/raid1/www/Hosts/bankrupt/TCRAP_Public/171026.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Thursday, October 26, 2017, Vol. 20, No. 213

                            Headlines


A U S T R A L I A

ALL STARS: First Creditors' Meeting Set for Nov. 1
EMPIRE OIL: Second Creditors' Meeting Set for Nov. 2
INHOUSE DEPOT: Second Creditors' Meeting Set for Nov. 1
INTEGRATED POWER: First Creditors' Meeting Set for Nov. 1
K-FORM (VIC): First Creditors' Meeting Set for Nov. 2

PEPPER RESIDENTIAL: Moody's Assigns (P)B2 Rating to Class F Notes
PROSEC SECURITY: First Creditors' Meeting Set for Nov. 1
QUEENSLAND NICKEL: Clive Mensink Could Avoid Liquidators


C H I N A

SUNRISE REAL: Incurs US$2 Million Net Loss in Q1 2015


I N D I A

ABHISHEK AUTOMOTIVES: ICRA Moves 'B' Rating to Not Cooperating
CHANAKYA COTTONS: Ind-Ra Migrates 'B-' Rating to Not Cooperating
CHIRAG GOEL: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
GVK COTTON: Ind-Ra Migrates 'B-' Issuer Rating to Not Cooperating
HOTEL JAYAPUSHPAM: Ind-Ra Migrates 'BB' Rating to Not Cooperating

J.S.R. CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR1MM Loan
KLAUS WAREN: CRISIL Reaffirms 'D' Rating on INR10MM Cash Loan
KUMAR & BROTHERS: CRISIL Assigns B+ Rating to INR11.5MM Loan
MIDAS PETROCHEM: Ind-Ra Moves BB Issuer Rating to Not Cooperating
MUTYAM STEEL: CRISIL Reaffirms 'B' Rating on INR8MM Loan

NIKHIL AUTOMOBILES: Ind-Ra Migrates BB+ Rating to Not Cooperating
PALLAVI MOTORS: Ind-Ra Affirms BB+ Issuer Rating; Outlook Stable
PARAG & COMPANY: CRISIL Raises Rating on INR7MM Cash Loan to B+
POBJI EMPORIUM: CRISIL Reaffirms 'B' Rating on INR2.5MM Loan
PUNJAB LIQUORS: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan

R & C INFRAENGINEERS: Ind-Ra Assigns BB- Long-Term Issuer Rating
R.H. SORTEX: ICRA Moves D Rating to Not Cooperating Category
RADIANT PLATRUDERS: ICRA Ups Rating on INR4cr Cash Loan to B+
RANAR AGROCHEM: CRISIL Reaffirms 'D' Rating on INR29.1MM Loan
RASHMI YARNS: Ind-Ra Migrates D Issuer Rating to Not Cooperating

SANGAMESHWAR DALL: CRISIL Lowers Rating on INR7MM Cash Loan to B+
SHIVDHAM FROZEN: CRISIL Reaffirms B+ Rating on INR4MM Loan
SHREE AMBICA: CRISIL Reaffirms B+ Rating on INR5.67MM Cash Loan
SHREE MORAYA: CRISIL Reaffirms B+ Rating on INR6MM Term Loan
SHRI VENKATESWARA: Ind-Ra Migrates 'D' Rating to Not Cooperating

SKD REALTY: ICRA Moves B+ Rating to Not Cooperating Category
SMS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR4.88MM Loan
SRI VASUDEVA: Ind-Ra Moves BB+ Issuer Rating to Not Cooperating
SRI VISHNU: Ind-Ra Affirms 'D' Long-Term Issuer Rating
SWARGIYA TAPESHWAR: CRISIL Reaffirms B+ Rating on INR1MM Loan

SYMCOM EXIM: ICRA Reaffirms 'B' Rating on INR55cr Loan
TIRUPATI WELLNESS: CRISIL Reaffirms 'B' Rating on INR17MM Loan
TRACTEL TIRFOR: CRISIL Reaffirms B- Rating on INR7MM Cash Loan
VANASHREE DAIRY: CRISIL Reaffirms B- Rating on INR5.74MM Loan


I N D O N E S I A

CHANDRA ASRI: Fitch Assigns BB- First-Time Long-Term IDR
CHANDRA ASRI: Moody's Rates Proposed $300MM Sr. Unsec. Notes Ba3


J A P A N

TOSHIBA CORP: Wins Shareholder Approval for Chip Unit Sale


M A L A Y S I A

LION DIVERSIFIED: Auditors Raise Going Concern Doubt


N E W  Z E A L A N D

NZ AERIAL: BNZ Takes NZ$2.8MM Hit in Firm's Receivership


S I N G A P O R E

AVATION GROUP: Fitch Assigns B+ Rating to Senior Unsecured Notes


S O U T H  K O R E A

DONGBU DAEWOO: Creditors Set to Pick Preferred Bidder


                            - - - - -


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


ALL STARS: First Creditors' Meeting Set for Nov. 1
--------------------------------------------------
A first meeting of the creditors in the proceedings of All Stars
International Group Pty Limited, trading as Trading as Galaxy Tax
Free in NSW; Trading as Ocean Star Tax Free in QLD; and Trading
as Southern Star Tax Free in VIC, will be held at the offices of
Jones Partners Insolvency & Business Recovery, Level 13, 189 Kent
Street, in Sydney, New South Wales, on Nov. 1, 2017, at 3:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of All Stars on Oct. 20, 2017.


EMPIRE OIL: Second Creditors' Meeting Set for Nov. 2
----------------------------------------------------
A second meeting of creditors in the proceedings of Empire Oil
Company (WA) Limited has been set for Nov. 2, 2017, at
11:30 a.m., at the offices of Ferrier Hodgson, Level 28, 108 St,
Georges Terrace, in Perth, West Australia.

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 Nov. 1, 2017, at 4:00 p.m.

Andrew Smith, Martin Bruce Jones & Peter McCluskey of Ferrier
Hodgson were appointed as administrators of Empire Oil on
Sept. 14, 2017.


INHOUSE DEPOT: Second Creditors' Meeting Set for Nov. 1
-------------------------------------------------------
A second meeting of creditors in the proceedings of Inhouse Depot
Pty Limited has been set for Nov. 1, 2017, at 10:00 a.m., at the
offices of BPS Recovery, Level 18, 201 Kent Street, in Sydney.

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. 31, 2017, at 4:00 p.m.

Daniel Frisken and Mitchell Ballwere of BPS Recovery were
appointed as administrators of Inhouse Depot on July 25, 2017.


INTEGRATED POWER: First Creditors' Meeting Set for Nov. 1
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Integrated
Power Services Pty Ltd will be held at 463 Scarborough Beach
Road, in Osborne Park, WA, on Nov. 1, 2017, at 10:30 a.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Integrated Power on Oct. 22, 2017.


K-FORM (VIC): First Creditors' Meeting Set for Nov. 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of K-Form
(VIC) Pty Ltd will be held at the offices of Hamilton Murphy,
237 Swan Street, in Richmond, Victoria, on Nov. 2, 2017, at
11:00 a.m.

Richard Rohrt & Leigh Dudman of Hamilton Murphy were appointed as
administrators of K-Form (VIC) on Oct. 24, 2017.


PEPPER RESIDENTIAL: Moody's Assigns (P)B2 Rating to Class F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to notes to be issued by Permanent Custodians Limited
(Trustee) as trustee of Pepper Residential Securities Trust No.
19.

Issuer: Pepper Residential Securities Trust No. 19

-- AUD100.00 million Class A1-S Notes, Assigned (P)Aaa (sf)

-- USD250.00 million Class A1-u1 Notes, Assigned (P)P-1 (sf)

-- AUD75.00 million Class A2 Notes, Assigned (P)Aaa (sf)

-- AUD57.00 million Class B Notes, Assigned (P)Aa2 (sf)

-- AUD12.00 million Class C Notes, Assigned (P)A2 (sf)

-- AUD13.80 million Class D Notes, Assigned (P)Baa2 (sf)

-- AUD10.20 million Class E Notes, Assigned (P)Ba2 (sf)

-- AUD6.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD4.20 million Class G1 and AUD1.80 million Class G2 Notes
(together Class G Notes) are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is an Australian non-conforming and prime RMBS
secured by a portfolio of residential mortgage loans. A
substantial portion of the portfolio consists of loans extended
to borrowers with impaired credit histories (37.3%) or made on an
alternative (34.3%) or low documentation basis (0.8%).

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure, currency swap
available to mitigate the cross-currency risk associated with the
USD denominated Class A1-u1 notes and AUD denominated assets,
availability of excess spread over the life of the transaction,
liquidity facility in the amount of 2.5% of the note balance
minus the Redemption Fund balance at that time and the experience
of Pepper as the servicer.

The key transactional features are:

(1) A hard bullet USD denominated Class A1-u1 Note with a legal
final maturity of one year. To facilitate the redemption of the
Class A1-u1 Note at its legal final maturity, the Trustee will
try to issue one of the following notes:

- USD denominated Class A1-u2, hard bullet with a legal maturity
   of one year, or

- AUD denominated Class A1-s2, hard bullet with a legal final
   maturity of one year, or

- A pass-through AUD denominated Class A1-p2 Notes, also with a
   legal final maturity of one year, or

- A pass-through AUD denominated Class AR-u Notes with a legal
   final maturity in March 2059.

(2) Furthermore, in order to ensure that the Class A1-u1 Notes
(and, if subsequently issued, Class A1-u2 or Class A1-s2 or Class
A1-p2 notes) are fully repaid on the legal final maturity date,
the Trustee has entered into a Redemption Facility Agreement with
National Australia Bank Limited (NAB, Aa2(cr)/P-1(cr)). If
required, NAB as redemption facility provider must subscribe for
the Class AR-u Notes up to an amount being the difference between
the stated amount of the Class A1-u1 (and, if subsequently issued
Class A1-u2 or Class A1-s2 or Class A1-p2 notes) less the balance
of the redemption fund. As such, the P-1 (sf) rating of the Class
A1-u1 Notes is linked to the P-1(cr) rating of NAB.

(3) Principal collections will be at first used to pay down Class
A1-S Notes. Once Class A1-S Notes are repaid, principal will be
distributed sequentially, although pro rata between the remaining
Class A Notes. Starting from the second anniversary since
closing, all notes may participate in proportional principal
collections distribution, if the following stepdown conditions
are met: (1) there are no charge-offs on any of the notes, (2)
the cumulative losses are less than 0.50% and 0.85% before the
third and fourth anniversary, respectively and less than 1.10% on
or after the fourth anniversary since closing; (3) the Class A
subordination is at least 30.0%, (4) there are no Class A1-S
Notes outstanding. After that point, the Classes A1, A2, B, C, D,
E, F and G Notes will receive a pro-rata share of principal
payments (subject to additional conditions). The Class G
principal payments will be applied as an allocation to the turbo
principal allocation. The turbo principal allocation is applied
in reverse sequential order, from Class F Notes up the capital
structure. The principal pay-down switches back to sequential pay
on the call option date, once the aggregate note balance falls
below 15% of the aggregate note balance at closing or the payment
date falls on or after the fifth anniversary since closing.

(4) The yield enhancement reserve account is available to meet
losses and charge-offs whilst any Class A Notes are outstanding.
The reserve account is funded by trapping excess spread at,
initially, an annual rate of 0.30% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD 2,500,000.

The pool features are:

- The portfolio is geographically well diversified due to
Pepper's wide distribution network.

- The portfolio contains 37.3% exposure to borrowers with prior
credit impairment (default, judgement or bankruptcy). Moody's
assesses these borrowers as having a significantly higher default
probability.

- 34.2% of the portfolio consists of loans granted based on an
alternative documentation (alt doc) basis. While 0.8% of the
portfolio consists of loans granted on a low documentation (low
doc) basis, Pepper only performed limited verification.

- 43.9% of the loans in the portfolio were extended to self-
employed borrowers. Moody's analysis of historical delinquency
and default data has indicated that loans granted to self-
employed borrowers have a greater propensity to default compared
to loans granted to employed PAYG borrowers.

- 81.2% of the complete portfolio has been originated in the last
six months, when interest rates are low and house prices are
growing rapidly.

Methodology Underlying the Rating Action:

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

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if Moody's MILAN CE assumption
increased by 25% to 21.25% from 17.00% currently the model
implied ratings of the Notes would deteriorate by a maximum of
one notch.

If both the Portfolio EL and MILAN CE increased by 50% to 25.50%
and 2.70%, respectively, the model-implied ratings of the notes
would drop between one and four notches from the currently
assigned levels. Ratings of Class A2 Notes will be sensitive to
one notch migration, while Class E Notes will be sensitive to
four notches migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities. Moody's issues provisional ratings in advance of the
final sale of securities and these ratings reflect Moody's
preliminary credit opinion regarding the transaction. Upon a
conclusive review of the final versions of all the documents and
legal opinions, Moody's will endeavour to assign a definitive
rating to the transaction. A definitive rating may differ from a
provisional rating.


PROSEC SECURITY: First Creditors' Meeting Set for Nov. 1
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Prosec
Security Pty Ltd will be held at the Meeting Room of Servcorp,
Level 26, 44 Market Street, in Sydney, on Nov. 1, 2017, at
11:30 a.m.

Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Prosec Security on Oct. 20, 2017.


QUEENSLAND NICKEL: Clive Mensink Could Avoid Liquidators
--------------------------------------------------------
Melanie Petrinec at The Courier-Mail reports that fugitive former
Queensland Nickel boss Clive Mensink has been overseas for so
long he may now be considered a foreign resident, making it
harder for liquidators to get money out of him.

The Courier-Mail says a Federal Court judge made the observation
while ordering Mr. Mensink to fork out AUD70,000 to be held as
security for court costs if he lost an appeal over two warrants
for his arrests. According to the report, Mr. Mensink appealed
the arrest warrants soon after they were issued in March for
failing to appear at a public examination into the collapse of QN
last year with AUD300 million in debts and more than 800 job
losses.

Justice Michael Wigney on Oct. 23 ordered Mr. Mensink pay
AUD70,000 to the court, or provide an unconditional guarantee
from an Australian-owned bank, as his attitude and unwillingness
to reveal his location showed he could not be relied on to comply
with cost orders, The Courier-Mail relates.

He also said Mr. Mensink's residency status was relevant when
considering the trouble the taxpayer-funded liquidators would
have to go to reclaim any costs, the report relays.

"In the particular and somewhat peculiar circumstances of this
case, Mr. Mensink could now effectively be considered a foreign
resident, at least for the purposes of this security for costs
application," the report quotes Mr. Mensink as saying.

Bizarrely, Mr. Mensink's lawyer and his uncle Clive Palmer claim
they have not heard from the businessman for months, despite
forging ahead with lodging an appeal on his behalf, the report
says.

He has been overseas since June last year and had mooted a return
in July this year.

But, according to Justice Wigney's judgment, QN's liquidators
still do not know where he is. Australian Federal Police
yesterday confirmed its officers were working with the Federal
Court to find Mr. Mensink, who is also the subject of an Interpol
alert, The Courier-Mail relays.

On the same day, Mr. Palmer's personal assistant Sarah Mole was
scheduled for public examination in the Federal Court, but it was
adjourned at the last minute after the liquidators were provided
with a folder of emails on behalf of Ms. Mole.

She has previously given evidence about correspondence she
received from Mr. Mensink to arrange cruises, adds The Courier-
Mail.

                      About Queensland Nickel

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

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

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

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

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

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



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


SUNRISE REAL: Incurs US$2 Million Net Loss in Q1 2015
-----------------------------------------------------
Sunrise Real Estate Group, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of US$2.02 million on US$1.39 million of net revenues
for the three months ended March 31, 2015, compared to a net loss
of US$1.15 million on US$2.16 million of net revenues for the
three months ended March 31, 2014.

As of March 31, 2015, Sunrise Real had US$103.61 million in total
assets, US$108.92 million in total liabilities and a total
shareholders' deficit of US$5.30 million.

In the first quarter of 2015, the Company's principal sources of
cash were revenues from its agency sales and property management
business. Most of its cash resources were used to fund its
property development investment and revenue related expenses,
such as salaries and commissions paid to the sales force, daily
administrative expenses and the maintenance of regional offices.

The Company ended the period with a cash position of
US$2,616,339.

The Company's operating activities used cash in the amount of
US$3,350,995, which was primarily attributable to the real estate
property development.

The Company's investing activities used cash resources of
US$396,020, which was primarily attributable to the acquisition
of property, plant and equipment and long-term investments.

The Company's financing activities obtained cash resources of
US$4,709,496, which was primarily attributable to new bank loan
received.

The potential cash needs for 2015 would be the repayments of the
Company's bank loans and promissory notes, the rental guarantee
payments and promissory deposits for various property projects as
well as its development projects in Wuhan, GXL project and Linyi.
As of March 31, 2015, promissory notes in the principal amount of
US$1,729,355 were in default compared to promissory notes in the
principal amount of US$1,877,729 that were in default as of
Dec. 31, 2014.

"Taking into account of our cash position, available credit
facilities and cash generated from operating activities, we
believe that we have sufficient funds to operate our existing
business for the next twelve months. If our business otherwise
grows more rapidly than we currently predict, we plan to raise
funds through the issuance of additional shares of our equity
securities in one or more public or private offerings. We will
also consider raising funds through credit facilities obtained
with lending institutions.

There can be no guarantee that we will be able to obtain such
funds through the issuance of debt or equity or obtain funds that
are with terms satisfactory to management and our board of
directors," the Company stated in the Quarterly Report.

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

                       https://is.gd/t65hYo

                    About Sunrise Real Estate

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc. and its subsidiaries' principal
activities are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the
People's Republic of China.

Kenne Ruan, CPA, P.C., in Woodbridge, Connecticut, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2014, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses for the current and prior years, and
significant debt obligations are maturing in less than one year.
These conditions raise substantial doubt about its ability to
continue as a going concern.

Sunrise Real reported a net loss of US$5.21 million on US$8.61
million of net revenues for the year ended Dec. 31, 2014,
compared to a net loss of US$6.74 million on US$11.24 million of
net revenues for the year ended Dec. 31, 2013.



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


ABHISHEK AUTOMOTIVES: ICRA Moves 'B' Rating to Not Cooperating
--------------------------------------------------------------
ICRA has moved the rating for the INR10.00 crore fund-based bank
facilities of Abhishek Automotives Private Limited to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable); ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit (CC)        4.00      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Ad-hoc e-DFS            0.95      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Asset Backed Loan       3.50      [ICRA]B (Stable); ISSUER NOT
  (ABL)                             COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Unallocated limits      1.55      [ICRA]B (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with AAPL, ICRA has been trying to seek information from the
company to undertake a surveillance of ratings; but despite
multiple requests, the company's management has remained non-
cooperative. In the absence of the requisite information, ICRA's
Rating Committee has taken a rating view based on the best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B (Stable); ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.

Key rating drivers

Credit strengths

* Established track record with strong market position in
Jabalpur district of Madhya Pradesh: The promoters of AAPL have a
longstanding experience in the auto dealership business, which
has resulted in a strong market presence in the Jabalpur district
of Madhya Pradesh through three showrooms and a workshop.

Credit weaknesses

* Weak financial profile characterised by a highly leveraged
capital structure and weak coverage indicators owing to high
working capital borrowings: The financial profile of the company
is weak due to a highly adverse capital structure with gearing of
10.64 times and weak debt protection metrics with
OPBDITA/Interest of 1.16 times as on March 31, 2016. This is a
result of high reliance on external borrowings for the firm's
inventory funding.

* Automobile dealership business is characterised by thin
margins, weak bargaining position and high working capital
intensity, due to large inventory holding requirements: AAPL's
business is characterised by thin profitability due to margins
fixed by Hyundai Motors India Limited (HMIL). Further, the firm
has to maintain high inventory levels, which results in weak
bargaining power and high working capital intensity of
operations.

* Modest scale of operations with high competitive intensity from
other original equipment manufacturers (OEMs) in the area of
operations: AAPL's scale of operations remain modest and its
revenues are vulnerable to the cyclicality inherent in the
automotive industry, as well as to increasing competitive
intensity among car dealers of other brands such as Maruti Suzuki
and Tata Motors in the Jabalpur region.

Incorporated in 2006, and promoted by Mr. Mahendra Patni and Mr.
Abhishek Patni, Abhishek Automotives Pvt. Ltd. (AAPL/company) is
an authorised dealer of cars manufactured by Hyundai Motors India
Limited (HMIL). The company has four showrooms at Chhindwara,
Seoni, Balaghat and Betul in Madhya Pradesh. Its largest showroom
is in Chhindwara, spread across 40,000 square feet, which acts as
a sales, services and spares (3S) outlet.

AAPL has two group companies -- Shubh Cars Pvt. Ltd., which is an
authorised dealer of Honda Cars India Limited, and Abhishek
Agencies, which operates a TVS Scooty dealership.


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

-- INR80 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR19 mil. Term loan migrated to non-cooperating category
    with IND B-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 17, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Chanakya, a proprietorship concern established in July 2016, is
engaged in cotton ginning and pressing.


CHIRAG GOEL: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Chirag Goel Enterprises Private
Limited.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           5       CRISIL B/Stable (Reaffirmed;
                                 Removed from 'Issuer Not
                                 Cooperating')

   Letter of credit      5       CRISIL A4 (Reaffirmed;
   & Bank Guarantee              Removed from 'Issuer Not
                                 Cooperating')

The ratings continue to reflect the company's working capital-
intensive operations, below-average financial risk profile
because of weak capital structure, and exposure to intense
competition. These weaknesses are partially offset by its
promoter's extensive experience in the trading business.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Gross current assets are
estimated at 200 days as on March 31, 2017, driven by receivables
of 126 days and inventory of 50 days.

* Exposure to intense competition: CGEPL trades in non-ferrous
metals and copper coils and metals, and will continue to face
tough competition from established players in the industry. The
company had low operating margin of 1.5-2.0% in the past three
fiscals on account of its trading business.

* Below-average financial risk profile: CGEPL had a small
networth of INR4.3 crore and high total outside liabilities to
tangible networth ratio of 1.90 times as on March 31, 2017. Debt
protection metrics were weak, reflected in adjusted interest
coverage ratio of 1.2 times and net cash accrual to total debt
ratio of 0.02 time in fiscal 2017.

Strength

* Promoter's extensive experience in the trading business: The
promoter's experience of 30 years in trading in ferrous metals
and copper coils and pipes has helped build strong relationships
with customers and suppliers, and develop ability to grasp
business opportunities and modify product profile as required.

Outlook: Stable

CRISIL believes CGEPL will benefit from its promoter's experience
in the trading business. The outlook may be revised to 'Positive'
if financial risk profile improves because of better
profitability and capital structure led by increase in revenue.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates on account of lower-than-expected
profitability, sizeable working capital requirement, or large,
debt-funded capital expenditure.

CGEPL, incorporated in 2006 and based in Mumbai, is promoted by
Mr. Dayakishan Goel. It trades in non-ferrous metals and copper
pancake coils and pipes. It has a warehouse at Bhiwandi in Thane.


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

-- INR80 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/ IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR17.5 mil. Term loan migrated to non-cooperating category
    with IND B-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 14, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

GVK Cotton Mills, a proprietorship concern established in
February 2016, is engaged in cotton ginning and pressing.


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

-- INR84.6 mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Hotel JP, founded by J.Ashok, is a three-star hotel with 94 rooms
in Chennai. As of March 2016, 90 of its rooms were operational.
The hotel has a restaurant, a lounge bar, two pubs, a roof top
restaurant and seven banquets halls.


J.S.R. CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR1MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of J.S.R. Constructions Private
Limited (JSR). The ratings reflect the JSR's modest scale of
operations in the civil construction industry and its modest
financial risk profile. These weaknesses are partially offset by
the extensive experience the promoters have in the industry.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          45       CRISIL A4 (Assigned)
   Overdraft                1       CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Strengths

* Promoter's extensive experience in the civil construction
industry: The extensive experience of the promoters in the civil
construction industry, and established relationships with
customers and suppliers, will continue to support the business
risk profile. This has helped the company to recover its scale
and improve its operating margins in fiscal 17.

Weakness

* Modest scale of operations in the civil construction industry:
JSR generated a revenue of INR73.37 cr for fiscal 17 as against
INR 21.69 cr in fiscal 16 thus reflecting modest scale amid
intense competition. The recovery in revenues is on account of
extensive experience of the promoters in the industry and due to
established relations with clients resulting in repeat and steady
order book.

* Modest financial risk profile: JSR's financial risk profile is
expected to be average marked by an average capital structure and
debt protection metrics. The net worth is at around INR 50 cr as
on March 31, 2017. The accretion to reserves was modest on
account of operating profitability at around 21 per cent and
which is expected to be at around 15 per cent over the medium
term. Hence the net worth is expected to remain small over the
medium term. The gearing is low at around 0.25 times as on
March 31, 2017. The debt protection metrics are strong marked by
an interest coverage of around 12.02 times and NCAAD of around 32
percent for fiscal 2018.

Outlook: Stable

CRISIL believes the firm will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if improvement in working capital
cycle and substantial increase in net cash accrual lead to a
sustainable improvement in capital structure and liquidity. The
outlook may be revised to 'Negative' if working capital cycle
deteriorates or operating performance is weaker than expected, or
if the company undertakes an unexpectedly large debt funded
capital expenditure program.

Established in 1972 as a proprietary concern by Mr. J.
Srinivasulu Reddy, it was rechristened in 1990 as JSR. Located in
Bangalore, Karnataka, JSR is engaged in construction of roads,
canals and other allied civil construction. JSR was concentrating
on irrigation works till 2001. Subsequently, JSR has been
focusing majorly focusing on road projects. The company is a
registered Special Class (Civil) contractor with Irrigation (PWD)
Department of Andhra Pradesh and Gujarat. It is also a registered
Class 1 Contractors in PWD - Karnataka and Category-1 with
Karnataka Neeravari Nigam Ltd.


KLAUS WAREN: CRISIL Reaffirms 'D' Rating on INR10MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Klaus Waren Fixtures Private Limited (KWFPL) at
'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     9.02     CRISIL D (Reaffirmed)

   Term Loan              7.5      CRISIL D (Reaffirmed)

The ratings continue to reflect instances of delays by KWFPL in
servicing term debt; the delays were caused by weak liquidity
that resulted from large working capital requirement.

KWFPL has modest scale of, and working capital-intensive,
operations. However, the company benefits from the experience of
promoters.

Key Rating Drivers & Detailed Description

* Delays in repayment of term loan: KWFPL continues to delay
repayment of its term loan facility because of weak liquidity,
emanating from working capital-intensive operations.

Weaknesses

* Modest scale of operations: Scale of operations, with revenue
of INR8.5 crore in fiscal 2017, restricts pricing power with
customers and suppliers, thereby constraining profitability.

* Working capital-intensive operations: Operations are expected
to be working capital intensive, driven by sizeable debtors and
inventory period.

Strength

* Experience of promoters: Benefits from the promoters'
experience of over five decades and healthy relations with
suppliers and customers should continue to support the business.

Incorporated in 2004, Mumbai-based KWFPL manufactures brass
bathroom fitting, which are marketed under the brand, 'Aquel'. Dr
N M Shah and family are the promoters.


KUMAR & BROTHERS: CRISIL Assigns B+ Rating to INR11.5MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long-term bank facility of Kumar & Brothers - Buldhana (K&M).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             11.5      CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations in a highly
fragmented industry, and a below average financial risk profile.
These weaknesses are partially offset by extensive experience of
the partners in the cotton-ginning industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly fragmented industry: The
firm has been in business for more than 15 years, but the
turnover is modest at INR65 crore in fiscal 2017. This is mainly
on account of cotton ginning industry is largely unorganised with
various players having small capacities.

* Below-average financial risk profile: The gearing was high at
3.5 times as on March 31, 2017, and debt protections metrics
modest with interest coverage and net cash accrual to total debt
ratios at 1.2 times and 0.02 time, respectively, in fiscal 2017.

Strengths

* Extensive industry experience of the partners: K&M is a
partnership firm of the Dand family, which has been in the
business of cotton ginning and pressing, cotton seed extraction
and cotton trading for around five decades. The extensive
experience has led to strong relationships with suppliers and
customers.

Outlook: Stable

CRISIL believes K&M will continue to benefit from the extensive
industry experience of its partners and established relationship
with customers. The outlook may be revised to 'Positive' in case
of a significant increase in cash accruals leading to improvement
in financial risk profile. The outlook may be revised to
'Negative', in case of deterioration in the financial risk
profile due to a stretched working capital cycle, or a decline in
revenue or profitability, or in case of any debt funded capex.

Incorporated in 2002, K&M is a partnership concern. The firm is
engaged into ginning and pressing of the raw cotton and crushing
of cotton seeds. The factory is situated in Malkapur,
Maharashtra.


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

-- INR150 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 23, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Midas Petrochem was established in 2012 and imports and trades
raw material for commodity plastics such as polypropylene,
polyethylene and poly vinyl chloride.


MUTYAM STEEL: CRISIL Reaffirms 'B' Rating on INR8MM Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long term bank facility of Mutyam Steel Private Limited (MSPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Electronic Dealer        8       CRISIL B/Stable (Reaffirmed)
   Financing Scheme
   (e-DFS)

The rating reflects MSPL's weak financial risk profile, modest
scale of operations and its exposure to intense competition in
the steel trading industry resulting in its low profitability
margins. These weaknesses are partially offset by the extensive
experience of promoters in the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Total outside liabilities by
tangible net worth (TOLTNW) was high at 5.9 times as on March 31,
2017.  The debt protection metrics, namely, net cash accruals to
total debt (NCATD) and interest coverage stood at 0.03 times and
1.36 times for fiscal 2017.

* Modest scale of operations: MSPL's modest of operations is
reflected in operating income of INR97.7 crore in fiscal 2017.
There is intense competition in the industry which restricts the
company's bargaining power and hence results in low margins.

* Exposure to intense competition in the steel trading industry
resulting in its low profitability margins: Due to the highly
fragmented nature of the industry and low value addition on
account of the trading nature of operations, the operating
margins of the players have been low; MSPL's operating margin has
been in the range of 1.5 to 2 per cent over the past three years
through fiscal 2017a.

Strengths

* Extensive experience of promoters in the steel industry: MSPL
is promoted by Mr.Mahendar Reddy, who has an extensive experience
of over two decades in the construction material (cement & TMT
bars) trading segment. The established regional presence of the
promoter and his long standing industry experience has enabled
MSPL to establish healthy relationship with retail outlets in
Hyderabad.

Outlook: Stable

CRISIL believes MSPL will continue to benefit from its promoters'
extensive industry experience and its established relations with
customers. The outlook may be revised to 'Positive' if
profitability margin increases substantially, or capital
structure improves considerably backed by sizeable equity
infusion from promoters. Conversely, the outlook may be revised
to 'Negative' in case of a steep decline in profitability margin,
or significant decline in capital structure caused by stretched
working capital cycle.

MSPL set up in 2012 is promoted by Mr. Mahender Reddy. The
company is an exclusive distributor for Tata Steel Ltd's
structural steel products in Andhra Pradesh and Telangana. It is
headquartered in Hyderabad (Telangana).


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

-- INR160 mil. Fund-based Limits migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating; and

-- INR25.83 mil. Long-term loans migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 7, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, NAL is an authorised dealer of Chevrolet
Sales India Pvt. Ltd. NAL is promoted by Mr. Sumit Gupta and his
family. The company operates three showrooms and five workshops
in and around Mumbai.


PALLAVI MOTORS: Ind-Ra Affirms BB+ Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pallavi Motors
Private Limited's (PMPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable. Instrument-wise rating actions are:

-- INR200 mil. (increased from INR103 mil.) Fund-based working
    capital limits affirmed with IND BB+/Stable rating;

-- INR21.6 mil. (reduced from INR30 mil.) Long-term loans due on
    March 2023 affirmed with IND BB+/Stable rating; and

-- INR25 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects PMPL's continued moderate scale of
operations and credit metrics, and low EBITDA margin due to the
distributorship nature of the business. In FY17, revenue grew to
INR1,225 million (FY16: INR1,123 million) on account of a rise in
sale of vehicles. Interest coverage (operating EBITDAR/gross
interest expense) was almost stable at 2.5x in FY17 (FY16: 2.4x),
while net financial leverage (total adjusted net debt/operating
EBITDA) deteriorated to 3.2x (1.2x) owing to an increase in debt
levels. EBITDA margin was stable at 2.3% in FY17 (FY16: 2.3%).
FY17 financials are provisional in nature.

The ratings, however, continue to benefit from PMPL's comfortable
liquidity profile as indicated by 71% average working capital
utilisation during the six months ended September 2017.

The ratings continue to draw comfort from over 15 years of
experience of the promoters in the automobile dealership
business.

RATING SENSITIVITIES

Positive: A substantial increase in the scale of operations along
with a sustained improvement in the EBITDA interest coverage
could lead to a positive rating action.

Negative: A sustained decline in the EBITDA interest coverage
could lead to a negative rating action.

COMPANY PROFILE

Assam-based PMPL was incorporated in 1999 as an authorised dealer
of Maruti Suzuki India for the passenger cars. It has one
showroom, four outlets and one service centre. PMPL is a family
run business and promoted by Mr. Om Prakash Lahoty, Mr. Avadesh
Lahoty and Mrs. Sita Devi Lahoty.


PARAG & COMPANY: CRISIL Raises Rating on INR7MM Cash Loan to B+
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long term bank
facility of Parag & Company (PC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'

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

The upgrade reflects PC's improved financial risk profile driven
by infusion of capital of INR 60 lacs in FY17. The same has led
to better gearing ratio at 2.73 times and total outside
liabilities to total net worth (TOL/TNW) ratio at 3.4 times as on
March 31st 2017. The company is expected to sustain its improved
financial risk profile over the medium term.

The ratings continue to reflect its modest scale of operations in
the fragmented yarn trading business. These weaknesses are
partially by its proprietors' extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to unfavorable government policies: The
Government of India (GoI) fixes a Minimum Support Price (MSP) for
every crop year. When the prices of any variety of cotton
declines below the MSP level, the Cotton Corporation of India
(CCI) and National Agricultural Co-operative Marketing Federation
(NAFED) resort to immediate market intervention and purchase
cotton at the MSP without any quantitative limits.

* Modest financial risk profile: The company's gearing levels
were at 2.73 times as on March 31st 2017 along with modest debt
protection metrics.

Strength

* Proprietors' extensive industry experience: PC benefits from
the extensive experience of its proprietor Mr. Parag Madani's
experience in cotton trading business of almost 4 decades. The
proprietor has established significant relationships with
suppliers who are raw material suppliers.

Outlook: Stable

CRISIL believes that PC will benefit over the medium term from
the experience of its promoters in cotton trading industry and
it's established relationships with its suppliers and promoters.
The outlook may be revised to 'Positive', if PC increases its
scale of operations and operating profitability significantly
over the medium term in a sustainable fashion there by leading to
an improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative', if the firm's revenues and
operating profitability decline or if its working capital cycle
elongates leading to deterioration in its financial profile.

PC established in the year 1977 by Mr. Amichand Madhani is
engaged in trading of yarn. Currently the firm is managed by his
son, Mr. Parag Madhani.


POBJI EMPORIUM: CRISIL Reaffirms 'B' Rating on INR2.5MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pobji
Emporium (Pobji) 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
   ----------          ---------     -------
   Bill Discounting        2.5       CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           .9       CRISIL B/Stable (Issuer
                                     Not Cooperating; Rating
                                     Reaffirmed)

   Packing Credit          2.1       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       .2       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 Pobji Emporium. 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 Pobji Emporium 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'.

Pobji is based in Alappuzha, Kerala, and exports natural rubber
and manufactures home furnishing articles such as doormats and
coir. Key partner, Mr. K S Christy manages operations.


PUNJAB LIQUORS: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Punjab
Liquors Private Limited (PLPL) for obtaining information through
letters and emails dated September 19, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Proposed Cash         7       CRISIL B+/Stable (Issuer Not
   Credit Limit                  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 Punjab Liquors 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 Punjab Liquors Private Limited
is consistent with 'Scenario ' 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.

The Delhi-based company distributes both Indian Made Foreign
Liquor (IMFL) and country liquor, primarily in Haryana. PLPL was
incorporated in 2006 and promoted by Mr. Shiv Lala Doda, Mr.
Gagan Doda and Mr. Arun Deep Doda.


R & C INFRAENGINEERS: Ind-Ra Assigns BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R & C
Infraengineers Private Limited (R&CIPL) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR15 mil. Term loan due on March 2021 assigned with IND BB-
    /Stable rating;

-- INR33.5 mil. Fund-based limit assigned with IND BB-/Stable
    rating; and

-- INR50 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings are constrained by R&CIPL's short operational track
record and tight liquidity position. The company started
commercial operations in 2013. Its maximum utilisation of the
working capital limits was over 100% during the 12 months ended
September 2017.

The ratings factor in R&CIPL's moderate scale of operations and
strong credit profile. According to FY17 financials, revenue was
INR1,693 million (FY16: INR557 million). The increase in revenue
was due to the timely completion of a higher number of projects.
In FY17, interest coverage (operating EBITDA/gross interest
expense) was 23.9x (FY16: 525.9x), financial leverage (total
adjusted net debt/operating EBITDAR) was negative 1.3x (negative
1.5x) and operating margin was 6.8% (6.6%). The overall
improvement in credit metrics was on account of an increase in
EBITDA. Ind-Ra expects the credit metrics to become moderate in
FY18 due to an increase in finance cost because of an increase in
the long-term debt balance for the purchase of commercial
vehicles.

The ratings are supported by the company's strong order book of
INR2,996 million which is 1.8x of FY17 turnover.

RATING SENSITIVITIES

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

Positive: A substantial rise in the order book size by over 3x of
FY17 revenue along with a sustained improvement in the liquidity
profile could be positive for the ratings.

COMPANY PROFILE

R&CIPL was incorporated in 2013 in Uttar Pradesh, by Mr. Krishna
Mohan Singh as managing director, to execute government road
projects. The company so far has completed eight different road-
widening projects.


R.H. SORTEX: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long-term rating on the INR5.62-crore bank
facilities of R.H. Sortex Rice Mills Private Limited to the
'Issuer Not Co-operating' category. The long-term rating is now
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       5.62      [ICRA]D; ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

The rating is based on no updated information on the company's
performance since the time it was last rated in March 2016. The
last rating exercise was based on detailed information. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as it
does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA. However, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As a part of its process and in accordance with its rating
agreement with RHS, ICRA has been seeking information from the
entity so as to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Stable demand outlook for the rice industry given the healthy
demand in domestic and international markets

* Easy availability of paddy in local mandis

Credit weaknesses

* Intense competition in the industry limits pricing flexibility

* Modest financial risk profile marked by moderate profitability,
high hearing and weak coverage indicators.

* Agro-climatic risks such as adverse weather conditions that can
affect the availability of paddy

RHS was established in 2011 as a private limited company. The
company is primarily involved in the milling of rice with an
installed capacity of 8 tonne per hour at Gorakhpur, Uttar
Pradesh. The company is professionally managed by Mr. Sukhdev
Jaiswal.


RADIANT PLATRUDERS: ICRA Ups Rating on INR4cr Cash Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
assigned to the INR4.00-crore2 fund-based facilities and INR1.44-
crore unallocated facilities of Radiant Platruders (I) Private
Limited. ICRA has reaffirmed the short-term rating of [ICRA]A4
assigned to the INR1.00-crore fund-based facilities of RPIPL. The
outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)   Ratings
  ----------         -----------   -------
  Fund-based Limit       4.00      [ICRA]B+ (Stable); Upgraded
  Cash Credit                      from [ICRA]B

  Fund-based Limit
  Bill Discounting       1.00      [ICRA]A4; Reaffirmed

  Unallocated Limit      1.44      [ICRA]B+ (Stable); Upgraded
                                   from [ICRA]B

Rationale

The upgrade of the long-term rating takes into account the
sustained improvement in the operating profit margins and the
comfortable capital structure maintained in the last two fiscals.
ICRA also factors in the experience of the promoters in the
manufacturing of flexible packaging material. However, the
ratings continue to remain constrained by the company's modest
financial profile as reflected by its small scale of operations,
low accruals and the moderate debt coverage indicators. The
ratings also take into account the vulnerability of profitability
to adverse movements in raw material prices, which are
derivatives of crude oil. The high customer concentration risk
and exposure to stiff competition on account of the fragmented
industry structure with limited entry barriers, further impact
the ratings negatively.

Key rating drivers

Credit strengths

* Extensive experience of promoters in the chemical industry: The
company was incorporated in 1994 by Mr. Hasmukh Anandpara and is
involved in the manufacturing of plastic carry bags and flexible
packaging material. RPIPL has a manufacturing facility based in
Daman, which has an installed capacity of 2400 TPA of flexible
packaging material.

* Sustained improvement in operating profitability in the last
two fiscals while maintaining comfortable capital structure:
RPIPL divested out of plastic bag manufacturing in FY2016 and
concentrated solely on manufacturing of flexible packaging
material, which is a higher margin product. The operating profit
margins have improved in the last two fiscals from 5.18% in
FY2015 to 6.41% in FY2016 and 6.52% in FY2017. The company's
capital structure has also improved with the gearing gradually
decreasing from 1.38 times, as on March 31, 2015 to 0.88 times,
as on March 31, 2017.

Credit weaknesses

* Modest financial profile characterised by small scale, modest
accruals and moderate debt coverage indicators: RPIPL remains a
small player, with the operating income ranging between INR25.00
to INR29.00 crore in the last four fiscals, owing to low capacity
utilisation levels. The operating income for FY2017 stood lower
at INR24.13 crore as compared to INR27.77 crore in FY2016, due to
low sales volume following the lower demand in the second half of
the year post-implementation of the demonetisation exercise by
the Government of India. Although the operating profitability has
witnessed improvement in the last two fiscals, profitability at
net level and the net cash accruals remain low. The debt coverage
indicators, despite witnessing some improvement, remain moderate
as reflected by the interest coverage of 2.31 times, NCA/TD of
22% and TD/OPBDITA of 2.63 times, as on March 31, 2017

* High customer concentration: RPIPL's clientele comprises
reputed FMCG companies in India. The customer concentration for
RPIPL remained high, with the top-five customers accounting for
81% of the total sales in FY2017 (78% in FY2016) with 48% of the
total sale, being derived from a single customer.

* Vulnerability of profitability to fluctuations in raw material
prices: The main raw materials used by the company in the
flexible packaging segment are polymer films, inks, solvents and
adhesives. The raw materials are crude oil derivatives and
account for bulk of the manufacturing costs. The profitability,
thus, remain exposed to adverse fluctuations in prices of the
same, given RPIPL's limited price flexibility, owing to intense
competition.

* Intensely competitive nature of the industry: The packaging
industry is very fragmented and characterised by severe
competition. The company not only faces stiff competition from
the dominant unorganised players but also from a few well
established organised players, which limits pricing flexibility
and exerts pressure on the margins.

Radiant Plastruders (I) Private Limited (RPIPL) was incorporated
in the year 1994 by Mr. Hasmukh Anandpara and is, at present,
involved in the manufacturing of flexible packaging material. The
promoters initially started the operations with manufacturing of
plastic bags, which was discontinued in 2014. The company is a
subsidiary of Radiant Organics Private Limited, which is involved
in the trading of chemicals, inks and adhesives. RPIPL has a
manufacturing facility based in Daman and is, at present,
operating the facility at around 50% utilisation level.

In FY2017, the company reported a net profit of INR0.25 crore on
an operating income of INR24.13 crore, as compared to a net
profit of INR1.10 crore on an operating income of INR27.77 crore
in the previous year.


RANAR AGROCHEM: CRISIL Reaffirms 'D' Rating on INR29.1MM Loan
-------------------------------------------------------------
CRISIL Ratings on the bank facilities of Ranar Agrochem Limited
(RAL; formerly known as Prathyusha Chemicals and Fertilisers
Limited) continue to reflect instances of delay by RAL in
servicing its debt. The delays have been caused by the weakening
in the company's liquidity with its cash accruals not being
sufficient to meet its term debt repayment obligations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL D (Reaffirmed)

   Foreign Letter
   of Credit               18        CRISIL D (Reaffirmed)

   Term Loan               29.1      CRISIL D (Reaffirmed)

RAL has a below-average financial risk profile marked by its
small net worth, high gearing, and weak debt protection metrics.
The company also has large working capital requirements, and its
operations are susceptible to erratic monsoons and changes in
government regulations. However, the company benefits from its
promoters extensive experience in the fertilizer industry.

Key Rating Drivers & Detailed Description

Weakness

* Instances of delay by RAL in servicing its debt: The ratings
reflects instances of delay by RAL in servicing its debt. There
have been delays by RAL in servicing its term loan repayment
obligations on account of delayed receivables.

* Below-average financial risk profile: The Company has below-
average financial risk profile marked by its small net worth,
high gearing, and weak debt protection metrics.Net worth is small
at INR6.36 Cr as on March 31,2017 along with high gearing of 9
times. Debt protection metrics are weak with NCTATD and Interest
coverage of 0.04 times and 1.4 times for 2016-17

* Large working capital requirements: RAL's business is highly
working capital intensive, as reflected in gross current asset
(GCA) days estimating to 299 days as on March 31, 2017; the GCA
days have been at similar levels in the past. The high GCA days
emanates from the company's high inventory levels of around 229
days and receivables cycle of 110 days.

* Operations are susceptible to erratic monsoons and changes in
government regulations: The growth and profitability for
fertiliser companies are dependent on agriculture, which, in
turn, depends on the monsoons. During years of poor or inadequate
monsoons, the agro-product companies are forced to offer higher
discounts to make up for spells of sluggish demand. Although the
government's thrust on improving irrigation is expected to help
players, the risk arising from poor monsoons will still prevail.

Strength

* Promoter's extensive experience in the fertilizer industry: The
promoters have been in the fertilizer industry for the past two
decades. RAL sells its products under its own brand, Pasidi. The
company has a well-established network of dealers and marketing
agents in Andhra Pradesh (AP) region. PAL has also undertaken
capex towards setting up sulphuric acid and captive power plants.

RAL manufactures single super phosphate (SSP), di calcium
phosphate (DCP), and nitrogen, phosphorous, and potassium (NPK)
granulated mixed fertilizers. The company's manufacturing units
are located at Visakhapatnam (AP).

RAL has recorded net losses of INR1.24 Cr on operating income of
INR37.79 Cr for the fiscal 2017 vis-a-vis net losses of INR3.48
Cr on operating income of INR57.29 Cr for the fiscal 2017.


RASHMI YARNS: Ind-Ra Migrates D Issuer Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rashmi Yarns
Limited's Long-Term Issuer Rating to 'IND D' from 'IND BB+' while
simultaneously migrating the ratings to the non-cooperating
category. The Outlook was Stable. 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. Investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as IND D(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:

-- INR300 mil. Fund-based working capital limits (Long-
    term/Short-term) downgraded 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 rating action reflects delays in debt servicing by RYL,
details of which are not available.

RATING SENSITIVITIES

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

COMPANY PROFILE

Rashmi Yarns was incorporated in 1997 and is engaged in the
texturising and twisting of polyester partially oriented yarn.


SANGAMESHWAR DALL: CRISIL Lowers Rating on INR7MM Cash Loan to B+
-----------------------------------------------------------------
CRISIL Ratings has downgraded the long term ratings on bank
facilities of Sangameshwar Dall Mill (SDM) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

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

The rating downgrade reflects deterioration in financial risk
profile on account of lower net cash accruals resulting in
decline of debt protection metrics. SDM's net worth has declined
to Rs.1.13 crores as on March 31, 2017 from Rs.3.3 crores as on
March 31, 2016 on account of loss incurred due to decline in
prices of pulses. Consequently, the firm's gearing ratio has
increased to 6.6 times as on March 31, 2017 from 2.66 times as on
March 31, 2016.

Key Rating Drivers & Detailed Description

Weaknesses

* Intense competition and modest scale of operations: The pulse
processing business is highly fragmented, with numerous small-
scale unorganised players catering to local demands. The
fragmented nature of the business and SDM's modest scale of
operations limit the firm's ability to bargain with its suppliers
and customers, leading to pressure on its operating margin

* Modest financial risk profile: The firm has moderate financial
risk profile marked by gearing of 6.24 times and debt protection
metrics with interest coevarge at 0.85 times as on March 31st
2017.

Strength

* Extensive experience of promoters: Set up in 1991 as a
partnership firm, SDM is managed by Mr. Jagdishprasad Shah and
his family members. The promoters have established relationships
with customers in Gujarat, Maharashtra, Karnataka, and
Pondicherry.

Outlook: Stable

CRISIL believes SDM will continue to benefit over the medium term
from the longstanding experience of its partners. The outlook may
be revised to 'Positive' in case of continued higher-than-
expected top line growth resulting in higher net cash accrual,
along with better working capital management. Conversely, the
outlook may be revised to 'Negative' if lower-than-anticipated
cash accrual or large working capital requirement or considerable
debt-funded capital expenditure puts pressure on liquidity.

Established in 1991 as a partnership between Mr Jagdishprasad
Shah and his family, SDM processes pigeon pea at its facility in
Vasad, Gujarat, with installed capacity of 300 tonne per day.


SHIVDHAM FROZEN: CRISIL Reaffirms B+ Rating on INR4MM Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Shivdham Frozen Foods Private Limited (SFFPL) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            2       CRISIL B+/Stable (Reaffirmed)

   Secured Overdraft
   against term
   deposits               4       CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.1     CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the small scale, and working
capital-intensive operations leading to modest return on capital
employed (RoCE). These weaknesses are partially offset by the
extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensity in operations: Operations are highly
working capital intensive, as reflected in gross current assets
of 309 days as on March 31, 2017, mainly driven by large
inventory. The company has to stock inventory of peas as it is a
seasonal product, which needs to be supplied to customers even
during the off-season.

* Small scale of operation constraining return on capital
employed (RoCE): With revenue of around Rs 6.30 crore in fiscal
2017, scale remains small hence constraining the RoCE at 6.3% for
fiscal 2017

Strengths

* Extensive experience of the promoter: Benefits from the decade-
long experience of the key promoters, Mr. Ashok Agarwal and Mr
Abhinav Bansal, their keen grasp over industry dynamics, and
strong relationships with customers and suppliers, will continue
to benefit the business risk profile of the company.

Outlook: Stable

CRISIL believes SFFPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if the company reports a significant and sustained
growth in revenue and profitability, and improvement in working
capital management. The outlook may be revised to 'Negative,' in
case of a decline in profitability and accrual, stretch in the
working capital cycle, or any major capital expenditure.

SFPL was incorporated in May 2013, promoted by Mr Ashok Kumar and
his business associate, Mr Arvind Kumar. It began operations in
April 2014. The company executes IQF processes and also sells
packaged peas, cauliflower, and other vegetables. Its plant is in
Rudrapur, Uttarakhand. Operations are managed by Mr Ashok Kumar,
Mr. Arvind Kumar.


SHREE AMBICA: CRISIL Reaffirms B+ Rating on INR5.67MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Shree Ambica Decoprints Pvt Ltd (SADPL) to 'CRISIL
B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .8        CRISIL A4 (Reaffirmed)

   Cash Credit           5.67       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    3.24       CRISIL B+/Stable (Reaffirmed)

   Term Loan              .29       CRISIL B+/Stable (Reaffirmed)


The ratings continue to reflect large working capital requirement
and modest scale. These weaknesses are partially offset by
promoters' extensive experience in the decorative ceramic tiles
segment, leading to strong brand.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations are working
capital-intensive, with gross current assets of over 280 days as
on March 31, 2017, on account of large debtors and inventory.
With expected increase in scale, incremental working requirement
will likely remain high over the medium term.

* Modest scale: Although the company has been focussing on the
niche segment of designer tiles, SADPL's scale has been modest,
with estimated revenue of INR15-16 crore during fiscal 2017.

Strength

* Promoters' extensive experience: SADPL's promoters have been in
the designer ceramic tiles industry for over two decades. Their
expertise and focus on creating innovative designs for ceramic
tiles have led to well-established relationships with large
players in the ceramic industry such as RAK Ceramics India Pvt
Ltd, Somany Ceramics Ltd, and NITCO Ltd.

Outlook: Stable

CRISIL believes SADPL will benefit from its promoters' extensive
experience. The outlook may be revised to 'Positive' if revenue
increases significantly and profitability remains stable, leading
to large cash accrual, or if working capital cycle improves,
strengthening its financial flexibility. The outlook may be
revised to 'Negative' in case of low cash accrual because of
reduced order flow or profitability, or weakening of its
financial risk profile on account of a stretch in working capital
cycle or substantial, debt-funded capital expenditure.

SADPL, established in 1992 and promoted by Ahmedabad (Gujarat)-
based Shah family, prints decorative ceramic tiles, and has
printing capacity of 2000 square metre per day.


SHREE MORAYA: CRISIL Reaffirms B+ Rating on INR6MM Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Shree Moraya Polymers Private
Limited.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           2        CRISIL B+/Stable (Reaffirmed)
   Rupee Term Loan       6        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect SMPPL's small scale of operations
and average financial risk profile because of low networth. The
rating also considers working capital-intensive operations and
susceptibility to fluctuations in raw material prices. These
weaknesses are partially offset by experience of promoters and
established relationship with Bisleri International Pvt Ltd
(Bisleri).

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Scale remains small, with revenue at
INR17.4 crore for fiscal 2017.

* Average financial risk profile: Networth was low at INR2.6
crore resulting average financial risk profile with high gearing
of 2.36 times as on March 31, 2017. However, with moderate
operating profitability, the debt protection metrics is
comfortable as reflected in interest coverage ratio was 2.9 times
and NCATD at 0.3 times in fiscal 2017. With expected equity
infusion in business from new directors the financial risk
profile is expected to improve.

* High working capital requirement: Gross current assets were
sizeable at 141 days as on March 31, 2017 driven by high
inventory and debtors of 68 days and 71 days respectively.

* Exposure to volatility in raw material prices: Prices of the
major raw material, polyethylene terephthalate (PET) granules, is
highly volatile and linked to global crude oil movements. Hence,
profitability may remain constrained over the medium term.

Strength

* Promoters' experience and established relationships with
stakeholders: Benefits from the promoters' experience of over a
decade whereby the company has been able to establish a
diversified clientele and developed strong relationship with key
customers like Bisleri.

Outlook: Stable

CRISIL believes SMPPL will continue to benefit from established
customer relationship and experience of promoters. The outlook
may be revised to 'Positive' if there is significant increase in
revenues while maintaining operating profitability leading to
higher cash accrual thereby strengthening financial risk profile.
Conversely, the outlook may be revised to 'Negative' on account
of low cash accruals due to decline in sales or profitability, or
higher working capital requirement or any large debt-funded capex
constraining its financial risk profile particularly liquidity.

Incorporated in February 2013, Pune-based SMPPL manufactures PET
bottles for Bisleri International Pvt Ltd. The company started
commercial operations from September 2013. The company is
promoted by Mr. Santosh Sawant, Mr. Ajay Galande and Mr. Rohidas
Landhghe


SHRI VENKATESWARA: Ind-Ra Migrates 'D' Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri
Venkateswara Sikshan Sanstha's bank loan rating to 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
website. The instrument-wise rating action is:

-- INR121.70 mil. Term loan (long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
Oct. 25, 2016. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Shri Venkateswara Sikshan Sanstha was established in 2000 under
the leadership of Vanashri Nanasaheb Mahadik. It is running 12
institutions under its umbrella (offering engineering, management
and polytechnic courses), along with three schools, two junior
colleges, two industrial training institutes and a career
academy. It is situated in Peth near Pune.


SKD REALTY: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the ratings for the INR25.00 crore bank facilities
of SKD Realty LLP to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term, fund        25.00       [ICRA]B+(Stable) ISSUER
  based limits                       NOT COOPERATING; Rating
                                     moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating action is based on no updated information on the
entity's performance since the time it was last rated in April
2016. The lenders, investors and other market participants are
thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.

As part of its process and in accordance with its rating
agreement with SKD, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Long experience of the promoters in the Mumbai real estate
market: The promoters of SKD are also associated with Dimple
Realtors Pvt Ltd and the Kanungo group of companies. They have an
experience of over a decade in the real estate industry and have
successfully completed several residential projects in Mumbai
prior to the current project. The presence of experienced
professionals and long experience of the promoters in the
construction business ensures adequate in-house project planning
and execution capabilities.

* Favourable location of the project with proximity to basic
amenities and connectivity to Thane and Mumbai: The project is
situated at Mira Road which is one of the developing residential
areas Western Mumbai suburbs. The project is also close to
schools, parks and temples which provides visibility to the
project. The project is at a distance of ~3 km from the Mira Road
railway station and also from NH8 which ensures connectivity to
Thane and Mumbai.

Credit weaknesses

* Residual project execution risk; partly mitigated by the
moderate level of progress achieved till December 2015: The
project is estimated to be completed by December 2016. The firm
had incurred a cost of INR64.77 crore (~42% of total project
cost) as on December 31, 2015. The firm had completed the
erection of the building structure while completion of the
fitting and fixtures were in progress.

* Exposure to market risk due to low booking status as on
December 31, 2015; debt repayment to remain contingent to future
bookings and the efficiency of collections: SKD estimates funding
~58% of the total project cost of INR155.22 crore by customer
advances. Thus, the timely receipt of bookings and efficiency of
collection from customers will remain critical for funding the
project as well as the timely servicing of debt obligations.
Given the ongoing slowdown and weak consumer sentiment existing
in the real estate industry, the pace of booking has been
relatively weak with 135 flats booked out of 300 flats offered in
saleable building till the end of December 2015; nevertheless,
the corresponding collection of advance has been satisfactory
(~80% of the value of flats sold).

* High competition; marked by presence of multiple real estate
developers in Mumbai western suburbs and ongoing slowdown in the
real estate industry: SKD's market risk is further accentuated
due to intense competition from the other upcoming projects in
the western suburbs in Mumbai and the sluggish demand prevailing
in the real estate market.

SKD Realty LLP (SKD) was incorporated in 2011 as a partnership
firm and was later converted into a limited liability partnership
(LLP) firm in 2014. It is engaged in the construction of a
residential project in Mira Road, Mumbai. The firm is promoted by
partners having extensive experience in the field of real estate
development in Mumbai and adjoining areas. The group has
experience of more than 20 years in the real estate construction
business in Mumbai.

The firm recognises revenues on handing over the possession to
the customers. Accordingly, SKD has not reported any operating
income in FY2015 and FY2016.


SMS INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR4.88MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of SMS International Beverages
Private Limited.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .1        CRISIL A4 (Reaffirmed)

   Cash Credit           3.0        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit      1.5        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    2.43       CRISIL B+/Stable (Reaffirmed)

   Term Loan             4.88       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's weak financial risk
profile because of high total outside liabilities to tangible
networth (TOLTNW) ratio, below-average debt protection metrics,
and small networth. The ratings also factor modest scale of
operations in the intensely competitive food processing segment.
These weaknesses are partially offset by the extensive industry
experience of the company's promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in a highly fragmented industry: The company's
modest scale is reflected in revenue INR17.73 crore in fiscal
2017, down 10% over the previous fiscal on account of reduced
sales after the demonetisation of high-value currency notes in
November 2016. The food processing industry has several small
players, and the competition will keep revenue low, at INR20-25
crore. However, better prices because of established
relationships with suppliers should keep operating margin
healthy, at 10.0-10.5%.

* Working capital-intensive operations: Gross current assets
(GCAs) were at 179 days as on March 31, 2017, driven by inventory
of 164 days and receivables of 20 days. The large GCAs led to
high bank limit utilisation of 98% over the 12 months through
August 2017, thereby constraining liquidity. While liquidity is
supported by supplier credit, low debt obligation, and consistent
support from promoters through unsecured loans, it will remain
stretched over the medium term because of large working capital
requirement and subdued accrual.

* Below-average financial risk profile: Financial risk profile is
subdued because of below-average debt protection metrics'interest
coverage ratio was 1.86 times and net cash accrual to adjusted
debt ratio was 0.09 time in fiscal 2017. TOLTNW ratio was high,
at 16.7 times as on March 31, 2017, because of low accretion to
reserve resulting in a small networth of INR0.94 crore and
considerable working capital debt. However, no capital
expenditure (capex) plan for the medium term and low incremental
working capital requirement due to small scale should support the
financial risk profile over the medium term.

Strength

* Promoters' extensive industry experience: The promoters of SMS,
Mr. Mool Chand Garg, Mr. Sanjay Mittal, and Mr. Sudheer Gupta,
have extensive experience in the food processing industry. Mr.
Gupta worked with Parle Agro India Pvt Ltd for 22 years; Mr. Garg
served for 38 years with the Uttar Pradesh government's
department of food adulteration, and Mr. Mittal worked for over
10 years with Reliance Industries Limited.

Outlook: Stable

CRISIL believes SMS will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a significant increase in revenue and
improvement in profitability, leading to a better capital
structure. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates because of lower-than-
expected cash accrual or large working capital requirement.

Established in 2013 in Solan, Himachal Pradesh, SMS manufactures
food products, such as fruit juices, fruit drinks, jams, and
jellies. It commenced production in January 2014. It sells juices
under the Pulpy Fresh brand.


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

-- INR300 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR270 mil. Term loans migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1956, Vasudeva is a cotton and melange yarn
manufacturer. The company has also invested in an 8MW windmill
which subsidises its power bill.


SRI VISHNU: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sri Vishnu
Granites Limited's (SVGL) Long-Term Issuer Rating at 'IND D'. The
instrument-wise rating actions are:

-- INR64 mil. Fund-based working capital limits (long-term)
    affirmed with IND D rating;

-- INR5.27 mil. (reduced from INR11.3 mil.) Long-term loans
    (long-term) due on March 2018 affirmed IND D rating; and

-- INR6 mil. Non-fund-based limits (short-term) affirmed with
    IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
SVGL during the 12 months ended September 2017. The delays were
due to a tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing and the utilisation of the
working capital facilities within limits for three consecutive
months would be positive for the ratings.

COMPANY PROFILE

SVGL was incorporated in 1994 as a private limited company. The
company was later reconstituted as a limited company. Its
registered office is in Secunderabad, Telangana. SVGL processes
rough granite blocks into granite slabs and exports them. The
company is promoted by Kishan Agarwal, Kiran Agarwal and Naman
Agarwal.


SWARGIYA TAPESHWAR: CRISIL Reaffirms B+ Rating on INR1MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Swargiya
Tapeshwar Ram Kalyan Samiti (STRKS) for obtaining information
through letters and emails dated September 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Fund-           1       CRISIL B+/Stable (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 Swargiya Tapeshwar Ram Kalyan
Samiti. 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 Swargiya Tapeshwar Ram Kalyan
Samiti is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB'
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable.

STRKS, setup in 1990, is organised as a not-for-profit society
and is located in Saidpur, Mohammadabad, Uttar Pradesh. It
operates primary school, high school, residential school and
hostels under its name. It is also engaged in various welfare
schemes operated by the state and central governments in
Mohammadabad and surrounding areas.


SYMCOM EXIM: ICRA Reaffirms 'B' Rating on INR55cr Loan
------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR55.00-crore interchangeable facilities of Symcom Exim
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 assigned to the INR55.00-crore non-fund based
facilities of SEPL. The outlook on the long-term rating is
Stable. ICRA has also removed the rating from the 'Issuer Not
Cooperating' category.

                         Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Interchangeable        (55.00)     [ICRA]B(Stable); Reaffirmed
  Limit                              and removed from the
                                     'Issuer Not Cooperating'
                                     category

  Non-fund Based Limit    55.00      [ICRA]A4; Reaffirmed and
                                     removed from the 'Issuer
                                     Not Cooperating' category

Rationale

The reaffirmation of ratings takes into account the extensive
experience of the promoters in the ferrous and non-ferrous scrap
trading industry and SEPL's healthy scale up of operations in the
last two fiscals. However, the ratings, continue to remain
constrained by the company's weak financial profile characterised
by modest profitability at net levels, its highly leveraged
capital structure and the weak debt coverage indicators. The
ratings also take into account the high inventory levels
resulting in high working capital intensity of operations. ICRA
also notes that the scrap-trading industry is characterised by
severe competition with dominant presence of unorganised sector
and the profitability margins are exposed to fluctuation in scrap
prices.

Key rating drivers

Credit strengths

* Experience of the promoters in scrap related business: SEPL is
involved in the dealing and disposing of scrap procured from sick
industrial units since 2012. The scrap procured consists of steel
and iron bars, cables and other metallic components that are
obtained by dismantling and demolition of industrial units. The
company is promoted by Mr. Gopal Goyal and Mr. Suresh Jasiwal who
have rich experience in this business spanning over 15 years.

* Healthy scale up of operations in the last two fiscals: The
company started commercial operations in the year 2014, during
which it reported revenues of INR12.70 crore. Since then it has
been able to scale up the revenues. The operating income has
remained healthy in the last two fiscals at INR92.54 crore in
FY2016. SEPL sells scrap from the breaking and trading activity.
The sale through trading activity contributed 71% of the total
sales in FY2017 (30% in FY2016). The sales contribution from each
activity remains volatile depending on the demand condition and
purchase of industrial units.

Credit weaknesses

* Weak financial profile characterised by modest profitability at
net levels, high gearing and weak coverage indicators: The
operating profit remains moderate due to low value added nature
of business. The operating margin declined from 10.55% in FY2016
to 8.32% in FY2017 due to lower sales realisation. The interest
expense remains high due to high debt level, which has resulted
in low net profit margin which stood at 0.80% in FY2017. The
capital structure remains highly leveraged due to high debt
levels and low cash accruals as reflected by gearing of 9.90
times as on March 31, 2017. The debt coverage indicators continue
to remain weak with NCA/Total Debt at 1.15% and interest coverage
of 1.11 times as on March 31, 2017.

* Vulnerability of profitability to fluctuation in scrap prices:
The breaking process takes six months to two years, depending on
the size and type of unit being scraped, which results in high
inventory holding. Therefore, SEPL is exposed to the risk of
fluctuation in the steel scrap prices. However, the same is
mitigated to some extent as the company bids for procuring the
scrap with a safety margin of 30%, which provides it some comfort
if the scrap prices were to fall.

* Extended inventory holding requirements leading to high working
capital intensity of operations and weak liquidity position: The
company is required to make payment within seven days or in
instalments depending on the type of project. However, the
inventory is held for a period ranging from three months to two
years, depending on the type of unit leading to a stretched
liquidity position. SEPL offers a credit period of 30-60 days to
its customers while the same is stretched up to 80-90 days, as is
evident from the receivable period of 92 days, as on March 31,
2017. As a result the working capital intensity remains high. It
stood at 71% in FY2017. The liquidity position also remains weak,
as reflected by the high average monthly utilisation (87%) of
working capital limits during April, 2016 to July, 2017.

* Industry characterised by severe competition with dominant
presence of unorganised sector: Due to the highly fragmented
nature of operations and low entry barriers with respect to
technical intensity, a large number of players are engaged in the
business of trading of steel products. Thus, the margin of the
firm continues to remain under pressure. The firm competes with
players in domestic as well as international market in the steel
trading segment.

Incorporated in 2012, Symcom Exim Private Limited (SEPL) is
involved in the dealing and disposing of scrap procured from sick
industrial units. The scrap procured consists of steel and iron
bars, cables and other metallic components that are obtained by
dismantling and demolition of industrial units. SEPL is promoted
by Mr. Gopal Goyal and Mr. Suresh Jasiwal who have rich
experience in this business.

In FY2017, the company reported a net profit of INR0.75 crore on
an operating income of INR94.36 crore, as compared to a net
profit of INR0.60 crore on an operating income of INR92.54 crore
in the previous year.


TIRUPATI WELLNESS: CRISIL Reaffirms 'B' Rating on INR17MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tirupati
Wellness (TW) for obtaining information through letters and
emails dated September 19, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Rupee          17        CRISIL B/Stable (Issuer Not
   Term Loan                         Cooperating; Rating
                                     Reaffirmed)

   Rupee Term Loan          8        CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

TW is Bangalore based partnership firm promoted by the Goyal
family. The firm started manufacturing of PTI caps in 2013. The
firm is also in process of setting up a manufacturing unit for
the production of protein powder (health supplements) and the
manufacturing of the same is expected to commence in second half
of FY2016-17.


TRACTEL TIRFOR: CRISIL Reaffirms B- Rating on INR7MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facility of
Tractel Tirfor India Private Limited at 'CRISIL B-/Stable/CRISIL
A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          5.7      CRISIL A4 (Reaffirmed)

   Cash Credit             7.0      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       .8      CRISIL B-/Stable (Reaffirmed)


The ratings also reflect the small scale of operations in a
highly fragmented industry and the large working capital
requirement. These rating weaknesses are partially offset by
extensive experience of promoters in material handling systems
and the average financial risk profile, marked by low gearing.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in fragmented industry: Scale of
operations remains modest, as reflected in revenue of around
INR24.74 crores in fiscal 2017. TTIPL's revenue profile is
dependent on its ability to win tenders. Intense competition from
larger players limits its pricing flexibility. Furthermore, the
machine handling equipment segment is highly dependent on
infrastructure and industrial development in the country. Hence,
any slowdown in the infrastructure industry may put pressure on
revenue.

* Working capital-intensive operations: Gross current assets are
estimated at 285 days as on March 31, 2017, due to moderate
receivables and inventory of 210 days and 72 days, respectively.

Strengths

* Extensive experience of promoters: Business experience of more
than four decades has enabled the promoters to develop a product
portfolio in material handling equipment which includes pulling
and lifting machines, chain-pulley blocks, ratchet-lever hoists,
electric-wire rope hoists, and rack-and-pinion hoists.

* Average financial risk profile: Networth and gearing were
moderate at INR9.63 crore and 0.72 time, respectively, as on
March 31, 2017. Debt protection metrics are average, with net
cash accrual to adjusted debt and interest coverage ratios of
0.12 time and 1.89 times, respectively, for fiscal 2017.

Outlook: Stable

CRISIL believes TTIPL will continue to benefit from extensive
experience of promoters. The outlook may be revised to 'Positive'
if significant improvement in working capital management, or
scale and profitability, strengthens the financial risk profile,
especially liquidity. The outlook may be revised to 'Negative' if
there is pressure on revenue and profitability, or if stretched
working capital cycle, or a large, debt-funded capital
expenditure programme, weakens liquidity.

TTIPL was incorporated in 1964 by promoter, Mr. K C Chakrabarthy
and his family. The company manufactures material handling
equipment, which includes pulling and lifting machines, overhead
cranes, chain pulley blocks, ratchet liver hoists, electric wire
rope hoists, and rack and pinion hoists. The equipment is mainly
used by infrastructure companies and for other industrial
purposes.


VANASHREE DAIRY: CRISIL Reaffirms B- Rating on INR5.74MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vanashree
Dairy Farm (VDF) for obtaining information through letters and
emails dated July 13, 2017 and August 14, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         5.74       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft               .76       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 Vanashree Dairy Farm. 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 Vanashree Dairy Farmis 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.

VDF was set up as a proprietorship concern in 2010 by Mrs
Sanyukta Bandi. It operates a dairy farm in Gadag, Karnataka, and
also sells unprocessed milk and vermi compost.



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


CHANDRA ASRI: Fitch Assigns BB- First-Time Long-Term IDR
--------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Chandra Asri
Petrochemical Tbk (CAP) a Long-Term Foreign-Currency Issuer
Default Rating (IDR) of 'BB-'. The Outlook is Stable. The agency
has also assigned CAP's proposed senior unsecured US dollar notes
an expected rating of 'BB-(EXP)'. At the same time, Fitch Ratings
Indonesia has also assigned a National Long-Term Rating of 'AA-
(idn)' with a Stable Outlook.

CAP's rating reflects its leading market position as the largest
petrochemical producer in Indonesia, supported by its integrated
operations and more diverse product offerings compared with its
domestic peers, favorable long-term industry prospects in
Indonesia, the cyclical nature of the petrochemical industry and
its strong financial profile.

The proposed notes will rank pari passu with other senior
unsecured borrowings of CAP and its subsidiaries. The final
rating on the proposed notes is contingent upon the receipt of
documents conforming to information already received.

'AA' National Ratings denote expectations of very low default
risk relative to other issuers or obligations in the same
country. The default risk inherently differs only slightly from
that of the country's highest rated issuers or obligations.

KEY RATING DRIVERS

Leading Market Position: CAP's credit profile benefits from its
leading market position as the largest petrochemical producer in
Indonesia, accounting for about 35% of the country's olefin and
polymer production capacity. CAP is also the only producer of
butadiene and styrene monomer and one of the top two producers of
propylene and polyethylene in Indonesia. CAP's market position is
also aided by operations that are relatively better integrated
than its domestic peers, a diversified customer base, proximity
to some of its key customers and good infrastructure including
customer pipeline connectivity.

Integrated Operations, Improved Profitability: Fitch believe
CAP's integrated operations enable it to diversify its product
offerings and improve operational efficiencies - delivering
higher profitability - relative to its peers. In Fitch view, the
expansion of CAP's naphtha cracker unit in late-2015 has improved
its integration and has enabled it to capture value chain
benefits while meeting the majority of its input requirements,
along with its captive power plants. The plant's location, close
to many of its key customers with pipeline connectivity, also
supports its higher realisations and profitability. CAP is also
setting up a synthetic rubber plant jointly with Compagnie
Financiere Du Groupe Michelin, which is expected to start
operations in 1Q18, enabling the company to further improve
downstream integration.

Strong Financial Profile: Fitch expects CAP's financial profile
to remain strong over the medium term despite its large capex
plans. CAP benefits from the strong operating cash flows from its
expanded naphtha cracker and improving downstream integration.
Fitch expects CAP's financial profile to improve further in 2017,
with a turnaround to a net cash position, supported by strong
operating cash generation and USD378 million raised from its
recently completed rights issue.

However, Fitch expects CAP's net cash position to reverse over
the medium term due to its large investment plans, although its
key credit metrics will remain strong over the medium term. Fitch
expects FFO adjusted net leverage to remain below 1x (2016: 0.2x)
and FFO fixed charge cover to stay above 9x (2016:14.2x) through
2020.

Large Investments to Continue: CAP plans to invest about USD1
billion till 2019 to increase the capacity of its downstream
products. This includes its plans to add a new polyethylene plant
while also increasing the capacity of its existing polypropylene
and butadiene plants. Fitch believes these investments will
continue to support CAP's growth over the medium term and its
leading market position. The company may also consider a second
petrochemical complex; however, in the absence of a firm plan,
Fitch has factored in only a minimal investment in Fitch
analysis.

Favourable, Albeit Cyclical, Growth: Fitch expects CAP to benefit
from stable demand growth for petrochemical products in Indonesia
over the medium-to-long term and the country's position as a net
importer of key petrochemical products. Fitch believes
Indonesia's strong GDP growth coupled with relatively lower per
capita consumption will drive growth for key polyolefins over the
medium-to-long term. Indonesia produces only about half of its
polypropylene and polyethylene demand; Fitch believes CAP's
proposed expansion will benefit from its access to the domestic
market. However, Fitch expects the capacity expansion plans of
other Indonesian petrochemical players to result in more intense
competition over the medium to long-term.

However, CAP's credit profile remains vulnerable to the commodity
cycle, as its earnings and cash flow are linked to the
petrochemical industry. Petrochemical prices and product spreads
are impacted by movements in crude oil prices and global demand-
supply dynamics. Fitch expects some moderation in the product
spreads over the medium term with new capacity additions globally

Standalone Profile: Fitch assess CAP's credit profile on a
standalone basis without considering the credit profile of its
largest shareholder, the Barito group. In Fitch view, the Barito
group's consolidated credit profile is likely to be similar to
CAP's over the medium term, after the completion of its
acquisition of a 67% stake in Star Energy Holdings Pte Ltd
(Star), a company with geothermal operations in Indonesia. Fitch
expects the Star acquisition to help diversify the Barito group's
business risk profile. Fitch also believes Star's revenue
generating assets are likely to be aid the Barito group's
moderate financial profile. However, any weakening in the Barito
group's credit profile may impact CAP's rating.

In Fitch view, CAP's second-largest shareholder, SCG Chemicals
Company Limited (SCG), provides benefits such as technical
expertise and synergies from access to some feedstock supplies.

DERIVATION SUMMARY

CAP's ratings reflect its leading market position as the largest
petrochemical producer in Indonesia, its integrated operations,
more diverse product offerings compared with other domestic
peers, favourable long-term industry prospects in Indonesia, the
cyclical nature of the petrochemical industry and its strong
financial profile. China XD Plastics Co Ltd (XD Plastics,
B+/Stable) has a weaker market position due to stiffer
competition from foreign chemical companies, resulting in pricing
pressure. CAP's rating is one notch higher than XD Plastics' due
to its leading market position and stronger financial profile.

Shandong Yuhuang Chemical Co., Ltd. (B/Positive) has a larger
operational scale compared with CAP. However, it faces
significant execution and financing risks in its US project. CAP
has considerably higher margins, a larger share in its home
market, and a significantly better financial profile, resulting
in the two-notch difference. Magnesita Refratarios S.A.
(BB/Stable) benefits from its position as the world's third-
largest refractory manufacturer in a highly fragmented market,
its 80% vertical integration, geographical diversification and
its long-life mine reserves. These factors allow the Brazil-based
company to operate with a good level of profitability that
combined with its geographic diversification provide some
business resilience, resulting in a rating that is a notch higher
than CAP's, despite CAP's better financial profile.

CAP's national rating of 'AA-(idn)' is well-positioned compared
to PT Sumber Alfaria Trijaya Tbk (Alfamart; 'AA-(idn)/Stable) and
PT Mayora Indah Tbk (Mayora; 'AA(idn)/Stable'). Comparing with
Alfamart, both companies have significance presence in their
respective industries. Fitch views that Alfamart has larger
operational scale with more stable and defensive business
profile, as most of their revenue generated from food-related
products, compared to CAP which is exposed to the cyclicality of
commodities. However, this is offset by CAP's better margins and
lower expected leverage profile in the medum term. As a result,
Fitch views that CAP and Alfamart is warranted to be rated on the
same level.

In comparison with Mayora, Fitch see that both companies benefits
from being a significant player in their industries. However,
Fitch see that CAP's larger revenue scale is balanced by Mayora's
more proven stable margins, suggesting the ability to pass
through costs. Fitch also expect Mayora to generate neutral to
positive FCF in the medium term compared to CAP's expectation to
experience negative FCF due to its planned expansions. Hence,
Fitch views that CAP's rating of one notch below Mayora is
justified.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Moderation in product margins (spreads) of key polyolefins
   over the medium term
- Naphtha cracker's operating rate remaining high at around
   98%-99%
- Operations at the expanded facilities for polypropylene
   and butadiene units to start in 2019 and polyethylene in
   2020.
- Capex of around USD1 billion till 2019.
- Dividend payout ratio of 30% over the medium term.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Fitch does not expect any upgrade in CAP's standalone credit
   profile in the near to medium term, given its limited scale
   and diversification and high uncommitted capex. It standalone
   credit profile may be upgraded if there is a significant
   improvement in its business profile, driven by an improvement
   in scale and vertical linkages that will support further
   diversification, while maintaining a strong financial profile
   such that its FFO net leverage does not exceed 1.5x on a
   sustained basis. However, an upgrade in CAP's Foreign-Currency
   IDR will only result from an improvement in CAP's standalone
   credit profile and a similar improvement in the Barito group's
   credit profile.

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Any deterioration of CAP's financial profile resulting in its
   FFO net leverage exceeding 3x on a sustained basis, provided
   Barito group's credit profile also weakens.
- Any deterioration in Barito group's credit profile with its
   FFO net leverage exceeding 4x on a sustained basis.

LIQUIDITY

Comfortable Liquidity: In Fitch's views, CAP's liquidity position
is comfortable with a cash balance of around USD248 million as of
end-June 2017. CAP's liquidity is expected to improve after the
completion of its USD378 million rights issuance in September
2017. The company's debt maturities are staggered over the medium
term with debt maturities of USD87 million in 2017. Fitch expect
CAP's liquidity to remain comfortable in the near to medium term,
given Fitch expectations of strong operating cash flows and the
company's debt-raising plans in 2017 for funding its capex over
the next two to three years. Fitch believe CAP also enjoys strong
relationships with domestic banks, including access to some Thai
banks, due to its linkages with SCG, which is part of the Siam
Cement group.


CHANDRA ASRI: Moody's Rates Proposed $300MM Sr. Unsec. Notes Ba3
----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 rating to Chandra
Asri Petrochemical Tbk (P.T.)'s (Ba3 stable) proposed $300
million senior unsecured notes.

The proposed notes will be issued by Chandra Asri, the largest
petrochemical producer in Indonesia (Baa3 positive), and
guaranteed by its subsidiaries, PT Styrindo Mono Indonesia and PT
Petrokima Butadiene Indonesia.

Proceeds from the notes issuance will be used for the funding of
its ongoing capacity and plant expansion capital expenditure
programs.

RATING RATIONALE

"The issuance of the notes will improve Chandra Asri's liquidity
profile by partially pre-funding planned capital expenditures of
$375 million in 2018 and $513 million in 2019," says Brian
Grieser, a Moody's Vice President and Senior Credit Officer.

Chandra Asri has identified five key committed and pipeline
projects which will cost a combined $370 million during 2018-
2019: 1) increasing capacity at its butadiene plant, 2)
constructing a new polyethylene plant, 3) revamping its naphtha
cracker, 4) debottlenecking its polypropylene plant, and 5)
constructing a methyl tertiary butyl ether (MTBE) plant and a
Butene-1 plant.

The balance of Chandra Asri's likely capital expenditures are
related to a planned feasibility study to build and operate a
second petrochemical complex and other turnaround maintenance
projects on existing plants.

Proceeds from the notes will bolster an already solid liquidity
profile, which benefits from cash on hand of $212 million at 30
June 2017. The company completed a rights issue in August 2017,
raising $372 million. As such, Moody's expects that Chandra
Asri's cash balance - proforma for the notes issuance - will
total between $800 million and $900 million.

The Ba3 rating on the notes reflects Moody's expectation that the
unsecured notes will represent the majority of the company's
total debt over the 2-3 years. Post issuance, secured debt will
account for less than 15% of total assets.

Chandra Asri's Ba3 corporate family rating reflects: (1) its
leading position in the Indonesian petrochemicals market, (2) an
increasingly diversified product portfolio, (3) its low leverage
(debt/EBITDA) of 0.7x as of June 30, 2017 (1.2x proforma for the
notes issuance), (4) its strong cash flow generation, and (5) an
excellent liquidity profile.

The rating is constrained by the company's: (1) volatile
operating margins due to its exposure to commodity petrochemical
products, (2) asset concentration on the Indonesian island of
Java, and (3) substantial growth in capital spending over the
next 3-5 years.

The stable ratings outlook reflects Moody's expectation that
Chandra Asri's operating performance and cash flow from
operations will remain strong over the next 12-18 months. Moody's
expects capital spending to ramp up over the next two years, as
the company executes its expansion projects, resulting in
negative free cash flow.

Chandr Asri's rating could be upgraded if its planned capacity
expansion is executed on time and on budget, and its free cash
flow generation remains positive through the cycle. Specific
credit metrics that Moody's would consider in upgrading the
rating include a debt-to-EBITDA below 2.0x, with an EBITDA margin
of around 25%-30% on an ongoing basis, given the cyclical nature
of the petrochemicals industry.

The company's rating could be downgraded if: (1) its credit
metrics deteriorate such that its leverage is maintained at 3.0x
over an extended period, (2) its liquidity deteriorates such that
its cash balance falls below $100 million, or (3) it initiates
large incremental debt-funded expansion projects.

The principal methodology used in this rating was Global Chemical
Industry Rating Methodology published in December 2013.

Chandra Asri Petrochemical Tbk (P.T.) - listed on the Jakarta
Stock Exchange - is an integrated petrochemical company operating
the only naphtha cracker in Indonesia.

It has a production capacity of 860 thousand tonnes per annum
(ktpa) for ethylene, 470 ktpa for propylene, 400 ktpa for py-gas,
315 ktpa for mixed C4, 336 ktpa for polyethylene, and 480 ktpa
for polypropylene. Chandra Asri also has an annual styrene
monomer production capacity of 340 ktpa and the capacity to
produce 100 ktpa of Butadiene.

The company was established in January 2011 through the merger of
PT Chandra Asri and PT Tri Polyta Indonesia Tbk.

Chandra Asri is owned by PT Barito Pacific Tbk (46.26%), the Siam
Cement Group - through its subsidiary, SCG Chemicals Co., Ltd.
(one of the largest integrated petrochemical companies in
Thailand) - (30.57%), and Prajogo Pangestu (14.11%), with the
remaining shares held by public investors (9.06%).



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


TOSHIBA CORP: Wins Shareholder Approval for Chip Unit Sale
----------------------------------------------------------
Japan Today reports that Toshiba Corp secured shareholder
approval on Oct. 24 for the sale of its chip unit to a Japanese-
U.S.-South Korean consortium, but kept mum about what
alternatives to take if it fails to complete the deal before the
end-of-March deadline to clear its excessive debt and remain a
public company.

Japan Today relates that the struggling Japanese conglomerate
also won approval of the lineup of its board of directors at an
extraordinary shareholders' meeting, as well as its earnings
results for fiscal 2016, after failing to report the results at
its ordinary shareholders' meeting in June due to its auditor's
refusal to sign off.

Toshiba last month picked a group led by U.S. investment fund
Bain Capital as its buyer for Toshiba Memory Corp, the world's
second-largest maker of NAND flash memory chips used in
smartphones and PCs, after a chaotic, months-long bidding
process, the report recalls.

Japan Today notes that Toshiba is rushing to sell the chip
business by the end of next March and eliminate its negative net
worth, or face involuntary delisting from the Tokyo Stock
Exchange.

The consortium includes the state-backed Innovation Network Corp
of Japan, the state-owned Development Bank of Japan and chipmaker
SK Hynix Inc of South Korea, the report discloses.

"I once again apologize from the bottom of my heart for causing
our stakeholders so much trouble and concern," the report quotes
Toshiba President Satoshi Tsunakawa as saying at the opening of
the shareholders' meeting. "We will not be able to grow without
our shareholders' trust. We ask for your understanding and
support."

But concerns remain as to whether the Japanese conglomerate will
be able to complete the sale of its chip business in time, as
antitrust screenings in major markets usually take at least six
months, Japan Today notes.

                        About Toshiba Corp

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 6, 2017, S&P Global Ratings said that it has affirmed its
'CCC-' long-term corporate credit and 'C' short-term corporate
credit and commercial paper program ratings on Japan-based
capital goods and diversified electronics company Toshiba Corp.
S&P also removed the ratings from CreditWatch. The outlook is
negative.

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



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


LION DIVERSIFIED: Auditors Raise Going Concern Doubt
----------------------------------------------------
The Star Online reports that Lion Diversified Holdings Bhd's
external auditors Ernst & Young (EY) have issued a disclaimer of
opinion on the group's financial statements for the 2017
financial year (FY17), casting doubt on its ability to continue
as a going concern for the second year in a row.

The latest audit report filed with Bursa Malaysia showed that
significant and multiple uncertainties, along with their possible
combined effects on the steel product maker's financial
statements ended June 30, 2017, prevented EY from having enough
audit evidence to make an audit opinion, the Star relates.

According to the Star, EY said there was a material uncertainty
that might cast significant doubt on LionDiv's ability to
continue as a going concern.

Not only did LionDiv post net losses for FY17 amounting to
MYR65.9 million (group level) and MYR132.2 million (company
level), its current liabilities also exceeded its current assets
by MYR869.6 million (group level) and MYR190.8 million (company
level), the Star discloses.

"The group and the company may be unable to realise their assets
and discharge their liabilities in the normal course of
business," EY, as cited by the Star, said.

The Star relates that the audit firm noted that LionDiv's
management was forming a plan to regularise the group's financial
condition, but EY added that it could not determine whether it
was proper for the management to use the going concern basis of
accounting. This is because of the uncertainties on the plan's
timing and successful implementation.

Due to the shutdown of the Banting operations of wholly-owned
subsidiary Lion DRI Sdn Bhd since the previous financial year, EY
is also unable to find enough audit evidence in relation to the
measurement of revenue as well as raw materials and consumables
used by the group and the valuation of inventories in the
previous year, according to the Star.

Hence, the auditors could not determine whether there's a need to
adjust the results of operations and the opening accumulated
losses for FY17, the Star relays.

The Star relates that EY said it could not be certain of the
appropriateness of assumptions made by an independent valuer in
estimating the recoverable amount of the direct reduced iron
plant owned by Lion DRI in FY16. Accordingly, EY's audit opinion
on the FY16 financial statements was modified.

LionDiv has three main business segments - steel product
manufacturing, property development and management, and
electronic and mechanical contract manufacturing services.

The Star, citing LionDiv's latest annual report, discloses that
the group posted a significantly lower loss before tax of
MYR39.3 million for the year ended June 30, 2017, versus a loss
of MYR910.1 million in FY16.

The group turned around to record an operating profit of RM30mil
on revenue of RM423.38mil, largely contributed by the property
segment, the report relays.

                        About Lion Diversified

Based in Kuala Lumpur, Malaysia, Lion Diversified Holdings
Berhad, an investment holding company, primarily manufactures,
trades, and sells steel products in Malaysia and internationally.

In August 2016, Lion Diversified fell into PN 17 status as, based
on the unaudited interim financial report for the fourth quarter
ended June 30, 2016, its shareholders' equity on a consolidated
basis was less than 25% of the Company's issued and paid-up
capital.



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


NZ AERIAL: BNZ Takes NZ$2.8MM Hit in Firm's Receivership
--------------------------------------------------------
Marty Sharpe at Stuff.co.nz reports that Bank of New Zealand has
taken a NZ$2.8 million hit in the receivership of a company that
carried out the country's aerial mapping for 78 years.

In their latest report, released last month, receivers Price
WaterhouseCoopers said they would soon retire, with the only
further distribution likely to go to IRD, which was owed
NZ$203,000, and had received NZ$166,000 through the receivership
to date, according to Stuff.

BNZ, the first secured creditor, had a General Security Agreement
with the company of just under NZ$4.2 million. The bank had
received just NZ$1.4 m million from the receivers, leaving it out
of pocket by NZ$2.8 million.

PwC had continued to trade the business in a bid to sell it as a
going concern, but when the offers received were below the value
of the assets, it ceased trading in September, 2014.

The receivers managed to sell all of the company's five aircraft,
three of which were in Hastings. The others were in Saudi Arabia
and the UK. These and other assets netted more than NZ$1.5
million.

They had also sold a property owned by the company at the Bridge
Pa airfield in Hastings, for NZ$525,000.

Unsecured creditors, including trade creditors, that were owed
more than NZ$4.3m received nothing from the receivership.

The company's 24 staff have been paid the full NZ$300,000 owed to
them for wages, holiday pay and redundancy entitlements.

Deloittes is now conducting a liquidation of the company.

Hastings-based NZ Aerial Mapping was engaged in aerial
photography throughout New Zealand and abroad.

NZ Aerial was put into receivership in July, 2014 after running
out of cash, with NZ$1.5 million in payments outstanding from
contracts in Saudi Arabia, Stuff.co.nz discloses.



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


AVATION GROUP: Fitch Assigns B+ Rating to Senior Unsecured Notes
----------------------------------------------------------------
Fitch Ratings has assigned an expected rating of 'B+(EXP)'/'RR4'
to the offering of senior unsecured notes by Avation Group (S)
Pte. Ltd., a subsidiary of Avation PLC (collectively, Avation).
Avation intends to use the net proceeds of the offering to
purchase, finance and refinance commercial aircraft.

KEY RATING DRIVERS - Issuer Default Ratings (IDRs) and Senior
Debt

The expected rating on the unsecured notes is equalized with
Avation PLC's Long-Term IDR, reflecting Fitch's expectation of
average recoveries.

Unsecured debt is expected to increase from 18.2% of total debt
as of June 30, 2017 to 37.5% pro forma for the offering, which
will enhance Avation's financial flexibility. Leverage, defined
as gross debt to tangible common equity, will increase from 3.3x
as of June 30, 2017 to 4.4x pro forma for the offering, which
Fitch views as weak for the rating given the company's fleet
profile. However, Fitch anticipates that leverage will decline
over the near term driven by capital retention and be sustained
below 4.0x over the long-term. Avation has a covenant in its bond
indenture that limits dividends to no more than 20% of net
income.

Fitch expects that Avation will primarily use the net proceeds
from the offering to acquire two widebody aircraft, an A330-300
and a B777-300ER, which are scheduled for delivery in October
2017 and December 2017, respectively. These are new aircraft to
be leased to EVA Air Corporation and Philippines Airlines (PAL
Holdings, Inc.), respectively.

These aircraft purchases should further reduce Avation's customer
concentration. As of June 30, 2017, pro forma for the
acquisitions, top lessees are Virgin Australia Holdings Limited
(30% of lease revenue), VietJet Aviation Joint Stock Company
(16%), PAL Holdings, Inc. (12%), Flybe Group plc (9%), and EVA
Air Corporation (9%).

The company has meaningfully reduced exposure to Virgin Australia
in recent years, from 67% of lease revenue for the year ended
June 30, 2015 to 37% for the year ended June 30, 2017 and 30% pro
forma for the aircraft acquisitions. In addition, the company's
purchase of widebody aircraft will diversify its portfolio but
are non-core and less liquid in the context of Avation's
historical focus on regional and narrowbody aircraft.

Avation's current ratings reflect its market position as a lessor
of turboprop and jet aircraft in the Asia-Pacific and European
regions. Credit strengths include the company's young average
fleet age of 3.3 years (excluding finance leases) as of June 30,
2017; supportive demand dynamics for the majority of Avation's
fleet; and operating performance that is benefiting from
favorable industry trends including growth in passenger traffic
and a continued shift by airlines toward utilizing operating
leases to meet their business needs.

These strengths are counterbalanced by Avation's limited
economies of scale and high aircraft concentration when compared
to larger lessors; the presence of niche aircraft in its
portfolio; exposure to certain lower credit quality lessees;
elevated balance sheet leverage as measured by gross debt to
tangible common equity coupled with continued fleet growth over
the near to medium term; a primarily secured funding profile; and
potential limitations in connection with corporate governance and
management depth.

Rating constraints applicable to the aircraft leasing industry
more broadly include the monoline nature of the business;
vulnerability to exogenous shocks; potential exposure to residual
value risk; sensitivity to oil prices; reliance on wholesale
funding sources; and increased competition.

The Stable Outlook reflects Fitch's views that while Avation is
benefitting from supportive demand dynamics for its fleet, modest
diversification and increasing unsecured debt, the ratings remain
constrained by Avation's limited economies of scale when compared
to larger lessors, elevated leverage, primarily secured funding
profile, and evolving aircraft portfolio.

RATING SENSITIVITIES - IDRs AND SENIOR DEBT

The ratings assigned to the senior unsecured debt are equalized
with the company's Long-Term IDR and would be expected to move in
tandem. However, the unsecured debt rating could be notched below
Avation's IDR should secured debt increase as a percentage of
total debt such that expected recoveries on the senior unsecured
debt were adversely affected.

Avation's ratings could be positively influenced by improved
scale efficiencies, reduced leverage, increased utilization of
unsecured funding sources, and continued demonstration of
residual-value risk management. Improved fleet, geographic and/or
lessee diversification, provided such actions are undertaken at a
moderate pace and do not adversely affect underwriting or pricing
terms, would also be viewed positively.

The ratings could be adversely affected by the credit
deterioration of underlying lessees, particularly those that
represent a meaningful portion of Avation's portfolio, which
could result in lower revenue yields and the need to redeploy
aircraft. Factors that could also lead to negative rating
momentum include maintenance of leverage above 4.0x over the long
term; rapid expansion that is not accompanied by consistent
underwriting standards and commensurate growth in capital levels
and staffing; deterioration in residual value realizations; or an
inability to successfully navigate market downturns.

Fitch assigns the following ratings:

Avation Group (S) Pte. Ltd.
-- Long-term IDR 'B+';
-- Senior unsecured notes 'B+(EXP)'/'RR4'.

Fitch currently rates Avation as follows:

Avation PLC
-- Long-term IDR 'B+'.

Avation Capital S.A.
-- Long-Term IDR 'B+';
-- Senior unsecured debt 'B+'/'RR4'.

The Rating Outlook is Stable.



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


DONGBU DAEWOO: Creditors Set to Pick Preferred Bidder
-----------------------------------------------------
Yonhap News Agency reports that the preferred bidder for cash-
strapped Dongbu Daewoo Electronics is set to be selected in the
near future, industry sources said on Oct. 25, with candidates
including both local and overseas firms.

According to Yonhap, sources said NH Investment & Securities Co.,
which oversees the deal, is currently conducting due diligence
with candidates. After the procedure, the creditors will pick the
preferred bidder based on candidates' financial and business
capabilities.

Sources said the candidates include Dayou Winia Co., a South
Korean firm well known for its refrigerators designed exclusively
for kimchi, the report relays.

Yonhap relates that the candidates may also include companies
from Mexico, France, Turkey and Sweden, the sources added.
Sweden-based Electrolux also expressed its intention to buy then-
Daewoo Electronics before it was acquired by Dongbu Group in
2013.

Dayou Winia, which relies heavily on its kimchi refrigerators,
has been seeking to diversify its business portfolio, making the
purchase of Dongbu Daewoo Electronics more attractive, Yonhap
says.

Dongbu Daewoo Electronics makes TV and monitors, refrigerators,
kitchen appliances, washing machines and air conditioners.



                             *********

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 ***