TCRAP_Public/171009.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Monday, October 9, 2017, Vol. 20, No. 200

                            Headlines


A U S T R A L I A

GROWING EQUITY: First Creditors' Meeting Set for Oct. 13
HOBART STEELFIXERS: First Creditors' Meeting Set for Oct. 17
MESOBLAST LIMITED: Clinical Trial of MPC Therapy Ends Enrollment
PHC PROJECTS: First Creditors' Meeting Set for Oct. 17
STAMFORD WINE: First Creditors' Meeting Set for Oct. 16

SURFSTITCH: Abigail Cheadle Proposes DOCA to Save Retailer
THERMALAIR INDUSTRIES: First Creditors' Meeting Set for Oct. 16


C H I N A

NEW RAY: SFC Orders HK Stock Exchange to Suspend Firm
YIHUA ENTERPRISE: Moody's Gives (P)B3 Rating to Unsec. Notes
YIHUA ENTERPRISE: S&P Rates New Guaranteed Sr. Unsec. Notes 'B-'


H O N G  K O N G

DMX TECHNOLOGIES: Sues Ex-Auditor for Professional Negligence


I N D I A

ABHUSHAN CREATION: CRISIL Assigns B+ Rating to INR4.95MM Loan
AMRAPALI GROUP: Ultra Homes Subsidiary Enters Insolvency Process
ARCHANA MINES: Ind-Ra Assigns 'BB-' Longterm Issuer Rating
ASHUTOSH FLOUR: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
ASIA BULK: CRISIL Assigns B+ Rating to INR18MM Cash Loan

AYLA BARI: CARE Reaffirms B+ Rating on INR8.08cr LT Loan
BHASKAR INTERNATIONAL: CARE Moves B+ Rating to Not Cooperating
BLAKHS J: CRISIL Assigns 'B' Rating to INR3MM LT Loan
BR SHESHRAO: Ind-Ra Affirms 'B+' Issuer Rating; Outlook Stable
CEASAN GLASS: CRISIL Reaffirms 'D' Rating on INR12.10MM LT Loan

ELMECH POWER: CRISIL Assigns B+ Rating to INR4MM Cash Loan
FRATELLI WINES: Ind-Ra Upgrades Longterm Issuer Rating to BB-
FRESCO PLUS: CARE Assigns B Rating to INR5.58cr Long Term Loan
ICONIC CASTINGS: CRISIL Cuts Rating on INR11.07MM Loan to 'D'
INTERIOR TODAY: Ind-Ra Assigns 'B+' Longterm Issuer Rating

INVENTION REALTORS: CARE Moves D Rating to Not Cooperating
JASMINE INDUSTRIAL: CARE Assigns B+/A4 Rating to INR30cr Loan
JAWAHAR MEDICAL: CRISIL Reaffirms B+ Rating on INR1MM Loan
JYOTI HOLDINGS: CARE Raises Rating on INR15cr LT Loan to BB-
K.K.R. INTERNATIONAL: CRISIL Assigns B+ Rating to INR5MM Loan

KAITHAL SOLVENT: CARE Reaffirms B+ Rating on INR13.18cr LT Loan
KALPATARUVU MILLS: Ind-Ra Assigns BB+ LongtermIssuer Rating
KETTY APPARELS: CRISIL Assigns B+ Rating to INR5MM Term Loan
KUSHAL FOODS: Ind-Ra Migrates BB+ Rating to Non-Cooperating
LANCO INFRATECH: Blames Decision Delays by Lenders for Woes

LORDS ORIENTAL: CARE Cuts Rating on INR13.16cr Loan to D
M.L.M. AGENCIES: CRISIL Assigns B+ Rating to INR5.25MM Loan
MANDIRA FASHIONS: Ind-Ra Moves D Issuer Rating to Non-Cooperating
MICROTEX FASHION: CARE Moves D Rating to Not Cooperating
NAVEEN RICE: CARE Moves B Rating to Not Cooperating Category

NAVNITLAL PRIVATE: Ind-Ra Moves B Rating to Non-Cooperating
PALMETTO INDUSTRIES: CRISIL Assigns B- Rating to INR6MM Loan
QUAZAR INFRASTRUCTURE: CARE Moves B Rating to Not Cooperating
RAJVIR INDUSTRIES: CARE Lowers Rating on INR172.51cr Loan to D
RUDRA INDUSTRIES: CARE Assigns B+ Rating to INR4.50cr LT Loan

RUHAN TEPPICH: CRISIL Reaffirms B+ Rating on INR3MM Loan
SADASHIV CASTINGS: CARE Moves D Rating to Not Cooperating
SAIGON INFRATECH: CARE Lowers Rating on INR26cr Loan to 'D'
SAM AGRITECH: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
SDU BEVERAGES: Ind-Ra Migrates D Issuer Rating to Non-Cooperating

SHREE KONGU: CRISIL Assigns 'B' Rating to INR4.25MM Term Loan
SHRI LAKSHMI: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
SRI ADHIKARI: CARE Lowers Rating on INR86.15cr LT Loan to 'D'
STAR DIAMOND: CARE Moves D Rating to Not Cooperating Category
SURYAGOLD AGROFOOD: CRISIL Raises Rating on INR8MM Loan to B+

TV VISION: CARE Lowers Rating on INR24.39cr Loan to 'D'
WATER SYSTEMS: CRISIL Reaffirms B+ Rating on INR1MM Cash Loan
YUG INT'L: Ind-Ra Affirms BB Issuer Rating, Outlook Stable


I N D O N E S I A

ALAM SUTERA: Fitch Cuts Longterm Issuer Default Rating to B
TUNAS BARU: Fitch Withdraws BB- Rating on Proposed SGD Notes


J A P A N

SHARP CORP: S&P Raises Sr. Unsecured Debt Rating to B+, Off UCO
TAKATA CORP: On Track to Meet Feb. 2018 Deadline to Close Sale
TOSHIBA CORP: Says Sued by Another Group of Foreign Investors
* Inheritance-Related Defaults to Rise Slightly in Apt. Loan ABS


                            - - - - -


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A U S T R A L I A
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GROWING EQUITY: First Creditors' Meeting Set for Oct. 13
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Growing
Equity Pty Ltd will be held at the offices of FTI Consulting,
22 Market St, in Brisbane, Queensland, on Oct. 13, 2017, at
10:00 a.m.

Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Growing Equity on Oct. 3, 2017.


HOBART STEELFIXERS: First Creditors' Meeting Set for Oct. 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hobart
Steelfixers Pty Ltd will be held at Level 1 /63 Salamanca Place,
in Hobart, Tasmania, on Oct. 17, 2017, at 11:00 a.m.

Barry Kenneth Hamilton of Barry Hamilton & Associates was
appointed as administrators of Hobart Steelfixers on Oct. 5, 2017.


MESOBLAST LIMITED: Clinical Trial of MPC Therapy Ends Enrollment
----------------------------------------------------------------
Mesoblast Limited announced that a multi-center team of
researchers led by Icahn School of Medicine at Mount Sinai
Hospital, New York, has completed enrollment of a 159-patient
Phase 2b trial evaluating Mesoblast's novel allogeneic mesenchymal
precursor cell (MPC) therapy for the treatment of end-stage heart
failure.  The trial is funded by the United States National
Institutes of Health (NIH), and the Canadian Institute of Health
Research (CIHR).

Due to the serious, life-threatening nature of end-stage heart
failure, positive trial results using Mesoblast's product
candidate MPC-150-IM in end-stage heart failure patients requiring
left ventricular assist devices (LVADs) could provide support for
an accelerated regulatory pathway.

There are approximately 50,000 end-stage heart failure patients in
the United States and the one-year mortality rate on maximal
medical therapy is over 50%.  However, fewer than 5,000 of those
50,000 patients are given potentially life-saving LVADs due to the
high risks of increased morbidity, recurrent hospitalizations, and
inflammatory complications, including gastrointestinal bleeding,
associated with these devices.

The primary efficacy endpoint of the 2:1 randomized,
placebo-controlled trial will evaluate, over a six-month period,
whether MPC-150-IM at a dose of 150 million cells can strengthen
native heart muscle sufficiently to maintain circulation in
end-stage heart failure patients once they have been weaned from
an LVAD. Secondary efficacy endpoints will include rates of
re-hospitalization, survival, and other quality of life
measurements and will be measured over a 12-month period.  If the
trial's endpoints are met, MPC-150-IM therapy could facilitate far
wider use of LVADs amongst end-stage heart failure patients.

Results from a 30-patient pilot study using MPC-150-IM at a
substantially lower dose of 25 million cells, compared with 150
million cells used in the current Phase 2b study, have shown that
the MPC-150-IM cell therapy improved native heart function,
prolonged the time to first re-hospitalization following the
implantation of an LVAD, and improved early survival rates in LVAD
recipients.  These results are thought to be due to the ability of
the MPCs to induce a mature blood vessel network in the ailing
heart, and to reduce the damaging immune effects in both the
native heart, and in its response to the presence of the LVAD.

"There is an urgent need to develop a clinical approach that could
facilitate greater LVAD use in the 50,000 patients with end-stage
heart failure in order to improve their dismal one-year survival
rates on medical therapy alone," stated Dr Silviu Itescu, chief
executive of Mesoblast.

"We believe that MPC-150-IM could substantially impact outcomes of
patients with end-stage heart failure by reducing LVAD-related
morbidity, reducing hospital re-admission rates, and improving
survival.  Importantly, if the native heart is strengthened
sufficiently to facilitate early device explantation, this could
create a bridge-to-recovery paradigm combining MPC-150-IM with
temporary LVAD use."

Dr Annetine Gelijns, Chair of the Department of Population Health
Science & Policy, and Edmund A. Guggenheim, Professor of Health
Policy and Co-Director of InCHOIR at the Icahn School of Medicine,
Mount Sinai Hospital, New York, commented, "We are very pleased to
have completed the enrollment milestone in this study.  We are
also very excited at the potential for MPC-150-IM as an adjunctive
therapy for an LVAD."

The results of the MPC-150-IM 30-patient pilot study were
published in the American Heart Association journal Circulation.

                    About End-Stage Heart Failure

New York Heart Association Class IV heart failure affects more
than 250,000 patients in the United States alone, with over 50,000
having end-stage disease.  The number of end-stage heart failure
patients is expected to rise in line with the 25% projected
increase in total heart failure patients between 2010 and 20305,6.

There are currently very few medical options for end-stage heart
failure patients, as only around 2,000 heart transplants can be
performed in the U.S. every year due to limited donor
availability7. LVADs have significantly improved survival for
end-stage heart failure patients, and are increasingly being used
as a destination therapy8,9.  However, the 12-month mortality
rates remain between 20% and 30% for patients implanted with
LVADs, and repeated hospitalizations are very common.  The
complications arising from LVAD implantation have severely
restricted their use by the vast majority of the end-stage heart
failure population, as well as reducing its cost-effectiveness as
a treatment.

                        About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a
global developer of innovative cell-based medicines.  The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates.

Mesoblast's allogeneic, 'off-the-shelf' cell product candidates
target advanced stages of diseases with high, unmet medical needs
including cardiovascular conditions, orthopedic disorders,
immunologic and inflammatory disorders and oncologic/hematologic
conditions.

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

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

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


PHC PROJECTS: First Creditors' Meeting Set for Oct. 17
------------------------------------------------------
A first meeting of the creditors in the proceedings of PHC
Projects Pty Ltd will be held at the offices of HLB Mann Judd
(Insolvency WA), Level 3, 35 Outram Street, in West Perth, West
Australia, on Oct. 17, 2017, at 10:00 a.m.

Kimberley Stuart Wallman of HLB Mann was appointed as
administrator of PHC Projects on Oct. 5, 2017.


STAMFORD WINE: First Creditors' Meeting Set for Oct. 16
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Stamford
Wine Exports Pty Ltd will be held at the offices of Foremans
Business Services, 314A Bay Road, in Cheltenham, Victoria, on Oct.
16, 2017, at 2:30 p.m.

Timothy MS Holden of Foremans Business Service was appointed as
administrators of Stamford Wine on Oct. 4, 2017.


SURFSTITCH: Abigail Cheadle Proposes DOCA to Save Retailer
----------------------------------------------------------
The Australian Financial Review reports that forensic accountant
Abigail Cheadle wants to turn around ailing online surf and skate
wear retailer SurfStitch.

According to AFR, Ms. Cheadle outed herself as the SurfStitch non-
executive director who submitted a confidential restructuring
proposal last month to SurfStitch's administrators after the
former market darling went into voluntary administration in
August.

Under the deed of company arrangement proposed by Ms. Cheadle,
non-core assets would be sold; two class action lawsuits settled;
most creditors would be repaid in full; and the company would be
returned to shareholders, relisting on the Australian Securities
Exchange, AFR relates.

"As a director I feel like my duties are to stakeholders and
returning the company back to the shareholders after we've paid
out the creditors," Ms. Cheadle told The Australian Financial
Review.

Under the plan, the restructured company would be led by Justin
Hillberg, the current chief of SurfStitch's profitable Australian
e-commerce business and new non-executive directors would join the
board, including tech entrepreneur Josh Rogers, a founding
shareholder of Freelancer.com and technology fund Carthona
Capital, who is currently trying to turn around online recruitment
company Search Party, according to the report.

"Abigail wanted someone with experience with turnarounds online,"
the report quotes Mr. Rogers as saying. "When this company comes
out of administration, you'll have meaningful assets that will
need a highly experienced highly effective team."

AFR relates that Ms. Cheadle said her plan has the support of
unnamed SurfStitch shareholders. However, the final decision will
be made by creditors, who are expected to meet in December to
consider recommendations by administrator John Park, head of
corporate restructuring at FTI Consulting.

Ms. Cheadle's DOCA is one of several restructuring proposals and
offers received by Mr. Park ahead of the Oct. 6 deadline for
first-round offers.

"Abigail is one party but our expectation is there will be
numerous other proposals for a trade acquisition of the SurfStitch
business or alternatively offers for a recapitalisation and a
DOCA," Mr. Park told the Financial Review on Oct. 5.

Ms. Cheadle said she hoped her proposal would prevail because it
was the fairest way to deal with all stakeholders.

"But there may be others out there that are better," Ms. Cheadle,
as cited by AFR, said. "I can't see how that's bad for anyone, if
shareholders get their money back and creditors are paid out and
people are still employed and customers are still buying."

Returns to creditors and the need for new capital would depend on
negotiations with certain creditors including Three Crowns Media
managing director Kim Sundell, who is taking legal action against
the company and claims he is owed AUD20 million, AFR states.

Any returns would also depend on the duration and cost of the
voluntary administration process, the performance of SurfStitch's
operating businesses and the sale of remaining non-core assets,
the report adds.

                       About SurfStitch

Founded in 2007, SurfStitch Group Limited --
https://www.surfstitch.com/ -- is fashion & surf store based in
Australia. It primarily engages in online retail, and online
advertising and publication activities. The Company provides
action sports brands primarily for teens and young adults through
its Websites, SurfStitch.com, Surfdome.com, and SWELL.com. It also
operates Magicseaweed, a user generated surf content network that
provides forecasting and live reporting of approximately 4,000
beaches worldwide; Stab, an online surf publishing network; and
Garage that produces and digitally distributes action and sports
long form files and TV content.

The Company was placed in administration in August 2017, after
being burdened with shareholder class actions, operating losses,
and a collapse of its share price. John Park, Quentin Olde and
Joseph Hansell of FTI Consulting were appointed as administrators
to the Company on August 24.


THERMALAIR INDUSTRIES: First Creditors' Meeting Set for Oct. 16
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Thermalair
Industries Pty Limited will be held at Level 2, 151 Macquarie
Street, in Sydney, New South Wales, on Oct. 16, 2017, at
11:30 a.m.

Antony Resnick and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Thermalair Industries on Oct. 4, 2017.



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NEW RAY: SFC Orders HK Stock Exchange to Suspend Firm
------------------------------------------------------
The South China Morning Post reports that the Securities and
Futures Commission has ordered the Hong Kong stock exchange to
suspend loss-making pharmaceutical firm New Ray Medicine
International Holding from trading in the latest regulatory action
by the securities watchdog to maintain "market integrity".

The SFC exercised its power under Rule 8(1) of the Securities and
Futures (Stock Market Listing) Rules to direct the stock exchange
of Hong Kong to suspend all trading of New Ray Medicine effective
Friday morning, SCMP relates citing the company's announcement
filed with the stock exchange.

The SFC did not comment on its regulatory action on Oct. 6, the
report notes.

Under the securities law, the commission directed the exchange to
suspend all dealings in the company's securities to protect
investors and market integrity, the report states.

SCMP says the SFC seldom issued such orders previously, but
starting this year it has exercised these powers a number of times
as part of a vow to step up enforcement against "scam shares" and
other malpractices.

New Ray Medicine, a Zhejiang-based pharmaceutical company co-
founded by 38-year old chairman Zhou Ling in 2001, was listed on
the city's Growth Enterprise Market in 2013 and transferred to the
main board in 2015.

The company reported that its net loss for the first half of this
year widened to HK$52.43 million (US$6.72 million) from HK$420,000
a year earlier, the report discloses.

New Ray Medicine International Holding Limited is an investment
holding company principally engaged in the trading of
pharmaceutical products in China. The Company operates its
business through four segments. The Injection Drugs segment is
engaged in the trading of injection drugs. The Capsule and Granule
Drugs segment is engaged in the trading of capsule and granule
drugs. The Tablet Drugs segment is engaged in the trading of
tablet drugs. The Others segment is engaged in the trading of
miscellaneous types of goods and drugs.


YIHUA ENTERPRISE: Moody's Gives (P)B3 Rating to Unsec. Notes
------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B3 rating
to the senior unsecured notes to be issued by Yihua Overseas
Investment Ltd and guaranteed by Yihua Enterprise (Group) Co.,
Ltd. (Yihua, B2 stable).

The provisional status of the notes will be removed after Yihua
Overseas Investment Ltd completes the USD notes issuance,
registers the guarantee with the National Development and Reform
Commission and the State Administration of Foreign Exchange in
China (A1 stable), and if the final terms and conditions of the
notes are consistent with Moody's expectations.

The rating outlook is stable.

The net proceeds from the issuance of the notes will be used to
refinance existing debt, and for working capital and general
corporate purposes.

RATINGS RATIONALE

"Moody's expects that the issuance of the notes will not change
Yihua's debt deleverage over the next 12-18 months," says
Stephanie Lau, a Moody's Vice President and Senior Analyst.

Moody's expects the company's debt leverage - as measured by
adjusted debt/EBITDA - will fall from the post-acquisition level
of 9.5x for the fiscal year ended December 31, 2016 and improve to
around 6.5x-7.0x over the next 12-18 months. Such a result would
position the company at the single-B rating level.

The rating of the notes is one notch below the B2 corporate family
rating of Yihua, reflecting the meaningful subordination risk for
bondholders, arising from the high levels of priority debt and
claims at Yihua's operating subsidiaries.

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

Yihua's B2 corporate family rating reflects the company's: (1)
established track record and stable cash flow from its listed
furniture manufacturing business; (2) recurring investment income
and property earnings from its wholly owned property development
and financial investment businesses, which support the holding
company's debt servicing and the group's cash flow; and (3) good
access to diversified funding channels.

At the same time, the rating is constrained by Yihua's: (1) status
as a private company, with partial shareholdings in its key
furniture and healthcare businesses; (2) potential expansion and
execution risks, which arise mainly from its healthcare segment;
and (3) moderate financial profile.

Yihua's stable rating outlook reflects Moody's expectation that
the company will grow earnings and cash flow, and gradually
deleverage, while maintaining stable profitability and a
disciplined approach to acquisitions. Moody's also assumes that
Yihua will remain the largest shareholder in its two key
subsidiaries, Yihua Lifestyle and Yihua Healthcare.

The rating could be upgraded, if the company improves its
earnings, while maintaining stable operations and a conservative
acquisition strategy. Specifically, Moody's would consider
upgrading the rating, if Yihua maintains an adjusted debt/EBITDA
below 5.0x and adequate liquidity.

On the other hand, the rating could be downgraded, if the company
fails to deleverage, or experiences a deterioration in its
operating trends and financial profile. Specifically, downgrade
pressure will emerge, if adjusted debt/EBITDA exceeds 7.5x on a
sustained basis and liquidity becomes inadequate. A material
decline in its shareholding of Yihua Lifestyle and Yihua
Healthcare or operating cash flow could also pressure its rating.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Yihua Enterprise (Group) Co., Ltd. (Yihua), established in April
1995, is a diversified, private company that operates in four key
segments: furniture manufacturing, healthcare, property
development and financial investment.

The main fields of business for furniture manufacturing and
healthcare are managed by Yihua Lifestyle Technology Co., Ltd. and
Yihua Healthcare Co. Ltd. These segments are respectively listed
on the Shanghai and Shenzhen stock exchanges. At end-June 2017,
Yihua held a 29.02% stake in Yihua Lifestyle and 37.08%
shareholding in Yihua Healthcare.

The company's chairman is Mr. Shaoxi Liu. Mr. Liu, along with Mr.
Shaoshen Liu (the brother of the chairman), Mr. Zhuangqing Liu
(the son of the chairman), owned a 100% effective shareholding in
Yihua at June 30, 2017.


YIHUA ENTERPRISE: S&P Rates New Guaranteed Sr. Unsec. Notes 'B-'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B-' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Yihua Overseas Investment Ltd. Yihua Enterprise (Group) Co.
Ltd. (Yihua group; B/Stable/--) will guarantee the notes. Yihua
Overseas is a wholly owned financing subsidiary of Yihua group.
The rating on the notes is subject to S&P's review of the final
issuance documentation.

Yihua group intends to use a substantial portion of the net
proceeds to refinance existing borrowings and replenish its
working capital; it will use the remaining for general corporate
purposes.

The rating takes into account Yihua group's capital structure,
which consists of about Chinese renminbi (RMB) 5.8 billion of
secured debt, about RMB5.6 billion of unsecured debt issued by its
subsidiaries, and RMB7.3 billion of unsecured debt issued by Yihua
group, based on data as of Dec. 31, 2016.

S&P rates the proposed senior unsecured notes one notch below the
corporate credit rating on Yihua group because the notes rank
behind a significant amount of secured debt and debt issued by
subsidiaries in the capital structure.



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H O N G  K O N G
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DMX TECHNOLOGIES: Sues Ex-Auditor for Professional Negligence
-------------------------------------------------------------
Ann Williams at The Strait Times reports that DMX Technologies
Group said on Oct. 6 it began legal action in Singapore's
High Court on Oct. 5 against former auditor Deloitte & Touche for
a claim for loss and damage suffered as a result of its
professional negligence and will be seeking unliquidated damages
to be assessed.

The mainboard-listed digital media and software provider added
that further announcements will be made when there are material
developments in the case, and that shareholders are advised to
exercise caution when dealing with the firm's securities, the
report relates.

The lawsuit stems from events that began in 2015, the report
notes.

In that year, DMX has fired its chief executive Jismyl Teo, chief
financial officer Skip Tang and executive chairman Emmy Wu,
alleging serious misconduct and negligence in performing their
duties, The Strait Times recalls.

According to The Strait Times, the decision came days after an
external investigation committee appointed by DMX's parent KDDI
Corp submitted its report last month. The committee was tasked to
investigate alleged improper transactions by DMX in 2008 and 2009,
which led to the arrest of its CEO and CFO in February 2015, the
report says.

According to the committee's report, the contentious transactions
and their accounting surfaced only after DMX appointed
PricewaterhouseCoopers Singapore as its auditor for to replace
Deloitte & Touche which had been DMX's auditor since its
incorporation in October 2001, The Strait Times relays.

Trading in DMX shares has been suspended since March 25, 2015, The
Strait Times notes.

Kowloon, Hong Kong-based DMX Technologies Group Limited is an
information technology enabler, and a provider of a range of
network and digital media software and solutions.



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ABHUSHAN CREATION: CRISIL Assigns B+ Rating to INR4.95MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long term bank facilities of Abhushan Creation Private Limited
(ACPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------      -------
   Cash Credit            4.95        CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility      .05        CRISIL B+/Stable

The ratings reflect ACPL's initial stage of operation and below-
average financial risk profile. These weaknesses are partially
offset by promoters' extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial stage of operations: Commercial operations commenced in
April 2017. Timely stabilization and ramp up of scale of operation
is yet to be seen.

* Below average financial risk profile: Owing to initial stage of
operations, financial risk profile is expected to remain below-
average with below average capital structure and modest net worth.

Strengths

* Extensive experience of promoters in trading business: Benefits
from the promoters' two-decade experience in the gold jewellery
industry. This enabled to develop a strong relationship with
suppliers and customers.

Outlook: Stable

CRISIL believes that ACPL will continue to benefit from the
extensive experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the company's reports
large cash accruals leading to improvement in financial risk
profile, or capital infusion by the promoters. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile, particularly its liquidity, deteriorates
due to substantially low cash accruals or sizeable working capital
requirements.

Incorporated in 2014, ACPL is engaged into trading of gold
jewellery. The company have commenced its operation from April
2017 onwards.  It is based out in Mumbai.


AMRAPALI GROUP: Ultra Homes Subsidiary Enters Insolvency Process
----------------------------------------------------------------
The Economic Times reports that Ultra Homes, an Amrapali Group
company, has gone in for insolvency resolution. Bank of Baroda,
one of the lenders to the commercial project in Greater Noida, had
moved the National Company Law Tribunal to recover its dues, the
report says.

The principal bench of NCLT, Delhi, issued the order on the
lender's plea, ET relates.

According to the report, the tribunal appointed Sanjay Gupta as
the insolvency resolution professional (IRP), who will act on
behalf of the lenders, and suggest the best possible way to
recover the debt, keeping the value of the property intact.

The existing board of the company will remain suspended, ET notes.

ET says IRP will have to find a solution in 180 days, which is
extendable to another 90 days. If it fails to find a solution, the
company will go in for bankruptcy proceedings. IRP can suggest a
solution by finding a new investor who is ready to infuse capital
to service the bank debt and other liabilities.

According to the report, a banking source said IRP could also ask
lending banks to reschedule the debt repayment, or take a hit on
the principal amount. However, it is believed that the company has
enough assets in form of unsold space and unutilised land to
emerge from the current mess, provided the banks reschedule the
debt repayment and the real estate market recovers.

Amrapali's Silicon City in Noida is already under the insolvency
resolution process on the order of the same tribunal, the report
states.

Under the Ultra Homes project, BOB has outstanding dues of
Rs36.88 crore. The company is constructing a hotel, a mall and a
commercial IT space. It had borrowed Rs288 crore from banks. A
company source said that they had so far returned Rs400 crore with
interest to banks. However, the firm still owes Rs117 crore, ET
discloses.

ET adds that the company also has to pay around Rs20 crore to the
Greater Noida authority, which would also be treated as a secured
lender.

Tech Park, another company of Amrapali Group, is facing a similar
case, the report notes.


ARCHANA MINES: Ind-Ra Assigns 'BB-' Longterm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Archana Mines
Private Limited (AMPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR45.2 il. Term loan due on March 2023 assigned with IND BB-
    /Stable rating; and

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

KEY RATING DRIVERS

The ratings reflect AMPL's short operational track record since it
began commercial operations in December 2016. The company's FY17
provisional financials indicate revenue of INR65.4 million and
EBITDA margin of 19.3%. It achieved revenue of INR200 million in
1QFY18. Ind-Ra believes the company's ability to generate revenue,
margin and cash flows can be ascertained only after a full year of
operations.

The ratings, however, are supported by AMPL's comfortable
liquidity position with 74% average utilisation of fund-based
facilities during the 12 months ended August 2017.

The ratings also benefit from the promoters and management's over
two decades of combined experience in the granite industry.

RATING SENSITIVITIES

Positive: A growth in the revenue and EBITDA margin leading to
generation of cash flows as expected by management will be
positive for the ratings.

Negative: Inability to achieve revenue and operating profitability
as projected by management will be negative for the ratings.

COMPANY PROFILE

AMPL was incorporated in October 2011 as a partnership firm and
changed its legal status to a private limited company on 24
September 2014. The company is engaged in the procurement and
mining of granite.


ASHUTOSH FLOUR: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ashutosh
Flour Mill (AFM) for obtaining information through letters and
emails dated August 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
   ----------          ---------    -------
   Cash Credit              6       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 Ashutosh Flour Mill. This
restricts CRISIL's ability to take a forward Ashutosh Flour Mill
is consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B+/Stable'.

Established in 2004, AFM is a Puranpur-based (Uttar Pradesh)
partnership firm that manufactures and sells ground wheat products
such as atta, maida, and suji. The firm has a manufacturing plant
in Puranpur (Uttar Pradesh). The firm's day-to-day operations were
previously managed by Mr. Tanuj Agarwal and Mr. Vijay Kumar
Agarwal.


ASIA BULK: CRISIL Assigns B+ Rating to INR18MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Asia Bulk Sacks Private Limited
(ABSPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility      6.8        CRISIL B+/Stable

   Long Term Loan          4.7        CRISIL B+/Stable

   Cash Credit            18.0        CRISIL B+/Stable

   Inland/Import
   Letter of Credit        6.5        CRISIL A4

The ratings reflect promoters' extensive experience in
manufacturing polypropylene (PP) and high-density polyethylene
(HDPE) woven fabrics and bags, and FIBC (flexible intermediate
bulk container), and their healthy relationships with customers
and suppliers. This strength is partially offset by vulnerability
to volatility in raw material prices, and an average scale and
moderately working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weakness

* Average scale and working capital-intensive operations: The
scale has been average as reflected in revenue of INR104 crore in
fiscal 2017. Revenue remained rangebound in the last three fiscals
due to constrained capacity, which remained optimally utilised.
Operations are also working capital intensive as reflected in
gross current asset days of 158 as on March 31, 2017, because of
moderate debtors of 68 days and high inventory of 80 days.

* Exposure to volatility in raw material prices, and competitive
and fragmented nature of industry: The operating margin has been
moderate at 5.4% in fiscal 2017. The margin remains susceptible to
prices of polymer, a key input, whose prices move in tandem with
crude oil prices. Any sharp adverse fluctuation in raw material
prices and a muted demand scenario can impact the operating
profitability and earnings. Furthermore, operations remain exposed
to intense competition and fragmentation which limits scalability
and constrains profitability.

Strength

* Promoters' experience and strong customer relationships: The
promoters have been manufacturing (PP), HDPE woven bags, and FIBC
bags and fabric out of polymer resin since two decades. They have
established a clientele across various industries such as
fertilizers and chemicals, agricultural commodities, and cement.

Outlook: Stable

CRISIL believes ABSPL will continue to benefit from its
established industry presence and promoters' experience. The
outlook may be revised to 'Positive' in case of sustained
improvement in revenue and profitability, leading to higher-than-
expected cash accrual and further strengthening of financial
metrics. Conversely, the outlook may be revised to 'Negative' if
any unanticipated major capital expenditure or lower cash accrual
or large working capital requirement weakens the financial risk
profile and liquidity.

Incorporated in 1984, ABSPL is engaged in manufacturing of in
manufacturing of FIBC (Flexible intermediate Bulk Container) and
owned by Chaudhari and Gandhi family.

Profit after tax and operating income were INR0.80 crore and
INR104.39 crore, respectively, for fiscal 2017, against INR0.77
crore and INR79.45 crore, respectively, for the previous fiscal.


AYLA BARI: CARE Reaffirms B+ Rating on INR8.08cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ayla Bari Tea Co. Pvt. Ltd. (ATPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             8.08       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ATPL continues to be
constrained by its small size of operations, susceptible to
vagaries of the nature, labor intensive nature of business,
volatility in tea prices, high competition, working capital
intensive nature of business and high leverage ratios. The rating,
however, continues to draw comfort from long & established track
record, experienced management and established group, backward
integration for its raw materials and satisfactory capacity
utilization with inline recovery rate. Going forward, the ability
of the company to increase the scale of operations and
profitability margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small size of operations:  ATPL is a relatively small player in
the tea industry with total operating income and PAT of INR34.99
crore and INR0.36 crore respectively, in FY17. Furthermore, total
capital employed of the company, though increased as on March 31,
2017, but remained low at INR17.34 crore as against INR14.99 crore
as on March 31, 2016. Susceptible to vagaries of the nature: Tea
production, besides being cyclical, is susceptible to vagaries of
nature. ATPL has its garden in Dibrugarh district of Assam, the
second largest tea producing state in India. However, the region
has sometimes witnessed erratic weather conditions in the past.
Though demand for tea is expected to have a stable growth rate,
supply can vary depending on climatic conditions in the major tea
growing areas. Therefore adverse natural events have negative
bearing on the productivity of tea gardens in the region and
accordingly ATPL is exposed to vagaries of nature.

* Labour intensive nature of business:  Tea is amongst the most
labour intensive of all plantation crops. Employee cost accounted
for about 36-59% of total cost of sales during FY16 and FY17 and
was major cost component in the entire cost structure of the
company. High cost of labour has been the primary reasons for the
high cost of production. Cost of employment also includes the
social welfare cost which is mainly incurred on account of
statutory provisions like water supply, medical, primary
education, etc. that are to be provided to workers in India under
the Plantation Labour Act. In addition to these, there is
significant increase in the wage cost which is periodically
revised through bilateral negotiations with worker unions and
other parties. Thus, improvement in the productivity of labour is
the most essential area to be addressed for overall reduction in
cost of production of tea. Though ATPL has not experienced any
labour problem since inception, it remains a key factor in the
smooth running of the business.

* Volatility in tea price:  The prices of tea are linked to the
auctioned prices, which in turn, are linked to prices of tea in
the international market. Hence, significant price movement in the
international tea market affects ATPL's profitability margins.
Further, tea prices fluctuate widely with demand-supply imbalances
arising out of both domestic and international scenarios. Tea is
perishable product and demand is relatively price inelastic, as it
caters to all segments of the society. While demand has a strong
growth rate, supply can vary depending on climatic conditions in
the major tea growing countries. Unlike other commodities, tea
price cycles have no linkage with the general economic cycles, but
with agro-climatic conditions.

* High competition:  While the tea industry is an organised agro-
industry, it is highly fragmented in India with presence of
many small, mid-sized and large players. There are about 1000 of
tea brands in India, of which 90% of the brands are represented by
regional players while the balance of the 10% is dominated by Tata
Tea, HUL, Wag Bakri Chai, Godrej, Sapat International and others.
Since, ATPL sells all its produce through auctions and doesn't
have any brand; in addition to that growing shift from loose to
branded tea, would further intense the competition.

* Working capital intensive nature of business:  ATPL's business,
being cultivating and manufacturing black tea, is working capital
intensive marked by high average inventory holding period. The
average inventory holding period remained high at 346 days during
FY17 due to seasonal nature of the industry wherein the March
quarter is the lean season resulting in lower off take and
accumulated inventory leading to availment of higher bank limits
to meet running expenses. However, ATPL could manage moderate
creditors' period in the range of 24-33 days during FY16-FY17 on
the back of long association with the creditors. Accordingly, the
average working capital utilization remained high at around 95%
during the last twelve month ending August 31, 2017.

Key Rating Strengths

* Long & established track record:  ATPL has been engaged in
cultivation and sale of tea since 1975 albeit in the name GTPL.
The current promoters acquired the company in June, 2013. Over the
years, ATPL has been able to grow by constantly increasing the
quality of produced tea.

* Experienced management and established group:  Mr. Manoj Kumar
Poddar, Mr. Suresh Kumar Agarwal and Mr. Pratap Chandra Sil are
the directors of ATPL and looks after the overall management of
the company. Mr. Pratap Chandra Sil having around four decades of
experience in the tea industry and are ably supported by other
directors, Mr. Manoj Kumar Poddar and Mr. Suresh Kumar Agarwal
along with the team of experienced professional who have rich
experience in the same line of business.

* Backward integration for its raw materials:  ATPL has its own
tea garden having a tea producing capacity of about 3.5 lakh kg
per annum enabling the company to produce and supply tea, as per
the demand scenario. As the production in its own garden is
satisfactory, ATPL does not depend on external raw material
suppliers and resultantly the pressure on margin due to higher raw
material cost is nil.

* Improvement in capital structure:  The capital structure of the
company improved as on March 31, 2017 marked by long term debt
equity and overall gearing ratio of 0.76x and 0.99x respectively.
Furthermore, the debt equity and overall gearing ratio improved as
on March 31, 2017 on account of fresh equity infusion by promoter,
infusion of subordinated unsecured loan from promoters and
accretion of profits to reserves. Moreover, Total debt to GCA,
improved to 19.23x in FY17 as against 51.37x in FY16 owing to
reduction in total debt and improvement in gross cash accrual
(GCA) during the period. The current ratio improved and remained
comfortable as on Mar.31, 2017. The average working capital
utilization for last twelve months ended August 31, 2017 was
around 95%.

* Satisfactory capacity utilization with in line recovery rate:
Capacity utilization of the tea processing unit of ATPL has
remained at satisfactory level during FY16 and FY17. Furthermore,
the recovery rate remained in line with industry average.

Ayla Bari Tea Co. Pvt. Ltd. (ATPL) was initially incorporated in
April 21, 1975 as Goenka Tea & Trading Co. Pvt. Ltd. (GTPL) for
cultivating and manufacturing black tea at Dibrugarh, Assam.
Subsequently, GTPL was taken over by the new promoters and the
name of the entity was changed to ATPL in June 17, 2013. Shri
Pratap Chandra Sil and Shri Suresh Kumar Agarwal are the current
promoters of ATPL with Shri Pratap Chandra Sil being the managing
director of the company. ATPL is engaged in cultivating and
manufacturing of black tea at the same place of GTPL with an
aggregate installed capacity of 3,50,000 kgs per annum.

ATPL presently owns one tea estate at Dibrugarh, Assam and a
manufacturing facility located adjacent to the tea estate, which
processes the leaf from the garden. The aggregate area available
for cultivation is 423.19 hectares, of which area under
cultivation is 296.00 hectares, having average yield of 1040 kg
per hectare. Tea is sold through brokers (who sell it in
auctions).

ATPL is a part of Poddar HMP Group of Kolkata, having many
companies within its fold, mainly engaged in the business of
engineering, tea, real estate, etc. The major companies of the
group are Darjeeling Impex Ltd., Arihant Plantations Pvt.
Ltd., Darjeeling Tea & Chinchona Association Ltd. and Ralifan Ltd.


BHASKAR INTERNATIONAL: CARE Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has been seeking information from Bhaskar
International Private Limited (BIPL) to monitor the rating(s) vide
e-mail communications/ letters dated August 23, 2017, September 6,
2017 etc. and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the SEBI
guidelines, CARE has reviewed the rating on the basis of publicly
available information, which however in CARE's opinion is not
sufficient to arrive at fair rating. Further, Bhaskar
International Private Limited has not paid the surveillance fees
for the rating exercise as agreed to in its rating agreement. The
ratings of Bhaskar International Private Limited will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank
   Facilities             6.50      CARE B+; Issuer Not
                                    Cooperating; based on best
                                    Available information

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

Detailed description of the key rating drivers

At the time of last rating on August 31, 2016, the following were
the rating strengths and weaknesses (Updated for the information
available from the registrar of companies).

Key rating weakness

* Small scale of operation with low net worth base:  The scale of
operations has remained small marked by a total operating income
and gross cash accruals of INR37.19 crore and INR0.50 crore,
respectively, during FY16 (refers to the period April 1 to
March 31). Furthermore, the company's net worth base is relatively
small at INR3.30 crore as on March 31, 2016. The small scale
limits the company's financial flexibility in times of stress and
deprives it of the scale benefits.

* Weak Financial Risk Profile:  In FY16, PBILDT declined
marginally and stood at 4.38% as against 5.75% in FY15. The PAT
margin continue to remain low below unity at 0.81% in FY16 on
account of high interest expense and depreciation cost.

The capital structure of the company have remained leveraged
marked by overall gearing ratio of 2.87x as on March 31, 2016, on
account of high debt level coupled with low net worth base.
Furthermore, the coverage indicators also remained weak marked by
interest coverage and total debt to gross cash accruals of 1.57x
and 10.90x, respectively, for FY16.

* Working capital intensive nature of operations:  The operations
of the BIPL are working capital intensive in nature marked by
operating cycle of 79 days for FY16 on account of high inventory
period. As trading comprises ~80% of the total sales, the company
is maintaining an inventory of 75-80 days in form of finished
goods to meet the immediate demand of customer. BIPL usually gives
a period of 30-45 days to its buyers and receives a similar credit
terms from its suppliers.

* Susceptibility of margins to volatile raw material prices:  The
primary raw material required by BIPL is PP granules, being a
crude oil derivative the price of which is dependent on crude oil
prices which are highly volatile. Therefore, the operating margin
of the company remains susceptible to any sharp movement in the
raw material prices.

* High degree of fragmentation in woven sacks industry leading to
low bargaining power:  The Indian flexible packaging industry is
highly fragmented on account of the low capital intensity and
technology requirements, easy availability of raw materials, low
entry barriers and small gestation period. The intense industry
competition will continue to exert pricing pressures on BIPL. The
clientele of BIPL comprises mostly vegetable, poultry feed and
rice industry. As the sales from BIPL constitute minuscule
proportion of the total RM procurement costs of its customers, the
bargaining power of the company remains very low which also leave
the profits vulnerable particularly in a scenario of increasing
competitive pressure. The company may also face challenges in
passing on the hikes in raw material prices to its customers
because of intense industry competition.

Key rating strengths

* Experience promoter in packaging industry:  The operations of
the company are being managed by Mr. Ashwani Kumar Oberoi. He has
more than two decades of experience in the trading and
manufacturing of poly-woven sacks and packaging industry through
association with BIPL. The promoter look after the day-to-day
operations of the company and they are assisted by team of
experienced professionals.

* Favorable location: The company is mainly engaged in the trading
and manufacturing of gunny bags & Poly Propylene woven fabric bags
at Haryana. The same is being used in packaging of rice, food
grains and other agro allied products. Since Haryana is one of the
highest producers of food grain in India, the company enjoys its
proximity to major food grain producing areas.

Haryana-based BIPL was incorporated in June 1997 and promoted by
Mr. Ashwani Kumar Oberoi, Mr. Sunil Kumar Oberoi and their family
members. BIPL is primarily engaged in the trading of gunny bags &
poly propylene woven fabric bags. It also manufactures poly
propylene woven fabric bags which find application in packaging of
rice, food grains and sugar. The manufacturing facility of the
company is located in the Industrial estate in Yamuna Nagar,
Haryana, with an installed capacity to manufacture 6 lakh PP woven
bags per month. BIPL procures old gunny & PP bags from various
rice mills, paper mills, etc locally and new bags are procured
from Jute mill located in Kolkata. BIPL sell its product to
wholesalers and various corporates operating in cement, food and
chemical companies located domestically. The group associates of
BIPL Kittiman Cement & Packaging Industries Ltd. (rated
'CARE BB-'), Yamuna Bandra Trader, Yamuna Bandra Packaging Idia
Ltd., Shaktiman Bio Agro Indid Pvt. Ltd. which are engaged in
similar line of business.


BLAKHS J: CRISIL Assigns 'B' Rating to INR3MM LT Loan
-----------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Blakhs J Surgicals (BJS). The rating
reflects the start-up nature of operations and a below average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the proprietor in the surgical
products distribution business.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Cash
   Credit Limit             2         CRISIL B/Stable

   Proposed Long Term
   Bank Loan Facility       3         CRISIL B/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Start-up nature of operations:  The firm was established only in
July 2017. Revenue of INR6-9 crore is expected in fiscal 2018 due
to the trading nature of operations and intense competition from
distributors of other medicine manufacturers.

* Below-average financial risk profile:  The networth is expected
to be small at INR0.29 crore as on March 31, 2018. The total
outside liabilities to tangible networth (TOLTNW) ratio is,
however, likely to be moderate as only INR1-2 crore of the working
capital limit is expected to be availed and there is no other
loan.

Strength

* Extensive experience of proprietor and established relationship
with suppliers:  Presence of more than five years in the same
industry has enabled the proprietor to understand market dynamics
and develop a strong relationship with key suppliers and customers
in the region. His experience has enable the firm to become a
super distribution of Abbott healthcare products in Tamil Nadu.

Outlook: Stable

CRISIL believes BJS will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if there is a significant and sustained increase in
revenue and profitability, leading to higher cash accrual. The
outlook may be revised to 'Negative' in case of low cash accrual
or a stretched working capital cycle, impacting the financial risk
profile, particularly liquidity.

BJS was set up as a proprietary firm in July 2017 in Chennai by
Ms. C.Aruna. The firm is the only super distributor for medicines,
intra-venous and other injections, capsules, and allied products
of Abbott India Ltd (Abbott) in Tamil Nadu.


BR SHESHRAO: Ind-Ra Affirms 'B+' Issuer Rating; Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni Limited's (BSW) Long-Term
Issuer Rating at 'IND B+'. The Outlook is Stable. Instrument-wise
rating actions are:

-- INR21.40 mil. (reduced from INR67.9 mil.) Bank loans affirmed
    with IND B+/Stable rating; and

-- INR200 mil. Fund-based working capital facilities affirmed
    with IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects BSW's ability to post above 12% yoy
growth in revenue during FY15-FY16. In FY16, revenue increased to
INR1,667.02 million from INR1,478.98 million in FY15 (FY14:
INR1,262.17 million) on  the back of a 41.15% yoy increase in the
yarn sold. According to FY17 provisional numbers, the society
reported revenue of INR1,668.99 million.

The ratings reflect BSW's continued weak operating margins. BSW's
operating margin was just 2.66% in FY16 and in FY17P it was 3.75%.
A high raw material cost in relation to sales is the major reason
for weak operating margins. BSW posted net loss during FY16-FY17P.
Net loss was INR91.66 million in FY16 and in FY17P it was INR51.52
million.

The ratings are constrained by the volatile nature of the raw
cotton prices due to seasonal availability and limited product
differentiation as BSW manufactures 100% cotton yarn which is
essentially commoditised in nature.

BSW manages two units with 58,464 spindles capacity. The society
sold 6.52 million kg yarn to its customers in FY15 which increased
to 9.21 million kg yarn in FY16. It again slightly declined to
8.28 million kg in FY17P. Volatility in cotton yarn sales during
FY15-FY17P also constrains the ratings.

The ratings continue to reflect a yoy fall (13.31%) in BSW's debt
level which was INR1,175.29 million in FY16. Consequently, debt
burden as reflected in debt/current balance before interest, and
depreciation (CBBID) fell to 24.90x in FY16 from 40.26x in FY15.
During FY17P, debt/CBBID further fell to 18.61x due to an
improvement in CBBID to INR66.29 million (40.42% yoy).

Although BSW's debt service commitments (interest payment and debt
repayment) were low at 5.84% of total income in FY16 (FY17P: 5.32%
to total income), its debt service coverage ratio (DSCR) was below
1x during FY16-FY17P. DSCR was weak due to feeble profitability
resulting in inadequate cash accruals (net surplus and
deprecation) to service the debt repayments. The society used
short term loans to service the debt during FY16-FY17P. Interest
coverage ratio was 0.70x in FY16. However, it increased marginally
to 1.05x in FY17P mainly due to a rise in CBBID to INR66.29
million in FY17P from INR47.21 million in FY16.

BSW's available funds (cash and unrestricted funds) of INR39.87
million was limited to cover the operating expenditures
(INR1,619.82 million) and debt (INR1,175.29 million) in FY16.
Consequently, in FY16, available funds to cover debt ratio and
available funds to cover operating expenditure ratio were 3.13%
(FY17P: 3.23%) and 2.27% (FY17P: 2.49%), respectively. The society
utilised about 98% of its sanctioned cash credit facility during
the 12 months ended August 2017. Almost full utilisation of
working capital and limited available funds further constrains the
ratings.

The ratings, however, are supported by BSW's 13 years of long
track record of operations, strong customer base and low level of
geographical and customer concentration.

RATING SENSITIVITIES

Positive: A significant improvement in the operating margins and
DSCR will lead to a positive rating action.

Negative: A significant decline in the operating margins or
stretched liquidity conditions will lead to a negative rating
action.

COMPANY PROFILE

Established in 1989 and operational since 2004, BSW is a
cooperative entity registered under Cooperative Societies Act of
Maharashtra. It manufactures 100% cotton yarn. The firm was set up
by Dattatraya Meghe and a group of cotton farmers/other
cooperative societies.


CEASAN GLASS: CRISIL Reaffirms 'D' Rating on INR12.10MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ceasan
Glass Private Limited (CGPL) for obtaining information through
letters and emails dated July 31, 2017 and August 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Funded Interest
   Term Loan                1.94     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          12.10     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       2.46     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital
   Term Loan                2.50     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 Ceasan Glass Private Limited.
This restricts CRISIL's ability to take a forward Ceasan Glass
Private Limited is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D'.

CGPL was set up in 2007 by Mr. C H V N Raghurama Gupta. Based in
Ongole, Andhra Pradesh, the company manufactures figured,
patterned, or wired glass.


ELMECH POWER: CRISIL Assigns B+ Rating to INR4MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Elmech Power & Air Conditioning
Engineers Private Limited (Elmech).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Fund-
   Based Bank Limits        2         CRISIL B+/Stable
   Bank Guarantee           1         CRISIL A4
   Cash Credit              4         CRISIL B+/Stable

The ratings reflect promoter's extensive experience in the
electrical contracting business and moderate unexecuted orders
providing medium-term revenue visibility. These strengths are
partially offset by large working capital requirement and modest
financial risk profile, with small networth and below-average debt
protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement:  Gross current assets of 280
days, estimated as on March 31, 2017, reflects large working
capital cycle due to sizeable receivables, and retention money.
The inventory cycle is also stretched due to lead time for
imports.

* Modest financial risk profile:  Capital structure is moderately
leveraged as reflected in total outside liabilities to tangible
networth ratio and gearing at 2.52 and 1.64 times, respectively,
estimated as on March 31, 2017. Interest coverage and net cash
accrual to total debt ratios are estimated at 2.27 times and 0.11
time, respectively, for fiscal 2017, thus, reflecting moderate
debt protection metrics.

Strengths

* Promoter's extensive experience in the electrical contracting
industry:  The promoter's experience of over three decades and
timely project completion track record has helped get repeat
orders.

* Moderate unexecuted orders providing medium-term revenue
visibility:  Successful implementation of various electrical
contracts, with no significant time and cost overruns, helped gain
moderate outstanding orders of INR30 crore as of August 2017. This
ensures medium-term revenue visibility.

Outlook: Stable

CRISIL believes Elmech will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale,
profitability, and working capital cycle result in higher-than-
expected cash accrual. The outlook may be revised to 'Negative' if
low cash accrual, substantial working capital requirement, or any
large, debt-funded capital expenditure weakens the financial risk
profile.

Incorporated in 1990, Elmech, promoted by Mr MC Kishore
Shrivastav, undertakes electrical contracting and provides indoor
and outdoor electrification solutions for real estate projects,
commercial buildings, and government buildings.


FRATELLI WINES: Ind-Ra Upgrades Longterm Issuer Rating to BB-
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Fratelli Wines
Private Limited's (FWPL) Long-Term Issuer Rating to 'IND BB-' from
'IND B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150.00 mil. (increased from INR131.20 mil.) Fund-based
    working capital limits with IND BB-/Stable/IND A4+ rating;

-- INR99.20 mil. Fund-based working capital limits* assigned
    with IND BB-/Stable/IND A4+ rating;

-- INR36.00 mil. Non-fund-based working capital limits upgraded
    to IND A4+ rating;

-- INR24.00 mil. (reduced from INR33.6 mil.) Term loan, due on
    March 20, 2021, upgraded with IND BB-/Stable rating;

-- INR55.80 mil. Proposed fund-based working capital limits**
    assigned with Provisional IND BB-/Stable/Provisional IND A4+
    rating; and

-- INR35.00 mil. Proposed term loan** assigned with Provisional
    IND BB-/Stable rating.

* The final ratings were assigned based on the sanction letters
provided by FWPL to Ind-Ra.

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

KEY RATING DRIVERS

The upgrade reflects the improvement in FWPL's scale of
operations. Although the credit profile remains moderate due to
the continuous capex undertaken by the company, Ind-Ra expects a
sustainable improvement in FWPL's credit profile owing to an
equity infusion of around INR200 million in FY18 (INR35 million
already infused) in FY18 and absence of any large capex plan other
than maintenance capex.

In FY17, revenues improved to INR645.52 million in FY17 (FY16:
INR450.99 million) and EBITDA improved to INR75.52 million
(INR57.68 million) due to an increase its capacity and the
addition of new premium wines and new customers. However, the
EBITDA margins declined to 11.70% in FY17 (FY16: 12.79%) due to an
increase in raw material prices. This along with an increase in
debt to INR371.95 million in FY17 (FY16: INR268.66 million)
resulted in net financial leverage (adjusted net debt/operating
EBITDAR) increasing to 5.25x (5.03x) and interest coverage
(operating EBITDA/gross interest expense) reducing to 1.52x
(1.67x).

The ratings further reflect FWPL's moderate liquidity profile as
indicated by its almost 95% utilisation of the fund-based working
capital limit during the 12 months ended August 2017.
The ratings, however, are supported by almost 10 years of
experience of FWPL and its promoters in the processing and trading
of premium wines in the domestic market.

RATING SENSITIVITIES

Negative: Delays in the equity infusion or a further decline in
the EBITDA margins leading to deterioration in the credit metrics
will be negative for the ratings.

Positive: Timely equity infusion along with an improvement in the
EBITDA margins leading to the credit profile being maintained or
improving will be positive for the ratings.

COMPANY PROFILE

FWPL, incorporated in 2007 and started its commercial operations
in 2011, as a private company by Andrea and Alesso Secci, Kapil
and Gaurav Sekhri and Ranjitsinh and Arjunsinh Mohite-Patil as
promoters. The firm undertakes processing and trading of premium
wines in the domestic market. It also produces custom wines for
army canteens and established hotels. The manufacturing unit of
the firm is located at Akluj, Maharashtra.


FRESCO PLUS: CARE Assigns B Rating to INR5.58cr Long Term Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Fresco
Plus Ceramic Private Limited (FPCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            5.58        CARE B; Stable Assigned

   Short-term Bank
   Facilities            0.50        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FPCPL are primarily
constrained on account of its small scale of operations along with
its loss marking operations, leveraged capital structure, weak
debt coverage indicators and weak liquidity position during FY17
(refers to the period April 1 to March 31). The ratings are also
constrained due to FPCPL's presence in highly competitive ceramic
industry and fortunes linked with demand from cyclical real estate
sector along with susceptibility of its operating margins to
volatility in raw material prices and fuel costs.

The ratings, however, derive strength from experienced promoters
in the similar line of business and locational advantage available
to the company due to its presence in ceramic hub with easy access
to raw material, fuel and labor.

Going forward, FPCPL's ability to increase its scale of operations
along with improvement in profitability, capital structure, debt
protection metrics and better working capital management will be
the key rating sensitivities.

Key Rating Weaknesses

* Small scale of operations along with loss marking operations:
FPCPL commenced its operations from May 2014. FY17 was the third
year of operations during which the total operating income (TOI)
of the company declined marginally by 8.24% and stood at INR6.16
crore as against TOI of INR6.71 crore during FY16. PBILDT margin
of the company stood at 14.81% during FY17 and due to high
depreciation charges, the company has reported net loss of INR0.72
crore during FY17.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stood leveraged marked by
high overall gearing of 5.40 times as on March 31, 2017 as
compared to 4.14 times as on March 31, 2016. The debt coverage
indicators of the company remained weak marked by total debt to
GCA of 18.66 times as on March 31, 2017 as against 14.61 times as
on March 31, 2016 while interest coverage of FPCPL stood at 2.03
times for FY17.

* Weak liquidity position along with elongated operating cycle:
The liquidity position of the company remained weak marked by
below unity current ratio and quick ratio of 0.98 times and 0.42
times as on March 31, 2017. Operating cycle of the company
remained elongated at 162 days during FY17.

* Presence in a highly competitive ceramic industry and fortunes
linked to demand from cyclical real estate sector: FPCPL operates
in a highly competitive segment of the ceramic industry marked by
low entry barriers, presence of large number of organized and
unorganized players with capex planned by existing players in the
industry as well as new entrants. Further, demand for such
products is directly linked with that of growth of real estate
sector which in turn is also volatile in nature.

* Susceptibility of operating margins to volatility in raw
material and fuel costs: Prices of raw material i.e. clay &
feldspar is market driven which puts pressure on the margins of
tile manufacturers in case of inability to pass on to end
customers. Another major cost component is fuel expenses in the
gas form which is required to fire the furnace. The profitability
of FPCPL remains exposed to volatile LNG prices, mainly on account
of its linkages with the international demand/supply of natural
gas. Hence, FPCPL's ability to control its cost structure remains
crucial in light of competitive environment.

Key rating strengths

* Experienced promoters: The key promoters of FPCPL include Mr.
Ghanshyam Dhoriyani, Mr. Ramesh Vadsola, Mr. Rajesh Amrutiya and
Mr. Manoj Kachrola. All the promoters have experience of more than
a decade in the same line of business.

Located in the ceramic hub with easy access to raw material, fuel
and labour: The manufacturing unit of FPCPL is located at Morbi in
Gujarat, which is one of the largest ceramic clusters in India.
Primary raw materials i.e. various types of clay and minerals are
easily available from Gujarat and parts of Rajasthan. Moreover,
the vicinity of the city with major ports (such as Kandla and
Mundra) also lowers the transportation cost and thus helps the
exporters of ceramic tiles from this region.

Morbi (Gujarat) based, FPCPL was promoted by Mr. Ghanshyam
Dhoriyani, Mr. Ramesh Vadsola, Mr. Manoj Kachrola and Mr. Rajesh
Amrutiya during June, 2013. FPCPL commenced operations from May
2014 and is engaged into manufacturing of ceramic wall tiles at
its plant located at Rangpar (Morbi) with an installed capacity of
13.50 lakh boxes per annum as on March 31, 2017. The company is
selling its products under the brand name of 'Accurate' and
'Fresco Plus'.


ICONIC CASTINGS: CRISIL Cuts Rating on INR11.07MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term
facilities of Iconic Castings Pvt Ltd (ICPL) to 'CRISIL D' from
'CRISIL B/Stable'.

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

   Funded Interest         1.51     CRISIL D (Downgraded from
   Term Loan                        'CRISIL B/Stable')

   Term Loan              11.07     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delays in payment of installments of
interest and principal on the term loan due to weak liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Delay in term loan repayments: Repayment of term debt
obligations have been delayed due to inadequate cash flow
generation.

* Small scale of operations: Intense competition keeps scale of
operations small as reflected in operating income of INR57.69
crore for fiscal 2017 and operating profit margin of 8.6%.

* Weak financial risk profile: Networth was negative INR5.1 crore
as on March 31, 2017. The net cash accrual to total debt ratio was
also low at 0.12 time for fiscal 2017.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' two-decade long experience in the industry through
group concerns Gainmax Ferrocast Pvt Ltd and Gainmax Engineering
Pvt Ltd should support business.

Incorporated in 2012, ICPL is promoted by Mr Sandeep Pore and Mr
Sachin Pore. It manufactures graded cast iron and spheroidal
graphite iron castings and machined components, which are used in
automobile and engineering industries. The factory unit is located
at Village Tardal, Maharashtra.


INTERIOR TODAY: Ind-Ra Assigns 'B+' Longterm Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Interior Today
(IT) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable.
The instrument-wise rating action is:

-- INR60 mil. Fund-based limit assigned with IND B+/Stable/
    IND A4 rating.

KEY RATING DRIVERS

The ratings reflect IT's small scale of operations, and weak
credit metrics due to high debt levels. According to the FY17
provisional financials, revenue was INR274.69 million (FY16:
INR309.70 million), gross interest coverage (operating
EBITDA/gross interest expense) was 1.76x (1.80x) and net leverage
(adjusted net debt/operating EBITDA) was 5.32x (4.99x). The
deterioration in top line is attributable to demonetisation which
led to a slowdown in the overall market and Vidhan Sabha elections
in Uttar Pradesh which led to the slow execution of government
orders.

The ratings also reflect the firm's tight liquidity position as
evident from its around 98% utilisation of the fund-based limits
during the 12 months ended August 2017 and risk associated with
the proprietorship structure of the organisation. Also, the firm
has an elongated net working capital cycle (FY17: 138 days; FY16:
134 days).

The ratings, however, are supported by IT's comfortable EBITDA
margins (FY17: 10.68%; FY16: 8.93%) and promoter's experience of
around two decades in furniture trading.

RATING SENSITIVITIES

Positive: A substantial improvement in the top line while
maintaining the EBITDA margins leading to an improvement in the
overall credit metrics, could lead to a positive rating action.

Negative: A significant decline in the EBITDA margins leading to
deterioration in the credit metrics and overall liquidity could
lead to a negative rating action.

COMPANY PROFILE

Established in 1997, IT is a proprietorship concern and engaged in
the furniture trading business. The firm is based out in Lucknow,
Uttar Pradesh. The firm has a distributorship of Godrej Boyee &
Manufacturing Company while it also imports furniture items from
China and Malaysia. The firm sells in the retail platform and
institutional sales.


INVENTION REALTORS: CARE Moves D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Invention Realtors
Private Limited to monitor the rating vide e-mail communications/
letters dated September 12, 2017, September 6, 2017, June 29, 2017
and April 24, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Invention Realtors Private Limited's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         15.00     CARE D; Issuer not
   Facilities                       cooperating; Based on
                                    best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.  The rating takes into account the delay in
servicing of debt obligations by the company.

Detailed description of the key rating drivers

At the time of last rating on July 14, 2017, the following were
the rating weaknesses (updated for the information available
from Registrar of Companies):

Key Rating Weaknesses

* Delay in debt servicing obligations: As per the interaction with
the banker there have been instances of delays in debt servicing
and the account has been classified as SMA-1.

Invention Realtors Private Limited (IRPL) is a private limited
company formed in 2003 and belongs to the Maruti Group of Mumbai.
Maruti group was formed by Mr. Mukesh Agrawal in the year 2004.
There are nine shareholders, with the main promoters of IRPL being
Mr. Mukesh Agrawal (Managing Director of IRPL), Mr. Kapil Gupta
(Director of IRPL) and Mr. Narendra Gupta. IRPL was formed for the
execution of a commercial project named; "Maruti Business Park"
with a total saleable area of 0.73 lakh sq. ft. (lsf), situated at
Jogeshwari (E), Mumbai. The land has been acquired by executing a
sale deed with the land owners in the name of IRPL.


JASMINE INDUSTRIAL: CARE Assigns B+/A4 Rating to INR30cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jasmine
Industrial Corporation (JIC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term/Short-      30.00       CARE B+; Stable/
   Term Bank                         CARE A4 Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings are assigned to the bank facilities of JIC are
constrained by modest and fluctuating scale of operations,
leveraged capital structure and weak debt coverage metrics and
working capital intensive nature of operations. The ratings are
further constrained by foreign exchange fluctuation risk and
susceptibility to fluctuation in prices of traded product,
presence in highly competitive and fragmented industry and risk of
withdrawal of capital given the partnership nature of constitution
of the firm. The ratings however derive benefits from experienced
promoters and long track record of operations and reputed supplier
base.

Going forward, ability of the firm to increase its scale of
operation and profit margin along with improved credit metrics
and efficient management of working capital cycle are the key
rating sensitivities.

Detailed Description of Key Rating Drivers

Key rating Weakness

* Modest and fluctuating scale of operations:  JIC's scale of
operations remained modest and total income reflected a decreasing
trend during the period FY14-16 on account of volatility in the
steel prices. However, during FY17 the income of PSIPL increased
on account of improved sales realization along with several
government initiative of encouraging the domestic production as
well consumption of steel.

* Low and fluctuating profit margin:  JIC's PBILDT margins has
reflected fluctuating trend during the period FY14-17 and remained
in the range of 0.87% to 3.64%. This fluctuation is mainly on
account of fluctuation in operating income along with fluctuation
in traded good price. Margins remained at low level owing to
inherent trading nature of operations and high competition.

* Leveraged capital structure and weak debt protection metrics:
JIC's capital structure stood leveraged on account of higher
reliance on debt coupled with lower accretion of profit to
reserves. Further owing to low profitability and high debt levels
debt protection indicators also remained weak.

* Working capital intensive nature of operations:  JIC's
operations remained working capital intensive in nature with funds
largely being blocked in debtors. However operations cycle
remained at comfortable level owing to LC backed purchases of
traded goods. However, to support the requirement working capital
limit utilization remained at moderate level.

* Foreign exchange fluctuation risk and susceptibility to
fluctuation in prices of traded product:  JIC has started
undertaking exports of its products, since FY17 and as the firm
does not undertake hedging of foreign currency it is exposed to
foreign exchange fluctuation risk. Further the steel prices are
highly volatile in nature as it is impacted by various factors
such as movement of steel prices in the international market,
various policies undertaken by government to curb import of steel
and induce its demand in the domestic markets in India, which
would further stabilize the prices of steel in the domestic
market.

* Presence in highly fragmented industry leading to stiff
competition:  The company operates in the steel industry with a
high level of competition from both the organized and largely
unorganized sector. Moreover, the global & domestic macroeconomic
environment continues to remain uncertain and poses a major
challenge for the entities operating in the industry and having
major export revenues.

Key Rating Strengths

* Experienced promoters and long track record of operations:
Jasmine Industrial Corporation (JIC or the firm) was established
in 1972 as a partnership firm, thereby has relatively 45 years of
track in the business of trading various forms of steel products
this has further led to the firm's strong presence in the market
due to which JIC is able to strengthen and maintain strong
relationships with its customers and suppliers. Partners of the
entity, Mr. Ajay Mehta, Mrs. Parul Mehta and Mr. Chitang Mehta
have a cumulative experience of 75 years.

* Reputed supplier base:  JIC procures various forms of steel
products from reputed suppliers ensuring the uninterrupted supply
of quality products. During FY17 JIC largely procured its goods
from JSW Steel India Limited contributed to around 59.33 percent
of the total purchase. However the comfort can be derived from the
fact that the concentration in terms of purchase from various
suppliers varies on yearly basis.

Jasmine Industrial Corporation (JIC or the firm) was established
in 1972 as a partnership firm and is engaged in the business of
trading various forms of steel products. The product profile
consists of hot rolled coils, plates, TMT Bars, etc. The firm
caters to the domestic market primarily Maharashtra and Gujarat
with its clientele mostly constituting steel traders and
construction companies and is managed by the partner Mr. Ajay
Mehta who is in the business since 1978. JIC has a registered
office in Mumbai and a rented warehouse in Taloja/Kalamboli, Navi
Mumbai.

JIC has also started to export its products to Lisbon, Paris and
UAE (United Arab Emirates), however the exports contributed around
10 percent of the total sales of JIC in FY17.


JAWAHAR MEDICAL: CRISIL Reaffirms B+ Rating on INR1MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Jawahar Medical
Foundation (JMF) continue to reflect a small scale of operations,
high overheads leading to losses, geographic concentration in
revenue profile and vulnerability to regulatory risks associated
with educational institutions. These weaknesses are partially
offset by comfortable capital structure, high occupancy rates, and
benefits expected from healthy demand prospects for the education
sector.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee      12.1       CRISIL A4 (Reaffirmed)
   Overdraft            1.0       CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations:  While increase in fees and intake
capacity supports growth in operating income, scale of operations
remains small'operating income of INR39.7 crore in fiscal 2017.
Presence in a rural area and the extensive control exercised by
the Shikshan Shulka Samiti (the regulatory body which approves
changes in fee structure for professional courses in Maharashtra)
limits the scope to hike fees.

* Exposure to regulatory risks:  Courses offered by the trust
should be aligned with specific operational and infrastructure
norms, set by regulatory bodies such as the Medical Council of
India, Dental Council of India, and the Indian Nursing Council.
Thus, the trust needs to regularly invest in its workforce and
infrastructure. Setting up of new institutes and increasing
capacities require approvals, which restricts the trust's ability
to add seats and achieve better economies of scale.

Strength

* Healthy demand prospects for the education sector:
Governments, both at the Centre and state levels have placed
strong emphasis on education. Further, the stress being laid on
medical facilities being accessible to people across India is
reflected in the growing number of hospitals within the country,
with the minimum bed count permissible for a medical college, and
the proposed number of colleges planned to be opened over the next
few years. As private self-financing colleges and deemed
universities are becoming popular, they could see healthy student
enrolments over the medium term.

Outlook: Stable

CRISIL believes JMF will continue to benefit from its long track
record in the medical education sector. The outlook may be revised
to 'Positive' if operating income, cash accrual and occupancy
levels increase. The outlook may be revised to 'Negative' if low
cash accrual or large debt-funded capital expenditure weakens
financial risk profile, particularly liquidity.

JMF, established in I987, has a campus in Dhule, Maharashtra. In
1989, the trust set up ACPM Hospital in Dhule. JMF operates three
educational institutes ACPM Medical College, ACPM Dental College,
and ACPM College of Nursing offering graduation, post-graduation,
and diploma courses; it also operates a medical store.

Profit after tax and net sales were INR0.4 crore and INR39.7
crore, respectively, for fiscal 2017 against INR0.1 crore and
INR30.8 crore, respectively, for fiscal 2016.


JYOTI HOLDINGS: CARE Raises Rating on INR15cr LT Loan to BB-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jyoti Holdings Private Limited (JHPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        15.00       CARE BB-; Stable Revised
   Facilities                        from 'CARE B+'

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of JHPL is on account of growth in its total operating
income, improvement in its profit levels & margins, improvement in
leverage ratios and debt coverage indicators during the period.
However, the rating continues to remain constrained by its small
size of operations, susceptibility to vagaries of nature, labor
intensive nature of business, volatility in tea price, high
competition and working capital intensive nature of business. The
rating, however, continues to draw comfort from long & established
track record, experienced management, backward integration for its
raw materials and satisfactory capacity utilization with in line
recovery rate. Going forward, the ability of the company to
increase the scale of operations and profitability margins and
ability to manage working capital effectively would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small size of operations: JHPL is a relatively small player in
the tea industry with total operating income and PAT of INR34.23
and INR1.05 crore respectively in FY17. Furthermore, total capital
employed of the company, though increased as on March 31, 2017,
but remained low at INR42.51 crore as against INR32.14 crore as on
March 31, 2016.

* Susceptible to vagaries of the nature: Tea production, besides
being cyclical, is susceptible to vagaries of nature. JHPL has
it's garden in Shibsagar district of Assam, the second largest tea
producing state in India. However, the region has sometimes
witnessed erratic weather conditions in the past. Though demand
for tea is expected to have a stable growth rate, supply can vary
depending on climatic conditions in the major tea growing areas.
Therefore adverse natural events have negative bearing on the
productivity of tea gardens in the region and accordingly JHPL is
exposed to vagaries of nature.

* Labour intensive nature of business:  Tea is amongst the most
labour intensive of all plantation crops. Employee cost accounted
for about 11%-25% of total cost of sales in the last two years
(i.e., FY16-FY17) and was major cost component in the entire cost
structure of the company. High cost of labour has been the primary
reasons for the high cost of production. Cost of employment also
includes the social welfare cost which is mainly incurred on
account of statutory provisions like water supply, medical,
primary education, etc. that are to be provided to workers in
India under the Plantation Labour Act. In addition to these, there
is significant increase in the wage cost, which is periodically
revised through bilateral negotiations with worker unions and
other parties. Thus, improvement in the productivity of labour is
the most essential area to be addressed for overall reduction in
cost of production of tea. Though JHPL has not experienced any
labour problem since inception, it remains a key factor in the
smooth running of the business.

* Volatility in tea price: The prices of tea are linked to the
auctioned prices, which in turn, are linked to prices of tea in
the international market. Hence, significant price movement in the
international tea market affects JHPL's profitability margins.
Further, tea prices fluctuate widely with demand-supply imbalances
arising out of both domestic and international scenarios. Tea is
perishable product and demand is relatively price inelastic, as it
caters to all segments of the society. While demand has a strong
growth rate, supply can vary depending on climatic conditions in
the major tea growing countries. Unlike other commodities, tea
price cycles have no linkage with the general economic cycles, but
with agro-climatic conditions.

* High competition: While the tea industry is an organised agro-
industry, it is highly fragmented in India with presence of many
small, mid-sized and large players. There are about 1000 of tea
brands in India, of which 90% of the brands are represented by
regional players while the balance of the 10% is dominated by Tata
Tea, HUL, Wag Bakri Chai, Godrej, Sapat International and others.
Since, JHPL majorly sells all its produce through auctions and
doesn't have any brand; in addition to that growing shift from
loose to branded tea, would further intense the competition.

* Working capital intensive nature of business: JHPL's business,
being cultivating and manufacturing black tea, is working capital
intensive marked by moderate average inventory holding period. The
average inventory holding period remained high at 189 days during
FY17 due to seasonal nature of the industry wherein the March
quarter is the lean season resulting in lower off take and
accumulated inventory leading to availment of higher bank limits
to meet running expenses. However, JHPL could manage moderate
creditors' period in the range of 15-23 days during FY16-FY17 on
the back of long association with the creditors. Accordingly, the
average working capital utilization remained high at around 95%
during the last twelve month ending August 31, 2017.

Key Rating Strengths

* Long & established track record: JHPL has been engaged in
cultivation and sale of tea since 1995. Over the years, JHPL
has been able to grow by constantly increasing the quality of
produced tea.

* Experienced management: Mr. Prateek Poddar, Mr. Ajit Kumar
Kapoor and Mr. Suman Majumder are the directors of JHPL and looks
after the overall management of the company. Mr. Ajit Kumar Kapoor
having more than three decades of experience in the tea industry
and are ably supported by other directors, Mr. Suman Majumdar and
Mr. Prateek Poddar along with the team of experienced professional
who have rich experience in the same line of business.

* Backward integration for its raw materials: JHPL has its own tea
garden having a tea producing capacity of about 25 lakh kg per
annum enabling the company to produce and supply tea, as per the
demand scenario. As the production in its own garden is
satisfactory, JHPL does not depend on external raw material
suppliers and resultantly the pressure on margin due to higher raw
material cost is nil. Satisfactory capacity utilization with in
line recovery rate: Capacity utilization of the tea processing
unit of JHPL has remained at satisfactory level during FY16 and
FY17. Furthermore, the recovery rate remained in line with
industry average.

Jyoti Holdings Private Limited (JHPL) was incorporated in May 22,
1995 by Kolkata based Mr. Ajit Kumar Kapoor, Mr. Suman Majumdar
and Mr. Prateek Poddar. Since its incorporation the company is
engaged in the business of cultivating and manufacturing black tea
at Shibsagar, Assam. JHPL presently owns one tea estate at
Shibsagar district, Assam and a manufacturing facility located
adjacent to the tea estate, which processes the leaf from the
garden. The aggregate area available for cultivation is 500
hectares (FY16-FY17), of which area under cultivation is 400
hectares, having average yield of 2100 kg per hectare. Tea is sold
through brokers, who, in turn, sell it in the auctions.


K.K.R. INTERNATIONAL: CRISIL Assigns B+ Rating to INR5MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of K.K.R. International (KKR). The
rating reflects the moderate financial risk profile and low
operating margin. These rating weaknesses are partially offset by
extensive experience of the promoters in the textile industry, and
funding support from promoters.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5         CRISIL B+/Stable
   Packing Credit          2.5       CRISIL A4

Analytical Approach

Unsecured loans of INR3.56 crore as on March 31, 2017, have been
treated as neither debt nor equity, as these are subordinated to
bank debt and extended by KKR's promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate financial risk profile: Financial risk profile was
marked by a high gearing and modest networth of 2.63 times and
INR2.07 crore, respectively, as on March 31, 2017, and debt of
around INR5.45 crore as on same date.

* Low operating profitability: Intense competition in the textile
industry has led to a low operating margin of 0.8% in fiscal 2017.

Strengths

* Extensive experience of the proprietors in the textile industry:
The decade-long experience of the proprietors in the garment
manufacturing and trading business, and healthy relationships with
customers and suppliers, will continue to support the business
risk profile.

* Funding support from proprietors: The promoters have extended
unsecured loans of INR3.56 crore and infused capital of INR73
lakhs, as on March 31, 2017.

Outlook: Stable

CRISIL believes KKR will benefit from the extensive experience of
its proprietors in the textile industry. The outlook may be
revised to 'Positive' in case of substantial improvement in
profitability and steady revenue growth, leading to higher cash
accrual, and a stronger financial risk profile. The outlook may be
revised to 'Negative' in case of decline in revenue and
profitability, stretch in the working capital cycle, or any large,
debt-funded capital expenditure, or capital withdrawal, weakening
the financial risk profile, and liquidity.

KKR, set up as a proprietorship firm in 2010, manufactures and
trades in men's garments and knitted fabric. Mr Sunil Kumar Arora
and Mr Amit Kumar Arora are the proprietors.

The firm reported profit after tax of INR0.18 crore on operating
income of INR88.28 crore in fiscal 2017, vis-a-vis INR0.14 crore
and INR67.72 crore, respectively, the previous fiscal.


KAITHAL SOLVENT: CARE Reaffirms B+ Rating on INR13.18cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kaithal Solvent Private Limited (KSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.18       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of KSPL continue to
remain constrained by weak profitability margins, leveraged
capital structure and weak coverage indicators. The rating is
further constrained by fragmented industry having low level of
capacity utilization and vulnerability of profitability margins
due to presence in the highly volatile agro-commodity business.
The rating, however, draws comfort from experienced management,
growing scale of operations and moderate operating cycle.

Going forward; ability of the company to profitably increase its
scale of operation shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weakness

* Low profitability margins, leveraged capital structure and weak
coverage indicators: The profitability margins of the company have
stood low and range bound at around 2-3% for past three financial
years (FY15-FY17) (FY refers to the period April 1 to March 31).
The profitability has historically remained on a lower side mainly
on account of limited value addition and highly competitive nature
of industry. Interest cost continues to restrict the PAT margin of
the company and stood at 0.28% in FY17.

The capital structure of the company continues to remain leveraged
mainly on account of high reliance on external borrowings to meet
the funding requirements (capex & working capital) coupled with
low net worth base. Overall gearing ratio stood high at just below
5.5x on the balance sheet date of last 2 financial years (Fy16 &
Fy17) Further, the coverage indicators remained weak marked by
interest coverage and total debt to gross cash accruals of 1.97x
and 10.71x respectively for FY17 on account of high interest cost
owing to high debt levels against low profitability position.

* Vulnerability of profitability margins due to presence in the
highly volatile agro-commodity business: The profitability is
greatly influenced by the movement in prices of rice bran, De-
oiled Cake (DOC) and refined oil. Price of rice is governed by the
demand-supply dynamics prevalent in major rice growing nations,
weather conditions and prices of substitute edible oils. Domestic
production of rice, in turn, is dependent on area under
cultivation, vagaries of monsoon, prices of other crops, Minimum
Support Price (MSP) and incentives offered by Government of India
(GoI). Furthermore, any increase in the seed prices without a
corresponding increase in DOC and edible crude oil prices will
adversely impact already low profitability margins of the entities
in this business.

* Fragmented industry having low level of capacity utilization:
The specific food habits of different regions in India have led to
preferences of different types of edible oil. Coconut oil is used
widely in the south, mustard and palm in the north, and groundnut
in the west. The urban centers have witnessed greater demand for
sunflower, soya and rice-bran oils. Thus, localization of product
offering has fragmented the industry and lowered capacity
utilization due to large number of players and limited
availability of raw material.

Key rating strengths

* Experienced promoters and management with long track record of
operations and growing scale of operations: The company is being
collectively managed by its five promoters namely, Mr. Kamal
Kumar, Mr. Chajju Ram, Mr. Deepak Kumar, Mr. Anoop Kumar and Mr.
Nitin Garg. The company is being managed by experienced directors
having wide experience varied up to more than one and half decade
through their association with this KSP and its group concerns
which is engaged in similar industry.

Further, the scale of operation is growing continuously. For the
period FY15-FY17, KSP's total operating income grew from INR80.95
crore in FY15 to INR180.89 crore in FY17 reflecting a compounded
annual growth rate (CAGR) of around 50% owing to addition of new
refinery plant which leads to higher quantity sold to existing as
well as newly added customers of new refinery products viz., rice
bran refined oil, rice bran residue fatty, rice bran residue wax,
sunflower refined oil etc.

Moderate operating cycle: The operating cycle of the company stood
moderate at 25 days in FY17. The company maintains inventory of
around a month in form of finished goods to meet the immediate
demand of customers. The company provides credit period of one
week to its customers leading to average collection period of 4
days in FY17.  Further, the company receives credit period up to
20 days from its suppliers leading to average payable period of 10
days in FY17. The working capital limits remained 70% utilized
during the past 12 months ending August 2016.

Kaithal Haryana Based, Kaithal Solvent Private Limited (KSP) was
incorporated in January, 1999 and is currently being managed by
Mr. Kamal Kumar, Mr. Chajju Ram, Mr. Deepak Kumar, Mr. Anoop Kumar
and Mr. Nitin Garg. KSP is engaged in extraction of rice bran,
sunflower seeds and soya bean degum at its processing facility
located in Haryana. The solvent extraction installed capacity of
company is 160 metric tons per day as on March 31, 2017. KSP has
also started refining of sunflower and rice bran oil from 2014 and
having installed capacity of 100 metric tonnes per day. The key
raw material required by the company is rice bran, sunflower seeds
and soya bean degum. The company procures rice bran from rice
mills and other suppliers based in Haryana, Uttar Pradesh, Punjab
& West Bengal. The sunflower seeds are procured through auction
from grain markets in Haryana & Punjab. The company sells rice
bran oil, sunflower oil and soya bean oil to edible oil refineries
all over India. Further, the de-oiled cake is sold directly to
poultry farmers, and many private companies based in Gujarat,
U.P., Rajasthan, Haryana, Punjab, Maharashtra, Tamil Nadu etc.


KALPATARUVU MILLS: Ind-Ra Assigns BB+ LongtermIssuer Rating
-----------------------------------------------------------
India Ratings has assigned Kalpataruvu Spinning Mills Limited
(KSML) a Long-Term Issuer rating of 'IND BB+'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR275.2 mil. Long-term loans due on December 2024 assigned
    with IND BB+/Stable rating; and

-- INR300 mil. Fund-based facilities assigned with IND
    BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect KSML's moderate scale of operations and weak
credit metrics due to high debt levels. According to the FY17
unaudited financials, revenue was INR1,246 million (FY16: INR1,244
million), interest coverage (operating EBITDA/gross interest
expense) was 1.5x (1.5x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 5.3x (4.9x). The deterioration in the
credit metrics was on account of an increase in the total debt due
to the capital expenditure incurred for a wind mill project. The
company has reported revenue of INR446.9 million for 4MFY18.

The EBITDA margin is moderate and increased to 11.4% in FY17
(FY16: 10.7%) on account of normalisation of cotton prices, which
helped reduce variable cost.

The ratings factor in KSML's moderate liquidity with average
utilisation of the fund-based working capital limits being around
93% over the 12 months ended August 2017.

The ratings also factor in the company's promoters' over three
decades of experience in the cotton yarn manufacturing business,
resulting in established relationships with customers and
suppliers.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and an improvement in
the operating profitability resulting in an improvement in credit
metrics on a sustained basis will lead to a positive rating
action.

Negative: A decline in the revenue and operating profitability
resulting in deterioration in the credit metrics on a sustained
basis will lead to a negative rating action.

COMPANY PROFILE

KSML is a Guntur-based company promoted by Mr. Raghu Rami Reddy.
Established in March 2006, it manufactures cotton yarn and has an
installed capacity of 30,048 spindles.


KETTY APPARELS: CRISIL Assigns B+ Rating to INR5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has assigned ratings of 'CRISIL B+/Stable/CRISIL
A4' to the bank facilities of Ketty Apparels India Private Limited
(KAIPL).

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

   Overdraft               3        CRISIL A4

   Proposed Long Term
   Bank Loan Facility      2        CRISIL B+/Stable

The ratings reflect KAIPL's modest scale of operations in highly
fragmented and competitive readymade garment (RMG) segment. The
rating also factors in average financial risk profile marked by
weak capital structure and moderate debt protection metrics. These
rating weaknesses are partially offset by extensive experience of
promoters in RMG segment and established relationship with
customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: KAIPL's scale of operations is
modest as indicated by modest revenues of Rs.7 crore in fiscal
2017 in highly fragmented and competitive RMG segment.

* Average financial risk profile: KAIPL's average financial risk
profile is marked by high gearing ratio of 3.15 times as on March,
2017. The debt protection metrics remained moderate marked by
moderate interest coverage ratio and net cash accruals to total
debt ratio of over 2 times and 0.1 times, respectively, for fiscal
2017.

Strength

* Extensive experience of promoters: KAIPL benefits from the
extensive experience of promoters over 25 years in RMG segment.
Over the years, the promoters has established strong relationship
with customers thus, resulting in repeated orders.

Outlook: Stable

CRISIL believes KAIPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if substantial increase in
revenues while maintaining operating profitability results in
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if financial risk profile, particularly
liquidity, weakens because of stretched working capital cycle or
debt-funded capital expenditure, or less-than-expected cash
accrual.

Incorporated in 2006, Ketty Apparels India Pvt. Ltd. (KAIPL) is
engaged in manufacturing of garments (uniforms). The company is
promoted by Thakkar family and is situated in Mumbai.


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

-- INR95 mil. Fund based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating;

-- INR33.8 mil. Proposed fund-based working capital limit
    migrated to non-cooperating category with Provisional IND
    BB+(ISSUER NOT COOPERATING)/Provisional IND A4+(ISSUER NOT
    COOPERATING) rating; and

-- INR21.2 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kushal Foods, incorporated in 2000, is a part of Mayur group based
out of Uttar Pradesh. It has two business segments - bakery and
flour.


LANCO INFRATECH: Blames Decision Delays by Lenders for Woes
-----------------------------------------------------------
The Hindu BusinessLine reports that Lanco Infratech Ltd has blamed
delayed decision-making by its lenders for its woes.

"Whatever proposals we made to the lenders at the SPV level, the
decision process from their end has been constantly delayed. Even
if the decision is being taken, it happens several months after
the set deadline, which requires reconsidering the deal, and again
increases the interest cost. This has been happening not just in
the case of one project, but across several operation for assets
and several projects under implementation," T Adibabu, Chief
Operating Officer, Finance, told BusinessLine.

The Hyderabad-based infrastructure major posted a standalone loss
of INR1,691crore for the first quarter of the current fiscal
against a loss of INR127 crore in the same period last year, the
report discloses.

According to the report, Mr. Adibabu said the main contributing
factor to the widening loss is the invoking of pledged shares by
the lenders to Lanco Resources International Pte Ltd (LRIPL)
through which the company runs two mines in Australia acquired in
2011. The company's investment of over INR534 crore and loans
including interest of INR567 crore have to be provided for, the
report discloses.

"Another important reason for larger losses is the fact that all
the work on the ongoing projects has been stalled . . . Delays
attract additional costs, including finance cost," the report
quotes Mr. Adibabu as saying.

Lanco Infratech's total debt exceeds INR44,000 crore, the second
largest among the 12 stressed accounts, with more than half of it
being the outstandings of its thermal power projects, the report
discloses.

In August, the National Company Law Tribunal (NCLT), Hyderabad
Bench, initiated the Corporate Insolvency Resolution Process
(CIRP) based on an application filed by one of Lanco's largest
lenders, IDBI Bank. However, according to Adibabu, Lanco Infratech
had been looking at various ways to turnaround assets across
verticals much before the CIRP process was started.

"In the last four years, because of delays from lenders, the cost
of interest in some SPVs has increased to as much as 40 per cent
instead of the projected 10-12 per cent," the report quotes
Adibabu as saying.   "We are in a situation where the interest
cost of under-construction projects of around INR225 crore is
getting added every month without any physical progress," he
added.

The ability of the company to complete ongoing projects - three
thermal power plants and two hydro plants with a capacity
totalling 4,500 MW - is largely dependent on the company getting
funding support from the lenders, the report adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 15, 2017, Livemint.com said the National Company Law
Tribunal (NCLT) has admitted insolvency proceedings against Lanco
Infratech, among the 12 identified cases referred to the tribunal
following the Reserve Bank of India's (RBI) 13 June directive,
the firm said in an exchange filing on Aug. 10.

The Hyderabad bench of NCLT accepted the petition moved by IDBI
Bank, and appointed Savan Godiawala as the interim resolution
professional. The order was passed on Aug. 7, the report notes.
"As a result of the said order, the power of the board of
directors stands suspended," the company, as cited by
Livemint.com, said.

Lanco Infratech Ltd was originally incorporated in 1993 as Lanco
Constructions Ltd in Secunderabad, Telengana; its name was
changed in 2000. The company provides Engineering, Procurement
and Construction (EPC) services, largely to its own subsidiaries
and affiliate entities. The Lanco group includes subsidiaries and
affiliates operating across the infrastructure sector, including
construction, power, EPC, infrastructure, and property
development. LITL is the Lanco group's flagship company.


LORDS ORIENTAL: CARE Cuts Rating on INR13.16cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lords Oriental Resorts Developers (Silvassa) Private Limited
(LORDSPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         13.16      CARE D; Revised from
   Facilities                        CARE B; ISSUER NOT
                                     COOPERATING

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing

The revision in the rating assigned to the bank facilities of
LORDSPL is primarily due to irregularity in servicing its debt
obligations.

Lords Oriental Resorts Developers (Silvassa) Private Limited
(LORDSPL) was incorporated in 2011 as a Private Limited Company by
Mr. Pushpendra Bansal, Mr. Sanjeev Gupta and Mr. Brijesh Chauhan.
The company is engaged into hospitality business and it operates
one resort, Lords Resorts Silvassa, at Silvassa which has 76 rooms
of different categories. The resort has a restaurant which can
accommodate around 60 people and a coffee shop which can
accommodate around 25 people. The resort also has two banquet hall
having capacity of 500 people and 250 people respectively. Other
amenities in the resort include swimming pool, spa, health club
etc.


M.L.M. AGENCIES: CRISIL Assigns B+ Rating to INR5.25MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facilities of M. L. M. Agencies (part of the MLM
group).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit             .75        CRISIL B+/Stable

   Proposed Cash
   Credit Limit           5.25        CRISIL B+/Stable

The rating reflects the MLM group's modest scale of operations and
weak financial risk profile because of small networth. These
weaknesses are partially offset by the extensive experience of its
promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MLM Agencies and Sakthi Velavan
Transport. This is because both the entities, together referred to
the MLM group and have a common management and significant
financial fungibility.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Despite being in business for more
than two decades, the group's scale of operations remained modest
reflected in revenue of INR19 crore in fiscal 2017. The modest
scale constrains business risk profile and increases vulnerability
to unexpected decline in demand.

* Weak financial risk profile The financial risk profile is
constrained by small networth of INR2.7 crore leading to high
gearing of over 4 times as on March 31, 2017.

Strengths

* Promoter's extensive experience: The promoter Mr L Muthuraj has
extensive experience in the cement industry through family
business, Velavan Cements, in which he is a partner. His
experience helped the MLM group increase revenue to INR19.7 crore
in fiscal 2017 from INR8 crore in fiscal 2015.

Outlook: Stable

CRISIL believes the MLM group will continue to benefit from the
extensive industry experience of its promoter, and his established
relationships with suppliers and customers. The outlook may be
revised to 'Positive' if there is a substantial and sustained
improvement in revenue and profitability, or a significant
increase in networth backed by equity infusion by the promoter.
The outlook may be revised to 'Negative' if there is a steep
decline in profitability or deterioration in capital structure on
account of larger-than-expected working capital requirement or
sizeable, debt-funded capital expenditure.

M.L.M Agencies is a whole sale trader of blue metal. Sakthi
Velavan Transport provides logistic solutions through road
transport services, mainly to entities in the cement business. The
promoter, Mr L Muthuraj, manages daily operations.


MANDIRA FASHIONS: Ind-Ra Moves D Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mandira Fashions
Pvt Ltd's (Mandira) Long-Term Issuer Rating at 'IND D'. The rating
has also been migrated to the non-cooperating category. The issuer
did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. The rating will now
appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:

-- INR100 mil. Fund-based facilities (long-term) affirmed and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by MFPL during
the 12 months ended August 2017 due to a tight liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months would
be positive for the ratings.

COMPANY PROFILE

Mandira was incorporated in 2011 and manufactures designer sarees
and lehengas. The company procures raw materials from across India
and embroiders, assembles and sells it to both retailers and
wholesalers.

The company is managed by Rajkumar Mehta and his wife Aruna
Rajkumar Mehta. Its registered office is at Surat.


MICROTEX FASHION: CARE Moves D Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has been seeking information from Microtex Fashion
Industries to monitor the ratings vide e-mail communications/
letters dated April 25, 2017, May 15, 2017, June 1, 2017, June 20,
2017, July 5, 2017, July 21, 2017, August 1, 2017, August 16,
2017, August 28, 2017, August 30, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating.
Furthermore, Microtex Fashion Industries has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Microtex Fashion Industries' bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.23       CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

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

Detailed description of the key rating drivers

At the time of last rating on May 19, 2017, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing: The account of MTFI has been irregular
in debt servicing owing to weak liquidity position and ongoing
delays.

Valsad-based (Gujarat) MTFI was established in the year 2015 by
the proprietor Ms Beena Jayesh Gor, with an objective of
manufacturing and trading of linen fabric from flax yarn, which
finds application in the textile industry. MTFI commenced trading
operations in linen fabric from April 2015 while the manufacturing
operations commenced from September 2015 from its sole
manufacturing facility located in Valsad (Gujarat) with 48 rapier
looms having an installed capacity of about 1.75 lakh metres of
linen fabric per month. MTFI procures flax yarn domestically and
sells the finished product to retailers and wholesalers located in
various cities of India like Ludhiana, Hyderabad, Kanpur etc.


NAVEEN RICE: CARE Moves B Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has been seeking information from Naveen Rice Mills
to monitor the rating(s) vide e-mail communications/letters dated
September 11, 2017 & September 7, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. Further,
Naveen Rice Mills has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. In line with
the extant SEBI guidelines CARE's rating on Naveen Rice Mills bank
facilities will now be denoted as CARE B;ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)   Ratings
   ----------        -----------   -------
   Long-term Bank
   Facilities              14      CARE B; Issuer not cooperating

   Long-term Bank
   Facilities               1      CARE B; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating in Sep 26, 2016, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Weak financial risk profile: The PBILDT margin of the firm
declined and remained low at 5.30% in FY16 as against 6.98%
in FY15 as the firm compromised on its margins in order to
increase its scale of operations. Also, the PAT margin declined
and stood at 0.20% in FY16 as against 0.26% in FY15 on account of
decline in PBIDLT margin.

The capital structure of the firm continues to remain leveraged on
account of high dependence on external working capital borrowings
coupled with low net worth base. The debt equity ratio and overall
gearing stood above 4x and 13x, respectively, for the past two
financial years (FY15-FY16). Also, the debt coverage indicators of
the firm continue to remain weak marked by interest coverage and
total debt to GCA of 1.23x and 81.31x, respectively, for FY16.

* Working capital intensive nature of operations: The operations
of the firm continues to remain working capital intensive as
marked by an operating cycle of 270 days for FY16 mainly on
account high average inventory holding days of 315 days as the
peak paddy procurement season is during November to January during
which the firm builds up raw material inventory to cater to the
milling and processing of rice throughout the year. The firm
receives payment within 30-45 days from its customers. The firm
procures raw material with a credit period of up to three months.
The high working capital requirements were met largely through
bank borrowings which resulted in almost full utilization of its
sanctioned working capital limits for 12 months ended August 2016.

* Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. Furthermore, the concentration of
rice millers around the paddy growing regions makes the business
intensely competitive.

* Regulatory risk: The Government of India (GoI) every year
decides a minimum support price (MSP) of paddy which limits the
bargaining power of the rice millers over the farmers. The millers
can sell rice at the market rates in the open market only after
they fulfill the levy quota. Frequent changes in the government
policies regarding imposition of ban on export and minimum export
price are an inherent risk for all the non-basmati rice
processors.

* Business susceptible to the vagaries of nature: Rice being
mainly a 'kharif' crop is cultivated from June-July to September-
October, and the peak arrival of crop at major trading
centers begins in October. The output is highly dependent on the
monsoon. Unpredictable weather conditions could affect the
domestic output and result in volatility in the price of rice.

Key Rating Strengths

* Growth in the scale of operations: The total operating income of
the firm has increased by 33% and stood at INR26.11 crore in FY16
(refers to the period April 01 to March 31) as against INR19.65
crore in FY15 primarily on account of increase in quantity sold.
During 4MFY17 (provisional results), the firm has achieved total
operating income of INR12 crore. However, the operations continue
to remain small. The small scale limits the financial flexibility
of the firm.

Haryana-based NRM was established in 1986 as a partnership firm
and the current partners in the firm are Mr. Charanji Lal, Mr.
Deep Chand, Mr. Manoj Kumar and Mrs Shanti Devi. NRM is engaged in
milling, processing and trading of Basmati and Non- Basmati rice
with an installed capacity of processing 3 tonnes/per day of paddy
at its manufacturing facility located at Karnal, Haryana. The raw
material, ie, paddy is procured from local grain markets and
commission agents. It sells both Basmati and Non-Basmati rice
through brokers and agents domestically.


NAVNITLAL PRIVATE: Ind-Ra Moves B Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Navnitlal Private
Limited's (NPL) 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:

-- INR6.7 mil. Term Loan migrated to non-cooperating category
    with IND B(ISSUER NOT COOPERATING) rating; and

-- INR140 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND B(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 17, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NPL, a manufacturer of cotton grey fabric, was set up in 1997 with
its manufacturing plant in Khopoli, Maharashtra.


PALMETTO INDUSTRIES: CRISIL Assigns B- Rating to INR6MM Loan
------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facilities of Palmetto Industries India Private Limited
(PIIPL) and assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the company's bank loan facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Bill
   Discounting             6        CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

   Letter of Credit        3.5      CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Packing Credit in       5.5      CRISIL A4 (Assigned;
   Foreign Currency                 Suspension Revoked)

   Proposed Working        1.6      CRISIL B-/Stable (Assigned;
   Capital Facility                 Suspension Revoked)

   Term Loan               0.9      CRISIL B-/Stable (Assigned;
                                    Suspension Revoked)

   Working Capital         3.5      CRISIL B-/Stable (Assigned;
   Term Loan                        Suspension Revoked)

CRISIL had suspended the rating vide its Rating Rationale dated
March 30, 2012, since PIIPL had not provided necessary information
required for a rating review. PIIPL has now shared the requisite
information, enabling CRISIL to assign its rating to the bank
facilities.

The ratings reflect a modest scale of operations, customer and
geographical concentration in revenue profile, working capital
intensive operations marked by elongated receivables. These
weaknesses are partially offset by the extensive industry
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Sales of operations is modest as
reflected in revenue of INR30.06 crore during fiscal 2017. The
company manufactures FIBC (flexible intermediate bulk containers)
and BOPP (biaxially-oriented poly propylene) bags, which are
typically used in animal food packaging, construction, and
chemical packaging industries. The company has a production
capacity of around 210 tonnes/month. The small scale of operations
makes the company vulnerable to any business shocks.

* Customer and geographical concentration in revenue profile:
Around 90% of revenue is derived from supplies made to Palmetto
Industries International (PII), a group company, which, in turn,
sells these products in the US market. Owing to customer
concentration, PIIPL is vulnerable to any business exigencies
faced by PII in its business. The former's credit risk profile is
also driven by PII's working capital management, and in turn, the
ability to collect receivables on time. Moreover, PIIPL is
vulnerable to downturns in the US market.

* Working capital-intensive operations marked by elongated
receivables: Gross current assets were high at 289 days as on
March 31, 2017. That's primarily on account of inventory of 142
days, consisting of raw material and work in progress, and
stretched debtors of 133 days. The company had receivables of
INR10.36 crores as on March 31, 2017, of which significant portion
of INR4.66 crores was greater than 6 months. Owing to customer
concentration, the receivable cycle is dependent on PII's working
capital management. Any stretch in the receivable cycle of this
company will result in a stretch in the receivable cycle of PIIPL.

Strength

* Extensive industry experience of the promoter: The promoter has
an experience of more than 20 years in the packaging industry. PII
is an established manufacturer and distributor of FIBC in North
America. The promoter developed relationships with various
customers across different industries in the US, leading to repeat
business over the years.

Outlook: Stable

CRISIL believes PIIPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' in case of an increase in the scale of operations while
steady operating profitability is maintained, leading to
improvement in cash accrual. The outlook may be revised to
'Negative' if liquidity deteriorates due to significant debt-
funded capital expenditure, a stretched working capital cycle, or
a decline in the scale of operations or profitability leading to
lower-than-expected cash accrual.

PIIPL was incorporated in April 2007, promoted by Mr Shankar
Balan. The company manufactures FIBC, small woven polypropylene
bags, and BOPP.

The company reported a profit after tax (PAT) of INR1.96 crore on
revenue of INR30.08 crores in fiscal 2017, vis-a-vis PAT of
INR2.15 crores on revenue of INR31.39 crores in fiscal 2016.


QUAZAR INFRASTRUCTURE: CARE Moves B Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking information from Quazar
Infrastructure Private Limited to monitor the rating(s) vide e-
mail communications/letters dated September 11, 2017 & September
7, 2017 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requiste information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. Further, Naveen Rice Mills has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with the extant SEBI guidelines CARE's
rating on Quazar Infrastructure Private Limited bank facilities
will now be denoted as CARE B; ISSUER NOT COOPERATING.

CARE gave these ratings:

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long-term Bank
   Facilities          5.24      CARE B; Issuer not cooperating


   Short-term Bank
   Facilities          0.76      CARE A4; Issuer not cooperating

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

Detailed description of the key rating drivers

At the time of last rating in August 17, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations and low order book position: The scale
of operations remained small marked by total operating income
(TOI) and gross cash accruals of INR28.61 crore and INR0.47 crore,
respectively, during FY15 (refers to the period April 1 to
March 31). Furthermore, the capital base of the company is also
small with a net worth of INR2.90 crore as on March 31, 2015. The
small scale of operations restricts the ability of the company to
scale up and bid for larger-sized contracts having better
operating margins.

The company has total unexecuted order book of INR8.95 crore as on
April 30, 2016 to be executed till March 2017 providing revenue
visibility in short term. The tenor of the orders undertaken by
the company varies from 6 months to 12 months depending of the
size of the project. Due to issuer not cooperating the current
order book position is not available.

* Weak financial risk profile: The profitability margins of the
company have been fluctuating over the past three years FY13-15.
The PBILDT margin of the company stood low and declined to 4.36%
in FY15 from 13.00% in FY14 as the company executed contracts
having lower margins. Also, the PAT margin declined and stood low
at 0.29% in FY15 as against 0.47% in FY14 on account of decline in
the PBILDT margin The capital structure of the company stood
leveraged marked by overall gearing of 3.98x as on March 31, 2015.

The same improved from 5.40x as on March 31, 2014, on account of
infusion of equity leading to improvement in net worth. The debt
coverage indicators of the company stood weak for FY15 on account
of high debt level coupled with lower GCA. The interest coverage
and total debt to GCA stood at 2.08x and 24.23x for FY15 as
against 1.85x and 28.10x for FY14.

* Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 282 days in FY15, mainly
on account of high inventory holding period of around 269 ays. The
company has high inventory holding as it has to execute orders at
different sites and billing for the same is done and the same is
approved by the respective client. Therefore, the company mostly
has its inventory in the form of work in progress resulting in
such high inventory period.

The company extends credit period of around 30-60 days to its
customers which are a mix of private and public sector enterprises
owing to high competition in the industry resulting in an average
collection period of 40 days for FY15 and avails a payable period
of around 30 days from its suppliers owing to long relationship.

Fragmented and competitive nature of industry: QIPL faces direct
competition from various organized and unorganized players in the
market. There are a number of small and regional players in the
industry which limits the bargaining power of the company and in
turn exerts pressure on its margins. Furthermore, the award of
contracts are tender driven and lowest bidder gets the work. The
tender-based business is characterized by intense competition and
the growth of the business depends on its ability to successfully
bid for the tenders and emerge as the lowest bidder. Hence, going
forward, due to increasing level of competition and aggressive
bidding, the profits margins are likely to be under pressure in
the medium term.

Key Rating Strengths

* Experienced Management: The company is currently being managed
by Mr. Badal Sharma, Mr. Brij Mohan Sharma and Mr. Varun Sharma.
Mr. Badal Sharma and Mr. Brij Mohan Sharma graduate by
qualification, have an experience of nearly one and a half decade
in construction industry. Mr. Varun Sharma is also a graduate and
has an experience of nearly a decade in construction industry
through his association with this entity.

New Delhi-based QIPL was incorporated in August 2010 and currently
being managed by Mr. Badal Sharma, Mr. Brij Mohan Sharma and Mr.
Varun Sharma. The company undertakes construction work primarily
construction of residential buildings, roads, bridges, office
buildings, etc, for government entities based out of Uttar Pradesh
and Haryana. The company is an ISO 9001:2008 certified. The
company receives orders mainly through tenders.


RAJVIR INDUSTRIES: CARE Lowers Rating on INR172.51cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rajvir Industries Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            172.51      CARE D Revised from
                                     CARE B-; Stable

   Long-term/Short-
   Term Bank Facilities   10.00      CARE D/CARE D Revised from
                                     CARE B-; Stable/CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to bank facilities of Rajvir
Industries Limited is on account of delays in debt servicing at
the back of liquidity constraint.

Key Rating Weaknesses

* Delays in debt servicing: There are delays in debt servicing on
account of liquidity constraint. The company incurred cash losses
during FY17 which has led to stretched liquidity position and
consequently delays as reported by lenders.

* Weak financial risk profile and cash losses for FY17: The
capital structure of the company is highly leveraged with overall
gearing level at 71.34x as on March 31, 2017 on account of erosion
of networth owing to continuous losses. The PBILDT interest
coverage also deteriorated to 0.51x in FY17 and further to 0.39x
during Q1FY18. Due to weak profitability margins, the debt
coverage indicators have been adversely affected.   The operating
margins of the company also declined significantly during FY17.
The company has reported cash losses for FY17 backed by low
operating margins coupled with high capital charge. The company
has incurred net loss of INR 13.20 crore for FY17 and cash loss of
INR 9.86 crore.

* Working capital intensive nature of operations: Spinning is
primarily a working capital intensive business as the raw material
availability is seasonal which results in high inventory holding
period. Further, the procurement is primarily on cash basis which
results in high working capital utilization during the months of
availability which is October to April.

Key Rating Strengths

* Established track record of promoters: RIL is promoted by Mr.
U.K. Agarwal. Mr. Agarwal has more than 40 years of experience in
cotton industry. He is the Chairman of the company and has
expertise in cotton selection process. Mr. Ritesh K. Agarwal is
the MD and looks after all the managerial activities handling
departments including marketing, finance, exports and production.
The board of RIL also comprises of Sri. K. C. Reddy, Mr. Vijay
Kumar Gupta and Ms. Padma Vijay. By virtue of being in the
industry for about four decades, the promoters have established
long standing relationship with a diversified customer base.

Rajvir Industries Limited (RIL) was incorporated on September 1,
2004. RIL is engaged in manufacturing of cotton yarn, melange,
synthetics, modal, dyed products, compact yarn, flame-retardant,
supima, silk, wool, cashmere and angora blend with its facilities
located in Mahboobnagar (one unit), Tundur (one unit) and a dyeing
plant at Mahboobnagar. The company has facilities from ginning to
spinning of different kinds (raw white, melange) and varied counts
(10-40, 20-25, 10-60, 40-60 etc.).The company has range that
covers everything from 100% cotton/ organic/fair-trade/combed
yarns, blended yarns (polyester, viscose, modal, spun silk and
flame- retardant) etc. As on March 31, 2017 the company has
installed capacity of 1, 11,840 spindles.

The company also has massive collection that encompasses over
8,000 melange/heather shades. The Managing Director (MD) of the
company is Mr. Ritesh K. Agarwal who looks after all the
managerial activities for departments including marketing,
finance, exports and production. The company also exports to
various countries like Bangladesh, Argentina, Peru, Poland,
Germany, and Sri Lanka.


RUDRA INDUSTRIES: CARE Assigns B+ Rating to INR4.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rudra
Industries (RI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             1.00       CARE A4 Assigned

Detailed Rationale & Key rating Drivers

The ratings assigned to the bank facilities of Rudra Industries
(RI) are primarily constrained on account of project
implementation risk associated with its debt funded greenfield
project and constitution as a partnership concern. The ratings
are, further, constrained on account of vulnerability of
profitability margins to the fluctuations in the raw material
prices as well as foreign exchange rate and customer concentration
risk. The ratings, however, favorably take into account the
experienced management along with technical assistance provided
by Novel Building Technologies Private Limited for PVC walls.
The ability of the company to successfully implement the debt
funded project as well as stabilize its operations and achieve
envisaged level of Total Operating Income (TOI) and profitability
with efficient management of working capital would be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

* Project implementation risk: In January 2017, the firm undertook
a project for manufacturing of PVC Walls at Govindpura, Bhopal.
The firm will 100% export PVC walls to Cold Roll Inc., a Canadian
private corporation and has made a production agreement with Novel
Building Technologies Private Limited (Novel; an associate company
of Cold Roll Inc.) to manufacture and supply PVC walls to Cold
Roll Inc. for 10 Years. It envisaged total cost of the project of
INR7.32 crore towards the project to be funded through the term
loan of INR4 crore and remaining through the partner's capital and
unsecured loans. Till September 12, 2017, the firm has incurred
total cost of INR1.58 crore which was funded through the term loan
of INR0.38 crore and remaining through partner's capital. The firm
is expected to start its operations from October 2017.

* Vulnerability of margins to fluctuation in the raw material
prices, foreign exchange rate and customer concentration
risk: The main raw material of the firm will be Pet Resin which is
a derivative product of crude oil. The price of crude oil has
witnessed huge fluctuations in last three to five years. Hence,
the profitability of the firm is exposed to volatile crude oil
prices as pet resin is derivate of crude oil. Further, the
profitability of the firm is exposed to volatile foreign exchange
rate as it will generate 100% income from export and does not have
active hedging policy in place.

The firm will have complete revenue dependency on single customer
i.e. cold Roll Inc. attributing significant customer concentration
risk on account of the same.

Key Rating Strengths

* Experienced management with technical assistance provided by
Novel for PVC walls: Mr. Devendra Gupta, partner, has experience
of more than two decades in the iron and steel industry and looks
after overall affairs of the firm. Mr. SushilKhale and Mr.
Abhishek Madan, partners, is looking after administrative function
of the firm.

The firm will 100% export PVC walls to Cold Roll Inc, a Canadian
private corporation and has made a production agreement with Novel
Building Technologies Private Limited (Novel; an associate company
of Cold Roll Inc.) to manufacture and supply PVC walls to Cold
Roll Inc. for 10 Years. For its new manufacturing facility, Novel
will provide technical and advisory services to set up RI's
manufacturing operations and will supervise installation process
of the machines at the factory.

Bhopal (Madhya Pradesh) based RI was formed in 1996 as a
proprietorship concern by Mr.Sushil Khale. However, in FY15, the
constitution of the firm was changed to partnership and Mr.
Devendra Gupta, Mr. Abhishek Madan and Mr. Sushil Khale joined the
firm as partners and shares profit and loss in the ratio of
40:40:20 respectively. Till June 2017, the firm was engaged in the
business of fabrication of ancillary parts of railway coaches for
Indian Railway as well as also engaged in the supply of iron and
steels products. However, it discontinued this business.


RUHAN TEPPICH: CRISIL Reaffirms B+ Rating on INR3MM Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Ruhan Teppich Exports (RTE) at 'CRISIL B+/Stable/CRISIL A4'.

The business risk profile is marked by muted revenue growth in
fiscal 2017 on account of slowdown in the export market, and the
effects of demonetisation. With revival of demand from customers,
revenue is expected to grow moderately at 5-10% over the medium
term. The operating margin is expected to remain low at 3-4% over
the medium term.

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit     3      CRISIL B+/Stable (Reaffirmed)
   Post Shipment Credit      7      CRISIL A4 (Reaffirmed)

Liquidity is stretched, with high dependence on bank borrowings
due to working capital-intensive operations, leading to a bank
limit utilisation of 97% over the 12 months through March 2017.
Liquidity is, however, supported by nil debt obligations and large
capital expenditure plans for the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale: Scale is modest as reflected in operating income
of INR42.51 crore in fiscal 2017. RTE faces intense competition
from several unorganised players, which might constrain operating
profitability. Moreover, revenue is primarily concentrated in the
US and European markets, and any economic slowdown or change in
trade policy of these countries can significantly impact the
business risk profile. Scale will likely remain small, along with
geographical concentration in revenue, over the medium term.

* Large working capital requirement: Sizeable gross current assets
(GCAs) of 208 days as on March 31, 2017, reflects working capital-
intensive operations, which is due to higher credit offered to
customers. RTE offers 90-150 days credit to its overseas
customers, which is 100% secured by Export Credit Guarantee
Corporation (ECGC) cover. Higher inventory of 90-120 days needs to
be maintained due to non-availability of some raw materials during
summer and rainy seasons. However, credit of 50-80 days from
suppliers helps working capital requirement. Working capital
requirement will likely remain large over the medium term.

* Below-average financial risk profile: The financial risk profile
is constrained by leveraged capital structure and subdued debt
protection metrics. With low profitability and working capital-
intensive operations, the financial risk profile will likely
remain weak over the medium term.

Strength

* Partners' extensive experience: The partners have been involved
in a similar line of business since 1971 through a partnership
firm, Sheikh Bhullan & Sons and some other group entities. This
longstanding experience has helped establish strong relationships
with customers and suppliers in domestic as well as overseas
markets; RTE has a strong customer base in the US. Their
experience should continue to support the business risk profile
over the medium term.

Outlook: Stable

CRISIL believes RTE will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' in case of healthy revenue growth with
improvement in operating profitability, resulting in higher-than-
expected cash accrual, along with better working capital
management. Conversely, the outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity,
deteriorates, most likely on account of a decline in revenue and
profitability, larger-than-expected, debt-funded capital
expenditure, or increase in working capital requirement.

Established in 2000, RTE, a partnership between Mr Mohd Rizwan and
his family, manufactures and exports hand-made rugs, carpets, and
home furnishing products made of wool, cotton, fibre, and leather.
These include hand-tufted, hand-knotted, leather, wall-to-wall
carpets, and bath rugs. The firm's manufacturing facility is in
Bhadohi, Uttar Pradesh.


SADASHIV CASTINGS: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Sadashiv Castings
Priavte Limited to monitor the rating(s) vide e-mail
communications and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information, which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
Sadashiv Castings Private Limited's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       22.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Revised from CARE BB-; Issuer
                                   not cooperating, on the basis
                                   of best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).  The rating has been revised on account of the
ongoing delays in debt servicing of the company due to its
stretched liquidity position.

Detailed description of the key rating drivers

At the time of last rating on April 24, 2017, the following were
the rating strengths and weaknesses.

Key Rating Strengths

* Experienced directors with long track record of operations of
the company: SCPL was incorporated in 1992 by Mr. Sumit Garg and
Mr. Sunny Garg; having an experience of 10 years and 12 years,
respectively, in the steel industry through their association with
SCPL only.

* Moderate solvency position: The capital structure of the company
stood moderate marked by debt equity ratio and overall gearing
ratio of 0.59x and 1.77x, respectively, as on March 31, 2016.

Key rating Weaknesses

* Modest scale of operations: Despite being in operations for
around two and a half decades, the scale of operations of the
company stood modest marked by Total Operating Income (TOI) of
INR91.55 crore in FY16 (Provisional, refers to the period April 01
to March 31). The modest scale of operations limits the company's
financial flexibility in times of stress and deprives it of scale
benefits.

* Low profitability margins and weak debt coverage indicators: The
profitability margins of the company continued to remain low due
to its presence in the highly competitive and fragmented industry.
The PBILDT and PAT margins stood at 4.24% and 0.64%, respectively,
in FY16. Furthermore, the debt coverage indicators stood weak
marked by total debt to GCA ratio of 23.48x for FY16 and interest
coverage ratio of 1.68x in FY16.

* Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 147 days for FY16.
Furthermore, to ensure adequate raw material procurement and
timely execution of orders, the company relies on bank borrowings
and the cash credit limit remained fully utilized for the past 12
months period ended August 2016.

* Susceptible to volatility in raw material prices: The main raw
materials of the company are steel scrap, pig iron and steel
rounds. The prices of steel are driven by the international prices
which had been volatile in past. Thus, any adverse change in the
prices of the raw material may affect the profitability margins of
the company.

* Cyclicality inherent in the steel industry: The steel industry
is sensitive to the shifting business cycles, including changes in
the general economy, interest rates and seasonal changes in the
demand and supply conditions in the market. Apart from the demand
side fluctuations, the highly capital intensive nature of
manufacturing process hinders the responsiveness of supply side to
demand movements.

* Highly fragmented and competitive nature of the industry: There
are a large number of small and unorganized players in the steel
products manufacturing business. Since the products manufactured
by SCPL face high degree of competition from other players, it
also restricts SCPL's ability to fully pass on the volatile
material cost to its customers.

SCPL was incorporated as a private limited company in December,
1992 and is currently being managed by Mr. Sumit Garg, Mr. Sunny
Garg and Mr. Kewal Garg. SCPL is engaged in the manufacturing of
alloy steel products like ingots, rectangular rounds, cold rolled
strips and non-alloy steel ingots used in paper industry,
railways, automobile industry, manufacturing of tools and machines
etc. The company has its manufacturing facility located in Mohali,
Punjab with total installed capacity of manufacturing 12,000 MT of
non-alloy ingots, 1800 MT of alloy steel products and 2400 MT of
alloy ingots as on December 31, 2016.


SAIGON INFRATECH: CARE Lowers Rating on INR26cr Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saigon Infratech Private Limited (SIPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank          5        CARE D; Issuer not
   Facilities                       cooperating; Revised from
                                    CARE B+ on the basis
                                    of best available information

   Short-term Bank        26        CARE D; Issuer not
   Facilities                       cooperating; Revised from
                                    CARE A4 on the basis of best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIPL to monitor the
rating(s) vide e-mail communications/ letters dated July 11, 2017
& June 30, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Saigon
Infratech Private Limited has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
rating on Saigon Infratech Private Limited's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this
rating (including investors, lenders and the public at large) are
hence requested to exercise caution while using the above
rating(s). The ratings have been revised on account of ongoing
delays in meeting the debt obligations.

Incorporated in 2011, SIPL is promoted by Mr. Neeraj Tyagi and Mr.
Abhimanyu Pratap Singh Tyagi. The company started its commercial
operations in June 2012 and is engaged in execution of civil
construction projects like construction of commercial building,
office complex, hard-scaping stone work and residential projects
for both private organizations and government departments. The
company procures its raw material, i.e., sand, cement, steel bars
etc. from domestic dealers and distributors. The group companies
of SIPL include Sai Shagun Buildtech Private Limited and Saigon
Traders & Contractors which are set up for the real estate
development.


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

The instrument-wise rating actions are:

-- INR32 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Proposed fund-based facilities migrated to non-
    cooperating category with Provisional IND BB+(ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sam was incorporated in 1995 as a limited company. The company
processes agricultural perishable goods (fruits and vegetables)
and exports them to different countries. 95% percent of Sam's
produce (processed fruits and vegetables) is exported to the US,
the UK, Netherlands, Germany and the UAE. The company has 400
metric tonnes of processing and storing capacity.


SDU BEVERAGES: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated SDU Beverages
Private Limited (SDU) 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 action is:

-- INR210 mil. Term loans (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SDU manufactures packaged fruit juices in four flavours - mango,
apple, orange and mixed fruit.


SHREE KONGU: CRISIL Assigns 'B' Rating to INR4.25MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank loan facilities of Shree Kongu Velalar Educational
Trust (SKV).

                          Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility       2.75        CRISIL B/Stable

   Term Loan                4.25        CRISIL B/Stable

The rating reflects the trust's modest scale of operations,
exposure to geographic concentration in revenue and below average
financial risk profile because of modest networth and weak debt
protection metrics. These weaknesses are partially offset by
extensive experience of the trustees in the education sector.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is modest as
reflected in revenue of INR2.32 crores in fiscal 2017, as against
INR0.76 crore in fiscal 2016. The increase in revenue was
supported by increase in student capacity from 350 to 1400. The
trust has further increased its capacity in fiscal 2018 to 2400.
However, the scale of operations will continue to remain modest.

* Below-average financial risk profile: Financial risk profile is
below-average, primarily constrained by modest networth, which
stood at INR5.11 crores as on March 31, 2017. Gearing was moderate
at 1.1 time as on the same date and is expected to weaken slightly
due to debt funded capex plans in fiscal 2018 and fiscal 2019.
Furthermore, the financial risk profile is constrained by modest
liquidity because projected cash accruals are tightly matched
against long term debt repayment obligations.

* Exposure to geographic concentration in revenue: The trust runs
both its schools in Perundurai, Tamil Nadu, which exposes it to
geographic concentration. The trust also faces competition from
other secondary and higher secondary institutions in surrounding
areas.

Strength

* Extensive experience of partners in the education sector: The
trust is managed by Mr T K Muthuswamy, along with several other
partners. The partners established the trust in 2006, and have
been closely involved with the activities of the trust ever since
its inception. The trust has been able to establish a brand name
in a short span, backed by strong focus on quality education
resulting in moderate occupancy levels. The business risk profile
should remain benefited by the management's experience.

Outlook: Stable

CRISIL believes SKV will continue to benefit from the experience
of partners. The outlook may be revised to 'Positive' if higher-
than-expected growth in revenue and profitability improves cash
accrual, thereby strengthening financial risk profile. Conversely,
the outlook may be revised to 'Negative' if unexpected debt-funded
capex and/or any unfavorable regulatory change adversely impacts
the educational institutions.

SKV was established in 2006 by Mr T K Muthuswamy, along with other
partners. Based in Perundurai, the trust manages The Richmond
Matriculation Higher Secondary School and The Richmond
Matriculation School.

The trust reported a net profit of INR0.48 crore on revenue of
INR2.3 crores in fiscal 2017, vis-a-vis net loss of INR0.40 crore
on revenue of INR0.76 crores in fiscal 2016.


SHRI LAKSHMI: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Lakshmi
Ganapathy Industries Pvt Ltd's (SLGIPL) 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 ratings
will now appear as 'IND B-(ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR165 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 14, 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 1995, SLGIPL trades paper products and FMCG goods
of ITC Ltd. SLGIPL is an authorised distributor of ITC and has
also set up its own solar power project recently. It is managed by
K.Goutham and his wife Kodali Sajni. The company's registered
office is located in Hyderabad.


SRI ADHIKARI: CARE Lowers Rating on INR86.15cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Adhikari Brothers Television Network Limited (SABTNL), as:
                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         86.15     CARE D Revised from
   Facilities-Term                  CARE BBB-; Stable
   Loan

Detailed Rating Rationale and Key rating drivers

The rating revision takes into account the ongoing delay in
servicing debt obligations primarily on account of slowdown in
business performance and stretched working capital cycle resulting
in deterioration of liquidity position of the company.

The company also withheld information regarding delay in servicing
of bank facilities and continued to provide No Default Statements
confirming timely repayment of dues with the banks.

Detailed description of the key rating drivers

Key Rating Weakness

Ongoing Delay in debt servicing: There has been ongoing delay in
meeting the principal and interest obligations. The same is on
account of stretched working capital cycle resulting from high
debtors days. The low business performance combined with elongated
working capital cycle has led to weak liquidity position. The cash
generation from the business has not been up to the level to meet
with the repayment of interest and the principal amount of the
huge debt taken for the business primarily for content
acquisition. The company withheld information regarding delay in
servicing of bank facilities and continued to provide No Default
Statements confirming timely repayment of dues with the banks.

Deterioration in the capital structure of the group: The Company
has term loans outstanding resulting in high debt repayment
obligations. The group has substantial debt a repayment starting
from FY17. This is because of the skewed debt profile with
significant repayment obligations in the initial years compared to
the uneven revenue generation. The revenue generated from the
content produced/acquired happen over a longer time horizon
compared to the repayment tenure of the debt facilities taken by
the company.

Key Rating Strengths

* Established track record of the promoters: The promoters, Sri
Adhikari Brothers -- considered amongst the pioneers in India's
television-based entertainment industry, have an experience of
more than 30 years in media and entertainment industry (M&E). The
promoters of SABTNL were involved in the content production for
the channels such as 'Doordarshan', 'ZEE TV' for popular shows in
the comedy and thriller genre. The promoters launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of "Sony" in 2005. Sri
Adhikari Brothers are involved in the strategic and business
development for SABTNL and launched five channels over FY10-FY14
through wholly owned subsidiaries and step-down subsidiaries (now
Group Company). Besides, the promoters are supported by a
management team, possessing an experience of more than a decade in
the M&E industry.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed
on bourses in 1995. It is in the business of content production
and syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005.

TV Vision Ltd (TVVL; earlier a wos of SABTNL) is engaged in the
business of broadcasting. The company has channels like Mastiii,
Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music channel
for pan India. Dabangg and Dhamaal are R-GECs catering to the
Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and
Gujarat respectively. Maiboli is a regional Marathi channel for
Maharashtra while Dillagi is a dedicated TV channel for small
towns and villages of India. At present, the group operates in two
major segments i.e. (i) content production and
distribution/syndication and (ii) broadcasting.


STAR DIAMOND: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from London Star Diamond
Company (India) Private Limited (LSDCPL) to monitor the ratings
vide e-mail communications/letters dated May 15, 2017, June 22,
2017, July 3, 2017, September 15, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating.
The rating on LSDCPL's bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term/Short-      10.80      CARE D/CARE D; ISSUER NOT
   Term Bank                        COOPERATING; Based on best
   Facilities                       available information


   Short-term Bank       12.85      CARE D; ISSUER NOT
   Facilities                       COOPERATING; Based on
                                    best available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.  The rating takes into consideration the delay in
debt servicing.

Detailed description of the key rating drivers.

At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Key Rating Weaknesses

* Delay in debt servicing: As per the interaction with the banker,
the account has turned NPA.

Incorporated in 1964, London Star Diamond Company (India) Private
Limited (LSDCPL) is engaged in trading of cut and polished diamond
(forming ~94.66% of total income in FY16) and rough diamond
(forming 5.34% of total income in FY16). The company is not a DTC
sight-holder and it procures the diamonds from the domestic market
(forming ~95% of purchase in FY16) and from Belgium (remaining
portion). The major customers of LSDCPL for its cut and polished
diamonds comprise of wholesalers who in turn sell the polished
diamonds to jewellery manufacturers. LSDCPL is predominantly an
export oriented firm with around 94.66% of its overall revenues
earned from exports (vis-a-vis 94.25% in FY15) mainly in Japan,
Hongkong and Belgium) and remaining from domestic market in FY16.
The company procures majority of its raw material i.e. rough
diamond in the local market and imports around 5% from Belgium.
LSDCPL is a member of Bharat Diamond Bourse and Gem & Jewellery
Export Promotion Council.


SURYAGOLD AGROFOOD: CRISIL Raises Rating on INR8MM Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Suryagold Agrofood Private Limited (SAPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable (Issuer Not Cooperating)'.

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

   Proposed Working      1.54     CRISIL B+/Stable (Upgraded
   Capital Facility               from 'CRISIL B/Stable')

   Term Loan              .21     CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

CRISIL had, on August 14, 2017, reaffirmed the rating at 'CRISIL
B/Stable' with an 'Issuer Not Cooperating' suffix as the company
had not provided the requisite information. It has now shared the
necessary information.

The upgrade reflects CRISIL's belief that SAPL's liquidity will
improve steadily over the medium term, driven by adequate net cash
accrual against no major debt obligation, and sustained efficient
working capital management, reflected in gross current assets
(GCAs) of 31 days on March 31, 2017. Consequently, bank limit was
utilized sparingly, at an average of 34% over the 12 months
through July 2017. Liquidity will be supported by no significant
capital expenditure plan over the medium term, and by unsecured
loans from promoters and family members (estimated at INR2.31
crore as on March 31, 2017).

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The company's financial risk
profile is constrained by high total outside liabilities to
tangible networth ratio of 5.09 times as on March 31, 2017, and
weak debt protection metrics, indicated by interest coverage and
net cash accrual to total debt ratio of 1.59 times and 0.05 time,
respectively, in fiscal 2017. CRISL expects the financial risk
profile to remain weak over the medium term because of continued
low accretion to reserves.

* Moderate scale of operations in the fragmented and competitive
pulse processing industry: The moderate scale is reflected in
estimated net sales of INR90.81 crore in fiscal 2017. The pulse
processing business is fragmented and intensely competitive, with
numerous small, unorganised players catering to local demand.
Intense competition and SAPL's moderate scale limit its ability to
bargain with suppliers and customers

* Low profitability: Operating margin was 1.0-2.0% in fiscals 2016
and 2017 because of limited value addition and exposure to intense
competition. The margin is likely to remain low over the medium
term.

Strengths

* Extensive industry experience of promoters: The promoters'
experience of over two decades in managing a pulse processing unit
has led to deep understanding of market dynamics and established
relationships with suppliers and customers. The company will
continue to benefits from their experience.

* Efficient working capital management: GCAs are estimated at 31
days as on March 31, 2017, on account of low inventory and
receivables of 19 days and 11 days, respectively. Working capital
cycle is likely to remain efficient over the medium term, with
GCAs expected at 30-40 days.

Outlook: Stable

CRISIL believes SAPL will continue to benefit from the promoters'
industry experience. The outlook may be revised to 'Positive' if
cash accrual is significantly higher than expected, backed by
improvement in scale of operations, while working capital cycle
remains stable, or if capital structure improves because of equity
infusion. The outlook may be revised to 'Negative' if low cash
accrual, a substantial, debt-funded capital expenditure, or
inefficient working capital management weakens the financial risk
profile.

Incorporated in 2008, SAPL is managed by Mr Subhash Chand Goyal
and his family members. It processes chana dal (split chickpeas)
at its facility in Sri Ganganagar, Rajasthan, and has installed
capacity of 150 tonne per day.


TV VISION: CARE Lowers Rating on INR24.39cr Loan to 'D'
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
TV Vision Limited (TVL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank        24.39      CARE D Revised from
   Facilities-Term                  CARE BBB- (SO); Stable
   Loan

Detailed Rating Rationale and Key rating drivers

The rating revision takes into account the ongoing delay in
servicing debt obligations of TVL along with deterioration credit
profile of the guarantor Sri Adhikari Brothers Television Network
Limited (SABTNL; rated CARE D). The delays are primarily on
account of slowdown in business performance and stretched
receivable days resulting in deterioration of liquidity position
of the company. The companies also withheld information regarding
delay in servicing of bank facilities and continued to provide No
Default Statements confirming timely repayment of dues with the
banks.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing Delay in debt servicing of the guarantor and TVL: There
has been ongoing delay in servicing the principal and interest
obligations of TVL and its guarantor, SABTNL. The same is on
account of stretched debtors days. The low business performance
combined with elongated working capital cycle has led to weak
liquidity position. The cash generation from the business has not
been up to the level to meet with the repayment of interest and
the principal amount of the huge debt taken for the business
primarily for content acquisition.

* Deterioration in the capital structure of the group: The Company
has term loans outstanding resulting in high debt repayment
obligations. The group has substantial debt a repayment starting
from FY17. This is because of the skewed debt profile with
significant repayment obligations in the initial years compared to
the uneven revenue generation. The revenue generated from the
content produced/acquired happen over a longer time horizon
compared to the repayment tenure of the debt facilities taken by
the company.

Key Rating Strengths

* Established track record of the promoters: The promoters, Sri
Adhikari Brothers -- considered amongst the pioneers in India's
television-based entertainment industry, have an experience of
more than 30 years in media and entertainment industry (M&E). The
promoters of SABTNL were involved in the content production for
the channels such as 'Doordarshan', 'ZEE TV' for popular shows in
the comedy and thriller genre. The promoters launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of "Sony" in 2005. Sri
Adhikari Brothers are involved in the strategic and business
development for SABTNL and launched five channels over FY10-FY14
through wholly owned subsidiaries and step-down subsidiaries (now
Group Company). Besides, the promoters are supported by a
management team, possessing an experience of more than a decade in
the M&E industry.

Sri Adhikari Brothers Television Network Limited (SABTNL),
incorporated in 1994, was promoted by Mr. Gautam Adhikari and Mr.
Markand Adhikari (Sri Adhikari Brothers). The company was listed
on bourses in 1995. It is in the business of content production
and syndication in India since 1990s. The company launched a Hindi
general entertainment channel (GEC) "SAB TV" in 2000 which was
subsequently sold to a group company of Sony TV in 2005.

TV Vision Ltd (TVVL; earlier a wos of SABTNL) is engaged in the
business of broadcasting. The company has channels like Mastiii,
Dabangg, Maiboli, Dhamaal and Dillagi. Mastiii is music channel
for pan India. Dabangg and Dhamaal are R-GECs catering to the
Hindi speaking belt of Bihar, Uttar Pradesh and Jharkhand and
Gujarat respectively. Maiboli is a regional Marathi channel for
Maharashtra while Dillagi is a dedicated TV channel for small
towns and villages of India. At present, the group operates in two
major segments i.e. (i) content production and
distribution/syndication and (ii) broadcasting.


WATER SYSTEMS: CRISIL Reaffirms B+ Rating on INR1MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Water Systems India Private Limited (WSIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)

   Cash Credit            1         CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       0.5       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     0.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations and large working capital requirement in a fragmented
industry. These weaknesses are partially offset by the extensive
experience of its promoter and healthy financial risk profile
because of strong gearing and adequate debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in competitive industry: With revenue
of INR9.6 crore in fiscal 2017, scale remains small and is likely
to restrict cost efficiencies in the highly fragmented civil
construction industry. Modest scale also restricts ability to bid
successfully for tenders. Moreover, operating margin will remain
susceptible to competitive pricing.

Strength

* Extensive experience of promoter: Presence of over 15 years in
the civil construction industry has enabled the promoter to forge
healthy relationship with suppliers and customers and maintain
steady order flow over the years.

Outlook: Stable

CRISIL believes WSIPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if increase in revenue and
profitability and better working capital management lead to a
stronger financial risk profile, especially liquidity. The outlook
may be revised to 'Negative' if further stretch in working capital
cycle, sizeable, debt-funded capital expenditure, or decline in
profitability puts additional pressure on liquidity.

Set up by Mr N Krishnan in 2000, WSIPL is an engineering company
based in Chennai. It undertakes turnkey projects and offers start-
to-end solutions in water purification and management, wastewater
treatment plants, recycling and revamping of effluent treatment
plants, and rejuvenation of water supply projects. It caters to
government and private sector entities.


YUG INT'L: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Yug International
Private Limited's (YIPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR178.2 mil. Fund-based limits affirmed with IND
    BB+/Stable/IND A4+ rating; and

-- INR408.3 mil. Non-fund-based limits affirmed with IND
    BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings continue to reflect YIPL's extremely low EBITDA margin
due to the trading nature of operations and its presence in a
competitive chemical trading space. EBITDA margin was 1.37% in
FY17 (FY16: 1.0%). Considering the trading nature of operations,
Ind-Ra expects the EBITDA margin to stay between 0.8% and 1.4%
over range over FY18-FY19. Accordingly, any adverse development
such as an unanticipated movement in foreign currency, a
fluctuation in commodity prices or payment defaults from smaller
customers, could severely affect the profitability. However, YIPL
has managed the risks mentioned above over the years, indicated by
a fairly stable, albeit low, profitability over FY14-FY17. FY17
financials are provisional in nature.

The ratings reflect YIPL's continued moderate credit metrics and
liquidity. In FY17, net leverage was 2.05x (FY16: 2.86x) and gross
coverage was 2.30x (2.02x). The improvement in credit metrics was
due to a rise in EBITDA which grew due to the scale up in
operations. Revenue grew 5% yoy to INR9.83 billion in FY17. Its
average utilisation of fund-based limits was 92% for the 12 months
ended August 2017.

The ratings are constrained by YIPL's vulnerability to the
commodity price fluctuation risk, considering it trades in
petrochemicals and sells on both stock and sale and back-to-back
order bases. However, YIPL mitigates the risk by maintaining a
fairly low inventory, which was 15-20 days over FY14-FY17. Debtor
and payable days almost stayed at the same level at 60-70 days
over FY14-FY17.

The company is also exposed to the forex risk, though it is
limited to the extent of direct imports, which historically have
been about 10% of the total stock in trade requirements. The
balance requirements are mostly procured from other importers and
denominated in the Indian rupee.

The ratings, however, continue to be supported by a diversified
customer base spread across industries and significant promoter
experience. The top 10 customers accounted for 14% of revenue in
FY17, indicating a low customer concentration risk. The company
caters to industries (such as pharmaceutical, adhesives, soaps and
detergents) that insulate it from a slowdown in any particular
sector.

The ratings are also supported by the promoter's over two decades
of experience in the chemical trading business.

RATING SENSITIVITIES

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

Positive: An increase in revenue and profitability leading to
improvement in credit metrics could lead to a positive rating
action.

COMPANY PROFILE

YIPL was set up in 1997 by Mr Amarnath Gupta. The company trades
in industrial chemicals such as methanol, benzene, phenol and
toluene. Its head office is in Kanpur. It has six sales offices
across India.



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


ALAM SUTERA: Fitch Cuts Longterm Issuer Default Rating to B
-----------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based property developer PT
Alam Sutera Realty Tbk's (ASRI) Long-Term Issuer Default Rating
(IDR) and senior unsecured debt rating to 'B' from 'B+' and
separately placed the ratings on Rating Watch Negative (RWN).

The downgrade reflects ASRI's lower annual contracted sales over
the last two years, which Fitch believes is due to the company's
weaker sales execution capabilities compared with peers. Fitch
does not expect ASRI's scale of operations, as measured by annual
contracted sales, to improve materially in the next two years
because as much as IDR2 trillion of its sales pipeline still
consists of its new-build prime office tower, The Tower, in
central Jakarta amid an office-space glut. Fitch believes the
still-limited development progress at ASRI's second township in
Pasar Kemis is likely to constrain its ability to increase annual
contracted sales over the next two years. Nevertheless, ASRI's 'B'
ratings benefit from its large low-cost land bank of more than 19
million square metres (sq m), healthy profit margins, moderate
leverage and comfortable liquidity.

The RWN separately reflects a possible covenant breach of the
restricted payment test on ASRI's US dollar bonds, which were
issued by its wholly owned subsidiary, Alam Synergy Pte Ltd, and
guaranteed by ASRI and its subsidiaries. The test links payment of
dividends to successfully passing a debt incurrence test ratio for
EBITDA-based interest cover of 2.5x. Fitch believes ASRI missed
this covenanted level on certificates during 2016 and potentially
on a latest 12 months basis through 1H17. The debt incurrence test
has substantial carve-outs for refinancing and additional new
debt, limiting liquidity implications, but the restricted payment
test, which affects dividends, does not.

A small dividend of around IDR29 billion (USD2 million) was
declared in July 2017, which Fitch believes may conflict with the
restricted payment test, as the test does not have a materiality
threshold for failure. It does, however, have a USD10 million
threshold test for notifications to the trustee and bondholders.
Technically, a breach of this covenant would have no further
effect in the absence of a notice from the trustee or bondholders,
but creates the potential for a technical event of default under
the bonds. ASRI has indicated that they are working to resolve the
issue, and Fitch is likely to affirm ASRI's ratings once the
company can demonstrate compliance with the covenant or if any
breach is regularised via waiver or other action.

KEY RATING DRIVERS

Pre-Sales Continue to Lag: It remains possible that 4Q17
transactions could meet ASRI's presale target by year-end, but
1H17 presale underperformance underlines the non-negligible
execution risk associated with current operations. One major issue
is the lack of progress on sales from The Tower, which represented
40% of the original 2017 contracted sales target. Positively,
Fitch expects most of ASRI's deliveries to its Chinese development
partner, China Fortune Land Development (CFLD), to be delivered
during 2017, despite a delay on titles for a small number of
parcels.

Debt Covenant Potentially Breached: ASRI was below the debt
incurrence covenant level as at end-2016. There are significant
carve-outs permitting additional debt-raising; refinancing is
permitted and the covenant does not apply to new debt of less than
IDR270 billion (USD20 million) and also excludes construction and
development loans up to 7.5% of total assets up to around IDR1.5
trillion. A restricted payment test, with what appears to be a
USD1.00 threshold test, nonetheless potentially prevents dividend
payments if the ratio element of the debt incurrence covenant is
not met. The modest dividend of IDR29 billion paid in July 2017
potentially breached the covenant

Land Sales Hike Concentration: ASRI's liquidity has benefited from
its partnership with CFLD in Pasar Kemis, under which CFLD buys
raw, zoned land from ASRI's deep local land bank in the area. This
offtake does, however, significantly increase concentration around
one buyer for a large portion of ASRI's cash flow. CFLD's
involvement will accelerate the achievement of critical mass for a
development located on the outer-edge of greater Jakarta, but also
ties ASRI's own land bank in the area more closely to the
development success or failure of a third party.

Development Strategy in Mild Shift: ASRI's original Alam Sutera
township, located close to Jakarta CBD and served by retail,
commercial and increasingly light-business properties, is already
approaching a mature phase. Future residential developments will
seek to make more use of high-rise units, where ASRI has a shorter
record, rather than houses. Commercial projects are also likely to
feature condominiums as part of mixed-use developments, notably in
potential redevelopment of ASRI's other Jakarta CBD property, the
older Wisma Argo Manunggal centre. The property's scheduling will
be timed in line with progress on sales from the already-completed
The Tower project.

Solid Land Bank: The company has a large low-cost land bank and an
established domestic franchise. The land bank extended to over
18.9 million sq m available for development with a carrying value
of IDR9.4 trillion as at June 2017. In particular, ASRI still
benefits from 150 hectares of prime development land bank within
the original Alam Sutera township plus adjacent land purchased or
under negotiation for purchase from fellow developer, PT
Modernland Realty Tbk (B/Stable) and other land owners.

Finances Still Stretched: Land sales, including to CFLD, have
helped plug lower-than-anticipated presales in a market already
facing headwinds from continued supply growth. This prudent move
has been at the cost of lowering operating cash flow quality and
overall realisation from the company's land bank. Operating cash
flow and working capital have been volatile over recent periods,
with gross debt climbing as presales and booked revenue fall.

DERIVATION SUMMARY

ASRI's Long-Term IDR is well positioned relative to peers, such as
Modernland and PT Kawasan Industri Jababeka Tbk (B+/Stable).
Around half of ASRI's and Modernland's property sales consist of
commercial and industrial property. Demand for these types of
properties is more cyclical during economic downturns than for
residential properties. However, ASRI has a better record of
selling residential properties and a larger land bank to support
sales compared with Modernland. Still, Modernland has demonstrated
stronger sales execution during the recent downturn. These
reasons, combined with Fitch views that both companies will
maintain comparable leverage levels, supports similar ratings.

Jababeka is one of Indonesia's largest industrial property
developers, but its Long-Term IDR is primarily driven by the
strong recurring cash flows it derives from its thermal power
plant, which has a 20-year power purchase agreement with the
state-owned PT Perusahaan Listrik Negara (Persero) (BBB-
/Positive), as well as from its dry port. These cash flows provide
adequate cover for Jababeka's interest expenses across economic
cycles. The stability of its recurring cash flow supports a higher
rating than for ASRI, whose property sales have been volatile in
the last two years. The cyclicality of Jababeka's industrial
property sales are counterbalanced by limited infrastructure and
capex requirements.

KEY ASSUMPTIONS

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

- Annual contracted sales of around IDR3 trillion in 2017 and
   2018

- The pace of cash collection to increase in the next two years
   because sales to CFLD and from commercial properties will make
   up a larger portion of ASRI's contracted sales than in the
   past

- 40% of the refundable IDR1.4 trillion deposit received from
   CFLD, which is in an escrow account to be deployed against
   land
   acquisitions, has been treated as restricted cash

- EBITDA margins to remain between 65%-70% in the next two years
   (2016: 60%), supported by the higher mix of land sales and
   commercial properties in the pipeline

- ASRI to spend around IDR600 billion and IDR1 trillion on land
   banking in 2017 and 2018, respectively

RATING SENSITIVITIES

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

- Resolution of RWN to Stable Outlook: Confirmation of
   compliance with or regularisation of the relevant covenant
   under the restricted payment test on ASRI's US dollar bonds
- Upgrade to 'B+': Annual contracted sales, including sales to
   CFLD, sustained at more than IDR3.5 trillion
- Upgrade to 'B+': Net debt/adjusted inventory sustained below
   50%

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

- Resolution of RWN to downgrade: Non-compliance or failure to
   resolve non-compliance with the relevant covenant under the
   restricted payment test on ASRI's US dollar bonds
- Downgrade to 'B-': Net debt/adjusted inventory above 60% for a
   sustained period
- Downgrade to 'B-': Significant weakening in liquidity

LIQUIDITY

Satisfactory Liquidity: Structurally, the liquidity schedule looks
manageable. Only modest maturities of less than IDR400 billion a
year from amortising construction and development loans are due
each year until 2020, when Fitch expects the local bank market to
be accommodating if cash flow do not permit deleveraging. ASRI
employs corridor hedging for its US dollar bonds, which represent
85% of its debt, helping defray the foreign-currency exposure
arising from a dollar-funded, rupiah-income profile.

FULL LIST OF RATING ACTIONS

PT Alam Sutera Realty Tbk

- Long-Term Foreign-Currency IDR downgraded to 'B' from 'B+';
   placed on Rating Watch Negative

- Senior unsecured rating downgraded to 'B' with a Recovery
   Rating of RR4' from 'B+' with Recovery Rating of RR4'; placed
   on Rating Watch Negative

Alam Synergy Pte Ltd

- Long-term rating on USD245 million 6.625% senior unsecured
   bond due 2022 downgraded to 'B/RR4' from 'B+/RR4', placed on
   Rating Watch Negative

- Long-term rating on USD235 million 6.95% senior unsecured bond
   due 2020 downgraded to 'B/RR4' from 'B+/RR4', placed on Rating
   Watch Negative


TUNAS BARU: Fitch Withdraws BB- Rating on Proposed SGD Notes
------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-(EXP)' expected rating
assigned to Indonesia-based palm oil and sugar producer PT Tunas
Baru Lampung Tbk's (TBLA, BB-/Stable) proposed Singapore-dollar
senior unsecured notes. The notes were to have been issued by TBLA
International Pte. Ltd., a wholly owned subsidiary of TBLA, and
guaranteed by TBLA and all its majority-owned operating
subsidiaries. The agency has also withdrawn TBLA's senior
unsecured rating of 'BB-'.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as TBLA's proposed debt
issuance is no longer expected to convert to final ratings because
the company does not intend to proceed with the bond issue within
the previously envisaged timeline. Simultaneously, Fitch is
withdrawing TBLA's senior unsecured rating as the entity is no
longer issuing the notes. The expected rating on the proposed
notes was assigned on 28 July 2017, along with the publication of
the senior unsecured rating.

RATING SENSITIVITIES

Not applicable.



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


SHARP CORP: S&P Raises Sr. Unsecured Debt Rating to B+, Off UCO
---------------------------------------------------------------
S&P Global Ratings said that it has raised its issue rating on
Sharp Corp.'s (B+/Stable/B) senior unsecured debt to 'B+' from 'B'
upon completing a review of the issue rating on the Japan-based
electronics maker. The review follows publication of S&P's revised
issue ratings criteria, "Reflecting Subordination Risk In
Corporate Issue Ratings" on Sept. 21, 2017, after which it placed
the rating "under criteria observation" (UCO). With S&P's criteria
review complete, it is removing the UCO designation from the
rating.

S&P said, "The rating action on the company's senior unsecured
debt stems solely from application of our revised issue rating
criteria and does not reflect any change in our assessment of the
corporate credit rating on the company.

"Our rating action takes into consideration Sharp's capital
structure, including senior unsecured debt.

"The proportion of secured debt ranked senior to senior unsecured
debt exceeds 65% of Sharp's consolidated total debt. Therefore, we
adjusted the issue rating downward one notch from the long-term
corporate credit rating. In accordance with our criteria prior to
the revision, we had adjusted the issue rating downward two
notches because the proportion of priority liabilities, such as
secured debt, accounted for about 40% of Sharp's total assets.

"We expect Sharp's main creditor banks to continue to provide
support, partly based on the strong creditworthiness of Hon Hai
Precision Industry Co. Ltd. (A-/Stable/--), of whose group Sharp
is a member. While the possibility exists that bank support will
take the form of a debt-to-equity swap (or loan waiver), the
company is likely to fulfill its obligations on its other debt.
Therefore, we adjusted the rating upward one notch.

"As a result, our rating on Sharp's senior unsecured debt is the
same level as our long-term corporate credit rating on the
company."


TAKATA CORP: On Track to Meet Feb. 2018 Deadline to Close Sale
--------------------------------------------------------------
Peg Brickley, writing for The Wall Street Journal Pro Bankruptcy,
reported that Takata Corp. told a judge that it has ironed out the
final details of the $1.6 billion sale of the bulk of its business
to Key Safety Systems Inc.

According to the report, the Japanese company is selling its
business to Michigan-based Key amid a recall of defective air bags
that was the largest in U.S. automotive history. The Takata-made
air bags are prone to rupture, sending shrapnel flying around
vehicle interiors, sometimes with deadly effect, the report
related. The sale was announced earlier this year, but final deal
documents have yet to be signed, a factor that worried creditors
in Takata's U.S. bankruptcy, the report further related.

Speaking at a hearing in the chapter 11 proceeding of the Japanese
company's U.S. units, Marcia Goldstein, Esq., a lawyer for Takata
U.S., offered assurances Takata is on track to meet a February
2018 deadline to close the sale, the report said.

"The negotiations are completed," Ms. Goldstein said at the start
of a hearing in the bankruptcy court where Takata's U.S. unit is
implementing part of the strategy to address the defective
product's fallout. At least 17 law firms around the world still
have to check deal documents in a "technical review" of the
complex transaction, a bargain struck as Takata cast about for
answers to its mounting legal issues, Ms. Goldstein told Judge
Brendan Shannon.

She said that Takata is on track to meet a February 2018 deadline
to close the sale, and come up with $850 million owed on a
settlement with the U.S. Justice Department over its defective air
bags.

In addition to the U.S. criminal investigation, Takata is facing
massive damage claims in the U.S. and other countries, including
claims from the major car makers, who were sued along with Takata
in many cases.

In recent days, Takata U.S. and Key came to agreement about one of
the complications that was holding up the deal documentation
-- the reach of a noticing campaign -- which was approved on
Oct. 2. Takata will pay more than $34 million for a postcard
mailing, social media and advertising campaign designed to alert
an estimated 83 million people their rights could be affected by
the bankruptcy.

Federal bankruptcy watchdogs criticized Takata's notice program,
on the grounds the standard mail notices aren't authorized. A
lawyer for the U.S. Virgin Islands, one of the areas where weather
conditions amplify the air-bag defects, said mail delivery is
chancy at the best of times. After two hurricanes raked the
islands, Takata's proposed postcard campaign will be unlikely to
reach many people, she said.

Key, which is buying Takata businesses that weren't involved in
making the defective products, doesn't want even a remote chance
it will inherit any liability. Under U.S. bankruptcy law, Takata
needs to give widespread notice, if it wants widespread relief
from litigation.

Car makers have been financing the recall effort, as well as
Takata U.S.'s bankruptcy. The manufacturers are also lawsuit
targets, defending against accusations they knew the Takata-made
air bags were dangerous.

                        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 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. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as special
counsel.

Roger Frankel, the proposed legal representative for future
personal injury claimants of TK Holdings Inc., et al., tapped
Frankel Wyron LLP and Ashby & Geddes PA to serve as co-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: Says Sued by Another Group of Foreign Investors
-------------------------------------------------------------
Reuters reports that Toshiba Corp. said on Oct. 5 it has been sued
by another group of foreign investors, for JPY21.8 billion (US$194
million), over its massive accounting scandal uncovered two years
ago.

Reuters says the Japanese company has now been sued for total
damages of JPY139 billion since it first admitted to reporting
inflated profits going back to 2008.

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
Oct. 6, 2017, S&P Global Ratings affirmed its 'CCC-' long-term
corporate credit and 'C' short-term corporate credit and
commercial paper program ratings on Japan-based capital goods and
diversified electronics company Toshiba Corp. S&P also removed the
ratings from CreditWatch. The outlook is negative.  At the same
time, S&P raised the the senior unsecured rating one notch to
'CCC-' from 'CC' following completion of its review of the rating.


* Inheritance-Related Defaults to Rise Slightly in Apt. Loan ABS
----------------------------------------------------------------
Moody's Japan K.K. says that inheritance-related defaults will
increase slightly in Japanese asset-backed securities (ABS) backed
by non-recourse apartment loans on an annualized basis, due to a
rise in heirs renouncing inheritance as well as in the number of
obligors dying without an heir to repay outstanding debt.

Inheritance-related defaults accounted for 47% of the defaults of
Japanese non-recourse apartment loans backing ABS that Moody's
rated as of August 2017.

"Moody's has seen a rise in the proportion of low net-worth
obligors in the existing pool of loans backing non-recourse
apartments, as many high net-worth individuals have refinanced
their loans with alternative financial institutions and exited the
pool," says Naomi Fujiwara, a Moody's Assistant Vice President and
Analyst.

"Given the higher likelihood that heirs will renounce their
inheritances and leave any outstanding debt unpaid when obligors
have a negative net worth, this shift in the composition of the
loan pool will result in a higher default rate," adds Fujiwara.

Fujiwara was speaking on Moody's just-released report "Apartment
loan ABS -- Japan: Inheritance-related defaults will increase
slightly". Apartment loans in Japan are used to finance the
building of apartment blocks for rent and these properties and
related debt are typically inherited by heirs when obligors die,
without defaulting.

According to Moody's report, inheritance-related defaults include
those when heirs renounce an inheritance, when there are no heirs,
or when there are disputes between heirs over the inheritance.

With the average age of obligors in the non-recourse apartment
loan ABS that Moody's rate at 73, many of the loans will become
exposed to inheritance events in the near future, which will in
turn likely lead to a slight increase in the default rate.

The shift in the composition of the loan pool is also reflected in
the average net worth of obligors, which has declined to
approximately JPY55 million from JPY77 million as of the closing
for the non-recourse apartment loan ABS that Moody's rates.

In addition, the number of property owners in Japan that have died
without an heir increased 1.6x between 2006 and 2015 -- a trend
that is also likely to rise, given Japan's low fertility rate.

Despite these trends, Moody's expects the overall performance of
non-recourse apartment loan ABS to remain sound, backed by steady
rental income from good property management.

Most non-recourse apartment loans in the ABS that Moody's rates
are subject to master leases, which means owners receive fixed
rental amounts regardless of the actual rent paid by tenants or
occupancy rates. Lender or delegated servicer approval is required
to change the amount of the master lease rent.

In addition, the non-recourse apartment loans backing the deals
rated by Moody's are well-seasoned and amortized, limiting losses
in the event of loan default.

The annual default rate for loans backing Japanese non-recourse
apartment loan ABS Moody's rates averaged 0.11% for the 12 months
to July 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.


                            *********


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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.

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

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

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



                 *** End of Transmission ***