/raid1/www/Hosts/bankrupt/TCRAP_Public/171110.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

          Friday, November 10, 2017, Vol. 20, No. 224


                            Headlines


A U S T R A L I A

BMS TECHNOLOGY: Second Creditors' Meeting Slated for Nov. 14
CELL FRESH: Second Creditors' Meeting Scheduled for Nov. 17
CHALIJEN PTY: First Creditors' Meeting Slated for Nov. 17
JAILEY INVESTMENTS: Second Creditors' Meeting Set for Nov. 17
MEGACORP GROUP: First Creditors' Meeting Set for Nov. 20

TRENDS AUSTRALIA: First Creditors' Meeting Set for Nov. 16
WALTON CONST: Director Aware Firm Was Insolvent, Liquidator Says


C H I N A

CHINA EVERGRANDE: Share Sale No Impact on B+ Rating, Fitch Says
CHINA HONGQIAO: Fitch Affirms B+ IDR; Off Watch Negative
KWG PROPERTY: Fitch Rates Proposed US Dollar Senior Notes BB-


H O N G  K O N G

WTT HK: Moody's Assigns B1 Corporate Family Rating


I N D I A

APEX STEEL: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
B G ROADLINES: Ind-Ra Migrates BB- Rating to Non-Cooperating
B T ROADLINES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
BILCARE LIMITED: ICRA Reaffirms 'MC' Rating on INR125cr Loan
CITY REALTY: ICRA Reaffirms 'D' Rating on INR350cr Term Loan

CORDON BLEU: ICRA Withdraws B+ Rating on INR38cr LT Loan
GAJANAN IRON: CARE Assigns 'B+' Rating to INR15.50cr LT Loan
GLOBAL ENVIRO: ICRA Moves 'D' Rating to Not Cooperating
GURU NANAK: CARE Reaffirms B+ Rating on INR10cr LT Bank Loan
JSK CORP: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

K. P. INDUSTRIES: CARE Lowers Rating on INR9.69cr Loan to 'D'
L B INDUSTRIES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
MALIK MOTORS: ICRA Assigns 'B' Rating to INR6cr Cash Loan
MODERN AGRO: ICRA Reaffirms 'B+' Rating on INR9cr LT Loan
PARAMSHAKTI STEELS: ICRA Moves 'D' Rating to Not Cooperating

PARANKUSH FOOD: ICRA Moves B+ Rating to Not Cooperating Category
PARKER VRC: CARE Revises Rating on INR45cr LT Loan to 'D'
PONNU FOOD: ICRA Moves 'B' Rating to Not Cooperating Category
POOJA JEWELLERS: ICRA Moves 'D' Rating to Not Cooperating
PRANEE INFRA: ICRA Moves 'D' Rating to Not Cooperating Category

PROSEED FOUNDATION: ICRA Moves B+ Rating to Not Cooperating
R J RISHIKARAN: ICRA Moves 'B' Rating to Not Cooperating
R K ENTERPRISE: Ind-Ra Amends Oct. 4 Release
R K TRANSPORT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
R N ENTERPRISES: ICRA Assigns B+ Rating to INR9.96cr Loan

R S G EXPORTS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
RADHESHYAM COTTEX: ICRA Reaffirms B+ Rating on INR9.77cr Loan
RICOH INDIA: Ind-Ra Lowers NCDs to BB+, On Rating Watch Negative
S J EXPORTS: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SAHDEV JEWELLERS: CARE Reaffirms D Rating on INR28.20cr ST Loan

SALASAR BALAJI: ICRA Moves B Rating to Not Cooperating Category
SANKALP REALMART: ICRA Withdraws 'B+' Rating on INR10cr Loan
SARAF REAL: CARE Reaffirms B+ Rating on INR7.24cr LT Loan
SARVOTTAM VEGETABLE: CARE Lowers Rating on INR10.24cr Loan to D
SHRI UMA: CARE Raises Rating on INR3.50cr LT Loan to B+

SMSG AUTOMART: CARE Assigns B+ Rating to INR10.29cr LT Loan
SRI GAYATRI: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
SRI TEXTILE: Ind-Ra Lowers Issuer Rating to 'D', Outlook Stable
STUDIOKON VENTURES: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SURIYA GARMENTS: Ind-Ra Corrects November 11, 2016 Release

SURIYA GARMENTS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
TILAK RAM: CARE Moves 'B' Rating to Not Cooperating Category
THE WOODIND: ICRA Moves 'B' Issuer Rating to Not Cooperating
VARIDHI HYGIENE: Ind-Ra Moves D Issuer Rating to Non-Cooperating


I N D O N E S I A

CHANDRA ASRI: Fitch Puts BB- Rating to US$300MM Sr. Unsec. Notes
KAWASAN INDUSTRI: Fitch Rates Proposed USD Sr. Unsec. Notes B+


J A P A N

TAKATA CORP: Creditors Seek $30BB, Far More Than It Can Pay


M O N G O L I A

MONGOLIA: Fitch Rates New USD-denominated Notes Final B-


S I N G A P O R E

EZION HOLDINGS: Books US$13.7MM Net Loss in Q3 Ended Sept. 30
MARCO POLO: 9 Investors Pool Together SGD60MM in Rescue Financing


                            - - - - -


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


BMS TECHNOLOGY: Second Creditors' Meeting Slated for Nov. 14
------------------------------------------------------------
A second meeting of creditors in the proceedings of BMS
Technology Pty Ltd has been set for Nov. 14, 2017, at 11:00 a.m.,
at the offices of Macks Advisory, Level 8, West 50 Grenfell
Street, in Adelaide, SA.

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. 13, 2017, at 4:00 p.m.

Peter Ivan Macks and Ian Wayne Burford of Macks Advisory were
appointed as administrators of BMS Technology on Oct. 10, 2017.


CELL FRESH: Second Creditors' Meeting Scheduled for Nov. 17
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Cell Fresh
Pty Ltd has been set for Nov. 17, 2017, at 11:00 a.m., at the
offices of HoskingHurst Pty Limited, Level 3, 65 York Street, in
Sydney, New South Wales.

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

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

David Anthony Hurst of HoskingHurst was appointed as
administrator of Cell Fresh on July 18, 2017.


CHALIJEN PTY: First Creditors' Meeting Slated for Nov. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Chalijen
Pty Ltd will be held at the offices of Bentleys Accountants,
London House, 216 St Georges Terrace, in Perth, West Australia,
on Nov. 17, 2017, at 9:30 a.m.

Geoffrey Davis and John Morgan of BCR Advisory were appointed as
administrators of Chalijen Pty on Nov. 8, 2017.


JAILEY INVESTMENTS: Second Creditors' Meeting Set for Nov. 17
------------------------------------------------------------
A second meeting of creditors in the proceedings of Jailey
Investments has been set for Nov. 17, 2017, at 10:00 a.m., at
Mint Business Center (Nineways Business Center), 2 Portside
Crescent, in Maryville 2293, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 16, 2017, at 5:00 p.m.

Blair Pleash and Kathleen Vouris of Hall Chadwick Chartered
Accountants were appointed as administrators of Jailey
Investments on Sept. 21, 2017.


MEGACORP GROUP: First Creditors' Meeting Set for Nov. 20
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Megacorp
Group Pty Ltd will be held at Level 18, 201 Kent Street, in
Sydney, New South Wales, on Nov. 20, 2017, at 11:00 a.m.

Daniel Frisken and Mitchell Ball of BPS Recovery were appointed
as administrators of Megacorp Group on Nov. 8, 2017.


TRENDS AUSTRALIA: First Creditors' Meeting Set for Nov. 16
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Trends
Australia Group Pty Ltd will be held at Christie Conferences, 320
Adelaide Street, in Brisbane, Queensland, on Nov. 16, 2017, at
11:00 a.m.

William James Harris and Anthony Norman Connelly of McGrathNicol
were appointed as administrators of Trends Australia on Nov. 6,
2017.


WALTON CONST: Director Aware Firm Was Insolvent, Liquidator Says
----------------------------------------------------------------
ABC News reports that the liquidator of Walton Construction has
found evidence it says indicates the company's director and
founder knowingly traded while insolvent.

According to the ABC, the liquidator said the Queensland branch
of the company, Walton Construction (QLD) Pty Ltd, folded owing
more than AUD18 million to subcontractors and suppliers.

The ABC relates that the companies' director, Craig Walton,
previously denied trading while insolvent and defended using the
profitable Queensland arm of the company to prop up the faltering
NSW and Victorian operations.

The ABC has obtained a confidential liquidator report from
July 2016 relating to the Queensland branch that details alleged
breaches of director duties by Mr. Walton.

These include claims in the report for the state's construction
watchdog, the Queensland Building and Construction Commission
(QBCC), that Mr. Walton used company money to pay bank debts that
he had personally guaranteed, while the company continued to rack
up debts to subcontractors, the ABC relays.

Liquidator Grant Thornton submitted the report after a Federal
Court public examination that began at the end of 2015, the ABC
notes.

An ABC report raised questions about the financial position of
the company in the period before its collapse earlier that year.

The ABC relates that Mr. Thornton also alleges Mr. Walton was
aware the company was insolvent from the end of March 2013 - more
than six months before the firm collapsed.

"Based on the information available to the director at the
relevant time, we believe that a reasonable person would have
suspected that the company either was, or was likely to become
insolvent," the report, as cited by the ABC, states.

"Furthermore, as a consequence of the public examination, we have
located a number of documents indicating that Mr. Walton was
actually aware the company was insolvent on or before March 31,
2013."

According to the ABC, Mr. Thornton states in the report a letter
dated March 13, 2013 was sent to Mr. Walton by the company's
auditors, citing concerns the company may be trading while
insolvent and seeking a response.

Under examination in the Federal Court, Mr. Walton said both the
Victorian-based company, Walton Construction Pty Ltd, and the
Queensland branch didn't become insolvent until October 2, 2013,
the ABC relates.

The ABC says the court heard legal advice was sent to the auditor
later that month stating, "The company will be able to pay its
debts as and when they become due and payable".

Mr. Walton subsequently obtained similar advice from another set
of lawyers, the ABC says.

But Mr. Walton conceded under questioning that both lots of
advice were provided without the lawyers having access to
detailed financial information, adds the ABC.

                     About Walton Construction

Walton Construction was a Melbourne-based builder.  The company
was founded in 1993 by Craig Walton and had offices in Melbourne,
Sydney and Brisbane.

Glenn Franklin, Stirling Horne, and Jason Stone were appointed as
voluntary administrators of Walton Construction Pty Ltd and
Walton
Construction (Qld) Pty Ltd on Oct. 3, 2013. They were
subsequently appointed as liquidators on Nov. 8, 2013.

The Walton Construction owed about AUD69 million to unsecured
creditors, according to the Australian Securities and Investments
Commission.



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C H I N A
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CHINA EVERGRANDE: Share Sale No Impact on B+ Rating, Fitch Says
---------------------------------------------------------------
China Evergrande Group's (B+/Stable) latest CNY60 billion equity
raising from strategic investors supports its deleveraging, but
reduces the company's stake in its onshore subsidiary, which may
increase the structural subordination faced by holders of the
company's offshore debt, Fitch Ratings says. As a result, Fitch
does not expect any immediate impact on the ratings on the
Chinese homebuilder.

Fitch will continue to monitor the progress of Evergrande's
reorganisation and the operational performance during the
restructuring period to determine the impact the changes will
have on the credit profile of the company.

Once this third round of share sales is completed, Evergrande
expects to hold 63.5% in Hengda Real Estate, the entity that
holds the majority of Evergrande's real-estate business.
Evergrande's final shareholding in Hengda will depend on the
valuation of assets and price of the shares issued to strategic
investors.

Fitch expects Evergrande's net debt to decrease by about 15%
after it receives the CNY60 billion proceeds. However, the
holding company's access to operating cash flow will be weakened
because it will own less than 65% of Hengda. Evergrande, which is
listed in Hong Kong, will hold the group's finance business and
eight cultural tourism projects, which accounted for only 4% of
the group's total contracted sales in 1H17. Although Evergrande,
as Hengda's largest shareholder, will continue to be able to
determine Hengda's dividends, any large dividend payout will lead
to significant cash leakage to the subsidiary's minority
shareholders.

Fitch will also assess whether the potential structural
subordination can be mitigated after the restructuring. For
example, the structural subordination may be reduced if
Evergrande includes other financing mechanisms, like a
shareholder loan to Hengda, or if the standalone business profile
of Evergrande strengthens.

Evergrande's net leverage, as measured by net debt / adjusted
inventory, slightly decreased to 54.1% in 1H17 from 55.1% in 2016
and 59.6% in 2015. The mild deleveraging was helped by strong
contracted sales and the receipt of the CNY70 billion of proceeds
from the previous equity-raisings. The company is due to receive
another CNY60 billion by end 2017 from the latest equity raising,
but the deleveraging plan will only yield meaningful results if
Evergrande also slows its land acquisitions to a level that does
not materially exceed the gross floor area it sells in the same
year. Land acquired in 1H17 was 2.7x the gross floor area sold
while the ratio in 2016 was 2.3x.


CHINA HONGQIAO: Fitch Affirms B+ IDR; Off Watch Negative
--------------------------------------------------------
Fitch Ratings has affirmed China Hongqiao Group Limited's Long-
Term Foreign- and Local-Currency Issuer Default Ratings (IDR) at
'B+' and assigned a Stable Outlook to the ratings. Fitch has also
affirmed the senior unsecured rating and the rating on its
outstanding USD300 million 6.875% senior unsecured notes due 2018
at 'B+' with Recovery Rating of 'RR4'.

All the ratings have been removed from Rating Watch Negative, on
which they were placed on March 24, 2017, after Hongqiao
published its audited 2016 annual accounts with unqualified
auditor opinion.

The results were also in line with Fitch's expectations, with
EBITDA margin at around 30% and FFO adjusted net leverage at
around 4.0x. The Stable Outlook reflects Fitch's expectations
that Hongqiao's leverage is likely to remain at around 4.0x due
to an upward revision in Fitch's aluminium price assumptions and
lower capex, but higher dividend payouts.

KEY RATING DRIVERS

Effect of Capacity Shutdown Uncertain: Hongqiao announced on 15
August that its subsidiary, Shandong Hongqiao New Materials Co.
Ltd., had shut aluminium production facilities with capacity of
2.68 million tonnes, or 29% of Hongqiao's total capacity, as
required by the authorities. Hongqiao has made a CNY3.4 billion
provision for asset impairments in its financial statements, but
the effect of the shutdown on its operations remains uncertain.
Fitch expects overall production volume to decrease to around 5
million tonnes-5.1 million tonnes a year in 2018 and beyond
(2016: 6 million tonnes) as the company increases utilisation
rates at other facilities to make up for the shutdown.

Lower Margin on Higher Costs: Hongqiao's EBITDA margin dropped to
about 23% during 1H17 from around 30% in 2016. The company said
that this was mostly driven by the higher costs of raw materials,
such as coal and alumina. Fitch expects margin to improve
slightly during 2H17 due to higher aluminium prices, but overall,
Fitch does not expect margins to recover to above 30% in the
future due to the loss of economies of scale with the capacity
closures, more stringent environmental requirements by the
government, and sustained high prices for raw materials, such as
alumina.

Positive Aluminium Market Dynamics: Fitch recently updated its
commodity price assumptions, and Fitch now assumes aluminium
prices of USD1,900/tonne over the next four years compared with
USD1,700/tonne previously. The increase in the price assumption
primarily reflects a downward revision of Fitch's assumptions for
net Chinese smelter capacity growth due to the government's
supply-side reforms. Fitch now expect Chinese output to grow by
only about 4% in 2018 due to a combination of state-directed and
winter closures. Aluminium prices are also being supported by
increasing alumina prices.

Leverage Sustained Around 4x: Fitch expects Hongqiao's FFO
adjusted net leverage to remain at around 4.0x as lower capex is
offset by higher dividend payouts. Hongqiao declared a special
dividend of HKD0.27 per share on top of its common dividend of
HKD0.20 per share for 2016, bringing its total dividend payout
rate to about 50% of its net income. Fitch expects the company'
dividend payout ratio to remain around 50% as the company scales
back on capex.

DERIVATION SUMMARY

Hongqiao's rating reflects its leading position in the global
aluminium industry by scale and cost structure. However, the
rating is constrained by weak internal controls and uncertainties
regarding the impact of its capacity closures in 2H17. Hongqiao
has higher leverage compared to Fitch-rated peers Alcoa
Corporation (BB+/Stable) and United Company RUSAL Plc (BB-
/Stable).

Compared with other Chinese diversified manufacturing companies
such as Hilong Holding Limited (BB-/Negative) and Tunghsu Group
Co., Ltd. (B+/Stable), Hongqiao has a more dominant position in
its core business, larger scale and better financial structure.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:
- Fitch aluminium LME base prices: USD1,906/tonne in 2017
   and USD1,900 in 2018-2020.
- Primary aluminium production of 5.6 million tonnes in 2017,
   and about 5.0 million tonnes-5.1 million tonnes in 2018 and
   beyond
- Capex of CNY8 billion in 2017 and CNY7 billion in 2018-20.
- Dividend payout ratio of around 50% of net income

Recovery Rating Assumptions
- Hongqiao will generate around CNY12 billion of EBITDA on a
   going-concern basis at 5x the going-concern enterprise value
   multiple.
- 10% administrative claim.
- Fitch estimates a 34% recovery rate on the offshore senior
   unsecured debt after administrative claims, which corresponds
   to a Recovery Rating of 'RR4'. The Recovery Rating is capped
   at 'RR4' according to Fitch's Country-Specific Treatment of
   Recovery Ratings (October 2016).

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage above 4.5x (4.0x at end-2016) on a
   sustained basis
- EBITDA margin below 25% on sustained basis
- Further deterioration in financials due to capacity shutdown,
   including lower revenue and EBITDA and worsening financial
   metrics, such as FFO adjusted leverage and EBITDA margin
   beyond expectations

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Track record of consistent financial disclosure
- FFO adjusted net leverage below 3.5x on a sustained basis
- Sustained FCF generation

LIQUIDITY

Adequate Liquidity: Hongqiao had CNY72.7 billion of total debt
outstanding at end-June 2017, of which CNY31.1 billion was short
term. This compares with CNY10.9 billion of cash and equivalents
and CNY17 billion of undrawn credit facilities. Hongqiao also
raised HKD5.5 billion (approximately CNY4.7 billion) from CTI
Capital Management Limited in August through an equity placement.


KWG PROPERTY: Fitch Rates Proposed US Dollar Senior Notes BB-
-------------------------------------------------------------
Fitch Ratings has assigned KWG Property Holding Limited's (BB-
/Stable) proposed US dollar senior notes a 'BB-(EXP)' expected
rating.

The notes are rated at the same level as KWG's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The final rating is subject to the receipt of final
documentation conforming to information already received.

China-based KWG's ratings are supported by its established
homebuilding operations in Guangzhou, strong brand recognition in
higher-tier cities across China, consistently high margin, strong
liquidity and healthy maturity profile. KWG's ratings are
constrained by the small scale of its development and investment
property business, as well as the higher leverage after its land
purchases in 2016.

KEY RATING DRIVERS
Established in Guangzhou, Diverse Coverage: KWG's land bank is
diversified across China's Greater Bay Area - which includes
Guangzhou, Foshan and Hong Kong - as well as eastern and northern
China. In 2016, the company ranked among the top 10 homebuilders
by sales in Guangzhou, the capital of China's southern Guangdong
province. KWG had 11.85 million square metres (sqm) of
attributable land at end-June 2017 that was spread across 18
cities in mainland China and Hong Kong. The land bank had an
average land cost of CNY4,515/sqm at end-2016 and is sufficient
for four to five years of development. KWG takes a prudent
approach when entering new cities - it conducts due diligence for
around three years before entering, usually with one or two
projects in partnership with reputable local developers.

Strong Brand Name: KWG has established strong brand recognition
in its core cities by focusing on first-time buyers and
upgraders, and appeals to these segments by engaging
international architects and designers, and setting high building
standards. KWG's January-July 2017 pre-sales rose 29% yoy to
CNY16.9 billion after a 10% yoy increase in 2016 to CNY22.3
billion. Guangzhou, Beijing and Shanghai accounted for 45% of
KWG's pre-sales in both 2016 and 1H17.

High Margin through Cycles: KWG's EBITDA margin has remained at
30%-35% through different business cycles, and is one of the
highest among Chinese homebuilders. The company has made
protecting the margin one of its key business objectives. To this
end, KWG strives to maintain higher-than-average selling prices
through its consistent, high-quality products. Its experienced
project teams also ensure strong execution capability and strict
cost controls.

Moreover, KWG has low unit land cost of 20%-25% of its average
selling price due to its strong foothold in Guangzhou, where land
prices have not increased as much as in other Tier 1 cities.
KWG's EBITDA margin was 31%-32% in 2016, and Fitch expects the
margin to be maintained at 30%-35% in the next two years.

Leverage Improvement Temporary: KWG's leverage on an attributable
basis - as measured by net debt/adjusted net inventories -
improved to around 28% by December 2016 from 39% in December
2015. Leverage is below the 35% level at which Fitch may consider
taking positive rating action. However, Fitch expects leverage to
stabilise at 30%-40% for the next two years as KWG's leverage is
correlated with its contracted sales growth rate and its land-
bank replenishment strategy.

JVs with Leading Industry Peers: As a result of KWG's prudent
expansion strategy, it has a long record of partnership with
leading industry peers, including Sun Hung Kai Properties Limited
(A/Stable), Hongkong Land Holdings Limited (A/Stable), Shimao
Property Holdings Limited (BBB-/Stable), China Vanke Co., Ltd.
(BBB+/Stable), China Resources Land Ltd (BBB+/Stable) and
Guangzhou R&F Properties Co. Ltd. (BB/RWN). These partnerships
helped KWG achieve lower financing costs for its projects, reduce
competition in land bidding and improve operational efficiency.
JV presales made up 47% and 32% of KWG's total attributable
presales in 2016 and 1H17, respectively.

JV cash flows are well-managed, and investments in new JV
projects are mainly funded by excess cash from mature JVs.
Leverage is also lower at the JV level because land premiums are
usually funded at the holding company level and KWG pays
construction costs only after cash is collected from presales.

DERIVATION SUMMARY
KWG is well positioned among its peers with 'BB-' ratings.

KWG's contracted sales of CNY20 billion-25 billion are comparable
with Logan Property Holdings Company Limited's (BB-/Stable)
around CNY28.7 billion, Yuzhou Properties Company Limited's (BB-
/Stable) around CNY23 billion and China Aoyuan Property Group
Limited's (BB-/Stable) around CNY26 billion. However, KWG's
EBITDA margin of over 35% is one of the best within the 'BB-'
peer group, and is better than that of 'BB' rated companies such
as Guangzhou R&F and Sunac China Holdings Limited (BB-/Negative).
This is offset by KWG's slower churn of around 0.5x-0.7x,
compared with above 1.5x for CIFI Holdings (Group) Co. Ltd.
(BB/Stable) and Future Land Development Holdings Limited (BB-
/Positive), both of which have lower EBITDA margins of around 25%
and 19%, respectively.

KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:

- EBITDA margin (excluding capitalised interest) to slowly trend
   down from 35% to 32% for 2017-2019
- Land replenishment rate at 0.8x contracted sales GFA
   (attributable), assuming KWG maintains a land bank at about
   five years of development activity
- Land-acquisition cost (attributable) at 40%-45% of sales
   proceeds from 2017
- Leverage to improve, but remain at about 40%-45% for 2017-2019

RATING SENSITIVITIES

Developments that may individually or collectively, lead to
positive rating action include:
- EBITDA margin sustained above 30%;
- Net debt/adjusted inventory sustained below 35%;
- Attributable contracted sales sustained above CNY30 billion
   (2016: CNY22 billion)

Developments that may individually or collectively, lead to
negative rating action include:
- EBITDA margin sustained below 25%;
- Net debt/adjusted inventory sustained above 45%

LIQUIDITY

KWG has well-established diversified funding channels, and strong
relationships with most foreign, Hong Kong and Chinese banks. KWG
has strong access to both domestic and offshore bond markets, and
was among the first few companies to issue panda bonds.

At end-June 2017, KWG had available cash of CNY30.6 billion
including restricted cash, which was enough to cover the
repayment of its short-term borrowing (CNY2.3 billion) and
outstanding land premium. Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations during 2017-2018 due to its
diversified funding channels, healthy maturity profile and
flexible land acquisition strategy.



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H O N G  K O N G
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WTT HK: Moody's Assigns B1 Corporate Family Rating
--------------------------------------------------
Moody's Investors Service has assigned a B1 corporate family
rating (CFR) to WTT HK Limited.

At the same time, Moody's has assigned a B1 rating to the
proposed senior unsecured notes to be issued by WTT Investment
Ltd and guaranteed by WTT HK Limited.

The ratings outlook is stable.

The proceeds from the issuance will be used mainly to refinance
its holding companies' existing indebtedness, namely a senior
term loan of HKD4.2 billion and a mezzanine loan of HKD0.8
billion.

RATINGS RATIONALE

"The B1 ratings reflect WTT's competitive position in Hong Kong's
enterprise fixed-line telecom market, established network
infrastructure with modest capex needs, diverse customer base,
high profitability, strong and stable cash flow generation," says
Gloria Tsuen, a Moody's Vice President and Senior Analyst.

"At the same time, the ratings are constrained by WTT's elevated
financial leverage, high concentration in terms of geography and
business, and relatively modest scale as compared to some of its
rated fixed-line telecom peers globally," adds Tsuen.

WTT has grown to become the second largest fixed-line telecom
operator in the enterprise segment in Hong Kong -- the market has
only four major players -- with a 16% revenue market share in
2016, according to Analysys Mason.

Despite being smaller in size than the market leader, the
incumbent Hong Kong Telecommunications (HKT) Limited (Baa2
stable), WTT has been increasing its market share, as it gains
new customers and deepens its relationships with existing ones.
Its revenue grew at an average of 6% a year between 2006 and
2016, and Moody's expects it to maintain modest annual growth
between 2016 and 2019.

WTT owns and operates an extensive end-to-end fiber network that
covers over 5,300 commercial buildings (a substantial portion of
all commercial buildings in Hong Kong), and it has fiber-to-the-
desk (as opposed to only fiber-to-the-building) coverage in 83%
of those buildings.

This established network allows WTT to offer more in-house,
comprehensive and differentiated solutions -- for which customers
are less price-sensitive -- compared with some of its
competitors. It also poses a significant barrier to new entrants,
while allowing WTT to keep its future capital spending modest.

WTT has a diversified, high-quality, and long-term enterprise
customer base. At end-2016, around 60% of WTT's customer
relationships were five years or longer, and no single customer
accounted for more than 3% of its revenue while top 10 customers
accounted for around 14%.

Given the strength of its network and service capabilities, and
its focus on the enterprise segment which values service
reliability and quality, and not only price, WTT enjoys stable
and high profitability, with a reported EBITDA margin at 41% in
2016. Moody's also expects continued generation of steady
adjusted operating cash flow of around HKD600 million per year,
and free cash flow of around HKD200 million per year.

However, a key constraint on WTT's ratings stems from its
elevated financial leverage as a result of the sizeable buyout
debt that the company's private-equity shareholders used for
their purchase of WTT in 2016. Moody's expects the company's
adjusted net debt/EBITDA will be at 5.8x in 2017, declining to
5.0x in the next 12-24 months, driven by its stable and moderate
EBITDA growth.

WTT's size is modest relative to its global rated telecom peers
and its operations are almost entirely focused in the mature, but
still growing, Hong Kong market and in the enterprise business
segment of the fixed-line market. The risk of a narrow business
focus is partly mitigated by WTT's demonstrated ability to gain
market share and its strong track record of operational stability
and profitability.

WTT's liquidity is adequate, upon closing of the bond issuance
and refinancing, because of Moody's expectation for stable EBITDA
and the absence of significant maturities, at least over the next
1-2 years. WTT will also maintain a good back-up liquidity source
with a committed revolving credit facility of HKD400 million.

The stable outlook reflects Moody's expectation that WTT's
financial and business profiles will remain stable and consistent
with the B1 rating category.

Upward rating pressure could arise if WTT maintains its business
profile and deleverages its operations materially, such that
adjusted net debt/EBITDA improves to at or below 4.0x on a
sustained basis.

Downward pressure on the ratings could emerge if (1) WTT's market
share or profitability erodes significantly, or (2) WTT pursues
an aggressive shareholder distribution or investment strategy.
Specific metrics that Moody's will consider include adjusted net
debt/EBITDA above 5.5x-6.0x and an adjusted EBITDA margin below
35%.

The principal methodology used in these ratings was
Telecommunications Service Providers in January 2017.

Established in 1995, WTT HK Limited (formerly known as Wharf T&T)
is an enterprise-focused fixed-line telecom operator in Hong
Kong. WTT offers a full range of products, including data
connectivity, broadband, IP-based voice telephony, cloud services
and systems integration solutions. WTT is owned by two private-
equity firms (50% MBK Partners and 50% TPG Capital).



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


APEX STEEL: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Apex Steel &
Alloys (ASA) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable. The instrument-wise rating action are:

-- INR50 mil. Fund-based facilities migrated to non-cooperating
category with IND BB-/Stable/IND A4+ rating;

-- INR100 mil. Proposed fund-based facilities migrated to non-
cooperating category with Provisional IND BB-/Stable/Provisional
IND A4+

KEY RATING DRIVERS

The ratings reflect ASA's small scale of operations, and weak
EBITDA margin and credit metrics due to the trading nature of
business. Revenue surged to INR895 million (FY16: INR386 million)
due to increased order execution. EBITDA margin remained between
1.1% and 1.6% over FY14-FY17 (FY17: 1.2%, FY16: 1.6%). Interest
coverage (operating EBITDA/gross interest expense) improved to
1.9x in FY17 (FY16: 1.5x) and net leverage (total adjusted net
debt/operating EBITDAR) to 4.4x in FY17 (FY16: 5.7x) due to an
increase in absolute EBITDA.

The ratings also factor in the company's tight liquidity position
with 95.6% average utilisation of fund-based facilities over the
12 months ended September 2017.

The ratings are also constrained by the partnership nature of
business.

However, the ratings are supported by the partners' two-decade-
long experience in the trading of stainless steel plates.

RATING SENSITIVITIES

Negative: A decline in revenue and EBITDA margin leading to
deterioration in the credit metrics could be negative for the
ratings.

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

COMPANY PROFILE

Incorporated in January 2012, ASA is a partnership firm headed by
Hajaram Purohit and Vinod Kumar Purohit. The firm is engaged in
the trading of stainless steel plates which are imported from the
US and South Africa.


B G ROADLINES: Ind-Ra Migrates BB- Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B G Roadlines'
(BGR) 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:

-- INR14.30 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR45.67 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR1.00 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, BGR is a subsidiary of the Gujral Group of
companies, which are engaged in transportation and hotel
business. The group is governed by the following board of
directors: Mr Bhupinder Singh Gujral, Mrs Tejinder Kaur Gujral,
Mr Gaganjeet Singh Gujral, Mr Sudipta Bhattacharya and Mr
Debdulal Talukdar.

BGR commenced commercial operations in 2012 and is primarily
engaged in the transportation business. It mainly transports LPG
to Indian Oil Corporation ('IND AAA'/Stable), Bharat Petroleum
Corporation Limited and Hindustan Petroleum Corporation Limited
('IND AAA'/Stable) in the eastern region of India.


B T ROADLINES: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B T Roadlines'
(BTR) 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:

-- INR12.7 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR38.73 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BTR, incorporated in 2011, is a subsidiary of Gujral Group of
companies which is engaged in transportation and hotel business
governed by the board of directors Mr. Bhupinder Singh Gujral,
Mrs. Tejinder Kaur Gujral , Mr. Gaganjeet Singh Gujral, Mr.
Sudipta Bhattacharya and Mr. Debdulal Talukdar.

BTR started its commercial operations in 2012. The firm is
primarily involved in the transportation business. The firm
mainly transports liquefied petroleum gas for Indian Oil
Corporation ('IND AAA'/Stable), Bharat Petroleum Corporation
Limited and Hindustan Petroleum Corporation Limited ('IND
AAA'/Stable) in the eastern region of India.


BILCARE LIMITED: ICRA Reaffirms 'MC' Rating on INR125cr Loan
------------------------------------------------------------
ICRA has reaffirmed MC to the INR125.00-crore fixed deposit
programme of Bilcare Limited.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Proposed fixed
  deposit (FD)
  programme              125.00        MC; Reaffirmed

Rationale

The rating reaffirmation reflects Bilcare's stretched liquidity
profile and weak coverage indicators in the backdrop of net
losses in the business and leveraged capital structure. While
operations at the standalone level are generating losses, it is
reporting operating profits at the consolidated level. However,
at the net level, the company is reporting losses at both the
standalone and consolidated levels owing to large interest
expense which has resulted in erosion of the net worth. The debt
levels are elevated, resulting from organic and inorganic capex
done in the past which have not yielded adequate returns. Owing
to the strained liquidity profile, the company has been delaying
on its bank obligation and the account has been classified as a
non-performing asset (NPA) by the banks. Nevertheless, as per the
management, Bilcare has been regular in servicing its repayment
obligation towards the fixed deposit holders post-revision in
repayment schedule by the Company Law Board. Going forward,
company's ability to regularise its repayment obligation towards
banks as well as timely servicing of its fixed deposit obligation
remains the key rating sensitivity.

Key rating drivers

Credit strengths

* Strong position in blister packing segment: Bilcare is a global
player in the solid dosage pharma blister packaging with
approximately 25% market share (Source: Bilcare's management) and
presence in more than 120 countries. The company primarily
competes with the Wendel Group, Klîckner Pentaplast and Uhlmann
in the international markets. As per the management, Bilcare is
the leader in several markets which includes Brazil, Russia,
India, China, Korea, South Africa, Turkey, Mexico. It also has
presence in markets such as Columbia, Indonesia, Vietnam, Egypt,
Turkey, South Africa which will drive future growth.

Credit weaknesses

* Delay in repayment of debt obligation: The company is irregular
in paying interest as well as principal repayment obligation of
the bank debt. Bilcare is classified as a wilful defaulter by a
few banks and its account is classified as NPA, though the fixed
deposit payment post-restructuring is timely as per the
management.

* Stressed liquidity position owing to loss-making Indian
operations: Bilcare's Indian operation is, at present, facing a
working capital crunch, which has resulted in sub-optimal
capacity utilisation and subsequently led to a steady decline in
the standalone revenue. Consequently, the operating
profits/margins are also impacted due to a negative operating
leverage, which when coupled with a large interest expense (due
to leveraged capital structure), resulted in substantial losses
at the net level.

* Adverse capital structure and coverage indicators: The
company's debt-funded organic and inorganic investment failed to
be materialised as per initial expectations which resulted in
adverse capital structure and coverage indicators

Incorporated in 1987, Bilcare Limited (Bilcare) is primarily
involved in manufacturing speciality pharmaceutical packaging
barrier films. Bilcare provides pharmaceutical packaging
innovation (PPI) services and products, global clinical services
(GCS) and anti-counterfeit technologies to major pharmaceutical
companies. Over the years, Bilcare has diversified its
geographical presence by organic and inorganic expansion. The
company's manufacturing facilities are located in India,
Singapore, USA and Europe and its R&D facilities are in India,
Singapore and the USA.


CITY REALTY: ICRA Reaffirms 'D' Rating on INR350cr Term Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D outstanding
on the INR350.0 crore bank loans of City Realty & Development
Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans             350.0       [ICRA]D reaffirmed

Rationale

The reaffirmation of the rating factors in the delays in debt
servicing by the company owing to its stretched liquidity
position. The liquidity profile remains weak owing to lower
occupancy levels of the company-owned retail mall coupled with
fall in average rentals. The rating is further constrained by the
moderate-to-high lessee concentration, aggressive capital
structure, weak debt coverage indicators and weak cash accruals
vis-a-vis the sizeable debt repayment obligations in the near to
medium term.

ICRA, however, favorably considers the long track record of the
company's operations, extensive experience of the promoters in
the real estate industry and the prime location of the company's
mall in Hadapsar-Kharadi bypass which are residentially and
commercially well-developed areas of Pune.

Key rating drivers

Credit Strengths

* Long standing experience of the promoters: CRDPL is a part of
the City Group, a Pune-based builder with diversified interests
in the real estate construction (both residential and
commercial). The portfolio of projects of the group includes
residential condominiums, shopping malls, technology parks,
office complexes and a cineplex. CRDPL also has 45% ownership
from Horizon Ventures V which is a limited life company
incorporated in Mauritius, for investment in Indian real estate.
It is a 100% subsidiary of Horizon Realty Fund LLC (HRFL), which
was launched in June 2006, with a corpus of US$ 350 million with
a view to invest in the Indian retail-oriented real estate
market.

* Favourable location of the project: The Amanora Town Centre
mall is located on Hadapsar-Kharadi Bypass in Hadapsar, Pune and
is 8 km away from the Pune railway station. The catchment area
includes upmarket location such as Koregaon park and Kalyani
Nagar which are among the high-end communities in Pune. The
catchment area also includes Kharadi, which has several large IT
(information technology) and ITES (information technology enabled
services) offices.

Credit Weaknesses

* Stretched liquidity profile resulting in delays in debt
servicing: Owing to the company's stretched liquidity profile, it
has been irregular in its debt servicing. The cash flows of the
company have been impacted by the decline in the average rentals
for its retail mall over the past year. About 20% of the leasable
area continues to remain vacant as on date.

* High gearing levels and weak coverage indicators: Total debt of
the company as on March 31, 2017 consists of term loan of
INR236.1 crore and unsecured loan of INR48.5 crore. Gearing
remained high at 4.36 times as on March 31, 2017. In FY2017, the
company reported higher sales and profits on the back of sales
from its residential property. Nonetheless, the debt coverage
indicators continue to remain stretched with Total Debt/OPBDITA
at about 4 times for FY2017.

Incorporated in August 2005, CRDPL, a Joint Venture (JV) between
Horizon Ventures V and Pune-based City group, is a Special
Purpose Vehicle (SPV) which owns and operates the Amanora Town
Centre at Hadapsar in eastern Pune. The project comprises retail
and commercial real estate development over 21.87 acres of land
and is part of the larger mega-township project, namely, Amanora
Park Town. This township is spread over 400 acres and is being
developed by the City group. The civil construction of the
project started in August 2008 and the mall was formally
inaugurated in August 2011. The company is also developing a
residential real estate project called Neo towers in Amanora Town
Park. The project comprises of four towers with a total saleable
area of ~6.93 lakh sqft.


CORDON BLEU: ICRA Withdraws B+ Rating on INR38cr LT Loan
--------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ for the
INR38.00-crore fund-based facilities of Cordon Bleu Properties
and Infrastructures Private Limited (CBPIPL).

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long Term: Fund-
  based Facilities        38.00      [ICRA]B+(Stable) withdrawn

Rationale

The ratings have been withdrawn at the request of the company and
on the basis of no objection certification (NOC) from the bankers
of the company.

Cordon Bleu Properties and Infrastructures Private Limited
(CBPL), incorporated in May 2008, was promoted by Mr. V. Senthil
Kumar, Ms. Uma Bharathi, Mr. P.N.Kumaresan and Mr. P.N.
Padmanabhan.

CBPL took over the business of the partnership firm Cordon Bleu
Properties and Infrastructures, whereby the partners of the firm
became promoter directors of CBPL. CBPL is currently engaged in
development of two residential projects "Central Park" and
"Darshan" near the IT industry corridor of Coimbatore with the
former in the luxury segment and latter targeting the budget
segment. The company has already completed phase 1 of "Central
Park" project while phase 2 and Darshan project are in
advanced stages of completion.



GAJANAN IRON: CARE Assigns 'B+' Rating to INR15.50cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Gajanan Iron Private Limited (GIPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            15.50      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GIPL is primarily
constrained by the project risk. Further, the rating also factors
in its exposure to the volatility in raw material prices, working
capital intensive nature of business, intensely competitive
industry with sluggish growth in end user industries and cyclical
industry. The rating, however, derives strength from the wide
experience of the promoters.

Going forward, the ability of the company to complete the ongoing
project without any cost & time over run and derive benefit out
of it as envisaged will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project risk: GIPL is currently setting up a mild structural
steel manufacturing unit at Jamuria industrial area, Burdwan,
West Bengal. The project is estimated to be set up at an
aggregate cost of INR26.95 crore, which is to be financed by way
of promoter's contribution of INR5.59 crore, unsecured loans of
INR5.86 crore and term loan of INR15.50 crore. The company has
already spent INR22.76 crore towards the project till August 31,
2017 funded by promoter's contribution and term loan. Since, the
company spent around 84% of total project cost till August 31,
2017, the project implementation risk exits for the remaining
portion of the project. However, the project is expected to be
operational from November, 2017. Going forward, it is very
crucial for the company to complete the on-going project without
any cost and time overrun and thereafter stabilisation of
operations.

Exposure to volatility in raw material prices: The basic raw-
materials required for GIPL is billets and the prices of the same
is highly volatile in nature. GIPL has proposed to procure around
50% of its total requirement from the open market at spot prices.
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. However, the
company will procure its raw material i.e. billets around 50%
from its group company which will partial mitigates the aforesaid
risk.

Working capital intensive nature of business: The operations of
the company are estimated to remain working capital intensive. As
the company is proposed to manufacture mild structural steels and
accordingly it requires for maintaining a large quantity of raw
material inventory to mitigate the raw material price
fluctuations risk and smooth running of its production process.
Further, the company has proposed to allow credit of around a
month to its clients. Furthermore, the company has proposed to
pay its suppliers upfront for availing cash discounts.
Accordingly, the utilisations of fund based limits are expected
to remain on the higher side during the projected period.

Intensely competitive industry and cyclical industry: GIPL is
entering in the steel industry which is primarily dominated by
large players and characterized by high fragmentation and
competition due to the presence of numerous players in India
owing to relatively low entry barriers. High competitive pressure
limits the pricing flexibility of the industry participants which
induces pressure on profitability.

The fortunes of companies like GIPL from the iron & steel
industry are heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel& alloys. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.

Key Rating Strengths

Experienced promoters: Though, GIPL is into project stage
currently, the promoters of the company have long experience in
iron & steel and cement industry. GIPL belongs to SHREEGOPAL
GROUP having a combined turnover of INR425.00 crore during
financial year 2016-17, is a well-known name in the iron & steel
and cement industry, with a considerable presence in Eastern
India. The group is into the manufacturing business for over 18
years and has extensive and in-depth knowledge of iron & steel
and cement. The group has been manufacturing high quality TMT
Bars and cement under the brand name of "Prime Gold", a popular
demand in the state of West Bengal, and neighboring states. GIPL
will be managed by Mr. Vishal Sarda, Mr. Siddharth Sarda and Mr.
Niranjan Gourisaria who are having long experience in iron and
steel industry. The company is expected to derive benefits out of
the established presence of the group and long experience of the
promoters.

GIPL was incorporated in June 2005 by Mr. Vishal Sarda, Mr.
Siddharth Sarda, Mr. Niranjan Gourisaria & Mrs. Richa Gourisaria
for setting up a mild structural steel manufacturing plant at
Jamuria Industrial Estate, Burdwan in West Bengal. GIPL is
currently setting up a mild structural steel manufacturing unit
at Jamuria industrial area, Burdwan, West Bengal. The project is
estimated to be set up at an aggregate cost of INR26.95 crore.
The project is expected to be operational from November, 2017.


GLOBAL ENVIRO: ICRA Moves 'D' Rating to Not Cooperating
-------------------------------------------------------
ICRA has moved the ratings for the Rs 9.00 crore bank facilities
of Global Enviro Air Systems Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING"

                         Amount
  Facilities           (INR crore)     Ratings
  ----------           -----------     -------
  Fund-based Limits         4.00       [ICRA]D ISSUER NOT
                                       COOPERATING; Rating moved
                                       to the 'Issuer Not
                                       Cooperating' category

  Non Fund based Limits     3.75       [ICRA]D ISSUER NOT
                                       COOPERATING; Rating moved
                                       to the 'Issuer Not
                                       Cooperating' category

  Unallocated Limits        1.25       [ICRA]D ISSUER NOT
                                       COOPERATING; Rating moved
                                       to the 'Issuer Not
                                       Cooperating' category

Rationale

The rating is based on no updated information on the entity's
performance since the time it was last rated in April 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action. As part of its process and in accordance with its rating
agreement with SHPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Experienced Management: Qualified professional management with
more than 15 years of experience in the area of pollution control
equipment design, manufacturing and installation

* Reputed Client Base: Over the years, the company has
established reputed client base which includes major
manufacturing companies such as Bharat Electrical Limited, Bharat
Heavy Electrical Limited (BHEL) etc.

Credit weaknesses

* Small scale of operations: GEASPL has small scale of operations
in a niche, competitive and fragmented industry which limits the
bargaining power with the customers who are mostly large
corporate, resulting in pressure on margins

* Moderate operating margins and low net margins: The operating
margins have been moderate traditionally, at 7%-8% and net
margins have remained low at 2-3% levels owing to high
depreciation and interest expenses

* Tight liquidity position: The liquidity position is stretched
as reflected by high working capital limit utilisation owing to
high inventory levels and delayed receivables

* Exposure of profitability to raw material price fluctuation:
The company's profitability remains exposed to the movement in
raw material costs due to fixed price nature of contracts with
the customers; however the risk is mitigated to some extent due
to short execution cycle

Global Enviro Air Systems Private Ltd is the flagship company of
the Global group which began operations in 1999 and it undertakes
manufacturing and installation of pollution control equipment
which includes Clean Rooms, HVAC (Heating, Ventilation and Air
Conditioning) systems, Bag Filters, Centrifugal Blowers, Axle
Flow Blowers, Dust Extraction Systems, Fume Extraction Systems
etc.


GURU NANAK: CARE Reaffirms B+ Rating on INR10cr LT Bank Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Guru Nanak Rice and Gen. Mills (GNR), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of GNR continue to be
constrained by its small scale of operations along with low
profitability margins. The rating is further constrained by the
susceptibility to fluctuation in raw material prices, fragmented
nature of industry coupled with high level of government
regulation and partnership nature of constitution. The rating,
however, favorably takes into account the experienced partners,
moderate operating cycle & capital structure and favourable
manufacturing location.

The ability of the firm to increase the scale of operations while
improving its profitability margins would be the key rating
sensitivities.

Detailed description of the key rating drivers

Weaknesses

Small scale of operations with low profitability margins: The
firm's scale of operations has remained small marked by total
operating income (TOI) of INR46.69 crore in FY17 (refers to the
period April 01 to March 31). The same increased from INR44.87
crore in FY16 on account of higher quantity sold owing to higher
orders received from the existing clients and also due to
improved sales realization. The small scale of operations limits
the firm's financial flexibility in times of stress and deprives
it from scale benefits. Furthermore, the profitability margins of
the firm continued to remain low marked by PBILIDT margin and PAT
margin of 3.24% and 0.20% respectively, in FY17 as compared to
PBILDT margin and PAT margin of 2.98% and 0.01% respectively in
FY16.

Susceptibility of margins to fluctuation in raw material prices
and monsoon dependent operations: Agro-based industry is
characterized by its seasonality, due to its dependence on raw
materials whose availability is affected directly by the vagaries
of nature. The price of rice moves in tandem with the prices of
paddy. Availability and prices of agro commodities are highly
dependent on the climatic conditions. Adverse climatic conditions
can affect their availability and leads to volatility in raw
material prices.

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

Partnership nature of constitution: GNR's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders.

Strengths

Experienced partners: GNR was established in 1981 by Mr. Biahari
Lal Garg. The firm is currently being managed by his sons, Mr.
Pardeep Garg and Mr. Purushotam Garg. Mr. Pardeep Garg and Mr.
Purushotam Garg have an industry experience of around 15 years
and 20 years, respectively, through their association with GNR
itself.

Moderate operating cycle: The operating cycle of the firm stood
moderate at 47 days for FY17. The firm is required to maintain
inventory of raw material to ensure smooth execution process
which resulted in average inventory period of 44 days for FY17.
Furthermore, the firm provides credit period of approx. one week
to its customers which led to average collection period of 8 days
for FY17. The average utilization of the cash credit limit stood
at ~80% for the last 12 months period ended September 2017.

Moderate capital structure and weak debt coverage indicators: The
capital structure of the firm stood highly moderate with overall
gearing ratio of 1.42x as on March 31, 2017. The same improved
from 0.18x as on March 31, 2016, mainly on account higher
utilization of cash credit limit as on last balance sheet date as
compared to previous year. Furthermore, the debt coverage
indicators remained weak characterized by interest coverage ratio
of 1.58x in FY17 and total debt to GCA ratio of 15.19x for FY17.

Favorable manufacturing location: GNR's manufacturing unit is
located in Kaithal, Haryana. The area is one of the hubs for
paddy/rice, leading to its easy availability. The presence of GNR
in the vicinity of paddy-producing regions gives it an advantage
over competitors operating elsewhere in terms of easy
availability of the raw material as well as favorable pricing
terms.

GNR was established in 1981 as a partnership firm by Mr. Biahari
Lal Garg and relatives. The firm is currently being managed by
Mr. Pardeep Garg and Mr. Purushotam Garg as its partners (sons of
Mr. Biahari Lal Garg) sharing profit and loss equally. The firm
is engaged in processing of paddy to manufacture basmati and non-
basmati rice at its manufacturing facility located in Kaithal,
Haryana with an installed capacity of 50,000 tonnes of paddy per
annum as on September 30, 2017. Furthermore, the firm is also
engaged in the grading & sorting and processing of unfinished
rice which is procured locally from various rice millers.


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

-- INR47.5 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating; and

-- INR7.5 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in October 2013, JSK Corporation is engaged in
trading of thermo-mechanically treatment bars, structural steels,
mild steel plates and strips.


K. P. INDUSTRIES: CARE Lowers Rating on INR9.69cr Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
K. P. Industries, as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            9.69       CARE D Revised from CARE B

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of K. P. Industries is primarily
due to irregularity in servicing its debt obligations.

Established in the year 2009, Ahmedabad-based K.P. Industries
(KPI) is a partnership firm engaged in the processing of non-
basmati rice. Key partners include Mr. Dhaval Prajapati and Mr.
Atul Prajapati who manage the day to day operations. As on March
31, 2016, it had a total installed capacity of 69,120 Metric
Tonnes per annum and operates through its sole manufacturing unit
at Kheda.


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

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

-- INR420 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in 2008, LBPL is engaged in the trading of various
flooring products and edible oils. LBPL is a part of Laxmidas
Brothers Group, which was established in 1955 and is engaged in
diversified business activities such as trading of plywood,
flooring, deck wood and edible oil, among others. In December
2013, the company started trading various commodities such as
palm oil, sugar, among others and subsequently in 2015, it
ventured into third party manufacturing of cooking spray oil
under its own brand name.


MALIK MOTORS: ICRA Assigns 'B' Rating to INR6cr Cash Loan
---------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to the INR6.00-
crore cash credit and INR4.00-crore unallocated facilities of
Malik Motors Private Limited (MMPL). The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based-Cash
  Credit                   6.00       [ICRA]B (Stable); Assigned
  Unallocated              4.00       [ICRA]B (Stable); Assigned

Rationale

The assigned rating factors in the moderate financial risk
profile of the company as reflected in high gearing, and modest
coverage indicators, on account of low net worth and high debt.
The rating is further constrained by the stretched liquidity
position of the company given the high repayment obligations in
the next three years. ICRA also notes the thin margins of the
company, inherent to auto dealership business and a highly
competitive industry with growing scale and presence of other
Original Equipment Manufacturers (OEM). The rating, however,
favorably factors in the established position of the company as
authorized dealer for light commercial vehicles (LCVs) of Ashok
Leyland Limited (ALL) in the Hyderabad, Medak, Siddipet,
Sangareddy and Nalgonda districts of Telangana, and longstanding
experience of the promoter in the automobile dealership business.
ICRA also notes the significant growth in sales volume over the
last three years.

Going forward, the company's ability to increase revenues and
margins, given the high repayment obligations, and manage its
working capital requirements would remain the key rating
sensitivities from credit perspective.

Key rating drivers

Credit Strengths

* Significant experience of the management: The management has
more than two decades of experience in the automobile dealership
industry. The group companies are involved in auto dealerships of
other OEMs.

* Brand equity of Ashok Leyland Limited (ALL): MMPL is one of the
two authorized dealers of ALL in the LCV segment for hyderabad
and sole authorized dealer for the same in four other districts
of Telangana. The brand presence of ALL in Telangana and its
growing sales volumes is expected to drive revenue growth for the
company going forward.

* Significant growth in sales volume over the last three years:
MMPL's sales volume increased from 511 units in FY2015 to 1242
units in FY2017. The company also witnessed a healthy growth in
operating income from INR20.80 crore in FY2014 to INR63.52 crore
in FY2017

Credit Weaknesses

* High competitive intensity from other OEMs leading to severe
pricing pressure: MMPL faces competition dealers of ALL in
Hyderabad and from dealers of other OEMs in the LCV segment like
Tata Motors Limited (TML), Mahindra & Mahindra Limited (M&M) etc.
The company's margins have been thin inherent to the nature
automotive dealership business.

* High gearing and modest financial profile: Low net-worth base
coupled with increase in long-term debt has affected the capital
structure of the company with gearing at 18.00 times as on
March 31, 2017. Debt protection metrics are modest as reflected
in Total Debt/OPBITDA of ~7.61 times and NCA/Total Debt of about
6.73% in FY2017.

* Stretched liquidity owing to high repayments: The company
incurred a capex of INR7.28 crore in FY2017 which was majorly
financed by long-term debt. The liquidity position is constrained
given the high debt repayment obligations over the next three
years.

MMPL was incorporated as a private limited company in 2010 and
began operations in 2012. It is an authorized dealer of light
commercial vehicles (LCV's) of Ashok Leyland Limited (ALL). The
company is the sole authorized dealer for Medak, Nalgonda,
Siddipet and Sangareddy districts of Telangana and authorized
dealer for Hyderabad and Secunderabad regions in Telangana. MMPL
operates eleven 3S (Sales, Spares and Service) facilities in
these districts. The company is managed by Mr. Rajesh Malik and
Mr. Neeraj Malik.


MODERN AGRO: ICRA Reaffirms 'B+' Rating on INR9cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the
INR9.00 crore fund based limits of Modern Agro Mills. The outlook
on the long-term rating is 'stable'.

                        Amount
  Facilities          (INR crore)    Ratings
  ----------          -----------    -------
  Fund based-Long Term     9.00     [ICRA]B+ (Stable); reaffirmed

Rationale

The rating continues to take into account the small scale of
operations of MAM in the rice milling industry, and its weak
financial profile characterized by thin operating profitability
of 3.92%, moderate gearing of 3.00 times and weak coverage
indicators. The rating further remains constrained by intensely
competitive nature of the rice milling industry restricting
operating margins, and agro climatic risks, which can affect the
availability of the paddy in adverse weather conditions and
thereby revenues. However, the rating favorably factors in MAM's
experienced management, long track record of operations in the
rice industry and easy availability of paddy as the rice mill is
located in major paddy growing region. Moreover, ICRA takes into
account the favorable demand prospects of the industry with India
being one of the largest producer and consumer of rice.
Going forward, the ability of the company to increase scale of
operations, improve profitability and manage working capital
requirements would remain the key rating sensitivities.

Key rating drivers

Credit strengths

* Experienced promoters with long presence in the rice milling
and trading industry: Mr. Nishant Malik, Mr. Davinder kumar Malik
and Mr.Parteek Malik are the partners of the firm. Mr. Nishant
Malik has around ten years of experience in the rice milling and
trading industry.

* Industry demand prospects expected to remain good: Rice being a
staple food grain and the position of India as world's second
largest producer and consumer, demand prospects for the industry
are expected to remain good.

Credit weaknesses

* Weak financial profile: The financial risk profile remains weak
as characterised by low profitability margin of 3.92%, moderate
gearing of 3.00 times and weak coverage indicators with interest
coverage of 1.35 times and NCA/Debt of 4% in FY2017.

* Intensity competitive nature of the rice industry: The rice
milling and trading industry is intensely competitive due to the
presence of a large number of small players

* Vulnerability of profitability to the fluctuations in prices
and availability of paddy prices: The profitability of the
company is exposed to fluctuation in availability and prices of
paddy.

Modern Agro Mills was established in 2008 as a partnership firm
by Mr. Nishant Malik and his family members. The firm is engaged
in trading and milling of basmati rice. The firm's milling unit
is located in Karnal, Haryana and has an installed capacity of 8
tonnes per hour.

In FY2017, the company reported net profit of INR0.06 crore on an
operating income of INR30.15 crore as compared to net profit of
INR0.07 crore on an operating income of INR32.16 crore in the
previous year.


PARAMSHAKTI STEELS: ICRA Moves 'D' Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the ratings for the INR377.22 crore bank
facilities of Paramshakti Steels Limited (PSL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                    Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Cash Credit         40.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating category

  Term Loan            2.22      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating category

  Long-term           75.00      [ICRA]D; ISSUER NOT COOPERATING;
  unallocated                    Rating moved to the 'Issuer Not
                                 Cooperating category

  Non-fund based      95.00      [ICRA]D; ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating category

  Short-term         165.00      [ICRA]D; ISSUER NOT COOPERATING;
  Unallocated                    Rating moved to the 'Issuer Not
                                 Cooperating category

Rationale

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

Key rating drivers

Credit weaknesses

* Continued delays in debt servicing: Due to strained liquidity
position, there has been continued delays in company's debt
servicing obligation.

Established in 2005, PSL is engaged in processing and trading of
hot rolled (HR) coils. The promoters of PSL have been in the iron
and steel trading business for almost 40 years through a company
namely Gupta Steel Corporation (not operational now) before
starting PSL.


PARANKUSH FOOD: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the long-term rating of the INR1.75-crore fund-
based cash-credit limit and INR3.68-crore term loan of Parankush
Food Processing and Rice Mill (P) Limited to 'Issuer Not
Cooperating' category. ICRA has also moved the short-term rating
of the INR0.18 crore non-funds-based limits of the company to
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-limit-       1.75      [ICRA]B+ (Stable) ISSUER NOT
  Cash-credit                       COOPERATING; Rating moved to
  facility                          the 'Issuer Not Cooperating'
                                    category

  Fund-based-limit-       3.68      [ICRA]B+ (Stable) ISSUER NOT
  term-loans                        COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Non-fund-based-limit     0.18      [ICRA]A4 ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

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

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

Key rating drivers

Credit strengths

* Experience of the promoters in rice trading supports the
distribution network: Although PFPRMPL commenced its milling
operations from August 2012 onwards, the promoters of the company
were involved in rice trading business in the past, which
supports the distribution network of the company.

* Stable demand outlook as rice forms an important part of the
staple Indian diet: The demand outlook for rice remains stable as
it constitutes and important part of staple Indian diet.

Credit weaknesses

* Small scale of current operations notwithstanding significant
improvement in the operating income during the last three years:
The company's scale of operations continue to remain small
despite the significant increase in its turnover during the last
three years. Rice-milling industry is characterised by low entry
barriers and a fragmented structure, leading to intense
competition, especially for mid-size players like PFPRM, which is
also likely to put pressure on the profit margins.

* Weak financial risk profile characterised by nominal profits
and cash accruals: Low value additive nature of rice milling
operations result in low operating profitability of the company.
This coupled with small scale of its current operations leads to
nominal profits and cash accruals for the company during FY2016.

* Exposure to inherent risks associated with an agro-based
business, such as changes in Government policies and agro-
climatic conditions affecting the harvest of paddy, and in turn
impacting raw material availability: The level of harvest of
paddy mainly depends on agro-climatic conditions, which impacts
the raw material availability to some extent. The firm would also
remain exposed to other risks inherent in an agro-based business,
including change in Government policies in relation to
stipulation of minimum support price (MSP) for procurement of
paddy from farmers and revision of policies on export of rice,
levy sale, etc.

Incorporated in August 2008, PFP started commercial operations in
August 2012 as a rice milling unit in the district of Hooghly,
West Bengal. The promoters of the company have significant
experience in rice trading. The company has a milling capacity of
120 MT per day; translating into an annual milling capacity of
36000 MT.


PARKER VRC: CARE Revises Rating on INR45cr LT Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Parker VRC Infrastructure Private Limited (PVIPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        45         CARE D Revised from
   Facilities                       CARE BB; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of
PVIPL takes into consideration the delays in interest servicing
by the company on account of stretched liquidity position due to
stagnation in collections of customer advances.

Detailed description of the key rating drivers

Delays in Interest Servicing: PVIPL has delayed in servicing the
interest due on the outstanding debt of the company for the
months of August and September, 2017 due to stretch in its
liquidity position. The default accrues to the slowdown in the
collections of customer advances and tight fresh sales momentum
in the projects under execution by PVIPL. Furthermore, the stress
on the liquidity is aggravated by the refunds paid to the
customers on account of cancellations of the booked units.

Subdued Industry Scenario: The real estate sector is moving
towards a more rational regime with the implementation of the
transformational reforms viz. demonetization, introduction of the
REIT's, Real Estate Regulator Bill and FDI relaxations.
Residential sales were positively impacted by flexibility in
pricing and payment schedules, especially for projects with
quality construction, appropriate sizes and prime locations. The
introduction of the RERA Act, will also move the sector towards
transparent and credible measures with sustenance for organized
players. Moreover, the expected renewed interest by the banks in
funding the developers is likely to result in the timely
completion of the projects.

As per market sentiments the India Real Estate Market may not
witness a sharp reversal in the year 2017, but its long term the
growth prospects remain strong. Currently, the sector continues
to remain troubled with issues of high unsold inventory, delayed
delivery of projects causing financial stress on developers. The
only segment that showed some signs of a rebound was the
affordable housing category in the peripheries of the major
markets. Thus, the broader market opinion is that while the long
term story for residential market remains strong; the short term
is expected to be sluggish.

Parker VRC Infrastructure Private Limited (PVIPL), incorporated
in 2012, is a joint venture between Parker Estate Developers
Private Limited and VRC Constructions India Private Limited.
PVIPL is currently developing two projects by the name of "White
Lily" and "White Lilly Residence" located in Sector-8, Kamaspur,
Sonipat, Haryana and Sector - 27, Ahmedpur, Sonepat, Haryana
respectively with total salable are of 10.43lsf and 12.76 lsf
respectively.

VRC Group has more than two decades of experience in the
construction of civil, structural and infrastructural project.
The group is promoted by Mr. Narinder Kumar Bansal and Mr. Dinesh
Kumar Gupta.

Parker Group has more than a decade experience in the real estate
development in Sonepat. The group has already completed a number
of projects such as Parker Residency and Parker Mall with total
area of 11.34 acres. The group is also developing Parker Suits in
Sector -62, Kundli (Sonepat). The group include two major
entities viz Parker Estate Developers Private Limited and Parker
Builder Private Limited.


PONNU FOOD: ICRA Moves 'B' Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the ratings for the INR9.00-crore bank facilities
of Ponnu Food Products (PFP) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER
NOT COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long term-Fund-         8.90       [ICRA]B (Stable) ISSUER NOT
  Based-Cash Credit                  COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Long term-              0.10       [ICRA]B (Stable) ISSUER NOT
  Unallocated limits                 COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

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

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

Key rating drivers

Credit strengths

* Experience in supplying wide range of products: PFP
manufactures and trades in around 120 products and the product
portfolio of the firm is diversified with three major product
lines - rice products constituting ~20-30% of the revenue, wheat
products constituting ~25% and the balance is constituted by
curry masalas, noodles, biscuits and vegetables. The firm
procures its raw materials predominantly from traders in Tamil
Nadu & Andhra Pradesh. The product supplies are done directly to
1300 SUPPLYCO outlets throughout Kerala.

* SUPPLYCO is the prime customer; however, addition of other
customers increase diversification: The firm faces high customer
concentration as a sizeable portion of the overall sales is
derived from a single customer. Though SUPPLYCO continues to be
the largest customer of PFP, the firm started diversifying its
customer portfolio and had increased its sales to schools, vans,
agencies and distributors during the last three fiscals. The
experience in supplying to SUPPLYCO outlets and the firm's wide
range of products is likely to help in addition of new customers.
Further, the firm's facility has AGMARK approval since 2001,
which is also likely to help in addition of institutional sales.

Credit weaknesses

* Small scale of operation with moderate financial profile: The
scale of operations of the firm remained modest with an operating
income of INR37.46 crore in FY2017. The financial profile
remained moderate, characterised by leveraged gearing levels and
moderate coverage indicators as of FY2017.

* Intense competition in the industry and high customer
concentration limits margins: The food processing and packaging
industry is highly competitive with presence of larger brands and
also numerous unorganized players. The processors also face
competition from the unlabeled packaged products available in
stores. Further, significant selling expenses in the form of
commission to sales personnel and advertising expenses coupled
with labour intensive packaging and processing activities result
in thin operating margins. Albeit the firm supplies its products
under its own "Ponnus" brand, the brand recall is likely to be
limited as the sales are primarily made to SUPPLYCO outlets and
due to limited presence in open market.

Ponnu Food Products (PFP) was formerly established as a
proprietary concern by Ms. Suja Shajilal in August 1999 at Aylara
in Kollam District of Kerala which was later converted into a
partnership firm in December 2012. The firm is engaged in the
business of manufacturing, milling, grading and packaging of
various cooking ingredients and spices. Ponnus product portfolio
consists of around 120 items, which includes rice products, wheat
products, curry powders, cereals, packaged flours, spices etc.
Most of the products are sold under PFP own brand "Ponnus",
except for specific orders where it sells under private label of
the retail chains. The firm procures its raw materials
predominantly from traders in Tamil Nadu and Andhra Pradesh.
Ponnus supplies to around 1300 outlets of Supplyco (The Kerala
State Civil Supplies Corporation Limited, a Govt. of Kerala
undertaking) located across Kerala.

Apart from Ponnus, the partners have recently promoted a
proprietary concern- Sanno Food which trades in food products
under the brand "Ponnus". The turnover of Sanno Food for the
FY2016 was Rs 1.2 crore.


POOJA JEWELLERS: ICRA Moves 'D' Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the ratings for the INR6.00 crore bank facilities
of Pooja Jewellers to the 'Issuer Not Cooperating' category. The
rating is now denoted as: "[ICRA] D; ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based Limits       6.00       [ICRA]D; ISSUER NOT
                                     COOPERATING; Rating moved
                                     to the 'Issuer not
                                     Cooperating' category

Rationale

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

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

Key rating drivers

Credit weaknesses

* Delay in debt servicing: The firm has been delaying in its debt
servicing on account of the stretched liquidity position

Incorporated in 1993 as a sole proprietorship concern promoted by
Mr. Shankar Maity, Pooja Jewellers is engaged in the trading and
manufacturing of gold and diamond jewellery. The firm operates
from Chandni Chowk, Delhi and largely supplies its products in
the wholesale market. The product portfolio of the firm includes
gold and diamond jewellery necklace sets, rings, earrings, chains
etc.


PRANEE INFRA: ICRA Moves 'D' Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has downgraded the rating to [ICRA]D and has also moved the
rating to the 'Issuer Not Cooperating' category for the INR10.00-
crore bank facilities of Pranee Infrastructure Private Limited
(PIPL). The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term/Short-        10.00      [ICRA]D ISSUER NOT
  Term-Fund-based/                   COOPERATING; downgraded
  Non-fund based                     from [ICRA]B/A4; Rating
                                     moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The rating downgrade follows the delays in debt servicing by
Pranee Infrastructure Private Limited to the lender(s), as
confirmed by them to ICRA.

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

Key rating drivers

Credit strengths

* Long experience of promoters in the business: The rating takes
into account the director's long experience of around 3 decades
in the industry and the established relationship of the company
with customers in the construction sector, and consistent orders
received by the company from reputed players

Credit weaknesses

* Weak financial profile of the firm with delays in debt
servicing: The financial profile of the weakened significantly
due to debt-funded capital expenditure in FY2016. The capital
structure of the company weakened and the gearing of the company
stood at 4.1 times as on March 31, 2017. The company has delayed
in servicing its term loans with UCO Bank and the account has
turned into a non performing asset.

Incorporated in 2013, Pranee Infrastructure Private Limited
operates as a civil construction company and takes up work
related to construction of residential complex and commercial
buildings, with its scope of work including civil, sanitary,
electricals, etc. as per the contract. Mr. Venkateswarlu, the
promoter of the company has around 3 decades of experience in the
construction industry. Based out of Bangalore, the commercial
operations of the company started in the month of September 2013.


PROSEED FOUNDATION: ICRA Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
ICRA has moved the ratings for the INR10.00 crore bank facilities
of Proseed Foundation (Proseed) to the 'Issuer Not Cooperating'
category. The rating is now denoted as: "[ICRA] B+ (Stable);
ISSUER NOT COOPERATING"

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based Limits       9.86      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer not Cooperating'
                                    category

Rationale

The rating is based on updated information on the entity's
performance since the time it was last rated in April, 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

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

Key rating drivers

Credit strengths

* Experienced management: The management has more than two
decades of experience in the education sector coupled with the
synergies derived from being part of Career Point group.

Credit weaknesses

* Small scale due to single asset operations: The scale of
operations remained small with operating income of Rs 0.12 crore
in 9MFY2016. Further the revenue is concentrated towards single
asset.

Incorporated in 2009, Proseed Foundation is a charitable trust
which has been promoted by the Career Point Group which has
presence in informal education (tutorial services) and formal
education (K-12 and higher education) segments. Till AY2014-15,
Proseed Foundation runs and operates Career Point Technical
Campus in Mohali (Punjab) which offers courses in engineering
(B.Tech course in 6 disciplines) and management (MBA in 3
disciplines). However, since AY2015-16 there is change in scope
of operations for the trust with closing of this technical
institute and start of residential school campus. The concept was
borrowed from the group company Career Point Limited, which
already runs similar kind of residential cum school campus in
Kota since FY2000. The course is divided into two parts
Foundation Years (Grade 6th to 10th) and Target Years (Grade
11th, 12th and 12th pass). The trust is headed by Mr. Om Prakash
Maheshwari, who is also the executive director and CFO of Career
Point Limited (Flagship Company of the Career Point group).

In FY2015, the company reported a net loss of INR4.5 crore on an
operating income of INR1.9 crore, as compared to a net loss of
INR3.4 crore on an operating income of INR2.3 crore in the
previous year.


R J RISHIKARAN: ICRA Moves 'B' Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the ratings for the INR35.0-crore bank facilities
of R J Rishikaran Projects Pvt Ltd (RRPPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as:
"[ICRA]B(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-        35.0       [ICRA]B(Stable); ISSUER NOT
  Based-Term Loan                    COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

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

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

Key rating drivers

Credit strength

* Significant experience of promoters in the real estate industry

Credit weaknesses

* Intense competition in the Bangalore residential market and
exposure to inherent cyclicality in the real-estate industry

* High market and execution risks for the ongoing projects

RG Group has been involved in South Indian reality segment for
past three decades offering services such as building, design &
development, interiors, project management & consultation in the
hospitality, residential, commercial segments including hospital
construction and development. Till date it has developed 40
projects comprising 3 million sft area. The Group has also been
involved in interior design of 10 msft area. Its board of
directors includes Mr. Rathnakar Shetty (Chairman & Managing
Director), Mr Karan Shetty (Director & CEO), Mrs Kavitha R Shetty
(Director) and Ms. Rishka R Shetty (Director).

RJ Rishikaran Projects Private Limited was incorporated in
February'13, and so far the company has started two projects,
Lake Gardenia at KR Puram, Bangalore and Brook Square at
Whitefield, Bangalore. In the past, RJ group have been executing
projects through RJ Builders (flagship company of the RJ group),
however, the group has now decided that, RJ Builders will look
after interior design projects and the real estate development
will be done by RRPPL.


R K ENTERPRISE: Ind-Ra Amends Oct. 4 Release
--------------------------------------------
This announcement corrects the version published on 4 October
2016 to provide an Outlook on term loans. An amended version is
as follows:

India Ratings and Research (Ind-Ra) has assigned R K Enterprise
(RKE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR10.5 mil.Fund-based limits migrated to non-cooperating
    category assigned with IND BB-/Stable rating;

-- INR56.26 mil. Term loans migrated to non-cooperating category
    due on March 2022 assigned with IND BB-/Stable rating;

-- INR1 mil. Non-fund-based limits migrated to non-cooperating
    category assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect RKE's small scale of operations and moderate
credit profile. According to RKE's provisional financial for
FY16, its revenue was INR44m (FY15: INR38m), net financial
leverage (net debt/EBITDA) was 3.8x (3.4x) and gross interest
coverage (EBITDA/gross interest) was 3.2x (1.0x). The company's
EBITDA margin improved to 51.0% (FY15: 35.9%) due to a decline in
repair and maintenance cost.

The ratings are constrained by RKE's partnership nature of
business.

The ratings, however, are supported by over two decades of
experience of RKE's promoters in the transportation service. The
ratings are further supported by the firm's strong relationships
with its customers and suppliers. Moreover, RKE's liquidity is
comfortable as evident from its 65% average working capital
utilisation for the 12 months ended July 2016.

RATING SENSITIVITIES

Positive: A substantial improvement in revenue and the operating
profit could be positive for the ratings.

Negative: A decline in the operating profitability, resulting in
deterioration in the interest coverage, could be negative for the
ratings.

COMPANY PROFILE

RKE, incorporated in 2011, is a subsidiary of Gujral Group of
companies which is engaged in transportation and hotel business
governed by the Board of Directors Mr. Bhupinder Singh Gujral,
Mrs. Tejinder Kaur Gujral , Mr. Gaganjeet Singh Gujral, Mr.
Sudipta Bhattacharya and Mr. Debdulal Talukdar.

RKE started its commercial operations in 2012. The firm is
primarily involved in transportation business. The firm mainly
transports LPG gases for Indian Oil Corporation (IND AAA/Stable),
Bharat Petroleum Corporation Limited and Hindustan Petroleum
Corporation Limited (IND AAA/Stable) in the eastern region of
India.


R K TRANSPORT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated R.K. Transport's
(RKT) 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:

-- INR13.60 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR45.69 mil. Term loan migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating;

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
21 October 21, 2016. Ind-Ra is unable to provide an update, as
the agency does not have adequate information to review the
ratings.

COMPANY PROFILE

Incorporated in 2011, RKT is a subsidiary of the Gujral Group of
companies, which are engaged in transportation and hotel
business. The group is governed by the following board of
directors: Mr. Bhupinder Singh Gujral, Mrs Tejinder Kaur Gujral,
Mr. Gaganjeet Singh Gujral, Mr. Sudipta Bhattacharya and Mr.
Debdulal Talukdar.

RKT commenced commercial operations in 2012 and is primarily
engaged in the transportation business. It mainly transports LPG
to Indian Oil Corporation ('IND AAA'/Stable), Bharat Petroleum
Corporation Limited and Hindustan Petroleum Corporation Limited
('IND AAA'/Stable) in the eastern region of India.


R N ENTERPRISES: ICRA Assigns B+ Rating to INR9.96cr Loan
---------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR9.96-
crore fund-based limits and INR0.04-crore unallocated facilities
of R N Enterprises (RNE). The outlook on the long-term rating is
Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based limits       9.96       [ICRA]B+ (Stable); Assigned

Rationale

The assigned rating factors in the moderate financial risk
profile of the group as reflected by high gearing, and modest
coverage indicators. ICRA also notes the seasonal nature of the
heating, ventilation and air conditioning (HVAC) industry and
high competition intensity with growing scale and presence of
other Original Equipment Manufacturers (OEM). The ratings are
further constrained by the high working capital intensity and
risks associated with the partnership nature of the firm. The
rating positively factors in the experience of the promoters in
the industry and established relationship with dealers in the
region. The ratings also factor in the significant growth in
operating income over the years and healthy profitability. ICRA
also notes the diverse product profile and end-customer profile
of the firm.
Going forward, the company's ability to increase revenues and
manage its working capital requirements would remain the key
rating sensitivities from credit perspective.

Key rating drivers

Credit Strengths

* Significant experience of the management: The management has
more than two decades of experience in distribution and
dealerships business.

* Established customer base and diverse product profile: RNE has
an established dealer network spread across Telangana and Andhra
Pradesh. The firm's network consists of around 80-85 dealers
spread across both the states. The product range includes split
ACs, Cassette ACs, Ducted ACs and VRF ACs ranging in various
capacities and prices. The end customers for these products are
spread across individuals, corporates and also commercial
establishments like hotels, hospitals, clinics etc.

* Significant growth in sales volume over the years: RNE's sales
volume increased from 3,418 units in FY2014 to 14,008 units in
FY2017. The company also witnessed a healthy growth in operating
income from INR11.73 crore in FY2014 to INR56.52 crore in FY2017
at a CAGR of 69%.

Credit Weaknesses

* Competition from other OEMs: The air conditioning industry in
India presents a fragmented scenario with more than 25 major
manufacturers. RNE faces competition from dealers of other OEMs;
however, which RNE operates in the premium segment which limits
the competition to an extent.

* High gearing and modest financial profile: Low net-worth base
coupled with increase in long-term debt has affected the capital
structure of the company with gearing at 8.59 times as on
March 31, 2017. Debt protection metrics are modest as reflected
in Total Debt/OPBITDA of ~5.02 times and NCA/Total Debt of about
10% in FY2017.

* Seasonal nature of the industry: The sales in the HVAC industry
are seasonal in nature with around 50% of the total sales in the
summer months of April, May and June.

* High working capital intensity: The working capital intensity
has been high over the years owing to high inventory levels and
debtor days. The working capital intensity of the firm has been
in the range of 25%-33% over the last four years.

* Partnership nature of the firm: RNE is exposed to risks
associated with partnership firms including capital withdrawal
risk.

RNE was set up as a partnership firm in 2010. It is an authorized
distributor of Mitsubishi range of air conditioners in Telangana
and Andhra Pradesh. The company is managed by Mr. Rajesh Malik
and Mr. Neeraj Malik. MMPL is part of the Malik group which is
involved in automobile dealerships.


R S G EXPORTS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned R.S.G Exports
Private Limited (REPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR150 mil. Term loans due on September 2022 assigned with
    IND BB/Stable rating;

-- INR200 mil. Fund-based limit assigned with IND BB/Stable/IND
    A4+ rating; and

-- INR50 mil. Proposed fund-based limit* assigned with
    Provisional IND BB/Stable/Provisional IND A4+ rating.

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

KEY RATING DRIVERS

The ratings reflect REPL's weak credit metrics and elongated
working capital cycle due to its presence in the highly regulated
(in terms of paddy prices), fragmented and competitive rice
milling industry. In FY17, interest coverage stood at 1.48x
(FY16: 1.45x) and net leverage at 10.56x (9.09x). The interest
coverage improved on account of an improvement in the operating
profit to INR85.62 million FY17 (FY16: INR79.78 million) and
financial leverage deteriorated due to an increase in debt.
EBITDA margins declined to 5.91% in FY17 (FY16: 7.06%) due to
fluctuations in the paddy prices. Net working capital cycle was
long at 195 days in FY17 (FY16: 179 days).

The ratings, however, are supported by REPL's moderate scale of
operations. Revenue improved substantially to INR1,449.09 million
in FY17 (up 28% yoy) from INR48.19 million in FY15, due to both
repeat and new orders. The ratings are also supported by the
promoter's experience of around two decades in the rice milling
business.

RATING SENSITIVITIES

Positive: A substantial improvement in the top line while
maintaining the EBITDA margins leading to an improvement in the
overall credit metrics, could lead to a positive rating action.

Negative: A decline in the EBITDA margins and/or deterioration in
the working capital cycle leading to deterioration in the credit
metrics could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2013, REPL operates a rice milling business in
Ferozepur, Punjab. The company started its commercial operations
in March 2015. The company has a milling capacity of 600,000
quintal per annum.


RADHESHYAM COTTEX: ICRA Reaffirms B+ Rating on INR9.77cr Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ to the
INR9.77 crore fund based bank facilities of Radheshyam Cottex.
The outlook on the long-term rating is 'Stable'.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Fund-based limits      9.77       [ICRA]B+(Stable); Re-affirmed

Rationale

The rating re-affirmation continues to factor in the firm's weak
financial profile marked by leveraged capital structure, weak
coverage indicators and high working capital utilisation. The
modest scale of the firm's operations due to low capacity
utilisation was also considered while re-affirming the rating.
Furthermore, the rating remains constrained by the vulnerability
of the firm's profitability to agro-climatic risks, movements of
raw cotton prices, including Government regulations regarding
Minimum Support Price (MSP) of raw cotton . ICRA also notes that
the limited value-added nature of RC's operations, coupled with
the highly competitive and fragmented industry structure arising
from low entry barriers, exerts further pressure on the firm's
profitability.

The rating, however, continues to draw comfort from the presence
of the firm in the cotton producing state of Gujarat, giving it
easy access to quality raw cotton. The firm's supply arrangement
with Arvind Limited, which ensures steady demand for its
products, is also a rating comfort.

Key rating drivers

Credit strengths

* Proximity of the manufacturing unit to the cotton producing
belt of Gujarat provides regular and easy access to raw
materials: RC primarily procures raw cotton from farmers and
through brokers at agricultural market yards. The firm's
manufacturing facility is located at Rajkot in Gujarat, which is
one of the largest cotton producing states in the country. Hence,
its location results in benefits of lower logistics expenditure
(both on transportation and storage) and procurement of raw
cotton at competitive prices.

* Established association with Arvind Limited ensures steady
demand for products: RC is a registered supplier of cotton bales
to Arvind Limited, which is the flagship company of the Arvind
Group, headquartered in Gujarat. RC has been associated with
Arvind Limited over the last five years and has developed
established ties with the company as indicated by the repeat
orders received.

Credit weaknesses

* Financial profile characterised by thin profitability,
leveraged capital structure, modest debt coverage indicators and
high working capital utilization: The profit margins of the firm
remained low because of low value addition and high competitive
intensity due to fragmented industry structure. The capital
structure is leveraged as reflected by a gearing of 2.83 times as
on March 31, 2017.Due to low profitability, the coverage
indicators as denoted by OPBDITA/Interest and Total Debt/OPBDITA
remained weak at 1.15 times and 9.40 times respectively in
FY2017.

* Modest scale of operations due to low capacity utilization: The
manufacturing facility has a production capacity of 15,780 MT of
cotton bales annually. The operations of the firm vary with
seasonal production and availability of raw cotton. Cotton is
planted between the months of June and September and harvested
between October and May. The firm's capacity utilisation remained
low at 19% and 17% in FY2015 and FY2016 respectively, owing to
stiff competition from other industry players. The operating
income declined by around 4% to INR48.55 crore in FY2017 from
INR50.55 crore in the previous year owing to a decline in the
cotton bales sold. Due to low capacity utlisation, the scale of
operations has remained modest in the range of INR45-55 crore in
the last four years.

* Limited value addition; highly competitive and fragmented
industry structure with low entry barriers restrict pricing
flexibility: The value addition in the cotton ginning and
pressing industry remains low. In addition, there is strong
competition due to the presence of many other ginning units in
the vicinity and the commoditised nature of the products. This
limits the ability of the firm to achieve high margins.

* Profitability vulnerable to movement of raw cotton price and
regulatory risks: The profitability remains vulnerable to
fluctuations in prices of raw cotton because of seasonality
involved with the harvest of cotton crop. The industry is also
exposed to regulatory risks with the Government imposing MSP for
purchase of raw cotton during over-supply in the market and
restricting export of cotton bales to support the domestic cotton
textile industry.

Radheshyam Cottex was acquired from M/s Shah Govardhandas
Bhikharidas. It was subsequently established as a partnership
firm in November 2010 by Mr. Mahavirsinh Vala and four other
partners, who collectively have an experience of over a decade in
the cotton industry. RC is engaged in the ginning and pressing of
cotton. The manufacturing facility of the firm is located at
Jasdan, in Rajkot district of Gujarat. The facility is equipped
with 20 ginning machines and a pressing machine with a production
capacity of around 15,780 cotton bales per annum.

In FY2016, the firm reported a net profit of INR0.13 crore on an
operating income of INR50.55 crore, and a net profit of INR0.18
crore on an operating income of INR48.55 crore in FY2017
(provisional numbers).


RICOH INDIA: Ind-Ra Lowers NCDs to BB+, On Rating Watch Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ricoh India
Limited's Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-'
and simultaneously placed it on Rating Watch Negative (RWN).The
instrument-wise rating action is:

-- INR2,000 mil. Non-convertible debentures (NCDs), issued on
    September 11, 2014, with 7% coupon rate, due on September 10,
    2020, downgraded; placed on RWN, with IND BB+/RWN rating.

KEY RATING DRIVERS

The downgrade reflects the parent, Ricoh Company Limited Japan's
(Ricoh Japan) decision of not providing any additional financial
support to Ricoh India to minimise consolidated losses of Ricoh
Group, due to uncertainty of revival of the fraud-hit India
business. The RWN reflects uncertainty on the continuity of
existing support provided by the parent for servicing Ricoh
India's NCDs and bank debt, including funding through payables.
The next NCD interest servicing falls due on 10 March 2018. The
ratings could be downgraded further; and future rating action
will depend upon clarity on continuity of Ricoh India's business,
and the continuation and extent of the existing level of support.

Ricoh India's earlier rating of 'IND BBB-'/Stable was underpinned
by the parent's confirmation of continued debt servicing support
to its Indian operations for 12 months on a rolling basis,
announced in the company's quarterly result release. In October
2017, Ricoh Japan cited deteriorating relationships with vendors
and expectation of Ricoh India's estimated INR3.7 billion (JPY6.5
billion) losses in 2QFY18 will continue to impact the
consolidated financials. The parent estimated a loss of INR17.1
billion (JPY30 billion) if Ricoh India was to be liquidated.

Ricoh India has remained dependent upon parent support for timely
debt servicing as its standalone financial health was jeopardised
post the financial fraud revealed in May 2016 and the resultant
losses. The company reported INR11.2 billion of losses due to
write-offs and exceptional items resulting from the fraud; there
were no further exceptional write-offs in FY17. Ricoh India had a
negative net worth of INR1.5 billion at FYE17; this would remain
if the company continued to report losses in FY18. Cash flow from
operations was negative INR355 million in FY17 (FY16: negative
INR16 billion) and interest servicing was mainly funded by an
increase in payables days by the parent to 189 in FY17 (FY16:
116).

The support was manifested from time to time. In September 2017,
Ricoh Asia Pacific Pte Ltd, a subsidiary of Ricoh Japan and an
investor in the rated NCDs, extended the maturity of the NCDs by
three years to September 2020 while reducing coupon to 7.0% from
7.8%. Furthermore, the parent provided a standby letter of credit
to the Indian lenders and the NCDs subscribed by group entities,
along with extending the payables period to reduce Ricoh India's
debt and interest burden. In October 2016, the parent had
recapitalised Ricoh India via INR11.23 billion equity infusion
which was used for debt reduction.

RATING SENSITIVITIES

The RWN would be resolved upon clarity on the level of existing
support, and understanding of business continuity plans.

COMPANY PROFILE

Ricoh Japan holds 46.04% and NRG group holds 27.56% shares in
Ricoh India. Ricoh India is a leading player in the copier-based
laser multi-function printers market in India.


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

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

S J Exports was set up in 1990 as a partnership firm by Mr. Atman
Shah, Mr. Jayantilal Shah, Mr. Sanjay Shah, and Mr. Sunil Shah.
The firm cuts and polishes diamonds. It has a processing facility
in Surat (Gujarat) and a sales office in Mumbai (Maharashtra).


SAHDEV JEWELLERS: CARE Reaffirms D Rating on INR28.20cr ST Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sahdev Jewellers (SJW), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   (i) Short-term       13.20      CARE A4 Reaffirmed and removed
   Bank Facilities                 from issuer non cooperating
   (Fund Based)

   (ii) Short-term      10.00      CARE D Reaffirmed and removed
   Bank Facilities                 from issuer non cooperating
   (Non-Fund Based)

   (iii) Short-term     28.20      CARE D Revised from CARE A4
   Bank Facilities                 and removed from issuer
   (Non-Fund Based-                non cooperating
   Existing & Proposed)

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities, serial No. (ii) &
(iii), of Sahdev Jewellers (SJW) takes into account delays in the
debt servicing. The ratings assigned to the bank facilities,
serial No. (i), of Sahdev Jewellers takes into account firm's
weak financial risk profile marked by leveraged capital structure
as well as debt coverage indicators. The ratings also factor in
moderate scale of operations, limited geographical presence with
customer concentration risk, foreign exchange and gold price
fluctuations risk and constitution of the firm as a
proprietorship firm. However, the ratings derive strength from
experienced proprietor and long operational track record.
Going forward the ability of the firm to profitably increase the
scale of operations, improve gearing and efficiently manage its
working capital requirements shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing: There are ongoing delays in servicing
of non-fund based facilities availed by the firm due to its
stressed liquidity position. Going forward, it would remain
crucial for the firm to improve its liquidity position and
efficiently manage its working capital requirements.

Weak financial risk profile: The financial risk profile of SJW is
characterized by thin profitability margins, high gearing ratio
and high debt to GCA as on March 31, 2017. Firm's profitability
margins moderated to 0.86% (PY: 1.86%) in FY17 (refers to the
period April 1 to March 31) owing to volatility in gold prices.
SJW's overall gearing also increased to 3.33x as on March 31,
2017 (1.61x as on March 31, 2016) primarily due to transfer of
capital of Mr. Vasdev Sahdev to Mrs. Sarla Sahdev and Mrs. Shashi
Sahdev and categorization of the same as unsecured loans
following the demise of Mr. Vasdev Sahdev. The debt coverage
indicators of the firm as indicated by interest coverage ratio of
1.68x (PY: 2.02x) for FY17 and total debt to GCA 32.01x (PY:
9.23x) for FY17 are also weak on account of high debt levels and
low cash accruals owing to low profitability.

Limited geographical presence with significant customer
concentration risk: SJW derives its major revenue from exports to
Dubai, UAE market thereby leading to high geographical
concentration risk. Further, SJW's customer base is also highly
concentrated with a single customer contributing around 94.75% to
the total operating income for the period FY17. However, this
risk is partially mitigated on account of long and established
relations with the customer.

Vulnerability of margins to foreign exchange and gold price
fluctuations: The firm is importing approximately 55-60% of its
total gold requirement. However, since SJW is an export oriented
unit, its major sales are export sales thereby generating dollar
receipts which provide the firm with a natural hedge to a large
extent. The prices of gold have experienced high volatility over
the years. Therefore, any adverse changes in prices of the same
have an impact on margins of the players in the G&J industry.

Constitution as a proprietorship firm: SJW's constitution as a
proprietorship firm restricts its overall financial flexibility
in terms of limited access to external funds for any future
expansion plans. Further, there is an inherent risk of
possibility withdrawal of capital and dissolution of the firm in
case of death /insolvency/separation of the proprietor.

Key Rating Strengths

Experienced proprietor and long operational track record: SJW was
established in year 1998 thereby having a track record of around
two decades in the jewellery business. The firm was initially
established as a partnership firm with senior partner of the
firm, Mr. Vasdev Sahdev. During FY17, the firm was converted to a
proprietorship concern following demise of Mr.Vasdev Sahdev. Mr.
Ravi Sahdev (proprietor), son of late Mr. Vasdev Sahdev, is
actively involved in each aspect of the business including
jewellery designing, business development and manages the day to
day operations of the firm. SJW is also the holder of 'Gold Card'
under the Gold Card scheme for exporters by RBI.

SJW was established in 1998 as a partnership firm by late Mr.
Vasdev Sahdev and Mr. Ravi Sahdev (son of late Mr. Vasdev Sahdev)
as partners. During FY17, the constitution of the firm has been
changed to a proprietorship firm following demise of Mr. Vasdev
Sahdev. The firm is an export oriented unit and is engaged in
manufacturing, trading and export of plain gold Jewellery. The
firm has a manufacturing unit at SEZ (Special Economic Zone) in
Noida, Uttar Pradesh and has a wholesale outlet in Karol Bagh,
Delhi.


SALASAR BALAJI: ICRA Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the ratings for the INR8.73-crore bank facilities
of Salasar Balaji Cold Storage (SBCS) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash         2.88      [ICRA]B (Stable); ISSUER NOT
  Credit Pledge                     CO-OPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Cash         0.25      [ICRA]B (Stable); ISSUER NOT
  Credit Clean                      CO-OPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Term         5.60      [ICRA]B (Stable); ISSUER NOT
  Loan                              CO-OPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

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

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

Key rating drivers

Credit strengths

* Locational advantage with cold-storage unit in Deesa: The
strategic location of the firm's unit in Deesa in close proximity
to the major potato-growing region of Gujarat ensures demand of
cold storage for potato and potato seeds.

Credit weaknesses

* Operations and profitability exposed to downward pressure on
potato prices: The cold storage operations and profitability is
exposed to any downward pressure on potato prices in relation to
the advances provided.

* Seasonal nature of operations: The cold-storage units'
operations are seasonal in nature. With the harvesting period
commencing in February, the loading of potatoes in cold storages
starts by the end of February and lasts till March. Further, with
potatoes having a limited life even after preservation, farmers
liquidate their stock from the cold storage by November.

* Partnership form of business: Any significant withdrawals from
the capital account could adversely impact its net worth and
thereby the credit profile.

Salasar Balaji Cold Storage (SBCS) was established in May, 2015
as a partnership firm. SBCS is involved in providing hi-tech cold
storage facilities to potato farmers and potato processors on a
rental basis. The firm started commercial operations in mid-
February, 2016 and is located in Deesa, Gujarat, with a storage
capacity for 161,000 bags of 50 kilogram (kg.) each. The firm is
owned and managed by Mr. Motilal Jat and three other partners.


SANKALP REALMART: ICRA Withdraws 'B+' Rating on INR10cr Loan
------------------------------------------------------------
ICRA withdraws the rating of [ICRA]B+  assigned to the INR10.0-
crore bank facilities of Sankalp Realmart Private Limited
Rationale The rating is withdrawn in accordance with ICRA's
policy on withdrawal and suspension and as desired by the
company.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Long-term Fund-
  Based-Term loans         10.0       [ICRA]B+; withdrawn


Incorporated in 2011, SRPL is engaged in building residential
real estate projects in Ajmer, Rajasthan. The company has
completed two projects i.e. 'Sankalp Florence' and 'Sankalp
Residency', and has an ongoing project, 'Sankalp Dynasty'. The
projects entail construction of residential apartments in Ajmer,
Rajasthan. The 'Sankalp Dynasty' project is the biggest project
that SRPL's promoters have handled so far. The company has
already started providing possession of 'Sankalp Florence' and
'Sankalp Residency' and expects the pending apartments to be sold
by the current financial year.


SARAF REAL: CARE Reaffirms B+ Rating on INR7.24cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Saraf Real Infra Private Limited (SRIPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            7.24       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SRIPL is continues
to remain constrained by the short track record and small size of
operations. Further, the rating is also constrained by lack of
backward integration vis-a-vis volatility in raw material prices,
working capital intensive nature of business, presence in
cyclical steel industry and stiff competition due to fragmented
nature of industry with presence of many unorganized players.
However, the rating continues to derive strength from the
experienced promoter and strategic location of the plant.

The ability of the company to increase in its scale of operations
along with an improvement in the profit margins and effective
management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small player with short track record of operations: SRIPL
commenced operations of its primary business i.e. manufacturing
of roofing sheet since April, 2016 and thus FY17 was the first
full year of operation of the company in its primary operations.
However, SRIPL commenced operations since April, 2014 in some
secondary business activities like trading of iron and steel and
other agricultural commodities. The size of operations of the
company remained small marked by total operating income of
INR13.67 crore with a PAT of INR0.15 crore in FY17. Furthermore,
the total capital employed was also low at INR11.52 crore as on
March 31, 2017.

Lack of backward integration vis-a-vis volatility in raw material
prices: 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 constituting of ingots, billets etc. is the
major cost driver for SRIPL. SRIPL does not have any backward
integration for its raw materials and procures the same from
outside, exposing the company to price volatility risk. As a
result, SRIPL remains exposed to the volatility in raw material
prices and it has to absorb adverse fluctuations in prices that
might occur from the time of material procurement to dispatch as
raw material prices remains volatile over the years.

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.

Cyclicality in the steel industry: Prospects of steel industry
are strongly co-related to economic cycles. Demand for steel
products is sensitive to trends of particular industries, such as
construction and infrastructure, which are the key consumers of
steel products. Slowdown in these sectors leads to decline in
demand of steel. Non-integrated players such as SRPL are more
susceptible to adverse industry scenario.

Working capital intensive nature of business: The operations of
the company remained working capital intensive marked by high
inventory period. The company maintains high inventory period of
raw materials for smooth running of its production process and to
mitigate the price fluctuation risk. Furthermore, the company
also maintains adequate inventory of finished goods for timely
supply of its customers demand. It also provides credit of around
three weeks to its customers whereas it requires paying in
advance mostly to its suppliers. Moreover, the average
utilization of working capital limit was at 60% during last
twelve months ending in September 2017.

Moderate capital structure with moderately weak debt coverage
indicators: The capital structure of the company remained
moderate marked by overall gearing ratio at 1.45x as on March 31,
2017. Furthermore interest coverage was 1.75x and total debt to
GCA to 14.32x in FY17.

Key Rating Strengths

Experience of the promoters: The main promoter of SRIPL, Mr.
Basudeo Prasad has more than two decade of experience in the
similar 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 other director Ms. Bindu Saraf along
with a team of experienced professionals.

Strategic location of the plant: SRIPL's plant is located at
Patna, Bihar which is in the vicinity of steel manufacturing
companies of Jharkhand; from where SRIPL procures its raw
materials. 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.

SRIPL, incorporated in the year 2012 was promoted by Basudeo
Prasad and Bindu Saraf of Patna, Bihar. SRIPL set up a steel
roofing manufacturing unit at Didarganj, Patna, which is its
primary business operation and the unit commenced commercial
operation since April, 2016 and is operating with current
installed capacity of 36,000 metric tonne per annum (MTPA).
However, the company was in operation since April, 2014 with some
secondary business activities like trading of iron and steel
products and commodity trading. The products of CRMPL find
applications in different sectors which include construction and
infrastructure.


SARVOTTAM VEGETABLE: CARE Lowers Rating on INR10.24cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sarvottam Vegetable Oil Refinery Private Limited (SVPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        10.24      CARE D Revised from
   Facilities                       CARE B; Stable

Detailed Rationale & Key Rating Drivers

The ratings for the bank facilities of SVPL factor in the on-
going delay in servicing of its debt obligations as a result of
stressed liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: Debt servicing of SVPL is
irregular as reflected by continued overdrawing of cash credit
facility for more than 30 days.

Incorporated in May 2000, SVPL is promoted by Indore based Adwani
family. SVPL is engaged in the business of refining crude soya
oil and sale of its by-products. The company operates with
refining capacity of 200 tonnes per day (TPD) and soya lecithin
processing capacity of 6 TPD. All the key raw materials are
procured from local markets, whereas, the final product is sold
in wholesale/ bulk segment across various states.


SHRI UMA: CARE Raises Rating on INR3.50cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Uma Plastic Industries Private Limited (SUPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank        3.50       CARE B+; Stable (Suspension
   Facilities                       revoked and rating revised
                                    from CARE B)

Detailed Rationale & Key rating Drivers

The revision in the rating of SUPL takes into account continuous
growth in Total Operating Income in last three financial years
ended FY17 (refers to the period from April 1 to March 31) and
improvement in its profitability margins.

The rating, however, continues to remain constrained on account
of leveraged capital structure with weak debt coverage
indicators, working capital intensive nature of operations and
susceptibility of the company's profitability to adverse
fluctuations in the raw material prices.

The rating, however, derives strength from the long standing
experience of promoters along with established track record of
operations of more than three decades in the packaging industry.
The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient working capital management are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous Increase in Total Operating Income (TOI) but remained
small: The scale of operations of the company as indicated by TOI
grew healthy at a Compounded Annual Growth Rate (CAGR) of around
21.31% in the last three financial years from INR9.08 crore in
FY15 to INR13.37 crore in FY17 but remained small, attributed to
increase in export of products by the company. During FY17, TOI
witnessed a growth of around 18.98% y-o-y.

Moderate profitability margins: The profitability margins stood
moderate with PBILDT and PAT margin of 9.32% and 0.27% in FY17 as
against 10.63% and 0.25% in FY16 respectively. The PBILDT margin
has shown a declining trend in past three financial years ended
on March 31, 2017. In FY17, the PBILDT margin declined by 131 bps
over FY16 mainly on account of increase in employee cost which is
offset to an extent by decrease in material cost. Further, with
increase in interest and finance expenses in FY17, the PAT margin
dipped marginally by 3 bps but remained thin.

Leveraged capital structure with weak Debt Coverage Indicators:
The capital structure of the company remained leveraged with an
overall gearing of 4.48 times as on March 31, 2017, deteriorated
marginally from 4.45 times as on March 31, 2016 mainly on account
of higher utilization of its working capital bank borrowings
along with infusion of unsecured loans in FY17. The debt coverage
indicators of GIPL stood weak with total debt to GCA of 16.72
times as on March 31, 2017, improved marginally from 17.01 times
as on March 31, 2016 due to marginal increase of 6.65% in GCA
level, further the interest coverage remained low at 1.54 times
in FY17.

Moderate Liquidity Position: The working capital cycle of the
company stood comfortable at 43 days in FY17, however increased
drastically from 6 days in FY16 mainly due to increase in
collection period. Further, the cash flow from operating
activities also declined from cash flow of INR0.68 crore in FY16
to INR0.51 crore in FY17 due to increase in working capital gap
and marginal improvement in profitability. It utilizes more than
95% of its working capital bank borrowings during last 12-month
ended September, 2017. Furthermore, the liquidity ratios of the
company also stood moderate with current ratio and quick ratio of
1.12 times and 0.70 times respectively as on March 31, 2017.

Key Rating Strengths

Experienced promoters with long track record of operations in the
packaging industry: Mr. Jitendra Raj Lodha, the key promoter, has
an extensive experience in this domain of more than three decade
and looks after the overall management of the company. He is
assisted by his wife, Mrs. Neeru Lodha, who has more than two
decade of experience in the industry and is involved in taking
the strategic decision of the company. Further, the directors are
supported by a team of qualified managerial personnel having long
standing experience of around three decades in the industry. Due
to long presence in the industry, SUPL has developed market for
its products and has established good relations with its
customers resulting in continuous flow of repeat orders.

Jodhpur (Rajasthan) based SUPL was initially formed in 1981 as a
partnership firm in the name of M/s Shri Uma Plastic Industries
by 'Lodha family'. Subsequently, in 2005, the constitution of the
firm was changed to private limited and the company assumed its
present name with management being headed by its key promoter,
Mr. Jitendra Raj Lodha. SUPL is primarily engaged in the business
of manufacturing of flexible multilayer rolls and pouches
customised according to user specification which find its
application in various industries ranging from cosmetics to food
industry. Further, the company is also engaged in the trading of
flexible multilayer rolls and plastic pouches. The company
operates from its sole manufacturing facility located at Jodhpur
(Rajasthan) having an installed capacity of 1200 Metric Tonnes
Per Annum (MTPA) as on March 31, 2017.

SUPL mainly caters to the domestic market and supplies its
products directly all over India to diverse units with sales
concentrated predominantly in Rajasthan, Madhya Pradesh and
Karnataka. It procures its key raw material i.e co-extruder sheet
as well as polyester & met film from local Jodhpur market and
Northern part of India.


SMSG AUTOMART: CARE Assigns B+ Rating to INR10.29cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of SMSG
Automart Private Limited (SAPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities           10.29       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SAPL is primarily
constrained by the short track record and small size of
operations with low profit margins. Further, the rating also
factors in the leveraged capital with weak debt coverage
indicators, renewal based dealership agreement and intense
competition in automobile dealership industry. The rating,
however, derives strength from the experienced promoters and
authorized dealer of Renault India Private Limited.
Going forward, the company's ability to increase its scale of
operations and improvement in profitability margins and ability
to manage working capital effectively shall be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small size of operations with low profit
margins: SAPL has commenced operations from November 2015 onwards
and thus has extremely short track record of operations.
Furthermore, the scale of operations also remained small marked
by total operating income at INR5.55 crore with a PAT of INR0.05
crore in FY16. The net worth base of the company also remained
low at INR3.05 crore as on March 31, 2016. The profit margins of
SAPL have remained low marked by PBILDT margin of 4.37% and PAT
margin of 0.96% in FY16. During FY17, the company has reported
turnover of INR28.82 crore.

Leveraged capital structure with weak debt coverage indicators:
The capital structure of SAPL remained leveraged marked by
overall gearing ratio of 3.56x as on March 31, 2016. Furthermore,
the debt coverage indicators also remained weak marked by below
unity interest coverage of 0.54x and total debt to GCA of 90.58x
in FY16. Though, the interest coverage was below unity in FY16,
the company was regular in its debt servicing. The interest for
FY16 was serviced through cash credit account.

Renewal based dealership agreements: The dealership agreement
between SAPL and principal company i.e. Renault India Private
Limited (Renault) is valid for five years (i.e. from April 2015
to March 2020), thereafter subject to automatic renewal for five
years unless it is terminated due to breach/fraud by the company
or it is going into liquidation.

Intense competition in automobiles dealership industry: The
automobiles dealership industry in India is very competitive on
the back of presence of large numbers of players dealing with
similar products. Moreover, in order to capture the market share,
the auto dealers offer better buying terms like providing credit
period or allowing discounts on the purchase. Such discounts
offered to the customers create margin pressure and negatively
impact the earning capacity of the company.

Key Rating Strengths

Experienced promoters: The promoters of SAPL have an experience
of more than a decade in the same line of business through
dealership of two-wheeler vehicles and the company is deriving
benefits out of this. The key promoter, Mr. Sanjay Singh has more
than a decade of experience in dealership business of
automobiles, looks after the day to day operations of the company
with appropriate support from other co-directors.

Authorized dealer of Renault India Private Limited: SAPL enjoys
the leverage of being an authorized dealer of Renault India
Private Limited which is one of the leading manufacturers of
automobiles and fastest growing turf in the world in terms of
sales growth.

SAPL was incorporated on May 06, 2015 by Mr. Kapil Deo Singh,
Mrs. Rina Singh and Mr. Sanjay Kumar Singh. SAPL is an authorized
sole dealer for Renault India Private Limited (Renault) in the
districts like Burdwan, Birbhum and Purulia of West Bengal and
engaged in the sale of vehicles, spare parts and servicing
activities. The company has commenced operations from November
2015 onwards. The company presently operates through two sales
outlets (one at Asansol and one at Durgapur) and also offers
spare parts & after sales services (repair and refurbishment) for
Renault vehicles.


SRI GAYATRI: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Gayatri
Cotton Mills' (SGCM) 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 B(ISSUER NOT COOPERATING)'on the agency's
website. The instrument-wise rating actions are:

-- INR38.5 mil. Term loan migrated to non-cooperating category
    with IND B(ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT
    COOPERATING)/INDA4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 1, 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 April 2016, SGCM is engaged in ginning and
processing of cotton bales in Adilabad, Andhra Pradesh.


SRI TEXTILE: Ind-Ra Lowers Issuer Rating to 'D', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sri Textile
Erode Private Limited's (STEPL) Long-Term Issuer Rating to 'IND
D' from 'IND BB'. The Outlook was Stable. The instrument-wise
rating actions are:

-- INR350 mil. Fund-based facilities downgraded with IND C
    rating;

-- INR75.9 mil. (reduced from INR81 mil.) Term loan (Long-term)
    due on September 2023 downgraded with IND D rating; and

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

KEY RATING DRIVERS

The downgrade reflects STEPL's continuous delays in term debt
servicing during the six months ended October 2017. Also, the
company full utilisation of working capital facility over the 12
months ended October 2017 indicates its stressed liquidity
position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in 1990, STEPL manufactures fabric and garments at
its manufacturing facilities located in Erode (Tamil Nadu) and
Hosur (Karnataka).


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

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

-- INR60 mil. Term loans migrated to non-cooperating category
    due on July 2023 with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 26, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Studiokon Ventures was established in 2008 under the aegis of Mr.
Tushar Mittal and Mrs. Swati Mittal and is engaged in designing
workspaces. It provides office design solutions for corporate,
retail, and hospitality spaces.


SURIYA GARMENTS: Ind-Ra Corrects November 11, 2016 Release
----------------------------------------------------------
This announcement corrects the version published on 11 November
2016 to include the short-term rating of fund-based working
capital limit. An amended version is as follows:

India Ratings and Research (Ind-Ra) has migrated Suriya Garments'
(SG) 'IND B+' Long-Term Issuer Rating to the suspended category.
The Outlook was Stable. The rating will now appear as 'IND
B+(suspended)' on the agency's website. The instrument-wise
rating actions are:

-- INR66.5 mil. Fund-based working capital limit suspended with
    IND B+(suspended)/IND A4(suspended) rating;

-- INR1 mil. Non-fund-based working capital limits suspended
    with IND A4(suspended) rating.

KEY RATING DRIVERS

The ratings have been migrated to the suspended category due to
lack of information. Ind-Ra will no longer provide ratings or
analytical coverage for SG.

The ratings will remain in the suspended category for the six
months and be withdrawn at the end of that period. However, in
the event issuer furnishing information during the six month
period, the ratings could be reinstated and will be communicated
through a rating action commentary.

COMPANY PROFILE

SG is a partnership firm incorporated in 2002 for manufacturing
knitted readymade garments and exporting them to France and
Brazil. The firm is promoted by its two partners - R Kumar and K
Rajeshwari and is located in Tirupur, Tamil Nadu.


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

-- INR66.5 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND B+(ISSUER NOT
    COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 21, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Suriya Garments is a partnership firm incorporated in 2002 for
manufacturing knitted readymade garments and exporting them to
France and Brazil. The firm is promoted by its two partners - R
Kumar and K Rajeshwari and is located in Tirupur, Tamil Nadu.


TILAK RAM: CARE Moves 'B' Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has been seeking information from Tilak Ram Babu Ram
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated October 13, 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. The rating of Tilak Ram Babu Ram Private
Limited's bank facilities will now be denoted as CARE B; ISSUER
NOT COOPERATING*.

CARE gave these ratings:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      15.00       CARE B; ISSUER NOT COOPERATING
   Facilities                      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).

Detailed description of the key rating drivers

At the time of last rating on June 29, 2016 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies):

Strengths

Experienced promoters in the textile industry: TRBR is a private
limited company incorporated in May 2012 and is currently being
managed by Mr. Raj Kumar Garg and Mrs. Dimple Garg. Mr. Raj Kumar
Garg has a total experience of around two and a half decades
while Mrs. Dimple Garg has work experience of around one a half
decades in textile industry. The directors are supported by a
team of highly qualified and experienced professionals having
varied experience in the fields of technical, finance and
marketing aspects of business.

Weaknesses

Weak Financial risk profile: The financial risk profile of the
company is weak as marked by small and fluctuating scale of
operations, low profitability margins, leveraged capital
structure and weak debt coverage indicators The scale of
operations of the company stood low marked by Total Operating
Income (TOI) of INR48.75crore in FY16 and net-worth base of
INR3.84 crore as on March 31, 2016.  Furthermore, the
profitability margins of the company stood low marked by PBILDT
margin and PAT margin of 1.88% and 0.25% respectively in FY16.
The company's profitability margins have been on the lower side
owing to majority income from trading business (relatively lesser
margin giving segment) and intense market competition given the
highly competitive nature of the industry. This apart, interest
burden on working capital borrowings restricts the net
profitability of the company and resulted into below unity PAT
margin during last three financial years.

The capital structure of the company remained leveraged with
overall gearing ratio of 2.83x as on March 31, 2016
Furthermore, the debt coverage indicators remained weak
characterized by interest coverage ratio of 1.23x in FY16 and
total debt to GCA ratio stood at 66.49x as on March 31, 2016.

Elongated operating cycle: The operating cycle of the company
stood elongated at 124 days as on March 31, 2016. The company has
to offer reasonable credit period to its customers as majority of
them are large size players which possess high bargaining power
compared to the company. On the other hand, the company generally
receives a credit period of 10-20 days only from its suppliers
Furthermore, the company is required to maintain inventory mainly
in the form of raw material to ensure smooth execution of
production process which resulted in average inventory period of
18 days as on March 31, 2016.

Fragmented cotton ginning industry with low entry barriers
leading to stiff competition: The Indian cotton textile value
chain involves four stages - cultivation, ginning, spinning and
weaving. The cotton is grown across the country and on account of
large number of units operating in cotton ginning business
characterized by low entry barriers and low level of product
differentiation due to minimal technological inputs, the industry
is highly fragmented and competitive in nature thus resulting
into lower profitability margins of the entities operating in
this industry.

Tilak Ram Babu Ram Private Limited (TRBR) is an ISO 9001:2008
certified company, incorporated in May, 2012 and promoted by Mr.
Raj Kumar Garg and Mrs. Dimple Garg. TRBR is primarily engaged in
trading of cotton bales (income from trading constituted ~70% of
the total operating income in FY16). The company also undertakes
cotton ginning & pressing at its processing facility located in
Tohana, Haryana having an installed capacity of manufacturing 300
cotton bales per day.


THE WOODIND: ICRA Moves 'B' Issuer Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long term rating outstanding of [ICRA]B to the
INR6.00-crore long term (sub limit) facilities and short term
rating outstanding of [ICRA]A4 to the INR10.00-crore short term
facilities of 'The Woodind' to 'Issuer not cooperating' category.
The outlook on the long term rating is 'Stable'. The rating is
now denoted as '[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term-Cash         (6.00)      [ICRA]B (Stable); ISSUER NOT
  Credit                             COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Short-term-Letter      10.00       [ICRA]A4 ; ISSUER NOT
  of Credit                          COOPERATING; Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

Rationale

The rating is based on no updated information on the company's
performance since the time it was last rated in April 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action. As part of its process and in accordance with its rating
agreement with 'The Woodind', ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Key rating drivers

Credit Strengths

* Decade long experience of the promoter in timber trading
industry: Mr. Russel M Easa has more than 10 years of experience
in timber trading industry. Before starting his own firm, he was
associated with Alliance Exim Services and Trade run by his
brother, which was engaged in importing of timber.

* Established relationship with customers: The firm has a long
term relationship with various construction companies like Noel
Villas & Apartments, Travancore Builders Private Limited etc.
which are leading builders in Kerala who give regular orders to
the firm. The dealers are mainly from the Northern Kerala from
places like Thrissur, Kozhikode and Malabar regions. Due to long
term relationship, the dealers places the orders directly with
the firm according to their requirements and hence minimal
marketing efforts are required for the same.

Credit Weaknesses

* Weak financial profile: The firm has a weak financial profile
characterised by thin profit margins due to the trading nature of
the business and high working capital intensity due to high
inventory levels.

* Low entry barriers and high competitive intensity: The timber
trading industry is marked by low entry barriers because of low
capital investment requirements which increases threat of new
entrants. Timber trading industry is marked by presence of large
number of organised and unorganised players resulting in high
competitive intensity limiting pricing flexibility

The Woodind, initially established as proprietorship concern in
2006 by Mr. Russal M Easa, was later converted in to a
partnership firm in December 2013. The firm is engaged in trading
of timber. The firm imports timber mainly from Latin American
countries and also from African countries. The timber imported
belongs to two main categories Teak and Pincoda. The firm is
located in Kochi (Kerala) and caters to the needs of the
wholesalers as well as the retailers in North Kerala.


VARIDHI HYGIENE: Ind-Ra Moves D Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Varidhi
Hygiene Products Private Limited's Long-Term Issuer Rating to
'IND D' from 'IND B' while simultaneously migrating it to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of best available information. Investors and other users
are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND D(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR20 mil. Fund-based working capital limits (Long-term)
    downgraded and migrated to non-cooperating category with IND
    D(ISSUER NOT COOPERATING) rating;

-- INR25 mil. Non- fund-based working capital limits (Short-
    term) downgraded and migrated to non-cooperating category
    with IND D(ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Term loan (Long-term) downgraded and migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

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

KEY RATING DRIVERS

The rating action reflects delays in debt servicing by Varidhi,
details of which are not available.

COMPANY PROFILE

Incorporated in 2011, Varidhi Hygiene Products manufactures
tissue paper jumbo rolls using recycled paper and virgin pulp.
Its 25 metric tonnes per day manufacturing facility is in
Vadodara, Gujarat.



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


CHANDRA ASRI: Fitch Puts BB- Rating to US$300MM Sr. Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Chandra Asri
Petrochemical Tbk's (CAP, BB-/Stable) US$300 million 4.95% senior
unsecured notes due 2024 a final rating of 'BB-'.

The notes will rank pari passu with other senior unsecured
borrowings of CAP and its subsidiaries. The assignment of the
final rating follows a review of the final documentation, which
conforms to the draft documentation previously received. The
final rating is the same as the expected rating assigned on 23
October 2017.

KEY RATING DRIVERS

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

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

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

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

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

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

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

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

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

DERIVATION SUMMARY

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

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

KEY ASSUMPTIONS

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

RATING SENSITIVITIES

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

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

LIQUIDITY

Comfortable Liquidity: In Fitch's view, CAP's liquidity position
is comfortable with a cash balance of around USD212 million as of
end-June 2017. CAP's liquidity is expected to improve after the
completion of its USD378 million rights issuance in September
2017. The company's debt maturities are staggered over the medium
term with debt maturities of USD87 million in 2017. Fitch expects
CAP's liquidity to remain comfortable in the near to medium term,
given its expectations of strong operating cash flows and the
company's debt-raising plans in 2017 for funding its capex over
the next two to three years. Fitch believes CAP also enjoys
strong relationships with domestic banks, including access to
some Thai banks, due to its linkages with SCG, which is part of
the Siam Cement group.


KAWASAN INDUSTRI: Fitch Rates Proposed USD Sr. Unsec. Notes B+
--------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based PT Kawasan Industri
Jababeka Tbk's (Jababeka, B+/Stable) proposed US dollar-
denominated senior unsecured notes due in 2023 an expected rating
of 'B+(EXP)', with a Recovery Rating of 'RR4'. The notes will be
issued by developer's wholly owned subsidiary, Jababeka
International B.V., and guaranteed by Jababeka and certain
subsidiaries.

The notes are rated at the same level as Jababeka's senior
unsecured rating as they represent unconditional, unsecured and
unsubordinated obligations of the company. The final rating on
the notes is contingent upon the receipt of final documents
conforming to information already received.

The proposed notes will be part of the same series as the
existing USD189 million 6.5% senior unsecured notes due in 2023,
which are also rated 'B+' with Recovery Rating of 'RR4'. Fitch
believes Jababeka's financial profile will remain unchanged and
consistent with its ratings, as the new notes will be used mainly
to refinance its outstanding USD91 million 7.5% senior unsecured
notes, which are due in 2019, and to extend the maturity profile
of the company's debt, allowing it more flexibility to manage
cash flows.

KEY RATING DRIVERS

Improving Fundamentals, Rising Competition: Indonesia's
industrial sector is showing improved demand. However, Fitch
believes Jababeka may face heightened competition and some
profitability margin is at risk due to new product launches in
its niche and regulatory developments. Jababeka's attributable
presales increased by around 40% yoy in 2016, driven by stronger
industrial land demand in both its Cikarang and Kendal townships.
The trend has continued, with attributable presales rising by
more than 30% yoy in the 12 months to 3Q17.

Fitch sees some short- to medium-term demand risk due to
regulatory developments and a competitive landscape. The
government has announced plans to introduce a price ceiling on
Indonesia's industrial land sales, which may affect presales as
some consumers defer purchases pending greater clarity.
Furthermore, Fitch believes competition for residential property
in Cikarang may increase with new the launch of a new township in
the area. Fitch expects Jababeka to book attributable presales of
IDR1.3 trillion in 2017 and IDR1.4 trillion in 2018.

Solid Recurring Cash Flows: Jababeka's rating is underpinned by a
strong recurring cash flow stream from its 130 MW power plant,
which is operated under a 20-year power purchase agreement with
the state electricity company, PT Perusahaan Listrik Negara
(Persero) (BBB-/Positive). The power plant provides solid earning
visibility and is a natural hedge against Jababeka's US dollar-
denominated borrowings, as it operates under a cost pass-through
mechanism with revenue pegged to US dollars. Fitch expects
recurring interest coverage of around 1.0x in 2017 and 2018.

Flexible Capex: Jababeka's capex will be limited to maintenance
and development of its power plant and dry port facilities for
the next few years. This, coupled with the discretionary nature
of land acquisitions and construction costs that are partly
contingent on meeting sales thresholds in the current period,
allows the company to accumulate cash buffers and strengthen its
liquidity profile. Fitch forecasts annual capex of around IDR200
billion over the medium term.

Increasing Product Diversification: Jababeka successfully
launched its second industrial township in Kendal last year, and
its residential and commercial property business has accounted
for around 40% of presales in the previous three years, compared
with 14% in 2011. Fitch believes this provides the company with
long-term diversification benefits.

Low-Cost Land; Profitability Risk: Jababeka's credit profile is
supported by its large, mature land bank in Cikarang of about
1,200 hectares; adequate for around 50 years of development
assuming sales of 15 hectares per year. Cikarang is the company's
most mature development, with established infrastructure and a
captive industrial market. The Kendal township adds approximately
500 hectares of land bank, or 15 years of development assuming
sales of 25 hectares per year. However, Fitch sees some
profitability risk from the proposed caps on industrial land sale
prices. Fitch forecasts Jababeka's overall real estate EBITDA
margin at around 40% over the medium term.

Forex and Project Concentration Risk: Jababeka's rating is
constrained by its highly concentrated business in Cikarang,
which Fitch expects to contribute around 70% of presales over the
medium term. Fitch expect concentration risk to gradually
dissipate with the increasing contribution from the Kendal
estate. The company is also exposed to currency fluctuations, as
most of its debt is US dollar-denominated, while only half of its
revenue is linked to the US dollar.

DERIVATION SUMMARY

Jababeka's rating may be compared with other Fitch-rated
Indonesian property developers, such as PT Modernland Realty Tbk
(B/Stable) and PT Bumi Serpong Damai Tbk (BSD; BB-/Stable). Fitch
assesses Jababeka's credit profile as weaker compared with BSD's,
as indicated by Jababeka' smaller development property scale,
higher leverage, lower presale turnover and weaker recurring
interest coverage. Compared with Modernland, Fitch believes
Jababeka's stronger recurring interest coverage and the more
strategic location of its industrial development, which is
evident from gap in selling prices in their respective townships,
supports its higher rating.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for the issuer
include:
- Attributable presales of IDR1.3 trillion in 2017 and IDR1.4
   trillion in 2018
- Land acquisitions of around IDR300 billion in 2018
- Construction capex of around IDR800 billion in 2018

Key Recovery Rating Assumptions:
- The recovery analysis assumes Jababeka would be liquidated
   in a bankruptcy rather than continue as a going-concern
   because it is an asset trading company.
- Recovery analysis applied a haircut of 25% for IDR628 billion
   of receivables, 50% for IDR1.5 billion of investment property,
   50% for IDR166 billion of affiliates and minority interest and
   other assets and no haircut for inventory and land bank. Fitch
   believes the company's reported land bank value, which is
   based on historical land cost, is at a significant discount to
   current market value and, thus, is already conservative.
- Jababeka's power plant fixed assets and land bank located in
   Kendal are excluded from the liquidation value estimate as
   they are located under subsidiaries that are not part of the
   company's US dollar senior unsecured bonds' guarantor group.
- 10% administrative claims are applied on the liquidation
   value.
- Jababeka's bank loans of around IDR440 billion are secured by
   the company's land bank. Its remaining unused balance on its
   loan facilities are also assumed to be fully drawn. Jababeka
   is also expected to have around USD290 million of senior
   unsecured bonds outstanding, inclusive of the new issue.
- Fitch estimates Jababeka's liquidation value to be able to
   cover 91%-100% of its secured and unsecured debt,
   corresponding to a 'RR1' Recovery Rating for the senior
   unsecured notes after adjusting for administrative claims.
   Nevertheless, Fitch has rated its senior unsecured bonds at
   'B+' with a Recovery Rating of 'RR4' because, under Fitch's
   Country-Specific Treatment of Recovery Ratings criteria,
   Indonesia falls into the 'Group D' of countries based on
   creditor-friendliness. Instrument ratings of issuers with
   assets in this group are subject to a soft cap at the
   issuer's IDR.

RATING SENSITIVITIES

Positive rating action is not expected due to limited project
scale and exposure to the highly cyclical industrial development
business.

Developments that may, individually or collectively, lead to
negative rating action include:
- Recurring EBITDA/interest expense at less than 1.0x for a
   sustained period (2017F: 1.2x)
- Attributable presales/gross debt at less than 40% for a
   sustained period (2017F: 30%)
- Net debt/net inventory at more than 60% for a sustained period
   (2017F: 47%)

LIQUIDITY

Sufficient Liquidity: As of end-2016 Jababeka had an adjusted
cash balance of around IDR740 billion, short-term debt maturity
of IDR20 billion and a committed unused credit facility of around
IDR490 billion, which is only available to be drawn down until
1Q17. The company does not plan to construct a second power plant
in the short to medium term, and its capex for the next few years
will be limited to maintenance and development of its power plant
and dry port infrastructure facilities. This, coupled with the
discretionary nature of land acquisitions and construction costs
that are partly contingent on meeting sales thresholds in the
current period, allows the company to accumulate cash buffers and
strengthen its liquidity profile.



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


TAKATA CORP: Creditors Seek $30BB, Far More Than It Can Pay
-----------------------------------------------------------
Reuters, citing court filings, reports that creditors of Takata
Corp. said the parts maker owes them more than $30 billion after
the automotive industry's biggest recall over its faulty air bags
- many times more than the company can repay.

In the biggest bankruptcy of a Japanese manufacturer, Takata
sought court protection from creditors in June as costs and
liabilities mounted from almost a decade of recalls and lawsuits.

Its air bag inflators have been linked to at least 18 deaths and
180 injuries around the world because they can rupture and shoot
metal fragments into vehicles.

Takata's creditors, including automakers such as Honda Motor Co.,
banks and bondholders, are seeking JPY3.77 trillion ($33.3
billion) from the supplier, mostly to cover recall costs, Reuter
relates citing the filing outlining the company's debt
obligations, which hasn't been made public.

Reuters relates that Takata had cash and securities worth just
JPY78 billion at end-March -- equivalent to just 2 percent of the
sum creditors are seeking. It also had tangible assets such as
buildings and machinery worth JPY93 billion, but much of these
went to the company's purchaser and the rest is needed to make
replacement inflators to supply the recalls, Reuters says.

Key Safety Systems, a Michigan-based parts supplier owned by
China's Ningbo Joyson Electronic Corp., agreed in June to buy
Takata's noninflator assets, such as the seatbelt and air bag
businesses, for $1.6 billion, Reuters notes.

Reuters quotes a Honda spokesman as saying: "We will continue to
consider our legal options" to reach a financial settlement.

Automakers have recalled or expect to recall by 2019 about 125
million vehicles worldwide to replace air bag inflators,
including more than 60 million in the United States, Reuters
states.

As part of Takata's bankruptcy restructuring plan, its steering
committee recognises debts of JPY1.05 trillion ($9.26 billion),
accepting just JPY600 billion in recall-related costs, Reuters
discloses citing the filing submitted to the Tokyo District
Court.

Takata aims to file its restructuring plan to that court by
Nov. 27, adds Reuters.

                        About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.

Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter
11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No.17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.  Prime Clerk is the claims and noticing
agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The
Canadian Court appointed FTI Consulting Canada Inc. as
information officer. TK Holdings, as the foreign representative,
is represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants of TK Holdings Inc., et al., tapped Frankel
Wyron LLP and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



===============
M O N G O L I A
===============


MONGOLIA: Fitch Rates New USD-denominated Notes Final B-
--------------------------------------------------------
Fitch Ratings has assigned Mongolia's new senior unsecured US
dollar-denominated notes a final rating of 'B-'.

The final rating is in line with the expected rating of 'B-(EXP)'
assigned on Oct. 15, 2017.

KEY RATING DRIVERS
The final rating is in line with Mongolia's Long-Term Foreign-
Currency Issuer Default Rating (IDR) of 'B-' with a Stable
Outlook.

RATING SENSITIVITIES
The rating would be sensitive to any changes in Mongolia's Long-
Term Foreign-Currency IDR.

On Feb. 19, 2017, Fitch affirmed Mongolia's Long-Term Foreign-
Currency IDR at 'B-' with a Stable Outlook. The Long-Term Local-
Currency IDR is also 'B-'.



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


EZION HOLDINGS: Books US$13.7MM Net Loss in Q3 Ended Sept. 30
-------------------------------------------------------------
The Strait Times reports that Ezion Holdings fell into the red
for the third quarter, and warned that it is in the process of
assessing the amount of impairment losses on its assets.

The offshore and marine group recorded a net loss of US$13.7
million for the quarter, compared with a net profit of US$9.4
million in the previous year, it said in a Singapore Exchange
filing on Nov 9, the Strait Times relays.

For the three months ended Sept 30, revenue fell 20.2 per cent to
US$79.8 million from the year-ago period, the report discloses.
The decline in revenue was due mainly to a reduction in charter
rates and a drop in utilisation rate of its service rigs and
offshore support vessels, it said.

It made a loss per share of 0.75 US cent, compared with earnings
per share of 0.39 US cent in the previous year.

According to the Strait Times, Ezion said that the group is
exploring various options to reduce the burn rates of service
rigs and offshore logistics vessels that are not deployed. While
it continues to seek deployment opportunities, it will also be
looking to dispose of these rigs and vessels.

For long overdue and disputed receivables, it may terminate the
contract and seek to take repossession of those assets if there
are opportunities to sell them or redeploy them elsewhere, it
added, the report relays.

"In view of the above, the group is in the process of assessing
the amount of impairment losses on its assets, such as vessels
and trade receivables," Ezion, as cited by the Strait Times, said
in its results.

"The assessment of the amount of impairment losses on the group's
assets is a highly judgemental and complex exercise which is
heavily dependent on the market circumstances." Ezion expects to
finalise the assessment on the impairment loss before the release
of its fourth-quarter results, the report notes.

The Strait Times adds that the group, which has further deployed
four liftboats after it last reported second-quarter results,
said that it will be focusing on liftboats following a strategic
review of its business.

"In the past few months, the group has received enquiries for
more units of its liftboats which indicates strong demand for
liftboats services going forward," the report quotes Ezion as
saying said.

It has five more liftboats which it will try to deploy in the
next 12 months - which it can do so successfully only if it has
the appropriate capital and debt structure, as well as cash flow.

The Strait Times adds that Ezion said that it is now in "advanced
stages of negotiation" with secured lenders to refinance its
existing liabilities and to release additional working capital to
deploy these remaining liftboats.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.


MARCO POLO: 9 Investors Pool Together SGD60MM in Rescue Financing
-----------------------------------------------------------------
The Business Times reports that nine prominent business names
have pooled together SGD60 million in rescue financing for listed
offshore and marine (O&M) group, Marco Polo Marine.

According to the report, the founders behind Super Group,
Soilbuild, Goldbell, Yanlord were named in association with the
equity injection deal. Oxley Holdings' deputy chief executive,
Low See Ching and Singapore-listed Vibrant Group and Penguin
International have also thrown their hats into the ring, the
report says.

Some, if not all of those named, are business acquaintances of
Marco Polo Marine chief executive Sean Lee, BT states.

Even so, it has taken Mr. Lee eight long months and meetings with
over 100 investors to finally stitch up these deals.

Not helping is the multi-year downturn inflicting the oil and gas
(O&G) related O&M sector. "A lot of investors walked away when
they heard it's O&G," the report quotes Mr. Lee as saying.

But the Lees persevered and took the lead in swallowing the pill
to make way for new investors. They will dilute their equity,
which now stands at a controlling stake of 62%, to just 6%. Over
two billion new shares valued at SGD0.028 will be issued to these
nine named investors, BT notes.

This as Mr. Lee said, is a clear sign of his family's commitment
to turn the company around. One source also noted that the equity
deals carry very low risk for incoming investors, considering
that as a pre-condition, the group liabilities have to be pared
down to not more than SGD12 million, according to the report.

Those in the sector would have been in a better position to
recognise values in such deals. Yet, Mr. Lee had to mainly bet on
potential investors outside the sector because practically almost
everyone exposed to O&M has been hit by the prolonged O&M
downturn, BT relates.

As such, Marco Polo's nine new equity investors mostly make up of
names associated with non-O&M sectors - Super Group for its
instant beverage fame, Soilbuild for growing an empire out of
construction, Yanlord for its real estate footprint in China, the
report says.

That said, Mr. Lee has managed to rope in Penguin International,
a crew boat-focused owner-operator and builder. He highlighted
how these two businesses are complementary - Marco Polo's steel
boats and Penguin's aluminium craft would complete the offering
for charterers, the report relates.

Before the new equity can come in, Marco Polo has to deal with
the telling damages sustained in this downturn, the report says.

BT notes that the group slipped into negative equity net of
liabilities of SGD150.8 million after taking in total impairment
and allowances of SGD299.3 million.

It has also run up SGD258 million of debts in all compared to the
SGD60 million to be injected as new equity, so it badly needs to
deleverage if it wants a decent chance of riding to the next
upswing projected from 2019, at the earliest, BT discloses.

Of these, SGD202 million are bank loans on the books of Marco
Polo's subsidiaries that are guaranteed by the listed holding
company. Another SGD50 million pertain to the holding company's
Singdollar medium-term notes issuance.

According to the report, the group has sought debt restructuring
under two schemes of arrangement in Singapore for the holding
company and its key shipyard subsidiary, and for its Batam-based
subsidiary under Indonesia's Penundaan Kewajiban Pembayaran Utang
(PKPU) regime.

BT relates that the proposals tabled for the group of companies
are pleading for 69%, 71% and 95% debt forgiveness from its bank
lenders, noteholders and for its contingent liabilities,
respectively.

They also offered a part-settlement of these liabilities with an
equity swap. New shares will be issued to these stakeholders at
SGD0.035 per share, the report discloses.

In addition, trade debts will be termed out by three more years.

The group has six senior lenders - UOB Bank, DBS Bank, OCBC Bank,
CIMB, Sumitomo Mitsui Finance & Leasing and Caterpillar Financial
Services. UOB is the largest senior lender accounting for over
SGD90 million of the group's bank loans, BT notes.

BT says Mr. Lee described the noteholders as mostly institutional
investors and they include two business units of UOB and DBS.

For the existing shareholders who also face dilution, Marco Polo
is proposing to issue over 269 million free warrants, each
carrying the right to subscribe for one share at the exercise
price of SGD0.035, BT adds.

The group intends to hold an extraordinary general meeting in
December to table the restructuring plan for shareholders'
approval, BT states.

                         About Marco Polo

Singapore-based Marco Polo Marine Ltd (SGX:5LY) --
http://www.marcopolomarine.com.sg/-- engages in marine logistics
services. The Company's segments include Ship chartering
services, which relates to charter hire activities, and Ship
building and repair services, which relates to ship building and
ship repair activities.  Its shipping business consists of
offshore support and marine logistics services, and relates to
the chartering of offshore supply vessels (OSVs), which include
anchor handling tug supply vessels (AHTS) for deployment in the
regional waters, including the Gulf of Thailand, Malaysia,
Indonesia and Australia, as well as the chartering of tugboats
and barges to customers, which are engaged in the mining,
commodities, construction, infrastructure and land reclamation
industries.  Its shipyard business relates to ship building, as
well as the provision of ship maintenance, repair, outfitting and
conversion services that are carried out through its shipyard in
Batam, Indonesia.



                             *********

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

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

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


                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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