/raid1/www/Hosts/bankrupt/TCRAP_Public/171030.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, October 30, 2017, Vol. 20, No. 215

                            Headlines


A U S T R A L I A

COMMERCIAL IMAGES: First Creditors' Meeting Set for Nov. 6
LONTANA PTY: More Than 100 Creditors Join the List
MERCURY MOTORSPORT: First Creditors' Meeting Set for Nov. 2
MIAS BAKERY: Family Foods Buys Bakery, 50 Jobs Saved
MOKO SOCIAL: Second Creditors' Meeting Set for Nov. 6

MOTORSHADES PTY: Second Creditors' Meeting Set for Nov. 6
ORBITAL DISTRIBUTORS: First Creditors' Meeting Set for Nov. 8
REDMOND DRILLING: Second Creditors' Meeting Set for Nov. 3
SANGOKU INTERNATIONAL: Second Creditors' Meeting Set for Nov. 6


C H I N A

ARMINDA GROUP: Reverses Name to Universal Solar Technology, Inc.
SUNRISE REAL: Incurs US$2.8 Million Net Loss in Q3 2015


I N D I A

APT PACKAGING: CRISIL Lowers Rating on INR7.63MM Loan to 'D'
ARORA RICE: CRISIL Reaffirms 'B' Rating on INR16MM Cash Loan
B D MOTORS: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
BINANI INDUSTRIES: CARE Reaffirms 'D' Rating on INR474.93cr Loan
CALCUTTA ELECTRODES: Ind-Ra Moves BB- Rating to Non-Cooperating

CANAAN ENGINEERING: Ind-Ra Migrates 'D' Rating to Non-Cooperating
DACSS GRANITES: CRISIL Reaffirms 'B' Rating on INR12.3MM LT Loan
DIN DAYAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
DWARAKA INFRA: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
EDAYAR ZINC: CARE Reaffirms 'D' Rating on INR247cr ST Loan

GMR WARORA: Ind-Ra Upgrades NCDs Rating to 'BB-', Outlook Stable
HANUMANT CONSTRUCTION: CRISIL Raises Rating on INR19MM Loan to B-
HARI OM: CRISIL Lowers Rating on INR20MM Cash Loan to 'D'
INNOVENTIVE INDUSTRIES: Challenges IRP's Liquidation Move
J G FOUNDRY: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan

J.M. LABORATORIES: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
JM FERRO: CARE Moves 'D' Rating to Not Cooperating Category
JRR CONSTRUCTION: CARE Moves 'B' Rating to Not Cooperating
JUPITER SOLAR: CARE Raises Rating on INR117.09cr Loan to BB-
KRISHNA COTTON: CARE Reaffirms B+ Rating on INR8.55cr LT Loan

LOTUS GREENS: CRISIL Lowers Rating on INR450MM Loan to 'B'
MADHYA BHARAT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
MAHA HYDRAULICS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
MELT-O-THERM: CRISIL Lowers Rating on INR4.31MM Term Loan to B-
METALFAB HIGHTECH: Ind-Ra Migrates BB+ Rating to Non-Cooperating

MOTHER LAM: CARE Moves 'D' Rating to Not Cooperating Category
NICCO CORPORATION: Placed Under Liquidation Process
NIRALA INFRACITY: CRISIL Lowers Rating on INR17.5MM Loan to D
ORANGE MEGASTRUCTURE: Ind-Ra Assigns Final 'BB' Term Loans Rating
P N WRITER: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating

PCC INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR7MM Loan
SACHIN AGRO: CARE Assigns B+ Rating to INR15cr LT Loan
SANMARG PROJECTS: Ind-Ra Migrates BB- Rating to Non-Cooperating
SHRI JANKI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
SHRI NIRMLANAND: CRISIL Reaffirms 'B' Rating on INR4MM Loan

SHYAMALI COLD: CARE Assigns 'B' Rating to INR5.90cr LT Loan
SRI BALASAI: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
RS AGROTECH: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
V. I. SHETTY: CRISIL Ups Rating on INR5MM Cash Loan From 'B'
WHITE HOUSE: CARE Moves 'D' Rating to Not Cooperating Category

WRITER LIFESTYLE: Ind-Ra Affirms 'BB+' Bank Facilities Ratings


N E W  Z E A L A N D

QUEST INSURANCE: A.M. Best Reviews 'B' FSR With Pos. Implications
VERITAS INVESTMENTS: Another Mad Butcher Store Closes Doors


P A P U A  N E W  G U I N E A

CAPITAL GENERAL: A.M. Best Affirms 'B-' FSR, Outlook Positive


                            - - - - -


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


COMMERCIAL IMAGES: First Creditors' Meeting Set for Nov. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Commercial
Images (Aust) Pty Ltd will be held at Level 5, 123 Pitt Street,
in Sydney, New South Wales, on Nov. 6, 2017, at 11:00 a.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Commercial Images on Oct. 25,
2017.


LONTANA PTY: More Than 100 Creditors Join the List
--------------------------------------------------
Brendan Wrigley at The Courier reports that the creditor claim
for Lontana Pty Ltd is set to run into the hundreds of thousands
as more than 100 clients, suppliers and employers join the line-
up to receive a cut.

Documents provided to the Australian Securities and Investment
Commission in mid-October identified 85 creditors waiting to be
paid by Lontana, alongside a further 25 employees who are also
owed, The Courier discloses.

According to The Courier, the document listed Lontana at an
estimated realisable value of less than AUD45,000, all of which
stemmed from assets, with the company having no cash or money in
the bank.

The company went into liquidation earlier this month, less than a
month after associate business Ballarat Windows and Doors also
filed for insolvency, the report notes.  Lontana had purchased
Ballarat Windows and Doors' assets in early 2016.

Among the clients who are yet to receive their product is Belinda
Pollard, who paid more than AUD20,000 on a deposit for windows to
fit our her Albion home in June.

An advert in the Saturday edition of The Courier called for
expressions of interest to purchase the assets of Lontana, which
also traded as Ballarat Windows, Altitude Architectural Windows
and Ballarat Architectural Windows.  Lontana liquidators
confirmed they had taken control of the lease to a Ring Road
warehouse which was registered to Ballarat Windows and Doors but
had been operated my Lontana, the report relates.

The Courier attempted to contact Lontana director Gail Spark and
Ballarat Windows and Doors director Tim Spark for comment, but
their mobile phones were disconnected.

Lontana Pty Ltd specialised in manufacturing and installation of
windows and doors.


MERCURY MOTORSPORT: First Creditors' Meeting Set for Nov. 2
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Mercury
Motorsport Australia Pty Ltd will be held at the offices of David
Clout & Associates, 105A Bowen St, in Spring Hill, Queensland, on
Nov. 2, 2017, at 11:00 a.m.

David Clout and Patricia Talty of David Clout & Associates were
appointed as administrators of Mercury Motorsport on Oct. 23,
2017.


MIAS BAKERY: Family Foods Buys Bakery, 50 Jobs Saved
----------------------------------------------------
Sean Smith at The West Australian reports that the company behind
WA's near century-old Bovell's baking brand has emerged as the
buyer of the collapsed family-owned Mias Bakery.

Privately owned Family Foods WA, which bakes bread under the
Bovell's, Regal and De Campo brands, has agreed to the purchase
of Mias' baking assets with the intention of resuming production
of the label from Bovell's Bakery in Maddington, the report says.

Up to 50 of Mias Bakery's 90 staff will be re-employed by the
expanded business, doubling its baking workforce, the report
notes.

Founded by the Mias family in 1950, Canning Vale-based Mias
Bakery was put into the hands of administrators from WA
Insolvency Solutions in mid-July along with its associated
milling business in Welshpool, the West Australian recalls.

The report relates that Family Foods WA co-owner and director
Trevor Davies said the company was looking to consolidate its
operations, including the reconditioned Mias Bakery plant, at a
newly purchased site in Maddington.

Mias' major customers, Coles and Woolworths, have signalled they
will continue to stock its bread.

Mr. Davies said, however, Mias' distribution would be reined in
from regional WA to reduce costs.

"There will be some footprint shrinkage," the report quotes
Mr. Davies as saying.  "My understanding is that the business is
still losing quite a bit of money, so we do need to make
changes."

On Oct. 16, Mias Bakery's creditors approved a resolution from
the administrators to liquidate the business and sell the assets
to Family Foods WA, according to the West Australian.

The sale will fund the payment of AUD2 million of entitlements
owed to Mias Bakery staff but trade creditors owed AUD3.4 million
will receive only an estimated 5 cents to 8 cents of each dollar
of debt owed, the report adds.


MOKO SOCIAL: Second Creditors' Meeting Set for Nov. 6
-----------------------------------------------------
A second meeting of creditors in the proceedings of Moko Social
Media Limited has been set for Nov. 6, 2017, at 11:00 a.m., at
the offices of Deloitte Touche Tohmastu, Level 9, Tower 2,
Brookfield Place, 123 St Georges Terrace, Perth WA.

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. 6, 2017, at 9:00 a.m.

Jason Tracy of Deloitte Touche Tohmastu was appointed as
administrator of Moko Social on May 31, 2017.


MOTORSHADES PTY: Second Creditors' Meeting Set for Nov. 6
---------------------------------------------------------
A second meeting of creditors in the proceedings of Motorshades
Pty Ltd has been set for Nov. 6, 2017, at 11:00 a.m., at the
offices of Hall Chadwick, Level 11, Allendale Square, 77 St
Georges Terrace, in Perth WA.

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. 2, 2017, at 5:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Motorshades Pty on Oct. 5, 2017.


ORBITAL DISTRIBUTORS: First Creditors' Meeting Set for Nov. 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Orbital
Distributors Pty. Ltd. will be held at the offices of BPS
Reconstruction and Recovery, Suite 6, Level 5, 350 Collins
Street, in Melbourne, on Nov. 8, 2017, at 11:00 a.m.

Simon Patrick Nelson of BPS Reconstruction was appointed as
administrator of Orbital Distributors on Oct. 26, 2017.


REDMOND DRILLING: Second Creditors' Meeting Set for Nov. 3
----------------------------------------------------------
A second meeting of creditors in the proceedings of Redmond
Drilling Pty Ltd has been set for Nov. 3, 2017, at 10:30 a.m., at
463 Scarborough Beach Road, in Osborne Park, 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. 2, 2017, at 5:00 p.m.

Simon Roger Coad of Ticcidew Insolvency was appointed as
administrator of Redmond Drilling on Sept. 29, 2017.


SANGOKU INTERNATIONAL: Second Creditors' Meeting Set for Nov. 6
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Sangoku
International Pty Ltd has been set for Nov. 6, 2017, at
12:15 p.m., at the offices of Worrells Solvency & Forensic
Accountants, Suite 1 Level 15, 9 Castlereagh Street, in Sydney,
NSW.

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. 6, 2017, at 12:15 p.m.

Nicholas Craig Malanos of Worrells Solvency & Forensic
Accountants was appointed as administrator of Sangoku
International on Oct. 4, 2017.



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


ARMINDA GROUP: Reverses Name to Universal Solar Technology, Inc.
----------------------------------------------------------------
The Board of Directors of The Arminda Group, Inc., filed an
Amendment to the Company's Articles of Incorporation, as amended,
with the Secretary of State of the State of Nevada on Sept. 13,
2017.  The Amendment reversed the name change filed on Aug. 18,
2017, according to the amendment approved by the Board of
Directors on April 11, 2017.  The Company said the reason for
this reversal is that the original name, Universal Solar
Technology, Inc., more clearly at this time identify with the
current business partnerships it is pursuing.

                      About Universal Solar

Headquartered in Zhuhai City, Guangdong Province, in the People's
Republic of China, Universal Solar Technology, Inc., was
incorporated in the State of Nevada on July 24, 2007.  It
operates through its wholly owned subsidiary, Kuong U Science &
Technology (Group) Ltd., a company incorporated in Macau, the
People's Republic of China on May 10, 2007, and its subsidiary,
Nanyang Universal Solar Technology Co., Ltd., a wholly foreign
owned enterprise registered on Sept. 8, 2008 under the wholly
foreign-owned enterprises laws of the PRC.

The Company primarily manufactures, markets and sells silicon
wafers to manufacturers of solar cells.  In addition, the Company
manufactures photovoltaic modules with solar cells purchased from
third parties.

Universal Solar reported a net loss of $1.28 million in 2013
following a net loss of $5.66 million in 2012.

Paritz & Company, P.A., in Hackensack, New Jersey, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2013.  The independent
auditors noted that the Company had not generated cash from its
operation, had a stockholders' deficiency of $ 10,663,106 and had
incurred net loss of $11,175,906 since inception.  These
circumstances, among others, raise substantial doubt about the
Company's ability to continue as a going concern.


SUNRISE REAL: Incurs US$2.8 Million Net Loss in Q3 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$2.85 million on US$1.36 million of net revenues
for the three months ended Sept. 30, 2015, compared to a net loss
of US$973,918 on US$2.25 million of net revenues for the three
months ended Sept. 30, 2014.

For the nine months ended Sept. 30, 2015, Sunrise Real reported a
net loss of US$6.80 million on US$3.71 million of net revenues
compared to a net loss of US$2.58 million on US$7.15 million of
net revenues for the nine months ended Sept. 30, 2014.

As of Sept. 30, 2015, the Company had US$103.98 million in total
assets, US$113.88 million in total liabilities and a total
shareholders' deficit of US$9.90 million.

In the first three quarter of 2015, the Company's principal
sources of cash were revenues from its agency sales and property
management business.  Most of the Company's 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$930,101.

The Company's operating activities used cash in the amount of
$9,116,933, which was primarily attributable to the real estate
property development.

The Company's investing activities used cash resources of
$1,131,794, 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
$9,431,362, which was primarily attributable to new bank loan
received and advance from an affiliate.

The potential cash needs for 2015 will 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.

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

                       https://is.gd/X0UO0t

                     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.

Sunrise Real reported a net loss of US$6.72 million on US$4.76
million of net revenues for the year ended Dec. 31, 2015,
compared to a net loss of US$5.21 million on US$8.61 million of
net revenues for the year ended Dec. 31, 2014.

RH, CPA, in Bayside, NY, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended Dec. 31, 2015, noting that the Company has a working
capital deficiency, accumulated deficit from recurring net losses
for the current and prior years, and significant short-term debt
obligations currently in default or maturing in less than one
year. These conditions raise substantial doubt about its ability
to continue as a going concern.



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I N D I A
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APT PACKAGING: CRISIL Lowers Rating on INR7.63MM Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Apt Packaging Limited (APL) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)      Ratings
   ----------        ---------      -------
   Bank Guarantee        1.4        CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit           3.25       CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Foreign Bill           1.10      CRISIL D (Downgraded from
   Purchase                         'CRISIL B-/Stable')

   Funded Interest        2.72      CRISIL D (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

   Long Term Loan         7.63      CRISIL D (Downgraded from
                                    'CRISIL B-/Stable')

   Packing Credit         0.60      CRISIL D (Downgraded from
                                    'CRISIL A4')

   Proposed Long Term      .04      CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B-/Stable')

   Working Capital        3.26      CRISIL D (Downgraded from
   Term Loan                        'CRISIL B-/Stable')

The downgrade reflects delays by APL in meeting its term debt
obligation, driven by weak liquidity on account of stretched
receivables and large fund requirements.

The firm also has a below average financial risk profile.
However, it benefits from the extensive experience of its
promoters in the packaging industry and their established
business relationships and funding support, and its reputed
clientele.

Analytical Approach

For arriving at its ratings, CRISIL has treated unsecured loans
of INR13 crore extended to the firm by its promoters as neither
debt nor equity, as the loans are expected to remain in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weakness
* Delay in debt servicing due to weak liquidity: APL has delayed
meeting its term debt obligation due to stretched receivables and
weak liquidity.

* Below-average financial risk profile: The financial risk
profile is constrained by negative networth and high gearing due
to large working capital borrowing and debt-funded capital
expenditure. However, the promoters have provided funding support
in the form of unsecured loans (Rs 13 crore as on March 31,
2017).

Strength

* Extensive experience of the promoters in the packaging
industry: The promoters' experience of more than three decades in
the packaging industry has enabled APL to establish relationships
with customers in the domestic and overseas markets. Its
customers includes reputed companies such as the Himalaya Herbs
group, Patanjali group, and Gilette India Ltd.

APL was incorporated as Anil Chemicals Pvt Ltd in 1979 and was
listed on the Bombay Stock Exchange in 1985 as Anil Chemicals and
Industries Ltd. It got its present name in 2008. The company, at
present, manufactures co-extruded plastic tubes for
pharmaceutical and fast-moving consumer goods companies.


ARORA RICE: CRISIL Reaffirms 'B' Rating on INR16MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Arora Rice Mills (ARM).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           16        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1.5     CRISIL B/Stable (Reaffirmed)


The rating continues to reflect the firm's weak financial risk
profile on account of high total outside liabilities to adjusted
networth (TOLANW) ratio, and weak debt protection metrics; and
adequate liquidity. The rating also factors large working capital
requirement, small scale of operations in the intensely
competitive and regulated rice processing industry, and
susceptibility to erratic rainfall and to volatility in raw
material prices. These weaknesses are partially offset by the
extensive industry experience of the partners and the healthy
growth prospects for the rice processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in the intensely competitive and
regulated rice processing industry: Revenue of INR46.6 crore in
fiscal 2017 reflects the firm's modest scale of operations.
Moreover, the rice processing industry is highly fragmented, with
intense competition among a few large and branded players and
several unorganised, regional players. Additionally, availability
of paddy is linked to production, which depends on factors such
as monsoon, climatic conditions, and yield. Paddy price is linked
to production, and minimum support price determined by the
central government. Hence, ARM's revenue is expected to be low at
INR50-55 crore over the medium term. Given the seasonal
availability of paddy and expected volatility in prices, pricing
pressure will persist and continue to constrain operating margin
(expected at 4.5-5.5% over the medium term).

* Large working capital requirement: Sizeable inventory makes
operations in the rice processing industry working capital-
intensive. The firm had inventory of 195 days, leading to gross
current assets of 203 days, as on March 31, 2017. Though paddy is
largely procured during the peak season from October to December,
it is also purchased during the rest of the year, if prices are
competitive, and funded through bank limit. Liquidity is
adequate, backed by moderate bank limit utilisation of 71% on an
average in the 12 months through August 2017. Liquidity is also
supported by low debt obligation, and consistent support from the
partners through unsecured loans.

* Below-average financial risk profile: Financial risk profile is
constrained by weak debt protection metrics, with interest
coverage ratio at 1.41 times and net cash accrual to adjusted
debt ratio at 0.03 time in fiscal 2017. Networth was modest at
INR2.81 crore and TOLANW ratio was high at 8.84 times as on
March 31, 2017, because of low accretion to reserve 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.

Strengths

* Extensive industry experience of partners: The partners'
experience of a decade, healthy relationships with various
stakeholders, and strong procurement network will continue to
benefit the firm over the medium term. The firm procures paddy
from various mandis in Punjab, Haryana, and Madhya Pradesh.

Outlook: Stable

CRISIL believes ARM will continue to benefit from the partners'
extensive industry experience and the healthy growth prospects
for the rice processing industry. The outlook may be revised to
'Positive' if substantial cash accrual or significant capital
infusion by the partners leads to a better capital structure, or
if working capital management improves. The outlook may be
revised to 'Negative' if capital structure and liquidity weaken
significantly on account of larger-than-expected working capital
requirement, or sizeable, debt-funded capex.

ARM was established as a partnership firm in 1998 in Jalalabad
(Punjab), and was acquired by Mr Ashok Aneja and his relatives in
fiscal 2004. The firm processes both basmati and non-basmati rice
and sells mainly to bulk exporters or exports directly to
counties in the Middle East.


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

-- INR340 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR1 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR30.6 mil. Long-term loan migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were 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 ratings.

COMPANY PROFILE

B D Motors was incorporated by Mr Narendra Kumar Agarwal in 2009.
The company is an authorised dealer of Tata Motors Limited for
its passenger vehicles. The company runs operations from its own
showrooms (four) and workshops (two) across Burdwan, Durgapur and
Asansol.


BINANI INDUSTRIES: CARE Reaffirms 'D' Rating on INR474.93cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Binani Industries Limited (BIL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities
   (Term Loan)           474.93      CARE D Reaffirmed

Rating Rationale

CARE has revised the ratings assigned to the various bank
facilities of BIL to 'CARE D' as a result of ongoing delays in
debt servicing of the company. The company is facing severe
liquidity issues as a result of continuing losses.

Binani Industries Limited (BIL) was incorporated on August 02,
1962, and is the holding company of the manufacturing businesses
of the Braj Binani Group. The group is actively working in the
cement, zinc, glass fibre and downstream composite products
sectors. BIL earns revenue by way of royalty income from its
subsidiaries for usage of its brand name and also earns revenue
for management services that it provides to its
subsidiaries/group companies. The major operating companies of
BIL are Binani Cement Limited, 3B Fibreglass SPRL (3B) and Goa
Glass Fibre Limited.

On consolidated basis, the company reported net losses of
INR469.13 crore on total operating income of INR3875.65 crore
in FY17 (refers to the period April 01 to March 31), as against
net loss of INR 468.94 crore on total operating income of INR
4055.74 crore in FY16.


CALCUTTA ELECTRODES: Ind-Ra Moves BB- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Calcutta
Electrodes Private Limited's (CEPL) 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:

-- INR60 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 4, 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 September 1992, CEPL manufactures arc welding
electrodes and CO2 MIG welding wires at its 7,400 metric tonnes
per annum unit in Bhanpuri, Raipur. The operations of the company
are managed by Mr. Praveen Kumar Agarwal, Mr. Ashok Kumar
Agarwal, Ms. Anupama Agarwal and Ms. Babita Agarwal. The company
sells its products under the brand names Shiva, Superweld and
Ferrocord.


CANAAN ENGINEERING: Ind-Ra Migrates 'D' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Canaan
Engineering 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 D(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities (Long term) migrated to non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR80 mil. INR80 mil. Non-fund-based facilities (Short term)
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR146.2 mil. long term loans (Long term) migrated to non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 5, 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 2005, Canaan Engineering fabricates medium-to-
heavy-sized equipment such as heat exchangers, pressure vessels
and columns for the petrochemical and fertiliser industries.


DACSS GRANITES: CRISIL Reaffirms 'B' Rating on INR12.3MM LT Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Dacss Granites Private Limited (DGPL) at 'CRISIL B/Stable/CRISIL
A4'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Bank Guarantee          .20       CRISIL A4 (Reaffirmed)

   Letter of Credit       2.50       CRISIL A4 (Reaffirmed)

   Long Term Loan         7.00       CRISIL B/Stable (Reaffirmed)

   Packing Credit        12.00       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    12.30       CRISIL B/Stable (Reaffirmed)

The ratings reflect DGPL's weak financial risk profile because of
moderate gearing and weak debt protection metrics, small scale of
operation, and working capital-intensive, operations. These
weaknesses are partially offset by extensive experience of its
promoter in granite processing industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of operations: DGPL have small scale of operation
with turnover of INR35.74 crore in fiscal 2016-17 due to stiff
competition in the granite industry. CRISIL believes that the
modest scale of operations will continue to constrain the
business risk profile of DGPL.

* Weak financial risk profile: While the gearing of the company
is comfortable at 0.71 times as on March 31, 2017, the financial
risk profile is weak due to its stretched liquidity and below
average debt protection metrics. Due to working capital intensive
operations, CRISIL believes that the financial risk profile of
the company is expected to remain weak over the medium term.

Strengths

* Extensive experience of its promoter in granite processing
industry: The promoter's extensive experience of more than 15
years in the granite industry and established track record should
continue to support the business risk profile.

Outlook: Stable

CRISIL believes DGPL will benefit over the medium term from the
extensive experience of its promoter in the granite industry and
established track record. The outlook may be revised to
'Positive' if sustained increase in scale of operations and
operating profitability leads to a better financial risk profile.
The outlook may be revised to 'Negative' if deterioration in
working capital cycle or decline in operating profitability
further weakens financial risk profile.

Set up in 2005 by Mr. Darala Ashwani Kumar Reddy, DGPL processes
rough granite blocks into polished granite slabs. The company
derives close to 80 per cent of its revenues from exports and the
balance from domestic market. DGPL is promoted by Mr. Darala
Ashwani Kumar Reddy along with his family members which currently
operates three quarries and two processing units with a combined
processing capacity of 700 cubic meters per month.


DIN DAYAL: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Din Dayal Purushottam Lal (DDPL).

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit          60       CRISIL B+/Stable (Reaffirmed)

Revenue was INR664.13 crore in fiscal 2017- 24% growth over the
previous fiscal. Top-line is expected to grow by 8-10% over the
medium term. However, the operating margin remained low at 1.01%
in fiscal 2017 resulting in low cash accruals and thus,
constraining the financial flexibility of the firm.

Gross current assets were 73 days as on March 31, 2017 driven by
high receivables and moderate inventory of40 and 27 days,
respectively, leading to high reliance on bank lines as reflected
in high bank limit utilisation (90% over the 12 months through
June 2017). However, liquidity was aided by partners' funding
support and absence of any debt-funded capital expenditure plan.

Analytical Approach

CRISIL has treated unsecured loans (outstanding at INR22.4 crore
as on March 31, 2017) extended to DDPL by partners as neither
debt nor equity. That's because these loans are to remain in the
business over the medium term and are subordinated to bank debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Low profitability, constrained by intense competition: Despite
the four-decade long presence in the cotton business, the trading
nature of operations constrains the operating margin (1.01% in
fiscal 2017). Also, intense competition limits the pricing power
with suppliers and customers, thus weakening profitability.

* Weak financial risk profile: Networth and total outstanding
liabilities to adjusted networth ratio remained moderate at
INR13.09 crore and 2.78 times, respectively, as on March 31,
2017, due to large working capital debt. Interest coverage ratio
was also weak at 1.24 times in fiscal 2017 due to low
profitability.

Strengths

* Partners' experience and their funding support: Benefits from
the partners' experience of four decades and healthy relationship
with suppliers and customers should continue to support the
business. Also, promoters are likely to continue extending need-
based unsecured loans to aid liquidity in the future.

Outlook: Stable

CRISIL believes DDPL will continue to benefit over the medium
term from the partners' experience and their funding support. The
outlook may be revised to 'Positive' if substantial equity
infusion, or larger-than-expected increase in cash accrual or
operating profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if sizeable
withdrawal of capital, stretch in working capital cycle, or
decline in cash accrual weakens financial risk profile.

DDPL, a partnership firm set up in 1971, trades in cotton. It has
offices in Aurangabad, Ahmedabad, Rajasthan and Punjab with its
head office in Sirsa, Haryana. Mr Lalit Mohan Sharda and his
sons, Mr Mahesh Sharda and Mr Pankaj Sharda, are the partners.


DWARAKA INFRA: Ind-Ra Assigns 'B+' Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dwaraka Infra
Projects (DIP) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The instrument-wise rating action is:

-- INR150 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect DIP's weak credit profile. According to
provisional financials for FY17, revenue was INR30.1 million
(FY16: INR161.8 million). The decline in revenue was due to a
fall in the order book position owing to non-participation in new
tenders. Although DIP had received new orders totalling INR807.08
million in FY17, order execution was delayed due to land
acquisition challenges. It started undertaking orders in FY18; it
booked INR190 million in revenue for 5MFY18. The substantial
decline in revenue in FY17 led to EBITDA losses. Moreover, EBITDA
margin was volatile over FY13-FY16. It was between 7.2% and
negative 15.1% during the period.

Net leverage (total adjusted net debt/operating EBITDAR) was 0.7x
in FY16 (FY15: 2.4x) and interest coverage (operating
EBITDA/gross interest expense) was 3.0x (2.6x). The improvement
in credit metrics was due to an increase in absolute EBITDA and a
fall in debt.

The management expects an improvement in the credit profile in
FY18, considering it had an unexecuted order book of INR1,188.2
million as of August 2017 that is scheduled to be completed in
the medium term, providing strong revenue visibility.

The ratings also reflect the partnership nature of the
organisation.

The ratings factor in DIP's moderate liquidity, indicated by an
average fund-based limit utilisation of 75% over the seven months
ended September 2017.

The ratings, however, are supported by DIP's partners' experience
of over two decades in the engineering, procurement and
construction business.

RATING SENSITIVITIES

Negative: Non-achievement of revenue and EBITDA margin as
expected by the management leading to a stress on the liquidity
and the consequent impairing of timely debt servicing could lead
to a negative rating action.

Positive: A substantial improvement in revenue and EBITDA margin
leading to an improvement in credit metrics on a sustained basis
could lead to a positive rating action.

COMPANY PROFILE

Formed in June 2012, DIP is a partnership firm engaged in the
execution of civil works in Andhra Pradesh and Telangana.


EDAYAR ZINC: CARE Reaffirms 'D' Rating on INR247cr ST Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Edayar Zinc Limited (EZL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE D Reaffirmed

   Short-term Bank
   Facilities             247        CARE D Reaffirmed

Rating Rationale

CARE reaffirms the ratings assigned to Edayar Zinc Limited (EZL)
(erstwhile Binani Zinc Limited). There are ongoing delays for
repayment of debt facilities. The company has been referred to
Board for Industrial and Financial Reconstruction (BIFR) in
December 2014. However, with effect from Dec. 1, 2016, SICA, 1985
which governed sick companies has been abolished, hence all the
proceedings before BIFR have been abated. Pursuant to this,
lenders have moved this matter to DRT. Vide DRT order, the
company has paid INR3.07 Crores out of total outstanding amount
of INR244 Crores as on 31.3.17. The said matter is pending before
DRT for further resolution.

EZL, a subsidiary of Binani Industries Limited (BIL), has been in
operations since 1967. The company is engaged in the manufacture
of zinc with an installed capacity of 38,000 Tonne Per Annum
(TPA) at its plant located at Binanipuram in Kerala. The company
also produces sulphuric acid and cadmium which are generated as
by-products.

For FY17 (refers to the period April 01 to March 31), EZL
reported nil income from operations and loss of INR6.15 crore
compared with INR1.5 crore income from operations and INR46.65
crore loss in FY16.


GMR WARORA: Ind-Ra Upgrades NCDs Rating to 'BB-', Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded ratings of GMR
Warora Energy Limited's (GWEL) non-convertible debentures (NCDs)
as follows:

-- INR750 mil. NCDs, issued on September 24, 2014, at 12.15%
    coupon rate, due on November 25 2023, upgraded with IND BB-
    /Stable rating.

KEY RATING DRIVERS

The upgrade reflects timely servicing of GWEL's entire debt since
May 2017; it has been timely in servicing its NCDs since
issuance. GWEL's operating performance remains resilient despite
coal supply concerns.

In 1HFY18, plant availability and plant load factor (PLF) were
74.1% (FY17: 85.9%; FY16: 94.8%) and 70.8% (70.5%; 75.9%),
respectively. GWEL has long-term take-or-pay power purchase
agreements (PPA) for 100% net capacity. The PPA counterparties
are Dadra Nagar Haveli (200MW), Maharashtra State Electricity
Distribution Company Limited (200MW) and Tamil Nadu Generation
and Distribution Company Limited ('IND A(SO)'/Stable, 150MW). The
PPAs have a two-part tariff mechanism comprising capacity and
variable charges linked to the Central Electricity Regulatory
Commission Inflation Index (updated every six months).

GWEL's fuel supply risk is reasonably mitigated with execution of
a fuel supply agreement with the state-owned South Eastern Coal
Fields, a Coal India Limited subsidiary, for an annual contracted
quantity of 2.63 million tonnes. GWEL has low coal inventory
subsequent to the countrywide disruption in supply over the last
few months, leading to lower PLF. However, GWEL expects to
achieve normative project availability of 85% in FY18, following
a likely improvement in coal supply during 2HFY18.

However, the rating remains constrained by liquidity concerns
arising from an increase in receivable days to 68 (FY16: 31).
Excluding compensatory tariff bills, the receivable period was
about 30 days. GWEL claimed for various components of
compensatory tariff, and cash flows from those have been
considered in Ind-Ra's analysis since similar claims by other
thermal projects have been approved. GWEL has started receiving
compensatory tariff from Maharashtra State Electricity
Distribution Utility. It has been observed that PPA
counterparties take longer time to pay compensatory tariff than
the regular tariff bills. Additionally, the requirement of
approvals from Electricity Regulatory Commissions introduces some
uncertainty in the timing of recovery of compensatory tariff.
GWEL has high working capital utilisation (above 90% during FY17)
and any further delay in tariff payments could impact the
company's liquidity position.

Total long-term debt of INR33,221 million as of 30 June 2017
amortises over 17 years in an even manner. The NCDs amortise in
three tranches of INR250 million each on 25 September 2022, 25
September 2023 and 25 November 2023. Coupon payments are semi-
annual. GWEL has an INR6,200 million working capital facility.

The rating is constrained by absence of a debt service reserve;
however, GWEL is positive of creating a reserve of partial amount
by March 2018 as the lenders have extended the timeline for
creation of the reserve until then.

RATING SENSITIVITIES

Positive: Consistent operational performance, adequate
availability of domestic coal and timely revenue realisation may
result in a rating upgrade.

Negative: Prolonged delay in tariff receipts from counterparties
and any operational issues affecting the financial performance
may result in a rating downgrade.

COMPANY PROFILE

GWEL is a special purpose vehicle, incorporated to build,
maintain and operate a 600MW (two units of 300MW each) coal-fired
subcritical technology-based thermal power plant in Warora,
Maharashtra. GMR Energy Limited is the primary sponsor of the
project with 100% equity investment. GMR Energy is held by GMR
Infrastructure Limited (52%), Tenaga Nasional Berhad (30%) and
private equity investors (18%).


HANUMANT CONSTRUCTION: CRISIL Raises Rating on INR19MM Loan to B-
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Hanumant Construction Private Limited (HCPL) to 'CRISIL B-
/Stable' from 'CRISIL C'; the rating on the short-term bank
facility was reaffirmed at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        14        CRISIL A4 (Reaffirmed)

   Cash Credit           19        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL C')

The rating upgrade reflects timely servicing of term debt
obligations by HCPL. The upgrade also factors in CRISIL's belief
that the company will continue to service its debt obligation in
a timely manner backed by healthy cash accruals.

The ratings continue to reflect the stretched liquidity due to
large working capital requirement and moderate scale of
operations in intensely competitive industry. These weaknesses
are partially offset by the promoter's experience in the civil
construction industry, and healthy order book.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity due to large working capital requirements:
Operations are highly working capital intensive as evident from
its high gross current assets of 142 days as on March 31, 2017
(133 days a year ago). That's due to the long collection period
and multiple deposits required to be kept with customers in the
form of earnest money and retention money. With modest credit
period from suppliers, the company is highly dependent on bank
lines to the fund the working capital gap. Hence, the bank lines
are fully utilized with instances of over utilization in few
months.

* Moderate scale of operations in intensely competitive industry:
Revenue is estimated to have been moderate at INR108 crore in
fiscal 2017. The civil construction industry is fragmented,
resulting in intense competition. Revenue depends on the ability
to successfully bid for tenders, as a large proportion of the
business is tender-based. Any slowdown in spending by clients or
any execution hurdle delaying implementation of projects will
adversely impact growth prospects.

Strength

* Extensive experience of promoters in the civil construction
industry: Benefits from the promoter's experience of over two
decades and healthy relations with suppliers and customers should
continue to support the business.

* Healthy order flow: Outstanding orders worth INR250 crore as on
June 30, 2017, are to be executed over next two years; thereby
ensuring near-term revenue visibility. Also, revenue profile is
diversified with projects in Bihar and Madhya Pradesh across
roads, bridges, irrigation and electrical sectors.

Outlook: Stable

CRISIL believes HCPL will continue to benefit over the medium
term from the promoters' experience. The outlook may be revised
to 'Positive' if significant increase in revenue and
profitability, leading to sizeable cash accrual, or substantial
capital infusion strengthens financial risk profile and
liquidity. Conversely, the outlook may be revised to 'Negative'
if lower-than-expected revenue or profitability, or stretch in
working capital cycle weakens financial risk profile and
liquidity.

Raipur-based HCPL was incorporated in 1996 by Mr Kamal Dayal
Choudhury. It executes civil construction activities especially
into industrial site development and construction of dams,
reservoirs, canals, road, and bridges.


HARI OM: CRISIL Lowers Rating on INR20MM Cash Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Hari Om Rice Mill Private Limited (HRMPL) to 'CRISIL D' from
'CRISIL BB/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            20       CRISIL D (Downgraded from
                                   'CRISIL BB/Stable')

The downgrade reflects recent instance of overdrawal in the
working capital limit by HRMPL for above 30 continuous days due
to weak liquidity. This is due to one of the two manufacturing
plants catching fire, leading to losses and halt in production in
that particular facility.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing: Continuous overdrawal for over 30
days has occurred in the cash credit facility due to the losses
incurred after one of the two manufacturing plants caught fire.

* Susceptibility to intense competition: Intense competition
limits pricing power of the company with suppliers and customers,
thereby constraining profitability.

Strength

* Promoter's experience: Benefits derived from the promoter's
experience of over 10 years and healthy relations with suppliers
and customers should continue to support the business.

Chhattisgarh-based HRMPL, incorporated in 2006, mills and
manufactures non-basmati rice. Mr Subhash Aggarwal is the
promoter.


INNOVENTIVE INDUSTRIES: Challenges IRP's Liquidation Move
---------------------------------------------------------
The Economic Times reports that Innoventive Industries has
challenged the interim resolution professional's (IRP) proposal
to liquidate the company at the National Company Law Tribunal
(NCLT) on grounds that three of its 21 lenders are creating
hurdles in reviving the company.

Innoventive Industries was the first case referred to the
tribunal by ICICI Bank after the new Insolvency and Bankruptcy
Code was enacted, according to ET.

When the case was admitted, the company challenged it on the
grounds that the new law violated the principles of natural
justice since the borrower did not get an opportunity to be heard
by the court, the report relates.

The report says the plea was rejected by the National Company Law
Appellate Tribunal as well as the Supreme Court.

At the end of 270 days, resolution professional Dhinal Shah
suggested liquidation of the Pune-based maker of steel products
since the majority of the lenders did not approve the resolution
plan, ET notes.

"About 68% of the lenders agreed to recast the loans, yet it was
short of the minimum 75% required as per the law," the report
quotes a senior bank official who did not want to be identified
as saying.

According to the report, IBC said 75% of the lenders in terms of
value of the loan have to endorse the revival plan, failing which
the assets of the company have to be liquidated. The total
outstanding loan stands at INR1,350 crore. The liquidation value
of the company is about INR132 crore, ET discloses. ICICI Bank,
Bank of India and Bank of Baroda rejected the recast plan, while
the remaining 18 lenders supported it. As a result, the
resolution professional recommended liquidation on October 14, on
the 270th day, the report states.

Bank of India lent the company INR226 crore, Bank of Baroda
INR115 crore and ICICI Bank INR103 crore, ET discloses.

Since the NCLT has yet not pronounced its judgement on
liquidation of the company, the employees and the management have
asked the tribunal not to consider liquidation, the report says.

Cyril Amarchand Mangaldas is representing ICICI Bank, while
Crawford Bayley & Co. represents Innoventive Industries, ET
notes.

The report adds that the promoters of Innoventive Industries
initially offered to infuse INR150 crore and later raised the
amount to INR180 crore, in partnership with other investors. As
per the offer, the lenders would also get a 10% stake in the
company.  However, if the company is liquidated, lenders may not
get even 10% of the outstanding loan, which prompted a majority
of the lenders to back the loan recast, ET states.

Innoventive Industries Ltd (NSE:INNOIND) is an India-based
company engaged in offering steel tube (electric resistance
welded (ERW), cold drawn electric welded (CEW) and Pilger); steel
sheets (membrane strips and sheets), and auto parts (two-three
wheelers and structures). The Company's segments include
Precision Tube segment, Auto Components segment, and Cold Rolled
Coils & Other Products segment. The Company operates through
three divisions: Tube, Sheet and Auto Products. The Company
manufactures precision steel tubes, membrane panel strips, auto
components and other steel products catering to industries in
automobile, boiler and heat exchangers, energy, oil and general
engineering sectors. It specializes in processing various types
of steel. The Company caters to both domestic and international
markets. The Company's manufacturing plants are located in Pune,
India.


J G FOUNDRY: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
------------------------------------------------------------
CRISIL has been consistently following up with J G Foundry
Limited (JGFL) for obtaining information through letters and
emails dated June 19, 2017 and August04, 2017 among others, apart
from telephonic communication. However, the issuer remains non
cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          12        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Reaffirmed)

Detailed Rationale

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

Incorporated in 1991 and based in Patna (Bihar) JGFL manufactures
steel ingots. Mr Girja Shankar Prasad manages the operations.


J.M. LABORATORIES: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of J.M. Laboratories (JML).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           4.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        4.9      CRISIL B+/Stable (Reaffirmed)
   Proposed Fund-
   Based Bank Limits     0.6      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations and average financial risk profile. These weaknesses
are partially offset by the extensive experience of its promoters
in the pharmaceuticals industry, and timely commencement of
commercial operations and ramp-up in sales.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: JML's scale of operations is
modest, indicated by operating income of INR40 crore in fiscal
2017, its first year of operations. Revenue is expected to
increase gradually, but will remain modest over the medium term.

* Average financial risk profile: Networth was modest at INR5.95
crore as on March 31, 2017. Accrual was low at INR1.1 crore in
fiscal 2017 due to start-up phase of operations. The modest
networth and limited accrual limits the financial cushion
available to the firm.

Strength

* Extensive industry experience of the promoters: JML's promoters
have experience of more than 2 decades in manufacturing and
trading of pharmaceutical formulations through group companies.
Their extensive experience and established relationships enabled
the firm to successfully commence and ramp up operations in the
first year of its operation.

Outlook: Stable

CRISIL believes JML will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the firm achieves more-than-expected growth in
sales and records higher cash accrual while efficiently managing
working capital. The outlook may be revised to 'Negative' if
financial risk profile is affected by fall in revenue or cash
accrual, or stretch in working capital cycle, or large, debt-
funded capital expenditure.

Established in July 2015 by the Sharma family, JML manufactures
pharmaceutical formulations such as capsules, tablets, and dry
syrups. Its manufacturing unit is in Bhanat Solan (Himachal
Pradesh). Mr Sandeep Sharma, Ms Veena Sharma, Mr Sahil Sharma,
and Mr K R Vijay are partners in the firm.


JM FERRO: CARE Moves 'D' Rating to Not Cooperating Category
-----------------------------------------------------------
CARE has been seeking information from JM Ferro Alloys Private
Limited (JM) to monitor the ratings vide e-mail communications/
letters dated May 12, 2017, May 23, 2017, June 13, 2017,
September 4, 2017 and October 4, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        7.50        CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

   Short-term Bank      12.00        CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on JM Ferro Alloys Private Limited's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING. Users of this rating (including investors, lenders
and the public at large) are hence requested to exercise caution
while using the above rating(s).

The rating takes into account the delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on October 7, 2016 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

Delay in debt servicing

As per the interaction with the banker, the account has turned
NPA.

Incorporated in 2011 as private limited company, J M Ferro Alloys
Private Limited (JM) is engaged in the business of trading of
steel products namely Hot Rolled (HR) sheets/coils/CTL,
Galvanized Plain (GP) coil/sheet, scrap, Pipe, Tube, TMT bars and
others. JM's products find application mainly in automobile,
electrical, construction and consumer durable industry. Around
60% of JM purchases are from the domestic market and balance is
imported indirectly through agents. Revenues are generated
entirely from the domestic market. JM stocks traded material at
its warehouse situated at Kalamboli and supplies as per the
customer's requirements.


JRR CONSTRUCTION: CARE Moves 'B' Rating to Not Cooperating
----------------------------------------------------------
CARE has been seeking information from JRR Construction Private
Limited to monitor the rating(s) vide e-mail
communications/letters dated September 20, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings.

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Bank         5.60      CARE B; "Issuer not
   Facilities                       cooperating; Based on
                                    best available
                                    information"

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on JRR Construction Private Limited bank
facilities will now be denoted as CARE B; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on July 15, 2016 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Strengths

Experienced promoter and established track record of the entity
JRR is engaged in the civil construction work and is managed by
Mr. Rakesh Malik. Mr. Rakesh Malik has work experience of around
one and a half decades in construction industry and has gained
this experience primarily through his association with JRR only.
Prior to JRR, he was looking after another concern in
construction industry for four years. Mr. Rakesh Malik has
adequate acumen about various aspects of business which is likely
to benefit JRR in the long run.
Weaknesses

Weak Financial Risk Profile

The financial risk profile of the company is weak as marked by
small scale of operations, low profitability margins, moderate
gearing ratio and working capital intensive nature of operations.
Despite being in operations for more than one decade, the
company's scale of operations has remained low marked by Total
Operating Income (TOI) of INR12.06 crore in FY16 The small scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. The profitability margins of the
company stood low as reflected by PBILDT margin and PAT margin of
5.36% and 2.03% respectively in FY16. The operating profit margin
of JRR stood low owing to its presence in highly fragmented
industry. This coupled with tendering process in order
procurement results into intense competition within the industry.

The capital structure of JRR remained moderate marked by overall
gearing ratio of 0.38x as on March 31, 2016: The operations of
the company are working capital intensive in nature as reflected
by full utilization of working capital limits for 12 months
period ended September, 2017

Geographically concentrated revenue profile: JRR derives its
revenue entirely from the orders in the Haryana state which
exposes the company to geographical concentration risk and
closely ties its fortunes to the incremental development of
infrastructure projects in the state. Although the state offers a
relatively conducive and stable environment for construction
companies, it also witnesses high level of competition due to
large number of players resulting in aggressive bidding and thus
low profit margins.

Fragmented nature of the construction sector albeit improving
growth prospects: The construction sector in India is highly
fragmented with a large number of small and mid-sized players.
This coupled with tendering process in order procurement results
into intense competition within the industry. Additionally,
continued increase in execution challenges including delays in
land acquisition, regulatory clearances and elongated working
capital cycle due to longer gestation period of the projects
collectively put pressure on the credit profile of the players.
Despite these road blocks faced by the industry, the sector is
expected to grow, given huge economic significance associated
with it and rising investor interest. Also, the outlook for
Indian construction sector continues to be stable in the medium
to long-term on account of increased thrust of Government on
development of infrastructure to support economic growth. The
government is also taking various steps to revive the sector
including rescheduling premium of stressed projects, fast track
clearances for projects, funding of stuck projects, and
introducing 5:25 finance scheme for projects amongst others.
These steps are expected to revive the sector in the medium to
long term.

JRR Constructions Private Limited (JRR) was incorporated as a
private limited company in Dec, 2004 and is currently being
managed by Mr. Rakesh Malik and Mr. Bijender Nandal. JRR is
engaged in civil construction work in Haryana which mainly
includes road work involving construction, up-gradation,
resurfacing and widening of roads, bridges and minor engineering
work. Scope of work includes repairs and maintenance work of
roads, construction of footpath, concretizing of roads and
others. The company is registered as a class 'A' contractor with
Public Works Department (PWD) of Haryana and Haryana State Road &
Bridge Development Corporation. The orders undertaken by the
company are secured through the competitive bidding process.

In FY16 Prov., the JRR has achieved total operating income (TOI)
of INR12.06 crore with PAT of INR 0.28 crore as aginst the TOI of
INR16.29 crore with PAT of INR 0.42 crore in FY15.


JUPITER SOLAR: CARE Raises Rating on INR117.09cr Loan to BB-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jupiter Solar Power Limited (JSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           117.09       CARE BB-; Stable Revised
                                     from CARE B; Stable

   Short-term Bank
   Facilities            68.44       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the long term bank
facilities of JSPL takes into account the improvement in
financial performance of the company in FY17 (refers to the
period April 1 to March 31) marked by increase in operating
income and higher profitability which led to improvement in debt
coverage indicators. However, the aforesaid ratings continue to
be constrained by the working capital intensive nature of
operations, high overall gearing, exposure to volatility in raw
material and finished goods prices and exposure to foreign
exchange fluctuation risk.

The ratings continue to derive strength from the experience of
the promoters, established relationship with reputed clientele,
satisfactory capacity utilisation and government support for the
solar power industry.

The ability of the company to increase scale of operations,
improve profitability and capital structure and effectively
manage working capital would remain the key rating sensitivities.

Detailed Description of key rating drivers

Key Rating Weaknesses

Volatility in raw material prices & finished goods and exposure
to forex fluctuation: Raw material consumption is the single
largest cost component for JSPL. Since raw material prices are
volatile in nature, the profitability margin of the company is
susceptible to input price fluctuation. Also, the company is
exposed to forex fluctuation risk as it imports its major raw
material, silicon wafers. JSPL has a hedging policy in place for
foreign liabilities.

Working capital intensive nature of operations: The operations of
JSPL are working capital intensive in nature, reflected by its
high working capital cycle of 84 days in FY17 (71 days in FY16).
The company maintains inventory of about 30-45 days of raw
material/spares considering the lead time involved in importing
the same. It offers credit of about 30-45 days to its customers.
However, payments from projects get delayed, resulting in higher
debtors. The average collection period increased to 94 days in
FY17 vis-a-vis 83 days in FY16. The higher collection period is
partly offset by credit availed from suppliers. The company also
avails of advances from customers to finance its working capital
requirements. The average utilization of the fund-based working
capital limits remained high at around 94% for the last 12 months
ended June 30, 2017.

Key Rating Strengths

Experienced promoters: JSPL is promoted by Mr. R.K Garodia
(Chairman) and his son Mr. Alok Garodia (MD). Mr. Alok
Garodia (MD) has more than 20 years of experience in both
manufacturing/trading of computer hardware related products and
looks after day to day affairs of the company. He has been
associated with JSPL since inception and has gained valuable
experience in the solar cell industry.

Satisfactory capacity utilization with reputed clientele: Despite
the challenges posed by cheaper imported cells, the company was
able to run its capacities at 88% in FY17 vis-a-vis 61% in FY16
driven by the increased demand for domestically manufactured
solar cells. Further, the company has an established client base
of reputed entities operating in the solar sector from which it
gets repeat orders.

Improvement in financial performance in FY17: The company's total
operating income increased by 34% to INR290.92 crore in FY17 on
account of higher demand. Further, PBILDT margin improved to
22.29% in FY17 vis-a-vis 20.69% in FY16 due to reduction in
material costs. With improvement in PBILDT and lower capital
charge, GCA improved significantly. Furthermore, networth of the
company also improved to INR32.73 crore as on March 31, 2017 from
negative networth of INR6.50 crore as on March 31, 2016. The
overall gearing continued to remain high due to the low networth
of the company on account of losses incurred till FY14. However,
the performance of the company has been improving gradually and
TD/GCA was comfortable at 3.42x in FY17. During Q1FY18, the
company achieved operating income of INR77.12 crore.

Government support for the solar power industry: In November
2014, the government revised the target under JNNSM from 20,000
MW of grid connected solar power by 2022 to 100,000 MW. With the
intention to promote the local manufacturing of the components of
solar generation equipment including cells and modules, the
government has introduced the policy of DCR wherein the cells
required for producing the module and the modules to be used in
the power plant must both be made in India. This augurs well for
the domestic solar cell manufacturing industry.

JSPL, promoted by the Garodia family of Kolkata, was incorporated
in 2006. JSPL is a subsidiary (58.98%) of Jupiter International
Ltd (rated CARE B; Stable/CARE A4), the flagship company of the
group. JSPL commenced commercial operations from March 2010 by
setting up capacity of 32MW for manufacturing solar photo voltaic
(SPV) cells at Baddi, Himachal Pradesh. The capacity was enhanced
to 48 MW in April 2011 and subsequently to 133 MW in March 2015
by technological up-gradation of existing facilities. Due to
significant deterioration in the financial risk profile of the
company in FY12 with huge losses on account of substantial
decline in demand of SPV cells, the company was referred to the
CDR cell in October 2011 for restructuring of its bank
facilities. The restructuring proposal was approved under CDR
Mechanism in August, 2012.


KRISHNA COTTON: CARE Reaffirms B+ Rating on INR8.55cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Krishna Cotton (KC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.55       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KC is constrained
on account of modest scale of operations, low profit margins
owing to limited value addition nature of business with
susceptibility to fluctuation in the raw material prices owing to
change in government policies and seasonality associated with raw
material availability. The rating is further constrained due to
working capital intensive nature of operations, leveraged capital
structure, weak debt coverage indicators, presence in fragmented
and competitive cotton industry and partnership nature of
constitution.

The above weaknesses are off-set by the experience of promoters
in the cotton ginning and pressing business along with long track
record of operations of firm of more than one decade and location
advantage emanating from proximity to raw material suppliers and
customers.

The ability of the firm to increase its scale of operations,
improve its profitability and solvency position while efficiently
managing its working capital requirements is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with low profitability: The scale of
operations of the entity remained modest with TOI of INR40.71
crore during FY17 (Prov.), although, the same has been increasing
at a CAGR of ~5% during last three years ending FY17. Despite,
being operational for twelve years the net worth base remained
low at INR1.83 crore as on March 31, 2017(Prov.), limiting
financial flexibility of the entity. Furthermore, owing to
limited value addition nature of business and high competition
operating profit margins of the entity remained low at 1.70% in
FY17(Prov.).

Weak capital structure and debt coverage indicators: The capital
structure of the entity remained weak owing to increased reliance
on external borrowings. Furthermore, high debt profile against
low networth, debt protection indicators also remained weak.

Working capital intensive nature of operations: The liquidity
position of KC was low marked by low current ratio of 1.16x,
owing to moderate inventory holding period. KC procures raw
cotton from local farmers who provide a negligible credit period.
Furthermore, as the raw material is seasonal in nature, the
entity has to maintain higher inventory. The working capital
requirements of the entity are met by the cash credit facility,
the average utilization of the CC limit was on a higher side in
the in peak season (October-April).

Susceptibility of margins to raw material price fluctuation: The
price of raw cotton in India is regulated through function of MSP
by the government. Furthermore, the price of raw cotton is highly
volatile in nature and depends upon factors like area under
production, yield for the year, international demand-supply
scenario, export quota decided by government and inventory
carried forward from previous year. Hence, any adverse change in
government policy that is higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for KC.

Presence in seasonal and fragmented industry: Operation of cotton
business is highly seasonal in nature, as the sowing season is
from March to July and the harvesting season is spread from
November to February. Furthermore, the cotton industry is highly
fragmented with large number (approx 80%) of players operating in
the unorganized sector. Hence, KC faces stiff competition from
other players operating in the same industry, which further
result in its low bargaining power against its customers.

Partnership nature of constitution: Being a partnership firm, KC
is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to
limited growth potential. This also limits the firm's ability to
meet any financial exigencies.

Key Rating Strengths

Satisfactory experience of partners along with long track record
of the firm: KC was established in May, 2005 and is promoted by
Mr. Rajendra K. Mali, Mrs. Shital R. Parekh, Mrs. Rajani C. Patil
and Mr. Dinesh Singh R. Patil. The partners have an average
experience of one decade in cotton ginning & pressing business.
Furthermore, over the years, KC has established longstanding
relations with its key customers and suppliers.

Location advantage emanating from proximity to raw material: The
manufacturing facility of KC is located at Jalgaon, Maharashtra
which contributes to 3% of cotton production in Maharashtra (2nd
largest cotton producer in India). The presence of KC in cotton
producing region fetches a location advantage owing to lower
logistics expenditure and easy availability of customers and
suppliers. Moreover, there is robust demand of cotton bales and
cotton seeds in region due to presence of spinning and oil mills.

Krishna Cotton (KC) was established as a partnership firm in
June-2005 and is engaged in the business of cotton ginning &
pressing at its manufacturing facility based in Dharangaon
(Maharashtra). The entity procures raw cotton from local farmers
and Agriculture Produce Market Committee (APMC) and the purchase
decision is dependent upon the MSP and market price of cotton.
The major proportion of revenue is derived from ginning process
(~99%) and rest from trading of cotton seed and cotton cake.


LOTUS GREENS: CRISIL Lowers Rating on INR450MM Loan to 'B'
----------------------------------------------------------
CRISIL has been following up with Lotus Greens Constructions
Private Limited (LGCPL) for getting information, through letters
and emails, apart from telephonic communication between August
and October 2017 (including on August 18, 2017; August 23, 2017;
August 24, 2017; September 1, 2017; and October 3, 2017).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Non Convertible       450       CRISIL B/Negative (Issuer Not
   Debentures                      Cooperating; Downgraded from
                                   'CRISIL BB+(SO)/Negative')

While LGCPL provided limited information initially, it has not
provided any further information. The issuer remains non-
cooperative.

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 LGCPL management,
CRISIL has not received any information on either the financial
performance or strategic intent of the company. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity.

Additionally, debt servicing for CRISIL rated non-convertible
debentures was due on September 30, 2017. However, despite
several follow-ups, neither the debenture trustee nor the company
has provided any confirmation regarding the timely servicing of
the debt.

CRISIL believes information available for LGCPL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB Rating category or
lower'. Therefore, on account of inadequate information and lack
of management co-operation, CRISIL has downgraded the rating to
'CRISIL B/Negative'. Additionally, the rating no longer carries
the 'SO' suffix as there is no clarity on the adherence to the
payment structure and the trustee-monitored escrow mechanism.

                   About The Lotus Greens Group

The Lotus Greens group is a prominent real estate developer in
the National Capital Region, and its promoters have experience of
over 25 years. The group has presence in residential apartments,
commercial and retail projects, and information technology
special economic zones. The promoters have also set up schools in
Noida and Gurugram.

                         About The Project

LGCPL, as a consortium lead, along with other Lotus Green/3C
special purpose vehicles (SPVs), has won the contract for
developing 300 acres in Sector-150, Noida, where it will set up a
sports-centric residential township. The company owns 25.15 acres
of the land, while the rest will be owned by other SPVs including
Allure Developers Pvt Ltd and Elate Realtors Pvt Ltd.

Of the total land cost of INR2331 crore, 20% has been paid and
80% will be paid over eight years to Noida Authority.


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

-- INR34 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR2.18 mil. Non-fund-based working capital limit migrated to
    non-cooperating category IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR20 mil. Proposed-fund-based working capital limit migrated
    to non-cooperating category with Provisional IND BB-(ISSUER
    NOT COOPERATING) rating;

-- INR64 mil. Proposed long-term loan migrated to non-
    cooperating category with Provisional IND BB-(ISSUER NOT
    COOPERATING) rating; and

-- INR23 mil. Proposed non-fund-based working capital limit
    migrated to non-cooperating category with Provisional IND
    A4+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

MBTI was formed in 2005 as an infrastructure company in the
telecom infrastructure industry. The company undertook turnkey
projects for setting up telecom infrastructure in Madhya Pradesh
and Chhattisgarh for almost all telecom and telecom
infrastructure companies.

Nishant Malaiya and Jaideep Wadia are the partners of the
company.


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

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

-- INR70 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2000, Maha Hydraulics manufactures hydraulic
systems for hydraulic motors, hydraulic power packs and hydraulic
cylinders at its unit in Irungattukottai near Chennai.


MELT-O-THERM: CRISIL Lowers Rating on INR4.31MM Term Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank loan
facilities of Melt-O-Therm Furnaces Private Limited (MTFL's) to
'CRISIL B-/Stable' from 'CRISIL B/Stable' and has reaffirmed its
'CRISIL A4' rating on the company's short-term facility.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        .19       CRISIL A4 (Reaffirmed)

   Cash Credit          4.00       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Rupee Term Loan      4.31       CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

The downgrade reflects the prolonged period taken by the company
to stabilise operations (it started operations in July 2015),
leading to modest scale with revenue of INR12.96 crore in fiscal
2017, and dip in operating margin to 2.47% in fiscal 2017 from
4.07% in fiscal 2016. The modest scale resulted in negative cash
accrual of INR67 lakh in fiscal 2017, stretching liquidity and
the same is expected continue over the medium term. Financial
risk profile remained weak on account of high gearing and below-
average debt protection metrics and the same is expected to
continue over the medium term.

The ratings reflect MTFL's modest financial risk profile and
large working capital requirement. These weaknesses are partially
offset by its promoters entrepreneurial and industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were at
295 days as on March 31, 2017, primarily on account of delayed
realisation of receivables and sizeable finished goods inventory
to cater to sudden demand.

* Modest financial risk profile: High gearing of 4.07 times as on
March 31, 2017, and weak debt protection metrics (interest
coverage ratio of less than 1 time and net cash accrual to debt
ratio of a negative 0.06 time in fiscal 2017) constrain the
financial risk profile, and will continue to do so over the
medium term.

Strength

* Promoters' entrepreneurial and industry experience: Mr Amit
Paul, with his medical background and experience as a promoter of
GKE Medical Pvt Ltd, has extensive experience in distribution of
medicines. MTFL was set up to leverage his entrepreneurial
experience. Furthermore, Mr. Sandip Ghosh, who has experience of
over two decades in marketing aluminium, is in charge of the
marketing in MTFL. The promoters' experience will be instrumental
in stabilisation of operations of MTFL's manufacturing facility.

Outlook: Stable

CRISIL believes MTFL will continue to benefit from its promoters'
entrepreneurial and industry experience. The outlook may be
revised to 'Positive' if operating income and accrual are higher
than expected, driven by stabilisation of operations and
efficient working capital management, thereby enhancing
liquidity. The outlook may be revised to 'Negative' if lower-
than-expected revenue and profitability, or large, debt-funded
capital expenditure, or stretched working capital cycle weakens
the financial risk profile.

MTFL, incorporated in 2010, manufactures solid and hollow
aluminium extrusion profiles. Its manufacturing facility is in
North 24 Paraganas (West Bengal), and daily operations are
managed by Mr Amit Paul.


METALFAB HIGHTECH: Ind-Ra Migrates BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Metalfab
Hightech Private Limited's (MHPL) 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:

-- INR310 Fund-based facilities migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating;

-- INR525 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR150 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. 19, 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 1980, MHPL is engaged in the manufacture of
tubular towers for windmills and power plant fabrication.


MOTHER LAM: CARE Moves 'D' Rating to Not Cooperating Category
-------------------------------------------------------------
CARE has been seeking information from Mother Lam Private Limited
to monitor the ratings vide e-mail communications/letters dated
April 25, 2017, May 15, 2017, June 1, 2017, June 20, 2017,
July 5, 2017, July 21, 2017, August 1, 2017, August 16, 2017,
August 30, 2017, September 15, 2017, October 3, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        11.58        CARE D; Issuer not
   Facilities                         cooperating; Based on best
                                      available information

In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating.
Furthermore, Mother Lam Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Mother Lam Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on March 10, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: MLPL has been irregular in
servicing its debt obligations owing to weak liquidity position.

Ahmedabad-based (Gujarat) Mother Lam Private Limited (MLPL) was
incorporated in January 2012 by Mr Mahesh Patel, Mr Nilesh Patel,
Mr Kantilal Patel and Mr Rajeshothi. The company is engaged in
the manufacturing of decorative residential and industrial
laminates which is used as an overlay over plywood or other
wooden furniture. MLPL commenced its manufacturing operations
from June 2013 onwards, from its sole manufacturing plant
situated in Sabarkantha (Gujarat) with an installed capacity of
14.40 lakh sheets per annum as on May 18, 2016. MLPL caters
mainly to domestic demand and markets its product under its
flagship brand "NOCTE Lam".


NICCO CORPORATION: Placed Under Liquidation Process
---------------------------------------------------
The Press Trust of India reports that the Kolkata bench of
National Company Law Tribunal (NCLT) has put Nicco Corporation
Ltd under liquidation process to meet the demands of the
creditors.

The company has been put under liquidation under Section 14 of
the Insolvency and Bankruptcy Code (IBC), the report says. Nicco
was the first company to be referred to NCLT after the BIFR was
scrapped.

"It is the management which referred Nicco to NCLT, not the
bankers", non-executive chairman of Nicco Rajive Kaul told PTI.

PTI relates that Mr. Kaul said "we are really surprised to see
that the company is going for liquidation even though we tried
our best to avert that. The workers will be in distress due to
loss of jobs".

There were nearly 600 workers and employees, comprising blue and
white collars, engaged at its two facilities in Shyamnagar (West
Bengal) and Baripada (Odisha), the report says.

According to the report, the resolution professional (RP) for
Nicco Corporation, Kunal Banerjee, said that liquidation could
not be avoided as the stipulated 270 days time had passed and the
lenders had rejected the revival package submitted by the company
management.

The report says the company had asked for some interest rate
concessions on the loans taken from the banks and no discount on
the principal amount.

Nicco borrowed around INR186 crore from several banks, the
majority amount being from State Bank of India, PTI notes.

Innoventive Industries Ltd (NSE:INNOIND) is an India-based
company engaged in offering steel tube (electric resistance
welded (ERW), cold drawn electric welded (CEW) and Pilger); steel
sheets (membrane strips and sheets), and auto parts (two-three
wheelers and structures). The Company's segments include
Precision Tube segment, Auto Components segment, and Cold Rolled
Coils & Other Products segment. The Company operates through
three divisions: Tube, Sheet and Auto Products. The Company
manufactures precision steel tubes, membrane panel strips, auto
components and other steel products catering to industries in
automobile, boiler and heat exchangers, energy, oil and general
engineering sectors. It specializes in processing various types
of steel. The Company caters to both domestic and international
markets. The Company's manufacturing plants are located in Pune,
India.


NIRALA INFRACITY: CRISIL Lowers Rating on INR17.5MM Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Nirala Infracity (Ajmer) Private Limited (NIAPL; a part of the
Nirala India group) to 'CRISIL D' from 'CRISIL BB-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan             17.5      CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects delays in debt servicing by NIAPL due to
weak liquidity following lower-than-expected sales and
collections in its residential project. Further, the group
remains exposed to cyclicality inherent in the Indian real estate
sector. The rating continues to reflect experience of the
promoters.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of NIAPL, Nirala Projects Pvt Ltd, and
Nirala InfraProject Pvt Ltd. This is because all these entities,
collectively referred to as the Nirala India group, are in the
same line of business, share significant business synergies, and
have common promoters and fungible cash flow. CRISIL has also
consolidated Nirala Housing Pvt. Ltd, a 50:50 joint venture
between the Nirala India group and Span Buildtech Pvt Ltd, to the
extent of Nirala India group's holding in the company.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing due to weak sales: Debt servicing was
delayed due to stretched liquidity. Business risk profile has
weakened significantly following slow sales in its residential
real estate project and hence customer advances, further
accentuated by demonetisation. Furthermore, the promoters'
funding support was not extended on time to meet debt repayment
obligation.

* Susceptibility to cyclicality inherent in the real estate
sector: The real estate sector in India is cyclical and volatile,
resulting in fluctuations in cash inflows, due to fluctuations in
realisations, and saleability; cash outflows, relating to project
costs and debt repayment, on the other hand, are relatively
fixed, and can lead to substantial cash flow mismatches. The
residential real estate sector has been constrained by weak
demand and bearish consumer sentiment over the past few years,
resulting in refinancing needs.

Furthermore, the group has limited revenue diversity, with two of
the three ongoing projects concentrated in Greater Noida,
exposing it to volatility in demand in that area. Furthermore,
the small scale renders the operations more vulnerable to
economic cycles.

Strength

* Experience of promoters: The promoters have been in the real
estate business since 1996. Prior to starting their own real
estate brand, they were engaged in real estate construction on
contractual basis for other developers.

The Nirala India group has three active real estate projects:
Nirala Greenshire and Nirala Aspire in Greater Noida, and Nirala
Hills in Ajmer. Nirala Aspire project is complete and completion
certificate has been received. Nirala Hills has also received
completion certificate. Occupancy certificate for possession has
been applied for Nirala Greenshire. The group plans to develop a
commercial complex with service apartments in Lucknow.

The promoters had originally set up Nirala Developers Pvt. Ltd
(NDPL) in 2004. Under NDPL, the promoters developed Eden Park
Phases 1 and 2 in Indirapuram (Uttar Pradesh), which had total
sales value of INR250 crore. Eden Park Phases 1 and 2 had 94 and
336 units, respectively, with total plot area of 15,846 square
metres. In 2013, the promoters realigned their business, with Mr
Rakesh Mahajan and Mr Iftikhar Ahmed managing the Nirala India
group and Mr S K Garg managing the Nirala World group.

The Nirala India group acquired AV Quetzal Infrastructure Pvt Ltd
and renamed it as NIAPL in 2013. The company is developing Nirala
Hills, a residential project with 150 units in a plot covering
6,500 square metres. It has received completion certificate from
the concerned authority.


ORANGE MEGASTRUCTURE: Ind-Ra Assigns Final 'BB' Term Loans Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Orange
Megastructure LLP's (OMSLLP) term loans final rating as follows:

-- INR550 mil. Term loans due on May 2021 assigned with
   IND BB/Stable rating.

The final ratings have been assigned following the receipt of
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

For OMSLLP's detailed rationale click here

RATING SENSITIVITIES

Negative: Inability to continue operations due to cancellation of
present lease will lead to a negative rating action.
Positive: Successful continuation of lease term leading to an
improvement in scale of operations will lead to a positive rating
action.

COMPANY PROFILE

OMSLLP was incorporated in January 2012 as a limited liability
partnership firm in Indore by Mr Rajesh Kumar Mehta and Mr Naveen
Kumar Mehta for the purpose of real estate activities. On 21
April 2017, OMSLLP amended the LLP agreement, and the amendment
was signed between Mr Rajesh Mehta, Century 21 Town Planners
Private Limited ('IND BB'/Stable) and Mr Monty Singh.


P N WRITER: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed P.N. Writer &
Company Pvt Ltd's (PNW) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Negative. The instrument-wise rating action is as
follows.

-- INR980 mil. (increased from INR390.1 mil.) Term loan due on
    May 2026 affirmed with IND BB+/Negative rating.

Ind-Ra continues to take a consolidated view of PNW, Writer
Lifestyle Private Limited (WLPL) and PNW's Dubai-based subsidiary
(P.N. Writer and Company Ltd, Dubai) because of the strong legal
and financial linkages between the entities.

KEY RATING DRIVERS

The ratings reflect a continued weak consolidated financial
profile of PNW in FY17 after the group restructuring in FY16,
where the services and real estate businesses were split into
separate entities. The financial profile of the real estate and
hospitality businesses, which are operated under PNW, is
significantly weaker than the services business, which is
operated under Writer Business Services ('IND A'/Stable). In
FY17, consolidated revenue was down 6% yoy to INR1,280 million.
Consolidated EBITDA remained negative at INR16 million in FY17
(FY16: negative INR28 million). Also, consolidated cash flow from
operations stood at negative INR207 million (FY16: negative
INR387 million). WLPL's EBITDA remained negative at INR60 million
(FY16: negative INR97.4 million), primarily due to weak occupancy
levels at Hilton Shillim Estate Retreat & Spa in Lonavala (FY17:
41%; FY16: 42%). Amid negative EBITDA, WLPL serviced its interest
and principal debt obligations with the help of an unsecured loan
from PNW. WLPL is unlikely to generate positive free cash flows
in the near to medium term in view of weak occupancy at the spa
and a high interest burden, and is, hence, likely to be dependent
on additional borrowings.  Thus, Ind-Ra has maintained a Negative
Outlook for PNW. FY17 financials are provisional in nature.

WLPL had plans to construct 33 villas (phase I: 21 villas, phase
II: 12 villas) near Lonavala. The villa project faced significant
delays in receiving environment clearances. According to the
management, all clearances are now in place and the phase I
construction commenced in April 2017. WLPL plans to reduce its
debt using the cash flows generated from the sale of these
villas. However, WLPL is likely to utilise debt totalling about
INR200 million to fund initial stages of construction. Therefore,
deleveraging at WLPL is unlikely to occur in the near term.

Ind-Ra expects the consolidated credit profile to remain
stretched in the near term on account of the low occupancy level
of the spa and rising borrowing levels to support cash losses at
WLPL. PNW infused unsecured loans worth INR315 million in WLPL in
FY17 and has further injected INR157 million in unsecured loans
in FY18 so far. Consolidated debt was INR2,715 million at FYE17
(FYE16: INR2,328 million).

Furthermore, borrowing levels will increase further in FY18, with
fresh debt sanctions at both PNW and WLPL. In 1HFY18, the company
has been sanctioned new term loans worth INR607 million at PNW
and INR600 million at WLPL. The new loan of WLPL has a moratorium
of three years, before the end of which, the promoters plan to
infuse equity in PNW by selling a stake at the other group
holding company, Writer Business Services, to a private equity
firm. Although new debt provide liquidity to fund debt repayment
obligations in the near term, it will be crucial for the company
to raise equity as planned in 2020 to deleverage.

RATING SENSITIVITIES

Negative: Deterioration in liquidity and continued rise in
leverage amid weak earnings and negative cash flow generation
would lead to a rating downgrade.

Positive: A sustained improvement in the occupancy level at
Hilton Shillim Estate Retreat & Spa leading to consistent
positive cash flow generation and improved liquidity at WLPL and
PNW, along with equity infusion by the promoters as planned to
deleverage, would lead to an upgrade.

COMPANY PROFILE

PNW is a part of Mumbai-based Writer Corporation group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality.

As a standalone entity, PNW's source of revenue is rentals from a
residential property in Bandra West, Mumbai (St. Leo Apartments;
a seven-storey building with an area 857 square metres) and some
commercial properties rented to Writer Business Services.

WLPL, a wholly owned subsidiary of PNW, undertakes the
hospitality business. It has a luxury spa, Hilton Shillim Estate
Retreat and Spa, in Lonavala, near Mumbai.

P.N. Writer and Company Ltd, Dubai is engaged in the relocation
business.


PCC INFRASTRUCTURE: CRISIL Reaffirms B Rating on INR7MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facility of PCC
Infrastructure Private Limited (PCC) at 'CRISIL B/Stable/CRISIL
A4'. CRISIL's ratings on the bank facilities of PCC continue to
reflect a modest scale of operations in the fragmented civil
construction industry, susceptibility to risks related to tender-
based operations, and large working capital requirement. These
rating weaknesses are partially offset by the extensive industry
experience of its promoters.

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

   Proposed Long Term
   Bank Loan Facility     7        CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest Scale of operation: PCC has registered modest growth of
6 percent in revenue to INR15.9 crore in fiscal 2016-17. The low
realization in revenue is due to stiff competition in the civil
construction industry for small players which has become more
competitive due to introduction of online tender bidding also
resulting in reduced barriers for new entrants.

* Working capital intensive nature of operations: PCC's
operations are working capital intensive, driven by blockage of
funds as retention money and margin money for bank guarantees.
The business risk profile will remain constrained due to the
working capital intensive operations of the company.

Strengths

* Extensive experience of promoters: Promoters of the company
have more than four decades of experience in the construction
business which help company to forge healthy relationship with
both suppliers and the customers i.e various government agencies,
resulting into better execution and implementation of projects.
Experience of the promoters shall help the firm is bagging new
orders over the medium term.

Outlook: Stable

CRISIL believes PCC will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant and
sustained improvement in revenue along with steady profitability,
resulting in substantial cash accrual. The outlook may be revised
to 'Negative' if the company's financial risk profile, especially
liquidity, deteriorates, most likely because of lower-than-
expected cash accrual, large working capital requirement, or
substantial debt-funded capital expenditure.

PCC's promoters, the Wadhawan family, have been engaged in civil
construction since 1979. Initially, the operations were carried
out under a partnership firm. Later, PCC was reconstituted as a
private limited company, under which the business is carried out.

The company specialises in road projects and also undertakes
civil work at various airports. Mr. Gaurav Wadhawan oversees
operations. Its registered office is in Mumbai.


SACHIN AGRO: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of of
Sachin Agro Foods LLP (SAF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B+; Stable Assigned

Detailed Rationale

The rating assigned to the bank facilities of SAF factors in the
project execution and stabilization risk, susceptibility of
margins to fluctuation in raw material prices and presence of the
firm in highly fragmented and highly regulated industry and
partnership nature of constitution.

The above weaknesses derive strength from the satisfactory
experience of the promoters and location advantage emanating from
proximity to raw material.

The ability of the firm to execute the project in a timely manner
and stabilize its operations and achieve envisaged sales and
profitability is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution and stabilization risk: SAF proposes to set up
a pulse milling unit with a total cost of INR 17.25 crore, which
is proposed to be funded at a debt to equity ratio of 1.38x. The
entity faces risk of timely completion of the project within
envisaged cost in light of fluctuation in input prices.
Furthermore, achieving envisaged sales and profitability would be
crucial.

Susceptibility of profitability margins to volatility in raw
material prices: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. Availability and prices of agro commodities are highly
dependent on the climatic conditions. Adverse climatic conditions
can affect their availability and lead to volatility in raw
material prices.

Presence of company in highly fragmented and regulated industry:
The competitive nature of agro-product processing is due to low
entry barriers, high fragmentation and the presence of a large
number of players in the organized and unorganized sector. SAF
being in the agro processing industry faces competition from
existing as well as new players. Furthermore, the raw material
(whole grain) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the pulse millers.

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

Key Rating Strengths

Experienced partners: SAF is currently managed by Mr Shivajirao
Hude and he is well-versed with the intricacies of the business
on the back of more than four and a half decades of experience in
agro based industries through its group entities engaged in same
line of business. He looks after the overall function of the firm
and is ably supported by his son Mr Sandeep Hude who has an
experience of about six years in this industry and a team of
qualified professionals. Long experience of the promoter has
supported the business risk profile of the entity to a large
extent.

Locational advantage emanating from proximity to raw material:
SAF's unit has close proximity to local grain markets of Latur,
major raw material procurement destinations for the entity.
Furthermore, the plant is having good transportation facilities
and other requirements like good supply of power, water etc.
Accordingly, SAF has locational advantage in terms of proximity
to raw material and connectivity.

Sachin Agro Foods LLP (SAF) based out of Latur, Maharashtra, is a
limited liability partnership concern, established in the year
2017 is promoted by Mr Shivajirao Hude and Mr Sandeep Hude. SAF
proposes to set up a pulse milling unit with a total cost of INR
17.25 crore, which is proposed to be funded at a debt to equity
ratio of 1.38x. The plant is expected to commence its operations
by October 2018. The entity will procure the raw material from
the local market and farmers and sell its final product i.e.
pulses to the customers located throughout India.


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

-- INR25 mil. Fund-based limits migrated to non-cooperating
category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT
COOPERATING) rating; and

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

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

COMPANY PROFILE

Incorporated in 2007, Sanmarg Projects provides integrated
operations and maintenance of oil and gas assets and industrial
consultation and construction supervision.


SHRI JANKI: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Janki
Foodgrains Private Limited's (SJFPL) 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:

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

-- INR113 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
Oct. 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, SJFPL is engaged in rice milling. Its
office is in Varanasi, Uttar Pradesh.


SHRI NIRMLANAND: CRISIL Reaffirms 'B' Rating on INR4MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Shri Nirmlanand Steels Casting Pvt Ltd
(SNLSCP).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4        CRISIL B/Stable (Reaffirmed)
   Term Loan              2        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations in the fragmented steel industry, and its average
financial risk profile. These weaknesses are partially offset by
its promoters' extensive industry experience, and efficient
working capital management.

Analytical Approach

Unsecured loans have been treated as neither debt nor equity as
they are interest-free and are likely to remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and susceptibility to volatility in
raw material prices: The modest scale is reflected in revenue of
INR42.1 crore in fiscal 2017. Profitability is susceptible to
volatility in the price of key raw material, iron. Also, due to
fragmentation in the industry, SNSCPL faces intense competition.
CRISIL believes SNSCPL will remain susceptible to volatility in
raw material prices and to intense competition.

* Average financial risk profile: Networth was small at INR3.2
crore and gearing was high at 2.15 times as on March 31, 2017.
However, debt protection metrics were comfortable with interest
coverage ratio at 2.7 times for fiscal 2017.

Strengths

* Promoters' extensive industry experience: SNSCPL benefits from
its promoters' experience of more than a decade in the iron and
steel industry, and their understanding of the business.

* Efficient working capital requirement: Gross current assets
were at 54 days as on March 31, 2017, driven by efficiently
managed receivables.

Outlook: Stable

CRISIL believes SNSCPL will continue to benefit from its
promoters' extensive industry experience and its strong track
record in the iron and steel industry. The outlook may be revised
to 'Positive' if significant increase in revenue and
profitability results in a better financial risk profile, while
working capital management remains efficient. The outlook may be
revised to 'Negative' if revenue or profitability decline, or
working capital cycle lengthens, resulting in lower-than-expected
cash accruals, or if the company undertakes sizeable, debt-funded
capital expenditure, leading to deterioration in its financial
risk profile.

SNSCPL, incorporated in 2007 and based in Raigarh, Chhattisgarh,
is promoted by Mr Kamal Jindal and his brother Mr Raman Kumar
Agarwal. The company manufactures mild steel ingots and thermo-
mechanically treated (TMT) bars. Its daily operations are managed
by Mr Kamal Jindal's son, Mr Ashish Jindal.


SHYAMALI COLD: CARE Assigns 'B' Rating to INR5.90cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shyamali Cold Storage Private Limited (SCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.90       CARE B; Stable Assigned

   Long/Short-term
   Bank Facilities        0.25       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of Shyamali Cold
Storage Private Limited (SCSPL) are constrained by small size of
operations with moderate profitability margins, regulated nature
of industry, seasonality of business with susceptibility to
vagaries of nature, risk of delinquency in loans extended to
farmers, moderate capital structure with moderate debt coverage
indicators and intense competition from other local players. The
ratings, however, derive strength from the long track record of
operations, experienced promoters and proximity to potato growing
area.

Going forward, SCSPL's ability to increase its scale of
operations with improvement in profitability margins and manage
its working capital effectively will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small size of operations with moderate profitability margins: The
scale of operations of SCSPL remained small marked by total
operating income at INR3.19 crore (INR2.35 crore in FY16) with a
PAT of INR0.14 crore (INR0.27 crore in FY16) in FY17.
Furthermore, the net worth base of the company also remained low
at INR2.89 crore (INR2.95 crore in FY16) in FY17. The profit
margins of SCSPL have remained moderate marked by PBILDT margin
of 43.67% and PAT margin of 4.33% in FY17.

Regulated nature of industry: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
SCSPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.

Seasonality of business with susceptibility to vagaries of
nature: SCSPL's operations are seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
March. The loading of potatoes in cold storages begins by the end
of February and lasts till March. Additionally, with potatoes
having a preservable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period between December to
February.

Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent
on the basis of quantity stored and the production of potato and
other vegetables is highly dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, SCSPL provides interest bearing
advances to farmers. Working capital limits under produce
marketing loan scheme from bank are used to extend advances to
farmers, which are routed to the farmers through SCSPL. Before
the close of the season in November, the farmers are required to
pay their outstanding dues, including repayment of the loan
taken, along with the interest. In view of this, there exists a
risk of delinquency in loans extended to farmers, in case of
downward correction in potato or other stored goods prices as all
such goods are agro commodities.

Moderate capital structure and debt coverage indicators: The
capital structure of SCSPL remained moderate marked by overall
gearing ratio of 2.30x as on March 31, 2017. Furthermore, the
debt coverage indicators also remained moderate marked by
interest coverage of 2.70x and total debt to GCA of 7.65x in
FY17.

Competition from other local players: Despite being capital
intensive, entry barrier for setting up of new cold storage unit
is low on account of government support and high demand for cold
storages in West Bengal. The storage business is highly
competitive in the potato growing regions of the state as it is
the second largest producer of potato in India. In Burdwan, one
of the major potato growing districts of the state around 107
cold storages is in operation. In view of the same, cold storage
business is highly competitive in this region forcing cold
storage owners to lure farmers by offering them lower rental and
other services.

Key Rating Strengths

Long track record of operations and experienced promoters: SCSPL
is into same line of business since 2004 and thus has a
satisfactory track record of operations of around 13 years. The
directors have an experience of more than a decade in the same
line of business and the company is deriving benefits out of
this. The key promoter, Mr. Ratan Rudra looks after the day to
day operations of the company with appropriate support from other
co-directors.

Proximity to potato growing area: SCSPL is situated in the
Burdwan district of West Bengal which is one of the major potato
growing regions of the state. The favourable location of the
storage unit, in close proximity to the leading potato growing
areas augers well for the company, as it provides it with a wide
catchment and making it suitable for the farmers in terms of
transportation and connectivity.

SCSPL was incorporated on March 3, 2004 by Mr. Ratan Rudra, Mr.
Sukhendu Rudra, Mr. Suvendu Rudra and Mrs. Shyamali Rudra. SCSPL
provides cold storage facilities primarily for potatoes to local
farmers and traders on rental basis with an aggregate storage
capacity of 255000 quintals. The cold storage facility of SCSPL
is located at Burdwan, West Bengal. Besides providing cold
storage facility, the company also provides interest bearing
advances to farmers for their agricultural activities against the
bonds receipt of potato stored.


SRI BALASAI: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Balasai
Ginning Industries' 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:

-- INR20 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR37 mil. Term loan limits migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 13, 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 April 2016, Sri Balasai Ginning Industries is a
Telangana-based partnership firm engaged in cotton ginning and
pressing.


RS AGROTECH: Ind-Ra Moves B- Issuer Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R S Agrotech's
(RSA) 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:

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

-- INR40 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. 19, 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 November 2015, RSA is a Telangana-based
partnership firm engaged in cotton ginning and pressing. The
firm's plant, equipped with 52 ginning machines and one pressing
machine, is being set up in the Godavalley village of Asifabad
district. The total project cost of INR67.5 million is funded in
debt equity ratio of 1.5:1. The commercial operation was expected
to start from November 2016.


V. I. SHETTY: CRISIL Ups Rating on INR5MM Cash Loan From 'B'
------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of V. I. Shetty and Company (VISC) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'. The ratings have been removed from 'Issuer Non
Cooperating'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         3       CRISIL A4 (Reaffirmed; Removed
                                  from 'Issuer Not Cooperating')

   Cash Credit            5       CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable; Issuer Not
                                  Cooperating')

   Proposed Long Term     1       CRISIL B+/Stable (Upgraded from
   Bank Loan Facility             'CRISIL B/Stable; Issuer Not
                                  Cooperating')

The upgrade reflects the firm's improved business risk profile on
account of increased scale of operations in the intensely
competitive civil construction industry, driven by healthy
orders. Revenue rose to INR19.95 crore in fiscal 2017 from
INR10.4 crore in fiscal 2016, and net cash accrual to INR1.8
crore from INR0.5 crore.

The ratings reflect modest financial risk profile and exposure to
intense competition from large players. The weaknesses are
partially offset by the extensive experience of the promoters in
the civil construction segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition from larger
players: VSIC is a small player in the highly competitive civil
construction industry, which is dominated by large players, such
as Larsen and Toubro Ltd ('CRISIL AAA/FAAA/Stable/CRISIL A1+').
Moreover, the business is tender based, and the firm faces
competition from local and small unorganised players.

* Subdued financial risk profile: Gearing remains high despite
improving to 1.5 times as on March 31, 2017, from 1.8 times a
year earlier because of increase in networth due to higher
accretion to reserves as the promoters reduced capital
withdrawal. Interest coverage was healthy at 3.9 times, while net
cash accrual to total debt ratio was 0.3 time for fiscal 2017.
The capital withdrawals by the promoters will remain a key
monitorable factor

Strength:

* Extensive experience of the promoters: The firm was started by
Mr Venka Shetty in 1983, and is now promoted by his sons Mr
Sathish Shetty and Mr Raghuram Shetty, who are civil engineers
and have experience of over 20 years of experience. The firm will
benefit from their experience.

Outlook: Stable

CRISIL believes VISC will continue to benefit from the experience
of its promoters in the civil construction industry. The outlook
may be revised to 'Positive' if the firm scales up operations
significantly and improves its working capital management,
resulting in a better financial risk profile, especially
liquidity. The outlook may be revised to 'Negative' if revenue
and profitability decline due to delay in execution of projects,
or if inefficient working capital management results in a stretch
in liquidity, or if large debt-funded capital expenditure weakens
the financial risk profile.

The firm undertakes civil construction of roads, bridges, and
irrigation projects for the Karnataka, Maharashtra, and Uttar
Pradesh governments.


WHITE HOUSE: CARE Moves 'D' Rating to Not Cooperating Category
--------------------------------------------------------------
CARE has been seeking information from White House Tiles Private
Limited to monitor the rating(s) vide e-mail communications/
letters dated August 18, 2017, August 9, 2017, August 2, 2017,
July 24, 2017, April 26, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        13.30       CARE D; Issuer not
   Facilities                        cooperating; Based on
                                     best available information

   Short-term Bank        0.75       CARE D; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

In the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating.
Furthermore, White House Tiles Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on White House Tiles Private
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING. Users of this rating (including investors,
lenders and the public at large) are hence requested to exercise
caution while using the above ratings.

Detailed description of the key rating drivers

At the time of last rating on December 13, 2016 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delay in debt servicing: WHTPL has been irregular in
servicing owing to weak liquidity position.

Morbi (Gujarat) based White House Tiles Private Limited (WHTPL),
is a private limited company established in 2007 by four
promoters led by Mr Vimal Patel and Mr Chunilal Bhanvadia. Mr
Vimal Patel and Mr Chunilal Bhanvadia have 20 years and 30 years
of industry experience, respectively. WHTPL is engaged in the
manufacturing of vitrified floor tiles. WHTPL operates from its
manufacturing facility located in ceramic cluster (Morbi) and has
an installed capacity to manufacture 18 lakh boxes per annum of
floor tiles as on March 31, 2016. WHTPL is selling its product
under brand name of "White House".


WRITER LIFESTYLE: Ind-Ra Affirms 'BB+' Bank Facilities Ratings
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating action on Writer Lifestyle Private Limited's (WLPL) bank
loans:

-- INR1,200 mil. (increased from INR906.1 mil.) Term loans due
    on September 2022 affirmed with IND BB+(SO)/Negative rating.

KEY RATING DRIVERS

The affirmation reflects a similar rating action on P.N. Writer &
Company Pvt Ltd (PNW; 'IND BB+'/Negative), which has provided an
unconditional and irrevocable guarantee towards the outstanding
term loans of WLPL. PNW wholly owns WLPL.

RATING SENSITIVITIES

The rating is linked to the ratings of the guarantor and will,
thus, move in tandem with those of the latter.

COMPANY PROFILE

WLPL is a part of the Mumbai-based P.N. Writer group, which is
engaged in diversified businesses such as relocation services,
information and records management services, cash management
services and hospitality.

WLPL undertakes the hospitality business of the group. It owns a
luxury spa, Hilton Shillim Estate Retreat and Spa, in Lonavala,
near Mumbai. WLPL commenced the construction of a villa project
in proximity to the spa in April 2017. The first phase of the
construction entails 21 villas.



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


QUEST INSURANCE: A.M. Best Reviews 'B' FSR With Pos. Implications
-----------------------------------------------------------------
A.M. Best has placed under review with positive implications the
Financial Strength Rating of B (Fair) and the Long-Term Issuer
Credit Rating of "bb" of Quest Insurance Group Limited (New
Zealand).

The company is being placed under review following the release of
the updated Best's Credit Rating Methodology (BCRM). The BCRM is
a reorganization of the global credit rating methodology for
(re)insurance companies. A.M. Best will continue to assess the
effect that the updates to the BCRM have on the current ratings
of the company, and will complete any corresponding rating
updates in the near term.


VERITAS INVESTMENTS: Another Mad Butcher Store Closes Doors
-----------------------------------------------------------
Rachel Clayton at Stuff.co.nz reports that another Mad Butcher
store has been put in receivership after the owner died.

Point Chevalier Mad Butcher in Auckland was solely owned by Carl
Drever, who died in March, Stuff states.

His son Aaron Drever took over the business, but he was unable to
transfer his father's shares into his name and decided to put the
store in receivership, the report says.

According to the report, Waterstone Insolvency receiver Damien
Grant said when he entered the store, there was very little stock
left.

Aaron Drever was stripped of his real estate agent licence last
year on charges of misconduct or unsatisfactory conduct.

Stuff relates that Mr. Grant decided to close the doors and send
the eight staff home.

Mr. Grant said the business was for sale and interested buyers
could contact him.

Stuff notes that about 10 Mad Butcher stores have struck
financial difficulties in the past two years.

The Mad Butcher franchise is owned by listed company Veritas
Investments, the report discloses.

Stuff says Veritas sold the former Nosh supermarket chain in
February, and reported a NZ$4.6 million loss in the 2016
financial year.

Veritas Investments Limited (NZE:VIL) --
http://www.veritasinvestments.co.nz/-- is an investment company
with shareholdings in a range of New Zealand businesses in the
food and beverage and hospitality sectors. The Company's segments
include the Mad Butcher, Nosh, the BBC, Kiwi Pacific Foods and
Other. The Mad Butcher segment represents the activities of the
Mad Butcher franchisor business, as well as an owned retail
store. The Mad Butcher franchisor comprises the brand, franchise
system and franchisor rights for Mad Butcher stores across New
Zealand. Mad Butcher stores are retail butchers. Nosh includes
the business activities of Nosh Group Limited. Nosh is a chain of
specialty food stores based in New Zealand. The BBC segment
includes the business activities of The Better Bar Company
Limited, which operates a chain of approximately eight bars based
in Auckland and Hamilton. Kiwi Pacific Foods includes the 50%
joint venture interest the Company has in Kiwi Pacific Foods
Limited. Other includes the activities of the Company.



=============================
P A P U A  N E W  G U I N E A
=============================


CAPITAL GENERAL: A.M. Best Affirms 'B-' FSR, Outlook Positive
-------------------------------------------------------------
A.M. Best has revised the outlooks to positive from stable and
affirmed the Financial Strength Rating (FSR) of B- (Fair) and the
Long-Term Issuer Credit Rating (Long-Term ICR) of "bb-" of
Capital General Insurance Company Limited (CGI). Concurrently,
A.M. Best has affirmed the FSR of B- (Fair) and the Long-Term ICR
of "bb-" of Capital Life Insurance Company Limited (CLI). The
outlook of these Credit Ratings (ratings) is positive. Both
companies are subsidiaries of the Capital Insurance Group Limited
and domiciled in Papua New Guinea.

The ratings reflect CGI's and CLI's supportive risk-adjusted
capitalization and strong operating performance. Additionally,
the ratings consider CGI's and CLI's rapid expansion in their
domestic market through the successful implementation of growth
strategies.

The outlook revisions for CGI recognize its improved risk-
adjusted capitalization following a period of strong growth and
earnings generation. Over the past five years, the company's
average operating ratio was approximately 70%, while its average
return on equity exceeded 30%.

A partially offsetting rating factor is concern over CGI's
relatively large policy limits in its property lines of business,
which are subject to catastrophe event risks.

The rating affirmations of CLI reflect its strong risk-adjusted
capitalization and continued positive operating performance. Over
the past five years, the company's average return on net premiums
was approximately 14%, and its average return on equity was close
to 20%.

Partially offsetting this positive rating factor is CLI's
deteriorating claims experience, particularly in regard to its
group medical policies and uncertainties surrounding its newly
developed micro-insurance book.

The ratings also incorporate A.M. Best's view that CGI and CLI
have weak and relatively underdeveloped enterprise risk
management programs.

Upward rating movement could occur if the companies meet their
projected operating performance and maintain supportive risk-
adjusted capitalization. The ratings could be impacted negatively
by any significant deterioration in the companies' risk-adjusted
capitalization or operating performance.



                             *********

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
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                 *** End of Transmission ***