TCRAP_Public/171011.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Wednesday, October 11, 2017, Vol. 20, No. 202

                            Headlines


A U S T R A L I A

FINDIT.ID AUSTRALIA: Clifton Hall Appointed as Liquidators
FP REALISATIONS: Second Creditors' Meeting Set for Oct. 17
TOTAL GROUP: First Creditors' Meeting Set for Oct. 13


C H I N A

BIOSTAR PHARMACEUTICALS: Incurs $1.01-Mil. Net Loss in 1st Qtr
SPI ENERGY: Appoints Lu Qing as Director
TONGJI HEALTHCARE: Incurs $163K Net Loss in First Quarter


H O N G  K O N G

NOBLE GROUP: Explains Why Gas Sale Earned Less Than Anticipated


I N D I A

ACME BUILDERS: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
ANDREW YULE: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
DBR SANJANA: CRISIL Assigns B+ Rating to INR3.5MM Term Loan
DREAM GATEWAY: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
DUCON TECHNOLOGIES: CRISIL Cuts Rating on INR85MM Bank Loan

FUSION GRANITO: CRISIL Assigns B+ Rating to INR20MM Term Loan
GG EXPORTS: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
GULSHAN FASHIONS: Ind-Ra Moves B+ Rating to Non-Cooperating
GUPTA GLOBAL: NCLT Admits Firm for Insolvency Process
HMR STEELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating

J.K. INTERNATIONAL: CRISIL Reaffirms 'B' Rating on INR5.95MM Loan
JAI HARI: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
LION FOODS: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
MALWA AUTOMOBILES: CRISIL Assigns B+ Rating to INR13.07MM Loan
MANRAASH PROCESSORS: CRISIL Reaffirms 'D' Rating on INR5.61M Loan

MARUTI NANDAN: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
MODERN STAGE: CRISIL Reaffirms B+ Rating on INR8MM Term Loan
MUKKA SEA FOOD: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
NARSIMHA IRON: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
RAJESH STEEL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

RELIANCE COMMUNICATIONS: NCLT to Hear Ericsson Bid on Nov. 9
SAHIL SPINTEX: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
SAMUDRA SHIPYARD: CRISIL Assigns B+ Rating to INR2.5MM Cash Loan
SHIV TOOLS: CRISIL Lowers Rating on INR11MM Cash Loan to 'D'
SHRI NAVALAI: CRISIL Assigns 'B' Rating to INR5.65MM Loan

SHRI SANGAM: CRISIL Reaffirms 'B' Rating on INR86MM LT Loan
SHRI SHYAM: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
SHYAM STEELS: CRISIL Reaffirms D Rating on INR3.45MM Loan
STANDARD CARTONS: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
SUHAG GEMS: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating

TCJ IMPEX: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
V S N ESTATES: CRISIL Assigns 'B' Rating to INR12MM Term Loan
VASHU YARN: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
VEDANT TRADE: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
VIDHATA EDUCATIONAL: CRISIL Reaffirms B Rating on INR19MM Loan

VIKAS BUILDERS: CRISIL Reaffirms 'D' Rating on INR15MM Term Loan
Y.M.R. CONSTRUCTIONS: CRISIL Raises Rating on INR6MM Loan to B


J A P A N

TOSHIBA CORP: Bain Hoping to Settle With WD on Chip Deal


M A L A Y S I A

MULTI SPORTS: Seeks More Time to Submit 2015 Annual Report


N E W  Z E A L A N D

LONE STAR: Restaurant Closes, Liquidator Seeks New Operator


S I N G A P O R E

CHINA FISHERY: PARD Unsecureds to Recoup 25% in Proposed Plan
EPICENTRE HOLDINGS: Auditors Issue Disclaimer Opinion


                            - - - - -


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


FINDIT.ID AUSTRALIA: Clifton Hall Appointed as Liquidators
----------------------------------------------------------
The members of Findit.ID Australia Pty Ltd on Oct. 6, 2017, passed
a resolution to wind up the company's operations and appointed
Daniel Lopresti of Clifton Hall as liquidator.


FP REALISATIONS: Second Creditors' Meeting Set for Oct. 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of FP
Realisations Pty Ltd, formerly known as Fresh Poultry Pty Ltd, has
been set for Oct. 17, 2017, at 11:30 a.m., at the offices of Cor
Cordis, One Wharf Lane, Level 20, 161 Sussex Street, in Sydney,
New South Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 16, 2017, at 4:00 p.m.

Jason Tang and Alan Walker of Cor Cordis were appointed as
administrators of FP Realisations on July 10, 2017.


TOTAL GROUP: First Creditors' Meeting Set for Oct. 13
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Total Group
Pty Ltd will be held at the offices of Veritas Advisory,
Level 5, 123 Pitt Street, in Sydney, New South Wales, on Oct. 13,
2017, at 11:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Total Group on Oct. 3, 2017.



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


BIOSTAR PHARMACEUTICALS: Incurs $1.01-Mil. Net Loss in 1st Qtr
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $1.01 million on $0 of net sales for the three months
ended March 31, 2017, compared to a net loss of $620,341 on
$801,627 of net sales for the three months ended June 30, 2016.

As of March 31, 2017, Biostar had $41.49 million in total assets,
$5.31 million in total liabilities, all current, and $36.18
million in total stockholders' equity.

As of March 31, 2017, the Company had $483,900 of cash and working
capital of $1.032 million.  For the three months ended March 31,
2017, the Company incurred a net loss of $1.014 million and net
cash provided by operating activities of $321,100.  The Company
generated cash flow from operations even though it incurred a net
loss as (1) it collected outstanding receivables from its trade
debtors; and (2) its net loss includes certain non-cash expenses
that are added back to its cash flow from operations as shown on
its condensed consolidated statements of cash flows.

"We had experienced no sales volume of all Aoxing Pharmaceutical
Products due to the temporarily suspension of production to
conduct maintenance of its production lines to renew its GMP
certificates from 2015.  In addition, for the upgrade of the
production facilities, the operation of Shaanxi Weinan was
temporarily suspended since December 2016.  There is no assurance
that the production lines at Aoxing Pharmaceutical will resume and
the renewal of GMP certificates will occur when anticipated, or
even if they are renewed, we will be able to return to the
production levels as anticipated.  Our inability to regain our
production levels as anticipated may have material adverse effects
on our business, operations and financial performance, and the
Company may become insolvent.  In addition, the Company already
violated its financial covenants included in its short-term bank
loans ... However, if such events occurred, the Company could
still rely on the collection of outstanding debtors and potential
fund raising to meet its obligations.

"During 2015, as a result of outstanding personal debts of the
Chief Executive Officer, Mr. Ronghua Wang, one of the Company's
bank accounts was frozen, title of three residential properties of
the Company had been transferred and resulted in a loss of
approximately $0.5 million (RMB 3.3 million), and certain
buildings and land use rights were seized by the court but not
transferred to the lender.  The seized buildings and land use
rights have been included in property and equipment and intangible
assets respectively in the Company's Consolidated Balance Sheets
at March 31, 2017 and December 31, 2016.  In February 2016, the
court attempted to force a sale of the Company's land use rights
and buildings. As of December 31, 2016, Mr. Ronghua Wang had fully
repaid the outstanding balance of the loan, thus the creditor
petitioned the court to terminate the auction sale.  Mr. Ronghua
Wang has repaid approximately $0.5 million (RMB 3.3 million) to
the Company to make good the loss recognized in 2015. Such cash
collection is included in "other income" for year ended December
31, 2016.  The Company has disclosed the above legal proceedings
related to the Company to the best of its knowledge. Under the
current PRC legal practice, there is also no assurance that there
will be no other cases that would put the Company's properties at
risk.

"Although the Company has net current assets and net assets of
US$1,031,913 and US$36,181,932 respectively as of March 31, 2017
to meet its obligations, the factors discussed above raise
substantial doubt as to our ability to continue as a going
concern.  Based on our current plans for the next twelve months
from the issuance of the financial statements, that is through
April 2018, we anticipate that the operation of Aoxing
Pharmaceutical and Shaanxi Weinan will be resumed in the second
quarter of 2017 and the sales of their pharmaceutical products
will be the primary organic source of funds for future operating
activities in 2017.  In addition, we expect that the acquisition
and production of the new drug permit will be completed in the
second half of 2017, together with the launching of the new
product "Easy Breathing", it will bring additional revenue and
generate profits in the coming future. Currently, the Company is
able to collect outstanding accounts and other receivables to meet
its debt obligations; we may also try to procure bank borrowing,
if available, as well as capital raises through public or private
offerings of its shares and warrants.  There is no assurance that
we will find such funding on acceptable terms, if at all.  The
accompanying consolidated financial statements do not include any
adjustments that might result from these uncertainties.

"We anticipate that the new topical health product called "Easy
Breathing" will be launched for sale in 2017.  The product was
developed by the Company's research and development team over the
past 3 years.  The product is designed to have effects of
relieving stuffy nose, inhibiting nasal bacteria and viruses, and
mitigating effects on the inflammation of nasal mucosa.  It will
be manufactured, distributed and sold in China.  We expect to sell
approximately 400,000 units within the next 2 years, which is
expected to yield approximately $7.2 million (RMB 50 million) and
improve our cash flow position."

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

                      https://is.gd/I769sG

                 About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc., develops,
manufactures and markets pharmaceutical and health supplement
products for a variety of diseases and conditions.

For the year ended Dec. 31, 2016, the Company reported a net loss
of $5.69 million for the year ended Dec. 31, 2016, compared to a
net loss of $25.11 million for the year ended Dec. 31, 2015.

As of March 31, 2017, Biostar had $41.49 million in total assets,
$5.31 million in total liabilities, all current, and $36.18
million in total stockholders' equity.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulting a net loss for the year ended Dec. 31,
2016.  Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts so
that the Company cannot be sold without the Court's permission.
In addition, the Company already violated its financial covenants
included in its short-term bank loans.  These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.


SPI ENERGY: Appoints Lu Qing as Director
----------------------------------------
SPI Energy Co., Ltd. appointed Ms. Lu Qing to its Board of
Directors to replace Mr. Jeffrey Yunan Ren, who resigned as
director of the Company on May 16, 2017. In addition, Ms. Lu Qing
has also been appointed by the Board of the Company to the audit
committee, compensation committee and nominating and corporate
governance committee.

Ms. Lu Qing is currently chief operating officer of WisePublic
Asset Management Limited, where she manages daily operations, and
acts as the special consultant to Peking Certified Public
Accountants. Ms. Lu Qing has qualified experience in the finance,
accounting, tax and legal fields. She served the head of internal
audit of China Regenerative Medicine International Limited (8158
HK) from January 2013 to October 2015. Ms. Lu Qing also served as
financial controller of mainland China at Sing Tao News
Corporation Limited (1105 HK) from May 2005 to May 2008. From
February 1992 to March 2002, Ms. Lu Qing served as one of the
major business partners and vice general manager at Peking
Certified Public Accountants. Ms. Lu Qing received bachelor's
degree in economics, major in accounting from Central University
of Finance and Economics in June 1993, and a master's degree in
law from Peking University in January 2001. Ms. Lu Qing is also a
Certified Tax Agents, Certified Public Valuer, and Certified
Public Accountant in China.

                        About SPI Energy

SPI Energy Co., Ltd. -- http://investors.spisolar.com/-- is a
global provider of photovoltaic (PV) solutions for business,
residential, government and utility customers and investors. SPI
Energy focuses on the EPC/BT, storage and O2O PV market including
the development, financing, installation, operation and sale of
utility-scale and residential PV projects in China, Japan, Europe
and North America. The Company operates an online energy
e-commerce and investment platform in China, as well as B2B
e-commerce platform offering a range of PV and storage products in
Australia. The Company has its operating headquarters in
Hong Kong and maintains global operations in Asia, Europe, North
America and Australia.

SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net loss
of $5.19 million on $91.6 million of net sales for the year ended
Dec. 31, 2014. As of June 30, 2016, SPI Energy had $549.4 million
in total assets, $415.0 million in total liabilities, and $134.4
million in total stockholders' equity.

"[T]he Group has suffered significant losses from operations and
has a negative working capital as of December 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. These factors raise substantial
doubt about the Group's ability to continue as a going concern,"
the Company disclosed in its 2015 Annual Report.

"While management believes that the measures in the liquidity plan
will be adequate to satisfy its liquidity and cash flow
requirements for the twelve months ending December 31, 2016, there
is no assurance that the liquidity plan will be successfully
implemented. Failure to successfully implement the liquidity plan
will have a material adverse effect on the Group's business,
results of operations and financial position, and may materially
adversely affect its ability to continue as a going concern. The
consolidated financial statements do not include any adjustments
related to the recoverability and classification of recorded
assets or the amounts and classification of liabilities or any
other adjustments that might be necessary should the Group be
unable to continue as a going concern."


TONGJI HEALTHCARE: Incurs $163K Net Loss in First Quarter
---------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $163,189 on $338,396 of total operating revenue for
the three months ended March 31, 2017, compared to a net loss of
$125,305 on $501,666 of total operating revenue for the three
months ended March 31, 2016.

As of March 31, 2017, Tongji Healthcare had $8.32 million in total
assets, $14.70 million in total assets, $14.70 million in total
liabilities, and a total stockholders' deficit of $6.37 million.

Net cash used in operating activities primarily consists of net
loss, as adjusted by depreciation, stock option, and changes in
non-cash working capital items such as accounts receivable,
medical supplies, capital lease deposits, prepaid expense and
other current assets, accounts payables and accrued liabilities ,
and other payables.

Net cash used in operating activities was $43,698 for the three
months ended March 31, 2017, a decrease of $62,358 or 334% as
compared with the net cash provided by operating activities of
$18,660 for the same period in 2016.  The decrease in net cash
provided in operating activities was primarily due to the reduced
revenue, resulting in a $37,884 increase in net loss.

Net cash used in investing activities was $0 for the three months
ended March 31, 2017, a decrease of $50,957 or 100%, as compared
with the net cash used in investing activities of $50,957 for the
same period in 2016.  The decrease in net cash used in investing
activities was primarily due to disposal of construction in
progress in 2016, resulting reduced cash contribution in the
current period.

Net cash provided by financing activities primarily consists of
proceeds from related party loans.

Net cash provided by financing activities was $37,940 for the
three months ended March 31, 2017, a decrease of $26,399 or 41%,
as compared with the net cash provided by financing activities of
$64,339 for the same period in 2016.  The decrease was primarily
attributable to decrease in funds advanced by related parties due
to disposal of construction in progress.

The Company's working capital was negative $6,947,247 as of
March 31, 2017, as compared with negative $6,745,663 as of
Dec. 31, 2016, a decrease of $201,584, which is primarily
attributable to the increase in related party loans of
approximately $128,054, decrease in accounts receivable of
approximately $48,778 and increase in other payables of
approximately $49,533.

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

                      https://is.gd/9FztT5

                     About Tongji Healthcare

Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.

Tongji Healthcare reported a net loss of $3.64 million on $1.93
million of total operating revenue for the year ended Dec. 31,
2016, compared to a net loss of $588,600 on $2.35 million of total
operating revenue for the year ended Dec. 31, 2015.  As of June
30, 2017, the Company had $7.45 million in total assets, $14.47
million in total liabilities and a total stockholders' deficit of
$7.02 million.

Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2016, citing that the Company has
negative working capital of $6.746 million, an accumulated deficit
of $7.206 million, and shareholders' deficit of $6.163 million as
of Dec. 31, 2016.  The Company's ability to continue as a going
concern ultimately is dependent on the management's ability to
obtain equity or debt financing, attain further operating
efficiencies, and achieve profitable operations.



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


NOBLE GROUP: Explains Why Gas Sale Earned Less Than Anticipated
---------------------------------------------------------------
Bloomberg News reports that Noble Group Ltd., the commodity trader
struggling to avoid a default, has set out why it received
millions of dollars less from the sale of its North American gas
and power unit than the company had previously indicated,
responding to queries from the Singapore exchange.

The figures differed because the unit's working capital shrank,
cutting the amount that needed to be paid by Mercuria Energy Group
Ltd., Noble Group said on Oct. 9, Bloomberg relates. The
illustrative sum given earlier by Noble Group also didn't take
into account funds that were placed in escrow, it said, Bloomberg
relays.

According to Bloomberg, the Hong Kong-based trader is under
intense scrutiny from investors and regulators as it pursues a
shrink-to-survive strategy, selling off businesses to pay down
debt. As part of that, Mercuria paid Noble Group for $102 million
for the gas and power unit and deposited a further $83 million
into an escrow account. Noble Group had estimated it would be paid
$261 million for the business based on its end-of-June accounts,
and the Singapore Exchange had asked the company to reconcile the
difference between the figures.

The difference between the closing amount and the illustrative
total consideration was a result of "a decrease in North American
Gas and Power's working capital between March 31, 2017, June 30,
2017 and September 30, 2017," the company, as cited by Bloomberg,
said. In addition, the illustrative total consideration didn't
take into account the funds placed into escrow, it said.

Bloomberg says the lower sale figure is a blow for Noble as it
bids for survival more than two years into a crisis marked by
accounting criticisms, a plunge in its securities and rating
downgrades. The company had already flagged a potential US$133
million loss on the unit's disposal based on its estimated sale
price of US$261 million, compared with the book value of US$394
million at the end of June.

According to a circular to shareholders in August, US$40 million
of the total sale price would be deposited into an escrow account
when the deal completed, unless the two companies disagreed on the
valuation, Bloomberg recalls. In that case, Mercuria would deposit
a higher amount in escrow to make up for the difference.

Noble is still pressing on with the sale of its oil business,
which trades about 2.5 million barrels a day of crude and refined
products, Bloomberg notes. The list of potential buyers for the
unit has been pared down to Vitol Group and Mercuria, according to
people familiar with the matter, adds Bloomberg.

                          About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.



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I N D I A
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ACME BUILDERS: CRISIL Reaffirms B+ Rating on INR50MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Acme
Builders Private Limited (ABPL) for obtaining information through
letters and emails dated August 23, 2017 and September 8, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave this rating:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              50       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 Acme Builders Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Acme Builders Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with BB rating category.
Based on the last available information, CRISIL has reaffirmed the
rating at 'CRISIL B+/Stable'.

ABPL, incorporated in 2010, is promoted by Mr. Harsh Kohli, Mr.
Jogesh Kohli, Mr. Ashween Singh, Mr. Mohinder Paul Singh Grewal
and Mr. Sukhwant Singh. The company has two ongoing residential
projects, Acme Floors and Acme Eden Court in Mohali (SAS Nagar),
Punjab.


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

The instrument-wise rating actions are:

-- INR374.4 mil.Fund-based  limits migrated to non-cooperating
    category IND C(ISSUER NOT COOPERATING) rating; and

-- INR27.6 Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 2, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Headquartered in Kolkata, AYCL is the flagship company of the
Andrew Yule group. The government of India holds 90% equity in the
company, with the remaining held by financial institutions and
public. Its shares are listed on the Bombay Stock Exchange. AYCL
has four divisions: tea, engineering, electrical and general
division.


DBR SANJANA: CRISIL Assigns B+ Rating to INR3.5MM Term Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the long-term bank facilities of DBR Sanjana Krishna
Hospitals Private Limited (DBR). The ratings reflect a modest
scale, geographic concentration in revenue, and below-average
financial risk profile, with small networth and high gearing.
These weaknesses are partially offset by promoters' extensive
experience in the healthcare industry and established name in
Tirupati (Andhra Pradesh).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft               1.5       CRISIL A4
   Term Loan               3.5       CRISIL B+/Stable

Analytical Approach

Unsecured loans of INR1.1 crore have been treated as neither debt
nor equity because it is expected to be maintained in the company.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations:  Small scale is reflected in revenue
of INR88.7 million in fiscal 2017, despite being in operations for
over 10 years. This is on account of moderate occupancy rates of
around 60%. Revenue is expected to increase with new cancer centre
that was set up in 2017.

* Geographic concentration in revenue:  The geographical
concentration in Tirupati restricts the hospital's customer base,
and renders it vulnerable to the dynamics of a single market. The
hospital remains vulnerable to increased local competition from
presence of big regional players as well as hospitals set up by
nationwide chains in the nearby regions.

* Below-average financial risk profile:  Networth is modest at
INR2.3 crore and gearing high at 7 times as on March 31, 2017.
With repayment of bank debt and increase in operations, the
gearing is expected to improve.

Strength:

* Promoters' extensive experience in the healthcare industry and
established name in Tirupati:  DBR has been promoted by Dr D Gopi
Krishna Reddy who has extensive experience in the medical
profession. He has specialised in general surgery and surgical
gastroenterology. The company will continue to benefit from well-
established reputation of its promoters in the healthcare
industry.

Outlook: Stable

CRISIL believes DBR will maintain its business risk profile over
the medium term, supported by the extensive experience and
operational capabilities of its promoters. The outlook may be
revised to 'Positive' if revenue and profitability increase
significantly, thereby improving its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue or profitability, resulting in deterioration
in the financial risk profile, particularly liquidity.

Incorporated in 2005, DBR, promoted by Dr Gopikrishna Reddy and Dr
P Vani, operates a 100-bed super-specialty hospital in Tirupati.


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

The instrument-wise rating action is:

-- INR480 mil. Term loan due on March 2018 migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 14, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

DGHPL is a part of the Jain group, a well-established real estate
player in West Bengal, which has completed several mid-to-large-
sized residential and commercial projects and is undertaking a few
other projects under DGHPL.


DUCON TECHNOLOGIES: CRISIL Cuts Rating on INR85MM Bank Loan
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Ducon Technologies India Private Limited (Ducon) to 'CRISIL
D/CRISIL D' from 'CRISIL BB+/CRISIL A4+/Watch Negative. The
downgrade reflects overutilisation of cash-credit limit to fund
the invoked bank guarantee of 3.87 crore for more than 30 days.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee           85      CRISIL D (Downgraded from
                                    'CRISIL A4+/Watch Negative')

   Cash Credit              50      CRISIL D (Downgraded from
                                    'CRISIL BB+/Watch Negative')

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations:  Stretched receivables
over six months, due to retention money and decline in payables
has led to a lengthy working capital cycle.

* Vulnerability to fluctuations in raw material prices:
Profitability remains susceptible to volatility in raw material
prices, especially for fixed-price contracts, as projects have a
long execution period.

Strengths

* Moderate order book:  The company should be able to maintain its
business risk profile, owing to a diversified product portfolio
and healthy order book of INR300 crore.

* Moderate financial risk profile:  Networth was at INR50 crore,
while gearing was above average at 1.1 times, as on March 31,
2017. Debt protection metrics were moderate with interest coverage
of 2.4 times and net cash accrual to total debt ratio of 10-11% in
fiscal 2017.

Incorporated in March 2005 and promoted by Mr. Arun Govil, Ducon
undertakes turnkey projects for setting up industrial pollution
control and material handling systems. It is the Indian arm of the
US-based Ducon Technologies Inc, which provides technology support
to Ducon.


FUSION GRANITO: CRISIL Assigns B+ Rating to INR20MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank loan facilities of Fusion Granito Private
Limited (FGPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Term Loan               20         CRISIL B+/Stable
   Bank Guarantee           2.4       CRISIL A4
   Cash Credit              7         CRISIL B+/Stable

The ratings reflect exposure to project implementation-related
risks and to timely stabilisation and commensurate ramp-up in
sales during the initial phase of operations. The rating also
factors in expectation of an average financial risk profile
because of the debt-funded project. These rating weaknesses are
partly offset by the extensive business experience the promoters
and their funding support, and the favorable location of the plant
ensuring easy availability of raw material and labour.

Analytical Approach

For arriving at the rating, CRISIL has treated unsecured loans
extended by the promoters and their relatives as neither debt nor
equity. That's because the loans are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to timely project implementation and
stabilization:  Manufacturing of glazed vitrified tiles is
expected to commence from January 2018. Timely implementation,
stabilisation, and commensurate ramp-up in sales during the
initial phase of operations will remain critical, and hence, be
monitored closely.

* Average financial risk profile:  Financial risk profile may
remain average on account of debt funded capital expenditure;
project gearing is expected at about 1.60 times.

Strengths:

* Extensive experience of the promoters:  The promoters have been
associated with Vivanta Ceramic Pvt Ltd and Murano Tiles Pvt Ltd
for around a decade; their experience should continue to support
the business risk profile in the initial phase of operation.

* Funding support from promoters and a favourable repayment
structure:  Equity and unsecured loans from the promoters, and the
ballooning repayment structure for the long-tenure term loan will
support liquidity in the initial years of operations.

* Favorable location of the plant:  The manufacturing facility is
in the Morbi district of Gujarat, which is a tile manufacturing
hub and ensures easy availability of raw materials and labour.

Outlook: Stable

CRISIL believes FGPL will benefit from the extensive industry
experience of and funding support from the promoters, and the
favourable location of the plant. The outlook may be revised to
'Positive' if timely implementation and stabilisation of the
project leads to the anticipated revenue, profitability, and cash
accrual during the initial phase of operations. The outlook may be
revised to 'Negative' if delay in the implementation or
stabilisation of the project leads to lower revenue and cash
accrual, or a stretch in the working capital cycle weakens the
financial risk profile, especially liquidity.

Incorporated in April 2017, FGPL is promoted by  Mr. Vijay Fefar,
Mr. Bhavin Fefar,  Mr. Bharat Loriya,  Mr. Mahesh Loriya,  Mr.
Jagdish Loriya, and  Mr. Prakash Kalola. The company is
establishing a greenfield project for manufacturing of glazed
(digitally printed) vitrified tiles. Its manufacturing facility
will be in Morbi, Gujarat with an installed capacity of 60,800
tonne per annum (7000 boxes per day). Commercial operations are
expected to commence from January 2018.


GG EXPORTS: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G.G. Exports
(GGE) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is
Stable. The instrument-wise rating action is:

-- INR250 mil. Fund-based working capital facilities assigned
    with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect GGE's moderate, albeit declining, scale of
operations and elongated net working capital cycle. Revenue
registered a negative CAGR of 19.11% over FY15-FY17 due to muted
growth in the diamond industry. Revenue was INR2.7 billion in FY17
(FY16: INR3.6 billion). Net working capital cycle was 264 days in
FY17 (FY16: 131 days). The elongation of the cycle was due to a
high inventory build-up.

The ratings also reflect weak-to-moderate credit metrics. In FY17,
net leverage (Ind-Ra-adjusted net debt/operating EBITDAR) was 4.2x
(FY16: 2.5x) and gross EBITDA interest coverage (operating
EBITDA/gross interest expense) was 4.22x (2.99x). The
deterioration in net leverage was owing to a rise in debt due to
increased working capital needs, while the improvement in interest
coverage was on account of lower interest expenses due to one-time
foreign exchange gains; the majority of GGE's debt is denominated
in the US dollar. However, Ind-Ra expects interest coverage to
fall to 3.3x in FY18 on account of higher finance cost.

The ratings factor in the partnership nature of the organisation
and the moderate liquidity position of the GGE's average
utilisation of the fund-based limits was 72% for the 12 months
ended June 2017.

The ratings, however, are supported by a strong EBITDA margin of
9.15% in FY17 (FY16: 6.23%). The rise in EBITDA margin was due to
reduced rough diamond prices and significant foreign exchange
gains. However, the firm's profitability remains vulnerable to
price movements in rough diamonds and cut and polished diamonds
and foreign exchange volatility. The firm mitigates forex risk by
using a forward cover.

The ratings are also supported by the promoters' experience of
over three decades in the diamond trading and manufacturing
business that has led to long-standing relations with suppliers,
ensuring a smooth raw material supply. Moreover, the firm has
long-standing relations with its customers across various regions.

RATING SENSITIVITIES

Positive: Revenue growth while maintaining EBITDA margin and gross
EBITDA interest coverage exceeding 3.5x on a sustained basis may
lead to an upgrade.

Negative: Any further decline in revenue, along with an increase
in the net working capital cycle, leading to gross EBITDA interest
coverage reducing below 2.25x on sustained basis could lead to a
downgrade.

COMPANY PROFILE

Formed in 2010, GGE is a partnership firm wholly owned and managed
by the Zadaphia family. GGE is engaged in cut and polishing of
0.01-3.00-carat-sized diamonds. It has a manufacturing facility in
Surat, Gujarat, and a registered office in Mumbai, Maharashtra.


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

The instrument-wise rating action is:

-- INR60 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING/IND
    A4(ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GF is a partnership entity with registered office in Jaipur. The
entity manufactures and supplies garment fabrics. It is managed by
Vikram Sukhani and Kamla Sukhani.


GUPTA GLOBAL: NCLT Admits Firm for Insolvency Process
-----------------------------------------------------
The Economic Times reports that the National Company Law Tribunal,
Mumbai has admitted Nagpur-based Gupta Global Resources for
insolvency proceedings after the company itself filed a petition
citing its loan default for INR342 crore.

"The Bench is of the view that the corporate debtor has committed
default . . . Hence this bench hereby admits this petition,
declaring moratorium with consequential directions," said BSV
Prakash Kumar and V Nallasenapathy, member judges in their order,
ET relays.

Gupta Global actually raised INR402 crore loans from various
financial institutions. A majority of it went burst as the
borrower failed to repay, ET says.

Some of its financial creditors include the State Bank of India,
Axis Bank, L&T Fincorp, Srei Equipment Finance, IDBI Bank, the
report discloses.

According to the report, the court has appointed Atul Rajwadkar as
an interim resolution professional, who will try drawing a
resolution plan for first 30 days.

On July 15 this year, the board of directors of Gupta Global
permitted Piyush Marodia, director of the company to file the
necessary application under Insolvency and Bankruptcy Code, the
report notes.

Gupta Global Resources Pvt. Ltd. processes, sizes, and washes
coal. The company was founded in 2001 and is headquartered in
Nagpur, India. Gupta Global Resources Pvt. Ltd. operates as a
subsidiary of Gupta Group.


HMR STEELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed HMR Steels
Private Limited's (HMR) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR220 mil.  (increased from INR190 mil.) Fund-based limit
    affirmed with IND B+/Stable rating; and

-- INR30 mil. Non-fund-based Limit withdrawn (paid in full) with
    WD rating.

KEY RATING DRIVERS

The affirmation reflects HMR's continued moderate scale of
operations and lower profitability due to high competition in its
trading business. This along with high interest cost leads to weak
credit metrics. According to the FY17 provisional numbers, revenue
was INR1,612 million (FY16: INR1,408 million), EBITDA interest
coverage was 1.21x (1.3x), net financial leverage (net
debt/operating EBITDA) was 6.7x (6.7x). The slight deterioration
in the interest coverage was due to a slight fall in the
profitability.

Moreover, the company's liquidity remains tight because of the
working capital intensive nature of business, as reflected by its
overutilisation of the fund-based limits in the 12 months ended
August 2017, which was regularised within five days.

The ratings, however, continue to be supported by HMR's founder's
experience of more than two decades in the steel trading business
and the established customer base of the company, which includes
Jindal Steel & Power Limited.

RATING SENSITIVITIES

Positive: A positive rating action could result from a substantial
improvement in the EBITDA interest coverage along with the
liquidity position of the company.

Negative: A negative rating action could result from further
deterioration in the EBITDA interest coverage.

COMPANY PROFILE

HMR was incorporated as Mr. Steels, a proprietorship concern in
1992. It was converted into a private limited company in 2008. The
company is engaged in the trading of mild steel plates and heavy
plates.


J.K. INTERNATIONAL: CRISIL Reaffirms 'B' Rating on INR5.95MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of J.K. International (JKI) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            5.95       CRISIL B/Stable (Reaffirmed)
   Cash Term Loan         4.55       CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan      .50       CRISIL B/Stable (Reaffirmed)

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

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

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

Key Rating Drivers & Detailed Description

Weakness

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

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

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

Strength

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

Outlook: Stable

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

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


JAI HARI: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jai Hari
Industries Private Limited's (JHIPL) 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 actions are:

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

-- INR27.5 mil. Long-term loan migrated to non-cooperating
    category with IND B(ISSUER NOT COOPERATING) rating; and

-- INR20 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JHIPL started operations in 2012. The company manufactures
building materials such as thermo-mechanically treated bars, M.S.
angles, M.S. channels, M.S. flats, M.S. round and other ancillary
products required in the construction industry. Harish D
Chandarana is the Director of JHIPL. The company operates with an
annual production capacity of 12,000MT, with its registered office
in Borivali, Mumbai.


LION FOODS: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Lion Foods
Private Limited (LFPL; part of Lion group) for obtaining
information through letters and emails dated August 18, 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
   ----------          ---------     -------
   Packing Credit           10       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lion Foods Private Limited.
This restricts CRISIL's ability to take a forward Lion Foods
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
B+/Stable/CRISIL A4'.

For arriving at the ratings of LFPL, CRISIL has combined the
business and financial risk profiles of LFPL and its group
company, Gir Agrotech (GA). This is because the two companies,
together referred to as the Lion group, have significant
operational and financial linkages.

Established in 2008, LFPL processes and exports mango pulp. The
company is promoted by Mr. Hardas Maru and Mr. Joshi.


MALWA AUTOMOBILES: CRISIL Assigns B+ Rating to INR13.07MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Malwa Automobiles Private Limited
(MAPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit            13.07       CRISIL B+/Stable

The rating reflects weak financial risk profile, with high total
outside liabilities to adjusted net worth (TOLANW) ratio and small
net worth and weak liquidity as evident from high bank limit
utilisation. These weaknesses are partially offset by promoters'
extensive experience and diversified revenue base.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Financial risk profile is
constrained by high TOLANW ratio which stood at 5.24 times and
modest net worth of INR5 crore as on March 31, 2017. However, the
TOLANW ratio has declined over the years due to reducing debt
obligations and is expected to decline further in the absence of
any debt-funded capital expenditure.

* High bank limit utilisation: Bank lines are highly utilised at
95-98% levels. However, given no major debt obligations, cash
accrual and non-operating income, in the form of rental income,
should provide liquidity cushion over the medium term.

Strengths:

* Promoters' industry experience:  Mr. Chander Mohan Sharma,  Mr.
Bal Krishan Sharma, and Ms Kamlesh Sharma have been associated
with the business since its incorporation. Their experience of
around two decades has helped build strong relations with
suppliers and customers, and should help improve the business risk
profile over the medium term.

* Diversified revenue base: Revenue is distributed among showroom
business, petrol pump, and workshop. However, the major driver of
revenue is petrol pump, contributing over half the entire revenue,
with workshop business being the least contributor, contributing
only 3-5% of the total revenue. Diversified revenue base reduces
dependence on one business line.

Outlook: Stable

CRISIL believes MAPL will continue to benefit over the medium term
from its promoters' extensive experience. The outlook maybe
revised to 'Positive' in the event of a substantial improvement in
financial risk profile, driven by higher-than-expected revenue
growth, leading to high cash accrual, along with efficient working
capital management. Conversely, the outlook maybe revised to
'Negative' in case of lower-than-expected cash accrual or larger-
than-expected working capital requirement or large, debt funded
capital expenditure putting further pressure on liquidity.

Established in 1997, MAPL is engaged in multiple businesses,
including TATA passenger vehicles dealership, TATA workshop, and
petrol pump business. The firm is based in Delhi and operates
under its own name for the vehicle and workshop business, while
for the petrol pump business it operates a petrol pump under the
brand of Hindustan Petrol Pump Corporation Ltd (HPCL).


MANRAASH PROCESSORS: CRISIL Reaffirms 'D' Rating on INR5.61M Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Manraash Processors (Manraash) at 'CRISIL D/CRISIL D'. The
ratings reflect the firm's continued delays in debt servicing,
owing to stretched liquidity and delay in stabilization of
operations.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .05       CRISIL D (Reaffirmed)

   Cash Credit           2.00       CRISIL D (Reaffirmed)

   Long Term Loan        5.61       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    2.00       CRISIL D (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing:  Liquidity remains weak on account of
inadequate cash accrual vis-a-vis maturing term debt repayment
obligations. Consequently there are delays in servicing debt
obligations.

* Delay in stabilization of the operations:  Operations are yet to
stabilize; the revenues were estimated at INR2.9 crore in fiscal
2017 vis-a-vis INR2.65 crore in previous year. The ramp up in
sales remain critical.

* Weak financial risk profile:  A small networth and high gearing
leads to weak financial risk profile.

Strengths

* Extensive experience of the promoters:  The promoters have
experience of more than two decades in the textile industry.

Manraash, set up in 2012, is a partnership firm based at Jetpur,
Gujarat. The partners, Mr. Ghanshyam Harshad Jogi, Mr. Rajesh
Bhadrakant Garach, and Mr. Manilal Hiralal Modha, have experience
of over two decades in textile processing, dyeing and printing.
Production began in October 2015.


MARUTI NANDAN: CRISIL Reaffirms B Rating on INR7.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Maruti Nandan Oils Private Limited (MOPL) at 'CRISIL
B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.4       CRISIL B/Stable (Reaffirmed)

   Warehouse Financing    10.1       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's weak financial risk
profile because of average debt protection metrics, and modest
scale of operations in the highly fragmented oil industry. These
weaknesses are partially offset by the extensive experience of its
promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Volatile operating profitability:  Operating margin has
fluctuated in the 2.2-4.3% range in the three years through fiscal
2017 because of high fluctuation in price of raw materials. Margin
is expected to remain modest over the medium term due to low value
addition and intense competition in the edible oil industry.

* Modest financial risk profile:  Low operating margin led to weak
debt protection metrics, with interest coverage and net cash
accrual to adjusted debt ratios of 1.12 times and 0.03 time,
respectively, for fiscal 2017. Metrics are likely to remain muted
over the medium term. Though total outside liabilities to adjusted
networth ratio was above average at 1.1 times as on March 31,
2017, although same is expected to increase  to 1.8 to 2.0 times
because in fiscal 17 same is low  due to non-utilization of
warehousing limit in last quarter in fiscal 17.

* Stretched liquidity:  Weak liquidity is reflected in average
bank limit utilisation of 97% over the 12 months ended July 2017.
However, absence of any term debt obligation, and unsecured loans
from promoters partially support liquidity.

Strengths

* Experience of promoters:  Presence of over 10 years in the rice
bran industry has enabled the promoters to establish strong
relationship with suppliers and customers.

Outlook: Stable

CRISIL believes MOPL's business risk profile will remain
constrained over the medium term by its working capital intensive
operations. The outlook may be revised to 'Positive' if
improvement in scale of operations or operating profitability
leads to a better financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of increase in working capital requirement or any debt-
funded capital expenditure.

Incorporated in 2008 in Mansa, Punjab, and promoted by  Mr. Sunny
Kumar and  Mr. Parminder Kumar, MOPL extracts rice bran oil at its
facility that has installed capacity of 400 million tonne per day.


MODERN STAGE: CRISIL Reaffirms B+ Rating on INR8MM Term Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Modern
Stage Services Private Limited (MSSPL) for obtaining information
through letters and emails dated July 31, 2017 and September 25,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                8        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

MSSPL, incorporated in 2006, rents out stage lights, and video and
audio systems for stage shows, live concerts, festivals and other
events across India. The company is managed by Mr. Varinder Kumar
Wadhwa and Mr. Davinder Kumar Wadhwa, and is based in New Delhi.


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

-- INR400 mil. Fund-based facilities migrated to non-cooperating
    category IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

MSFIPL was incorporated in 2003 as a partnership firm which was
converted into a private limited company in 2010. It is engaged in
the manufacturing of fish meal, fish oil and fish soluble paste.
The company's manufacturing unit is located in Mangalore,
Karnataka with a capacity to process 167 metric tonnes of raw fish
per day. The unit has ISO9001:2008, ISO22000:2005, HACCP, GMP+,
AQSIQ and EU certifications.


NARSIMHA IRON: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Narsimha Iron and
Steel Private Ltd. (NISPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit assigned with IND
    BB-/Stable rating; and

-- INR75 mil. Long-term loan due on March 2024 assigned with IND
    BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect NISPL's limited operational track record as it
commenced its commercial operations in April 2015. The company has
a moderate scale of operations and credit  profile. According to
the FY17 provisional financials, revenue was INR333 million (FY16:
INR211 million), EBITDA margin was 6.2% (1.3%), interest coverage
(operating EBITDAR/gross interest expense) was 2.5x (0.3x) and net
leverage (adjusted net debt/operating EBITDAR) was 6.3x (51.5x).

The ratings, however, are supported by NISPL's comfortable
liquidity position, as indicated by its around 95.97% average
utilisation of the working capital limits during the 12 months
ended July 2017.

RATING SENSITIVITIES

Negative: A decline in the overall credit profile will be negative
for the ratings.

Positive: A substantial improvement in the revenue along with an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2008, NISPL manufactures sponge iron at a
30,000MTPA unit in Jharkhand.


RAJESH STEEL: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Rajesh Steel &
Wire Industries (RSWI) 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 Long term 'IND BB(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+ (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RSWI was founded by Rajesh N. Agarwal as a partnership firm in
1990. The firm is involved in distribution and trading of thermo-
mechanically treated bars, angles and steel bars. The firm also
trades sponge iron and steel.


RELIANCE COMMUNICATIONS: NCLT to Hear Ericsson Bid on Nov. 9
------------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) will hear on November 9 the case on whether Ericsson's
insolvency petition against Reliance Communications (Rcom) should
be accepted.

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

Negotiations between the two to reach an out of court settlement
failed so far as well, the report relates.

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

In its application to court, Ericsson had filed an email exchange
from January 2017 in which Rcom apologizes for a delay in
December's dues of INR350 crore, which it hoped to pay off as the
telco sold off its telecom towers to Brookfield, ET relates. In
the email presented in court, RCom blamed the delay of deal
closure on demonetization. In November 2016, the Indian government
had rendered 86% of the currency in circulation worthless, a move
that kept banks extremely busy.

In May, Ericsson sent another mail to RCom, seeking information
about the planned merger scheme to be presented to court and
repayments, the report recalls.

Ericsson counsel had earlier told ET that RCom had on June 29 said
they will pay INR125 crore by July 31 and subsequently pay INR60
crore in a week. None of that happened.

According to ET, RCom this week has said that it will reevaluate
its Brookfield deal as well now that Aircel is off the table.

Both these deals were expected to reduce the debt of the telco by
60%, the report notes. The Ambani firm has chalked out an
alternate plan involving sale of tower, fibre, spectrum, and real
estate assets, which could generate over INR25,000 crore that
could be used to repay lenders. It's total debt is about INR46700
crore.

ET says the company is going through a strategic debt
restructuring (SDR) and has a standstill with its lenders.
Depending on the progress of the deleveraging plans, the
consortium of lenders, led by the State Bank of India, will take a
decision in December this year on whether to convert their debt to
equity and take over the management of the company, or let RCom
manage it till December 2018, which is when RCom needs to start
meeting its repayment obligations.

RCom has said it is in discussion with its lenders about the
alternative debt reduction plans. The company hasn't given any
timelines for the sale of assets, ET notes.

                  About Reliance Communications

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

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

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

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

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


SAHIL SPINTEX: Ind-Ra Migrates D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sahil Spintex
Limited's (SASPL) 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:

-- INR330 mil. Term loan (long-term) migrated to non-cooperating
    category with IND D(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in August 2012, SASPL manufactures cotton yarn.


SAMUDRA SHIPYARD: CRISIL Assigns B+ Rating to INR2.5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Samudra Shipyard Private Limited
(SSPL).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Bank Guarantee         4.0         CRISIL A4
   Cash Credit            2.5         CRISIL B+/Stable

The rating reflect the promoters' extensive experience in the ship
building industry. These rating strengths have been partially
offset by modest scale of operations & product mix and below
average financial risk profile.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans of
INR2 lakhs (as on March 31, 2017) extended to SSPL by its partners
as neither debt nor equity as the loans are expected to be
retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile:  The company has below-
average financial risk profile marked by low gearing of 0.75 time
and modest net worth of INR2.5 cr. as on March 31, 2017. SSPL has
weak debt protection metrics with net cash accrual to Total debt
(NCATD) and interest coverage ratios of over 0.21 and 0.55 times,
respectively, for 2016-17. CRISIL believes the financial risk
profile may remain below-average over the medium term constrained
by low net worth and weak debt protection metrics.

* Modest scale of operations & product mix:  SSPL has been in
business for around three decades, but the scale of operations
still remains modest with net sales at INR5.17 cr. in fiscal 2017.
The company has around 16 different products in its portfolio with
varying operating margin. The operating margins have been
fluctuating in the past four years due to the product mix. CRISIL
believes that SSPL will remain exposed to modest scale of
operations & product mix over the medium term.

Strength

* Extensive experience of the promoters:  SSPL was initially
established in the year 2003 as a private limited company. SSPL is
promoted by the Mr. Jeevan, Mr. Harish and Mr. Arun who have an
extensive experience of more than 30 years in the ship building
industry. Over the years they have established healthy relation
with government entities and various other private company's which
enable it to get healthy orders from them. CRISIL believes that
the company would benefit over the medium term from the extensive
experience of its promoters.

Outlook: Stable

CRISIL believes that SSPL's business risk profile will benefit
from the extensive experience of the promoters and its established
relation with the customers. The outlook may be revised to
'Positive' in case of more-than-expected revenue and profitability
leading to higher cash accruals thereby improving the liquidity
profile. The outlook may be revised to 'Negative' in case of lower
than expected cash accruals or any significant stretch in its
debtors leads to weakening of its liquidity profile or debt funded
capex plans leads to deterioration in its financial risk profile.

SSPL designs, manufactures, supplies and services composite boats
up to 34 m (111 feet) length for Travel, Tourism, Defence and
Fishing. SSPL also manufacture Water Sport Equipment's, Marker
Buoys and other marine related products.

For fiscal 2017, SSPL's profit after tax (PAT) was INR0.27 crore
on net sales of INR5.17 crore, against a PAT of INR0.27 crore on
net sales of INR7.23 crore for fiscal 2016.


SHIV TOOLS: CRISIL Lowers Rating on INR11MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
loan facilities of Shiv Tools Engineering Private Limited (STEPL)
to 'CRISIL D' from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Long Term Loan           1        CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The downgrade reflects the company's delay in servicing its term
loan due to stretched liquidity.

Key Rating Drivers & Detailed Description

* Delays in debt servicing:  The company delayed in meeting its
term loan obligation in the timely manner.

Weakness

* Small scale of operations:  Despite being in business for over
20 years, STEPL's scale of operations remains small, indicated by
sales of INR24.92 crore in fiscal 2017. STEPL procures raw
material from large suppliers such as Bhushan Steel Ltd, Bhushan
Steel and Power Ltd, Apoorv Industrial Corporation (direct dealer
of Tata Steel Ltd), and Sanjeev Industrial Corporation (dealer for
TSL), against which it has limited bargaining power. Also, the
company is susceptible to changes in the credit policies of
suppliers. Its scale will remain modest over the medium term.

Strength

* Extensive experience of promoters:  Presence of more than two
decades has enabled the promoter family to understand local market
dynamics and establish strong relationship with suppliers and
customers. Also, ability to produce complex and customised
products has led to repeat orders.

STEPL was set up in 1996 as a proprietorship firm by Mr. Bhikkan
Singh and was reconstituted as a private limited company in 2004.
The company is managed by Mr. Singh, his wife, and their two sons.
STEPL initially manufactured dyes, paints, and tools for
automobiles and tractors. It has now diversified into
manufacturing external body parts for automobiles and tractors.
Its registered office is in Faridabad (Haryana).


SHRI NAVALAI: CRISIL Assigns 'B' Rating to INR5.65MM Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Shri Navalai Enterprises (SNE, part
of Navalai group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             .35       CRISIL B/Stable
   Proposed Fund-Based
   Bank Limits            5.65       CRISIL B/Stable


The rating reflects modest scale of operations in an intensely
competitive industry and below-average financial risk profile due
to low networth and accrual. These weaknesses are partially offset
by the extensive experience of the partners and diversified
product profile.

Analytical Approach

For arriving at the ratings, CRISIL has consolidated the business
and financial risk profiles of SNE and Shri Laxmi Enterprises
(SLE), together referred to as the Navalai Group, as these are
under common management and are in similar line of business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations:  The Navalai group commenced
business in fiscal 2015. Scale of operations is modest with a
turnover of INR3 crore in fiscal 2017. The building material
industry is fragmented with a large number of unorganised players
catering only to local demand, primarily to save on large
transportation costs, as price is the main differentiating factor.
Scale of operations is expected to increase over the medium term
once the group starts its ready-mix-concrete (RMC) business.

* Below-average financial risk profile:  Financial risk profile is
constrained by modest networth of INR42 lakh as on March 31, 2017.
Further, net cash accrual was low at INR17 lakh in fiscal 2017.
Networth is expected to remain modest over the medium term due to
low accretion to reserve. Further, the expected debt-funded capex
of INR3.5 crore for setting up of RMC plant will lead to higher
debt and gearing over the medium term.

Strengths

* Extensive experience of the partners and diversified product
basket:  The promoters have an experience of around 10 years in
the construction and building material industry, which has helped
establish strong relationships with customers and suppliers. The
group presently trades building materials like sand, stones and
aggregates and proposes to venture into manufacturing of RMC. This
diversification of product profile will also support business.

Outlook: Stable

CRISIL believes that Navalai group will benefit over the medium
term from the experience of its partners. The outlook may be
revised to 'Positive' if increase in scale of operations leads to
higher than expected cash accrual or capital infusion of fresh
capital improves the capital structure. The outlook may be revised
to 'Negative' if decline in profitability or revenue result in low
cash accrual and weaken financial risk profile, particularly
liquidity.

Navalai group, based at Ratnagiri (Maharashtra), is a trader of
building materials such as sand, aggregates (khadi) and stone. SNE
and SLE, setup in 2014, is promoted by Mr. Jitendra Sawant and Mr.
Rajendra Sawant.


SHRI SANGAM: CRISIL Reaffirms 'B' Rating on INR86MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri Sangam
Sahakari Sakkare Karkhane Niyamit Hidkal-Dam (Shri Sangam) for
obtaining information through letters and emails dated
August 30, 2017 and September 8, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      86       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shri Sangam Sahakari Sakkare
Karkhane Niyamit Hidkal-Dam. This restricts CRISIL's ability to
take a forward Shri Sangam Sahakari Sakkare Karkhane Niyamit
Hidkal-Dam is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

Shri Sangam was established as a co-operative society by the cane
producers in Belgaum in 1991. The chairman of the society is Mr.
Rajendra Patil.


SHRI SHYAM: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Shyam Global
Private Limited (SSGPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating action is:

-- INR60 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SSGPL's small scale of operations, tight
liquidity position, and a long working capital cycle. According to
the provisional FY17 financials, revenue was INR83 million (FY16:
INR115 million), net cash conversion cycle was 69 days (84 days),
and the company's average fund-based limit utilisation was 99.42%
during the six months ended August 2017. Revenue declined in FY17
on account of low sales volume of rice and kanki due to drought in
Chattisgarh.

The ratings, however, are supported by SSGPL's strong credit
metrics as reflected by its gross interest coverage (operating
EBITDA/gross interest expense) of 2.5x in FY17 (FY16: 1.9x) and
net financial leverage (total adjusted net debt/operating EBITDAR)
of 0.9x (3.2x). Also, SSGPL's founders have two-decade-long
experience in rice milling.

RATING SENSITIVITIES

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

Negative: Deterioration in the credit metrics will be negative for
the ratings.

COMPANY PROFILE

Incorporated in 2004, SSGPL has a 24,000MTPA rice mill since 2007
in Banari, Chhattisgarh. It sells rice, rice ban and other
products in Madhya Pradesh, Bihar, Jharkhand, and Maharashtra
through dealers and distributors. SSGPL procures paddy from the
local market. The company also does custom milling for state
governments. The company is promoted by Shri Liladhar Agrawal and
Shri Ramesh Agrawal.


SHYAM STEELS: CRISIL Reaffirms D Rating on INR3.45MM Loan
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Shyam
Steels Private Limited (SSPL) for obtaining information through
letters and emails dated August 21, 2017 and September 08, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.8       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        3.45      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               2.00      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 Shyam Steels Private Limited.
This restricts CRISIL's ability to take a forward Shyam Steels
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL D'.

Set up as a partnership firm named Shyam Steels in 1984 and
reconstituted as a private limited company with the current name
in 1987, SSPL fabricates and sells temporary power supply
solutions for industrial use. The company is based in Bhavnagar
(Gujarat) and promoted by Mr. Shyam Bhushan Khillan and Ms. Shashi
Shyambhushan Khillan.


STANDARD CARTONS: Ind-Ra Assigns 'BB-' Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Standard Cartons
Private Limited (SCPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR2.69 mil Term loan-I due on January 2021 assigned with IND
    BB-/Stable rating;

-- INR7.26 mil. Term loan-II due on March 2021 assigned with IND
    BB-/Stable rating;

-- INR13.45 mil. Term loan-III due on March 2021 assigned with
    IND BB-/Stable rating;

-- INR17.50 mil. Proposed term loan* assigned with Provisional
    IND BB-/Stable rating;

-- INR40 mil. Fund-based limit assigned with IND BB-/Stable/IND
    A4+ rating; and

-- INR10 mil. Proposed fund-based limit* assigned with
    Provisional IND BB-/Stable/Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect SCPL's small scale of operations and moderate-
to-weak credit metrics. In FY17, revenue was INR176.74 million
(FY16: INR169.58 million) net leverage (total adjusted net
debt/operating EBITDA) was 4.21x (5.72x) and gross interest
coverage (operating EBITDA/gross interest expense) was 1.85x
(1.75x). The improvement in credit metrics was due to the
repayment of debt and an improvement in operating profit.

The ratings also reflect an elongated net working capital cycle,
which stood at 168 days in FY17 (FY16: 145 days), and a tight
liquidity position, indicated by about 93% average utilisation of
its fund-based limits for the 12 months ended August 2017.

The ratings, however, are supported by a healthy EBITDA margin of
15.23% in FY17 (FY16: 14.05%) and the promoter's experience of
over two decades in the packaging industry. The rise in EBITDA
margin was driven by reduced raw material costs on account of
lower wastage due to the installation of new machinery.

RATING SENSITIVITIES

Negative: A substantial decline in operating profitability and/or
further elongation of the net working capital cycle leading to
deterioration in credit metrics could lead to a negative rating
action.

Positive: A substantial increase in revenue, along with an
improvement in the net working capital cycle, leading to an
improvement in credit metrics could lead to a positive rating
action.

COMPANY PROFILE

Incorporated in 2000, Delhi-based SCPL manufactures corrugated
cartons and mono cartons for packaging purposes. It has
manufacturing plants in Okhla, Delhi, and Gurugram.

SCPL procures raw materials (paper and starch) domestically and
sells customised packaging cartons to companies from the
automobile, consumer durable and pharmaceutical industries.


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

The instrument-wise rating actions are:

-- INR2.5 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
August 19, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Suhag Gems and Jewels (India) is a private limited company, which
was incorporated in December 2011 and has a retail outlet in
Bhatinda, Punjab. The company is engaged in the retail sale of
gold jewellery, silver ornaments and diamonds.


TCJ IMPEX: CRISIL Assigns 'B' Rating to INR7.5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of TCJ Impex Private Limited (TCJ).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              7.5       CRISIL B/Stable

The rating reflects low operating profitability on account of
trading nature of operations and average financial risk profile.
These weaknesses are partially offset by promoters' extensive
experience in the gold industry and robust scale of operations.

Analytical Approach

Unsecured loan of INR5.77 crore as on March 31, 2017, from
promoters have been treated as neither debt nor equity as they are
expected to remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Low operating profitability on account of trading nature of
operations:  Operating margin is low at 0.2% due to the trading
nature of business. Furthermore, gold bullion trading is a
regulated business, and hence, the business of bullion traders
such as TCJ is susceptible to changes in government regulations.

* Average financial risk profile:  TCJ has a comfortable capital
structure, with gearing of 0.94 time as on March 31, 2017.
However, low operating margin and high interest cost have resulted
in modest interest coverage, at 1.22 times for fiscal 2017.

Strengths

* Promoters' extensive experience in the gold industry:  The
promoters' experience of over three decades in the business of
bullion trading and gold jewellery wholesaling should continue to
support the business risk profile.

* Robust scale of operations:  Scale is large as reflected in
revenue of INR514.16 crore in fiscal 2017. Established
relationships with customers spread across Delhi NCR and Punjab
regions have supported healthy scale of operations.

Outlook: Stable

CRISIL believes TCJ will benefit from the promoters' extensive
experience. The outlook may be revised to 'Positive' if
significant and sustained improvement in revenue and operating
margin strengthens capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected revenue growth and margins, or deterioration in
working capital cycle or any large, debt-funded capital
expenditure leads to deterioration in financial risk profile.

TCJ, based in New Delhi, was established in 2011 to take over the
proprietorship firm Tara Chand Jalan (set up in 1982). The
company, promoted by  Mr. Tara Chand Jalan and  Mr. Vivek Jalan,
is in the business of bullion trading and gold jewellery
wholesaling.

Net profit is estimated at INR0.16 crore on net sales of INR514.16
crore for fiscal 2017, against INR0.08 crore and INR236.87 crore,
respectively, for fiscal 2016.


V S N ESTATES: CRISIL Assigns 'B' Rating to INR12MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of V S N Estates (VSN).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Term Loan      12         CRISIL B/Stable

The rating reflects exposure to risks associated with, and timely
implementation and subsequent sales from, the firm's ongoing
project in Vijayawada, Andhra Pradesh. These weaknesses are
partially offset by the extensive experience of its proprietor in
the real estate industry and his funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Project implementation and funding-related risks:  The firm's
mall project is in early stage of construction, with up to 20% of
the project constructed by September 15, 2017. Moreover, the
project is to be funded through loan of INR10 crores, which is yet
to be sanctioned. Hence, any delay in completion of project will
lead to delay in cash inflow.

* High sales risk:  The firm is yet to enter into lease agreements
with tenants. Timely signing of lease agreements will remain a key
rating sensitivity factor.

Strength

* Extensive experience of proprietor and his funding support:  The
proprietor has over 20 years of experience in real estate
development and has completed several projects in Vijayawada,
leading to established presence and brand.

Outlook: Stable

CRISIL believes VSN will benefit over the medium term from its
proprietor's extensive experience. The outlook may be revised to
'Positive' if timely completion of project and better-than-
expected customer response lead to higher cash flow generation.
The outlook may be revised to 'Negative' if time or cost overrun
in project implementation or lower-than-expected occupancy affects
debt-servicing ability.

Set up in August 2017 as a proprietorship concern by Mr. Vallure
Sivanath, VSN develops real estate in Vijayawada, where it is
currently setting up a mall with 15 shops.


VASHU YARN: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vashu Yarn Mills
India P. Ltd's (VYMIPL) 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 BB-(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR66.5 mil. Long-term loan migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR24 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 8, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SPTEX was founded by J R Bhubaneshwari and K Vasuki in 2011. The
firm is engaged in the trading of yarn and fabrics.


VEDANT TRADE: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vedant Trade
Impex Private Limited's (VTIPL) Long-Term Issuer Rating of 'IND
B+'. The Outlook was Stable. The instrument-wise rating action is:

-- INR150 mil. Proposed fund-based limits withdrawn with WD
    rating.

KEY RATING DRIVERS

The provisional rating has been withdrawn as the company did not
proceed with the instrument as envisaged. Consequently, the agency
has withdrawn the Long-Term Issuer Rating. Ind-Ra will no longer
provide ratings and analytical coverage for the company.

COMPANY PROFILE

VTIPL was established in 2010. It exports apparel and shoes to
Africa, Gulf and the Middle East, and Sri Lanka, among other
countries.


VIDHATA EDUCATIONAL: CRISIL Reaffirms B Rating on INR19MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vidhata
Educational and Welfare Trust (VEWT) 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 this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                19       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 Vidhata Educational and Welfare
Trust. This restricts CRISIL's ability to take a forward Vidhata
Educational and Welfare Trust is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL B/Stable'.

VEWT is a charitable society formed in June 2010 by Mr. Pradeep
Kumar and his family. It is setting up a school, Pragaya
International School, in Panipat, which will offer education from
Pre-nursery to Class XII. The school will have infrastructure such
as library, auditorium, swimming pool, and cafeteria.

The school is expected to start its operations from FY 2016-17.


VIKAS BUILDERS: CRISIL Reaffirms 'D' Rating on INR15MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vikas
Builders (VB) for obtaining information through letters and emails
dated August 30, 2017, and September 8, 2017, among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               15        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 Vikas Builders. This restricts
CRISIL's ability to take a forward-looking view on the credit
quality of the entity. CRISIL believes that the information
available for Vikas Builders is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower. Based on the
last available information, CRISIL has reaffirmed the rating at
'CRISIL D'.

VB, set up by Mr. Harakchand Jain in 2013 as a proprietorship
concern, is executing a residential redevelopment project at
Kalyan in Thane, Maharashtra.


Y.M.R. CONSTRUCTIONS: CRISIL Raises Rating on INR6MM Loan to B
--------------------------------------------------------------
CRISIL Ratings has upgraded the rating on the long term bank
facilities of Y.M.R. Constructions (YMR) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'; the short term rating have been reaffirmed at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         10.5       CRISIL A4 (Reaffirmed)

   Overdraft               4.25      CRISIL A4 (Reaffirmed)

   Proposed Bank
   Guarantee               6         CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Overdraft
   Facility                1.25      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects CRISIL's belief that YMR's credit risk
profile would improve over the medium term aided by larger cash
accruals vis-a-vis repayment obligations. The company has an order
book of INR123 crores which aids medium term revenue visibility.
Larger revenues would result in higher cash accruals. The firm is
expected to generate cash accruals of INR3.6 crores to INR4.1
crores per annum against maturing debt of INR2.4 crores to INR2.6
crores per annum over the medium term.

The rating reflects YMR's modest scale of operations in intensely
competitive construction industry, its large working capital
requirements and high revenue concentration risks. These rating
weaknesses are partially offset by the promoter's extensive
industry experience and its moderate financial risk profile.

Analytical Approach

Unsecured loans are treated as neither debt nor equity as they
have remained in business for more than three years, are
subordinated to bank debt and are non-interest bearing.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in intensely competitive construction
industry:  The firm registered revenue at INR48.1 crore in 2016-
17. The modest scale of operations limits the bargaining power of
the firm with its customers and suppliers.

* Large working capital requirements:  YMR's business is working
capital intensive, as reflected in gross current asset (GCA) days
of 120 days as on March 31, 2017; the GCA days have been at higher
levels in the past. The high GCA days emanates from the firm's
inventory levels of 15 days and receivables cycle of 77 days as on
the same date.

* High revenue concentration:  The firm undertakes most of its
projects in Telangana, limiting its scale of operations to new
projects in this region only. Any events such as slowdown in the
infrastructure spending in this region or operational delays may
affect the flow of orders for the firm and thus impact its revenue
growth.

Strengths

* Promoter's extensive experience in construction industry:  YMR's
promoter, Mr. Mohan Reddy has around 18 years of experience in the
industry aiding the firm in winning and executing the orders over
the years.

* Moderate financial risk profile:  Gearing stood at 1.4 times as
on March 31, 2017 and NCATD and interest coverage stood at 0.33
times and 3.44 times for 2016-17.

Outlook: Stable

CRISIL believes YMR will continue to benefit over the medium term
from its proprietor's extensive industry experience. The outlook
may be revised to 'Positive' in case of substantial and sustained
increase in revenue and profitability, or continued improvement in
working capital management. Conversely, the outlook may be revised
to 'Negative' in case of decline in profitability, or significant
deterioration in capital structure because of stretch in working
capital cycle or larger-than-expected debt-funded capital
expenditure.

YMR, established in 1999 by Mr. Mohan Reddy, YMR undertakes
construction and maintenance of roads, and caters to state
government bodies such as the Roads and Buildings department and
Panchayat Raj Engineering Department. The firm is based in
Hyderabad.



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


TOSHIBA CORP: Bain Hoping to Settle With WD on Chip Deal
--------------------------------------------------------
Japan Today reports that the investment fund heading the
consortium that plans to buy Toshiba Corp's memory chip business
said on Oct. 6 it will try to reach a speedy settlement with
Western Digital, the U.S. joint venture partner of Toshiba that is
opposing the sale.

Yuji Sugimoto, the Japan head of Bain Capital, said the
JPY2 trillion (US$18 billion) deal Toshiba agreed to last month
with a consortium led by Bain will go ahead despite Western
Digital's efforts to stop it through litigation, Japan Today
relates.

He told reporters at a Tokyo hotel that Western Digital remains an
important partner, and a speedy resolution will benefit both
sides. He declined to elaborate, saying litigation was ongoing,
the report notes.

"Even partners may develop differences," Japan Today quotes
Mr. Sugimoto as saying.

The consortium aims to list the NAND flash-memory SanDisk joint
venture business on the Tokyo Stock Exchange within several years,
Mr. Sugimoto, Japan Today relays.

Tokyo-based Toshiba, suffering massive losses over its nuclear
business, sorely needs the sale to survive, says Japan Today. Its
U.S. nuclear operations at Westinghouse Electric Co filed for
bankruptcy earlier this year.

According to Japan Today, Mr. Sugimoto promised to protect jobs at
the memory business, noting that the basic management there now
will stay, and new workers will be hired to keep up with
technological advances.

Competition from Samsung of South Korea is a major threat, he
acknowledged, and not falling behind in technology remains
critical, the report relays.

"It is a fantastic company," Mr. Sugimoto said of Toshiba's memory
business, Japan Today adds.

Additional investments are planned at several billion dollars a
year, mainly through the cash generated from the operations, he
added.

Bain's consortium includes Apple Inc., which Sugimoto said was a
major customer as well as a partner, and Dell Technologies Capital
as U.S. investors. They will not acquire common stock or voting
rights over the business.  Other participants in the consortium
include SK Hynix of South Korea, which will invest JPY395 billion
($3.5 billion), Japan Today discloses.

                        About Toshiba Corp

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 said that it has 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.

S&P said, "At the same time, we raised the senior unsecured rating
one notch to 'CCC-' from 'CC' following completion of our review
of the rating. The review follows our publication of our revised
issue rating criteria, "Reflecting Subordination Risk In Corporate
Issue Ratings" on Sept. 21, 2017, after which we placed the rating
"under criteria observation" (UCO). With our criteria review
complete, we are removing the UCO designation from the rating. We
also removed the senior unsecured rating from CreditWatch with
negative implications following our affirmation of the long-term
corporate credit rating and resolution of the CreditWatch.



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


MULTI SPORTS: Seeks More Time to Submit 2015 Annual Report
----------------------------------------------------------
The Sun Daily reports that Multi Sports Holdings Ltd is seeking an
extension of time from Bursa Malaysia Securities Bhd through
November 9 to issue its 2015 annual report, which was supposed to
be issued by October 9 as per conditions set by the regulator,
when deferring its delisting proceedings in August.

Its request is pending Bursa Malaysia's response, the report
states.

The Sun Daily relates that the company did however say that it had
complied with another condition, which was to furnish Bursa
Malaysia with a duly executed letter dated June 21 from its
auditor RT LLP by or on Sept 11, as evidence to its agreement to
the stock exchange regulator's addendum. Multi Sports said the
letter was submitted to Bursa Malaysia on Sept 8.

Besides the issuance of its 2015 annual report, Multi Sports was
also required to announce/issue all the outstanding financial
statements as at to-date, on or before Feb. 28, 2018, the report
adds.

Trading in shares of Multi Sports, which is in the shoe sole
business, has been suspended since May 2016, the Sun Daily notes.

Multi Sports Holdings Ltd is a Malaysia-based investment holding
company. The Company is engaged in footwear production. The
Company has five segments; TPR shoe soles, RB shoe soles, MD1 shoe
soles, MD2 shoe soles and Apparels and accessories. TPR shoe soles
are a physical mix of polymers, usually rubber and plastic. The RB
shoe soles are waterproof and weatherproof. Natural and synthetic
rubbers are used in the production of RB shoe soles. The MD1 shoe
soles are lightweight, soft, flexible, elastic, resistant to wear
and tear. The main components of MD2 shoe soles are similar to MD1
shoe soles. Apparels and accessories segment comprise the main
component is men's fashion wear and accessories. The Company's
subsidiaries include Pak Sing Shoe Material (H.K.) Limited,
Jinjiang Baixing Shoe Material Co., Ltd, Fujian Evidoma Ltd.,
Fujian Qingte Investment Ltd and Quanzhou Sente Trading Ltd.



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


LONE STAR: Restaurant Closes, Liquidator Seeks New Operator
-----------------------------------------------------------
Chloe Winter at Stuff.co.nz reports that Lone Star restaurant in
Wellington has gone into voluntary liquidation after its owners
could not make ends meet.

The Tory St establishment, which is owned by Joseph and Clare
Whelan, closed its doors on September 23, Stuff says.

According to Stuff, liquidator Heath Gair is trying to sell the
business' chattels to a new operator of the restaurant, with the
building owner willing to discuss a new lease.

Stuff relates that Mr. Gair said in his first liquidator's report
that the Whelan's bought the business two years ago, however,
revenue did not meet expectations.

"The company took steps to reduce costs but was unable to
positively impact cash flow sufficiently."

Lone Star Wellington opened in 2001 as part of a franchise. Lone
Star also has a restaurant in Petone, Lower Hutt.

According to the report, Lone Star said on its website it is
taking "genuine expressions of interest" for restaurants in
Wellington and Dunedin.

The 1922 building housing the restaurant was once owned by former
bankrupt property tycoon Terry Serepisos, the report discloses.
The building, next to the Century City Hotel, was previously the
Globe building.  It was strengthened when Mr. Serepisos added two
floors and converted most of it into apartments, the report
recalls.

Stuff says the building was repeatedly put on the market between
2007 and 2009 as Serepisos tried to sell parts of his heavily
indebted property portfolio before he was declared bankrupt.

Mr. Serepisos was discharged from bankruptcy in late 2014, Stuff
adds.



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


CHINA FISHERY: PARD Unsecureds to Recoup 25% in Proposed Plan
-------------------------------------------------------------
China Fishery Group Limited (Cayman), Pacific Andes Resources
Development Limited, and affiliates filed with the U.S. Bankruptcy
Court for the Southern District of New York a disclosure statement
for their joint chapter 11 plan of reorganization, dated Sept. 29,
2017.

The CFGL/PARD Plan Debtors believe the Plan is not only
complementary to the Peru Sale Transaction currently pursued by
the Chapter 11 Trustee but also serves as the effective backstop
(or stalking horse bid) for that sale process by establishing a
baseline transaction -- in which all creditors of the CFGL Group
are paid in full -- that will remain subject to higher and better
bids offering Cash consideration. The Debtors maintain that the
Plan structure is the optimal means by which to maximize the value
of the Company Group's assets for the benefit of all stakeholders
in the CFGL/PARD Plan Debtors because it protects against a
scenario in which the Chapter 11 Trustee's process fails to
achieve a sufficient price, while still allowing for a market test
of the Peruvian operating assets unless the creditors and the
Chapter 11 Trustee decide otherwise.

Specifically, the Plan contemplates a comprehensive financial and
operational restructuring of the CFGL/PARD Plan Debtors through
(i) a restructuring of the PARD Group and the CFGL Group around
the existing assets of the CFGL Group and the PARD Group funded by
(x) a $255 million investment by the Plan Sponsor5 in exchange for
50.5% of Reorganized CFGL and (y) a $625 million Exit Credit
Facility or (ii) a sale of the CFGL Group's Peruvian entities to a
third party for a price greater than $1.15 billion in Cash. In
either scenario, the Plan is premised upon a restructuring of all
funded debt facilities at the CFGL Group and PARD Group levels and
provides holders of Claims and Interests with recoveries in
accordance with such holders' respective rights against all of the
available assets in the Company Group, including Debtors and non-
Debtors. Under both scenarios, the Plan provides that holders of
Allowed Claims against CFGL Plan Debtors shall receive payment in
full in Cash -- other than Allowed CFGL General Unsecured Claims,
which shall be reinstated. The Plan treatment for other
stakeholders, however, depends on whether the Peru Sale
Transaction provides Cash proceeds in an amount greater than the
Sale Reserve Price.

On the Effective Date, each holder of an Allowed PARD General
Unsecured Claim in Class 15 will receive its Pro Rata share of (i)
the PARD Equity Pool and (ii) the Litigation Trust Interests;
provided, however, that, if the Peru Sale Transaction provides
Cash proceeds in an amount greater than the Sale Reserve Price,
then Allowed PARD General Unsecured Claims shall be satisfied with
their Pro Rata share of (up to the full amount of such Claims) (i)
the PARD Cash Pool and (ii) if such Claims are not paid in full in
Cash, the Litigation Trust Interests. Approximate recovery for
this class is 25%.

Except as otherwise provided in the Plan, the CFGL/PARD Plan
Debtors will continue to exist after the Effective Date as
Reorganized CFGL/PARD Plan Debtors in accordance with the
applicable laws of the respective jurisdictions in which they are
incorporated or organized and pursuant to the Amended
Organizational Documents. On or after the Effective Date, each
Reorganized CFGL/PARD Plan Debtor may, in its sole discretion,
take such action pursuant to or as permitted by applicable law and
such Reorganized CFGL/PARD Plan Debtor's organizational documents,
as such Reorganized CFGL/PARD Plan Debtor may determine is
reasonable and appropriate, including causing: (i) a Reorganized
CFGL/PARD Plan Debtor to be merged into another Reorganized
CFGL/PARD Plan Debtor or an Affiliate of a Reorganized CFGL/PARD
Plan Debtor; (ii) a Reorganized CFGL/PARD Plan Debtor to be
dissolved; (iii) the legal name of a Reorganized CFGL/PARD Plan
Debtor to be changed; or (iv) the closure of a Reorganized
CFGL/PARD Plan Debtor's Chapter 11 Case on the Effective Date or
any time thereafter.

A full-text copy of the Disclosure Statement is available at:

            http://bankrupt.com/misc/nysb16-11895-800.pdf

             About China Fishery Group Limited (Cayman)


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

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

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

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


EPICENTRE HOLDINGS: Auditors Issue Disclaimer Opinion
-----------------------------------------------------
The Strait Times reports that the auditors of Catalist-listed
Epicentre Holdings have issued a disclaimer of opinion on the
Apple reseller's books for the financial year ended June 30, 2017.

According to the Strait Times, auditors BDO could not say if the
accounting and other records of Epicentre and its Singapore
subsidiaries were properly kept as they were unable to obtain
sufficient appropriate audit evidence to provide a basis for an
audit opinion on these financial statements.

The Strait Times says the disclaimer of opinion was over four
issues relating to:

* purported transactions relating to consultancy services;
* purported advances to and refunds from a supplier;
* purported transactions relating to a loan of $1.76 million;
   and
* internal controls and corporate governance.

Some of the issues identified by BDO concern Epicentre's executive
chairman and acting chief executive Lim Tiong Hian, such as those
relating to a loan transaction, according to the report.

The Strait Times notes that in the last financial year, the group
entered into an agreement with a company owned by a Epicentre
shareholder, whom BDO did not identify, for a loan of $1.76
million at an interest rate of 24 per cent a year.

The loan was disbursed to the group in September last year, of
which $1.2 million was made by way of cash deposits, the report
discloses.

The Strait Times relates that in the same month, Epicentre, the
lender and  Mr. Lim entered into an agreement to novate the loan
from the lender to  Mr. Lim. The next month, the group made a loan
repayment of $400,000 to the lender. Thereafter, the group made
repayments totalling $1.05 million to Mr. Lim's private vehicle.

As at June 30, the outstanding loan balance of $310,000 owing to
Mr. Lim was disclosed as "borrowings" in a note to the financial
statements, The Strait Times relays.

According to The Strait Times, the auditors said they were unable
to obtain sufficient appropriate audit evidence regarding the
veracity of the transactions, particularly with respect to:

  * The source of funds purportedly received from the lender;
  * The legality and legitimacy of the novation agreement;
  * The rationale of novating the loan from the lender to
    Mr. Lim; and
  * The rationale of loan repayment of $400,000 made to the
    lender in October last year after the loan was novated.

In response, Epicentre said in a statement that it had appointed
Deloitte & Touche to carry out an independent review of the
issues, the report notes.

The board will update shareholders and announce a summary of the
key findings once the review has been completed, it added, The
Strait Times relays.

The statement was made by order of the board and signed by Mr. Lim
himself, The Strait Times adds.

Epicentre Holdings Limited is an investment holding company. The
Company is an Apple Premium Reseller (APR), which offers a range
of Apple and Apple-related products, as well as pre- and post-sale
services. The Company's segments are Apple brand products, and
third party and proprietary brand complementary products. It also
retails a range of non-Apple branded fashion-skewed accessories in
EpiLife concept stores. EpiLife also carries merchandise under
iWorld, the Company's brand of accessories targeted at the young
and trendy. EpiCentre's e-stores offer a range of accessories,
cases, headphones and styluses from various brands such as,
Monster, JAYS, Belkin, Gosh, Klipsch and B&O. The Company, through
its subsidiary, Epicentre Solutions Pte. Ltd., provides
information technology solutions to educational institutions
within Singapore. It operates approximately five and over six
EpiCentre stores in Singapore and Malaysia (Kuala Lumpur)
respectively, and an EpiLife store in Singapore.



                             *********

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

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

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


                            *********


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

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

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

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

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



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