TCRAP_Public/171023.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, October 23, 2017, Vol. 20, No. 210

                            Headlines


A U S T R A L I A

AUSTRALIAN TECHNOLOGY: S&P Assigns 'B' Issuer Credit Rating
BLUESTONE MORTGAGES: Fitch Rates AUD4.5MM Class F Notes 'Bsf'
BMS TECHNOLOGY: Directors Open Up on Agonizing Decision to Close
COVERPACK PTY: First Creditors' Meeting Set for Oct. 30
NUCENTURY GROUP: Second Creditors' Meeting Set for Oct. 30

PARAMOUNT MINING: First Creditors' Meeting Set for Oct. 30
PEPPER RESIDENTIAL: Refinancing No Effect on Moody's Notes Rating
PROSPERITY RESOURCES: First Creditors' Meeting Set for Oct. 30
RTP ELEVATOR: Second Creditors' Meeting Set for Oct. 27


C H I N A

AOXING PHARMACEUTICAL: Cancels Registration of Common Shares
CHINA GRAND: Fitch Affirms BB- LT IDR; Outlook Stable
CHINA MERCHANTS: S&P Rates Proposed Preference Share Issuance BB-


H O N G  K O N G

NOBLE GROUP: Stock Halted Amid 11th Hour Oil-Unit Sale Talks


I N D I A

AGASTI SAHAKARI: CARE Assigns 'B' Rating to INR5.0cr LT Loan
BAJORIA AGRO: CRISIL Reaffirms B+ Rating on INR4.90MM Tem Loan
CHEKAH DEVELOPMENT: First Creditors' Meeting Set for Oct. 30
D. JAMNADAS: CRISIL Reaffirms B+ Rating on INR1.0MM Cash Loan
DHINGRA EXPORTS: CARE Reaffirms B+/A4 Rating on INR10cr Loan

EPARI SADASHIV: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
FLAGS HOTELS: CRISIL Reaffirms 'D' Rating on INR22MM Term Loan
GAYATRI PROJECTS: NCLAT Stays Corporate Insolvency Process
GOVINDAM KNIT: CRISIL Reaffirms B+ Rating on INR3.90MM Cash Loan
GREENCROP INT'L: CRISIL Reaffirms B- Rating on INR5.25MM Loan

HARIOM COTGIN: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
HINDUSTAN DORR-OLIVER: Ind-Ra Moves 'D' Rating to Non-Cooperating
INDIAN ACRYLICS: CARE Lowers Rating on INR74.84cr Loan to 'D'
INDIAN PEROXIDE: CRISIL Raises Rating on INR62MM LT Loan to B+
JCT LIMITED: CARE Reaffirms B Rating on INR158.28cr LT Loan

K. S. MOTORS: CRISIL Assigns 'B' Rating to INR33.50MM Loan
LEO TIMBER: CRISIL Reaffirms 'B' Rating on INR3.35MM Cash Loan
NOMAX ELECTRICAL: CRISIL Assigns 'B' Rating to INR16MM Cash Loan
NOUVEAUX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
PARTH DIAMOND: CRISIL Reaffirms B Rating on INR10.5MM Loan

PIPE & METAL: CRISIL Reaffirms 'D' Rating on INR5.75MM Loan
R S H AGRO: Ind-Ra Upgrades Issuer Rating to 'BB+'/Stable
RITU LOGISTICS: CARE Reaffirms B+ Rating on INR9.0cr LT Loan
SATHE SYNTHETICS: CRISIL Reaffirms B+ Rating on INR12.5MM Loan
SCHOLARS INTERNATIONAL: Ind-Ra Moves D Rating to Non-Cooperating

SHIRPUR POWER: Ind-Ra Downgrades Term Loan Rating to 'D'
SHIVALIK VYAPAAR: CRISIL Reaffirms 'D' Rating on INR18.96MM Loan
SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
SHYAM GRAMODYOG: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
SHYAMSHREE RESIDENCY: CRISIL Reaffirms B+ Rating on INR.7MM Loan

SMT. SHAKUNTLA: CARE Raises Rating on INR148.62cr LT Loan to B+
SRI PRASANNA: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
SURESH JAIN: CARE Assigns B+ Rating to INR6.62cr LT Loan
SWASTIK ENTERPRISES: CRISIL Reaffirms B- Rating on INR9MM Loan
VAISHNAVI GLOBAL: CRISIL Reaffirms B+ Rating on INR10MM Loan

VENATI SURESH: CRISIL Assigns B+ Rating to INR8MM Secured Loan
I N D O N E S I A
STEEL PIPE: S&P Withdraws Prelim 'B' Corporate Credit Rating
M A L A Y S I A
KINSTEEL BHD: Bursa Rejects Request for Time Extension

P H I L I P P I N E S
COLETTE'S PX: BIR Orders Closure of 2 Businesses
RB of BUGUIAS: Depositors Has Until Oct. 26 to File Claims


                            - - - - -


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


AUSTRALIAN TECHNOLOGY: S&P Assigns 'B' Issuer Credit Rating
-----------------------------------------------------------
S&P Global Ratings said that it had assigned its 'B' long-term
issuer credit rating to Australian Technology Innovators Pty Ltd.
(ATI), the combined entity of InfoTrack Group Pty Ltd. and LEAP
Legal Software Pty Ltd. The outlook is stable.

S&P said, "At the same time, we assigned our 'B' issue rating and
recovery rating of '3' to the combined entity's first-lien term
loan facility of AUD350 million due 2022 issued by LEAP Legal
Software Pty Ltd. The '3' recovery rating indicates our
expectation for meaningful recovery of 60% in the event of a
payment default. The issue rating is based on the final terms and
conditions of the facility.

"The rating reflects our assessment of ATI's leading market
position as an integrated legal practice management and search
platform, as well as its strong customer retention and renewal
rates. Offsetting the above factors are the group's narrow
earnings base, small scale compared with peers', and limited end-
market and geographic diversity. The combined entity's financial
risk profile is a constraint on the rating and reflects the
company's highly leveraged capital structure and private
ownership."

LEAP Legal Software Pty Ltd. has merged with InfoTrack Group Pty
Ltd. on Sept. 12, 2017. The combined entity, Australian
Technology Innovators Pty Ltd., recapitalized with a AUD350
million term loan. The company used the proceeds to fund the
acquisition of InfoTrack, cash distribution to shareholders,
refinance all existing debt, retain cash for general corporate
purposes, and pay transaction costs.

LEAP's legal practice management software is used by about 26% of
the about 19,000 law firms and conveyancing practices in
Australia. Its premium prices allow it to generate an overweight
share of revenue. LEAP targets small-to-medium law firms and
conveyancers, and has achieved strong organic and inorganic
customer growth over the past few years.

InfoTrack's cloud-based platform offers a high level of
integration with LEAP and other practice management products.
These features provide LEAP with a competitive advantage over its
competitors, including its early adoption of cloud technology.
That said, we expect competitors to continue to enhance their
product offerings, which may pressure LEAP's material price
premium. S&P expects LEAP to contribute up to about 20% of
revenue and 40% of EBITDA in the combined entity.

InfoTrack is Australia's leading property and integrated search
platform to professionals including lawyers, accountants,
conveyancers, and receivers. The company has experienced strong
growth both organically and inorganically.

Underpinning its competitive advantage in the search and
analytics market is its high level of integration with over 22
legal practice management platforms and its extensive access to
data. The company has developed a sizable database of
information. This includes holding an expansive portfolio of
broker licenses, which we view as a moderate barrier to entry for
new competitors given these licenses are not easily accessible.
InfoTrack also benefits from its client's ability to pass through
the cost of its searches to the end-user.

The company competes in the property settlement market alongside
SAI Global (Casmar (Australia) Pty Ltd., B+/Stable), who holds
the largest market share in the settlements market, and PEXA
(Property Exchange Australia, not rated). We expect InfoTrack's
search platform to contribute about 80% of revenue and 60% of
EBITDA post the merger.

As technology continues to evolve, the group will require ongoing
innovation in its platforms in order to remain competitive. LEAP
relies on LEAP Software Developments (LEAP Developments), a
separate entity outside of the group that holds the intellectual
property for the platform. LEAP has a perpetual license
arrangement with LEAP Developments. In 2017, LEAP entered into an
agreement to prepay the license fee for exclusive access to the
platform in the Australian and New Zealand markets for the next
seven years. Over the term of the license, the majority of
capital expenditures at the combined entity relate to software
development at InfoTrack, which will focus on enhancing its user
experience and increasing integration.

Tempering the merged entity's business risk are the group's
market concentration in the legal and conveyancing industry and
sensitivity to the property market cycle. In addition, the group
has geographic concentration in Australia and New Zealand, and a
small revenue and earnings base compared with peers'. In S&P's
opinion, the group's limited scale, scope, and diversification
are likely to weigh on the rating for the foreseeable future,
despite S&P's expectation of solid earnings growth.

S&P said, "Our assessment of the group's financial risk profile
is based on the merged entity's highly leveraged capital
structure. The group has issued a AUD350 million term loan, which
has increased its pro-forma debt to EBITDA to about 6x following
completion of the merger. The deleveraging path is subject to
management's representations and assumes a 50% excess cash to
debt repayment sweep, before dividend payments of no greater than
70% of free cash flow, along with a 1% debt amortization. There
are certain constraints within the terms and conditions of the
term loan that include restricting total dividends over the life
of the five-year loan to no greater than AUD10 million unless
certain deleveraging thresholds are achieved.

"Consequently, we forecast its debt to EBITDA will reduce to
4.9x-5.3x in the year ending June 30, 2018, and 3.9x-4.3x in
fiscal 2019. This level reflects a highly leveraged financial
risk profile, albeit at the stronger end of the range.

"Our strong revenue growth assumptions are based on the group's
continued growth in the search and analytics market, product
innovation, as well as stabilizing property transaction volumes.
In addition to organic growth, the group would grow its client
base through acquisitions of smaller competitors with customer
portfolios that it can integrate into the combined entity's
platform. We view this as consistent with the group's track
record of generating growth, as well as its high level of
customer retention."

Reliance on Australia-based LEAP Developments is a potential risk
to the rating. LEAP Developments demerged as a separate entity in
order for its owner to mitigate risks associated with offshore
expansion. However, S&P views there to be sufficient alignment of
interests to allay its concerns, including a shared equity holder
who ultimately controls both businesses, as well as some track
record of these businesses operating as stand-alone businesses.
This structure also insulates the merged entity from exposure to
LEAP or InfoTrack businesses outside of Australia and New
Zealand, other than LEAP Developments. S&P notes that the source
code is held in escrow and LEAP has a discretionary right to
cause the source code to be released under certain circumstances.

S&P said, "The stable outlook reflects our expectation that
InfoTrack and LEAP will maintain their strong positions in the
legal practice management and integrated search markets. We
expect the group to continue to grow its customer base by
expanding its product suite and further integrating its product
offering.
We expect the group to steadily reduce leverage from the 6x level
post-completion to low 5x by fiscal 2018, primarily through the
use of its cash flow sweep mechanism and scheduled amortization.

"We could lower the rating if the company adopts a more-
aggressive capital structure or financial policies than our base-
case assumptions. Downward rating action could also occur if our
growth expectations do not materialize, such that the company's
deleveraging path is materially slower than we expect. Such a
scenario is likely to result from a property market downturn or
higher-than-expected competition leading to lower margins or a
material loss in market share.

"We could also lower the rating if material related-party
payments occur, including capital expenditure payments to LEAP
Developments.

"We believe rating upside is limited over the next couple of
years given the company's ownership structure, relatively small
scale, lack of track record of deleveraging, and execution risks
associated with the merger.

"We could raise the rating if the company significantly improves
its scale, delivers a track record of performance that exceeds
our expectations, or if management commits to financial policies
that permanently constrain debt to EBITDA below 5x."


BLUESTONE MORTGAGES: Fitch Rates AUD4.5MM Class F Notes 'Bsf'
-------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the ratings on the
Bluestone Mortgages Warehouse Trust's mortgage-backed floating-
rate notes due to a restructuring of the facility. The
restructuring is not due to adverse circumstances or
deterioration in performance, and is therefore not a distressed
debt exchange. At the same time, Fitch is assigning ratings to
the restructured transaction.

The issuance consists of notes backed by Australian residential
mortgages originated by Bluestone Mortgages Pty Limited.

The following ratings have been affirmed and withdrawn:

AUD158.4 million Class A notes: 'AAAsf'; Outlook Stable;
AUD9.0 million Class B notes: 'AAsf'; Outlook Stable;
AUD10.8 million Class C notes: 'Asf'; Outlook Stable;
AUD7.6 million Class D notes: 'BBBsf'; Outlook Stable;
AUD5.2 million Class E notes: 'BB-sf'; Outlook Stable;
AUD3.0 million Class F notes; NRsf; and
AUD6.0 million First Loss notes; NRsf.

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

AUD193.0 million Class A notes: 'AAAsf'; Outlook Stable;
AUD12.5 million Class B notes: 'AAsf'; Outlook Stable;
AUD15.0 million Class C notes: 'Asf'; Outlook Stable;
AUD10.0 million Class D notes: 'BBBsf'; Outlook Stable;
AUD6.0 million Class E notes: 'BBsf'; Outlook Stable;
AUD4.5 million Class F notes: 'Bsf'; Outlook Stable;
AUD1.5 million Class G notes: NRsf; and
AUD7.5 million First Loss notes: NRsf.

The notes were issued by Permanent Custodians Limited in its
capacity as trustee of Bluestone Mortgages Warehouse Trust.

In the event of servicer default, the likelihood of servicer
continuity is diminished by the fact that the trustee is not
obligated to act as servicer for a period until a successor
servicer has been appointed. This is mitigated by the capacity of
the warehouse subscribers to act when necessary in a servicer
default and the liquidity reserve, which is available to cover
payment shortfalls.

KEY RATING DRIVERS

Sufficient Credit Support: Each of tranche of rated notes benefit
from credit enhancement (CE) provided by the respective
subordinate notes. The class B, C, D, E and F notes are subject
to documented required minimum subordination levels to mitigate
potential concentration risk that may arise after mortgages are
sold out of the trust during the revolving period.

Experienced Originator/Servicer: Bluestone Mortgages Pty Limited
(Bluestone) is a specialist non-conforming originator and
servicer. Bluestone Servicing Pty Limited is a wholly owned
subsidiary of Bluestone. Bluestone Group has originated more than
AUD6.0 billion of loans, and completed 23 residential mortgage
securitisations in Australia and New Zealand.

Portfolio Parameters: The portfolio is shaped by the parameters
set for the portfolio characteristics. These include limits on
loan size, percentage of reduced documentation mortgages and
interest-only loans. Loans with loan-to-value ratios (LVR) of
above 70% and 80% are capped and there is an overall limit on the
weighted-average LVR.

Early Amortisation Events: The amortisation events include
triggers related to portfolio parameters as well as performance-
related triggers and non-performance triggers in relation to
Bluestone.

RATING SENSITIVITIES

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

Expected impact upon the note rating of increased defaults in
relation to the most stressed modelled portfolio:
Rating: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Increase defaults by 15%: AA+sf/A+sf/A-sf/BBBsf/BBsf/Bsf
Increase defaults by 30%: AAsf/A+sf/BBB+sf/BBBsf/BBsf/Bsf

Expected impact upon the note rating of decreased recoveries in
relation to the most stressed modelled portfolio:
Rating: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Reduce recoveries by 15%: AAsf/A+sf/A-sf/BBBsf/BBsf/Bsf
Reduce recoveries by 30%: AA-sf/Asf/BBBsf/BB+sf/B+sf/CCCsf

Expected impact upon the note rating of multiple factors in
relation to the most stressed modelled portfolio:
Rating: AAAsf/AAsf/Asf/BBBsf/BBsf/Bsf
Increase defaults by 15%; reduce recoveries by 15%:
AA-sf/Asf/BBB+sf/BBB-sf/BB-sf/Bsf
Increase defaults by 30%; reduce recoveries by 30%:
Asf/BBB+sf/BB+sf/B+sf/NRsf/NRsf

Fitch also undertakes defined sensitivity testing to show the
model-implied sensitivities the transaction faces when recovery
rate assumption stresses are increased to a level that is
required to reduce the rating of the notes (i) by one full
category, (ii) to non-investment grade and (iii) to 'CCCsf'.

Class A
Rating AAAsf
Decrease in recovery rate required to:
Reduce the rating by one full category: 5%
Reduce the rating to non-investment grade: Not possible even if
recovery rate is reduced to 0%
Reduce the rating to 'CCCsf': Not possible even if recovery rate
is reduced to 0%

Class B
Rating AAsf
Decrease in recovery rate required to:
Reduce the rating by one full category: 18%
Reduce the rating to non-investment grade: 77%
Reduce the rating to 'CCCsf': Not possible even if recovery rate
is reduced to 0%

Class C
Rating Asf
Decrease in recovery rate required to:
Reduce the rating by one full category: 24%
Reduce the rating to non-investment grade: 51%
Reduce the rating to 'CCCsf': 83%

Class D
Rating BBBsf
Decrease in recovery rate required to:
Reduce the rating by one full category: 31%
Reduce the rating to non-investment grade: 31%
Reduce the rating to 'CCCsf': 59%

Class E
Rating BBsf
Decrease in recovery rate required to:
Reduce the rating by one full category: 31%
Reduce the rating to 'CCCsf': 42%

Class F
Rating Bsf
Decrease in recovery rate required to:
Reduce the rating by one full category: 28%
Reduce the rating to 'CCCsf': 28%


BMS TECHNOLOGY: Directors Open Up on Agonizing Decision to Close
----------------------------------------------------------------
Nico Arboleda at CRN reports that the directors of BMS Technology
made an "agonising" decision to go into administration earlier
this month after determining there was "no future" for the
business, according to a report from administrator Macks
Advisory.

The Adelaide-based distributor had a total of 15 employees, which
included directors John and Beverley Reid and two casual staff,
who all had their employment terminated upon Macks' appointment
on October 10, CRN says.

"Despite everyone's best efforts there just hadn't been enough
sales to cover costs," the report quotes former BMS director John
Reid as saying. "The economy was such that sales were getting
harder and harder to find."

Amid mounting losses, the owners made the decision to close in a
bid to cover debts and give employees a better chance to look for
jobs before the holiday season, CRN says.

"The staff have been the backbone of the company so the first
priority was to ensure they had the best possible options,"
Mr. Reid, as cited by CRN, added.

According to CRN, Macks brought four of the staff back on a
casual business, together with one contractor, to assist with the
administration.

It was determined that the distributor should cease trading
immediately and assess its position, while looking to maximize
all assets and liabilities, CRN says.

CRN notes that stock and personal property securities register
(PPSR) claims are also being reviewed by the administrators,
verifying stock levels and arranging the return of each stock to
its respective security holder.

The directors are expected to propose a deed of company
arrangement (DOCA) with its creditors at the second creditors
meeting, the report adds.

BMS Technology opened in Adelaide in 1986 and had been in
business for 31 years. Its portfolio includes Canon, Intel,
Microsoft and Toshiba. The company is headquartered in Adelaide
with offices in Melbourne and Perth.


COVERPACK PTY: First Creditors' Meeting Set for Oct. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Coverpack
Pty Limited will be held at the offices of Helm Advisory, Suite
4, Level 35, 50 Bridge Street, in Sydney, New South Wales, on
Oct. 30, 2017, at 12:00 p.m.

Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of Coverpack Pty on Oct. 19, 2017.


NUCENTURY GROUP: Second Creditors' Meeting Set for Oct. 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Nucentury
Group Pty Ltd has been set for Oct. 30, 2017, at 11:00 a.m., at
the offices of BPS Recovery, Level 18, 201 Kent Street, in
Sydney, New South Wales.

The purpose of the meeting is (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. 26, 2017, at 2:00 p.m.

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


PARAMOUNT MINING: First Creditors' Meeting Set for Oct. 30
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Paramount
Mining Corporation Ltd will be held at the offices of BRI
Ferrier, Level 30, Australia Square, 264 George Street, in
Sydney, New South Wales, on Oct. 30, 2017, at 1:00 p.m.

Peter Krejci of BRI Ferrier was appointed as administrator of
Paramount Mining on Oct. 18, 2017.


PEPPER RESIDENTIAL: Refinancing No Effect on Moody's Notes Rating
-----------------------------------------------------------------
Moody's Investors Service announced that the redemption of the
Class A1-s2 notes with the proceeds from the issuance of Class
A1-R Notes on Oct. 18, 2017 (the Refinancing) will not, in and of
itself and at this time, result in the downgrade or withdrawal of
the current ratings of notes issued by Pepper Residential
Securities Trust No. 15.

Moody's has determined that the Refinancing, in and of itself and
at this time, will not result in the downgrade or withdrawal of
the ratings of the notes below.

Class A1-R Notes, currently rated Aaa (sf)

Class A1-a Notes, currently rated Aaa (sf)

Class A2 Notes, currently rated Aaa (sf)

Class B Notes, currently rated Aaa (sf)

Class C Notes, currently rated Aa1 (sf)

Class D Notes, currently rated A1 (sf)

Class E Notes, currently rated Baa2 (sf)

Class F Notes, currently rated Ba2 (sf)

However, Moody's opinion addresses only the credit impact
associated with the Refinancing, and Moody's is not expressing
any opinion as to whether the Refinancing has, or could have,
other non-credit related effects that may have a detrimental
impact on the interests of note holders.

The transaction is supported by a liquidity reserve which is
equivalent to 2.5% of the outstanding principal balance of the
notes, with a floor of AUD1,000,000.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

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


PROSPERITY RESOURCES: First Creditors' Meeting Set for Oct. 30
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Prosperity
Resources Limited will be held at the offices of BRI Ferrier,
Level 30, Australia Square, 264 George Street, in Sydney,
New South Wales, on Oct. 30, 2017, at 12:00 p.m.

Peter Krejci of BRI Ferrier was appointed as administrator of
Prosperity Resources on Oct. 18, 2017.


RTP ELEVATOR: Second Creditors' Meeting Set for Oct. 27
-------------------------------------------------------
A second meeting of creditors in the proceedings of RTP Elevator
Services Pty Ltd has been set for Oct. 27, 2017, at 10:30 a.m.,
at Level 12, 460 Lonsdale Street, in Melbourne, Victoria.

The purpose of the meeting is (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. 26, 2017, at 5:00 p.m.

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



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


AOXING PHARMACEUTICAL: Cancels Registration of Common Shares
------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc. filed a Form 15 with the
Securities and Exchange Commission notifying the termination of
registration of its common stock, $.001 par value, under Section
12(g) of the Securities Exchange Act of 1934.  As of Oct. 16,
2017, there were 287 holders of the Common Shares.

                          About Aoxing

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

Aoxing reported net income of $2.24 million for the year ended
June 30, 2016, compared to net income of $5.81 million for the
year ended June 30, 2015.  As of March 31, 2017, Aoxing had
$62.46 million in total assets, $44.38 million in total
liabilities, and $18.08 million in total equity.

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

"We have incurred operating losses in the past and had an
accumulated deficit of $56.3 million as of June 30, 2016," the
Company said in its 2016 Annual Report.  "However, we have
reported positive operating results for both fiscal years 2015
and 2016. The income that we incurred during fiscal 2016, coupled
with the issuance of common stock in satisfaction of debt, caused
our working capital deficit to improve significantly during
fiscal 2016.  Our working capital deficit on June 30, 2016 was
$10,948,767, which was 46.0% lower than the working capital
deficit of $20,143,629 on June 30, 2015.  The primary reason for
our working capital deficit was the fact that there are $25.5
million in short-term debt owed to banks, related and unrelated
parties. In accordance with banking customs in China, our bank
loans have, throughout our history, been written on a short-term
basis.  Our business has survived through the years because our
banks have proven willing to renew or replace our short-term
debt, and we expect that practice to continue."


CHINA GRAND: Fitch Affirms BB- LT IDR; Outlook Stable
-----------------------------------------------------
Fitch has affirmed China Grand Automotive Services Co., Ltd's
(China Grand Auto) Long-Term Foreign-Currency Issuer Default
Rating (IDR) of 'BB-' with a Stable Outlook. Fitch has also
affirmed the auto dealer's foreign-currency senior unsecured
rating and the rating on its outstanding USD400 million senior
perpetual notes.

KEY RATING DRIVERS

Large Scale, Strong Market Position: China Grand Auto's ratings
are supported by its large operating scale and strong business
profile. China Grand Auto is the largest auto dealership in
China, with more than 750 outlets in 28 provinces covering more
than 50 brands. China Grand Auto has been consolidating its
position and the recent acquisition of Baoxin Auto has expanded
the company's offerings in the luxury car segment. China Grand
Auto is now the leading dealer in China for most of the major
luxury brands including Audi, BMW, Volvo and Jaguar Land Rover.

China Grand Auto's strong brand and geographical diversification
mitigate the impact of product launch cycles and reduce earnings
volatility. In addition, the company's large operating scale
allows it to use its store network more efficiently to develop
new revenue sources, such as commission income, leasing, and used
car sales.

Robust Long-Term Demand Prospects: China became the world's
largest passenger vehicle market in 2013. Despite slower growth
prospects, the long-term growth drivers for passenger vehicles
remain intact due to low vehicle ownership penetration and
density. On a medium-term (about five years) view, Fitch expects
passenger-vehicle sales to grow at a mid-single digit percentage,
which remains healthy and higher than the developed-market
average.

Contribution from Other Segments: In addition to a solid outlook
for new car sales, Fitch expects increasing revenue contribution
from other segments, including after-sales services, commission
income, leasing and used car sales. Used car sales remain at a
nascent stage in China, but have substantial growth potential in
the next five to 10 years on the back of increasing car
ownership, changing consumer behaviour and favourable policies.
In 1H17, China Grand Auto saw a noticeable improvement in margins
in its maintenance and commission segments as commissions doubled
to CNY2.1 billion yoy.

Competitive Industry, Low Bargaining Power: China's auto
dealership industry is highly fragmented and competitive.
Although China Grand Auto is China's largest dealership, it only
has 3%-4% market share by sales volume across the country.
Industry margins are low as bargaining power with suppliers is
weak and the regulatory environment favours automakers over
dealers. Chinese auto dealers generally have mid-single digit
EBITDA margins, comparable with US peers. However, Fitch does not
expect dealer margins to substantially deteriorate from current
levels as automakers and dealers are dependent on each other and
it is not in the automakers' best interests to continuously
squeeze their dealers.

High Leverage Constrains Ratings: CGA's financial leverage is
relatively high after acquiring Baoxin, with FFO adjusted net
leverage of 6.2x and net debt to EBITDAR of 5.4x at the end of
2016. Fitch expects leverage to improve gradually with better
margins and limited capex requirements. Fitch expects FFO
adjusted net leverage to improve to 4.8x in 2017 and to stay
below 5.0x in the next few years, the level at which Fitch would
consider negative rating action.

China Grand Auto has received regulatory approval for an equity
placement plan to raise up to CNY8 billion, which has not been
completed. Fitch estimates that FFO net leverage may drop to a
healthier level of under 4.0x if the equity placement is
successful. However, if the equity proceeds are used for
acquisitions and/or growth in the leasing business, the
improvement in the leverage may not be as significant.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto leasing services via its leasing subsidiary, Huitong
Xincheng. Fitch has deconsolidated Huitong Xincheng for the
purposes of Fitch analysis in accordance with the Corporate
Rating criteria. Huitong Xincheng had a debt-to-equity ratio of
about 2.0x at the end of 2016, which Fitch see as healthy.

DERIVATION SUMMARY

China Grand Auto's ratings are supported by its leading market
position, large operating scale and strong business profile, but
constrained by its relatively high leverage and low margins.
Compared with PT Mitra Pinasthika Mustika Tbk (MPM; BB-/Stable),
a motorcycle dealership in Indonesia which holds the master
distributorship for Honda motorcycles, China Grand Auto has a
much larger scale and a more diversified brand and geographical
footprint, but higher leverage and slightly lower EBITDA margins.
Compared with Chinese car rental companies such as eHi Car
Services Limited (BB-/Negative) and CAR Inc. (BB-/Stable), China
Grand Auto has higher leverage and lower margins, but this is
mitigated by its much larger operating scale, limited capex
requirements and a more stable competitive environment for the
industry.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
(excluding leasing) include:
- Low- to mid-single digit revenue growth in 2017-2020
- EBITDA margins of 5%-6%
- Maintenance capex at 1.2% of revenue and CNY3 billion per year
   on acquisitions
- 30% dividend payout ratio

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- FFO adjusted net leverage (excluding leasing) sustained below
   3.5x

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained decline in market share and/or revenue
- FFO adjusted net leverage (excluding leasing) sustained above
   5x (2017 estimate: 4.8x)
- FFO fixed charge cover sustained below 2x (2017 estimate:
   2.4x)
- EBITDA margin sustained below 3.5% (2017 estimate: 5.6%)

LIQUIDITY

Sufficient Liquidity: At the end of 2016, China Grand Auto had
CNY45.6 billion of debt (excluding its leasing business), of
which CNY24.8 billion was due within 12 months. This was covered
by unused banking facilities and CNY11.6 billion in unrestricted
cash.

FULL LIST OF RATING ACTIONS

China Grand Automotive Services Co., Ltd
- Foreign-currency Issuer Default Rating affirmed at 'BB-';
   Outlook Stable
- Senior unsecured rating affirmed at 'BB-'

Baoxin Auto Finance I Limited
- USD400 million senior perpetual notes guaranteed by China
   Grand Auto affirmed at 'B+' with Recovery Rating of 'RR4'


CHINA MERCHANTS: S&P Rates Proposed Preference Share Issuance BB-
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' foreign currency long-term
issue rating to a proposed issuance of additional Tier-1 (AT1)
non-cumulative offshore preference shares by China Merchants Bank
Co. Ltd. (CMB: BBB+/Stable/A-2). S&P also classifies the
instruments as having intermediate equity content. The rating is
subject to S&P's review of the final issuance documentation.

The rating on the AT1 notes is four notches below CMB's 'bbb'
stand-alone credit profile (SACP). The notching considers: (1)
one notch for subordination risks; (2) two notches for
probability of coupon nonpayment, which could occur before the
bank reaches the point of non-viability; and (3) one notch for
the risk of full or partial mandatory H-share conversion upon a
trigger event.

S&P considers CMB's SACP as the notching starting point because
it believes financial support from the Chinese government to
prevent non-payment on the AT1 instruments is uncertain. The
notching is in line with the approach taken for similar AT1
instruments issued by other Chinese banks.

AT1 notes are subordinated to the claims of depositors and all
other unsubordinated creditors of CMB. They are senior to the
claims of ordinary shareholders and rank equally with the bank's
other preference shareholders.

CMB is based in Shenzhen. As of end-June 2017, the bank has
consolidated assets of Chinese renminbi 6.2 trillion.



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


NOBLE GROUP: Stock Halted Amid 11th Hour Oil-Unit Sale Talks
------------------------------------------------------------
Jasmine Ng and Lianting Tu at Bloomberg News report that Noble
Group Ltd. suspended its shares from trading in Singapore on
Oct. 20 pending the announcement of a major transaction, with the
commodity trader seeking to clinch a sale of its oil-trading unit
in a deal that may be critical to the company's prospects for
survival.

The stock was halted at 38 Singapore cents, 2.6 percent lower,
after the Hong Kong-based company's announcement, which was
released just after midday in the city-state, and didn't give
details of the planned deal, Bloomberg says. The shares have sunk
78 percent this year amid concerns that Noble Group will default,
Bloomberg notes.

According to Bloomberg, the trader has been locked in a crisis
than spans the past two years, and executives have embarked on a
shrink-to-survive strategy by selling units to meet obligations.
Bloomberg says the oil-trading business is among the most
valuable assets that remain, and earlier last week Vitol Group
confirmed that while it was in talks over the potential disposal,
no deal was certain. Noble Group has a covenant waiver on a $1.1
billion credit facility that will expire at the end of last week
unless the company can secure an agreement to extend it,
according to Bloomberg.

"The company's fundamentals haven't improved, and they keep
selling their core assets to get liquidity," Bloomberg quotes
Margaret Yang, a strategist at CMC Markets, as saying. "There
might be an update on the sale of the oil business." She added:
"Whether or not the deal will go through, and the selling price
is important -- those are the two things people will be looking
at."

Vitol Chief Executive Officer Ian Taylor told Bloomberg TV the
negotiations to buy the unit are "very complicated." He said:
"We're engaged; we have been talking." Vitol is the world's
largest independent oil trader.

Noble Group had total debt of $4.6 billion at the end of June,
with about $2 billion maturing by June 30 next year, according to
Bloomberg-compiled data. Its 2020 notes have plunged by about
58 cents on the dollar since the beginning of May. On Oct. 20,
the bonds rose 0.5 cents to 36.9 cents at 1:30 p.m. in Hong Kong,
Bloomberg-compiled prices show.

According to Bloomberg, the company, which was founded by Richard
Elman, has been under increasing pressure since May, when a
surprise loss compounded the long-running crisis. The company has
already warned of the risk of bankruptcy at two of its major
subsidiaries in accounts filed in recent weeks in the U.K. and
Singapore, Bloomberg says.

Should the oil unit be sold, Noble Group will be left with a
largely Asian portfolio, including marketing rights to Indonesian
coal, LNG trading, and stakes in Australian and Mongolian coal
mines, Bloomberg says. It also has an alumina refinery in
Jamaica. Among the oil unit's businesses is a contract for
shipping via the Colonial pipeline, the biggest conduit for
moving fuel from the U.S. refining centers of Texas and Louisiana
to high-demand East Coast markets.

Among earlier disposals as Noble Group sought to contain its
crisis, the company agreed to sell its North American gas-and-
power business to Mercuria Energy Group Ltd., as well as its U.S.
energy-solutions unit to Calpine Corp, Bloomberg discloses. The
trader also sold off its agricultural commodities business.

                       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'.



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


AGASTI SAHAKARI: CARE Assigns 'B' Rating to INR5.0cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Agasti
Sahakari Sakhar Karkhana Limited (ASSKL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             5.00       CARE B; Stable Assigned

   Short term bank
   Facilities             5.00       CARE A4 Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of ASSKL continues to
remain constrained on account of highly leveraged capital
structure of the company as on March 31, 2017, weak debt
protection indicators during FY17 (refers to the period from
April 1 to March 31), high working capital intensive nature
business. The rating however, continues to derive strength from
the long and established track record of over three decades of
the company in the sugar industry, strong ability of the company
to procure sufficient cane from the command area. The ability of
the company to increase its scale of operations and improving
profitability while effectively managing its working capital
requirement shall remain key rating sensitivities.

Detailed description of the key rating drivers

Key rating strengths:

Experienced promoters and long track record of the society in
sugar industry: ASSKL is a co-operative society promoted by Mr.
Madhukarrao Kashinath Pichad (Chairman) and Sitaram Gaikar
(Vice chairman) to undertake sugar and sugar related production.
Mr. Madhukarrao Kashinath Pichad is the former Member of
Legislative Assembly (MLA) and Cabinet Minister for Tribal
Development has a more than three decades of experience in sugar
industry. Mr. Madhukarrao and Mr. Sitaram Gaikar are ably
supported by Mr. Bhaskar Ghule as a Managing Director (MD) who
also has a rich industry experience in the sugar industry.

Location advantage with adequate cane availability led by cordial
relations with local populace: The sugar plant of ASSKL is
located in the sugarcane cultivation area in village Agastinagar
located at Ahmednagar district. The command area of ASSKL
comprises of 271 villages with total land under sugarcane
cultivation of about 6902 hectares, translating into availability
of nearly 6.00 lakh MT of sugarcane (with an average yield of
87MT/hectare). The area has sugarcane with an average recovery
rate ranging between 11.00%-11.50%. The area is well irrigated
over the years with consistent supply of water through the Adhala
dam located at Ahmednagar district. The water from the dam is
distributed to agriculture lands and industries in region through
the Pravare and Mula River.

Key rating weakness:

Weak financial risk profile marked by low profit margin moderate
gearing and weak debt coverage indicators: The total operating
income (TOI) of ASSKL registered a growth of 46.44% to INR 135.18
crore during FY17 on account of increase in sales realization.
The PBILDT margin has deteriorated to 4.41% during FY17 as
against 28.94% during FY16 on account of increase in raw material
cost which stood at 71.32% of TOI in FY17. The PAT margin of the
society stood at 0.07% during FY17 as against 0.06% during FY16.

The capital structure of the company remained highly leveraged as
marked by high overall gearing of 3.24x as on March 31, 2017 as
against 2.59x as on March 31, 2016 deteriorated on account of
increased in working capital borrowing. Further, debt to equity
ratio also remained moderate at 0.64x as on March 31, 2017.

Working capital intensive nature of operations: The operating
cycle of ASSKL has improved marginally from 322 days in FY16 to
291 days in FY17 led by liquidation of sugar inventory to the
tune of 0.35 lakh MT in FY17. The working capital requirement is
met through pledge loan with total sanction limit of INR85.00
crore as on March 31, 2017.

Cyclical and seasonal nature of industry along-with inherent
agro-climatic risks: Sugarcane is the key raw material used for
the manufacture of sugar and sugar-related products. The
availability and yield of sugarcane depends on factors like
rainfall, temperature and soil conditions, demand-supply
dynamics, government policies etc. The production of sugarcane
and hence sugar is cyclical in nature

ASSKL was incorporated under Maharashtra Co-Operative Societies
Act 1960 in a year 1992-93, to undertake sugar and sugar related
production by Mr. Madhukarrao Kashninath Pichad (Chairman) and
Mr. Sitaram Gaikar (Vice Chairman). Mr. Madukarrao was the former
member of legislative assembly (MLA). The first crushing season
of the sugar factory was conducted in Sugar Season (SS) 1992-93
with an installed capacity of 2500 Tons of Cane Per Day (TCD).
During FY17, company reported total operating income (TOI) of
INR135.19 crore (FY16: INR92.31) crore and Profit after tax
(PAT) of INR0.10 crore (FY15: INR0.06 crore).


BAJORIA AGRO: CRISIL Reaffirms B+ Rating on INR4.90MM Tem Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bajoria
Agro Processing Private Limited (BAPPL) for obtaining information
through letters and emails dated July 18, 2017 and August 17,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.75      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash            .35      CRISIL B+/Stable (Issuer Not
   Credit Limit                      Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.90      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 Bajoria Agro Processing
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 Bajoria Agro
Processing Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL B+/Stable'.

Incorporated in 2013, BAPPL manufactures wheat based products
including maida, sooji, rava and atta. Its manufacturing facility
at Abohar, Punjab had a production capacity of about 10
tonne/hour. It commenced commercial operations in August 2015.


CHEKAH DEVELOPMENT: First Creditors' Meeting Set for Oct. 30
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Chekah
Development Pty Ltd will be held at the boardroom of Chifley
Advisory, Suite 19.03 Level 19, 31 Market Street, in Sydney,
New South Wales, on Oct. 30, 2017, at 3:00 p.m.

Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Chekah Development on Oct. 18, 2017.



D. JAMNADAS: CRISIL Reaffirms B+ Rating on INR1.0MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with D.
Jamnadas and Co. (DJC) for obtaining information through letters
and emails dated July 13, 2017 and August 7, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             1.0       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        4.0       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Setup in 1940, DJC is a sole proprietorship concern of Mr.
Dhirajlal Jamnadas Sanghavi. The firm is engaged in trading of
chemicals, solvents, dyes and intermediaries. The firm mainly
caters to the pharmaceutical industry. DJC is based out of
Mumbai, Maharashtra.


DHINGRA EXPORTS: CARE Reaffirms B+/A4 Rating on INR10cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dhingra Exports (DE), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Bank         10.00     CARE B+; Stable/CARE A4
   Facilities/Short                 Reaffirmed
   term Bank
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of DE continue to be
constrained by small scale of operations with low profitability
margins, leveraged capital structure, elongated operating cycle
and customer concentration risk.

The ratings are further constrained by foreign exchange
fluctuation risk, susceptibility to fluctuation in raw material
prices, firm's presence in fragmented nature of industry and
partnership nature of its constitution. The ratings, however,
continue to take comfort from the experienced management,
established track record of entity and its favorable processing
location.

Going forward, the ability of DE to scale up its operations while
improving margins and managing its working capital requirements
efficiently would remain the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: Despite
being in operations for around two and a half decades, the firm's
scale of operations has remained low marked by Total Operating
Income (TOI) of INR 38.61 crore in FY17 (refers to the period
April 1 to March 31). (PY: INR 32.38 crore) Furthermore, the
profitability margins of the firm stood low as indicated by
PBILDT margin and PAT margin of 2.48% and 0.76% respectively in
FY17. (PY:2.44% &0.45% respectively) Leveraged capital structure
and elongated operating cycle: DE has leveraged capital structure
with overall gearing ratio of 1.98x as on March 31, 2017 (PY:
4.01x). The average operating cycle of the firm stood elongated
at 105 days for FY17 due to elongated inventory period. (PY: 130
days) Customer concentration risk: The firm mainly exports its
products to single customer based in UK. Thus, the firm is
exposed to customer concentration risk and any adverse change in
procurement policies of this customer may adversely affect the
business of DE.

Foreign exchange fluctuation risk: The firm is dependent upon
exports and its exports contribution to total sales stood at 84%
in FY17 while the raw material is completely procured from the
domestic markets. With initial cash outlay for sales in domestic
currency & significant chunk of sales realization in foreign
currency, the firm is exposed to the fluctuation in exchange
rates. Though, the firm hedges 70% of its exports receivables
through forward contracts, around 30% remains unhedged exposing
it to sharp appreciation in the value of rupee against foreign
currency which may impact its cash accruals.

Susceptibility to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. The price of rice moves in tandem
with the prices of paddy. Since there is a long time lag between
raw material procurement and liquidation of inventory, the firm
is exposed to the risk of adverse price movement.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
Furthermore, the raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

Constitution as partnership firm: DE's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key rating strengths

Experienced management and established track record of entity:
Mr. Shankar Dhingra has seven years of experience while Mr.
Narendra Dhingra & Mr. Ram Ditta Mal Dhingra have around three
and a half decades of industry experience. The firm is into
business for the past two and a half decades which aids the firm
in having established relationship with customers and suppliers.

Favorable processing location: The firm's processing facility is
situated at Kurukshetra, Haryana which is one of the highest
producers of paddy in India. Its presence in the region gives
additional advantage over the competitors in terms of easy
availability of the raw material as well as favorable pricing
terms.

Dhingra Exports (DE) was established in April, 1992 and is
currently being managed by Mr. Shankar Dhingra, Mr. Narendra
Dhingra and Mr. Ram Ditta Mal Dhingra as its partners sharing
profit and loss in the ratio of 35%, 40% and 25% respectively.
The firm is engaged in processing of paddy and milling of rice at
its manufacturing facility located at Kurukshetra, Haryana having
an installed capacity of 21600 tonnes of paddy per annum as on
June 30, 2017.


EPARI SADASHIV: Ind-Ra Assigns 'BB' Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Epari Sadashiv
Private Limited (ESSPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR290 mil. Fund-based limit assigned with IND BB/Stable
    rating.

KEY RATING DRIVERS

The ratings reflect ESSPL's moderate credit profile. In FY17,
revenue was INR706 million (FY16: INR941 million), EBITDA
interest coverage was 1.2x (1.2x) and net financial leverage was
6.4x (6.7x). In addition, operating EBITDA margin rose to 6.9% in
FY17 from 5.2% in FY16 on account of an increase in making
charges. The fall in revenue was due to several upheavals such as
jewellery strikes and demonetisation. Net financial leverage
improved on account of a fall in debt.

The ratings also reflect a tight liquidity, indicated by an
average utilisation of 98% for the 12 months ended September
2017, owing to an elongated working capital cycle of about 235
days, mainly due to high inventory days of 249 days.

The ratings, however, are supported by its promoter's extensive
experience of over 10 years in the jewellery trading business.

RATING SENSITIVITIES

Negative: A decline in the scale of operations or operating
EBITDA margin leading to deterioration in credit metrics and/or
further tightening of the liquidity will be negative for the
ratings.

Positive: A rise in the scale of operations or operating EBITDA
margin leading to an improvement in credit metrics will be
positive for the ratings.

COMPANY PROFILE

Established in 2006 by Mr. Epari Sridhar, ESSPL sells gold and
diamond jewellery at its showrooms in Odisha. It has one showroom
each in Bhubaneshwar, Berhampur and Baleshwar.


FLAGS HOTELS: CRISIL Reaffirms 'D' Rating on INR22MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Flags
Hotels Private Limited (FHPL) for obtaining information through
letters and emails dated July 13, 2017 and August 09, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan         22        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 Flags Hotels 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 Flags Hotels 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'.

FHPL, incorporated in 2010, operates four restaurants and seven
banquet halls in Mumbai under the Flags brand. It is managed by
Mr. Joseph Sequeira, Mr. Larence Sequeira, and Ms. Catherine
Dsouza.


GAYATRI PROJECTS: NCLAT Stays Corporate Insolvency Process
----------------------------------------------------------
The Economic Times reports that the National Company Law
Appellate Tribunal (NCLAT) has on Oct. 18 stayed corporate
insolvency resolution process and appointment of an interim
resolution professional for Hyderabad-based infrastructure firm
Gayatri Projects.

According to the report, Gayatri Projects said it has moved the
appellate tribunal against the orders of the National Company Law
Tribunal (NCLT) bench at Hyderabad to initiate corporate
insolvency resolution process and appointment of an IRP.

ET relates that Gayatri Projects said the NCLT had passed orders
on October 10 the copy of which it received on October 17 with
regards to a petition filed by an operational creditor Jaycon
Infrastructure (JLL) claiming default of dues of INR2.28 crore.

The Hyderabad firm said JIL worked as one of its sub-contractors
for road projects and "initiated a proceeding with NCLT against
the company on account of a contractual dispute of [INR]2.28
crore," ET relays.

Gayatri Projects, in its letter to the stock exchanges, said "JIL
had not fully performed their scope of work as per the contract.
There exists a dispute between the company and JIL."

ET relates that further, the company assured that "it is
completely solvent and also believes that our appeal with NCLAT
will be heard favorably."

Gayatri Projects Limited is a Hyderabad-based infrastructure
construction company involved in various infrastructure projects,
especially the road and irrigation segment.


GOVINDAM KNIT: CRISIL Reaffirms B+ Rating on INR3.90MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Govindam Knit Fab (GKF) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            1.75      CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           3.90      CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.50      CRISIL B+/Stable (Reaffirmed)

The rating reflects the modest scale of operations and below
average financial risk profile. These weaknesses are partially
offset by the extensive experience of partners in the fabric-
processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: Scale of
operations is modest, reflected in revenue of INR26 crore in
fiscal 2017, due to intense competition and fragmented textile
industry.

* Below-average financial risk profile: Small networth of INR2
crore, weak capital structure of 3.41 times and moderate debt
protection metrics marked by interest coverage and net cash
accrual to total debt ratios of 2.7 times and 0.19 time,
respectively, in fiscal 2017.

Strengths

* Extensive experience of the partners: GKF benefits from its
partners' industry experience of over 20 years, which has
resulted in steady orders from customers and longstanding
relationships with suppliers.

Outlook: Stable

CRISIL believes AG will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if substantial increase in revenue and margin leading
to high cash accrual or substantial capital infusion leading to
improvement its financial risk profile. The outlook may be
revised to 'Negative' if decline in cash accrual, large working
capital requirement, or sizeable, debt-funded capital expenditure
constrains liquidity.

Set up in March 2014, GKF is engaged into knitting and
texturizing. The firm has two partners Mr. Nikhil Kumar Megotia
and Ms. Vibha Devi Megotia.


GREENCROP INT'L: CRISIL Reaffirms B- Rating on INR5.25MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Greencrop
International Private Limited (Greencrop) for obtaining
information through letters and emails dated July 13, 2017 and
August 17, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5.25      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          3.67      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.08      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 Greencrop International
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 Greencrop
International 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'.

Greencrop, set up in 2001, manufactures pesticides and micro-
nutrient fertilisers. It is based in Pune (Maharashtra), with
distribution offices in Hyderabad, Bengaluru, Coimbatore (Tamil
Nadu), Raipur, Indore (Madhya Pradesh), Akola (Maharashtra), and
Ahmedabad (Gujarat). It is promoted by Mr. Sharad Sawant and Mr.
Popatrao Deshmukh, who have been in the agricultural chemicals
industry for around four decades.


HARIOM COTGIN: CRISIL Reaffirms 'D' Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Hariom
Cotgin Private Limited (HCPL) for obtaining information through
letters and emails dated July 18, 2017 and August 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Hariom Cotgin 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 Hariom Cotgin 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'.

HCPL, incorporated in 2008 by Mr. Ramesh, gins cotton, and
presses and processes cotton seed into oil and cakes. In October
2015, it was taken over by Mr. Bharatbhain Selani and Mr.
Chiragbhai Selani, who have been in the cotton ginning and
pressing business for five decades.


HINDUSTAN DORR-OLIVER: Ind-Ra Moves 'D' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hindustan Dorr-
Oliver Limited's (HDOL) Long-Term Issuer Rating at 'IND D'. The
rating action reflects the continued decline in the company's
financial performance and delays in debt servicing.

The ratings have also been migrated to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow ups by the
agency. Thus, the rating is on the basis of best available
information. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR8,000 mil. INR2,070 Fund-based limits (Long-term)
    affirmed and migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating;

-- INR8,000 mil. Non-fund-based limits (Short-term) affirmed and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR1,200 mil. Long-term loan (Long-term) affirmed and
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

-- INR1,816.2 mil. Working capital term loan (Long-term)
    affirmed and migrated to non-cooperating category with
    IND D(ISSUER NOT COOPERATING) rating; and

-- INR84.1 mil. Funded interest term loan (Long-term) affirmed
    and migrated to non-cooperating category with IND D(ISSUER
    NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects HDOL's inability to service debt over
FY14-FY17 on account of continued decline in revenue and EBITDA
losses suffered over FY13-FY17. HDOL's revenue declined to
INR1,076 million in FY17 (FY16: INR2,548 million) attributed to
lack of major order inflows, slow project execution and delays in
realisation of sale proceeds.

RATING SENSITIVITIES

Positive: A positive rating action may result from timely debt
servicing for at least three consecutive months.

COMPANY PROFILE

HDOL is an engineering procurement and commissioning (EPC)
company with core business activities in providing engineered
solutions and technologies and EPC installations in liquid-solid
separation projects, mineral processing/beneficiation, pulp/paper
processing, environmental management and fertilisers and
chemicals.


INDIAN ACRYLICS: CARE Lowers Rating on INR74.84cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indian Acrylics limited (IAL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        74.84       CARE D Revised from
   Facilities                        CARE BBB-; Stable
   (Fund Based-
   Term Loan)

   Long term Bank         4.25       CARE B; Outlook Negative
   Facilities                        Revised from CARE BBB-;
   (Fund based-                      Stable
   Cash Credit)

   Short term Bank        0.75       CARE A4 Revised
   Facilities                        from CARE A3
   (Non-Fund Based)

Detailed Rationale & Key Rating Drivers

The revision in the rating ([i] above) of IAL takes into account
instances of delays in servicing of term debt obligations by the
company. The revision in the ratings ([ii] & [iii] above) takes
into account overdrawls in the cash credit account, for a period
less than 30 days. This has been mainly on account of stretched
liquidity position of the company following the on-going capex
for further enhancement of its yarn manufacturing and dying
capacities (the financial closure for which is yet to be
achieved). The revision also factors in IAL's weakened financial
risk profile marked by losses at the net level in Q1FY18 (Un-
audited; refers to the period April 1 to June 30).  Furthermore,
the ratings continue to remain constrained by the declining scale
of operations, IAL's history of debt restructuring and
susceptibility of margins to raw material price variations and
foreign currency fluctuations in a
competitive market environment.

The ratings, however, derive strength from the long track record
of operations, IAL's experienced management team, diversified
clientele, captive power generation capability and integrated
manufacturing operations.

Going forward, the company's ability to service its debt
obligations in a timely manner, profitably scale-up of its
operations, timely closure of the on-going debt tie-up process
along with successful implementation of the ongoing capex within
the cost and time estimates shall remain the key rating
sensitivities.

Outlook: Negative

The 'Negative' outlook is on account of the probable impact of
the ongoing capex (the financial closure for which is yet to be
achieved) on the liquidity profile of the company. However, the
outlook may be revised to 'Stable' in a scenario where the
company is able to get timely financial closure and provide funds
for executing its on-going capex and improve its profitability
and generate healthy cash accruals to service its debt
obligations in a timely manner.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in servicing of the term debt obligation on
account of stretched liquidity position: The company is presently
undertaking a new cap-ex for increasing its yarn and in-house
dyeing capacity and setting up additional infrastructure
including hostel for workers, canteen, warehouse, etc., at a
total project cost of INR62.97 cr. The same is proposed to be
funded through a term debt of INR32 cr., internal accruals,
operating lease and promoters contribution. The financial closure
for the project is yet to be achieved and company is executing it
with unsecured loans from promoters as well as internal accruals
generated. Further, the company has reported losses at the net
level in Q1FY18 (UA), on account of subdued industry demand. All
this, coupled with committed debt repayment has led to stretched
liquidity position of the company leading to delays in the
servicing of the term debt obligation and overdrawls in the cash
credit account for a period less than 30 days.

History of debt restructuring and one-time settlement: In FY03,
due to continued losses which had led to tight liquidity
position, the debt of the company was restructured under the
Corporate Debt Restructuring (CDR) package. Furthermore, in FY08,
due to spike in the raw material prices, the company again
incurred losses and approached its lenders for Onetime settlement
(OTS) which was approved in FY08. In FY09 again, IAL suffered
severe losses on account of downturn in the global economy and
approached its lenders for one-time settlement (OTS) of its dues
which was approved in FY12. However, all the conditions
pertaining to the restructurings were met and the company had
completely repaid the liabilities which were associated with the
same.

Margins susceptible to adverse raw material and foreign exchange
rates movements: The operations of IAL are highly raw material
intensive in nature with the material cost constituting ~65% on
an average (of the total income) for the last three years. The
prices of the key raw materials are highly fluctuating in nature
and the price variation is at times not completely passed on to
the customers due to competitive market conditions and easy
substitutability of the company product. Furthermore, the margins
are also vulnerable to the fluctuation in the foreign exchange
rates. The company is into exports of its finished products as-
well-as imports of its raw material.

Declining scale and deteriorating capital structure: The total
operating income of the company declined by ~12% in FY17 on the
back of decline in both domestic as-well-as export sales.
However, the profitability margins of the company improved in
FY17 with PBILDT and PAT margins improving to 10.35% and 4.58%
respectively (PY: 8.83% and 3.79%, respectively). Further, the
capital structure of the company deteriorated during the year
with long term debt to equity and overall gearing ratios of 0.56x
and 1.52x, respectively (PY: 0.17x and 1.42x, respectively). The
debt coverage indicator marked by total debt to GCA also
deteriorated to 6.44x, as on March 31, 2017 (PY: 5.74x), however,
interest coverage ratio improved to 3.19x in FY17 (PY: 2.73x).

Key Rating Strengths

Long track record of operations with an experienced management
team: IAL is promoted by Mr. R.K. Garg and Mr. Dheeraj Garg (S/o
of Mr. R.K. Garg) and have rich experience of around two decades
in the industry. Both the promoters are involved in the overall
business operations of the company and are ably supported by a
team of professionals who are highly experienced in their
respective domains. Diversified clientele especially in the
domestic market: The revenue stream of IAL is moderately
diversified with clients scattered both across India and abroad.
IAL supplies to major brands in India including Oswal,
Sportsking, among others. The plant is in close proximity to
Ludhiana (major garment manufacturing market of India) where the
company supplies its products to various players.

Integrated manufacturing operations and captive power generation
capability: IAL has integrated manufacturing operations with a
part of acrylic fibre being used in-house for the manufacturing
of acrylic yarn. The company has an installed capacity of 45,000
MT (one of the largest installed capacities in India) for Acrylic
Fibre and 28632 spindles for Acryclic Yarn, as on March 31, 2017.

Furthermore, IAL has a 8MW turbine installed in-house which is
sufficient to meet ~75% of the power requirement of the
whole plant running at full capacity. The operations of the
company are highly power intensive in nature with the power
cost constituting more than 9% of the total income for the last
three years.

Analytical approach: Standalone

Indian Acrylics Limited (IAL) is engaged in the manufacturing of
Acrylic Fibre and Acrylic Yarn at its 120 acres manufacturing
facilities located in Sangrur, Punjab. The company has an
installed capacity of 45,000 MT for Acrylic Fibre and 28632
spindles for Acryclic Yarn, as on March 31, 2017. The company was
incorporated in the year 1986, as a Joint Venture between the
current promoters and PSIDC (Punjab State Industrial Development
Corporation). In the year 1991, IAL went public and 49% stake was
offloaded in the primary market; with PSIDC holding 25% and
promoters holding the remaining stake. The product manufactured
by the company are used for knitting, hosiery, weaving and for
manufacturing blankets, rugs and carpets.

IAL belongs to Steel Strips Group of companies which are engaged
in the manufacturing of automobile wheel rims, acrylic fiber,
civil construction, etc.


INDIAN PEROXIDE: CRISIL Raises Rating on INR62MM LT Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Indian Peroxide Limited (IPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           62       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects clarity received from the management that
the rescheduling of project before the start was on account of
delay in financing of term loan. The current progress is as per
the revised schedule and is with approval from the banks. Despite
the revised schedule, there has not been any upward revision in
the cost, as confirmed by the management, hence, no pressure on
liquidity is expected over the near term. The company is likely
to start operations as per the revised schedule, backed by the
extensive experience of its promoters and support from group
company, Nuberg Engineering Limited (NBEL; rated 'CRISL
BBB/Stable/CRISIL A3+').

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The capital structure is expected
to remain weak during the initial phase of operations. The
project is being funded in a debt equity mix of 2:1, which will
result in a high total outside liabilities to tangible networth
ratio over the medium term.

* Exposure to risk related to the nascent stage of the project:
Land to set up the plant has already been purchased and civil
construction work is in progress. Also, the project is being
implemented by NBEL. However, risk related to the initial stage
of operations will persist.

Strength

* Extensive experience of the promoters in project
implementation: The promoters have more than three decades of
experience in executing large projects through NBEL; this should
ensure timely implementation of the current project.

Outlook: Stable

CRISIL believes IPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the company implements and stabilises the
project on time. The outlook may be revised to 'Negative' in case
of time and cost overruns in the project, leading to significant
pressure on liquidity.

Incorporated in 2007 and promoted by Mr. Anil Kumar Tyagi, Mr.
Vinod Kumar Gupta, Ms Shashi Gupta, Ms Sugandha Gupta, and Mr.
Amit Tyagi, IPL is setting up a hydrogen peroxide manufacturing
plant in Dahej, Gujarat.


JCT LIMITED: CARE Reaffirms B Rating on INR158.28cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
JCT Limited (JCT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            158.28      CARE B; Stable Reaffirmed

   Short-term Bank
   Facilities            136.27      CARE A4 Reaffirmed

   Medium term            20.00      CARE B (FD); Stable
   instrument-                       Outlook: Stable
   Fixed Deposit                     Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities and fixed deposits of
JCT are constrained on account of weak financial risk profile
marked by accumulated losses, highly leveraged capital structure
and strained liquidity position. The ratings also factor in the
past delays in repayment of its debt obligations leading to
restructuring of debt under CDR mechanism.

The ratings, however, derive strength from the promoters'
experience, JCT's established position in Indian textile
industry, diversified product mix and wide distribution network.
The ability of the company to improve its capacity utilization
and profitability levels and its ability to timely execute its
assets monetization plan for the repayment of FCCBs are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak financial risk profile: The total operating income of the
company stood at INR810.38 crore in FY17 as against INR877.57
crore in FY16. The moderation in total operating income in FY17
is on account of demonetization impacting the Q3 and Q4 sales.
JCT sells its products through channel of distributors, who in
turn sell it to smaller distributors and retailers. As most of
these sales happen in cash, the total operating income has gone
down. PBILDT margin in FY17 declined to 4.34% as against 7.59% in
FY16 due to higher raw material cost (mainly cotton and nylon
chips).

JCTL's financial risk profile, continues to be weak owing to the
accumulated losses in the previous years and high debt component
in the capital structure of the company. The overall gearing as
on March 31, 2017 deteriorated to 6.75x as against 6.20x as on
March 31, 2016 on account of erosion of net worth due to losses
in FY17.

Settlement with Foreign Currency Convertible Bonds (FCCBs)
holders: As per the settlement agreement approved by High Court
of Chandigarh in June 2015 between the FCCB holders and JCT, the
company proposed to repay the FCCB holders, along with the
redemption premium, interest and withholding tax aggregating to
USD 20.74 million in 10 installments commencing from Oct-2015
till Dec-2017. The repayments were planned to be made out of the
proceeds received from the sale of three properties of which two
are situated in Delhi and one in Sriganganagar and by the
promoter funds. No operational funds of the company were to be
utilized towards FCCB redemption.

During FY17, the company has generated INR6.00 crore from the
sale of one of the property situated at New Delhi and has paid
USD 1.8 million to the FCCB holders. Till now, the company has
paid USD 5.40 million out of USD 20.74 million and the
outstanding amount is USD 15.34 million to be repaid by Dec. 5,
2017. The company has failed to sell its remaining property at
Delhi and Sriganganagar due to sluggish real estate market.
Further, the company has not received any promoter funding till
now. As per the management, the balance installment is being
arranged by the company from the
sale of non-core assets earmarked for the purpose (One property
each at Delhi and Sriganganagar) and from long term funds (yet to
be tied up).

Key Rating Strengths

Experienced promoters and established position: JCT is the part
of Punjab-based Thapar group. As a part of the Thapar family
settlement, JCT went to Mr. M.M. Thapar. Mr. Samir Thapar, son of
Mr. M.M. Thapar, is the Chairman and Managing Director of the
company and looks after the day-to-day activities of the company.
Mr. Thapar is supported by a team of experienced professionals.
JCT has long track record of more than six decades and has
established itself as a renowned brand in India. The promoters
have supported the company by infusing funds in the company as
and when required.

Diversified product mix and wide distribution network: JCT has
integrated facilities from yarn to finished fabrics which enable
it to provide better quality and wide range of products to its
customers. The company offers diversified product mix including
cotton, polyester, nylon and various blended fabrics. The company
also produces nylon filament yarns and high viscosity nylon 6
chips. The majority of the JCT's products are exported either
directly in the form of fabric or in the form of garments after
conversion by the domestic garment manufacturers. JCT has wide
and strong network of distribution and dealers across the country
to supply its products to domestic brands as well as garment
converters nominated by international brands or buying houses.

JCT also entered into bed & bath segment. The company has further
diversified into technical textile segment which offers higher
margins. The product offerings by the company in this segment are
receiving good response from the market and company further plans
to expand in this segment.

JCT Limited (JCT) was incorporated as Jagatjit Cotton Textile
Mills Limited in October 1946 and subsequently renamed to JCT in
1989. JCT is the part of Punjab based Thapar group and is engaged
in the manufacturing of cotton, synthetic & blended fabrics and
nylon filament yarn at its integrated textile facility in
Phagwara (Punjab) and filament yarn facilities in Hoshiarpur
(Punjab). JCT has installed capacity of 1,50,000 meters per day
of cotton/blended fabrics and 50,000 meters per day of synthetic
fabrics at its plant at Phagwara and 16,000 Tonnes Per Annum
(TPA) of nylon filament yarn at Hoshiarpur plant.

As per the unaudited results for Q1FY18, JCT reported a loss of
INR14.20 crore on a total operating income of INR176.63 crore.


K. S. MOTORS: CRISIL Assigns 'B' Rating to INR33.50MM Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank loan facilities of K. S. Motors Private
Limited (KSMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Inventory
   Funding                 8.16      CRISIL B/Stable (Assigned)

   Inventory Funding
   Facility               33.50      CRISIL B/Stable (Assigned)

   Bank Guarantee          5.15      CRISIL A4 (Assigned)

   Cash Credit            11.00      CRISIL B/Stable (Assigned)

   Rupee Term Loan         3.00      CRISIL B/Stable (Assigned)

   Working Capital
   Term Loan               3.19      CRISIL B/Stable (Assigned)

   Overdraft              16.00      CRISIL A4 (Assigned)

The ratings reflect the company's weak financial risk profile
because of high total outside liabilities to tangible networth
(TOLTNW) ratio and subdued debt protection metrics, and its
constrained liquidity. These weaknesses are partially offset by
its promoters' extensive experience in the automobile dealership
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: TOLTNW ratio was 19.77 times due
to small networth of INR8.03 crore as on March 31, 2017. Debt
protection metrics were weak, indicated by low adjusted interest
coverage ratio and net cash accrual to adjusted debt ratio of
1.02 times and 0.002 time, respectively, for fiscal 2017. Due to
low profitability and no expected equity infusion, the ratios
will remain subdued over the medium term.

* Weak liquidity: The weak liquidity is reflected in almost fully
utilised bank limits, and just adequate net cash accrual
(expected at INR5-6 crore over the medium term) to meet debt
obligation.

Strength

* Promoters' extensive industry experience: The promoters'
experience of six decades in the automobile dealership business
through group companies has helped KSMPL establish strong
relationships with principal suppliers Mahindra & Mahindra Ltd
and TVS Motor Co Ltd.

Outlook: Stable

CRISIL believes KSMPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if a significant increase in cash accrual or
substantial equity infusion, or sustained efficient working
capital management leads to a better financial risk profile. The
outlook may be revised to 'Negative' if cash accrual falls,
working capital management weakens, or if any major capital
expenditure leads to deterioration in liquidity.

KSMPL, incorporated in 1980, is a dealer for Mahindra & Mahindra
Ltd and TVS Motor Co Ltd. It caters primarily to Jaipur and
nearby districts such as Dausa, Tonk, Sawai, Madhopur, Sikar, and
Jhujunu.


LEO TIMBER: CRISIL Reaffirms 'B' Rating on INR3.35MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Leo Timber
Private Limited (LTPL) for obtaining information through letters
and emails dated July 10, 2017 and August 7, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.35      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        8.00      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .65      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 Leo Timber 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 Leo Timber Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.

Incorporated in 1996, LTPL trades in timber. The company is based
in Delhi and is managed by Mr. Devender Singh.


NOMAX ELECTRICAL: CRISIL Assigns 'B' Rating to INR16MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facilities of Nomax Electrical Steel Private Limited (NESPL)
and assigned 'CRISIL B/Stable' rating to the company's
facilities. The rating was 'Suspended' by CRISIL vide the Rating
Rationale dated December 31, 2012 since Nomax had not provided
necessary information required to take the rating review. Nomax
has now shared the requisite information enabling CRISIL to
assign a rating on its bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              16       CRISIL B/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects the modest scale of operations and working
capital-intensive operations. This weakness is partially offset
by extensive experience of its promoter in the electrical
laminations business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: With net sales of INR30.38 crore
for fiscal 2016, scale remains small. Despite expected moderate
revenue growth over the medium term, the company will remain
exposed to intense competition.

* Working capital-intensive operations: Gross current assets were
more than 300 days as on March 31, 2017, due to stretched
receivables and sizeable inventory. Though the company has taken
steps to improve working capital cycle, its management will
remain a key monitorable over the medium term.

Strengths

* Extensive experience of promoter: Presence of around three
decades in the laminations core business has enabled the promoter
to maintain market position.

Outlook: Stable

CRISIL believes NESPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if significant improvement in scale
of operations and operating profitability leads to higher-than-
expected cash accrual; and if working capital management is
efficient. The outlook may be revised to 'Negative' if a sharp
decline in revenue and profitability, deterioration in working
capital management, or large, debt-funded capital expenditure
weakens financial risk profile, especially liquidity.

Established in 1981 as a proprietorship firm (Eastern
Electricals) by Mr. Moinuddin Mondal and reconstituted as a
private limited company in April 2, 2007, NESPL manufactures
cold-rolled grain-oriented silicon steel transformer cores for
low and high frequency distribution and power transformers.
Facilities admeasuring 90,000 square feet are in Kolkata and are
ISO 9001: 2000 accredited. The cores are processed as per
customer specifications.

For fiscal 2017, profit after tax (PAT) was INR26 lakh on sales
of INR23.48 crore, against a PAT of INR26 lakhs on sales of
INR30.38 crore for fiscal 2016.


NOUVEAUX INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5.5MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Nouveaux Industries Private Limited (NIPL) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           5.5       CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        1.7       CRISIL B+/Stable (Reaffirmed)

The rating reflects modest scale in the intensely competitive
steel wire manufacturing segment and weak financial risk profile.
These weaknesses are partially offset by extensive experience in
the wire manufacturing segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and exposure to volatility in steel prices: Scale
is modest as reflected in revenue of INR34.66 crore in fiscal
2017. Owing to modest scale, bargaining power with customers is
limited. Moreover, operating margin, which has been moderate at
8-9%, will likely remain vulnerable to fluctuation in steel
prices.

* Weak financial risk profile: Financial risk profile is
constrained by a weak capital structure, with small networth and
high gearing. Debt protection metrics are below average.

Strength

* Promoters' extensive experience: Experience of two decades in
manufacturing wires has helped the promoters forge strong
relationships with key customers and suppliers Moreover, under
the promoters' leadership, the company has made continuous
additions to its product line leading to a diversified customer
base.

Outlook: Stable

CRISIL believes NIPL will continue benefit from the promoters'
extensive experience. The outlook may be revised to 'Positive' if
ramp-up in scale and operating margin leads to healthier-than-
expected cash accrual and stronger financial risk profile.
Conversely the outlook may be revised to 'Negative' if fall in
revenue or margins, or stretch in working capital cycle weakens
debt protection metrics.

Established in 1992 in Kanagayam, Tamil Nadu, NIPL manufactures
welding wires for use in industries such as automobile,
infrastructure, power equipment, railways, and mining. The
manufacturing and packaging facilities are at Kanagayam.
Operations are handled by Mr. Venkatachalapathy.

The company reported a net profit of INR0.11 crore on sales of
INR34.65 crore in fiscal 2017, vis-a-vis a net profit of INR0.39
crore on sales of INR24.32 crore in fiscal 2016.


PARTH DIAMOND: CRISIL Reaffirms B Rating on INR10.5MM Loan
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Parth
Diamond Private Limited (PDPL) for obtaining information through
letters and emails dated July 11, 2017 and August 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Line of Credit         10.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .5       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 Parth Diamond 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 Parth Diamond Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.

PDPL was established in 2000 by Mr. Vaishal P Jariwala and his
family members. The company manufactures plain gold and diamond-
studded jewellery. The company primarily caters to the retailers
in the domestic market.


PIPE & METAL: CRISIL Reaffirms 'D' Rating on INR5.75MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Pipe &
Metal (India) (PMI) for obtaining information through letters and
emails dated June 19, 2017 and July 20, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            5.75      CRISIL D (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Proposed Fund-         4.25      CRISIL D (Issuer Not
   Based Bank Limits                Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

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

Set up in 1986, PMI is a Ghaziabad (Uttar Pradesh)-based
proprietorship firm of Mr. Narendra Gupta. It trades in iron and
steel tubes and pipes in Uttar Pradesh, Haryana, Delhi, and
Rajasthan.


R S H AGRO: Ind-Ra Upgrades Issuer Rating to 'BB+'/Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded R.S.H. Agro
Products Limited's (RSH; earlier known as RSH Agro Product
Private Limited) Long-Term Issuer Rating to 'IND BB+' from 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR250 mil. (increased from INR200 mil.) Fund-based limits
    upgraded with IND BB+/Stable rating;

-- INR161.24 mil. (increased from INR20 mil.) Non-fund-based
    limits affirmed with IND A4+ rating; and

-- INR38.75 mil. (reduced from INR44.5 mil.) Long-term Loan due
    on March 2022 upgraded with IND BB+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects the substantial improvement in RSH's scale
of operations and credit metrics during FY17. Revenue grew to
INR1,176 million from INR383 million in FY16 because of a healthy
demand in the market. Ind-Ra expects further revenue growth in
FY18, as the company has already booked revenue of INR1,050
million till September 2017. Gross interest coverage increased to
3.9x in FY17 (FY16: 2.4x) and net financial leverage (adjusted
net debt/operating EBITDAR) reduced to 4.7x (8.2x) due to an
increase in operating EBITDA. Although the coverage is likely to
deteriorate during FY18-FY19, because of an increase in interest
cost due to the sanction of enhanced bank limits, the leverage
may improve with scheduled debt repayments.

The upgrade also reflects the improvement in RSH's liquidity
position, with its use of the fund-based facilities improving to
88.41% on average for the 10 months ended September 2017 from
92.6% for the 12 months ended December 2016.

The ratings however are constrained by the short track record of
RSHAPL's operations as it commenced operations in April 2015.
Also, the net cash cycle remained long at 117 days in FY17 (FY16:
253 days), despite improvement in net cash cycle was due to an
improvement in inventory days. Also, EBITDA margin declined to
6.8% in FY17 (FY16: 9.5%) due to an increase in sales
concentration in blended oil product (which is a low margin
product) against pure mustard oil.

The ratings continue to be supported by over three decades of
experience of the company's promoter's in the edible oil
industry.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and EBITDA
margin leading to an improvement in overall credit metrics may
lead to a positive rating action.

Negative: A fall in the scale of operations and profitability may
lead to a negative rating action.

COMPANY PROFILE

RSH was incorporated in 2012, and started commercial operations
in April 2015. It was reconstituted as a limited company in
September 2017. It manufactures mustard oil and oil cakes at its
unit in Guwahati, Assam, which has a crushing capacity of
21,000MTPA.

Anupriya Harlalka and Nobel Sangama are the directors of the
company and majorly look after its operations, supported by other
members of the Harlalka family.


RITU LOGISTICS: CARE Reaffirms B+ Rating on INR9.0cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ritu Logistics (RLT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             2.50       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of RLT continue to
remain constrained on account of its financial risk profile
marked by low PAT margin, leveraged capital structure and
moderate liquidity position. The ratings are, further, continued
to remain constrained on account of competitive nature of the
transportation and logistics business with customer concentration
risk and its partnership constitution. The ratings, however,
continue to derive strength from the experienced partners with
established presence of Ritu Group in the transportation business
and its reputed clientele base. The ability of the firm to
increase its scale of operations with stable profitability
margins and improvement in solvency position are the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Moderate liquidity position: Liquidity position of RLT stood
moderate with an average working capital utilization of around
90% during last 12 months ended August 2017 and comfortable
current ratio and quick ratio at 3.20 times and 3.17 times
respectively as on March 31, 2017. Further, cash flow from
operating activities stood at INR11.94 crore in FY17, increased
from INR1.24 crore in
FY16 due to lower working capital gap as compare to previous
financial year. Further, the operating cycle stood elongated
at 72 days in FY17.

Highly competitive nature of transportation and logistics
business with presence of large number of small players coupled
with customer concentration risk: Transportation and logistics
business is a highly competitive business on account of high
degree of fragmentation in the industry with presence of a large
number of small players having limited fleet size, both in
organized and unorganized sectors. Further, RLT is dealing with a
single customer i.e. Ashok Leyland limited (ALL, Rated CARE AA:
Stable/ CARE A1+) and about 85% of the total revenue of the firm
is generated through a single customer. RLT receives payment from
ALL within 60-90 days of delivery of goods. The customer
concentration makes the firm vulnerable to the risk of a slowdown
in the operations or orders from a particular client may result
into decline in total operating income and consequently
profitability of the firm. Further, delay in payment from these
clients might lead to stress on liquidity of the firm.

Further, its constitution as a partnership concern with low net
worth base restricts its overall financial flexibility in terms
of limited access to external fund for any future expansion
plans. Furthermore, there is an inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of partners.

Key Rating Strength

Experienced partners with established presence of 'Ritu group' in
transportation business: RLT is promoted and managed by Goyal
family. Mr. Vishnu Goyal and Mr. Hitendra Goyal look after the
overall affairs of the firm whereas Mr. Naresh Goyal, MBBS by
qualification, looks after the finance function of the firm.
Being present in the transportation industry since 1991, the
promoters have acquired significant experience of more than two
decades and established a wide network as well as clientele base
in the transportation and logistics industry. Due to wide spread
network of 'Ritu Group', it is currently running about 447
carriers/tankers for transportation of oil, lubricants, bitumen &
emulsion and commercial vehicles.

Reputed clientele: RLT has signed an agreement with two year
validity effective from August 1, 2012 with ALL for
transportation of vehicles manufactured by ALL from its
manufacturing unit to various depots located in all over India.
The agreement has been renewed in December 2014 and continues to
renew after every two years. The firm receives payment from ALL
within 60-90 days of delivery of goods. Further, during FY16, the
firm also transported goods for NLB Transport Company. Further,
TOI has improved by 10.72% in as per provisional result of FY17
over FY16.

Moderate solvency position: RLT operates in a capital intensive
nature of industry which requires higher investment in
carriers/tankers and requires regular replacement too. Due to
huge debt, the capital structure of RLT stood leveraged marked by
an overall gearing of 3.87 times as on March 31, 2017, however
significantly improved from 8.39 times as on March 31, 2016
mainly due to repayment of term loan as well as infusion of
capital by partners in FY17. Further, debt service coverage
indicators of RLT stood moderate marked by total debt to GCA of
6.47 times as on March 31, 2017. Furthermore, interest coverage
stood moderate at 1.93 times in FY16.

Healthy PBILDT and low PAT margin: During FY17, PBILDT margin of
the firm has declined by 135 bps in FY17 over FY16 due to
significant increase in employee cost which offset to an extent
with decline in fuel cost. However, PBILDT margin stood healthy
at 20.29% in FY17. With marginally decline in PBILDT margin, PAT
margin has declined marginally by 2 bps in FY17 over FY16,
however lower in quantum as compared to decline in PBILDT margin
due to lower depreciation cost expenses. Decrease in PAT level
and lower depreciation has also led to decline in GCA level by
29.47%
in FY17 over FY16.

Jodhpur (Rajasthan) based Ritu Logistics (RLT) was formed as a
partnership concern by Ritu Group in June, 2012. Ritu group is
engaged in the transportation services since 1991 and has about
447 carriers/tankers as on August 31, 2017 running in the
transportation of oil, lubricants, bitumen & emulsion and
commercial vehicles. RLT was promoted with an objective to
provide logistic services to commercial vehicle manufacturers
i.e. Truck on Truck (TOT) services and have fleets of 184
vehicles/carriers as on March 31, 2017. In August, 2012, RLT has
signed a two years agreement with ALL (engaged in the
manufacturing of commercial vehicles) for transportation of
vehicles manufactured by ALL from its manufacturing unit to
various depots and distributors located in all over India. The
agreement has been renewed in December 2014 and continues to
renew after every two years. Further, the agreement has been
again renewed in January 2017 for two years. RLT has presence in
all over India through its branch offices at Jaipur, Delhi,
Mumbai, Pune, Mangalore, Pantnagar, Hazira, Jamnagar, Kandla,
Rajkot, Baroda, Nagpur, Ajmer and Beawar.


SATHE SYNTHETICS: CRISIL Reaffirms B+ Rating on INR12.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long term bank facilities of Sathe Synthetics (Prop. Rakesh
Fuels Private Limited) (SS; part of Sathe Group). and has
assigned its 'CRISIL A4' rating on the short term bank facility.


                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             12.5     CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility        .2     CRISIL B+/Stable (Reaffirmed)

   Foreign Documentary
   Bills Purchase            .3     CRISIL A4 (Assigned)

The rating continues to reflect moderate scale of operations and
exposure to intense competition. Revenue, estimated at INR115
crore in fiscal 2017, is expected to grow at 5-10% per fiscal
over the medium term backed by experience of the partners. Its
operating margins has been significantly fluctuating because of
is susceptibility to prices of its major raw material i.e.
polypropylene. Low and volatile margins have led to weak interest
cover and high total outside liabilities to adjusted networth in
SS.

Liquidity is supported by absence of debt-funded capital
expenditure (capex) plans over the medium term and sustenance of
efficient working capital management reflected in low gross
current assets (GCAs) estimated at 78 days as on March 31, 2017.

Analytical Approach

For arriving at the rating, CRISIL has now combined the business
and financial risk profiles of SS and Dev Bhoomi Textiles Private
Limited (DBTPL) (established in the year 2016 and 2016-17 was
first year of operations for the company), together referred as
Sathe group. The two entities, together referred to as the Sathe
Group, are in the same business, have the same promoters and
management. However there is no interparty transactions between
both.

Key Rating Drivers & Detailed Description

Weaknesses

* Low operating margin: The major raw material is polypropylene
and the group is exposed to risks related to volatility in its
prices as these are crude oil derivatives and thus remain largely
dependent on international crude oil prices. This is also
reflected in the company's operating margin of which has remained
low around 0.5 to 3per cent over the last four years through FY
2017. As a result, CRISIL believes that Sathe group profitability
will remain vulnerable to the risk of sharp volatilities in raw
material prices.

* Moderate scale of operations: Revenue was moderate at INR115
crore in fiscal 2017, and is expected at INR121 crore in fiscal
2018. Yarn manufacturing is a highly fragmented and competitive
industry with the presence of many small and medium players
catering to regional demand. Further, yarn manufacturing is a
highly fragmented and competitive industry with presence of many
small and medium sized players catering to regional demand.
Moderate scale of operations of the company constrains its
barging power with its suppliers and customers.

* Below-average financial risk profile: SS's networth was modest,
estimated at INR4.70 crore as on March 31, 2017, it is expected
to grow due to steady accretion to reserves over medium term. The
total outside liabilities to tangible networth ratio was high,
estimated at 4.80 time as on March 31, 2017, and is expected to
be in the range of 4-3 times over the medium term, due to
considerable reliance on external borrowing, despite the absence
of any debt-funded capex plans. With low profitability and high
debt, SS has weak debt protection metrics , with the interest
coverage ratio at 1.49 times for fiscal 2017 and is expected to
be in the range of 1.5-2.0 times over medium term.  Furthermore,
DBTPL do not have any debt, the company has only unsecured loans
from promoters and company has been into operations for only 6
months.

Strengths

* Extensive experience of the promoter: The promoter has been in
the multifilament yarn manufacturing industry for more than two
decades. This resulted in establishing a healthy relationship
with customers and suppliers and in healthy revenue growth.

The business risk profile will be benefitted by the promoter
extensive experience over medium term.

Outlook: Stable

CRISIL believes Sathe group will continue to benefit from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive' in case of significant improvement in the
scale of operations and profitability, leading to a better
financial risk profile. The outlook may be revised to 'Negative'
if low cash accrual, or large working capital requirement, or
sizeable, debt-funded capital expenditure constrains liquidity
and weaken financial risk profile.

Established in 1995 and based in Delhi, SS is promoted by Mr.
Rajiv Mohan Garg. The firm manufactures multifilament yarn used
in filter fabrics, belts, bags, tapes, and other products.

DBTPL is established in the year 2016 and 2016-17 was first year
of operations for the company. It is engaged in the manufacturing
of non-woven fabrics.

Profit after tax is estimated at INR0.96 crore on net sales of
INR115 crore for fiscal 2017; net loss was INR1.42 crore on net
sales of INR89 crore for fiscal 2016.


SCHOLARS INTERNATIONAL: Ind-Ra Moves D Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Scholars
International Educational Foundation's (SIEF) bank loans' ratings
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:

-- INR97.61 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR12.5 mil. Working capital facility (Long-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 24, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SIEF is regulated under the Societies Registration Act, 1861. The
foundation was established in 2004 and its main objective is to
impart quality education at affordable and competitive rates. It
offers undergraduate and postgraduate courses in engineering,
management, teaching and polytechnic.


SHIRPUR POWER: Ind-Ra Downgrades Term Loan Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shirpur Power
Private Limited's (SPPL) bank loans as follows:

-- INR15,140 mil. Rupee term loan due on September 2030
    downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects SPPL's defaults on debt obligations during
the trailing 12 months due to a tight liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.

COMPANY PROFILE

SPPL is implementing a 300MW (2 X 150MW) sub-critical thermal
power plant near Dhule, Maharashtra. The plant will operate on
100% imported coal. The estimated project cost is INR24,8500
million, of which INR8,210 million is being funded by promoter
funds, and the rest by debt. The SPV is a 100% subsidiary of
Sixvents Power and Engineering Limited (formerly Sintex Power
Limited), a part of the Sintex promoter group. As per the
management, the company achieved commercial operations date on 28
September 2017.


SHIVALIK VYAPAAR: CRISIL Reaffirms 'D' Rating on INR18.96MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shivalik
Vyapaar Private Limited (SVPL) for obtaining information through
letters and emails dated July 13, 2017 and August 8, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              9        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      18.96     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                 .67     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 Shivalik Vyapaar 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 Shivalik Vyapaar Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D'.

Set up by Mr. Rajendra Agarwal in 2005, SVPL manufactures
automotive and industrial batteries and valve-regulated lead-acid
(VRLA) batteries. The company has a battery manufacturing
facility in Sanwar (Madhya Pradesh).


SHRI BHAGYODAYA: CRISIL Reaffirms B+ Rating on INR3MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri
Bhagyodaya Metals Private Limited (SBMPL) for obtaining
information through letters and emails dated July 18, 2017 and
August 17, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              3        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         3        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       8        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SBMPL was set up in 1990 by Mr. Sheshmal Shah and his family,
based in Ahmedabad. The company manufactures stainless steel
utensils and sells them under the, 'Bharat' brand to various
traders/dealers in Gujarat. The company regularly bids for
tenders from various government organisations.


SHYAM GRAMODYOG: CRISIL Reaffirms B+ Rating on INR1MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shyam
Gramodyog Sansthan (SGS) for obtaining information through
letters and emails dated July 10, 2017 and August 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term      1        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 Shyam Gramodyog Sansthan. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Shyam Gramodyog Sansthan 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'.

SGS is a not-for-profit society managed by president, Mr. Ram
Kumar, secretary, Mr. Nathuram, and nine other members. The
society is located at Charra in Aligarh district of Uttar Pradesh
and provides free meals under the midday meal scheme and other
government mandated scheme.


SHYAMSHREE RESIDENCY: CRISIL Reaffirms B+ Rating on INR.7MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shyamshree
Residency Private Limited (SRPL) for obtaining information
through letters and emails dated July 18, 2017 and August 17,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          7.1       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              .7       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Letter
   of Credit                .2       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2006 by promoter Mr. Saket Agarwal and his family
members, SRPL erects and commission's transmission and
distribution lines and manufactures PSC poles required for this
purpose. The company, based out of Madhya Pradesh, currently has
electrification contracts in Panna and Gadh districts.


SMT. SHAKUNTLA: CARE Raises Rating on INR148.62cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Smt. Shakuntla Educational & Welfare Society (SSEWS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        148.62      CARE B+; Stable Revised
   Facilities-Term                   from CARE D
   Loan


   Short-term Bank        50.00      CARE A4 Revised
   Facilities-Fund                   from CARE D
   Based

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SSEWS factor in
the experience of the management, improved financial profile in
FY17 as well as regularization of debt repayment. The ratings are
partially offset by the regulatory risk inherent to the education
sector as well as intense competition in the education sector.

Going forward, the ability to maintain a satisfactory level of
enrollments and any major debt funded capital expenditure project
will be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced Management: SSEWS is established by Mr. Suneel
Galgotia, an educationist from Uttar Pradesh, with experience of
more than three decades in the education industry. Prior to
establishment of SSEWS, Mr. Suneel Galgotia was engaged in the
publishing of books. Apart from Mr. Suneel Galgotia, society is
ably supported by long experience of the other members of
governing body. Mrs. Padimini Galgotia is working as secretary of
the society, has more than two decades of experience in the
education and publishing industry. Further, the society has
experienced management with each institute having separate
principals, vice principals, department head, professors and
associate professors.

Improvement in the financial profile: With the increase in
student strength, there has been an increase in the operating
income to INR218cr in FY17 as compared to INR185cr in FY16 and
the SBID and GCA has also improved to INR97cr and INR53cr in FY17
as compared to INR62cr and INR14cr in FY16.

Further with the increase in surplus, the corpus fund has been
positive and with the scheduled debt repayment the total debt has
declined to INR239cr as on March 31, 2017 as compared to INR287cr
as on March 31, 2016. The interest coverage has improved to 2.20x
during FY17 as compared to 1.30x during FY16 and the total
debt/gca has also improved to 5.24x for FY17 as compared to
22.40x for FY16.

Regularization of debt payment: There had been delays in the past
owing to ongoing capital expenditure project and cash flow
mismatches. SSEWS had incurred some capital expenditure during
FY17, which was funded through its own accruals, without taking
any additional debt. This had led to delays in the debt
servicing. However, now, with no major capital expenditure
project in progress, the society is meeting its repayment
obligations on time since June'17.

Key Rating Weakness

Regulatory risk inherent to the education sector: Education is in
the concurrent list of the Indian Constitution, wherein both the
state and central governments have powers to regulate the sector.
Formal education sector is one of the highly regulated sectors
with both state and central governments regulating the industry
directly and/or indirectly through various bodies including UGC
(University Grants Commission) and AICTE (All India Council for
Technical Education). UGC was established for the coordination,
determination and maintenance of standards of university
education in India. AICTE was established with a view to proper
planning and co-ordinated development of the technical education
system throughout the country. The scope of government
regulations is wide, starting from establishment of
course/institute, seat sharing, fee fixation and periodical
review of the standards followed by the institute.

Intense Competition in the education sector: In the last decade,
higher education sector in India has witnessed tremendous growth
marked by the emergence of various new universities & colleges.
This has increased the competition faced by these educational
institutes manifold. At present India has approx. 260 million
students enrolled in about 751 universities and 35,539 colleges.

Smt. Shakuntla Educational & Welfare Society (SSEWS) was formed
in the year 1998 with the Registrar of Society under the society
registration act 1860 with the main objective of providing
education. The society is promoted by Mr. Suneel Galgotia, an
educationist from Uttar Pradesh with experience of more than
three decades in the education industry.

SSEWS is currently operating two management colleges as well as
one engineering college in Noida (Uttar Pradesh). Apart from
these, the society is also operating one educational university
named Galgotia University. Galgotia University came into
existence after passing of Galgotias University Act in 2011 by
Government of Uttar Pradesh.


SRI PRASANNA: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Prasanna Metals and Alloys (SPMA) for obtaining information
through letters and emails dated July 17, 2017 and August 14,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         1.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SPMA, set up in 2004, is involved in fabrication of structural
steel components used in cement factories and sugar mills. Its
manufacturing facility is in Vellore (Tamil Nadu). It is promoted
by three partners - N Muruganandam, R Manivannan and PS
Veeramani.


SURESH JAIN: CARE Assigns B+ Rating to INR6.62cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Suresh
Jain Industries (SJI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.62       CARE B+; Stable Assigned

   Short term Bank
   Facilities             0.13       CARE A4; Assigned

Detailed Rationale & Key rating drivers

The ratings assigned to the bank facilities of SJI is tempered on
account of small scale of operations and moderate profitability
margins with low cash accruals, leveraged capital structure and
moderate debt coverage indicators. The ratings also remain
tempered due to susceptibility of margins to fluctuations in
cotton prices, working capital intensive nature of operations due
to seasonal nature of business, presence in fragmented industry
with susceptibility to government regulations and proprietorship
nature of constitution.

The ratings, however, draw support from the experience of the
proprietor and location advantage with respect to proximity to
its raw material.

The ability of the firm to increase its scale of operations and
improve profitability and capital structure with efficient
management of working capital requirement remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation and moderate profitability margins: SJI
commenced commercial operation in April, 2010. Despite being in
the business for more than half decade the scale of operations
has remained small with low net worth base. Furthermore, the
profitability of the entity remained moderate owing to limited
value addition nature of business and high competition. Moreover
the margins remained susceptible to fluctuation in input prices
owing to seasonality associated with availability of cotton.

Leveraged capital structure and debt coverage indicators: The
capital structure of the entity remained leveraged with high
utilization of cash credit limit and increase in unsecured loans
to support the operations. Furthermore, owing to high dependence
on debt and low profitability the debt coverage indicators
remained moderate.

Working capital intensive nature of operations: The liquidity
position of the firm remained moderate with gross current
asset days of 153 days during FY17. Furthermore as the raw
material is seasonal in nature the firm has to maintain higher
inventory. The working capital requirements of the entity are met
by the cash credit facility and the average utilization of
the CC limit was on higher side in the peak season.

Risk associated with seasonality and fragmented nature of
industry: The cotton business is highly seasonal in nature, as
the sowing season is from March to July and the harvesting season
is spread from November to February. Hence, the working capital
utilization is high in the peak season. This results in low
financial flexibility to shield against any adverse situation
during peak period. Furthermore, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As SJI faces stiff competition from other
players operating in the same industry in the Amravati area, it
results in low bargaining power of SJI against its customers.

Proprietorship nature of constitution: Being proprietorship
nature of constitution, the firm is exposed to the risk of
withdrawal of capital due to personal exigencies, dissolution of
firm due to retirement or death of promoter and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

Key Rating Strengths

Experienced proprietor: SJI is promoted by Mr. Suresh Champalal
Jain (aged 67 years and a Graduate) having an experience of more
than two and a half decade in Cotton Industry and Construction
Industry. Prior to this entity, Mr. Jain had gained experience
through "Bharat General Group" (a cotton seed oil extraction
unit). He looks after the finance function of the firm and is
also a key decision maker. He is assisted by his nephew Mr. Mayur
Jain (aged 30 years and a Graduate) having an experience of 6
years in this industry, who is responsible for managing the day
to day activity at the factory site and also managing the
production and marketing division of the firm with adequate
support from a team of experienced professionals. Furthermore,
SJI has a track record of more than one and a half decade in
cotton business and has established a good relationship with its
customers and suppliers. Furthermore, SJI has a track record of
around seven years in the cotton business and has established a
good relationship with its customers and suppliers.

Locational advantage emanating from proximity to raw material:
The manufacturing facility of SJI is located in the Vidarbha
region of Maharashtra. Maharashtra produces around 21% of total
cotton production of India. Out of the total production of
Maharashtra, 65% is contributed by Vidarbha region. Hence, raw
material is available in adequate quantity. Furthermore, the
presence of SJI in cotton producing region also fetches a
location advantage of lower logistics expenditure. Moreover,
there is robust demand of cotton bales and cotton seeds in the
region due to presence of spinning mills (more than 35 cotton
textiles) in Yavatmal.

Suresh Jain Industries (SJI) was established as a proprietorship
concern by Mr. Suresh Champalal Jain. The entity commenced its
operation in the year April 2010. The entity is engaged in
diverse business viz. cotton ginning and pressing, extraction of
cotton oil, processing of agricultural waste into biomass
briquette (which is used to heat industrial boilers) and
processing of groundnut with the help of decorticator. The entity
has recently set up the biomass briquette unit. The commercial
operation of the unit commenced from April, 2017. The major
income from operations is contributed from cotton segment (~72%
in FY17) followed by bio mass briquette (~27% in FY17). The
manufacturing unit of the firm is located at Nandgaon
Khandeshwar, Amravati. The unit has an installed capacity to gin
and press 50000 quintals of cotton per annum and to extract 44
lakh liter of oil per annum (the plant is operational for 8
months). SJI procures raw material i.e. raw cotton from the local
farmers and sell its final product i.e. cotton bales and cotton
oil through brokers/agents across Maharashtra, Punjab and
Southern Part of India.


SWASTIK ENTERPRISES: CRISIL Reaffirms B- Rating on INR9MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Swastik
Enterprises - New Delhi (SE) for obtaining information through
letters and emails dated July 10, 2017 and August 8, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         9        CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              6.5      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   SME Gold Card             .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 Swastik Enterprises - New
Delhi. 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 Swastik Enterprises - New Delhi 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'.

SE, set up as a proprietorship firm in 1989 by Mr. Rakesh Gupta,
is located in New Delhi. It was reconstituted as a partnership
firm in 1991. SE trades in steel scraps and cold-rolled sheets;
it sells steel scraps to thermo-mechanically treated (TMT) steel
bar manufacturers, auto manufacturers and casting units.
Operations are managed by Mr. Rakesh Gupta, Ms. Renu Gupta and
Mr. Arun Gupta.


VAISHNAVI GLOBAL: CRISIL Reaffirms B+ Rating on INR10MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facility of
Vaishnavi Global Private Limited (VGPL) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             10       CRISIL B+/Stable (Reaffirmed)

The rating continue to reflect VGPL's modest scale of operations
in a fragmented industry and large working capital requirements.
It also factors in weak financial risk profile, marked by weak
capital structure. These weaknesses are partially offset by the
promoters' extensive experience in the textile industry, its
established customers and supplier base and its moderate
operating profitability.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: VGPL's scale of operation remained
modest as indicated by modest revenues of INR23 crore in fiscal
2017.

* Large working capital requirements: The company has working
capital intensive operations as indicated by high gross current
asset of 251 days as on March, 2017. This is on account of high
inventory level and stretched receivables.

* Weak financial risk profile: VGPL's weak financial risk profile
is marked by weak capital structure. The gearing ratio remained
high at 6.17 times as on March, 2017 on account of higher
reliance on external borrowings to fund the working capital
requirements.

Strength

* Extensive experience of promoters and longstanding relationship
with customers: VGPL benefits from the extensive experience of
promoters of over 3 decades in garment industry. Over the years,
the management has established longstanding relationship with the
customers thus, resulting in repeated orders.

Outlook: Stable

CRISIL believes that VGPL will continue to benefit over the
medium term from its promoters extensive industry experience and
established customer base. The outlook may be revised to
'Positive' if substantial improvement in scale of operations and
working capital cycle while maintaining operating profitability
results in improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if VGPL's financial risk
profile weakens, due to low cash accruals or sharp increase in
working capital requirements, or if the company undertakes a
higher-than-expected debt-funded capital expenditure programme.

Incorporated in 1997 as a proprietorship firm and later re-
constituted as private limited company, VGPL manufactures order-
based garments mainly jeans and it also processes fabric. The
company is promoted by Mr. Rishi Mehra and Ms. Priti Mehra and is
based in Mumbai.


VENATI SURESH: CRISIL Assigns B+ Rating to INR8MM Secured Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Venati Suresh Reddy (VSR).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Secured Overdraft
   Facility                 8         CRISIL B+/Stable (Assigned)

   Bank Guarantee           2         CRISIL A4 (Assigned)

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

The ratings reflect the firm's improving yet modest scale of
operations, working capital-intensive operations, and below-
average financial risk profile because of weak capital structure.
These weaknesses are partially offset by the extensive experience
of the promoters in the construction industry, and its healthy
operating margin.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: The modest scale is indicated by
operating income of INR12.50 crore in fiscal 2017. The revenue
had increased from INR4.3 crore in fiscal 2014 to present level,
nonetheless sale remains modest. Further firm has orders of
INR9.77 crore to be executed in fiscal 2018 which partially
provides revenue visibility. CRISIL believes the firm's scale of
operations will remain modest over the medium term backed by
limited orders.

* Large working capital requirement: Gross current assets were at
179 days as on March 31, 2017, driven by large receivables and
work-in-progress inventory of 71 and 86 days, respectively. The
firm has to maintain deposits with customers in the form of
earnest money deposits, additional security deposits, and
retention money. Stretch in the working capital cycle may weaken
liquidity.

* Below-average financial risk profile: The networth was modest,
at INR1.78 crore as on March 31, 2017. Capital structure is
leveraged, reflected in total outside liabilities to tangible
networth ratio and gearing of 3.70 times and 3.55 times,
respectively, as on March 31, 2017.

Strengths

* Extensive industry experience of the proprietor: The
proprietor's experience of over two decades in the construction
industry, and established relationships with suppliers and
customers should support the firm's operations.

* Healthy operating margin: The firm had reported healthy
operating margin of over 15% in last two fiscals ended 2017.

Outlook: Stable

CRISIL believes VSR will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if there is a significant increase in revenue with
stable and healthy profitability leads to higher cash accruals
and subsequently improvement in capital structure. The outlook
may be revised to 'Negative' if revenue is less than expected or
if profitability declines or if the firm undertakes large, debt-
funded capital expenditure, leading to deterioration in its
financial risk profile, or if stretch in working capital cycle
further weakens liquidity.

VSR, established in 1998, is a proprietorship concern of Mr.
Venati Suresh Reddy. It constructs roads and buildings for
government departments such as the roads and building departments
of Andhra Pradesh and Telangana, and Panchayat Raj Telangana. It
is based in Hyderabad.



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


STEEL PIPE: S&P Withdraws Prelim 'B' Corporate Credit Rating
------------------------------------------------------------
S&P Global Ratings said it withdrew its preliminary 'B' corporate
credit rating on PT Steel Pipe Industry of Indonesia Tbk.
(SPINDO).

S&P said, "We assigned the preliminary rating to SPINDO on Sept.
1, 2017, based on the company's proposed issuance of senior
unsecured notes to refinance bank loans. However, the company has
not issued bonds within the timeframe we expected. As a result,
we are withdrawing our preliminary rating."



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


KINSTEEL BHD: Bursa Rejects Request for Time Extension
-------------------------------------------------------
The Sun Daily reports that Bursa Malaysia rejected Kinsteel Bhd's
application to delay the issuance of its annual report 2017 by
another month from October 31 to November 30.

According to the report, Kinsteel said the reason for failing to
issue the annual report was due to the delay in the audit process
as the company required to settle the outstanding audit fees to
the auditors before their commencement of audit on the financial
statements ended June 30, 2017.

Its shares will be suspended if the company fails to submit the
annual report by November 7, Sun Daily says.

Malaysia-based Kinsteel Berhad (KLSE:KINSTEL)--
http://www.kinsteel.com.my/home/home.php-- is an integrated
steel manufacturer and steel millers in Malaysia. The Company
manufactures a range of long steel products used in the
manufacturing, construction and infrastructure industries. The
Company, with a product portfolio encompassing upstream,
midstream and downstream steel products, fully integrated and
streamlined manufacturing processes, serves the need for steel in
the region. It produces mild steel round bars, high tensile
deformed bars, angle bars and flat bars servicing, in particular,
the construction and infrastructure industries. There steel bars
and sections manufactured by the Company are also known as long
products. The Company has eight production lines with a total
steel bars production capacity of 800,000 metric tonnes per
annum. The types of steel bars produced are round and deformed
bars, angle bars, U-channel, wire rods and flat bars.

In October 2016, Kinsteel triggered the criteria pursuant to
Practice Note 17 (PN17) of the Main Market listing requirements
of Bursa Malaysia Securities Bhd. The company was considered a
PN17 company pursuant to paragraph 2.1(d) of PN17 as the
company's auditors have expressed a disclaimer opinion in the
Kinsteel's latest audited financial statements for the financial
year ended June 30, 2016.



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


COLETTE'S PX: BIR Orders Closure of 2 Businesses
------------------------------------------------
Armand Galang at Inquirer.net reports that a warehouse and a
retail store were ordered to shut down their operations by the
Bureau of Internal Revenue (BIR) on Oct. 19 for storing hundreds
of cigar master cases with no tax stamps.

The items were discovered at the warehouse of Colette's PX Store
owned by a certain Eleanor Ingalia at Bantug Norte village,
Inquirer.net relates.

According to Inquirer.net, the absence of tax stamps meant "they
weren't paying taxes," said Jethro Zabariaga, BIR Central Luzon
director, who led the raiding team.

Inquirer.net relates that Mr. Zabariaga said the BIR will
determine where these brands: Two Moon, Farstar, D&B, Black Bat
and Twin Star had originated. He observed that some of the cigar
boxes carried health warnings written in Filipino.

Aside from the tax issue, Mr. Zabariaga said the tobacco products
that the BIR seized may have not passed the country's product
standards.

Inquirer.net adds that the BIR, accompanied by agents of the
National Bureau of Investigation, also raided Colette's PX Store
along Maharlika Highway, and confiscated four large boxes of
cigars.

Mr. Zabariaga said Ingalia will be subjected to a tax assessment
on top of the criminal charges she would be facing, Inquirer.net
relays.

The BIR did not say how many items were recovered, pending an
inventory that was still being conducted as of posting time.

Mr. Zabariaga said five other establishments in the city are
under BIR surveillance, adds Inquirer.net.


RB of BUGUIAS: Depositors Has Until Oct. 26 to File Claims
----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Rural Bank of Buguias (Benguet), Inc. to
file their deposit insurance claims on or before the last day of
filing claims for insured deposits on October 26, 2017 either
through mail addressed to the PDIC Public Assistance Department,
6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
Street, Makati City, or personally during business hours at the
PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino Street, in Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Rural
Bank of Buguias was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on October 22, 2015.

According to PDIC, deposit insurance claims for 2,242 deposit
accounts with aggregate insured deposits amounting to PHP2.7
million have yet to be filed by depositors. Data showed that as
of August 31, 2017, PDIC had paid depositors of the closed Rural
Bank of Buguias the total amount of PHP295.4 million,
corresponding to 98.7% of the bank's total insured deposits
amounting to PHP299.1 million.

After October 26, 2017, PDIC shall no longer accept any deposit
insurance claims from depositors of Rural Bank of Buguias. Their
recourse is to file claims against the assets of the closed bank
through PDIC as liquidator. Payment of claims shall depend on
available assets of the bank for distribution to creditors and
the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***