/raid1/www/Hosts/bankrupt/TCRAP_Public/171102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Thursday, November 2, 2017, Vol. 20, No. 218

                            Headlines


A U S T R A L I A

AUSTRADIA PTY: Australian Online Retailer to Stock Topshop
ELEMENT WA: First Creditors' Meeting Set for Nov. 9
LEICESTER INVESTEMENTS: First Creditors' Meeting Set for Nov. 9
PERMANENT CUSTODIANS: Moody's Assigns (P)B2 Rating to Cl. F Notes
PERPETUAL CORPORATE: Moody's Assigns (P)Ba2 Rating to Cl. E Notes

PRIME TRUST: Federal Court Delivers Judgment in Appeals
STAMFORD WINE: Second Creditors' Meeting Set for Nov. 9
TEN NETWORK: Fox Terminates The Simpsons and Modern Family


C H I N A

CHINA JINMAO: S&P Rates US$-Denom. Sub. Perpetual Securities 'BB'
SHANDONG RUYI: S&P Affirms 'B' CCR, Outlook Stable
SHANXI ROAD: S&P Lowers CCR to BB- on Reduced Government Support


I N D I A

AIKYA CHEMICALS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
AIR INDIA: Seven Firms in Race for Sale Adviser
BALAJI PAPER: CRISIL Assigns B- Rating to INR25MM Cash Loan
C.P. ISPAT: CARE Moves D Rating to Not Cooperating Category
C.P. SPONGE: CARE Moves B+ Rating to Not Cooperating Category

CRD FOODS: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
EMAAR DEVELOPERS: CRISIL Reaffirms B+ Rating on INR20MM Loan
FARISTA VANIJYA: CARE Puts B Rating to Not Cooperating Category
HALDIA NIRMAN: CARE Moves B Rating to Not Cooperating Category
INTERIO CONCEPTS: CARE Assigns B+ Rating to INR2.22cr LT Loan

K.V.J. BUILDERS: CARE Reaffirms B+ Rating on INR10.50cr Loan
KTEX NONWOVENS: CRISIL Assigns B+ Rating to INR23.81MM Loan
LEESUN CERAMIC: CARE Reaffirms B+ Rating on INR7.86cr LT Loan
M. R COTTON: CRISIL Reaffirms B- Rating on INR7.25MM Cash Loan
MAMTA TRANSFORMERS: CRISIL Reaffirms B Rating on INR4MM Loan

MANAGING COMMITTEE: CARE Moves B Rating to Not Cooperating
MANGANESE PRODUCTS: CRISIL Cuts Rating on INR4.5MM Loan to B+
MEHUL GEO: Ind-Ra Raises Issuer Rating to 'BB-', Outlook Stable
MOTIL DEVI: CARE Assigns B+ Rating to INR6.39cr LT Loan
MOUNT VELOUR: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan

NANDA GOKULA: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
PAVAN INDUSTRIES: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
RANA MILK: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
RMA METALS: CRISIL Assigns B+ Rating to INR4.0MM Loan
ROBBINS TUNNELING: Ind-Ra Migrates BB+ Rating to Non-Cooperating

SATIJA MOTORS: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
SEVEN SEAS: CRISIL Lowers Rating on INR218MM Term Loan to 'D'
SHRI RAMRAJA: CRISIL Raises Rating on INR15.5MM LT Loan to 'B'
SHRIRAM TRANSPORT: S&P Affirms 'BB+' ICR With Stable Outlook
SKV INFRATECH: CARE Moves B+ Rating to Not Cooperating Category

SWASTIK INFRA-LOGIC: CARE Cuts Rating on INR3cr LT Loan to D
T.K. BASHEER: CRISIL Assigns B+ Rating to INR2MM Cash Loan
URJA AUTOMOBILES: CARE Assigns B+ Rating to INR6.81cr LT Loan
VIDHI MINERALS: CRISIL Reaffirms 'B' Rating on INR2.5MM Loan
VIRENDRA SATIJA: CRISIL Reaffirms 'B' Rating on INR7.38MM Loan

WILSON PRINTCITY: CRISIL Raises Rating on INR5MM Loan to B+
YASHASVI YARNS: Ind-Ra Moves D Issuer Rating to Non-Cooperating


I N D O N E S I A

MNC INVESTAMA: S&P Lowers CCR to CCC on Approaching Debt Maturity


M A L A Y S I A

YFG BERHAD: Choon Meng Steps Down as Managing Director


N E W  Z E A L A N D

HANGUK BUSINESS: Boss Gets 14 Months' Jail for Tax Evasion


P A K I S T A N

PAKISTAN: S&P Affirms 'B/B' Sovereign Credit Ratings


S I N G A P O R E

SWIBER HOLDINGS: Unit in Creditors' Voluntary Liquidation


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A U S T R A L I A
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AUSTRADIA PTY: Australian Online Retailer to Stock Topshop
----------------------------------------------------------
Melissa Singer at The Sydney Morning Herald reports that Topshop,
which has had a horrid year thanks to the collapse of the
Australian franchise and those plastic jeans, has found a savior
in one of Australia's biggest online retailers.

From October 31, The Iconic will stock Topshop's denim and
menswear ranges, with womenswear on sale from November, the
report says.

According to SMH, the Iconic's chief executive, Patrick Schmidt,
said the e-tailer would carry about 70% of Topshop and Topman's
full range.

"There's a lot of product, but not all of it is relevant to the
Australian customer," the report quotes Mr. Schmidt as saying.

SMH says The iconic deal is the latest chapter in a drama-filled
year for the brand, whose Australian franchisor, Austradia,
collapsed in May with debts of AUD30 million.

The report relates that Mr. Schmidt said The Iconic had been in
talks for nearly five years with Topshop's UK owners, Arcadia,
and was unconnected to the franchise woes.

"We are a fast-paced business, so we always prefer to deal
directly with the principal of the brand," he said, the report
relays.

SMH says a report released by administrators Ferrier Hodgson
jointly blamed the collapse on the Australian franchise operator
and its UK parent, Arcadia.

According to the report, the administrators found a number of
factors including rapid expansion and poor stock selection
contributed to the collapse of the business.

SMH relates that Mr. Schmidt said having a London-based buyer
gave Australian customers access to the best selection of styles.

"We are not using a 'push' model . . . We believe you need to be
very close to the business and the market and the customer to
ensure the best product selection," the report Mr. Schmidt as
saying.

Topshop's product range has made headlines for all the wrong
reasons, most recently in April, when it launched a pair of
AUD100, completely see-through, plastic jeans, SMH says.

Since May, the administrators closed five of Topshop's standalone
stores, as well as all 17 concessions at Myer. Myer also lost
millions it invested in the business, the report recalls.

In August, Arcadia bought back the remnants of the Australian
operation. There are still four physical Topshop stores in Sydney
and Melbourne CBD, Bondi Junction and Brisbane.

Mr. Schmidt said customer feedback, including searches on The
Iconic's website and app, demonstrated its customers wanted
Topshop, SMH relays.

SMH adds that Mr. Schmidt said The Iconic would try wherever
possible to price-match with Topshop's UK site, which also
delivers to Australia.

                          About Austradia

Topshop launched in Australia in 2011 with a flagship store on
Melbourne's Chapel Street.

On May 24, 2017, James Stewart, Ryan Eagle and Jim Sarantinos
were appointed as joint and several Voluntary Administrators to
the assets and undertakings of Austradia Pty by resolution of the
Company's directions, pursuant to Section 436A of the
Corporations Act 2001.

On Aug. 25, 2017, the Administrators announced the successful
restructure of the Australian retail business. This was achieved
by the completion of the sale of certain assets to Top Shop/Top
Man (Australia) Limited, an entity controlled by the Arcadia
Group (Arcadia), a British multinational fashion retailer.

As a result, stores located at Sydney Gowings, Bondi, Melbourne
Emporium and Brisbane will remain open.

Arcadia took control of the business and the remaining stores on
Sept. 3, 2017, following the transfer of certain employees and go
forward store leases.

At the Second Meeting of Creditors held on Oct. 18, 2017,
Austradia Pty Ltd was placed into liquidation by resolution of
creditors. James Stewart, Ryan Eagle and Jim Sarantinos of
Ferrier Hodgson were appointed Liquidators.


ELEMENT WA: First Creditors' Meeting Set for Nov. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Element WA
Pty Ltd will be held at Conference Room, Plaza Level, BGC Centre,
28 The Esplanade, in Perth, West Australia, on Nov. 9, 2017, at
10:00 a.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Element WA on Oct. 30, 2017.


LEICESTER INVESTEMENTS: First Creditors' Meeting Set for Nov. 9
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Leicester
Investements Pty Ltd will be held at the boardroom of Chartered
Accountants Australia and New Zealand Brisbane, Level 13,
Waterfront Place, 1 Eagle Street, in Brisbane, Queensland, on
Nov. 9, 2017, at 10:30 a.m.

Mark Lieberenz and Anthony Phillips of Heard Phillips were
appointed as administrators of Leicester Investements on Oct. 30,
2017.


PERMANENT CUSTODIANS: Moody's Assigns (P)B2 Rating to Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Permanent Custodians Limited
as trustee of Sapphire XVII Series 2017-2 Trust.

Issuer: Sapphire XVII Series 2017-2 Trust

-- AUD150.00 million Class A1 Notes, Assigned (P)Aaa (sf)

-- AUD60.00 million Class A2 Notes, Assigned (P)Aaa (sf)

-- AUD34.50 million Class A3 Notes, Assigned (P)Aaa (sf)

-- AUD30.00 million Class B Notes, Assigned (P)Aa2 (sf)

-- AUD7.80 million Class C Notes, Assigned (P)A2 (sf)

-- AUD6.00 million Class D Notes, Assigned (P)Baa2 (sf)

-- AUD5.40 million Class E Notes, Assigned (P)Ba2 (sf)

-- AUD3.00 million Class F Notes, Assigned (P)B2 (sf)

The AUD1.50 million Class G and AUD1.80 million Class H Notes are
not rated by Moody's.

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

The deal is an Australian non-conforming residential mortgage-
backed securities (RMBS) transaction secured by a portfolio of
prime and non-conforming residential mortgage loans. All
receivables were originated by Bluestone Group Pty Limited or
Bluestone Mortgages Pty Limited (Bluestone) and are serviced by
Bluestone Servicing Pty Limited (Bluestone Servicing).

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity facility
in the amount of 2.0% of the note balance, the legal structure,
and the credit strength and experience of Bluestone Servicing as
servicer.

- Moody's MILAN CE - representing the loss that Moody's expects
   the portfolio to suffer in the event of a severe recession
   scenario - is 18.2%. Moody's expected loss for this
   transaction is 2.0%.

Key transactional features are:

- Whilst the Class A1, A2 and A3 Notes rank sequentially in
   relation to interest and charge-offs, they rank pari passu
   in relation to principal throughout the life of the
   transaction. Principal repayments will be allocated pro-rata,
   based on the stated amount of the notes. This feature reduces
   the absolute amount of credit enhancement available to the
   Class A1 and Class A2 Notes.

- Class B to Class F notes will start receiving their pro-rata
   share of principal if step-down conditions are met.

- Permitted further advances can be funded within the trust,
   which could lead to a deterioration in the credit quality of
   the pool. Further advances are subject to certain conditions.
   Further advances will be funded through principal collections.

- Following the call option date, all excess income available
   at a subordinated position in the interest waterfall, will
   be applied to the repayment of principal on all outstanding
   rated notes on a pro-rata basis.

Key pool features are:

- While the portfolio has a reasonably high weighted-average
   scheduled loan-to-value (LTV) of 69.3%, there are no loans
   in the pool with a current LTV above 86.2%.

- Investment and interest-only loans represent 23.0% and 16.8%
   of the pool, respectively.

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

- Based on Moody's classifications, the portfolio contains 37.1%
   exposure to borrowers with prior credit impairment (default,
   judgment or bankruptcy). Moody's assesses these borrowers as
   having a significantly higher default probability.

- The portfolio contains 61.2% of loans granted on the basis of
   alternative income documentation, with a further 2.8% granted
   on the basis of low income documentation.

- Around 55.5% of the loans in the portfolio were extended to
   self-employed borrowers.

Methodology Underlying the Rating Action:

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

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian jobs market and the housing market are primary drivers
of performance.

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

Moody's Parameter Sensitivities

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

Based on the current structure, if the MILAN CE increased to
22.75% and the portfolio expected loss remained unchanged at
2.0%, the model implied rating of the Class A1, Class A2 and
Class A3 Notes would reduce by one notch to Aa1. The sensitivity
in the ratings is due to the pro-rata allocation of principal
among the Class A1, Class A2 and Class A3 Notes, on the basis of
their stated amounts, throughout the life of the deal, thus
reducing the absolute amount of credit enhancement available to
Class A1 and Class A2 Notes.


PERPETUAL CORPORATE: Moody's Assigns (P)Ba2 Rating to Cl. E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Corporate Trust Limited, as
trustee of Latitude Australia Personal Loans Series 2017-1 Trust.

Issuer: Latitude Australia Personal Loans Series 2017-1 Trust

-- AUD331.50 million Class A Notes, Assigned (P)Aaa (sf)

-- AUD56.00 million Class B Notes, Assigned (P)Aa2 (sf)

-- AUD40.00 million Class C Notes, Assigned (P)A2 (sf)

-- AUD27.00 million Class D Notes, Assigned (P)Baa2 (sf)

-- AUD45.50 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD42.50 million Seller Notes are not rated by Moody's.

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

The transaction is a cash securitisation of a portfolio of
Australian unsecured and partially secured personal loans
originated by Latitude Personal Finance Pty Ltd (Latitude). This
is Latitude's first personal loan ABS transaction.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

- The evaluation of the underlying receivables and their
   expected performance;

- The evaluation of the capital structure;

- The availability of excess spread over the life of the
   transaction;

- The liquidity facility in the amount of 1.50% of the note
   balance subject to a floor of AUD1,000,000;

- The interest rate swap provided by Credit Agricole Corporate
   and Investment Bank (A1/P-1/Aa3(cr)/P-1(cr)); and

- The experience of Latitude as servicer and the backup
   servicing arrangement with AMAL Asset Management Limited.

The transaction has a substitution period of 12 months from the
first payment date, during which, available principal will be
used to purchase receivables subject to certain performance
triggers and portfolio parameters.

Initially, Class A, Class B, Class C, Class D and Class E Notes
benefit from 38.9%, 28.6%, 21.2%, 16.2% and 7.8% of note
subordination, respectively. Following the end of the
substitution period, the notes will be repaid on a sequential
basis until the credit enhancement of the Class A Notes is at
least 57%, and as long as cumulative losses are less than 6.5%,
where that payment date is on or before 24 months after the
closing date, and 10% after 24 months.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or unreimbursed
principal draws or derivative reserve draws or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

Moody's analysis also accounts for the risk of the transaction
being over or under-hedged. This risk arises because the notional
amount in the swap agreement is based on the repayment profile of
the rated notes, assuming a prepayment rate of 20% on the
underlying receivables. If prepayments deviate from this
assumption, the transaction is exposed to the risk of being over
or under-hedged. To mitigate the risk of any under or over-
hedging in the transaction, a derivative reserve, funded by note
issuance, of AUD7,500,000 has been established at closing.
Moody's has assessed the sufficiency of the derivative reserve to
cover the potential costs associated with the transaction being
over or under-hedged. Moody's ran a number of faster and slower
prepayment scenarios in combination with associated upward and
downward movements in bank bill swap rates.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 9.7%,
coefficient of variation (CoV) of 42.4%, and a recovery rate of
15.0%. After accounting for the very high level of seasoning of
the initial portfolio (19 months), as well as for the
substitution period, Moody's mean default rate assumption was
adjusted to 8.3%. Moody's assumed default rate, CoV and recovery
rate are stressed compared to the historical levels of 9.1%,
12.0% and 24.9% respectively. The stress addresses lack of
economic stress during the historical data period (2007-2016).

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian job market is a primary driver of performance.

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

Moody's Parameter Sensitivities

If the default rate rises to 12.5% (1.5 times Moody's assumption
of 8.3%) and the CoV remains unchanged at 42.4%, then the model-
indicated rating for the Class A Notes drops three notches to
Aa3. Similarly, the model-indicated rating for the Class B Notes,
Class C Notes, Class D Notes and E Notes drop five, five, four
and five notches to Baa1, Ba1, Ba3 and Caa1 respectively under
this scenario.


PRIME TRUST: Federal Court Delivers Judgment in Appeals
------------------------------------------------------
The Full Federal Court of Australia has made final orders
allowing the appeals of the former directors of Australian
Property Custodian Holdings Ltd (APCHL), the responsible entity
of The Prime Retirement and Aged Care Property Trust (Prime
Trust) and setting aside the declarations of contravention and
orders made by the trial judge against the directors and APCHL.

As a result of the Full Court's judgment, penalties and
disqualification orders previously ordered against the five
former directors (Mr. William Lewski, Mr. Mark Butler, Mr. Kim
Jaques, Mr. Peter Clarke and Dr. Michael Wooldridge), stayed by
order of the Full Court made Aug. 15, 2016, have been set aside.

The conduct in this case focused on a board resolution passed on
Aug. 22, 2006 to lodge an amended constitution with ASIC, which
the board had previously (on July 19, 2006) resolved, without
member approval, to amend to allow fees to be paid to APCHL.

By their reasons for judgment delivered July 14, 2016, the Full
Court found that there was only one matter for consideration by
the directors at the Aug. 22, 2006 meeting, being whether to
lodge the amended constitution. As such, it found there was no
obligation on the directors at the Aug. 22, 2006 meeting to turn
their minds to whether or not the proposed amendments to the
constitution were lawful or proper. The Full Court's reasons
delivered affirmed that approach.

ASIC is considering the judgment.

APCHL was the responsible entity of the Prime Trust, a managed
investment scheme which owned retirement villages in Queensland,
NSW and Victoria. On Oct. 18, 2010, voluntary administrators were
appointed to APCHL. On Nov. 23, 2011, Stirling Horne and Petr
Vrescky of PKF Lawler (formerly Lawler Draper Dillon) were
appointed liquidators following the creditors voting to place the
company into liquidation. Approximately 9,700 investors
contributed over AUD500 million in the Prime Trust.

ASIC commenced civil penalty action against APCHL and its former
directors on Aug. 21, 2012 challenging the lawfulness of the
decisions made by the board of APCHL, in circumstances where
investors suffered significant losses, and to establish the
duties of directors and responsible entities of managed
investment schemes

On Dec. 12, 2013, the trial judge found the former directors and
APCHL had breached their duties and handed down a decision on
penalty on Dec. 2, 2014.

The Full Court handed down its first reasons for judgment in the
appeals on July 14, 2016.  However, final orders were not entered
and a further hearing of the appeals was held on Dec. 12 and
Dec. 13, 2016.


STAMFORD WINE: Second Creditors' Meeting Set for Nov. 9
-------------------------------------------------------
A second meeting of creditors in the proceedings of Stamford Wine
Exports Pty Ltd has been set for Nov. 9, 2017, at 11:00 a.m., at
Foremans Business Services, 314A Bay Road, in Cheltenham,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 8, 2017, at 4:00 p.m.

Timothy Mark Shuttleworth Holden of Foremans Business Services
was appointed as administrator of Stamford Wine Exports on
Oct. 4, 2017.


TEN NETWORK: Fox Terminates The Simpsons and Modern Family
----------------------------------------------------------
Stuart Marsha at nine.com.au reports that Ten Network's long-
running love affair with The Simpsons has finally drawn to a
close after Fox issued a letter of termination for its programs
on the Aussie network.

The report relates that in a statement made to the market on
Oct. 30, Ten's administrators KordaMentha alerted shareholders it
had received the letter from Twentieth Century Fox Film
Corporation, which states no Fox programs will air as of Oct. 6,
2017.

According to nine.com.au, the deal between Fox and Ten was
estimated to be worth AUD376.8 million, and was originally set to
run until late June 2019.

But after news broke that CBS -- a direct American rival of Fox -
- had bought the Australian network, it had decided to pull its
slate of extremely popular programs from Ten.

Among the programs expected to be pulled include M*A*S*H, Modern
Family, Malcolm in the Middle and Futurama, the report adds.

The final stage in CBS' takeover of Ten occurred Oct. 31 in the
NSW Supreme Court in Sydney, a week after the Foreign Investment
Review Board approved the sale, nine.com.au states.

nine.com.au notes that the AUD41 million CBS takeover bid trumped
a competing offer from billionaire Ten shareholders Lachlan
Murdoch and Bruce Gordon and was almost unanimously backed by
Ten's creditors, including the broadcaster's employees, at a
meeting in September.

The network slipped into administration after the pair, along
with fellow shareholder James Packer, refused to back a new
finance package following the expiry of a AUD200 million debt
facility, nine.com.au notes.

The report says KPMG in October evaluated Ten's business to
examine whether shareholders were disadvantaged by the CBS deal,
in which the US broadcaster will pay nothing for Ten's shares.

nine.com.au relates that the auditor described the company's
shares as worthless, with the value of Ten's business operations
outweighed by debts on its outstanding content contracts with CBS
and Twentieth Century Fox.

It said Ten's business would need to have a net value of AUD646.9
million in order for its shares to have any value, well above the
AUD112 million it was worth under the best-case scenario KPMG
applied to its analysis, the report relays.

If approved by the NSW Supreme Court, the transfer of Ten's
shares to CBS will leave shareholders with nothing, nine.com.au
notes.

                         About Network Ten

Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.

Network Ten was forced to go into voluntary administration in
June 2017 when its billionaire shareholders backed out from
guaranteeing a loan for the Company. KordaMentha Restructuring
partners Mark Korda, Jenny Nettleton and Jarrod Villani were
appointed as voluntary administrators.

The creditors of Ten Network on Sept. 19 voted in favor of a
AUD209.7 million takeover bid from CBS Corp.



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CHINA JINMAO: S&P Rates US$-Denom. Sub. Perpetual Securities 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to
proposed U.S. dollar-denominated subordinated perpetual
securities that Franshion Brilliant Ltd. will issue. China Jinmao
Holdings Group Ltd. (BBB-/Stable/--) guarantees the securities.
S&P said, "We also view the issue to have intermediate equity
content. We will treat 50% of the principal of the securities as
debt and 50% of the distributions as interest. The rating is
subject to our review of final issuance documentation."

China Jinmao intends to use the proceeds for refinancing bank
loans due in 2018 and other general corporate purposes. The
ratings on China Jinmao and its outstanding senior notes are not
affected as S&P expects the company's leverage will remain under
control.

The securities will rank subordinated to other unsecured and
unsubordinated obligations of China Jinmao. Distributions are
optionally deferrable at the issuer's discretion. S&P rates the
securities two notches below China Jinmao's 'BBB-' issuer credit
rating, reflecting the subordinated status and optional
deferability.

The securities will pay a fixed distribution rate until the first
reset date in the sixth year. The distribution rate will be reset
in 2023 based on the prevailing U.S. five-year Treasury rate plus
an initial credit spread. The credit spread above the Treasury
rate will step up by 25 basis points on the second reset date in
2028 and by an additional 75 basis points in 2043. Therefore, S&P
expects the intermediate equity content to remain until 2023, or
earlier, should S&P reassesses management's intent as no longer
supportive.

S&P said, "While the issue does not have a legally binding
replacement provision, we believe management intends to replace
the perpetual securities with similar equity-like instruments. We
view China Jinmao's ongoing issuance of new hybrids as a sign of
management's commitment to maintain hybrid capital as a permanent
feature of the company's capital structure. We could lower our
assessment of the equity content on the proposed securities to
minimal if the company indicates any deviation from its
replacement intention. A minimal equity content means we would
treat the full principal of the securities as debt and all the
distributions as interest expenses."


SHANDONG RUYI: S&P Affirms 'B' CCR, Outlook Stable
--------------------------------------------------
S&P Global Ratings said it affirmed its 'B' long-term corporate
credit rating on Shandong Ruyi Technology Group Co. Ltd. (Ruyi).
The outlook is stable.

At the same time, S&P affirmed its 'B-' long-term issue rating on
the senior unsecured notes issued by Ruyi's wholly owned
subsidiary Prime Bloom Holdings Ltd. Ruyi unconditionally and
irrevocably guarantees the notes.

Ruyi is a China-based textile manufacturer with operations across
upstream cultivation and trading, and textile manufacturing to
downstream apparel brand management.

S&P said, "We affirmed the rating on Ruyi because we forecast
that the company's financial leverage will moderately improve
following the consolidation of recently acquired French firm SMCP
Group and SMCP's IPO earlier this year. However, we expect Ruyi
to continue to make large debt-funded investments, resulting in
its debt-to-EBTIDA staying above 5x for the next 12 months.

"We forecast that Ruyi's EBITDA margin will improve to about 12%
in 2017 from 9.6% in 2016, primarily driven by the full-year
consolidation of SMCP (excluding operating lease expenses). We
believe SMCP continues to have solid growth prospects, with net
sales rising 16% in the first half of 2017 and EBITDA rising
about 20% year-over-year. Asia is SMCP's fastest-growing region,
with 47% sales growth in the first half of 2017. This is despite
Asia accounting for only about 14% of total sales, of which
Greater China contributes about 11%.

"We believe that SMCP will account for the bulk of Ruyi's growth
in profit and be a key driver for the company's deleveraging.
However, we expect Ruyi's textile business to remain its largest
revenue contributor. In addition, the textile industry has
intense competition and is exposed to volatility in cotton
prices.

"We estimate that Ruyi's debt-to-EBITDA ratio will improve to
5.0x-6.0x over the next 12 months, compared with 7.8x in 2016,
due to the full-year consolidation of SMCP. Our debt assumptions
include third-party guarantees of about Chinese renminbi (RMB)
3.4 billion and SMCP's operating lease adjustments that we
estimate to be about EUR350 million (or about RMB2.7 billion) in
2017.
"Our forecasts include total investment spending of about RMB2.8
billion annually in 2018 onwards. We expect the company to
continue to invest in broadening and enhancing its downstream
apparel brands and improving its textile production
capabilities."

SMCP's recent IPO (shares started trading on Oct. 24, 2017)
raised EUR127 million of additional equity funding. The net
proceeds (EUR121 million) from the IPO were used to redeem a
portion of SMCP's outstanding notes. However, the impact of
SMCP's deleveraging to Ruyi's leverage is likely to be limited,
given the parent's significant indebtedness.

S&P said, "Despite the public share listing, we expect Ruyi to
control SMCP's strategic direction and key business decisions.
That's because about 60% of SMCP shares are held by European
TopSoho, in which Ruyi controls about 51%. Ruyi controls five of
a total of 12 seats (including three controlled by management) on
SMCP's board and Ruyi also maintains the deciding vote in the
event of a tie. We therefore continue to include SMCP's earning
and debt in Ruyi's consolidated credit ratios."

However, certain debt covenant restrictions may prevent Ruyi from
extracting SMCP's cash in the near term. These restrictions
include debt covenants that could restrict dividend payments to
Ruyi, and legal restrictions, given SMCP's publicly listed status
in France. The debt with restrictive covenants will mature in
2019. S&P has therefore excluded cash of SMCP to arrive at Ruyi's
adjusted debt and liquidity ratios.

S&P said, "In our view, Ruyi has satisfactorily resolved recent
issues involving an asset swap with Yinchuan Tonglian Capital
Investment Operation Co. Ltd. (Tonglian, a state-owned enterprise
of Yinchuan City) without materially affecting the company's
credit profile. Based on publicly disclosed information, the
Yinchuan government has shifted its 26% shareholding in Ruyi from
Tonglian to Yinchuan Finance Holding Co. Ltd., another state-
owned enterprise under the Yinchuan government. In addition, the
government has provided Ruyi with assets with equal value to
those swapped out of Ningxia Ruyi Ecological Textile Co. Ltd., a
99.5%-owned subsidiary of Ruyi.

"Although we do not believe Ruyi has violated any laws or
regulations in regards to the asset swap, it does highlight the
potential need for better risk management. In addition, the
events draw attention to Ruyi's need for greater transparency and
disclosures.

"The stable outlook reflects our expectation that Ruyi will
maintain its good market position over the next 12 months owing
to its large and vertically integrated operations, wide product
offerings, and improving geographical diversification. We expect
the ratio of debt to EBITDA to remain above 5.0x over the same
period.

"We may lower the rating if Ruyi's profitability weakens
materially or the company takes longer to reduce debt than we
expect. This could happen if we anticipate that Ruyi's EBITDA
margin (including SMCP) will consistently stay below 10%. Intense
competition, low capacity utilization, or higher operating
expenses than we expect for the integration of new acquisitions
could cause the decline in margins.

"We may also lower the rating if Ruyi's debt-to-EBITDA ratio
increases materially above our current forecast of about 5.5x
without signs of improvement, possibly due to more aggressive
debt-funded investments or a weaker operating performance than we
expect.

"We may upgrade Ruyi if the company's debt-to-EBITDA ratio falls
below 5.0x on a sustainable basis. This could occur through
capital injections from shareholders or equity disposals
following successful IPOs of subsidiaries. The ratio could also
improve on the back of Ruyi's materially enhanced operating cash
flow, given strong revenue growth, or margin improvement combined
with financial discipline and continued deleveraging."


SHANXI ROAD: S&P Lowers CCR to BB- on Reduced Government Support
----------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Shanxi
Road & Bridge Construction Group Co. Ltd. (SXRB) to 'BB-' from
'BB'. The outlook is stable. S&P also lowered the rating on the
company's senior unsecured notes to 'BB-' from 'BB'. SXRB is a
toll road construction, financing, investing, and operating
platform in Shanxi province in China.

The downgrade reflects S&P's view that SXRB has a lower
likelihood of receiving extraordinary support from the Shanxi
provincial government in the event the company faces financial
stress. This is because the government has bestowed the role of
consolidating all the province's government toll roads to a to-
be-established holding company that the provincial State-owned
Assets Supervision and Administration Commission (SASAC) will
directly wholly own.

The holding company's role will be to develop, invest, finance,
construct, and operate the province's road infrastructure
network. We had expected SXRB to take on the role of
consolidating the road infrastructure in the province. In the
revised plan, SXRB will become a subsidiary of the holding
company, and its business focus will narrow to road construction
(its core competence) and incubation of a listed company that
will operate franchise toll roads. We therefore believe SXRB will
play a role of lesser importance than the holding company to the
government under the revised plan. However, we still believe
SXRB's role is important to road infrastructure development in
Shanxi because the government has generally adopted in-house
construction (instead of outsourcing).

S&P said, "We expect SXRB's link with the provincial government
to remain very strong over the next 12 months at least. This is
because the government will remain the ultimate sole shareholder
and continue its strong influence over SXRB's strategy and
business plans. SXRB is also heavily involved in carrying out the
revised reform plan in cooperation with the provincial
transportation bureau. We believe the SASAC will continue to
appoint SXRB's senior management and board of directors. The
company is an essential part of the government-led transportation
sector reform plan. Additionally, SXRB's rated U.S. dollar senior
unsecured notes that mature in November/December 2019 have
clauses that will cause the notes to be puttable upon the event
that the SASAC ceases to control 100% of SXRB, directly or
indirectly. This further supports the link between the two.

"We continue to analyze SXRB under our government-related entity
(GRE) framework because we expect the implementation of the
revised reform plan to be an evolving, multi-stage process
extending beyond the next 12 months. According to the plan, the
government will transfer to the holding company all government
toll roads (about 5,000 kilometers) together with the debt (which
will no longer be booked as government debt). The ownership of
SXRB and two other expressway sister state-owned enterprises will
also be transferred to the holding company. Some of the
economically viable toll roads will be changed to franchise toll
roads and injected into the listed company, which SXRB will
directly hold. Over the course of implementation of the plan, we
will adjust our analytical approach to fit the progress.

"We expect SXRB's stand-alone credit profile (SACP) to be stable
over the next 12 months. Although the lack of a massive asset
injection through transfer-operate-transfer and build-operate-
transfer (BOT) projects puts the company's small scale and
business concentration into the spotlight, we believe SXRB's less
rapid pace of capital spending and debt accumulation tempers the
weakness. In our base scenario, we expect SXRB's debt to increase
by about 40% to Chinese renminbi (RMB) 50 billion over the next
two years from 2016 levels; we had expected an increase of more
than 4x previously. The debt increase is owing to negative free
operating cash flows because operating cash flows from toll fees
and cash collection from road construction projects will be far
short of capital spending requirements during the construction
phase of BOT projects.

"We expect SXRB's ratio of funds from operations (FFO) to debt to
be below 1% over the next 12 months. That said, SXRB's cost of
funding (of about 5%) is low for its leverage profile, given the
company's perceived affiliation with the government. We estimate
the FFO-cash interest coverage to be 0.8x-1.2x. If we were to
include new BOT projects that are yet to be contracted in the
next 12 months, the ratio will likely be even weaker, given that
BOT projects require substantial investment during the
construction phase. The weak credit ratios underpin the company's
highly leveraged financial profile.

"The stable outlook on SXRB reflects our expectation that the
credit quality of the Shanxi government will remain stable, and
the likelihood of the Shanxi provincial government providing
extraordinary support to SXRB will remain high, should the
company face financial stress over the next 12 months. We expect
SXRB to play an important role in the road infrastructure sector
in Shanxi.

"We anticipate that implementation of the government's reform
plan will be gradual, and therefore expect no drastic change in
SXBR's credit profile over the next 12 months. However, if the
reform implementation is faster than we expect, the credit
profile of SXRB will be highly linked to the wider government-
owned group. We would then base our ratings on SXRB on our
assessment of the group credit profile, SXRB's SACP, and the
company's group status.

"Assuming the government reform implementation for road projects
is not completed over the next 12 months and we analyze SXRB
under our GRE framework, we could lower the rating if we perceive
a diminishing likelihood of extraordinary government support."
Likely scenarios could be:

-- The company's link with the Shanxi government weakening-- for
    example, if the government meaningfully delegates to an
    indirect party the appointment of SXRB's board of directors
    and senior management, and strategy and funding oversight; or
    if the government ceases to own 100% stake in the company;

-- SXRB's backlog from the Shanxi government (through the
    transportation bureau) dwindling, indicating less importance
    in constructing road infrastructure for the province.

S&P said, "We could also lower the ratings if we believe SXRB's
financial commitments appear to be vulnerable to non-payment.
Indications could be a material deterioration in liquidity while
funding access is impaired.

"Assuming we continue to analyze SXRB under the GRE framework,
the likelihood of an upgrade is also limited, given that we
believe the company will play a less important role to the
government and there is low likelihood of the company's SACP
improving, given its stretched balance sheet.

"If the implementation of the transportation reform is completed
faster than we expect, we will assess SXRB under our group
methodology framework. We may raise the rating on SXRB if: (1) we
assess the group credit profile of SXRB's parent to be materially
higher than SXRB's (bb+ or above); (2) we believe SXRB's group
status is of high importance; and (3) the government is likely to
support SXRB in the event it faces financial distress."



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


AIKYA CHEMICALS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aikya Chemicals
Pvt Ltd's (ACPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable rating;

-- INR95.85 mil.(reduced from INR194.80 mil.) Long-term loan due
    on July 2019 affirmed with IND BB-/Stable rating; and

-- INR10 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects the stabilisation of operations at
ACPL's manganese sulphate unit, although there have been further
delays in the commencement of commercial production at its ferric
chloride plant due to the absence of a strong customer base. The
scale of operations is thus small with the company posting
revenue of INR89 million in FY17, which was the first year of
commercial operations. Ind-Ra expects ACPL to improve the scale
of operations, backed by a rise in order inflow from its existing
customer base.

Despite the low revenue, credit metrics are moderate due to high
EBITDA margins on account of low raw material costs. Interest
coverage was 1.7x, net financial leverage was 11.4x and EBITDA
margins were 35.1% in FY17. Liquidity profile is also moderate as
the company's working capital utilisation was 90% for the six
months ended September 2017. Ind-Ra believes ACPL to improve
credit metrics in the coming years with the repayment of term
loans which will lead to a decline in financial cost.

The ratings remain supported by a rise in Gujarat Minerals
Development Corporation Ltd's stake to 23% from 12.99% in ACPL
through the infusion of fresh equity share capital.

RATING SENSITIVITIES

Positive: A substantial improvement in the credit profile along
with the commercialisation of ferric chloride production will be
positive for the ratings.

Negative: Substantial deterioration in the credit profile will be
negative for the ratings.

COMPANY PROFILE

ACPL was incorporated in 2011 by Sanjay Shah. ACPL has set up a
manufacturing unit in Vadodara for the production of manganese
sulphate and ferric chloride with a capacity of 18,000mtpa and
21,600mtpa, respectively.


AIR INDIA: Seven Firms in Race for Sale Adviser
-----------------------------------------------
The Times of India reports that as many as seven firms, including
KPMG, BNP Paribas and Rothschild India Pvt Ltd, are jostling with
each other to advise the government for the strategic sale of Air
India and its subsidiaries.

The other entities that have applied to act as transaction
adviser for the share sale are EY, Grant Thornton, Edelweiss and
ICICI Securities, TOI relates citing an update posted on the
website of the Department of Investment and Public Asset
Management (DIPAM).

The Cabinet, in June, had decided on strategic disinvestment of
the loss-making Air India, which is staying afloat on taxpayers'
funds, and a ministerial panel is working on the modalities, TOI
relates.

Seven law firms, including Hammurabi and Solomon Partners, Cyril
Amarchand Mangaldas, have applied to act as legal advisers in the
share sale, TOI discloses.

Besides, Shardul Amarchand Mangaldas, Crawford Bayley and Co,
Luthra and Luthra, ALMT Legal and Trilegal have thrown their hat
into the ring.

The DIPAM, in September, had invited applications for engaging up
to two advisors and a legal advisor for the strategic
disinvestment of Air India and its subsidiaries and joint
venture, the report states.

According to the report, the government has 'in-principle'
decided to disinvest the Air India group as a whole or its
constituents fully or part thereof through the strategic sale
with transfer of management control. Air India has a debt burden
of more than INR50,000 crore.

TOI says the transaction advisors would suggest the government on
the modalities and methods and the timing of the strategic
disinvestment of the Air India group. Besides, they would help in
preparing and submitting a detailed operational scheme to
successfully implement the disinvestment process, indicating
tentative timelines for each activity, adds TOI.

                          About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times.


BALAJI PAPER: CRISIL Assigns B- Rating to INR25MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facility of Balaji Paper and Newsprint Private Limited (BPN) and
assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the bank
facilities. CRISIL had earlier, on Nov. 6, 2013, suspended the
ratings as BPN had not provided necessary information required
for a rating review. BPN has now shared the requisite
information, enabling CRISIL to assign rating to the bank
facility.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Cash Credit             25        CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Letter of Credit         8.75     CRISIL A4 (Assigned;
                                     Suspension Revoked)

   Long Term Loan          19.13     CRISIL B-/Stable (Assigned;
                                     Suspension Revoked)

   Working Capital          3.59     CRISIL B-/Stable (Assigned;
   Term Loan                         Suspension Revoked)

   Proposed Short Term      5.53     CRISIL A4 (Assigned;
   Bank Loan Facility                Suspension Revoked)

The ratings reflect working capital intensive operations
resulting in stretched liquidity, weak debt protection metrics
and exposure to fluctuations in raw material prices. These
strengths are partially offset by the extensive experience of the
promoters, established relationship with clients and significant
networth.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Operations are working
capital intensive as reflected in gross current assets of 220-240
days for the 4 years through 2017 driven by large raw material
inventory holding of 90-120 days. Payment terms from local
dealers vary from 60-90 days while imports are generally against
letters of credit. Majority of the production is order-backed and
hence, finished good holding remains low at less than 30 days.

* Exposure to fluctuations in waste paper prices: Waste paper,
the prices of which are highly volatile, accounts for 70% of the
total raw material requirement. Waste paper is procured locally
as well as from overseas markets; consequently the company is
exposed to fluctuations in foreign exchange rates. Hence,
profitability remains exposed to adverse movement in the price of
waste paper.

* Weak debt protection metrics: Working capital intensive
operation has led to high reliance on external borrowings.
Additionally, outstanding term loan of INR30 crore as on
March 31, 2017 has resulted in high interest charges.
Accordingly, debt protection metrics remained muted'net cash
accrual to debt and interest coverage ratios were 0.05 time and
1.5 times, respectively, for fiscal 2017 (0.01 time and 1.5
times, respectively, for fiscal 2016).

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' three decade-long experience in the industry and
established relationships with suppliers and customers should
support business. The benefits include repeat orders from various
education departments of state governments such as West Bengal
Council of Higher Secondary Education, West Bengal Board of
Secondary Education, Board of Secondary Education Orissa,
Jharkhand University and Calcutta University that account for 50-
60% of total orders.

Outlook: Stable

CRISIL believes BPN will continue to benefit from the extensive
experience of its promoters and long-term association with
clients. The outlook may be revised to 'Positive' if increase in
revenue strengthens the cash generating ability, capital
structure and debt-protection metrics. The outlook may be revised
to 'Negative' if low growth in revenue or stretch in working
capital cycle or any large debt-funded capital expenditure
weakens financial risk profile.

Incorporated in 1998 and promoted by Kolkata-based Mr. Ram Avtar
Agarwal, BPN initially traded paper. In 2004, the company
purchased the assets of Neptune Paper Mills Ltd, a company
referred to the Board for Industrial and Financial
Reconstruction. The acquired factory was refurbished and BPN
commenced manufacturing of writing and printing paper  in 2005
with an installed capacity of 10 tonne per day (tpd) capacity has
expanded gradually and is 130 tpd currently.


C.P. ISPAT: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has been seeking information from C.P. Ispat Private
Limited to monitor the rating vide e-mail communications/letters
dated May 5, 2017, August 31, 2017, September11, 2017and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, CPPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on CPIPL bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            14.50       CARE D; Issuer not
                                     cooperating; based on best
                                     available information

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

The rating assigned to bank facilities of C.P. Ispat Private
Limited is constrained by stressed liquidity condition leading to
continuous over drawl in cash credit account.

Ability of the company to improve its liquidity positions and
service its debt on regular basis are the key rating
sensitivities.

C.P. Ispat Pvt. Limited (CPPL) incorporated in the year 2006, was
initially promoted by the Kolkata-based Chawla family and was
earlier managed by Mr. Amarjeet Chawla. CPPL commenced commercial
production in July 2009 at its facility in Bankura, West Bengal.
However, in September 2013, the Chawla family leased out the
plant to the Durgapur-based Jayshree group owned by Mr. Amit
Agarwal and his family. Since September 15, 2013, operations of
the plant have been managed by the Jayshree group. In February
2014, the Jayshree group entered into an agreement with the
Chawla family to purchase CPPL with effect from April 2014.
Currently, Mr. NK Sharma and Mr. Anil Agarwal are the promoters
of CPPL.Shri NK Sharma is the Managing Director of CPPL. CPPL is
engaged in the manufacturing of sponge iron at its plant located
at Barjora, Bankura with a current installed capacity of 60,000
metric tonne per annum (MTPA).


C.P. SPONGE: CARE Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from C.P. Sponge Iron
Private Limited (CPPL)to monitor the rating vide e-mail
communications/letters dated May 5, 2017, August 31, 2017,
September 11, 2017 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, CPPL has
not paid the surveillance fees for the rating exercise as agreed
to in its Rating Agreement. The rating on CPPL bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         20.00      CARE B+; Issuer not
   Facilities                        cooperating; based
                                     on best available
                                     information

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

The rating takes into account relatively small scale of operation
with low profitability margins, lack of backward integration with
volatility in raw material prices, stiff competition due to
fragmented nature of the industry and working capital nature of
operations. Moreover, the rating continues to derive strengths by
the experienced promoters along with moderate track record of
operations, strategic location of the plant and comfortable
capital structure.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Companies

Key Rating Weaknesses

Relatively moderate scale of operation with low profitability
margins: CPPL is a moderate player in the iron and steel industry
having total operating income and PAT of INR83.21crore and
INR0.28 crore respectively in FY16. The moderate scale of
operation restricts the financial risk profile of the company
limiting its ability to absorb losses or financial exigencies in
adverse economic scenario.

Lack of backward integration vis-a-vis volatility in raw material
prices coupled with low capacity utilization: The degree of
backward integration defines the ability of the company to
minimize price volatility risk and withstand cyclical downturns
generally witnessed in the steel industry. Since, raw material is
the major cost driver for CPPL accounting for about 99% of the
total cost of sales in FY16, any southward movement of finished
goods price with no decline in raw material price result in
adverse performance of the company. CPPL does not have any
backward integration for its raw materials and procures the same
from outside, exposing the company to price volatility risk.

Stiff competition due to fragmented nature of the industry with
presence of many unorganized players: The spectrum of the steel
industry in which the company operates is highly fragmented and
competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, CPPL's products being
steel related,it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Working capital intensive nature of business: CPPL's business,
being manufacturing of sponge iron is working capital intensive
marked by high average collection period and moderate inventory
period. The average inventory holding period remained moderatein
the range of 17-47 days during FY14-FY16 on the back of its
strategy to maintain raw material stock in view of expected
rising raw material prices coupled with increasing inventory of
the finished products due to lower off take on account of
sluggish demand on the back of slowdown in the steel sector.
Further, the average collection period has been increasing
continuously and
remained high in the range of 108-131 days during FY14-FY16
primarily on the back of the company's strategy to provide
higher credit period to the customers to attract them and retain
them on the back of increased competition and also on the back of
weak economic sentiment prevailing in the economy. The aforesaid
reason led to high utilization of its bank limit at around 98%
during the last 12 months ended on May 31, 2016.

Key Rating Strengths

Experienced promoter with moderate track record of operations:
The current promoters of CPPL are ShriMohon Chawla (Graduate)
aged 68 years and Shri Amarjeet Chawla (Graduate) aged 41 years.
Shri Mohon Chawla is the Managing Director of CPPL (having an
experience of about thirty five years in existing line of
business) and is involved in the strategic planning and running
the day to day operations of the company. He is being duly
supported by the other director coupled with a team of
experienced personnel. Further, CPPL commenced commercial
operation since July, 2008 and accordingly has a moderate track
record of commercial operations.

Strategic location of the plant: CPPL's plant is located in
Durgapur industrial belt of West Bengal where the raw materials
are available in abundance. Further, the coal and iron-ore rich
states of Jharkhand and Orissa are also located nearby. The
proximity to the raw material sources reduces the transportation
cost to the company. Besides, the region has large number of
steel
manufacturers as well as end users. Hence, the company has a
large ready market to sell its products.

Comfortable capital structure: Long term debt equity ratio
remained comfortable at below unity as on the last three account
closing dates. The overall gearing ratio which remained
moderately high at 1.32x as on March 31, 2013 improved
continuously and became comfortable at 0.98x as on March 31, 2016
on the back of scheduled  repayment of term loans, repayment of
unsecured loans, accretion of profits to reserve and equity
infusion by promoter.

C. P. Sponge Iron Pvt. Limited (CPPL) incorporated in the year
2002, was promoted by Chawla family belonging to West Bengal with
Shri Mohon Chawla being the Managing Director of CPPL. The
company commenced operation since July, 2008.CPPL is engaged in
the manufacturing of sponge iron at its plant located at
Durgapur, West Bengal with a current installed capacity of 60,000
metric tonne per annum (MTPA).


CRD FOODS: Ind-Ra Affirms 'B+' Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CRD Foods
Private Limited's (CRD) Long-Term Issuer Rating at 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit affirmed with
    IND B+/Stable/IND A4 rating;

-- INR178 mil. Term loan due on June 2024 affirmed with IND
    B+/Stable rating; and

-- INR100 mil. Proposed fund-based working capital limits*
    assigned with Provisional IND B+/Stable/Provisional IND A4
    rating.

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

KEY RATING DRIVERS

The ratings continue to reflect CRD's lack of an operational
track record and presence in a highly competitive, fragmented and
diversified service industry with low entry barriers. The company
commenced commercial operations from December 2016. It reported
INR9.20 million in revenue for FY17 and reported EBITDA losses
for the period.

The ratings, however, continue to be supported by the promoter's
operating experience of over one decade in diversified business
activities such as manufacturing and trading of ferrous and non-
ferrous metals. Moreover, the company has a comfortable
liquidity, indicated by a fund-based limit utilisation of about
69% during the 12 months ended September 2017.

RATING SENSITIVITIES

Negative: Lower credit metrics than Ind-Ra's expectations and/or
any additional debt-led capex affecting debt serviceability would
be negative for the ratings.

Positive: A stabilisation in operations and an improvement in
credit metrics would be positive for the ratings.

COMPANY PROFILE

Incorporated in September 2010, CRD operates a cold storage unit
in Mathura, Uttar Pradesh. The unit came online in December 2016.
The total storage capacity of the unit is 5,500 million tonnes.


EMAAR DEVELOPERS: CRISIL Reaffirms B+ Rating on INR20MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of EMAAR Developers And Builders Private
Limited (EDBPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Project Loan            20       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect risks related to timely inflow of
customer advances, saleability, and completion of ongoing
project; and cyclicality inherent in the real estate industry.
These weaknesses are partially offset by the extensive experience
of the company's promoters and their funding support,
advantageous location, and affordability of project supporting
demand.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to risks related to completion and saleability
of ongoing project: The company is currently executing a
residential project, Ratan City, in Nagpur with a total
construction area of 2.60 lakh square feet (sq ft). Though the
project is about 60% complete, sales have been limited. Project
progress and sales velocity will remain key rating sensitivity
factors over the medium term.

* Exposure to inherent cyclicality: The real estate sector is
affected by volatile prices, opaque transactions, and a highly
fragmented market. This is compounded by aggressive timelines for
completion with shortage of manpower (project engineers and
skilled labour).

Strengths

* Extensive experience of promoters and their funding support:
The promoters have been building real estate properties in Nagpur
for around two decades and have extended financial support, which
funded majority of construction cost till September 2017.
Promoters are likely to extend further support over the medium
term.

* Advantageous location and affordability: The project is well-
connected with various areas of Nagpur through Ring Road (1
kilometre [km] away from project location) and is about 3-4 km
from central areas. Furthermore, units are priced at INR3000 and
INR3750 per sq ft for residential and commercial units,
respectively.

Outlook: Stable

CRISIL believes EDBPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if sizeable customer advances and
timely implementation of ongoing project lead to healthy cash
inflow. The outlook may be revised to 'Negative' if time and cost
overruns in ongoing project or delays in receipt of customer
advances lead to low cash inflow and pressure on liquidity.

Incorporated in 1997 and promoted by Mr. Madan Balaji Ratan and
family, EDBPL undertakes residential and commercial real estate
development in Nagpur.


FARISTA VANIJYA: CARE Puts B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Farista Vanijya
Private Limited (FVPL) to monitor the ratings vide letters/e-
mails communications dated May 5, 2017, September 7, 2017,
September 7, 2017, October 4, 2017 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, FVPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The ratings
on FVPL's bank facilities will now be denoted as CARE B/CARE A4;
ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             6.90       CARE B; Issuer not
                                     cooperating; based on best
                                     available information

   Short-term Bank
   Facilities             0.40       CARE A4; ISSUER NOT
                                     COOPERATING

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

The rating takes into account the short track record with small
scale of operations and low profit margins, volatility in raw
material prices, working capital intensive nature of operations,
leveraged capital structure with weak debt coverage indicators,
intense competition and government regulated industry. The
ratings, however, derive strength from the promoter's experience.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Companies

Key Rating Weaknesses:

Short track record & small scale of operations with low profit
margins: FVPL is a small player with a PAT of INR0.49 crore on
total operating income of INR23.25 crore in FY17. The profit
margins of the company remained low marked PBILDT margin of
10.71% and PAT margin of 2.12% in FY17.

Volatility in raw material prices: Raw-material is the major cost
driver for FVPL, accounting for around 57% of total cost of sales
in FY17. Major raw-materials required are polypropylene granules
and dextrose for the company. The company procures the same from
open market. Since the raw-material is the major cost driver and
the prices of which are volatile in nature, the profitability of
the company is susceptible to fluctuation in raw-material prices.

Working capital intensive nature of operations: The company is
into manufacturing and supply of intravenous fluid to government
health department and wholesale traders. FVPL has to maintain a
large quantity of finished goods and raw material inventory.
Accordingly the average inventory period remained on the higher
side at 65 days in FY17. Further, the company allows credit of
about half month to its clients which resulted into working
capital intensive nature of its operations. However, it receives
credit of around a week from suppliers, mitigating the working
capital intensity to a certain extent. The average fund based
bank limit utilization remained on the higher side during last
twelve months ending in September 30, 2017.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of FVPL has remained leveraged
marked by overall gearing of 1.46x as on March 31, 2017. The debt
coverage indicators remained moderate marked by total debt to GCA
of 8.61x and interest coverage of 2.24x in FY17.

Intensely competitive and government regulated industry: Indian
Pharmaceuticals Industry is highly fragmented and competitive in
nature with large number of small and medium sized players having
established brands and marketing set ups. Intense competition in
manufacturing of pharmaceutical formulation segment limits
pricing flexibility, which constrains their ability of product
development and geographical diversification in regulated market.
The Government of India (GoI) issued the National Pharmaceuticals
Pricing Policy 2012 (NPPP-2012) in December 2012, which brings
all strengths and dosages of 348 drugs specified in the National
List of Essential Medicines of India (NLEM 2011), under price
control, expanding from the current list of 74 drugs. This will
adversely impact the industry revenue and profitability of the
players. Furthermore being relatively new player in the industry,
the company faces margin pressure due to intense competition and
stringent regulation in the industry.

Key Rating Strengths:

Experienced promoters: The promoters of FVPL have around two
decades of experience in diversified business and the company is
deriving benefit out of the same.

FVPL, incorporated in March, 2008, was promoted by Mr. Naresh
Kumar Agarwalla along with his brother Mr. Kailash Kumar
Agarwalla and his friend Mr. Mukul Ghosh. The company commenced
commercial production in April, 2014 and is engaged in the
business of manufacturing Intravenous Fluid (Saline water) with
an installed capacity of 210 lakh Litres per annum at its
manufacturing facility located at Uttar Dinajpur, West Bengal.


HALDIA NIRMAN: CARE Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Haldia Nirman
Projects Pvt. Ltd. (HNPPL) to monitor the ratings vide e-mail
communications/letters dated May 5, 2017, May 24, 2017,
September 11, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, HNPPL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
HNPPL bank facilities will now be denoted as CARE B/A4; ISSUER
NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.65       CARE B; Issuer not
                                     cooperating; based on best
                                     available information
   Short-term Bank
   Facilities             2.00       CARE A4; Issuer not
                                     cooperating; based on best
                                     available information

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

The rating takes into account relatively small player with
moderately low profit margin, volatile input prices, risk of
delay in project execution, sluggish growth amidst intense
competition in the construction industry and working capital
intensive nature of business resulting in leveraged capital
structure. Moreover, the rating continues to derive strengths by
the experienced promoters with long track record of operation,
satisfactory order book position and satisfactory client
portfolio.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Companies

Key Rating Strengths:

Experienced promoters with long track record of operation
HNPPL is currently managed by Shri Saroj Kumar Bera of Haldia,
West Bengal. Shri Saroj Kumar Bera aged about 38 years,
has more than a decade of experience in executing civil
construction projects. He looks after the day-to-day affairs of
the company with the assistance of the other directors coupled
with a team of experienced personnel.

Satisfactory order book position: The order book position of the
company remained satisfactory at INR59.92crore as on July 18,
2016 which is about 3.45x the total operating income for FY16
(Prov).

Satisfactory client portfolio: HNPPL has a list of well known
clients like, Central Institute of Plastics Engineering &
Technology (Govt. of India), Corrtech International Pvt Ltd.,
Steel Authority of India Ltd. (rated CARE AA+), and so on.

Key Rating Weaknesses:

Relatively small player with moderately low profitability margin
HNPPL is a small player in the construction business with total
operating income (TOI) of INR12.71 crore and PAT remains nil in
FY16. The tangible networth also remained low at INR1.90 crore as
on March 31, 2016. Small capitalization restricts overall
financial flexibility and bidding capacity which is crucial for a
construction entity.

Volatile input prices

Steel, bitumen, cement and steel are the major inputs for HNPPL
accounting for about 26% of the total cost of sales in FY16,
the prices of which are highly volatile. Moreover, the company
does not have any long term contracts with the suppliers for
the purchase of the aforesaid raw materials. Hence, the
profitability margins of the company are exposed to any sudden
spurt in the raw material prices.

In absence of escalation clauses in the majority of contracts,
any increase in input prices will affect the profitability of the
company.

Risk of delay in project execution: As HNPPL is dependent on flow
of orders both from the government and the private agencies,
steady flow & timely execution acquires greater importance,
especially in view of the stringent rules involved in contracts.
Further, HNPPL's business is also susceptible to financial loss
arising out of delay in project execution, as generally penalty
clause exists for delay in execution of construction projects
involving liquidated damages, etc. The company has however, a
satisfactory contract completion track record.

Sluggish growth amidst intense competition in the construction
industry: HNPPL operates in the construction industry which
requires bidding for the projects based on the tenders.
Accordingly, the company is exposed to intense competition. Given
the volatile economic environment, there has been slowdown in
release of new contracts, which has resulted in sluggish growth
being witnessed by the construction industry. However, the long-
term outlook appears satisfactory on the back of major investment
expected both from government and private sectors.

Working capital intensive nature of business resulting in
leveraged capital structure: HNPPL's business, being execution of
construction projects, is working capital intensive. The average
collection period of HNPPL increased continuously during FY13-
FY15 and remained high at 192 days during FY16 primarily on the
back of delays in receipt of payment due to weak economic
sentiment prevailing in the economy. Moreover, the inventory
period also increased continuously and remained high at 194 days
during FY16 on the back of orders under execution stage
(uncertified). Further, the average creditors' period declined
during FY16 over FY15, however it remained high at 120 days on
the back of higher credit period being received due to long
association with the suppliers. The average utilization of its
bank limit was high at about 98% during the last 12 month ended
on Sept.30, 2016. This coupled with lower networth base, resulted
in leveraged capital structure as reflected by the high overall
gearing ratio at 4.95x as on March 31, 2016. Further, the total
debt to GCA ratio also remained high at 19.03x as on March 31,
2016 on the back of lower GCA level and relatively high debt
level.

HaldiaNirman Projects Pvt. Ltd. (HNPPL) incorporated in
November 5, 2004, was promoted by the Bera family of Haldia, West
Bengal with Shri Saroj Kumar Bera being the main promoter. HNPPL
is a small sized West Bengal based company engaged in providing
different types of construction services which include
construction of buildings, pipelines, electrical works etc. for
both private and government entities with majority of revenue
being derived from private entities during FY15.


INTERIO CONCEPTS: CARE Assigns B+ Rating to INR2.22cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Interio Concepts Private Limited (PICPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term bank
   facilities             2.22       CARE B+; Stable (Assigned)

   Proposed Long
   term bank
   facilities             1.00       CARE B+; Stable (Assigned)

   Short-term Bank
   Facilities             2.25       CARE A4 (Assigned)

   Proposed Short term
   bank Assigned
   facilities             1.25       CARE A4 (Assigned)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of PICPL are
constrained on account of small scale of operations with low
capitalization, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position with moderately
working capital intensive nature of operations. The ratings are
also constrained on account of its presence in highly competitive
and fragmented industry, susceptibility of margins to volatility
in raw material prices and foreign exchange rates. The rating
however, derives strength from long track record of operation and
experienced promoters in the furniture industry and moderate
profitability margins and diversified clientele.

The ability of PICPL to increase its scale of operations and
improve capital structure along with efficient management of
working capital requirement are the key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Small scale of operations with low capitalization: Although the
entity was incorporated in 2006 its overall operations from May
2012. The total operating income has increased from INR0.38 crore
in FY14 to INR2 crore in FY15 due to automation of machinery
because earlier every work was done on manual basis. However, its
networth base remained low at INR0.78 crore as on March 31, 2017,
which limits its financial flexibility to meet any exigency.

Leveraged capital structure and weak debt coverage indicator:
PICPL's capital structure improved but remained leveraged with
high overall gearing owing to low networth base. Further owing to
moderate profitability and high debt levels, coverage indicators
remained weak with total debt / GCA of 6.37x and interest
coverage at 2.97x in FY17.

Moderate liquidity position owing to working capital intensive
nature of operations: The liquidity position is marked by
moderate current ratio and high operating cycle. The operations
are moderately working capital intensive in nature as the entity
uses plywood as a raw material whose prices fluctuates and also
they have to maintain the stock in order to avoid the shortage.
The entity imports around 70% of raw material from various
countries and offers a credit period of 30-60 days and it
supplies majorly to domestic customers and offers a credit period
of 90-120 days due to maintain competitive edge.

Operations in the competitive and fragmented industry: PICPL
operates in a highly competitive and fragmented industry. The
company witnesses intense competition from both organized and
unorganized players. This fragmented and highly competitive
industry results into price competition thereby affecting the
profit margins of the companies operating in the industry.

Susceptibility of margins to volatile raw material prices: The
company has no long-term contract with the suppliers of raw
materials and solely depends upon the established relationships.
The prices of PICPL's major raw material, ie, plywood are prone
to price volatility and with RM contributing more than 70%
towards total cost of production during last two years ending
FY17. Further entity holds around 80 days of inventory and thus
it is subject to risk associated with adverse movement in the raw
material prices.

Key rating Strengths

Long track record of operation and experienced promoters in the
textiles industry: The promoters of PICPL are very experienced
and are supported by experienced management team. Mr. Pankaj
Chandak, Mr. L.D. Chandak and Mrs. Navita Chandak directors of
the company, having average experience of around two decades in
furniture industry and are looking after the day to day
operations of the company. Furthermore the top management is
supported by personnel having adequate and relevant experience in
their respective fields to carry out day-to-day operations.

Moderate profitability margins: PBILDT margin remained moderate
in the range of 8%-12.95% during last three years ending FY17 on
account of the higher realization. Further net profit margin also
improved and remained moderate at 4.28% in FY17 (vis-a-vis 1.62 %
in FY16) in line with PBILDT margin.

Diversified clientele: Customer base remained diversified with
top 3 customers contributing 11% in FY17 and in FY16 as well. The
entity sales its products to its domestic customers primarily in
the markets of Delhi, Rajasthan, Gujarat, Maharashtra, Andhra,
Telangana, Karnataka, Tamilnadu and Kerala.

Prestige Interio Concepts Private Limited was incorporated in
2006 (erstwhile it is known as Pratham Trading Technologies
Private Limited and earstwhile it is known as Invfincom Trading
Consultants Private Limited). At the initial stage, the company
is managed by Mr. Nandlall Mandhana and Omprakash Gaggar and in
2012 Mr. Pankaj Chandak took over this company and changed its
name to Prestige Interio Concepts Private Limited on May 02,
2012. Mr. Pankaj Chandak; MD and CEO who has completed his
Masters from Ney York and Mrs. Navita Chandak; Director who is
also graduated from New York. Mr. L.D.Chandak; Director looks
after overall compliance department. PICPL is engaged in
manufacturing of wood based furniture panels which mainly
includes pre laminated panels used for furniture. PICPL has an
installed capacity of 6000 boards per month as on
March 31, 2017 at its well equipped plant located at Vapi,
Gujarat.


K.V.J. BUILDERS: CARE Reaffirms B+ Rating on INR10.50cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
K.V.J. Builders and Developers Private Limited (KVJ), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             10.50      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              7.00      CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of KVJ takes into
consideration small scale of operations with fluctuating total
operating income, tender based nature of operations, leveraged
capital structure and debt coverage indicators and working
capital intensive nature of operations due to elongated operating
cycle. The rating is however, underpinned by the long track
record of the company with experience of the promoters of more
than two decades in construction industry, moderate order book
position and increasing PBILDT margin and fluctuating PAT margin
during review period.

Going forward, the company's ability to increase its scale of
operations and capital structure and debt coverage indicators and
execution of the projects in timely manner along with efficient
management of working capital requirements would be key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations with fluctuating total operating
income:
Despite of moderate track record of the company, scale of
operations of the company are relatively small marked by total
operating income (TOI) of INR20.76 crore in FY17 with moderately
low networth base of INR8.18 crore as on march 31, 2017 (CA
certified prov.) as compared to other peers in the industry. The
total operating income of the company has been fluctuating during
review period FY15-FY17 (CA certified Prov.). The company's TOI
has reduced from INR22.73 crore in FY15 to INR18.52 crore in FY16
due to low amount orders received by government departments
(Kerala State Government) during FY16. However the same increased
to INR20.76 crore during FY17 (CA certified prov.) at the back
increased amount of cannel works executed by the company during
FY17.

Tender based nature of operations: The company receives 100% of
its work orders from government organizations which are tender-
based and are procured online. The revenues of the company are
dependent on the ability of the promoters to bid successfully for
the tenders and execute the same effectively. However the
promoter's long experience in the industry for more than two
decades mitigates the risk to an extent. Nevertheless, there are
numerous fragmented & unorganized players operating in the
segment which makes the civil construction space highly
competitive.

Leveraged capital structure and debt coverage indicators of the
company: The capital structure of the company remained leveraged
marked by higher overall gearing ratio of the company. Overall
gearing ratio of the company though improved marginally from
2.22x as on March 31, 2015 to 2.08x as on March 31, 2016 remained
leveraged at the back of repayment of machinery loan. However,
the same further deteriorated marginally to 2.28x as on March 31,
2017 prov. as the company has availed vehicles and machinery on
hire purchase. Total debt/GCAof the company improved from 19.74x
as on March 31, 2016 to 15.49x as on March 31, 2017 prov. at the
back of increased cash accruals from INR0.78 crore in FY16 to
INR1.20 crore in FY17 prov. Despite of the improvement during
FY17 (prov.) Total debt/GCA still remained on a higher side.
Furthermore, despite increase in the PBILDT level of the company,
PBILDT interest coverage ratio deteriorated slightly from 1.43x
in FY15 to 1.31x in FY16 due to increased amount of interest
cost.

Elongated working capital cycle days reflecting working capital
nature of business: The company's operating cycle days stood
significantly high in the range of 274 and 390 days during FY15
and FY17 Prov. due to high level of collection days of the
company. Collection days of the company stood high during the
review period due to late realisation of the receivables of the
project based works executed by the company. Such higher
receivable days has impacted in reliance of the company on
working capital borrowings. In order to meet the working capital
gap the company availed the Interchangeability of INR3.50 crore
from BG to CC limit. The average utilization of working capital
was 100% for the last 12 months ended July 31, 2017.

Key Rating Strengths

Long track record of the company with experienced promoters for
more than two decades in the construction industry: KVL was
incorporated in the year 2004 by Mr. Vinodh George and Mrs.
Reshma Dinu. The day to day activities of the company are managed
by Mr. Vinodh George only. Mr. Vinodh George is a graduate and
has more than two decades of experience in the civil construction
industry through its associates company. He also has considerable
experience in dealing with Kerala State Construction Corporation
Limited, Kerala Public Works and Haeber Engineering Division in
term of procurement and completion of the tender works, and also
realization of payments for the works executed.

Moderate order book position of around INR38.68 crore as on
August 8, 2017: The company has moderate order book of INR38.68
crore as on August 08, 2017 which translates to 1.87x of total
operating of FY17 (CA Certified prov.) and the same is likely to
be completed by December 2018. The said order book is related to
construction of bridges and port of INR38.68 crore. However, the
orders in hand provide revenue visibility to the company for
short to medium term.

Increasing PBILDT margin and fluctuating in PAT margin during
review period: PBILDT margin of the company is seen improving y-
o-y form 17.93% during FY15 to 21.81% during FY17 (CA certified
Prov.) at the back of reduced material cost and employee cost.
Despite of the increasing PBILDT, margins of the company are
dependent on the nature of contracts executed and also come under
pressure because of competitive nature of the tender based
contract works of the company. PAT margin of the company has been
fluctuating in the range of 0.25% -4.12% during FY15-FY17 prov.
due to reduced depreciation cost and increased interest cost of
the company from INR2.84 crore in FY15 to INR3.44 crore in FY17
(prov.).

K.V.J Builders and Developers Private Limited (KVJ) was
incorporated in the year 2004 by Mr. K. Vinodh George (Managing
Director) and Mrs. Reshma Dinu (director). The company has its
registered office located at Edappally, Ernakulam, Kerala and is
a Class-A contractor for constructions of bridges, roads,
airports and sea ports. The company procuress its work orders
through online tenders of Kerala State Construction Corporation
Limited (KSCCL), Kerala Public works Departments (KPWD) and some
from other private bodies. The company purchases the key raw
materials like cement, steel, bricks etc. from Indian Cement,
Steel Authority of India and TATA Steel etc. The company has the
present order book of INR38.68 crore to be completed by December
2018.


KTEX NONWOVENS: CRISIL Assigns B+ Rating to INR23.81MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Ktex NonWovens Private Limited (KNPL). The
ratings reflect the nascent stage of operations, susceptibility
to off-take risk, and high debt funding of the project. These
weaknesses are partially offset by the extensive experience of
promoters in the non-woven fabric industry and their funding
support.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Facility                 6        CRISIL B+/Stable (Assigned)

   Bank Guarantee           2.19     CRISIL A4 (Assigned)

   Term Loan               23.81     CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations and susceptibility to offtake risk:
The company's unit for manufacturing of non-woven fabrics is
expected to commence operations from December 2017. It could face
initial challenges especially in attracting customers who are
already buying from established players. Timely stabilisation of
capacities and commensurate ramp up will remain key monitorables.

* High debt funding of the project: The project is being funded
in a debt-to-equity mix of 1.6:1, resulting in a highly leveraged
capital structure. The gearing is expected to be more than 2.9
times as on March 31, 2018. This arrests future borrowing
capacity and will constrain debt protection metrics, especially
in the initial stages of operations.

Strength

* Extensive industry experience of the promoters and their fund
support: The promoters have an experience of two decades in the
non-woven fabric industry through associate concerns and group
companies. This has led to established associations with
suppliers and customers. The promoters infused equity of INR15
crore and extended unsecured loans of INR4.11 crore for
implementation of the project.

Outlook: Stable

CRISIL believes KNPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if timely and successful commissioning of the plant
leads to higher-than-expected accrual and hence to a better
financial risk profile. The outlook may be revised to 'Negative'
if lower-than-expected revenue or profitability, or large working
capital requirement results in weakening of the financial risk
profile, especially liquidity.

KNPL, incorporated in 2016, is promoted by Mr. Vallabh Bhima
Godhani, Mr. Himanshu Dipak Patel, Mr. Dhilan Dolatrai Kanakia,
and Mr. Nimesh Kiran Sanghrajka. The company is setting up a unit
at Jamnagar, Gujarat, for manufacturing non-woven fabrics used in
hygiene products such as diapers and medical bed linen.
Operations are expected to commence from December 2017.


LEESUN CERAMIC: CARE Reaffirms B+ Rating on INR7.86cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Leesun Ceramic Tiles Co. (LCTC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.86       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             1.25       CARE A4; Reaffirmed

Detailed rationale

The ratings assigned to the bank facilities of LCTC continue to
remain constrained on account of its small scale of operations
coupled with low profit margins, leveraged capital structure,
moderate debt coverage indicators and weak liquidity position in
FY17 (FY refers to the period from April 1, 2016 to March 31,
2017). Furthermore, the ratings are also constrained on account
of its presence into highly fragmented ceramic tile industry
along with fortunes dependent on real estate market;
susceptibility of profit margins to volatility in prices of raw
material, power and fuel.

The ratings, however, derives comfort from the experienced
promoters and locational advantage having presence into ceramic
hub and marketing and distribution network support from other
group entities.

LCTC ability to increase its scale of operations and profit
margins in light of volatile raw material and fuel costs would
remain the key rating sensitivities. Furthermore, improvement in
capital structure and debt coverage indicators would also remain
crucial.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations coupled with low profit margins: During
FY17, LCTC has registered marginal growth of 1.59% in its scale
of operations and it continued to remain small at INR10.24 crore
as compared to previous year. Profit margins though improved
continue to remain low during FY17.

Leveraged capital structure, moderate debt coverage indicators
and Weak liquidity position: The capital structure remained
leveraged marked by an overall gearing ratio of 3.48x as on
March 31, 2017. It has improved compared to previous year on the
back decrease in total debt level as against marginal improvement
in the net worth base as on balance sheet date.

Further, the debt coverage indicators have also improved and
stood moderate marked by an interest coverage ratio of 1.72 times
during FY17 and total debt to GCA of 10.09 times as on March 31,
2017 due to improvement in PBILDT and GCA level.

The liquidity position also continue to remain weak marked below
unity current ratio and quick ratio as on balance sheet date,
while operating cycle though improved stood moderately high at 84
days during FY17. Working capital utilization stood at 80% during
past 12 months ended August, 2017.

Susceptibility of margins to volatility in raw material and fuel
prices along with presence into competitive industry Profit
margins of LCTC remain susceptible to changes in its primary raw
material i.e. clay and other materials coupled with fuel prices.
Further, high proportion of small scale units operating in the
ceramic industry has resulted in the fragmented nature of the
industry as well as intense competition within the players
thereby limiting pricing flexibility.

Key Rating Strengths

Experienced promoters coupled with presence into ceramic cluster:
Promoters of LCTC hold more than a decade of experience into
similar line of operations. Further, manufacturing facilities
of LCTC are located at Wankaner, Morbi in Gujarat. Majority of
the ceramic tiles production in India comes from the Morbi
cluster. Primary raw materials are easily available from the
local market of Gujarat coupled with availability of labours,
accessibility of water, power connection, gas connection and the
nearby location of the major seaport, Kandla leading to
facilitating delivery of finished products in a timely manner.

Wankaner-based (Gujarat) LCTC, was incorporated in 2013 by Mr.
Manoj Patel, Mr. Mukesh Sontaki, Mr. Manoj Amrutiya and Mr.
Jadevji Bopaliya. It is engaged in manufacturing of ceramic
digital printed wall tiles. LCTC's manufacturing facilities are
located at Wankaner city of Gujarat having total installed
capacity of around 8000 boxes per day (48000 MTPA) for tiles of
size of "8 X 12" as on March 31, 2017. LCTC sells its products
under the brand name "Leesun Tiles".


M. R COTTON: CRISIL Reaffirms B- Rating on INR7.25MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable' rating on the long-
term bank facilities of M. R Cotton Industries (MRC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           7.25       CRISIL B-/Stable (Reaffirmed)
   Term Loan             2.75       CRISIL B-/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive cotton industry and weak
financial risk profile because of high gearing, muted debt
protection metrics, and stretched liquidity following low accrual
and small networth. These weaknesses are partially offset by the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Extensive experience of promoters: Presence of more than two
decades in the cotton industry through group entities has enabled
the promoters to understand local market dynamics, establish
strong relationship with suppliers and customers.

* Weak financial profile: MRC has modest net worth and high
gearing of INR2.71 Cr and 6.9 times respectively as on March 31,
2017. Its interest coverage remains constrained at 0.95 times for
fiscal 2017. Liquidity remains stretched on account of low cash
accruals to meet repayment obligations.

Strengths

* Modest scale of operations in competitive industry and low
profitability: With revenue of INR25 crore in FY17, scale remains
small and has been declining in the past three years. This is
compounded by intense competition in the cotton industry due to
low entry barrier.

* Susceptibility of profitability to volatility in cotton prices:
Operating margins of players in the cotton business are highly
affected by the price of cotton in the commodity markets.
Operating margin declined significantly to 3.3% in fiscal 2017
from 4.9% in fiscal 2016.

Outlook: Stable

CRISIL believes MRC will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' in case of substantial revenue growth, while improving
profitability and capital structure. The outlook may be revised
to 'Negative' if considerable decline in revenue and
profitability, deterioration in working capital management, or
large, debt-funded capital expenditure affects financial risk
profile, especially liquidity.

Set up in 2011 as a partnership firm by Mr. Dhiren Patel, Mr.
Mahendra Patel, Mr. Chetan Kumar Patel, Mr. Rumit Kumar Patel,
and Ms. Veena Vinod Patel, MRC gins and presses raw cotton
(kapas) to make cotton bales; it also sells cotton seed and
cotton seed cake. Operations are managed by Mr. Mahendra Patel,
Mr. Chetan Kumar Patel, and Mr. Rumit Kumar Patel.


MAMTA TRANSFORMERS: CRISIL Reaffirms B Rating on INR4MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Mamta Transformers Private Limited (MTPL).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee          3        CRISIL A4 (Reaffirmed)
   Cash Credit             4        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale of
operations in intensely competitive transformer industry and
below-average financial risk profile. These rating weakness are
partially offset by promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: MTPL has modest scale of operations
as reflected in its estimated revenue of around INR16 crore in
2016-17 (refers to financial year from April 1 to March 31). This
is partly attributed to its limited presence as it derives its
entire revenue from MP, Tamil Nadu (TN) and Maharashtra, given it
is an approved vendor for the state electricity boards of MP, TN
and Maharashtra. Moreover, India's transformers industry is
highly fragmented in the lower-voltage segment and highly
competitive, driven by the presence of many small regional
players. As technology intensity is not high, the only entry
barriers for domestic players are proven execution skills, design
capability, and after-sales service.

* Below-average financial risk profile: MTPL's financial risk
profile is below average marked by modest capital structure with
net worth of around INR2 crores and high gearing of over 2.25
times as on March 31, 2017 and weak debt protection metrics with
an interest coverage and NCATD of 1.1 times and 0.05 times
respectively in 2016-17. Going forward, the financial risk
profile of the company is expected to remain below average due to
weak accretion to reserves given the modest scale of operations
and low profitability.

Strength

* Promoters' industry experience: MTPL's promoters Mr. Ora and
his family members have over two decades' experience in the
transformer-manufacturing industry. Over the years they have
gained sound understanding of the market dynamics and developed
healthy relationships with suppliers and customers. The company
has a track record of timely execution of projects and there has
been no instance of bank guarantee invocation.

Outlook: Stable

CRISIL believes that MTPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook maybe revised to 'Positive' in case of significantly
higher-than-expected cash accruals or capital infusion along with
efficient working capital management. Conversely, the outlook
maybe revised to 'Negative' in case of low cash accruals or large
working capital requirements or if MTPL undertakes a large debt-
funded capital expenditure, exerting pressure on its liquidity.

Incorporated in 1995, MTPL is based in Indore (Madhya Pradesh)
and is primarily engaged in the manufacturing and repairing of
distribution transformers. The company is promoted by Mr. R L
Ora, Mr. Vineet Ora and their family members.

For fiscal 2017, MTPL profit after tax (PAT) was INR0.10 crore on
net sales of INR16.03 crore, against a PAT of INR0.11 crore on
net sales of INR13.63 crore for fiscal 2016.


MANAGING COMMITTEE: CARE Moves B Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Managing Committee
of Institute of Management and Information Science (MCIMIS) to
monitor the ratings vide letters/e-mails communications dated
June 20, 2017, September 7, 2017, September 15, 2017, October 4,
2017 and numerous phone calls. However, despite our repeated
requests, the entity has not provided the requisite information
for monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. Further, MCIMIS has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. In line with the extant SEBI guidelines CARE's
rating on MCIMIS's bank facilities will now be denoted CARE B;
ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.0        CARE B; Issuer not
   Facilities                        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 September 1, 2016 the following
were the rating weaknesses and strengths:

Key Rating Weaknesses:

Constitution being a society: MCIMIS is a society, registered
under the society registration Act 1860 and is accordingly,
subjected to lesser level of regulations and accountability.

Small size of the entity with deficit profit levels: The size of
MCIMIS is small in terms of total revenue of INR4.60 crore
[INR5.14 crore in FY15 (refers to the period April 1 to March
31)] with net deficit of INR2.72 crore (net deficit of INR2.92
crore in FY15) during FY16 (provisional). The entity incurred
operating deficit of INR0.22 crore in FY16 (provisional) as
against INR0.25 crore operating deficit in FY15. Furthermore, the
entity has incurred net deficit of INR2.72 crore in FY16
(provisional) as against net deficit of INR2.95 crore in FY15.
Accordingly, the networth of the entity eroded year on year and
the same stood at INR22.48 crore as on March 31, 2016, as against
INR22.72 crore as on March 31, 2015.

Moderate enrolment ratio: The enrolment ratio was moderate during
FY14-FY16 in the range of 62.5% to 68.33% mainly due to intense
competition in the industry.

Presence in a highly regulated education industry: MCIMIS is
operating in a highly regulated industry. In addition to All
India Council for Technical Education (AICTE), the educational
institutions are regulated by respective State Governments with
respect to number of management seats, amount of tuition fee
charged for government quota and management quota giving limited
flexibility to the institutions. Furthermore, all courses run by
non-Government organizations are termed self-financed, where fees
are governed by a statutory body. The operating and financial
flexibility of the education sector are limited, as regulations
govern almost all aspects of operations, including fee structure,
number of seats, changes in curriculum and infrastructure
requirements. These factors have significant impact on the
revenue and profitability of the institutions.

Key Rating Strengths:

Experienced promoters with long track record of operations:
MCIMIS is into education sector since 1996 and accordingly has
around two decades of track record of running educational
institution. The key promoter and Chairman Mr. Kamala Kanta
Beuria has over three decades of experience in education sector,
looks after the day-to-day operations of the entity.

Satisfactory capital structure: MCIMIS has a satisfactory capital
structure with debt equity of 0.27x and overall gearing of 0.48x
as on March 31, 2016.

MCIMIS was set up in December 1996 as a society. The society is
running educational institution in the name of Institute of
Management & Information Science (IMIS) at Bhubaneswar, Orissa.
The Institute has intake sanctioned capacity of 120 students for
Post Graduate Diploma in Management (PGDM) for the academic year
2016-2017 and the course is approved by All India Council for
Technical Education (AICTE).


MANGANESE PRODUCTS: CRISIL Cuts Rating on INR4.5MM Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Manganese Products Corporation (MPC) to 'CRISIL B+/Stable'
from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB-/Stable')

   Proposed Long Term      1.5       CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects the expectation that MPC's financial risk
profile and liquidity will remain weak due to stretched working
capital cycle. Long-term fund infusion from partners will remain
a rating sensitivity factor over the medium term.

The rating reflects large working capital requirement and modest
scale of operations. These weaknesses are partially offset by
experience of partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets have
been 240-260 days over the three years ended March 31, 2017,
driven by moderate debtors and high inventory.

* Modest scale of operations: Small scale of operations, with
turnover of INR30 crore in fiscal 2017, amid intense competition
limits pricing power with suppliers and customers, thereby
constraining profitability.

Strength

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

Outlook: Stable

CRISIL believes MPC will continue to benefit over the medium term
from the experience of partners. The outlook may be revised to
'Positive' if significant increase in scale of operations and
profitability, leading to sizeable cash accrual, strengthens
capital structure. Conversely, the outlook may be revised to
'Negative' if significant decline in operating margin, large,
debt-funded capital expenditure or stretch in working capital
cycle weakens financial risk profile.

MPC is a partnership firm that started operations in 2005. It was
taken over from the original promoters by Mr. Ajay R. Khandelwal
and family in 2009. MPC produces manganese oxide and manganese
dioxide that are used in chemicals (battery manufacturers),
paints and varnish, and ceramics. The manufacturing facilities
are in Kanhan, Maharashtra.


MEHUL GEO: Ind-Ra Raises Issuer Rating to 'BB-', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Mehul Geo
Projects LLP's (MGP; formerly Mehul Construction Company) Long-
Term Issuer Rating to 'IND BB-' from 'IND B+'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR100 mil. (increased from INR90 mil.) Fund-based facilities
    upgraded with IND BB-/Stable/IND A4+ rating; and

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

KEY RATING DRIVERS

The upgrade reflects an improvement in MGP's revenue and
operating profitability. Revenue grew to INR357 million in FY17
(FY16: 290 million) on account of execution of additional
contracts. EBITDA margin improved to 17.04% in FY17 (FY16:
13.42%) due to an increase in execution of direct contracts. MGP
achieved a turnover of INR277.162 million until September 2017.
As of October 2017, MGP had an order book of INR3,968 million(11x
of FY17 revenue), providing revenue visibility for the next two
to three years. Ind-Ra expects the revenue to witness a stable
growth in FY18 backed by its strong order book position.

MGP's credit metrics remained moderate as reflected by interest
coverage (operating EBITDA/gross interest expense) of 3.3x in
FY17 (FY16: 3.3x) and net financial leverage (total adjusted net
debt/operating EBITDA) of 3.1x in FY17 (FY16: 3.4x).

The company's liquidity remained moderate with 76% utilisation of
fund-based working capital limits during the 12 months ended
September 2017.  However, the ratings are supported by the
promoter's more than two decades of experience in the
construction industry.

RATING SENSITIVITIES

Positive: A significant improvement in the revenue while
maintaining the operating profitability and an improvement in the
overall credit metrics could lead to a positive rating action.

Negative: A substantial decline in the top line or operating
profitability and a sustained deterioration in the overall credit
metrics will lead to a negative rating action.

COMPANY PROFILE

MGP was incorporated in 1996 as Mehul Construction Company.
During May 2017, Mehul Construction Company was reconstituted as
a limited liability partnership and renamed as MGP. The company
is an engineering, procurement and construction contractor
engaged in government and private projects. It undertakes civil
construction contracts for dams, canals and bridges for the
Gujarat government (60% of revenue) and undertakes tiling works
for the real estate sector (private sector; 40% of revenue).


MOTIL DEVI: CARE Assigns B+ Rating to INR6.39cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Motil
Devi Organic Food Industries Pvt Ltd (MDOFI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.39       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MDOFI is primarily
constrained by its small scale of operation with short track
record, susceptibility of margins to fluctuation in raw material
prices, intensely competitive nature of the industry with
presence of many unorganized players, working capital intensive
nature of operation and weak financial risk profile marked by
moderately low profit margins, leveraged capital structure and
weak liquidity position. The rating, however, derives strength
from its experienced promoters and satisfactory demand of the
manufactured products.

Going forward, the ability of the company to improve its scale of
operation along with profitability margins and efficient
management of working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with short track record: MDOFI is a
small player in ice-cream manufacturing business with revenue and
PAT of INR8.37 crore and INR0.38 crore respectively in FY16.
Furthermore, the total capital employed was also modest at
INR9.05 crore as on March 31, 2016. The small scale restricts the
financial flexibility of the company in times of stress.
According to the management, during FY17, the company has earned
a total operating income of INR7.11 crore. Furthermore, the
commercial operation of the company has been started from
April 2014, thus having only over three years of operational
track record.

Susceptibility of margins to fluctuation in raw material prices:
Raw material constituted around 60% of the total cost of sales
for the last two years (FY15-FY16). The company is in dairy
industry and susceptible to fluctuations in raw material prices.
Milk supply and its prices are exposed to several external risks
like government policies, cattle diseases, yield etc. Any
fluctuation in prices of milk will have a direct impact on the
profitability margins of the company.

Intensely competitive nature of the industry with presence of
many unorganised players: Dairy products like ice cream
manufacturing industry is highly fragmented and dominated by few
large players having nationwide presence. The competition is
intense due to the presence of large number of regional and local
milk and dairy product suppliers. Around 80% of the domestic
dairy industry consists of unorganized players, fragmented in
various regions. MDOFI faces intense competition from bigger
private players and co-operative societies with well established
brands as well as unorganized sectors comprising of local
vendors.

Working capital intensive nature of operation: The operation of
the company is working capital intensive. The dairy industry is
characterized by the short supply of milk during peak of summers.
The company primarily procures the raw material during the winter
season when the milk is available in abundance and at low price
which leads to build up of finished goods which intern increases
the inventory period as on last accounting date which further
leads to high operating cycle. The average utilisation of bank
borrowing during last 12 months ended on July, 2017 was 90%.

Weak financial risk profile marked by moderately low profit
margins, leveraged capital structure and weak liquidity position:
Financial risk profile of the company has been low over the
years. Though the PBILDT margin has been satisfactory and
hovering around 14% during FY16, PAT margin was low and after a
net loss during FY15, it is hovering around 4% during FY16. The
capital structure of the company is leveraged marked by high
overall gearing ratio at 2.62x as on March 31, 2016. However, the
same has improved on the back of scheduled repayment of term loan
and accretion of profits to reserve. Interest coverage ratio was
adequate at 1.68x during FY16. Current ratio was below unity as
on March 31, 2016 due to high current portion of long-term debt.

Key Rating Strengths

Experienced promoters: MDOFI is currently managed by Mr. Deepak
Wadhvani, Director, having about two decades of experience in
similar line of business.

Satisfactory demand of the manufactured products: With growing
population and increasing purchasing power and growing propensity
to spend for the average consumer along with change in lifestyle
and food habits, demand for milk and milk products is growing
steadily primarily in the urban and semi-urban areas.

Motil Devi Organic Food Industries Pvt Ltd (MDOFI), incorporated
in December 2012 by one Mr. Deepak Wadhvani of Raipur, is engaged
in the business of manufacturing of ice cream. The company
started its commercial operation since April 2014 with an
installed capacity of 15,00,000 litres per annum. The company
market its products under the brand name of "Mental" in and
around Raipur.

Mr. Deepak Wadhvani, Director, looks after the day to day
operations of the company with adequate support from other
director and a team of experienced personnel.


MOUNT VELOUR: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Mount Velour Rubber Works Private Limited
(MVRWL).

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

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

The rating continues to reflect its modest scale of operations,
exposure to intense competition in the rubber and tyre industry,
and below-average financial risk profile because of a small
networth. These weaknesses are partially offset by the extensive
experience of its promoters and established customer
relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in competitive segment: With revenue
of INR85.5 crore in fiscals 2017, scale remains small due to
intense competition in the rubber and tyre industry.

* Below-average financial risk profile: Networth and gearing were
weak at INR3.2 crore and 2.57 times, respectively, as on
March 31, 2017.

Strength

* Extensive experience of promoters and reputed clientele:
Industry presence of around four decades has enabled the
promoters to build a strong network of reputed customers.

Outlook: Stable

CRISIL believes MVRWL will continue to benefit over the medium
term from the extensive experience of its promoters in the rubber
industry. The outlook may be revised to 'Positive' if improvement
in scale of operations and operating profitability leads to a
better financial risk profile. The outlook may be revised to
'Negative' if financial risk profile deteriorates on account of
lower sales and profitability or large debt-funded capital
expenditure.

Set up in 1977 as a partnership firm by Mr. M Usman and his
associates and reconstituted as a private limited company in
2005, MVRWL manufactures block rubber. The company is based in
Nilambur, Kerala.


NANDA GOKULA: CRISIL Reaffirms B+ Rating on INR5.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
facilities of Nanda Gokula Industries (NGI).

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

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive cashew processing
industry and below average financial risk profile. These rating
weakness are partially offset by promoters' extensive experience
in the cashew industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations remains small,
with revenue of INR15.1 crore in fiscal 2017. The domestic cashew
processing industry is intensely competitive, in both the
organised and unorganised segments, because of low
differentiation in technology, and moderate capital requirement
to set up units. Modest scale limits benefits from economies of
scale, and exposes the firm to competitive pressure on pricing.
Resilience of small players to external shocks such as
delinquency by major customers is lower than that of the larger
players. Operations should remain constrained over the medium
term by modest scale of operations and intense competition.

* Below-average financial risk profile: The NGI has below-average
financial risk profile marked by modest net worth of INR2.9 cr.,
high gearing of 3.3 times as on March 31, 2017. The company has
moderate debt protection metrics with net cash accrual to Total
debt (NCATD) and interest coverage ratios of over 0.05 and 1.9
times, respectively, for 2016-17. Financial risk profile may
remain below average over the medium term.

Strength

* Extensive experience of promoters in the cashew processing
industry: The promoters, the Shetty family, have been in the
agri-products business in Karnataka for the past three decades.
They have maintained healthy relationships with suppliers and
customers over the years. The promoter has demonstrated ability
to successfully navigate through business cycles and steadily
scale up the business. Benefits from the promoters' experience
and insights into industry trends are expected to support
business risk profile over the medium term as well.

Outlook: Stable

CRISIL believes NGI will continue to benefit over the medium term
from its promoters' extensive experience in the cashew processing
industry. The outlook may be revised to 'Positive' in case there
is significant and sustained improvement in revenue,
profitability, capital structure, and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue or profitability, stretch in working capital cycle, or
any large capital expenditure (capex) weakens financial risk
profile.

NGI, a proprietorship firm set up in 2012 by Mrs Chandravathi
Shetty, processes raw cashew nuts and sells cashew kernels.
Operations are managed by Mr. Premananda Shetty.

For fiscal 2017, NGI profit after tax (PAT) was INR0.3 crore on
net sales of INR15.1 crore, against a PAT of INR0.1 crore on net
sales of INR9 crore for fiscal 2016.


PAVAN INDUSTRIES: CRISIL Assigns 'B' Rating to INR5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Pavan Industries - Hyderabad (PIH). The rating
reflects modest scale of operations in the intensely competitive
rice industry, subdued financial risk profile marked by a modest
net worth, high gearing and weak debt protection metrics,
exposure to fluctuations in raw material prices and uneven
monsoon. These weaknesses are partially offset by the extensive
experience of promoters in rice industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B/Stable (Assigned)

   Proposed Cash
   Credit Limit             5        CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in intensely competitive rice industry: Limited
capacity and intense competition in the rice industry have led to
a small scale, reflected in revenue of INR27.7 crore in fiscal
2017. Modest scale also restricts benefits of economies of scale
and limits pricing flexibility, thereby constraining
profitability.

* Subdued financial risk profile: As on March 31, 2017, the
networth was small at INR2.47 crore and total outside liabilities
to total networth was high at over 3.1 times. With continued
large working capital debt, gearing is expected to remain high
over the medium term. Interest coverage ratio was muted at 1.32
times during fiscal 2017 due to low profitability and high debt
level.

* Exposure to volatility in raw material prices and uneven
monsoon: Vulnerability of the basmati crop to the vagaries of the
rainfall can lead to fluctuations in availability and prices of
paddy, and thus could impact the business risk profile of rice
processors such as PIH.

Strengths

* Extensive experience of promoters: PIH's promoters have
extensive experience and understanding of the dynamics of the
local market, which helps in anticipating price trends and
calibrating purchasing and stocking decisions.

Outlook: Stable

CRISIL believes PIH will benefit over the medium term from the
extensive experience of its management. The outlook may be
revised to 'Positive' if substantial increase in revenue and
profitability leads to higher cash accrual and better financial
risk profile. The outlook may be revised to 'Negative' if lower-
than-expected revenues and profitability, or sizeable debt
further weakens financial risk profile, particularly liquidity.

PIH, setup in 2006, is partnership firm of Mr. Praveen Chowdhary
and Mrs. Susheela Devi. The firm is engaged in milling of paddy
into processed non-basmati rice at Ranga Reddy, Telangana.


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

-- INR190 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 20, 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 2005, Rana Milk Foods is into milk processing and
manufacturing of other milk products. It supplies its products
under the brand name Royal.


RMA METALS: CRISIL Assigns B+ Rating to INR4.0MM Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of RMA Metals and Alloys Private Limited
(RMA).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               0.4       CRISIL B+/Stable (Assigned)

   Overdraft               5.6       CRISIL A4 (Assigned)

   Proposed Working
   Capital Facility        4.0       CRISIL B+/Stable (Assigned)

The ratings reflect the company's modest scale of operations in
the fragmented aluminum alloys industry, and its weak financial
risk profile. These weaknesses are partially offset by the
extensive industry experience of its promoter.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a fragmented aluminum alloys
industry: The modest scale is reflected in revenue of INR20.08
crore in fiscal 2017. Moreover, the aluminum alloys industry is
highly fragmented, and hence, intensely competitive, leading to
modest operating margin.

* Weak financial risk profile: Financial risk profile is
constrained by modest networth, weak gearing (because of working
capital debt), and subdued debt protection metrics (due to modest
operating profitability and accrual).

Strength

* Extensive industry experience of the promoter: Mr. K Jayaraj,
who established the company in 2000, has experience of two
decades in manufacturing aluminum alloy ingots. His experience
has helped the company establish strong relationships with key
stakeholders.

Outlook: Stable

CRISIL believes RMA will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if revenue growth and improved operating profitability
lead to higher accrual. The outlook may be revised to 'Negative'
if liquidity deteriorates due to significant, debt-funded capital
expenditure or stretch in working capital cycle, or if revenue or
profitability declines leading to lower-than-expected accrual.

Incorporated in 2000, RMA manufactures aluminum alloy ingots. The
company is based in Chennai and is promoted by Mr. K Jayaraj.


ROBBINS TUNNELING: Ind-Ra Migrates BB+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Robbins
Tunneling and Trenchless Technology (India) Private Limited's
(RTTTIPL) 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:

-- INR30 mil. Fund based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 27, 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 2005, RTTTPL is a 100% subsidiary of Robbins USA
specialising in manufacturing of tunneling boring machines. The
company provides various tunneling projects in India for hydro-
power, irrigation and underground rail transport system.


SATIJA MOTORS: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Satija Motors Pvt Ltd (SMPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         2.0       CRISIL A4 (Reaffirmed)
   Cash Credit            4.5       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale and
working capital intensive operations in the intensely competitive
automobile dealership business in Chhindwara and below-average
financial risk profile. These rating weakness are partially
offset by extensive industry experience of promoters in the
automobile dealership business.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR3.99 crore (as on March 31, 2017) extended to SMPL by its
promoters as neither debt nor equity as the loans are expected to
be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: The modest scale of operation is
reflected in net sale of around INR41.8 crore for 2016-17 (refers
to financial year, April 1 to March 31). Despite improving the
dealership network, the company has reported moderate revenue
growth over three years ended 2016-17, due to sluggish demand for
automobiles and increased competition. SMPL's scale will improve
gradually, but will remain modest over the medium term because of
limited growth in demand and competition.

* Below-average financial risk profile: The SMPL has below-
average financial risk profile marked by modest net worth of INR6
cr., moderate total outside liability to tangible net worth of
1.8 times as on March 31, 2017. The company has weak debt
protection metrics with net cash accrual to Total debt (NCATD)
and interest coverage ratios of over 0.04 and 1.1 times,
respectively, for 2016-17. Financial risk profile may remain
below average over the medium term.

Strength

* Promoters' industry experience: SMPL's promoters, the Satija
family have been engaged in the auto dealership industry from
over the past more than 3 decades. The promoters are also engaged
in other business like manufacturing of auto components, running
an educational institute etc. through other group companies.
Further over the years the company has been able to establish
good relations with principal Mahindra & Mahindra and achieve
monthly targets set by its principals.

Outlook: Stable

CRISIL believes SMPL will be able to maintain the credit risk
profile, backed by the established market position in Chhindwara.
The outlook may be revised to 'Positive' if an equity infusion by
promoters or improvement in scale of operations that leads to
higher cash accrual, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if a significant slowdown in
revenue or a large debt-funded capex weakens the financial risk
profile.

SMPL was earlier established in 1984 as a partnership firm in the
name Satija Motor Cycle; it was as a dealer of Yamaha Motors
Private Limited (Yamaha) bikes. In November 1990 the firm got
reincorporated as a private limited company in the name of SMPL.
In 2002 the company received dealership of Mahindra & Mahindra
Limited (Mahindra) tractors. The company was promoted by the
Satija family and is based out of Chhindwara (Madhya Pradesh).
The day to day operations of the company are managed by Mr.
Nikish satija.

For fiscal 2017, SMPL profit after tax (PAT) was INR0.09 crore on
net sales of INR41.8 crore, against a PAT of INR0.33 crore on net
sales of INR40.9 crore for fiscal 2016.


SEVEN SEAS: CRISIL Lowers Rating on INR218MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Seven Seas Hospitality Private Limited (SSHPL) to 'CRISIL D'
from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                4        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan              218        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')
The downgrade reflects a recent instance of delay in interest and
principal payment on term loan.

Key Rating Drivers & Detailed Description

Weaknesses

* Delay in meeting term debt obligation: The company has recently
delayed paying interest and principal on term loan.

* Weak financial risk profile: Estimated cost of INR336 crore for
the hotel project has been funded through term loan of INR218
crore and the rest via equity and unsecured loans from promoters.
This led to high total outside liabilities to adjusted net worth
of around 4.97 times, as on March 31, 2017.

Strength

* Extensive experience of promoters and established brand:
Longstanding presence of more than two decades has enabled the
promoters to scale up operations in a short period. The banquet
halls commenced operations in February 2016 and operating income
increased to INR118 crore in fiscal 2017 from INR47 crore a year
ago.

Incorporated in 2006 and promoted by the Dang group, SSHPL offers
banqueting and catering services at three banquet halls at
Lawrence Road, Delhi, with combined seating capacity of 1500
people. The company has set up a five-star hotel-cum-restaurant-
cum-banquet-hall at Rohini, Delhi.


SHRI RAMRAJA: CRISIL Raises Rating on INR15.5MM LT Loan to 'B'
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities
of Shri Ramraja Sarkar Lok Kalyan Trust (SRSLKT) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'. and reaffirmed short term bank
facility at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                4.5      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      15.5      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                5.0      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility      15.5      CRISIL B-/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects the sustained improvement in the
trust business risk profile marked by steady improvement in the
operating margins and stable scale of operations. The upgrade
also factors in the above average financial risk profile backed
by modest networth of around INR34.4 crore and comfortable net
cash accruals against which the company has minimal debt
repayment obligations.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to regulatory risks and intense competition
associated with educational institutions: In the education
segment, fee to be charged from the students and any increase in
fee structure are decided by regulatory agencies. This limits the
financial flexibility of the institute to raise additional funds
in times of liquidity stress. Also, any expansion plan requires
approval from regulatory bodies such as All India Council for
Technical Education (AICTE), government and affiliated
universities. Enhancements in the seat/courses offered in any
discipline also require approvals from the relevant authority and
is a lengthy process.

Strength

* Diverse courses offered under a large number of institutes:
The trust presently operates 13 different institutes and one K-12
school, affiliated to the Central Board of Secondary Education.
These institutes offer courses such as Bachelor of Engineering,
pharmacy, nursing, management, diploma in education, Bachelor of
Education, and physical education, among others. The variety of
courses offered provides a single platform to students and also
enables SRSLKT to expand its presence in terms of revenue and
number of students. The diversification reduces exposure to
revenue concentration in any single course.

Outlook: Stable

CRISIL believes SRSLKT will continue to benefit over the medium
term from its established position in the educational sector. The
outlook may be revised to 'Positive' in case of significantly
higher-than-expected student intake leading to improved revenue
and margins, while maintaining the capital structure. The outlook
may be revised to 'Negative' in case of any large, debt-funded
capex or a significant decline in cash accrual, resulting in
deterioration in the financial risk profile.

SRSLKT, established in 2002, is managed by its chairperson Mr.
Ramesh Kumar Agrawal and two other trustees: Mr. Naresh Kumar
Agrawal and Mr. Deepak Kumar Agrawal. The society presently
operates 13 institutes offering engineering, management,
pharmacy, education, and basic graduation courses, and a K-12
school. All the institutes are situated in a single campus in
Datia, Madhya Pradesh.

For fiscal 2017, SRSLKT profit after tax (PAT) was INR2.52 crore
on net sales of INR23.5 crore, against a PAT of INR1.08 crore on
net sales of INR24.33 crore for fiscal 2016.


SHRIRAM TRANSPORT: S&P Affirms 'BB+' ICR With Stable Outlook
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term and 'B' short-
term issuer credit ratings on Shriram Transport Finance Co. Ltd.
(STFC). The outlook on the long-term rating is stable. S&P said,
"We also affirmed our 'BB+' long-term issue rating on the India-
based finance company's senior secured notes. We removed all the
ratings from CreditWatch where they were placed with developing
implications on July 11, 2017."

The rating action follows the termination of the merger
discussion between Shriram group's financial services businesses
(including STFC) and the IDFC group.

On July 8, 2017, STFC received in-principle approval from its
board of directors for evaluating the merger with IDFC group. The
two groups entered into a 90-day exclusivity period to evaluate
the structure and terms of the proposed merger. The exclusivity
period was extended to Nov. 8, 2017. However, the merger
discussions were scrapped yesterday due to differences on
valuations and swap ratios.

S&P said, "The stable outlook reflects our expectation that STFC
will sustain its strong market position in the pre-owned
commercial vehicle (CV) financing segment along with stable
growth, capitalization, and earnings over the next 12 months.

"We may lower the rating if STFC's risk-adjusted capital ratio
falls below 10% on a sustained basis. This could happen if the
company grows faster than our expectations or its profitability
deteriorates and credit costs increase sharply.

"We are unlikely to raise the rating in the next 12 months
because used CVs, which form a majority of STFC's assets, are
highly sensitive to economic fluctuations, in our view."


SKV INFRATECH: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from SKV Infratech
Private Limited to monitor the rating(s) vide e-mail
communications/ letters dated September 8, 2017, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Further, SKV Infratech Private Limited has not paid the
surveillance fees for the rating exercise as agreed to in its
rating agreement In line with the extant SEBI guidelines CARE's
rating on SKV Infratech Private Limited will now be denoted as
CARE B+/A4; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.50       CARE B+; Issuer Not
                                     Cooperating; Based on best
                                     available information

   Short-term Bank
   Facilities           10.50        CARE A4, Issuer Not
                                     Cooperating; Based on best
                                     available information

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

The ratings assigned to the bank facilities of SKV Infratech
Private Limited (SKV) continues to remain constrained by small
scale of operations, low profitability margins, leveraged capital
structure and SKV's presence in the highly competitive industry.
The rating however continues to draw comfort from the experienced
management and growing scale of operations. Going forward, the
ability of SKV to increase its scale of operations while
improving its profitability margins and capital structure shall
be the key rating sensitivities.

Detailed description of the key rating drivers Credit Risk
Assessment

Key Rating Weaknesses

The scale of operations is small as marked by a total operating
income and gross cash accruals of INR54.72 crores and INR1.23
crores respectively during FY16. The small scale limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.

Weak profitability margins and leverage capital structure: The
profitability margins of the company continues to remain low as
marked by PBILDT margin and PAT margin of 4.15% and 1.73%
respectively in FY16 as against 2.98% and 1.46% respectively in
FY15. The PBILDT margin has been fluctuating as the margin
depends on the nature of contracts undertaken.

The capital structure of the company stood leveraged marked by
overall gearing of 1.45x as on March 31, 2016 as against 2.29x as
on March 31, 2015. The improvement in the capital structure was
on account of higher networth base owing to infusion of funds by
the promoters coupled with accretion of profits to reserves. The
debt coverage indicators remained moderate marked by interest
coverage ratio and total debt to GCA ratio of 3.82x and 3.73x
respectively for FY16.

Highly competitive industry: SKV faces direct competition from
various organized and unorganized players in the market. There
are a number of small and regional players in the industry which
has limited the bargaining power of the company and has exerted
pressure on its margins. Furthermore, the award of contracts are
tender driven and the lowest bidder gets the work. Hence, going
forward, due to increasing level of competition and aggressive
bidding, the profits margins are likely to be under pressure in
the medium term.

Key Rating Strength

Experienced management: SKV is currently being managed by Mr.
Satish Singh and Mr. Varun Garg. Mr. Satish Singh has vast
experience of over two decades in the construction business
through his association with SKV and earlier with SK Builders. He
is supported by Mr. Varun Garg who has an experience of almost a
decade through his association with SKV and earlier with SK
Builders. Both look after the overall functions of the company.

Delhi-based - SK Builders was established in early 90's by Mr.
Satish Singh as a partnership firm which was later reconstituted
into the company in August 2012 and its name was changed to SKV
Infratech Pvt. Ltd. The company is engaged in construction works
which involve construction of roads and development work like
construction of drains and culvert. SKV executes contracts mainly
for government departments like New Okhla Industrial Development
Authority, Yamuna Expressway Industrial Development Authority and
Greater Noida Industrial Development Authority. The main raw
material for the company includes crushed stone, mota pathar,
cement, bricks, stone metal and tar which the company procures
mainly from local dealers where the project is located.

SKV reported a PBILDT of INR2.27 crore and PAT of INR0.95 crore
on a total operating income of INR54.72 crore in FY16 (refers to
the period April 1 to March 31) as against PBILDT of INR0.98
crore and PAT of INR0.48 crore on a total operating income of
INR32.99 crore in FY15.


SWASTIK INFRA-LOGIC: CARE Cuts Rating on INR3cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swastik Infra-Logic (India) Private Limited (SIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term bank         3.00       CARE D Revised from
   Facilities                        CARE BB; Positive
   (Term Loan)(a)


   Long-term bank         8.00       CARE B; Stable Revised
   Facilities                        from CARE BB; Positive
   (Fund based
   bank limits)(b)

   Long/Short-term       40.00       CARE B; Stable/CARE A4
   Bank facilities(c)                Revised from CARE BB;
                                     Positive/CARE A4

Detailed Rationale

CARE revises the rating assigned to bank facilities mentioned (a)
in above table of Swastik Infra-Logic (India) Private Limited
(SIPL) from CARE BB; Positive to CARE D on account of delayed in
debt servicing of term loan due to weakening liquidity profile of
the company. Further, the rating the rating assigned to bank
facilities mentioned (b & c) in above table from CARE BB;
Positive/CARE A4 to CARE B; Stable/CARE A4 on account of high
intensive working capital nature of business and modest scale of
operations of the company in the competitive construction
industry. However, the rating constrains are partially offset by
established promoters.

Ability of the company to regularize the debt servicing by
improving overall liquidity profile of the company remains the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Established promoters: SIPL was established in 2003 as, a
Proprietorships concern, by Mr. Srikanth Raghav Raju to undertake
Earth and Embankment works, Underground infrastructure works such
as sewerage, Water supply, Storm water Drain networks, cross
drainage works, foot-paths, concrete pathways for public
buildings such as schools, community halls and allied works. The
company was incorporated in November 2009. Post its
incorporation; the company got registered as a Class-I (A)
contractor for civil work with the Public Works Department (PWD,
Maharashtra and Karnataka), Maharashtra Jeevan Pradhikaran and
City and Industrial Development
Corporation (CIDCO).

Key Rating Weaknesses

Delays in debt servicing: There were instances of delay in debt
servicing of term debt obligation of the company on account of
weakening of liquidity profile.

Presence in the highly competitive industry: The construction
sector is highly fragmented and competitive in nature with
presence of large number of registered contractors, leading to
aggressive biddings, which in turn results in modest profit
margins for relatively smaller players including SIPL.

Working capital intensive nature of business: SIPL operates in a
business which is highly working capital intensive. Furthermore,
as the company deals with various Government entities, any delays
faced in collections of bills results in higher working capital
utilization for the company. The average utilisation of fund
based working capital limits is high.

SIPL incorporated in November 2009 by Mr. Srikanth Raghav Raju
undertakes Earth and Embankment works, Underground infrastructure
works such as sewerage, Water supply, Storm water Drain networks,
cross drainage works, foot-paths, concrete pathways for public
buildings such as schools, community halls and allied works.


T.K. BASHEER: CRISIL Assigns B+ Rating to INR2MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of T.K. Basheer & Co. (TKB).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term
   Bank Loan Facility       1       CRISIL B+/Stable (Assigned)

   Bank Guarantee           4       CRISIL A4 (Assigned)

   Cash Credit              2       CRISIL B+/Stable (Assigned)

The ratings reflect TKB's modest scale of operations in the
intensely competitive cement trading industry, large working
capital requirement, and below-average financial risk profile.
These weaknesses are partially offset by experience of the
promoter.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and intense competition: Small scale
of operations, with revenue of INR52.4 crore in fiscal 2017, amid
intense competition limits pricing power with suppliers and
customers, thereby constraining profitability.

* Large working capital requirement: Gross current assets were 95
days as on March 31, 2017, driven by debtors of 82 days extended
to customers however the inventory maintained is low at around 6
days. Working capital intensity is partially supported by
creditors of 30-50 days extended by supplier.

* Below-average financial risk profile: Networth was modest at
INR2.8 crore as on March 31, 2017, while gearing was moderate at
1.71 times. Interest coverage ratio was average at 2.45 times in
fiscal 2017.

Strength

* Experience of promoter: Benefits from the promoter's experience
of about 15 years and healthy relations with suppliers and
customers continue to support the business. Consequently, revenue
grew to INR52.4 crore in fiscal 2017 from INR31.4 crore in fiscal
2015.

Outlook: Stable

CRISIL believes TKB will continue to benefit from experience of
the promoter. The outlook may be revised to 'Positive' if higher-
than-expected cash accrual strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual or stretch in working capital cycle weakens financial
risk profile.

Set up in 2002, Kerala-based TKB trades in cement. The
partnership firm is promoted by Mr. T K Mohammed Basheer along
with his wife Ms. Ramla. Set up in 2002, Kerala-based TKB trades
in cement. The partnership firm is promoted by Mr. T K Mohammed
Basheer along with his wife Ms. Ramla.


URJA AUTOMOBILES: CARE Assigns B+ Rating to INR6.81cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Urja
Automobiles Private Limited (UAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              6.81      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of UAPL is primarily
constrained by its small scale of operation, risk of non-renewal
of dealership agreement from principle, pricing constraints and
margin pressure arising out of competition from other auto
dealers in the market, working capital intensive nature of
operation and thin profit margins, leveraged capital structure
and moderate debt protection metrics. The rating, however,
derives strength from its moderately experienced promoters,
authorised dealership of Nissan Motor India Pvt. Ltd., integrated
nature of business and continuous growth in turnover.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation: UAPL is a small player in auto
dealership business with revenue and PAT of INR25.83 crore and
INR0.11 crore respectively, in FY16. Furthermore, the total
capital employed was also modest at INR8.93 crore as on March 31,
2016. The small scale restricts the financial flexibility of the
company in times of stress. According to the management, during
FY17, the company has earned a total operating income of INR26.00
crore.

Risk of non-renewal of dealership agreement from principles: UAPL
has entered into a dealership agreement with NMIPL in 2013. The
dealership agreement with NMIPL has been renewed every year and
the same is currently valid till March 2018 subject to renewal of
the agreement afterwards, completely at the discretion of NMIPL.
Furthermore, the agreements may get terminated at any time on
violation of certain clauses. However, the risk is mitigated to
some extent in view of its moderately long association with
NMIPL.

Pricing constraints and margin pressure arising out of
competition from other auto dealers in the market: UAPL faces
aggressive competition on account of established presence of
authorized dealers of other commercial vehicles manufacturers
like Maruti, Hyundai etc. Considering the existing competition,
UAPL is required to offer better terms like providing discounts
on purchases to attract new customers. Such discounts offered to
customers create margin pressure and may negatively impact the
revenue earning capacity of the company.

Furthermore, the revenues of UAPL would also be governed by
launch of newer models by NMIPL, and acceptance of the products
in the market.

Working capital intensive nature of operation: Being a trading
nature of operation, the business of UAPL is working capital
intensive mainly on account of inventory period as the company
has to maintain fixed level of inventory for display and to guard
against supply shortages. The average operation cycle is ranging
between 53 to 60 days during FY14 to FY16. Currently the average
utilization of its bank limit was high at about 90% during the
last 12 month ended on Aug, 2017.

Thin profit margins, leveraged capital structure and moderate
debt protection metrics: The profit margin of the company
remained thin and range bound over the past years due to inherent
low margin nature of dealership business with no control over the
purchase and selling prices. Currently the PBILDT and PAT margin
is hovering at 4.47% and 0.43% respectively in FY16.

The capital structure of the company remained leveraged marked by
the overall gearing of 2.19x (although improved as against 4.71x
as on March 31, 2015) as on March 31, 2016. The leveraged capital
structure is attributable to its working capital intensive nature
of operations and higher dependence on bank borrowings to fund
the same. The overall gearing ratio has improved on the back of
infusion of equity capital by the promoters aggregating to
INR1.39 crore coupled with accretion of profits to reserve and
scheduled repayment of term loan. The debt service coverage
indicators remained moderately depressed for the company over the
years marked by its high Total debt to GCA of 15.62x owing to
lower cash accruals attributable to low profit levels and higher
dependence on external borrowings. However, the interest coverage
ratio remained adequate at 1.56x during FY16. The current ratio
remained satisfactory as on March 31, 2016.

Key Rating Strengths

Moderately experienced promoters: UAPL is currently managed by
Mr. Rahul Kumar, Managing Director, having about a decade of
experience in similar line of business. These apart, all other
two directors are also having around a decade of experience in
similar industry.

Authorised dealership of Nissan Motor India Pvt. Ltd: UAPL is an
authorised dealer of NMIPL and has started its association since
2013. The company has one showroom located at Danapur, Patna.
UAPL is getting a competitive advantage of being solo dealer of
NMIPL passenger vehicles for this area. NMIPL has been one of
market leaders in the passenger vehicles segment for decades and
has a wide & established distribution network of sales and
service centres across India, providing it a competitive
advantage over its peers.

Integrated nature of business: The company operates through its
workshop to provide after sales service and deals in original
accessories & spare parts apart from selling cars by virtue of
being a '3-S' (Sales, Services and Spare parts) authorized dealer
of NMIPL. Owning authorized service centre helps the company to
tap a larger client base who prefers to purchase vehicles from
dealers having own authorized service centre to avoid hassles in
case of breakdown and requirement of service.

Continuous growth in turnover: During the last three financial
years, the company has shown a continuous growth in turnover with
a CAGR of 4.10% on the back of higher demand.

Urja Automobiles Private Limited (UAPL) has incorporated during
February 2013 by one Mr. Rahul Kumar of Danapur in Patna.
Subsequently, the company started to initiate an auto dealership
business and has setup a selling and servicing facility at Saguna
in Danapur. The company has entered into dealership authority
from Nissan Motor India Pvt. Ltd. (NMIPL) for selling and
servicing passenger vehicles. Later on the company started sales
and service facility at other three locations in Bihar, namely,
Araa, Patliputra and Purnia.


VIDHI MINERALS: CRISIL Reaffirms 'B' Rating on INR2.5MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on Vidhi Minerals and Alloys
Private Limited (VMAPL) at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL A4 (Reaffirmed)

   Cash Credit             2.5       CRISIL B/Stable (Reaffirmed)

   Letter of Credit        1.5       CRISIL A4 (Reaffirmed)

   Packing Credit          4.5       CRISIL A4 (Reaffirmed)

The ratings continue to reflect the extensive experience of
VMAPL's promoters in the mining industry. This strength is
partially offset by the company's average financial risk profile,
modest scale of and working capital intensive operations, and
constrained liquidity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in the trading
and exports of manganese ores, ferro manganese and silico
manganese keeps scale of operation modest'turnover was INR14.8
crore in fiscal 2017. The small scale of operations will continue
to constrain business risk profile.

* Average financial risk profile: Financial risk profile is
average due to high gearing of 2.0 times and low networth of
INR3.6 crore as on March 31, 2017 and weak debt protection
metrics and liquidity.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' two-decade long experience in manganese ore mining and
trading industry should support business.

Outlook: Stable

CRISIL believes VMAPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in scale of operations and stable
profitability strengthens financial risk profile and liquidity.
The outlook may be revised to 'Negative' in case of lower-than-
expected cash accrual, stretched working capital cycle, or large,
debt-funded capital expenditure.

VMAPL is a part of Shyamji group, which is promoted by Mr. Ajay
Khandelwal and Mr. Vijay Khandelwal. The company, incorporated in
2005 in Nagpur, Maharashtra, trades in commodities such as
manganese ore, silico manganese, ferro silico manganese, and
ferro manganese.


VIRENDRA SATIJA: CRISIL Reaffirms 'B' Rating on INR7.38MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the bank
facility of Virendra Satija Foundation Society (VSFS).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              7.38      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the society's exposure to
regulatory risks associated with, the education sector and
subdued financial risk profile. These rating weakness are
partially offset by extensive entrepreneurial experience of the
Trustee

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR2.66 crore (as on March 31, 2017) extended to VSFS by its
promoters as neither debt nor equity as the loans are expected to
be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to adverse regulatory changes: The education
sector in India is regulated by various governmental and quasi-
government agencies, such as the University Grants Commission
(UGC), All India Council for Technical Education (AICTE),
Department of State Education, and the human resource departments
of the central and state governments. Each regulatory body has
detailed procedures for granting permissions for setting up
institutions and the approvals need to be renewed on a regular
basis. The agencies examine each institute's facility,
technology, faculty, and track record before granting/renewing
approvals. Therefore, VSFS needs to regularly invest in its
workforce and infrastructure.

* Subdued financial risk profile: The VSFS has below-average
financial risk profile marked by modest net worth of INR34 lakhs
and high capital structure The society has moderate debt
protection metrics with net cash accrual to Total debt (NCATD)
and interest coverage ratios of over 0.14 and 2.18 times,
respectively, for 2016-17. Financial risk profile may remain
below average over the medium term.

Strength

* Extensive entrepreneurial experience of the Trustee:  The
society is promoted by Mr. Virendra Satija and his son Mr. Nikki
Satija who are based out of Madhya Pradesh. The Satija family has
also been engaged in other business like manufacturing of auto
components, auto dealership etc. through other entities from over
the past more than 2 decades.  The society will continue to
benefit from the promoters' extensive entrepreneurial experience
over the near to medium term.

Outlook: Stable

CRISIL believes VSFS would benefit over the medium term from the
strong brand image of DPS and funding support from promoters. The
outlook may be revised to 'Positive' if a significant ramp-up in
the scale of operations, driven by higher student occupancy,
leads to substantial growth in profitability and net cash
accrual. The outlook may be revised to 'Negative', if lower
occupancy has an adverse impact on cash accrual or a large, debt-
funded capex plan weakens the financial risk profile,
particularly liquidity.

The society was founded in March 2012 to set up a school in
Chhindwara, Madhya Pradesh (MP) under the DPS franchise scheme.
The school commenced operations from June 2014. Mr. Virendra
Satija is the chairman of the society.

For fiscal 2017, VSFS profit after tax (PAT) was INR0.43 crore on
net sales of INR5.5 crore, against a net loss of INR0.13 crore on
net sales of INR4.2 crore for fiscal 2016.


WILSON PRINTCITY: CRISIL Raises Rating on INR5MM Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Wilson Printcity Private Limited (WPPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'. The rating on the short-term facility has
been reaffirmed at 'CRISIL A4'.

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

   Cash Credit              4        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Proposed Long Term       2        CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Term Loan                5        CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade factors in expected improvement in business and
financial risk profiles, including liquidity. Turnover growth
should exceed 40% in fiscal 2018, supported by successful bid for
government and other orders. Revenue was about INR15.0 crore for
the 6 months through September 2017, when unexecuted orders of
INR15.0 crore supported revenue visibility. Cash accrual should
be of INR2.8-3.2 crore annually in the medium term against
maturing debt INR0.13-0.17 crore. Steady cash accrual should
continue to support business risk profile.

The ratings continues to also reflect WPPL's large working
capital requirement and small scale of operations. These
weaknesses are partially offset by the industry experience of its
promoters, and its comfortable financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations: Intense competition continues to
constrain scalability and pricing flexibility. Sales was a modest
INR15.22 crore in fiscal 2017.

* Working capital intensity in operations: Working capital
requirement is expected to remain large: gross current assets and
debtors were sizeable at 294 days and over 5-6 months,
respectively, as of March 2017, owing to delayed payments by
customers. Also, inventory was large at 70-90 days in the three
years through March 2017.

Strengths

* Promoter's extensive experience: Benefits from the promoters'
experience of over three decades in the printing press industry,
and focus on service quality, innovation, and timely delivery
have ensured repeat orders. These benefits should continue to
support the business.

* Comfortable financial profile: Capital structure has remained
comfortable with gearing of less than 1 time in the three years
through March 2017. Debt protection metrics are adequate, too,
with interest coverage and net cash accrual to total debt ratios
of 3.46 times and 0.28 time, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes WPPL will continue to benefit over the medium
term from the industry experience of its promoters and its
healthy debt protection metrics. The outlook may be revised to
'Positive' if the company reports strong accrual, backed by
significant increase in revenue or operating margin, and
efficient working capital management. The outlook may be revised
to 'Negative' if decline in accrual, any large debt-funded
capital expenditure, or increase in working capital requirement,
weakens financial risk profile.

WPPL, incorporated in 1995, is promoted by the Ahmedabad-based
Mr. Gunvantrail Dave and his family. The company provides
printing services. The printing press is at Sanand.


YASHASVI YARNS: Ind-Ra Moves D Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yashasvi Yarns
Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
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:

-- INR510 mil. Fund-based limits (Long-term) migrated to non-
    cooperating category with IND D (ISSUER NOT COOPERATING)

-- INR260 mil. Non-fund-based limits (Short-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating; and

-- INR285.4 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 17, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1993, Yashasvi Yarns manufactures texturised and
twisted variants of polyester yarn.



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


MNC INVESTAMA: S&P Lowers CCR to CCC on Approaching Debt Maturity
-----------------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on PT MNC Investama Tbk. to 'CCC' from 'CCC+'. The outlook is
negative. In addition, S&P lowered its long-term issue rating on
the US$365 million senior secured notes that MNC Investama
guarantees to 'CCC' from 'CCC+'. Ottawa Holdings Pte. Ltd. issued
the notes. MNC Investama is an Indonesia-based holding company
with sizable media interests and growing operations in financial
services.

The downgrade reflects the lack of progress on articulating and
implementing a comprehensive and credible repayment or
refinancing strategy for MNC Investama's guaranteed US$365
million senior secured notes maturing in May 2018.

S&P had expected MNC Investama to address the refinancing of its
maturing U.S. dollar-denominated notes after refinancing a US$250
million bank loan at its subsidiary PT Media Nusantara Citra Tbk.
(MNCN). MNCN refinanced its bank loan in early September 2017.
However, MNC Investama has not yet highlighted, nor implemented,
a strategy to deal with the maturing notes.

With less than nine months left before its notes come due and
insufficient cash flows and dividends from operating companies,
refinancing risk is rising. This reduced time frame increases MNC
Investama's dependency on favorable market conditions and factors
that are beyond its control as the maturity approaches. Such
factors include creditor's risk appetite, yield conditions, and
the level of the Indonesian rupiah (which has been weakening over
the past two months, abruptly interrupting a strengthening
trend). If the company elects to use its annual 2017 audited
financial statements to seek external capital, it would have to
complete the refinancing in the short period between the likely
publication of the filings toward the end of February 2018 and
the notes' maturity in May 2018.

S&P said, "Despite the growing refinancing risk, we believe MNC
Investama will have enough near-term liquidity to service about
US$11 million in interest on the U.S. dollar notes due in
November 2017 and overhead costs. Operating performance and
dividend distribution capacity at MNCN remains robust, based on
its nine-month operating performance ended Sept. 30, 2017. MNC
Investama's own operations, most notably coal mining, have also
been improving over the past 12 months, thanks to higher prices,
generating excess cash. Nevertheless, meaningful cash
accumulation at the holding company level beyond overhead and
interest servicing is unlikely, in our view."

The negative outlook reflects MNC Investama's rising refinancing
risk and the prospect of a further downgrade by early 2018 as the
bond maturity draws nearer.

S&P said, "We may lower the rating by one notch if MNC Investama
has not refinanced its maturing notes by early 2018. We may also
lower the rating if the company undertakes capital market
transactions related to the maturing notes that we assess as a
distressed exchange, including capital market purchases of
outstanding notes below par value; this is not our base case
currently."

An upgrade would be contingent on a sustainable reduction in
refinancing risk and a substantial lengthening of MNC Investama's
debt maturity profile.



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


YFG BERHAD: Choon Meng Steps Down as Managing Director
------------------------------------------------------
theedgemarkets.com reports that YFG Bhd's managing director Leong
Choon Meng is stepping down from his post today, Nov. 2, citing
to "pursue other personal interest" as a reason.

Leong, 53, was appointed to his current post on Jan. 11, 2017,
replacing Teh Yee Joo, who was redesignated as non-independent
non-executive director of the Practice Note 17 (PN17) company,
the report says.

theedgemarkets.com, citing YFG's Annual Report 2016, relates that
Leong has more than 25 years of experience in investment banking,
accounting and taxation, general management, privatisation,
construction, property development and manufacturing businesses.

He has held senior position in public listed companies with
interest in manufacturing and property development and was senior
vice president of an investment bank. Prior to that, he was the
general manager of corporate finance of a public listed
construction and property development group where he started as a
senior executive in 1991. The initial part of his career was in
tax consulting for four years, theedgemarkets.com notes.

                         About YFG Berhad

YFG Berhad is engaged in construction of buildings, provision of
electrical and mechanical engineering services and maintenance
works.

YFG entered into the PN17 classification on September 22, 2016.
The company posted a net loss of MYR46.1 million for the year
ended Sept. 30 2016.

YFG is set to submit a proposed regularisation plan by end-
October this year after Bursa Securities granted it more time to
do so, failing which it will be de-listed, according to
theedgemarkets.com.



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


HANGUK BUSINESS: Boss Gets 14 Months' Jail for Tax Evasion
----------------------------------------------------------
A Christchurch company director has been sentenced to 14 months
in prison for misappropriating nearly NZ$370,000 in tax
deductions from his employees' wages, New Zealand's Inland
Revenue Department said in a statement.

John Edward Clancy, 52, was sentenced on Oct. 31 in Christchurch
District Court on 12 tax evasion charges relating to Hanguk
Business Investments One Limited (formerly Global Renovations
Canterbury Limited). The company provided construction services
and had only registered as an employer in June 2014. Over 12
monthly periods from August 2014 to July 2015, Mr. Clancy failed
to pass on to Inland Revenue most of the deductions made from his
workers' wages, such as PAYE tax, KiwiSaver contributions, and
student loan repayments.

David Udy, Inland Revenue's Group Manager Collections, said
Mr. Clancy's actions showed utter contempt for the tax system. It
appears he thought it was fine to deprive New Zealanders of money
that funds the public services everyone benefits from, by
shuffling money from one of his companies to another, Mr. Udy
said.

"Mr. Clancy chose to keep his businesses afloat by paying trade
creditors with the tax he deducted from his workers' wages,"
Mr. Udy said. "On many occasions there were sufficient funds to
pay the PAYE obligations, but he chose not to. About $1.5 million
was transferred from Hanguk accounts to the defendant's other
companies during the period of offending."

Mr. Clancy is an experienced director and was fully aware of his
tax obligations. Yet during the past two years, he had been the
director of seven companies placed into liquidation - owing a
total of NZ$2.2 million to Inland Revenue.

Hanguk was put into liquidation in November 2015 by Inland
Revenue and it seems unlikely that money will ever be recovered,
Mr. Udy said.

"At least this sentence sends a strong message that it's not okay
for employers to play fast and loose with money that is deducted
from employees' wages."



===============
P A K I S T A N
===============


PAKISTAN: S&P Affirms 'B/B' Sovereign Credit Ratings
----------------------------------------------------
On Oct. 30, 2017, S&P Global Ratings affirmed its 'B' long-term
and short-term sovereign credit ratings on the Islamic Republic
of Pakistan. The outlook for the long-term ratings remains
stable. S&P also affirmed the 'B' long-term issue ratings on
senior unsecured debt and Sukuk trust certificates.

OUTLOOK

S&P said, "The stable outlook reflects our expectations that
Pakistan's external and fiscal metrics will not worsen materially
from their current levels. We believe the country's economic
prospects remain favorable.

"We may raise our ratings on Pakistan if the country's security
environment settles to an extent that economic growth continues
to trend higher, strengthening the country's fiscal and external
positions.

"Conversely, we may lower our ratings if the current
infrastructure investments do not yield any positive impact on
macroeconomic stability. Indications of this would include GDP
growth below our forecast, or external or fiscal imbalances
higher than what we expected."

RATIONALE

S&P said, "We have revised downward our expectation of Pakistan's
external performance, due particularly to an expected surge in
imports stemming from substantial infrastructure-related CPEC
projects in the next two years. In addition, we anticipate that
further fiscal consolidation might be challenging, owing to
lower-than-expected performance at the regional government level
and the upcoming elections in June 2018. At the same time, we
expect external imbalances to abate after the peak of CPEC
investments. We believe Pakistan should have long-term economic
benefits from the infrastructure investments."

The ratings on Pakistan remain constrained by a narrow tax base
and domestic and external security risks, which continue to be
high. These factors weaken the government's effectiveness and
weigh on the business climate.

Institutional and economic profile: Political changes are
unlikely to lead to economic turbulence

-- S&P believes the 2018 general elections will have a limited
    impact on the policy environment.

-- The very low income level remains a rating weakness.

-- Inadequate infrastructure and security risks continue to act
    as structural impediments to foreign direct investments.

S&P said, "We expect the 2018 general elections to have a limited
impact on the macroeconomic environment. Notwithstanding the
outcome, we expect government policies to remain broadly
unchanged. Former Prime Minister Nawaz Sharif was removed from
office in July 2017 after a Supreme Court battle with opponents
who accused his family of hiding their assets overseas. Minister
for Petroleum and Natural Resources, Shahid Khaqan Abbasi, was
elected as prime minister by the National Assembly until general
elections are held in June 2018. We expect the Pakistan Muslim
League (PML) government to hold back on new policymaking until at
least the 2018 elections.

"We expect the Pakistan government to continue its reform agenda
and maintain the key targets instilled by an International
Monetary Fund (IMF) program. A completed three-year reform
program, supported by an Extended Fund Facility (EFF) arrangement
with the IMF, had helped to restore macroeconomic stability,
reduce fiscal and external vulnerabilities, and promote growth-
supporting reforms that have the potential to improve living
standards. In September 2016, the IMF disbursed a final tranche
of about US$102 million under the US$6.6 billion EFF.

"We estimate Pakistan's GDP per capita at US$1,500 in 2017, which
is in the bottom 10% of all sovereigns rated by S&P Global
Ratings. We have revised upward our forecast of annual GDP growth
to average 5.7% over 2017-2020. Nevertheless, Pakistan's per
capita GDP growth is around 3%, in line with peers' at this
income level, due to a fast-growing population. Our stronger
growth projections mainly reflects the large-scale investments
associated with the China-Pakistan Economic Corridor (CPEC). In
April 2015, China and Pakistan signed more than 50 agreements
totaling US$60 billion of Chinese investments over the coming
decade in Pakistan. The cooperation under CPEC focuses mostly on
energy projects such as coal, solar, hydroelectric, liquefied
natural gas, and power transmission."

Pakistan suffers from domestic security challenges and long-
lasting hostility with neighboring India and Afghanistan.
Inadequate infrastructure, mainly in transportation and energy,
acts as further bottlenecks to foreign direct investments. The
PML government has improved the security situation. It has also
been closing infrastructure shortfalls through energy sector
reforms, such as changes to tariff structures that have cut
energy subsidies and reduction in power outages for industrial
consumers. However, we believe there is much more to be done
before we can see considerable uplift to the business climate.

Flexibility and performance profile: Metrics have deteriorated
but remains in line with its rating level

-- Infrastructure investments lead to higher-than-expected
    external imbalances.

-- S&P also projects weaker general government fiscal balances,
    owing to lower-than-expected performance at the regional
    government level and the upcoming elections in June 2018.

-- S&P forecasts net general government debt to slightly exceed
    60% of GDP in fiscal 2018. Pakistan's interest-servicing
    burden has reduced but remains extremely heavy as a share of
    fiscal revenue.

S&P said, "Pakistan's current account deficit widened to 4% of
GDP in the fiscal year ended June 2017 from 1.7% the year before.
This was mainly caused by a large trade deficit on the back of
higher imports (17% increase) without a matching performance by
exports. Imports of fuel, machinery, and food items increased
sharply due to robust domestic demand and ongoing power and
infrastructure development activities related to CPEC.
Remittances, an anchor of Pakistan's current account, stabilized
in 2017 after years of healthy growth. This was due to a slowdown
in the Gulf countries. That said, current transfers held up
despite a 6.5% overall decline in the South Asia region.

"We believe the current account deficit will remain high in the
next two years, with narrow net external debt hovering at about
150% of current account receipts, which is substantially higher
than we expected previously. Although CPEC is a decade-long
initiative, the bulk of the capital goods imports happen in the
first three years. Hence, we expect the external deterioration to
be temporary and will likely reverse from mid 2019 onward.

"Pakistan's fiscal profile has remained below our previous
expectations. The change in general government debt stood at 5.4%
of GDP in fiscal 2017. The main reasons for the higher-than-
expected fiscal deficit were the increased spending of the
provincial governments and the still-inefficient tax collection
system. In addition, fiscal relief measures and tax incentives to
support investment, exports, and domestic production also
amplified the deficit. Although the government has reiterated its
commitment to long-term fiscal consolidation, our forecast
assumes a general government deficit of 6% of GDP for fiscal
2018, taking into account the upcoming elections. This compared
with a 4.1% deficit assumed by the authorities.

"We forecast the ratio of net general government debt to GDP to
increase to just above 60% in fiscal 2018. Our assessment of
Pakistan's debt burden is constrained by its enormously high
level of interest expense to fiscal revenue. Interest expense
consumes nearly a third of government revenue, partly a function
of its narrow tax base. Pakistan's ratio of tax revenue to GDP
remains one of the lowest among sovereigns that we rate."

Pakistan's banking system is quite small by international
standards with total bank assets making up 55% of GDP. S&P said,
"We do not have a Banking Industry Country Risk Assessment on
Pakistan. However, its banking system appears stable, reflecting
its high profitability, adequate liquidity and strong
capitalization. Combining our view of Pakistan's government-
related entities and its financial system, we assess the
country's contingent fiscal risks as limited."

S&P said, "We observed that the State Bank of Pakistan's (SBP)
autonomy and performance had strengthened since the setup of a
monetary policy committee for rate setting in January 2016. The
SBP's interest rate corridor helps the monetary transmission
mechanism by providing directions for short-term market interest
rates. This framework, combined with the cyclical boost from
lower food and energy prices, should keep inflation in check--
averaging about 5% over our forecast horizon. Reduced budget
financing by the SBP would also assist in cutting inflationary
pressure."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable (see 'Related Criteria And Research'). At
the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee agreed that "external assessment" had deteriorated.
All other key rating factors were unchanged.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action (see 'Related Criteria And Research').

RATINGS LIST
  Ratings Affirmed

  Pakistan (Islamic Republic of)
   Sovereign Credit Rating                B/Stable/B
   Transfer & Convertibility Assessment
    Local Currency                        B

  Pakistan (Islamic Republic of)
   Senior Unsecured                       B
   Short-Term Debt                        B

  Second Pakistan International Sukuk Co. Ltd. (The)
   Senior Unsecured                       B



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S I N G A P O R E
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SWIBER HOLDINGS: Unit in Creditors' Voluntary Liquidation
---------------------------------------------------------
Reuters reports that Swiber Holdings Ltd said that the board of
subsidiary Swiber Corporate Pte lodged for creditors' voluntary
liquidation.

The Board of Swiber Corporate appointed Messrs Bob Yap Cheng Ghee
and Toh Ai Ling as joint and several provisional liquidators of
the company, Reuters relates.

Swiber Holdings Limited (SGX:BGK) -- http://www.swiber.com/-- is
a Singapore-based investment holding company. The Company,
through its subsidiaries, is engaged in offshore marine
engineering; vessel owning and chartering, and provision of
corporate services. The Company is an integrated offshore
construction and support services provider for shallow water oil
and gas field development. It offers a range of engineering,
procurement, installation and construction (EPIC) services,
complemented by its in-house marine support and engineering
capabilities, to support the offshore field development and
production activities of its clientele base across the Asia
Pacific, Middle East, Latin America and West Africa regions. It
operates approximately 10 construction vessels. The Company's
subsidiaries include Swiber Offshore Construction Pte. Ltd.,
Swiber Offshore Marine Pte. Ltd., Swiber Corporate Pte. Ltd.,
Resolute Offshore Pte. Ltd. and Swiber Capital Pte. Ltd.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2016, Reuters said Swiber Holdings Ltd has applied to
place itself under judicial management instead of liquidation.
According to Reuters, Swiber shocked markets in July 2016 by
filing for liquidation, as it faced hundreds of millions of
dollars in debt and a decline in orders, becoming the largest
local company to fall victim to the slump in oil prices.

Bob Yap Cheng Ghee, Tay Puay Cheng and Ong Pang Thye of KPMG
Services Pte Ltd. have been appointed as the joint and several
interim judicial managers of Swiber Holdings Limited and Swiber
Offshore Construction.

Swiber had $1.43 billion of liabilities and $1.99 billion of
assets on March 31, 2016, before it sought court protection in
late July, Bloomberg News reported citing the company's last
published accounts.



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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