stable Outlook. Fitch does not anticipate taking negative
rating action in the near future.

LIQUIDITY

Comfortable Near to Medium-Term Liquidity: Indika's liquidity is
comfortable in the absence of any significant debt maturities.
Indika has a minimal debt amortisation schedule until 2021.
Significant liquidity needs for debt repayment will only happen in
2022 and 2023.



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


TAKATA CORP: Creditors Oppose U.S. Unit Paying Parent's Fees
------------------------------------------------------------
Jim Christie at Reuters reports that the bankrupt U.S. unit of
Takata Corp should not pay the costs of overseeing $1 billion in
restitution payments by its Japanese parent company, the unit's
official committee of unsecured creditors said in court papers on
Sept. 25.

Reuters says Takata Corp of Japan set up a fund this year to
compensate automakers and those injured by its deadly airbags.
However, unsecured creditors of the U.S. unit do not want it to
use its dwindling funds to help pay for a special master to
oversee the restitution payments.

                        About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.

Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata.  Ernst & Young LLP is
tax advisor.  Prime Clerk is the claims and noticing agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.

TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.  The Official Committee of Tort Claimants selected
Pachulski Stang Ziehl & Jones LLP as counsel.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.

                         Chapter 15 Cases

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TOSHIBA CORP: Inks Deal to Sell Chip Arm to Bain Group for $18BB
----------------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that Toshiba Corp. signed
a final agreement to sell its flash memory chip business to a
group led by Bain Capital for about JPY2 trillion (US$18 billion),
moving a step closer to completing the deal after months of
contentious negotiations.

The Bain consortium includes major technology players Apple Inc.,
Dell Inc., SK Hynix Inc. and Japan's Hoya Corp., while Toshiba
itself will maintain a stake, the company said in a statement on
Sept. 28, Bloomberg relates. The total value of the transaction
may change depending on capital expenditures. The deal is aimed at
keeping control of an important business in Japan, while securing
the funding needed to help Toshiba repair its damaged balance
sheet, the report relays.

Bloomberg notes that Toshiba is selling off its chips business to
pay for billions of dollars in losses in its U.S. nuclear
business. The company needs to raise the money by March to avoid
seeing its shares delisted from the Tokyo Stock Exchange. It
expects the deal to close by March 31 and aims to regain positive
net worth by the end of the fiscal year, Bloomberg states.

According to Bloomberg, the final agreement's signing is a major
step toward completing a deal that's undergone numerous twists and
turns since January. Apple played a central role in resolving the
tumultuous auction, the report says.

Bloomberg relates that the iPhone maker is keen on the chip unit
because of the importance of flash memory chips, used in every
iPhone and iPad for storing photos, videos and other data. Only a
handful of companies make the highest-end technology and the
dominant player is Samsung Electronics Co., a fierce rival to
Apple that controls about 40 percent of the global market for
flash memory. Investing in the Toshiba unit helps keep the market
for the vital chip component competitive and improves Apple's
negotiating position.

Bain, meanwhile, is betting on huge demand and rising prices for
memory chips in a market with only a handful of players that can
afford to build plants, the report states.

Bloomberg notes that the auction has been complicated by legal
action from Western Digital Corp., which argues it should have
veto rights in any sale because of an existing partnership with
Toshiba in the chips business. The Japanese company disputes that,
and sued Western Digital in turn for more than $1 billion for
interfering with the deal. Western Digital has also sued in court
and filed for arbitration in California to make its case, warning
that legal proceedings could drag on till 2019 and put the deal in
jeopardy.

The Bain agreement calls for the sale to be consummated even if
the litigation is unresolved. If that is the case, Toshiba will
not transfer its three joint ventures with Western Digital to the
acquirers and the purchase price will be adjusted accordingly,
unless the transfer of the memory business itself is blocked by
injunction, the statement said, Bloomberg relays.

The acquisition will be funded by JPY350.5 billion from Toshiba,
JPY212 billion from Bain and JPY27 billion from Hoya. Hynix will
invest JPY395 billion, while U.S. investors will add JPY415.5
billion, Bloomberg discloses. The acquiring special purpose
entity, Pangea, also intends to secure loans of about JPY600
billion.

Under the agreement, Japan's Toshiba and Hoya will hold a majority
of Pangea's stock. The U.S. investors will not acquire any common
stock or voting rights. Hynix has agreed not to increase its stake
beyond 15 percent for 10 years, adds Bloomberg.

                          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.



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


WYNN MACAU: S&P Raises Unsecured Debt Rating to 'B+', Off UCO
-------------------------------------------------------------
S&P Global Ratings said that it has reviewed its senior unsecured
issue-level ratings for Wynn Macau 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. With S&P's criteria
review complete, it is removing the UCO designation from these
ratings and is raising its issue rating on Wynn Macau Ltd.'s
senior unsecured debt to 'B+' from 'B'. The rating on Wynn Macau
Limited's secured debt, issued by subsidiary Wynn Resorts (Macau)
S.A., remains unaffected.

S&P said, "These rating actions stem solely from the application
of our revised issue rating criteria and do not reflect any change
in our assessment of the corporate credit ratings for issuers of
the affected debt issues.

"Our rating action takes into consideration Wynn Macau Ltd.'s
capital structure, which consists of $2.5 billion million of
secured debt outstanding at June 30, 2017 issued by subsidiary
Wynn Resorts (Macau) S.A. and $1.35 billion of unsecured debt
issued by Wynn Macau Ltd."

S&P has therefore arrived at the following analytical conclusions:

-- The $2.5 billion of outstanding secured debt issued by Wynn
    Resorts (Macau) S.A. is rated 'BB-', the same as the
    corporate credit rating on its parent Wynn Macau Ltd.,
    because it is secured.

-- The $1.35 billion of unsecured debt issued by Wynn Macau Ltd.
    is rated 'B+', one notch below the corporate credit rating
    because it ranks behind a significant amount of secured debt
    issued by a subsidiary in the capital structure.

RATINGS LIST

  Wynn Resorts Ltd.
   Corporate Credit Rating    BB-/Stable
  Issue Ratings Raised Due To Revised Issue Rating Criteria

                            To          From
  Wynn Macau Ltd.
  Senior Unsecured Debt     B+          B



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


PRIME GLOBAL: Jeremy Chia Pei Chai Quits Board of Directors
-----------------------------------------------------------
Jeremy Chia Pei Chai resigned from his position as a director of
Prime Global Capital Group Incorporated on Aug. 1, 2017. His
resignation was not due to any dispute or disagreement with the
Company on any matter relating to the Company's operations,
policies or practices, according to a Form 8-K report filed by the
Company with the Securities and Exchange Commission.

On Feb. 1, 2017, Choon Meng Soo was appointed to serve as a
director of the Company until his successor will be duly elected
or appointed, unless he resigns, is removed from office or is
otherwise disqualified from serving as a director of the Company.
Mr. Soo will serve on the Company's Board of Directors in
accordance with the terms and conditions of the Company's standard
Director Retainer Agreement.

Choon Meng, Soo, age 48, is currently the managing proprietor of
C.M.SOO ASSOCIATES, an accounting and audit firm.

Since 2004, Mr. Soo has served as a director of Galasys GLT Sdn.
Bhd., and has been responsible for the day to day running of the
business. Mr. Soo also serves on the Board of Directors of various
other private Malaysian and international companies that are in
the field of property holding and investment holding.

Mr. Soo is a Chartered Accountant by training, having qualified by
completing the professional examination of the Chartered
Association of Certified Accountants (UK) in June 1996, and
received his membership of the Malaysian Institute of Accountants
(Chartered Accountant) in February 1999 and admitted as a Fellow
Member of the Chartered Association of Certified Accountants (UK)
in July 2003. The Company believes that Mr. Soo will bring to the
Board of Directors his expertise in financial and tax matters.

Mr. Soo will receive a monthly compensation of 3,000 Malaysian
Ringgit, or approximately US$752, in connection with his service
on the Company's Board of Directors. Mr. Soo will serve as an
independent director on each of the Company's audit, compensation
and nomination and corporate governance committees.

Mr. Soo does not have a direct family relationship with any of the
Company's directors or executive officers, or any person nominated
or chosen by the Company to become a director or executive
officer.

                        About Prime Global

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

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

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

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



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


MAINZEAL GROUP: Six-Week Hearing to Start in September 2018
-----------------------------------------------------------
BusinessDesk reports that the liquidators of the failed Mainzeal
group of companies will face off in court with the building firm's
directors next year in what's scheduled to be a six-week hearing.

Liquidators Brian Mayo-Smith and Andrew Bethell of BDO have
largely pinned any substantial return to out-of-pocket Mainzeal
creditors on achieving a significant recovery from a suit against
the companies former directors, Richard Yan, Peter Gomm, Jenny
Shipley, Clive Tilby, Paul Collins and Siew Kwan, the report says.
They filed proceedings in the High Court alleging breaches of
directors' duties through a series of restructuring in the two
years before Mainzeal fell over, reckless trading, and claims
against related parties, according to BusinessDesk.

In their latest six-monthly update released on Sept. 25, the
liquidators said a six-week hearing has been scheduled to start on
September 3, 2018, BusinessDesk relates. The action is backed by a
third-party litigation funder, which provided $349,000 between
February 28 and August 27. Legal fees amounted to $280,000 in the
latest period, BusinessDesk discloses.

BusinessDesk says the liquidators received 1,400 claims from
unsecured creditors totalling $157.7 million, and at the time of
the latest report, they had admitted 1,396 claims in full or in
part totalling $117 million.

"We do expect that there will be some funds available for
distribution to unsecured creditors," the liquidators, as cited by
BusinessDesk, said. "The quantum of any ultimate distribution to
unsecured creditors will depend on the liquidators being able to
achieve significant recovery from actions available to the
liquidators, the companies and KFL (King Facade Ltd)."

According to BusinessDesk, the Mainzeal liquidators have had to
contend with court action from the construction group's principal,
Richard Yan, who opposed the inclusion of Richina Global Real
Estate (RGRE) and Isola Vineyards to the administration.

In 2015, the Court of Appeal upheld Yan's bid to set aside the
liquidation of RGRE and exclude Isola Vineyards, saying it was
premature to do so before disputed debts were determined,
BusinessDesk recalls. Prior to the hearing, the liquidators had
complained about the veracity of information they had received
relating to RGRE.

BusinessDesk relates that the liquidators had previously said they
were investigating RGRE's transactions with related parties in New
Zealand and internationally, including the restructures of related
party debts that occurred around July and December 2012, saying
the commercial rationale wasn't evident.

The December 2012 restructure saw the $15.2 million debt owed to
Mainzeal Property & Construction transferred to MGL Trading in
exchange for shares, the report notes.

Related companies Mainzeal Property & Construction and Mainzeal
Living were tipped into receivership on February 6, 2013, and 200
Vic joined them on February 13. Liquidators were appointed to the
Mainzeal group later that month on February 28.

BusinessDesk adds that the receivership of Mainzeal Property &
Construction left a surplus of $1.1 million for the liquidators of
the wider group, who represent unsecured creditors. The receivers
were appointed by BNZ, which was owed $11.3 million, the bulk of
which was over the Mainzeal headquarters building on Auckland's
Victoria St.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership
and nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN discloses. Subcontractors are among the unsecured
creditors, said NZN.



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


CHINA FISHERY: Trustee Asks Judge to Reaffirm Power to Probe HSBC
-----------------------------------------------------------------
Tom Corrigan, writing for The Wall Street Journal Pro Bankruptcy,
reported that William Brandt, Jr., the court-appointed trustee in
charge of China Fishery Group Ltd., has asked the U.S. Bankruptcy
Court in New York to reaffirm his power to investigate HSBC Ltd.,
which he is investigating for aggressive collection tactics that
allegedly had a "severely negative impact" on the fishing
enterprise.

According to the report, Mr. Brandt has been largely successful in
the long-running row with HSBC, winning a court order in July from
Judge James Garrity Jr. allowing him to investigate the bank for
collection efforts that Mr. Brandt said may have stunted China
Fishery's operations.

Mr. Brandt said HSBC is now "trying to delay compliance" with the
judge's order, refusing to accept subpoenas for documents or to
respond to other requests for information related to the probe,
the report related.

In court papers, HSBC, which said it is owed more than $100
million, has asked Judge Garrity for a temporary reprieve from the
investigation while it pursues an appeal, the report further
related. HSBC said it would otherwise suffer "irreparable harm"
from a "costly and invasive" process that it may be shut down by a
higher court, the report said.

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016. The petition
was signed by Ng Puay Yee, chief executive officer. The cases are
assigned to Judge James L. Garrity Jr.

At the time of the filing, China Fishery Group estimated its
assets at $500 million to $1 billion and debts at $10 million to
$50 million.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as
Chapter 11 trustee for CFG Peru Investments Pte. Limited
(Singapore), one of the Debtors. Skadden, Arps, Slate, Meagher &
Flom LLP serves as the trustee's bankruptcy counsel; Hogan Lovells
US LLP serves as special counsel; and Quinn Emanuel Urquhart &
Sullivan, LLP, serves as special litigation counsel.


LI JIE CONSTRUCTION: Accused of Owing Subcontractors SGD1 Million
-----------------------------------------------------------------
The Sunday Times reports that at least five subcontractors have
claimed that they are collectively owed around SGD1 million by a
main contractor, Li Jie Construction, in unpaid fees for seven
projects.

These include upgrading works for the Housing Board (HDB) and a
town council, the report says.

The subcontractors told ST they had been unable to contact Li
Jie's management since the start of this month.

A former site manager told ST he left the local firm about a month
ago, and it was no longer in operation.

One subcontractor, Lian Huah Engineering, made a successful
adjudication application with the Building and Construction
Industry Security of Payment (SOP) Act, obtaining a ruling that Li
Jie should pay it over SGD290,000 for work done, according to the
report.

ST notes that the Act was enacted to give contractors and
subcontractors a quick way to resolve payment disputes. Cases are
administered by the Singapore Mediation Centre.

But the amount does not include retention fees and fees for
another town council project, amounting to over SGD150,000, said
Mr. William Goh, managing director of MA Electrical Services,
which carried out the work for Li Jie on behalf of Lian Huah, ST
relates.

"We still owe some of our management staff about a month's salary,
and some of our suppliers, three to four months of payment," said
Mr Goh, who made a police report on Sept. 15, ST relays. Police
said they were looking into the matter.

The report adds that the other firms, which include Lovely
Landscape and Construction, Calvary Carpentry, and Bonco
Enterprise, said that while they had received some payment, they
are still owed between SGD20,000 and more than SGD169,000.

When ST visited Li Jie's Bukit Batok office, its shutters were
down and no one came to the door. An employee from next door said
he last saw its owners about a week ago.

Li Jie's current registered director, Mr. Dai Jianfa, was not at
his previous registered address in Woodlands. A neighbour said he
had not seen anyone in the HDB flat in three weeks, the report
relates.

A Li Jie shareholder also claimed to know nothing of the alleged
conflict among shareholders, or of the company's operations, ST
notes.

Mr. Joel Yang, the director named by one of the subcontractors,
has stepped down and is now a shareholder, of whom there are
eight, the report says.



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


KUMHO TIRE: Creditors Expected to Agree on Debt Restructuring Plan
------------------------------------------------------------------
Yonhap News Agency reports that creditors of Kumho Tire Co. is
expected to convene a meeting this week during which they will
likely agree on a debt restructuring plan for the troubled
tiremaker, the state-run Korea Development Bank (KDB) said on
Sept. 28.

Yonhap relates that the Sept. 29 meeting of creditors, led by the
KDB, is expected to pave the way for them to roll over Kumho
Tire's debt worth 1.3 trillion won (US$1.14 billion), which will
mature by the end of this month.

Earlier this week, the KDB said creditors will take control of
Kumho Tire under a debt restructuring program to help the company
swiftly get back on its feet, the report states.

According to Yonhap, the KDB said Kumho Chairman Park Sam-koo gave
up his management rights at the tire company and pledged to work
with creditors.

During the upcoming meeting, creditors is also expected to discuss
ways to pick a new CEO for the tire company, the report relays.

Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction Co.
At that time, Kumho Asiana Group Chairman Park Sam-koo was given
a priority option to buy back the tiremaker should the creditors
of Kumho Tire decide to sell the company, according to Yonhap
News Agency.


LEO MOTORS: Invests $226,000 in Leo Kartrena
--------------------------------------------
Leo Motors, Inc. entered into a cash investment agreement with Leo
Kartrena, Inc., a South Korean corporation. The co-CEO of the
Company is the CEO of Leo Kartrena. Pursuant to the Investment
Agreement, the Company invested an aggregate of KRW260,000,000
(approximately US$226,000), or KRW700 (approximately US$0.61) per
share, to Leo Kartrena in consideration for the issuance of
371,428 shares of Leo Kartrena's common stock. Following the
issuance of the Investment Shares, the Company's equity ownership
percentage in Leo Kartrena is 15.66%, as disclosed in a Form 8-K
report filed with the Securities and Exchange Commission.

A copy of the Investment Agreement is available at

                       https://is.gd/9I1InM

                        About Leo Motors

Leo Motors, Inc. -- http://www.leomotors.com/-- is a Nevada
Corporation incorporated on Sept. 8, 2004. The Company established
a wholly-owned operating subsidiary in Korea named Leo Motors Co.
Ltd. on July 1, 2006. Through Leozone, the Company is engaged in
the research and development (of multiple products, prototypes,
and conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies. Leozone operates through four unincorporated
divisions: new product research & development, post R&D
development such as product testing, production, and sales.

Significant losses from operations have been incurred by the
Company since inception and there is an accumulated deficit of
$(29,776,217) as of Dec. 31, 2016. Continuation as a going concern
is dependent upon attaining capital to achieve profitable
operations while maintaining current fixed expense levels.
DLL CPAs LLC issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2016.

The auditors said the Company has suffered recurring losses from
operations and negative cash flows from operations the past two
years. These factors raise substantial doubt about its ability to
continue as a going concern.

Leo Motors reported a net loss of US$6.41 million in 2016, a net
loss of US$4.49 million in 2015, and a net loss of US$4.48 million
in 2014. As of June 30, 2017, Leo Motors had US$7.07 million in
total assets, US$9 million in total liabilities and a total
deficit of US$1.92 million. The Company has cash of US$448,744 at
June 30, 2017.



                             *********

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.


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

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

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

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

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



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