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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Monday, November 13, 2017, Vol. 20, No. 225


                            Headlines


A U S T R A L I A

ALLURE AESTHETICS: First Creditors' Meeting Set for Nov. 20
BRYNHILD PTY: Second Creditors' Meeting Set for Nov. 20
EMECO HOLDINGS: Fitch Hikes Long-Term IDR to B-; Outlook Stable
EZETAX PTY: First Creditors' Meeting Slated for Nov. 21
LUDOVICO MEDIA: Second Creditors' Meeting Set for Nov. 16

NUFARM LTD: Euro Herbicide Purchase No Impact on Moody's Ba3 CFR
P K FIBRE: Second Creditors' Meeting Set for Nov. 20
RELIANCE RAIL: Moody's Affirms Ba2 Senior Secured Debt Rating
SAPPHIRE XVII 2017-2: Moody's Assigns B2 Rating to Cl. F Notes
SURFSTITCH GROUP: Three Buyers Submit Proposal

ULTRAMAD ENTERPRISES: First Creditors' Meeting Set for Nov. 21


C H I N A

PARKSON RETAIL: Fitch Lowers IDR to CCC as Bond Maturity Looms
YANGO GROUP: Fitch Assigns B- Senior Unsecured Rating
YANGO GROUP: S&P Rates US Dollar Senior Unsecured Notes 'B-'


H O N G  K O N G

NOBLE GROUP: Posts US$1.17BB Net Loss for 3Mos. Ended Sept. 30
VISTRA GROUP: S&P Affirms 'B' Rating on First-Lien Debt Upsize


I N D I A

ABZ AGRO: CRISIL Assigns B+ Rating to INR25MM LT Loan
ACCURATE INFRA: CRISIL Cuts Rating on INR8MM Term Loan to 'D'
APOTEX PHARMACHEM: CRISIL Cuts Rating on INR32MM Loan to 'C'
B D TRANSPORT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
B SATYANARAYANA: CRISIL Assigns B+ Rating to INR5.5MM LT Loan

BHARAT EXPORT: ICRA Moves 'D' Rating to Not Cooperating
CENTURY 21: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
DEVENDRAN PLASTIC: CRISIL Hikes Rating on INR12MM Term Loan to B+
DIGNITY INNOVATIONS: CRISIL Raises Rating on INR4MM Loan to 'B'
DIN DAYAL: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan

GALLUS CV: Ind-Ra Assigns BB+(SO) Final Rating on Series A2 PTCs
GBA STEELS: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
GMR OSE: ICRA Reaffirms 'D' Rating on INR1077.97cr Term Loan
IMMENSE INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR35MM Loan
ITALVA WOODS: CRISIL Reaffirms 'B' Rating on INR12.25MM Loan

KAPOOR COTSYN: CRISIL Reaffirms B+ Rating on INR5.25MM LT Loan
KARLO AUTOMOBILES: ICRA Moves 'B+' Rating to Not Cooperating
KARMIC ENERGY: CRISIL Reaffirms 'B' Rating on INR18.75MM Loan
LINNET SBL: Ind-Ra Assigns BB+ Rating to INR12.41M Series A3 PTCs
MAHATMA GANDHI: ICRA Moves 'C+' Rating to Not Cooperating

MIRACALUS PHARMA: ICRA Withdraws B+ Rating on INR5.50cr Loan
MODEL RAG: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
NIJANAND PIPES: ICRA Cuts Rating on INR5.0cr LT Loan to 'D'
ORB ENERGY: ICRA Lowers Rating on US$2.25MM LT Loan to 'D'
OSHIYA INDUSTRIES: ICRA Moves 'D' Rating to Not Cooperating

PALAKKAD MUNICIPALITY: ICRA Assigns IrB+ Long-Term Issuer Rating
PLASTIMBER IMPEX: ICRA Reaffirms B Rating on INR4.4cr Term Loan
PRAMUKH EXIM: ICRA Lowers Rating on INR10cr Loan to 'D'
RAJPAL COTTON: Ind-Ra Lowers Issuer Rating to BB-, Outlook Stable
RIME RICH: CRISIL Reaffirms 'D' Rating on INR9.5MM LT Loan

SARASWATIPUR TEA: ICRA Moves 'B' Rating to Not Cooperating
SAYONA COLORS: CRISIL Reaffirms 'D' Rating on INR45MM Cash Loan
SHARMA RICE: CRISIL Assigns B+ Rating to INR7MM Whse Financing
SHREE GAURI: ICRA Moves 'B' Rating to Not Cooperating Category
SHREE OSHIYA: ICRA Moves 'D' Rating to Not Cooperating Category

SHREEPATI JEWELS: Ind-Ra Puts D Issuer Rating to Non-Cooperating
SILVERTONES SPECIALITY: ICRA Withdraws B+ Long-Term Loan Rating
SOMA NUTRITION: ICRA Moves 'B+' Rating to Not Cooperating
SRI JAIBALAJI: CRISIL Lowers Rating on INR13.5MM Loan to B-
SRI VAIBHAVA: CRISIL Reaffirms 'C' Rating on INR17.2MM LT Loan

T. ASOKAN: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
TIGER STEEL: CRISIL Lowers Rating on INR22MM Loan to 'D'
VEENDEEP OILTEK: Ind-Ra Ups Issuer Rating to BB-, Outlook Stable
VORTEX RUBBER: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
WHITE GOLD: CRISIL Assigns 'B' Rating to INR6MM Cash Loan


I N D O N E S I A

MEDCO ENERGI: Fitch Says Proposed Rights Issue Neutral to Ratings


J A P A N

TAKATA CORP: Proofs of Claim Due Nov. 27; PPIC Claims Due Dec. 27
TAKATA CORP: Toyota Tops Creditor List With JPY331.2BB Claim


M A C A U

MELCO RESORTS: S&P Alters Outlook to Stable, Affirms 'BB' CCR


N E W  Z E A L A N D

CREDIT UNION: Fitch Publishes BB Long-Term IDR; Outlook Stable
HYDROWORKS: Creditors Face NZ$12.6MM Shortfall, Liquidators Say
ROSS ASSET: Distribution Plan Could Divide Investors


                            - - - - -



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


ALLURE AESTHETICS: First Creditors' Meeting Set for Nov. 20
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Allure
Aesthetics Pty Ltd, trading as Aphrodite and Apollo Cosmetic
Medicine, will be held at the offices of Farnsworth Shepard,
Level 5, 2 Barrack Street, in Sydney, New South Wales, on
Nov. 20, 2017, at 11:00 a.m.

Adam Shepard of Farnsworth Shepard was appointed as
administrators of Allure Aesthetics on Nov. 8, 2017.


BRYNHILD PTY: Second Creditors' Meeting Set for Nov. 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Brynhild Pty.
Ltd. has been set for Nov. 20, 2017, at 12:00 p.m., at the
offices of Veritas Advisory at Level 5, 123 Pitt 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. 20, 2017, at 9:00 a.m.

David Iannuzzi and Steve Naidenov of Veritas Advisor were
appointed as administrators of Brynhild Pty on Oct. 16, 2017.


EMECO HOLDINGS: Fitch Hikes Long-Term IDR to B-; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has upgraded Australia-based Emeco Holdings
Limited's Long-Term Issuer Default Rating (IDR) to 'B-' from
'CCC'. The Outlook is Stable.

The upgrade reflects Fitch's view that the mining services
company's financial profile will continue to improve as it
realises benefits from its recently completed merger with Andy's
Earthmovers (Asia Pacific) Pty Ltd and Orionstone Holdings Pty
Ltd, and its equity-funded acquisition of Force Equipment Pty
Ltd, which is due to be completed at the end of November 2017.
Fitch expect Emeco's FFO adjusted net leverage (leverage) to
improve to 4.2x by the end of the financial year to June 2021
(FY21), from 11.0x at FYE17 (or 8.3x when normalised for
redundancy costs and cash flows from the discontinued Chilean
operations). The improvement will be driven by Fitch expectation
that EBITDA will increase, as well as the company's commitment to
reduce its net debt/EBITDA (company defined) after it recently
revised down its target for the ratio.

EBITDA, based on Fitch's calculations and excluding discontinued
operations and other items, is likely to increase to around
AUD100 million in FY18 (FY17: AUD66 million), driven by better
conditions in the mining sector, which Fitch believe will
continue to support improvements in Emeco's average operating
utilisation rate and rental yields. Fitch also expect EBITDA to
increase following the company's acquisition of Force and as it
realises cost synergies from the acquisition and the recently
completed merger. The integration and costs synergies from the
integration of the merged entities were major contributors to the
rise in Emeco's reported EBITDA in 2H17 and 1Q18.

KEY RATING DRIVERS

Improving Rental Market Conditions: Emeco's operating utilisation
rate for its fleet continues to show signs of recovery as demand
for rental equipment from miners improves and a strong pipeline
of projects come to market. Emeco's average operating utilisation
rate recovered to around 58% in 1Q18, from a low of around 33% in
FY14. Fitch expects these factors to support continued
improvement in the utilisation rate and rental yields,
particularly over the next two years - the typical lead time for
new additions to the fleet to be delivered.

Commitment to Reduce Leverage: Fitch expects Emeco's leverage to
improve to 4.2x by FYE21 from 11.0x at FYE17, or 8.3x when
normalised for redundancy costs and cash flows from the
discontinued Chilean operations. Fitch believe that the reduction
in leverage will be driven by an increase in EBITDA as the rental
market improves, and as Emeco realises cost synergies and has
lower growth capex requirements following its recent mergers and
acquisitions. Emeco's publicly stated commitment to deleverage
also supports Fitch expectation, particularly following the
recent revision of its target net debt/EBITDA to 1.5x from 2.0x
(FYE17: 5.5x or 3.2x on a run-rate and post-Force acquisition
basis, including the merger).

Integration Risk Remains: Fitch continues to take into account
the integration risks the Emeco faces following the merger with
Andy's and Orionstone and the acquisition of Force. Emeco
reported one-off costs and assumed working capital deficiencies
as it started the integration of the entities, and Fitch expect
similar one-off and transaction costs to be incurred as the
integration progresses. While Fitch expect this risk to decline,
Fitch recognise that further unexpected costs or delays could
push back the deleveraging. In addition, Emeco has signed a
memorandum of understanding with Mitsui to explore further
consolidation opportunities, which may expose Emeco to further
integration risks in the short term should any opportunities be
pursued, and separate to any potential longer-term benefits of a
future transaction .

DERIVATION SUMMARY

Emeco's rating compares with peer PT Indika Energy Tbk (B-/RWP).
Indika's rating is constrained by its concentrated debt maturity
profile. However, Fitch believes that following the completion of
the agreement to purchase additional shares in PT Kideco Jaya
Abung - its key coal-mining asset - its business profile and
credit metrics will be comparable with other low 'BB' rated coal
peers. Indika's larger size and greater exposure to Kideco's
operations underscore the different Outlooks on Indika and Emeco.

Emeco's rating reflects the improvement in its debt maturity
profile and Fitch's expectation of its better capacity to
deleverage. This compares with peer, Anton Oilfield Services
Group (CCC), whose rating takes into account its weak liquidity
and an operating environment that remains challenging. These
factors explain the one notch differential between the two
entities.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Emeco include:
- Increase in operating utilisation rates over the next four
   years
- Annualised cost synergies from the merger of around AUD15
   million to be realised by end-FY18
- Capex per annum at around 15% of revenue
- Force acquisition completed by end of November 2017

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:
- FFO adjusted net leverage falling below 4x, on a sustained
   basis.

Developments that may, individually or collectively, lead to
negative rating action include:
- Depletion of current liquidity levels, including cash and
   undrawn committed facilities, for a sustained period.
- FFO fixed-charge cover declining to below 1.2x for a sustained
   period (FY17: 1.0x or 1.3x on a normalised basis).
- Negative free cash flow generation for a sustained period.

LIQUIDITY

Adequate Liquidity Position: Emeco's next significant debt
maturity is in March 2022, when USD356 million of 9.25% senior
secured notes fall due. The company had committed undrawn
revolving facilities of AUD35 million and cash on hand of AUD17
million at FYE17, and Fitch expects Emeco to generate positive
FCF over the next four years. This provides the company with
significant flexibility to manage its cash flow.


EZETAX PTY: First Creditors' Meeting Slated for Nov. 21
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Ezetax Pty
Ltd, trading as "Ezetax", will be held at the offices of DCS
Advisory, Level 1, 680 Murray Street, in West Perth, West
Australia, on Nov. 21, 2017, at 11:00 a.m.

Shaun William Boyle of DCS Advisory was appointed as
administrator of Ezetax Pty on Nov. 9, 2017.


LUDOVICO MEDIA: Second Creditors' Meeting Set for Nov. 16
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ludovico
Media Pty Ltd has been set for Nov. 16, 2017, at 3:00 p.m., at
the offices of Rodgers Reidy, Level 9, 46 Edward Street, in
Brisbane, Queensland.

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. 14, 2017, at 3:00 p.m.

David James Hambleton and James Marc Imray of Rodgers Reidy were
appointed as administrators of Ludovico Media on Oct. 15, 2017.


NUFARM LTD: Euro Herbicide Purchase No Impact on Moody's Ba3 CFR
----------------------------------------------------------------
Moody's Investors Service says that Nufarm Limited's Ba3
corporate family rating will not be impacted by its acquisition
of a European herbicide product portfolio from FMC Corporation
(Baa2 stable).

The rating outlook is stable.

"The proposed acquisition of the assets for a cash consideration
of USD85 million, plus approximately USD5 million for inventory,
will have a small negative impact on financial leverage, because
the transaction will be substantially debt-funded," says Maurice
O'Connell, a Moody's Vice President and Senior Credit Officer.

"Based on Moody's estimate for the fiscal year ended July 2018,
and assuming the full-year earnings impact and funding structure
as announced, Nufarm's financial leverage would increase by
around 0.25x," says O'Connell. "Given that Nufarm is currently
strongly positioned within the parameters of its Ba3 rating, the
acquisition will have no ratings impact." In the absence of any
further debt-funded acquisitions Moody's expects adjusted
debt/EBITDA to be around 3.5-3.7x in fiscal 2018.

The assets being acquired comprise eight formulations based on
four active ingredients primarily used in broadleaf weed control
applications in cereal crops. Completion of the acquisition is
subject to European regulatory approval.

The rating could be upgraded, if Moody's sees a consistent
improvement in the performance across Nufarm's businesses,
including better earnings and cash flow generation from
Australia, and reduced working capital. Financial metrics that
Moody's would consider for an upgrade include a Moody's adjusted
debt/EBITDA ratio of below 3.5x.

Nufarm's rating could face negative pressure if operating
conditions deteriorate beyond Moody's current expectations. Such
a scenario could include a further deterioration in its
Australian operations or lower-than-expected growth from South
America.

The rating could also experience negative pressure if the company
cannot sustain or improve on its countermeasures to manage
working capital effectively.

Specific metrics that Moody's would consider in downgrading the
rating include an adjusted debt/EBITDA exceeding 4.5x-5.0x on a
sustained basis. In addition, negative rating actions would
likely occur if the company cannot comply adequately with the
financial covenants in its debt facilities.

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

Nufarm Limited is a crop protection company which manufactures
and sells a range of crop protection products, including
herbicides, insecticides and fungicides.


P K FIBRE: Second Creditors' Meeting Set for Nov. 20
----------------------------------------------------
A second meeting of creditors in the proceedings of P K Fibre &
Communications Pty Ltd has been set for Nov. 20, 2017, at
10:30 a.m., at the offices of Worrells Solvency & Forensic
Accountants, Level 2 AMP Building, 1 Hobart Place, in Canberra
City, ACT.

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. 17, 2017, at 4:00 p.m.

Stephen John Hundy of Worrells Solvency & Fore was appointed as
administrator of P K Fibre on Oct. 16, 2017.


RELIANCE RAIL: Moody's Affirms Ba2 Senior Secured Debt Rating
-------------------------------------------------------------
Moody's Investors Service has revised the outlook on Reliance
Rail Finance Pty Ltd's (RRF) ratings to positive from stable.

At the same time, Moody's has affirmed RRF's Ba2 senior secured
debt and senior secured bank credit facility ratings, as well as
its B1 senior subordinated debt rating.

RRF is the funding vehicle for Reliance Rail Pty Ltd (Reliance
Rail). Reliance Rail manufactured 78 trains for Sydney Trains and
will carry out maintenance work for Sydney Trains until 2044, as
part of the Waratah trains public private partnership (PPP)
project. RRF's debt is guaranteed by an obligor group that
includes Reliance Rail.

RATINGS RATIONALE

"The positive outlook on RRF's ratings reflects Moody's view of
an increased likelihood of a successful refinancing, given
supportive capital market conditions and the project's operating
track record," says Spencer Ng, a Moody's Vice President and
Senior Analyst.

RRF has around AUD1.1 billion of debt maturing between September
2018 and September 2019, representing nearly half of its total
outstanding debt.

Moody's believes that recent debt raisings by the Australian
infrastructure sector demonstrate the appetite in the capital
markets for projects with solid operating track records, subject
to the projects meeting minimum debt service coverage ratios.

Consequently, the State of New South Wales' (New South Wales
Treasury Corporation, Aaa stable) commitment to infuse AUD175
million of new equity into Reliance Rail - subject to Reliance
Rail refinancing below a stipulated credit spread - coupled with
retained cash balances, provides RRF with the means to strengthen
its capital structure.

"Moody's believe RRF's expected debt reduction funded by the new
equity and retained cash increases the likelihood of Reliance
Rail being able to meet lenders' minimum required debt service
coverage ratios," adds Ng.

Before factoring in refinancing risk, Moody's believes the
project's credit fundamentals are consistent with a higher rating
level, which reflects the improving trend in Reliance Rail's
performance since the commencement of operations in 2014 and the
project's revenue stream, which is exclusively comprised of non-
volume-linked availability payments from the state.

Reliance Rail's ratings are however constrained by the
uncertainties associated with its sizable refinancing task and
the project's complex capital structure, which necessitates that
multiple approvals be obtained before refinancing.

RRF's ratings could be upgraded upon the project securing funding
commitments for refinancing and associated consents from the
relevant stakeholders.

RRF's ratings will experience material downward pressure, if
Moody's believes that the refinancing is unlikely to be executed
on a timely basis, or if there is an unexpected material
deterioration in the project's operating performance.

The principal methodology used in these ratings was Operational
Privately Financed Public Infrastructure (PFI/PPP/P3) Projects
published in March 2015.

Reliance Rail Finance Pty Ltd (RRF) is the funding vehicle for
Reliance Rail Pty Ltd's (Reliance Rail) debt, with the debt
guaranteed by an obligor group that includes Reliance Rail.

Reliance Rail manufactured 78 trains for Sydney Trains and will
carry out maintenance work for Sydney Trains until 2044, as part
of the Waratah trains public private partnership (PPP) project.


SAPPHIRE XVII 2017-2: Moody's Assigns B2 Rating to Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Permanent Custodians Limited as
trustee of Sapphire XVII Series 2017-2 Trust.

Issuer: Sapphire XVII Series 2017-2 Trust

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

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

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

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

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

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

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

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

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

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

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

RATINGS RATIONALE

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

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

Key transactional features are as follows:

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

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

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

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

Key pool features are as follows:

- While the portfolio has a reasonably high weighted-average
   scheduled loan-to-value (LTV) of 69.3%, there are no loans in
   the pool with a current LTV above 86.6%.

- Investment and interest-only loans represent 22.6% and 16.3%
   of the pool, respectively.

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

- Based on Moody's classifications, the portfolio contains 37.6%
   exposure to borrowers with prior credit impairment (default,
   judgment or bankruptcy). Moody's assesses these borrowers as
   having a significantly higher default probability.

- The portfolio contains 61.1% of loans granted on the basis of
   alternative income documentation, with a further 2.8% granted
   on the basis of low income documentation.

- Around 55.9% of the loans in the portfolio were extended to
   self-employed borrowers.

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities

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

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


SURFSTITCH GROUP: Three Buyers Submit Proposal
----------------------------------------------
Power Retail reports that three new proposals have been submitted
to the Surfstitch Group Ltd board to save it, including one from
The Iconic and another from General Pants.

A third deed of company arrangement (DOCA) was proposed by
Surfstitch Group's non-executive director Abigail Cheadle, a
former forensic accountant, Power Retail relates citing a new
report from AFR.

According to Power Retail, the company's co-founder Lex Pederson
is reported to have thrown his "full support" towards
Ms. Cheadle's proposal, under which two class actions would be
settled and most creditors paid in full.  Mr. Pederson still
holds over six million shares in Surfstitch Group Ltd. The DOCA
also outlines that the company would be returned to shareholders
and relisted on the Australian Securities Exchange, the report
notes.

Power Retail relates that new heads will also be appointed in Ms.
Cheadle's proposal, including Justin Hillberg, CEO of its trading
online retail business Surfstitch.com.au, leading the
conglomerate, and new tech-savvy non-executive directors joining
the board.

It is also understood that two other proposals were submitted to
Surfstitch Ltd administrators, FTI Consulting, including one from
online fashion retailer The Iconic, and another from high street
fashion chain General Pants, Power Retail discloses.

The Iconic's chief executive Patrick Schmidt confirmed to AFR
that he has been in talks with SurfStitch but declined any
further comment, Power Retail relays.

Last month, Billabong formally expressed interest in the ailing
company, but has since withdrawn, the report recalls.

Final proposals were being accepted till Friday [Nov. 10] and the
administrators will present its final report to creditors by
December 21 with a second meeting of creditors due to be held by
Jan. 2, 2018, Power Retail adds.

                          About SurfStitch

Founded in 2007, SurfStitch Group Limited --
https://www.surfstitch.com/ -- is fashion & surf store based in
Australia. It primarily engages in online retail, and online
advertising and publication activities. The Company provides
action sports brands primarily for teens and young adults through
its Websites, SurfStitch.com, Surfdome.com, and SWELL.com. It
also
operates Magicseaweed, a user generated surf content network that
provides forecasting and live reporting of approximately 4,000
beaches worldwide; Stab, an online surf publishing network; and
Garage that produces and digitally distributes action and sports
long form files and TV content.

The Company was placed in administration in August 2017, after
being burdened with shareholder class actions, operating losses,
and a collapse of its share price. John Park, Quentin Olde and
Joseph Hansell of FTI Consulting were appointed as administrators
to the Company on August 24.


ULTRAMAD ENTERPRISES: First Creditors' Meeting Set for Nov. 21
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Ultramad
Enterprises Pty Ltd, trading as Chiqui's Tapas Restaurant, will
be held at the offices of Piggott Partners, Ground Floor, 237
Adelaide Terrace, in Perth, West Australia, on Nov. 21, 2017, at
11:00 a.m.

Ross Thomson of Piggott Partners was appointed as administrator
of Ultramad Enterprises on Nov. 9, 2017.


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


PARKSON RETAIL: Fitch Lowers IDR to CCC as Bond Maturity Looms
--------------------------------------------------------------
Fitch Ratings has downgraded China-based department store
operator Parkson Retail Group Limited's Long-Term Issuer Default
Rating (IDR) and senior unsecured rating to 'CCC' from 'B-' to
reflect rising uncertainty over the company's plans to refinance
or repay its USD500 million bonds maturing in May 2018.

KEY RATING DRIVERS
Bond Maturity Approaching: The downgrade reflects the poor
outlook on the company's liquidity for 2018, with its USD500
million 4.5% bonds maturing in May 2018 and substantially weaker
cash flow generation compared with several years ago. Parkson
appears to have options to address the issue - in particular, it
can potentially use its retail properties in Beijing and Qingdao
as collateral for secured lending. The company has also indicated
that it is in discussions with banks to explore various funding
arrangements. Nonetheless, with less than six months remaining,
it is critical that Parkson lines up refinancing options soon.

High Leverage: Parkson's leverage remains high in the context of
marginal EBITDA generation, despite dropping slightly at end-2016
after the company raised CNY1.9 billion in net proceeds from the
sale of a store in Beijing. Fitch expects FFO payables-adjusted
net leverage to range between 6x-7x in the coming two to three
years and FFO fixed-charge coverage at around 1x, assuming no
significant interest and rental cost increases.

Onshore Cash Needed for Operations: The company's CNY4.6 billion
in cash as of end-June 2017 is insufficient to meet the CNY3.8
billion in debt that matures within one year. This is because
Fitch classifies the cash amount as not-readily-available since
the company needs around CNY1.7 billion-2.0 billion in cash
(customer deposits plus 85% of accounts payables) for day-to-day
operations due to its concessionaire business model and large
negative working capital.

In addition, most of Parkson's debt is issued by its offshore
holding company, while most of its cash, time deposits and
principal-guaranteed deposits are held by onshore operating
subsidiaries. Repatriating onshore cash to repay offshore debt
may require government approval. Parkson also had CNY0.4 billion
in non-principal-guaranteed structured deposits as of end-June
2017, which is not counted as cash, in accordance with Fitch's
rating criteria.

Profitability Remains Weak: Fitch does not expect a rapid
turnaround in revenue or profits in the next two years, although
the company's operations showed some signs of stabilisation in
1H17. Parkson's fundamentals have deteriorated due to weaker
consumer spending and competition from other retail formats, such
as e-commerce and shopping malls. Its heavy reliance on rented
properties exacerbated the impact of the sales decline on
margins, with its EBITDA margin falling to 2% of gross sales
proceeds in 2016, compared with a margin in the low teens for
most Fitch-rated department store operators.

DERIVATION SUMMARY
Parkson's 'CCC' rating reflects its refinancing risk, as its bond
maturity is less than six months away. The company's business
profile has been hurt by weaker consumer spending and competition
from other retail formats, while its profitability has been
negatively affected by a high proportion of rented properties.
Parkson's financial profile is also weaker than that of peers,
such as Golden Eagle Retail Group Limited (BB-/Negative), with
lower coverage and higher leverage ratios. No Country Ceiling,
parent/subsidiary or operating environment aspects impact the
rating.

KEY ASSUMPTIONS
Fitch's key assumptions within Fitch rating case for the issuer
include:
- Flat gross sales proceeds and low-single-digit revenue growth
   from higher direct sales
- EBITDA margin of 24%-26% of revenue and 2%-3% of gross sales
   proceeds
- Maintenance capex of CNY150 million per year
- No common dividends beyond the actual amount paid in 1H17

RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Successfully refinancing of the May 2018 bond with long-term
   funding and stabilisation of core business

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Failure to address refinancing requirements by 1Q18

LIQUIDITY
Refinancing Needed: Parkson's USD500 million bond will mature on
May 3, 2018. It is critical that the company arranges for
refinancing in the coming few months. Parkson has high cash
balance but Fitch classifies a portion of it as not-readily-
available for debt repayment to take into account the negative
working capital cycle. Parkson has little other debt aside from
the May 2018 bonds.


YANGO GROUP: Fitch Assigns B- Senior Unsecured Rating
-----------------------------------------------------
Fitch Ratings has assigned China-based property developer Yango
Group Co., Ltd. (Yango; B/Positive) a senior unsecured rating of
'B-' with a Recovery Rating of 'RR5', and its proposed US dollar
senior notes a 'B-(EXP)' expected rating and Recovery Rating of
'RR5'.

The one-notch difference between Yango's senior unsecured rating
and its Long-Term Issuer Default Rating reflects the
subordination of its unsecured debt to secured debt. Secured debt
accounted for around 70% of Yango's total borrowing as of end-
September 2017, and made up more than 80% of Fitch-estimated
liquidation value.

The proposed notes are rated at the same level as Yango'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. Yango intends to use the net proceeds from the proposed
US dollar senior notes mainly to refinance its existing debt.

KEY RATING DRIVERS

High Quality Land Bank: Fitch believes Yango's land bank, which
was acquired at low cost and partly located in Tier 1 cities,
will support its business scale growth and healthy profit margin.
Yango had 16.4 million sq m of land available for sale by gross
floor area (GFA) as of end-2016. This was sufficient for four
years of development. Tier 1 cities accounted for 24% of its
total land bank at end-1H17. The average cost of the company's
land bank was CNY3,252 per sq m at end-2016, or about 21% of
Fitch's expected contracted average selling price (ASP) in 2017.
Yango's land bank is larger than most of the lower-leveraged
homebuilder peers rated 'BB' and 'BB-'.

Strong Growth in Contracted Sales: Yango's expansion strategy has
resulted in a moderate-sized operation of CNY35 billion in
contracted sales in 2016, based on Fitch estimate. Fitch estimate
contracted sales will increase 90% to CNY67 billion in 2017 as
the company has maintained strong sales despite a subdued
domestic property market in 1H17. The rapid sales growth and
steady cash collection has also been aided by the company's fast-
churn business model and enhancements to its projects with
education resources operated by its parent Fujian Yango Group
Co., Ltd. Yango's business profile may strengthen materially if
it is able to expand to over CNY100 billion in contracted sales,
especially after top management changes in 1H17.

Improving EBITDA Margin: Fitch expect Yango's EBITDA margin to
improve because of the strong appreciation of housing prices in
Tier 1 and 2 cities, where most of Yango's land reserves are
located. Yango's 2016 EBITDA margin of 23% is comparable to those
of its peers. Its EBITDA margin stayed in the low-to-mid 20%
range between 2013 and 2016.

High Leverage Constrains Rating: Yango's aggressive land
acquisition since 2015, in which sales receipts were almost
entirely reinvested in acquiring land, has driven leverage up.
Its net debt to inventory reached 68% by end-2016 and 69% at end-
1H17. Fitch do not expect leverage to come off in 2017 and expect
only marginal improvement in 2018, given the company's plan to
continue enlarging its scale to stay competitive. Fitch expects
Yango's land acquisition pace, relative to its sales, to slow in
2018 as its land bank will hit around 26 million sq m by end-
2017, which will give it four years of land reserve, based on its
enlarged scale.

DERIVATION SUMMARY

Yango has larger scale in terms of contracted sales and higher
EBITDA than 'B' rated Chinese homebuilders like Guorui Properties
Limited (B/Stable), Hong Yang Group Company Limited (B/Stable)
and Oceanwide Holdings Co. Ltd. (B/Negative), which have
contracted sales of less than CNY15 billion.

Yango and Oceanwide both have high leverage of around 70%, but
Yango is likely to expand its sales and deleverage at a faster
pace. Yango's scale is also growing faster than similarly sized
Ronshine China Holdings Limited (B+/Stable), but its leverage is
higher than Ronshine's around 50%. Yango's land bank is more
diversified than Ronshine, Guorui, and Hong Yang, which explains
why its contracted sales can increase much faster; unconstrained
by specific market weaknesses. This faster sales growth will also
support Yango's rapid improvement in its financial profile;
supporting its Positive Outlook.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Replenishing land to maintain land bank life of around four
   years
- Contracted sales to increase by 90% and 75% in 2017 and 2018
- EBITDA margin after adjusting for capitalised interest to
   remain stable in 2017, but increase to 25% in 2018 and 29%
   in 2019.

Recovery rating assumptions:
- Yango will be liquidated in a bankruptcy because it is an
   asset trading company
- 10% administrative claims
- All proceeds from the proposed offshore bond issuance are used
   to refinance the secured borrowing

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed
to creditors.
- Fitch applied a haircut of 25% to adjusted inventory, in line
   with Yango's homebuilding peers
- Fitch assumed Yango's CNY3billion of pledged deposits are used
   to pay debt
- Fitch applied a haircut of 60% to Yango's available-for-sale
   Assets

Based on Fitch's calculation of the adjusted liquidation value,
after administrative claims of 10%, Fitch estimate the recovery
rate of the offshore senior unsecured debt at 15%, which
corresponds to a Recovery Rating of 'RR5'.

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Achieving management's 2017 target for the amount of sales
   collected and on track to achieve the target for 2018
- Net debt/adjusted inventory falling to around 65% in 2018
   and continuing to deleverage
- Contracted sales/gross debt sustained above 1x from 2018

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Failure to achieve the positive sensitivities over the next 12
   months
- Changes to the company's top management team resulting in
   disruption to its business strategy

LIQUIDITY

Tight Liquidity: Yango had CNY31 billion in cash and CNY17
billion in unused bank facilities at end-1H17, which is
insufficient to cover negative free cash flow of around CNY20
billion and short-term debt of CNY33 billion. The company has
plans to optimise its debt structure and extend debt maturity by
using multiple funding channels, including equity financing, and
issuance of offshore bonds and perpetual capital securities.


YANGO GROUP: S&P Rates US Dollar Senior Unsecured Notes 'B-'
------------------------------------------------------------
S&P Global Ratings said it assigned its 'B-' long-term issue
rating to a proposed issue of U.S.-dollar-denominated senior
unsecured notes by Yango Justice International Ltd., a subsidiary
of Yango Group Co. Ltd. (Yango; B/Stable/--). The parent
unconditionally guarantees the notes. The China-based developer
will use the majority of the proceeds to refinance its existing
debt. The issue ratings are subject to our review of the final
issuance documentation.

The senior unsecured notes are rated one notch lower than the
issuer rating because of subordination risk. The proposed notes
will rank behind a significant amount of secured debt in the
capital structure. At the end of 2016, Yango had Chinese renminbi
(RMB) 47.8 billion of secured debt and RMB20.9 billion of
unsecured debt.

S&P said, "We expect Yango's leverage to remain high to support
its strong growth appetite, with the ratio of debt to EBITDA at
about 15x in 2017. The company targets to become a top-10
developer in China in terms of contracted sales. At the same
time, Yango has high refinancing risk relative to peers due to a
substantial amount of short-term debt and non-bank borrowings.
Nonetheless, the company's satisfactory project execution and
established market position in Fujian province temper the risks.

"The stable outlook on Yango reflects our view that the company's
debt leverage will moderately improve in the coming 12 months.
The developer is likely to maintain high expenditure on land
acquisitions to support its scale expansion. However, we expect
robust growth in revenues and contracted sales to offset the
impact of higher debt. Our assumption is that the ratio of debt
to EBITDA will improve to 12x-14x in 2018."



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


NOBLE GROUP: Posts US$1.17BB Net Loss for 3Mos. Ended Sept. 30
--------------------------------------------------------------
The Business Times reports that Noble Group slipped deeper into
the abyss with a massive third-quarter loss of US$1.17 billion.

While the figure was in line with what it had flagged a month
ago, the magnitude was not lost on long-suffering shareholders,
especially when compared with the US$28 million in the previous
corresponding quarter, the report says.

According to the Business Times, the Hong Kong-based firm said
the losses were mostly non-cash items, more of which may come as
it sheds further assets.

The Business Times relates that Noble said the main contributors
to the group sinking deeper into the red were a non-cash loss
relating to the sale of its North American Gas & Power business
and an impairment loss on the Global Oil Liquids business as a
result of the proposed sale of Noble Americas Corp (NAC) plus
certain provisions.

The third-quarter showing brings net losses for the first nine
months to US$3.05 billion on the back of a 23 per cent drop in
revenue to US$5.03 billion, the report discloses.

The Business Times adds that the group said a challenging
operating environment due to liquidity constraints continues to
impact profitability.

For the three months to September, revenue slipped 18 per cent to
US$1.46 billion as the troubled Singapore-listed firm shrunk its
business, sold assets and continues to dispose of them to tackle
debt. It is also targeting to slash headcount to 400 from over
1,000 at the end of last year, the Business Times discloses.

Loss per share over the quarter widened to 89.8 US cents from
2.93 US cents previously. As before, no dividend was declared,
the report notes.

Noble chairman Paul Brough, who in May this year succeeded
founder Richard Elman as chairman, said at an earnings briefing
on Nov. 9: "As we dispose of further assets, we may incur
additional non-cash losses," the report relays.

The Business Times notes that under a strategic review aimed at
tackling the group's debt woes and steered by Mr. Brough, the
group has monetised its global oil liquids business and the US
gas and power business over the past several months and plans to
sell more assets. It has also been in discussions with lenders on
its working capital and trade financing needs.

While Mr. Brough was reluctant to give a time line for the sale
of certain assets - given that it could "prejudice the
discussions" - which could raise another US$800 million to US$1
billion, he said the firm was "obviously aware of the impending
debt obligations and deadlines," according to the report.

These assets are primarily outside North America and are not
located in Asia either but involves "fairly chunky" assets
including its aluminium operations, the Business Times notes.

"We have a number of investments and investments in joint
ventures that we are readying for sale. Although we haven't put
any principal assets up for sale, they are ready . . . we have
done the appropriate diligence on those assets. This will support
one element of our repayment plans," the report quotes Mr. Brough
as saying.

The group's net debt decreased by US$112 million from end-June
2017 to US$3.7 billion in the third quarter, the report
discloses. But this is up by US$833 million over the nine months
to September 2017 from end-2016, primarily driven by negative
cash flow from underlying activities due to the challenging
operating environment and its reinvestment in Harbour Energy in
January.

On the progress of the group's plan to seek a new investor to
recapitalise its hard commodities businesses, Mr. Brough said
discussions with possible strategic investors was "live and
ongoing and frequent in terms of meetings" but may or may not
result in an actual investment, according to the Business Times.


                         About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.


VISTRA GROUP: S&P Affirms 'B' Rating on First-Lien Debt Upsize
--------------------------------------------------------------
S&P Global Ratings Services affirmed its 'B' long-term corporate
credit rating on Hong Kong-based corporate trust services
provider Vistra Group Holdings (BVI) I Ltd. The outlook is
stable.

S&P said, "We also affirmed our 'B' long-term issue rating and
'3' recovery rating on the company's senior secured first-lien
credit facilities. The facilities consist of a US$50 million
equivalent revolving credit facility (RCF) due 2020 and a US$787
million equivalent term loan due 2022, after upsizing.

"At the same time, we affirmed our 'CCC+' long-term issue rating
and '6' recovery rating to the company's US$70 million
equivalent--after prepayment--second-lien term loan due 2023.

"We affirmed our 'B' issuer credit rating on Vistra because we do
not believe the proposed transaction will alter the economics of
the company. Vistra will fully allocate the proceeds from the
US$80 million upsizing of its first-lien term loan to prepay part
of the second-lien facilities. As such, the company's total debt
will remain unchanged, and hence its debt-to-EBITDA ratio, upon
closing."

Vistra will benefit from slightly lower interest payments. S&P
estimates this will increase its free cash flow by at least US$5
million on a full-year basis and marginally support its interest
coverage.

S&P said, "We appreciate that the upsized term loan places debt
holders in a less-favorable position in the event of default, as
US$812 million in principal would be outstanding under our
default scenario in 2020 (including 85% drawn under the company's
RCF), compared with US$734 million previously.

"However, we believe that given past additions to the business
portfolio and our expectations that Vistra will keep spending on
M&A-driven growth opportunities, the value available to creditors
in the hypothetical scenario of a default would be sufficient to
cover 50% of senior claims.

"Since we anticipate recovery to be barely above 50% of
principal, any upsizing of the first-lien term loan beyond the
US$80 million we factor in our base case would likely translate
into our expected recovery of senior claims to be below 50% of
the principal.

"The stable outlook on Vistra reflects our view that the company
will have steady revenue growth and resilient profitability over
the next 12 months. This is despite the competitive environment
in the corporate trust services industry. We expect Vistra's
EBITDA interest coverage to be close to 2.5x in 2018.

"We could lower the rating if Vistra adopts a more aggressive
financial policy than we envisage, including debt-financed
acquisitions above our base case of up to US$75 million per year,
or shareholders' distributions. We could also lower the rating if
the company's cash flows reduce, possibly because of a decline in
margins or lower cash conversion. The EBITDA cash interest
coverage falling below 2.0x without potential for recovery could
trigger a downgrade.

"Vistra's focus on acquisitions will likely limit deleveraging
over the next 12 months, in our view. That said, an upgrade could
stem from steady debt reduction, such that the ratio of funds
from operations to debt is sustainably at 13%-17% and EBITDA cash
interest coverage is more than 3.0x. This would necessitate a
shift to a less growth-oriented financial policy."



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I N D I A
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ABZ AGRO: CRISIL Assigns B+ Rating to INR25MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of ABZ Agro Foods Limited (ABZ).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Fund-
   Based Bank Limits         5       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       25       CRISIL B+/Stable (Assigned)

The rating reflects exposure to risks related to implementation
of the ongoing project, stabilisation of operations thereafter,
and commensurate ramp-up in sales. The rating also factors in an
expected average financial risk profile driven by debt-funded
capital expenditure (capex). These weaknesses are partially
offset by the  extensive experience of the promoters in the meat-
processing industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks of implementation of the ongoing project,
stabilisation of operations thereafter, and commensurate ramp-up
in sales: The project is at a nascent stage of implementation and
the term loan has not been sanctioned as on date. Operations are
expected to start from September 2018.

* Expected average financial risk profile driven by debt-funded
capex: The capital structure is expected to be below average due
to the debt-funded project and a small networth. The gearing is
expected at around 3.0 times as on March 31, 2019.

Strength

* Extensive industry experience of promoters: The promoters have
an experience of more than three decades in the buffalo meat
processing industry. Their experience is expected to help the
company forge strong relationships with key customers and
suppliers.

Outlook: Stable

CRISIL believes ABZ will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the project is completed within the budgeted
cost and commercial operations begin as scheduled. Any
significant time and cost overrun in project implementation, or
delay in stabilising operations leading to weakening of the debt
servicing ability, may result in a revision in the outlook to
'Negative'.

ABZ was incorporated in 2008, promoted by Mr. Mohd. Saleem Gulam
Rasool Qureshi, Ms Shaheen Qureshi, and Ms Atika Mohd. Saleem
Qureshi. The company is setting up an integrated abattoir-cum-
meat processing plant with a capacity of 1000 head of cattle per
day in Kishanganj, Bihar. Operations are expected start from
September 2018.


ACCURATE INFRA: CRISIL Cuts Rating on INR8MM Term Loan to 'D'
-------------------------------------------------------------
CRISIL has been consistently following up with Accurate Infra
Industries Private Limited (AIIPL) for obtaining information
through letters and emails dated January 19, 2017 and February
09, 2017, among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

   Term Loan                8        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B/Stable')

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

Detailed Rationale

CRISIL has downgraded its rating on the bank facilities of AIIPL
to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL B/Stable/Issuer
Not Cooperating'. The downgrade reflects delays in servicing debt
obligation. The delays have been confirmed from publicly
available information.

Incorporated in 2012, AIIPL is promoted by Mr. Jagdish Poriya.
The company manufactures Autoclave Aerated Conctrete Blocks (AAC)
which are used in building construction.


APOTEX PHARMACHEM: CRISIL Cuts Rating on INR32MM Loan to 'C'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Apotex Pharmachem India Private Limited (APIPL) to 'CRISIL C'
from 'CRISIL BBB+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit in
   Foreign Currency         32       CRISIL C (Downgraded from
                                     'CRISIL BBB+/Stable')


The rating revision takes into account overdue for more than 30
days in the company's pre-shipment credit in foreign currency
(PCFC) facility from September 29, 2017. The overdue is on
account of delay in payment by its customer for which the pre-
shipment credit was availed. The aforesaid overdue is on a PCFC
facility not rated by CRISIL.

While the company had adequate funds in its dollar as well as
rupee accounts on the due date, it typically settles pre-shipment
credit out of the proceeds realised from the purchase order
against which it is availed. As on date, funds in the dollar
account are inadequate to service the overdue.


Key Rating Drivers & Detailed Description

Weaknesses

* Working capital-intensive operations: Inventory days have
historically been high at 250-300 days as APIPL files drug master
files (DMFs) at regular intervals, which require maintaining
inventory till that molecule passes validation and stability
tests are approved by USFDA. However, the contraction in scale of
operations due to import alert resulted in absolute amount of
inventory remaining largely unchanged, leading to inflation in
inventory days (377 days as on March 31, 2016). Inventory days
are expected to correct as product sales have resumed; however,
it will remain high over the medium term.

* Susceptibility to regulatory risks and intensifying competition
in regulated generics markets: The regulatory risks that APIPL
faces were manifested by the USFDA import alert issued on April
1, 2014, on its Bengaluru manufacturing facility on the failure
to meet current Good Manufacturing Practice (cGMP) requirements.
Consequently, operations got impacted in fiscals 2015 and 2016.
Furthermore, the Apotex group, predominantly a generic player in
the highly regulated US and Canadian market, is exposed to
considerable competition from innovator companies, price
erosions, and legal and regulatory changes. APIPL remains
vulnerable to any impact of regulatory actions or competitive
pressures on the group's operations in the regulated markets.

Strength

* Strong operational and financial linkages, and committed
offtake agreement, with the Apotex group: APIPL was established
with the intention of dedicated active pharmaceutical ingredients
(APIs) manufacturing for the group. APIPL has a committed take-
or-pay agreement with the parent, whereby the latter has reserved
90% of the company's production capacity for undertaking
manufacturing for the parent. Strong financial support from
parent is reflected in the form of ECBs extended to fund capital
expenditure (capex) over the years (ECB outstanding as on
December 31, 2016, was INR81.8 crore). Furthermore, terms of
repayment of the loans from its parent are flexible and
repayments were deferred during the import alert, reflecting
strong financial support.

APIPL was incorporated in 2003 and is promoted by Apotex
Pharmaceutical Holding Inc. (Apotex) (99.73%) and its subsidiary,
Apotex Pharmachem Inc., jointly known as the Apotex group. Apotex
is a leading generic formulations manufacturer based in Canada
and Apotex PharmaChem Inc manufactures active pharmaceutical
ingredients (APIs). Bengaluru-based APIPL is a captive supplier
of APIs to and undertakes API-related research and development
for the group. The API-manufacturing facility is approved by the
USFDA, Australian Therapeutic Goods Administration, Japanese
Pharmaceuticals and Medical Devices Agency, and the World Health
Organisation for good manufacturing practices.


B D TRANSPORT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated B D Transport
Company's (BDTC) 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:

-- INR13.2 mil. Fund-based working capital limit migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR36.36 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
    on-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

BDTC, 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.

BDTC started its commercial operations in 2012. The firm is
primarily involved in 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.


B SATYANARAYANA: CRISIL Assigns B+ Rating to INR5.5MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of B Satyanarayana Reddy (BSNR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      5.5       CRISIL B+/Stable (Assigned)

   Bank Guarantee          2.5       CRISIL A4 (Assigned)

   Cash Credit             2         CRISIL B+/Stable (Assigned)

The rating reflects BSNR's modest scale of operations in the
intensely competitive construction industry and high degree of
geographic concentration in its order-book. These rating
weaknesses are partially offset by the benefits derived from
promoters; extensive experience in in civil construction business
and its moderate financial profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations the intensely competitive
construction industry: The net sales for the last 3 years have
been in the range of INR16 crores to INR18 crores. Modest scale
of operations restricts the firm's ability to undertake large
projects and limits the total number of projects it can undertake
at one time. It also prevents the company from achieving
economies of scale and limits its bargaining power with supplier.

* High degree of geographic concentration in its order-book:
There is high degree of geographical concentration as the
business activity of firm is confined to Krishna District (A.P)
and Khammam District (Telangana).

Strengths

* Moderate financial risk profile: BSNR's financial risk profile
is marked by its modest net worth, moderate gearing, and debt
protection metrics. Net worth and gearing were at INR8 Cr and 1.7
times respectively as on March 31, 2017. The debt protection
metrics namely interest coverage and net cash accrual to total
debt ratio were at 2.95 times and 17 percent respectively in
2016-17.

* Promoters' extensive industry experience in construction
industry: The promoter Mr. B Satyanarayana Reddy, has more than
four decades' extensive experience as a civil works contractor in
Andhra Pradesh (AP). The promoters' experience has enabled the
company to establish a strong presence in the rural development
segment (Roads & Bridges) in AP and Telangana.  CRISIL believes
that BSNR will continue to benefit from its promoter's extensive
experience in the civil construction industry.

Outlook: Stable

CRISIL believes that BSNR will benefit from the long standing
experience of the promoters in the civil construction industry.
The outlook may be revised to 'Positive' in case of significant
increase in revenues and cash accruals resulting in an
improvement in business risk profile. Conversely, the outlook may
be revised to 'Negative' in case of decline in revenue or
operating margins or significantly larger than expected debt
funded capex adversely impacting the financial risk profile.

BSNR, established in 2003 as a proprietorship concern is engaged
in civil construction work (Roads and Bridges), majorly For
Department of Rural development. The business activity of firm is
confined to Krishna District (A.P) and Khammam District(
Telangana).

During fiscal 2017, the company provisionally reported a profit
after tax (PAT) of INR0.69 crores on operating income of INR16.57
Crores against PAT of INR0.75 Crores on operating income of
INR17.42 Crores in the previous fiscal.


BHARAT EXPORT: ICRA Moves 'D' Rating to Not Cooperating
-------------------------------------------------------
ICRA Limited (ICRA) has moved the long-term rating for the
INR13.00-crore bank facilities of Bharat Export Overseas (BEO) to
the 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D; ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Long-term Fund-
  based Limit            13.00       [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 May 2016, which
was based on detailed information. The lenders, investors and
other market participants are thus advised to exercise
appropriate caution while using this rating as it does not
adequately reflect the credit risk profile of the entity. Its
credit profile may have changed since the time it was last
reviewed by ICRA. 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 BEO, ICRA has been seeking information from the
entity so as to monitor its performance. Despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov.
1, 2016, ICRA's Rating Committee has taken a rating view based on
the best available information.

Key Rating Drivers

Credit Strengths

* Extensive experience of the promoters in the garment business

Credit Weaknesses

* Delays in servicing bank interest and over-utilisation in the
fund-based limits rendering the account in NPA stage.

* Highly fragmented industry, characterised by intense
competition from large number of organised and unorganised
players, which pressurises margins.

Incorporated in 1985, Bharat Export Overseas is a partnership
firm promoted by Mr. Gurprit Sawhney and Ms. Preeti Singh. The
firm is engaged in the manufacturing and export of garments for
women. BEO has three manufacturing facilities located at Gurgaon,
Haryana with a total annual manufacturing capacity of 6 lakh
pieces. The firm primarily exports to U.K and Germany.


CENTURY 21: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Century 21 Town
Planners Private Limited's (CTTPPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR1,950 mil. (increased from INR869.67 mil.) Term loan due
    on February 2032 affirmed with IND BB/Stable rating; and

-- INR1,130.33 mil. Proposed long- term loan withdrawn (issuer
    is no longer proceeding with the instrument as envisaged)
    with WD rating.

KEY RATING DRIVERS

The affirmation reflects CTTPPL's single revenue stream i.e.
rentals from its mall in Indore, along with moderate debt service
capabilities due to a marginal difference between annual rental
income and annual debt repayment commitments.

The affirmation also reflects CTTPPL's small scale of operations
and moderate credit profile. In FY17, revenue was INR256 million
(FY16: INR229 million), interest coverage was 2.6x (2.7x), net
financial leverage was 5.7x (4.7x) and EBITDA margin was 63.9%
(76.5%). Revenue growth in FY17 was driven by an increase in
rental income. Interest coverage deteriorated in FY16 owing to a
rise in interest cost.

The affirmation factors in the execution risk stemming from the
company's upcoming commercial complex project, C21 Business Park
Babylon Project, in Indore, as the project was stalled for a few
months.

The ratings, however, continue to be supported by CTTPPL
depositing the entire rent in an escrow bank account. Cash is
available to the company only after debt servicing. Moreover,
CTTPPL has over 10 years of operating experience in the real
estate and development business.

RATING SENSITIVITIES

Negative: A fall in the mall's occupancy level or a decline in
average rental rate per square feet resulting in a substantial
deterioration in the credit metrics will be negative for
ratings.

Positive: A substantial improvement in the credit profile, along
with the timely completion of upcoming commercial complex, will
be positive for the ratings.

COMPANY PROFILE

Incorporated in December 2006, CTTPPL owns and operates a
commercial complex in Indore, the C21 mall, which is fully leased
out and operational. Its main promoters are Mr Gurjeet Singh
Chhabra and Mrs Prabjot Kaur Chhabra.

The mall has a total construction area of 571,058sf and a gross
leasable area of about 256,812sf.


DEVENDRAN PLASTIC: CRISIL Hikes Rating on INR12MM Term Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Devendran Plastic Private Limited (DPPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable', while reaffirming the short-term rating
at 'CRISIL A4'.

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

   Letter of Credit          8       CRISIL A4 (Reaffirmed)

   Letter of Credit
    Bill Discounting         7       CRISIL A4 (Reaffirmed)

   Proposed Short Term
   Bank Loan Facility        0.6     CRISIL A4 (Reaffirmed)

   Term Loan                12       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects improvement in DPPL's business profile
marked by improved revenue and stable margin. The revenue grew by
around 75% to INR50 crores in fiscal 2017 following successful
implementation of capex in fiscal 2016 and on account of improved
demand from existing customers. Operating margin has remained
healthy over 8% in the previous two years ended March 2017,
thereby leading to better-than-expected cash accruals. DPPL is
expected to further improve its business profile supported by
additional capex in fiscal 2018 and healthy demand from
customers.

The ratings also reflect susceptibility of DPPL's profitability
to volatility in raw material prices and to intense competition
in the packaging industry. These weaknesses are partially offset
by the extensive entrepreneurial experience of promoters and
their funding support.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of profitability to volatility in raw material
prices and intense competition in packaging industry: The key raw
material price move in line with crude oil price and hence the
operating margins are susceptible to volatility in the same. Any
significant change in raw material price could adversely affect
DPPL's operating performance. High fragmentation has led to
intense pricing competition, which constrains the operating
margin of organised players.

Strength

* Extensive entrepreneurial experience of promoters and their
funding support: The promoters have diverse business interests in
automobile spare parts trading, commodities trading ' coal
trading and trading of wind power. The promoters have
continuously provided funding support in the form of unsecured
loans which helps the liquidity profile.

Outlook: Stable

CRISIL believes DPPL will continue to benefit over the medium
term from the significant funding support and extensive
entrepreneurial experience of its promoters. The outlook may be
revised to 'Positive' if the company sustains its revenue growth
while maintaining its operating profitability and working capital
management, leading to better business and financial profiles.
Conversely, the outlook may be revised to 'Negative' in case of
lower cash accruals or stretch in the working capital cycle or
sub-optimum capacity utilisation, weakens financial risk profile.

DPPL was originally incorporated in 2011 as Dev Aakash Plast
India Pvt Ltd and got its present name in 2013. It manufactures
printed polyethylene film rolls at its facility in Sivakasi,
Tamil Nadu.


DIGNITY INNOVATIONS: CRISIL Raises Rating on INR4MM Loan to 'B'
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Dignity Innovations (DI) to 'CRISIL B/Stable' from 'CRISIL B-
/Stable' and has reaffirmed its rating on the short-term
facilities at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill
   Purchase                 3        CRISIL A4 (Reaffirmed)

   Packing Credit           1        CRISIL A4 (Reaffirmed)

   Proposed Packing
   Credit                   2.5      CRISIL A4 (Reaffirmed)

   Working Capital          4        CRISIL B/Stable (Upgraded
   Term Loan                         from 'CRISIL B-/Stable')

The upgrade reflects improvement in DI's business risk profile,
driven by significant increase in revenue and operating margin,
leading to better-than-expected cash accrual in fiscal 2017. The
improvement has been due to improved orders and better capacity
utilisation. Revenue and operating margin is expected to be
around was INR42.7 crore and 12.5% in fiscal 2017, against
INR32.7 crore and 8.7%, respectively, in fiscal 2016. Cash
accrual is estimated at INR2.3 crore from INR1.2 crore during the
said period. Consequently, interest coverage is expected to
improve to 2.60 times for fiscal 2017 from 2.42 times in the
previous fiscal.

The ratings also reflect DI's modest scale of operations in the
intensely competitive readymade garments (RMG) industry, and its
below-average financial risk profile. These weaknesses are
partially offset by the extensive experience of the proprietor in
the RMG industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to intense competition:
Revenue of INR42.7 crore in fiscal 2017 indicates the firm's
small scale of operations. On account of low entry barriers, the
RMG segment is fragmented. Also, Indian RMG manufacturers face
intense competition from China, which is the largest player in
the global market, as well as from Indonesia, Cambodia, and
Vietnam. Hence, any vendor rationalisation by customers could
result in considerable decline in DI's revenue and profitability.

* Below-Average financial risk profile: Modest networth and high
gearing expected to be around INR4.4 crore and 4.11 times, as on
March 31, 2017, constrains the financial risk profile. Interest
coverage ratio is estimated to be moderate at 2.60 times for
fiscal 2017.

Strength

* Industry experience of the proprietor: DI benefits from the
experience of two decades of proprietor Mr. S Rajasekaran. He has
acquired customers in a relatively short span of time, despite
volatility in demand from import houses. The firm has established
tie-ups with suppliers and has been able to stretch payables.

Outlook: Stable

CRISIL believes DI will maintain its improved business risk
profile over the medium term supported by the extensive
experience of its partners. The outlook may be revised to
'Positive' if working capital management is efficient along with
increase in scale of operations leading to better accrual and
consequent strengthening in financial risk profile. The outlook
may be revised to 'Negative' if decline in revenue or operating
margin, or any large debt-funded capital expenditure, or stretch
in working capital cycle or capital withdrawals weakens financial
risk profile.

Established as a proprietorship firm in 1993, DI manufactures
RMG. The firm is based in Chennai and its daily operations are
managed by proprietor Mr. S Rajasekaran.


DIN DAYAL: CRISIL Reaffirms B+ Rating on INR75MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Din Dayal Purushottam Lal (DDPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             75       CRISIL B+/Stable (Reaffirmed)

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

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

Analytical Approach

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

Key Rating Drivers & Detailed Description

Weaknesses

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

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

Strengths

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

Outlook: Stable

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

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


GALLUS CV: Ind-Ra Assigns BB+(SO) Final Rating on Series A2 PTCs
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gallus CV IFMR
Capital 2017 (an ABS transaction) the following final ratings:

-- INR344.5 mil. Series A1 pass-through certificates (PTCs),
    issued on August 10, 2017, due on February 2022, assigned
    with IND A-(SO)/Stable rating; and

-- INR20.8 mil. Series A2 PTCs, issued on August 10, 2017, due
    on February 2022, assigned with IND BB+(SO)/Stable rating.

The new and used car (18.5%), commercial vehicle (28.7%), multi
utility vehicle (24.6%), and equipment loans (28.2%) assigned to
the trust at par have been originated by Ess Kay Fincorp Private
Limited (EKFPL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The final ratings are based on the origination, servicing,
collection and recovery expertise of EKFPL, the legal and
financial structure of the transaction, and the credit
enhancement (CE) provided in the transaction. The agency is of
the opinion that the issuer's origination and servicing
capabilities are of an acceptable standard. Origination of loans
is entirely an in-house mechanism and the company sources loans
directly. The company follows a relationship-based origination
model. The company follows a strong due diligence process to
assess the creditworthiness of the prospective customer. The
company has separate sales and collection team; so the person
sourcing the business is not responsible for collection process.
EKFPL repossesses vehicles only as a last resort. The borrower's
capacity and intention to pay is analysed before repossessing the
vehicle.

Transaction Structure: The final rating of Series A1 PTCs
addresses the timely payment of interest on monthly payment dates
and the ultimate payment of principal by the final maturity date
on 17 February 2022, in accordance with transaction
documentation. The final rating of Series A2 PTCs addresses the
timely payment of interest on monthly payment dates only after
the complete redemption of Series A1 PTCs and ultimate payment of
principal by the final maturity date on 17 February 2022, in
accordance with the transaction documentation.

Availability of Credit Support: The transaction benefits from an
internal CE on account of excess interest spread, subordination
and overcollateralisation. The levels of overcollateralisation
available to Series A1 and A2 PTCs are 17.0% and 12.0% of the
initial pool principal outstanding (POS), respectively. The total
excess cash flow or the internal CE available, including
overcollateralisation, to Series A1 and A2 PTCs is 35.74% and
29.27%, respectively, of the initial POS. The transaction also
benefits from an external CE of 3.5% of the initial POS in the
form of fixed deposits in the name of the originator, with a lien
marked in favor of the trustee.

Key Pool Characteristics: The collateral pool assigned to the
trust at par had an aggregate outstanding principal balance of
INR 415.0 million as of the pool cut-off date of 31 July 2017.
The pool consisting of 2,096 loans has a weighted average (WA)
seasoning of 6.5 months and WA amortisation of 19.0%, implying a
moderate repayment track record of underlying borrowers, Also,
the WA loan to value of the pool is 74.5% with an average loan
balance of INR198,015 and a WA internal rate of return of 21.8%.
No loans in the pool were delinquent as of the pool cut-off
date.

Key Assumptions: Ind-Ra has derived a base case gross default
rate in the range of 10%-11%. The agency has analysed the
characteristics of the pool and established its base-case
assumptions through the four key performance variables viz.
default rate, recovery rate, recovery timeline & prepayment rate,
which collectively affect the credit risk in a transaction. Ind-
Ra considers both long-term historical average of the key
performance variables of the old static pools and the performance
of the latest static pools.

Ind-Ra has derived the recovery rate and monthly prepayment rate
on the basis of the data shared by the originator and market
inputs. According to the agency's discussions with the
originator, most recoveries take the form of roll backs of 90+
dpd customers in the current bucket. Ind-Ra has assumed a base
case recovery rate of 70%-80%, with a base case recovery time of
10-12 months. The pool cash flow is further adjusted for
prepayments of underlying loans, assuming a base case monthly
prepayment rate of 0.9%.

Ind-Ra stressed the above variables for the rating level as per
'Rating Criteria for Indian Asset-Backed Securitisations'. Based
on the rating level, the agency also has made an adjustment for
the borrowers carrying the highest interest rate loans assuming
they will either prepay or default.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of both base case default rate and base recovery rate
were simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the rating of Series A1 and Series A2
PTCs will not be downgraded.

A new issue report for this transaction will be available shortly
on Ind-Ra's website, www.indiaratings.co.in.

COMPANY PROFILE

Incorporated in 1994, EKFPL is a Jaipur-based non-banking
financial company with an operating track record of over 22
years. EKFPL is promoted by Mr Rajendra Kumar Setia. It primarily
provides vehicle loans, including light commercial vehicle and
multi-utility vehicles, tractor loan, car, three-wheeler and SME
loans, in Rajasthan, Gujarat, Madhya Pradesh Punjab and
Maharashtra. Its corporate and registered office is located in
Jaipur, Rajasthan.

As of March 2017, EKFPL had INR8,245 million worth of assets
under management and its network base stood at 208 branches.
EKFPL's gross non-performing assets (NPAs) and net NPAs were at
4.22% and 3.41%, respectively, at 120dpd  NPA recognition norms.

Subsequent to April 2017, the company started recognising NPAs at
90+dpd.


GBA STEELS: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GBA Steels &
Metals Private Limited's (GBA) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR21 mil. (reduced from INR35.6 mil.) Term loan due on
    October 2018 affirmed with IND BB-/Stable rating;

-- INR40 mil. Fund-based working capital limit affirmed with IND
    BB-/Stable/IND A4+ rating;

-- INR3.9 mil. Proposed fund-based working capital limit*
    affirmed with Provisional IND BB-/Stable/Provisional IND A4+
    rating;

-- INR6.1 mil. Proposed fund-based working capital limit*
    assigned with Provisional IND BB-/Stable/Provisional IND A4+
    rating; and

-- INR0.5 mil. Non-fund-based working capital limit affirmed
    with IND A4+ rating.

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

KEY RATING DRIVERS

The affirmation reflects GBA's continued tight liquidity position
as evident from around 96% average utilisation of fund-based
limits during the 12 months ended September 2017. The elevated
working capital limit utilisation is attributable to the
increased working capital requirements arising out of a
substantial increase in the scale of operations coupled with an
increase in working capital cycle to 77 days in FY17 (FY16: 57
days).

The ratings remain constrained by GBA's improving although
continued small scale of operations and subdued credit metrics
compared with peers. While revenue increased to INR573.76 million
in FY17 (FY16: INR348.59 million) as the company ventured into
the manufacturing of thermo-mechanically treated (TMT) bars, the
corresponding profitability pressures resulted in a decline in
the operating cash flows (FY17: INR26.87 million, FY16: INR30.15
million). The EBITDA margin contracted to 4.68% in FY17 (FY16:
8.65%) due to a decline in income from commodity trading
activities coupled with lower than expected gross margins for the
unbranded TMT bars business. However, in March 2017, GBA entered
into an agreement with the Jindal Group to use their trade mark,
Jindal.

Due to a decline in internal accruals, GBA borrowed additional
debt to meet its working capital requirements. Consequently,
leverage (total debt/EBITDA) increased to 5.08x in FY17 (FY16:
3.57x) on the back of elevated utilisation levels of working
capital limits coupled with an infusion of interest-bearing
unsecured loans from the promoters. However, the impact was
marginally offset by comfortable gross interest coverage
(EBITDA/gross interest expense) of 2.03x in FY17 (FY16: 2.05x).

Ind-Ra expects GBA's revenue growth to sustain on the back of
significant forward integration by the company. The transition to
the branded TMT bar segment from the unbranded segment is
expected to provide buoyancy to GBA's profitability margins over
the near to medium term. Ind-Ra further believes the company's
ability to generate adequate cash flows to support deleveraging
efforts over the medium term shall be critical towards
maintaining its credit profile.

RATING SENSITIVITIES

Positive: A substantial improvement in the top-line and operating
profit leading to an improvement in the credit metrics could be
positive for the ratings.

Negative: Deterioration in the overall credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, GBA is engaged in manufacturing of mild
steel ingots and TMT bars and trading of pig iron and sponge
iron. The manufacturing facility for mild steel ingots is located
in Mathura, Uttar Pradesh and facility for TMT bars is in
Shikohabad, Uttar Pradesh.


GMR OSE: ICRA Reaffirms 'D' Rating on INR1077.97cr Term Loan
------------------------------------------------------------
ICRA Limited (ICRA) has reaffirmed the long-term rating of
[ICRA]D to the INR1,077.97-crore bank lines of GMR OSE Hungund
Hospet Highways
Pvt. Ltd.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Term Loans           1,077.97      [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in the continued delays in debt
servicing by the company owing to inadequate toll collections as
the traffic on the project stretch remains weak. The rating
continues to factor in the concentration of the project's
revenues on the iron-ore carrying trucks, which exposes the
company's earnings to the cyclicality in the steel industry.
While toll collections are currently subdued, high concentration
on mining activities could improve toll collections post the
mining ban is lifted. Its exposure to interest rate risk given
that the interest on the loans would be reset every year post the
commercial operation date (COD), and the inherent risks in build-
operate-transfer (BOT) projects such as political acceptability
of rate hikes linked to WPI, likelihood of toll leakages and
potential competition from alternate routes are other credit
weaknesses.

Key rating drivers

Credit strengths

* Operational status of the project: The project achieved full
completion in May 2014 and thereafter full toll collection
started in the project stretch. As the project has achieved
completion certification, project implementation risks have been
phased out and only operational risks pertaining to regular
operations and maintenance of the project remain.

* Strong sponsors: GOHPL is promoted by the GMR Group and the
Oriental Structural Engineers (OSE) Group. Both these Groups are
strong players in the infrastructure sector with long track
record in the highway segment.

Credit weaknesses

* Weak toll collections in the project: The toll collection in
the project have been lower than initially envisaged. In
addition, the growth in the last three years (till FY2017) has
been modest. This has resulted in inadequate cash flows for
meeting the operational expenses and debt servicing obligations

* Delays in debt servicing: Due to inadequate toll collection in
the project stretch, the company has not been able to timely
service its debt obligations.

* Risks associated with toll road projects: GOHPL, like a typical
toll-based road project, is exposed to revenue risks associated
with traffic growth, leakage of toll-paying traffic, diversion of
traffic to alternate routes, and user resistance to pay/accept
increase in toll rates.

GOHPL is a special purpose vehicle (SPV) promoted jointly by the
GMR Group (GMR Infrastructure Limited or GIL - 26%, GMR Highways
Limited - 10.01%) and the OSE Group (Oriental Structural
Engineers Private Limited or OSE - 26% and Oriental Tollways
Private Limited - 37.99%) for the four/six-laning of Hungund-
Hospet stretch on the Mangalore-Solapur section of National
Highway-13 in Karnataka. The project highway, of a total length
of 98.4 kilometres (kms), has been constructed under the design-
build-finance-operate-transfer (DBFOT) toll basis. The total cost
incurred on the project is ~INR1,650 crore.

The project was awarded by the National Highway Authority of
India (NHAI) to the consortium of GIL-OSE on the basis of lowest
positive grant of INR340.92 crore quoted by it, with a concession
period of 19 years, starting from September 2010. The total
project cost was INR1,650.92 crore, which was funded by
promoter's equity of INR230 crore, grant from NHAI of INR340.92
crore, and INR1,080 crore of senior debt. The concession
agreement (CA) provided by NHAI required GOHPL to initiate and
complete four/six-laning of the project road within 30 months
(construction period). GOHPL achieved partial commercial
operation of the project in November 2012 and started operations
on two toll plazas. However, due to delays in handing over the
required land parcels by NHAI to GOHPL the project implementation
was deferred. Post completion of land acquisition in January
2014, the project was completed in April 2014 and the company
commenced operations at the last toll plaza on May 14, 2014.

In March 2016, the GMR Group agreed to divest its entire 51%
shareholding in GOHPL to OSE. As of March 31, 2017, the OSE Group
held 64% while the GMR Group held ~36% shareholding in GOHPL.


IMMENSE INDUSTRIES: CRISIL Reaffirms 'D' Rating on INR35MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Immense Industries
Private Limited (IIPL) for obtaining information through letters
and emails dated July 10, 2017 and August 7, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         35       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Immense Industries Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Immense Industries Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D'.

Incorporated in 1988, IIPL trades in yarn and metal products
(scrap ingots). Daily operations of the Delhi-based company are
managed by Mr. Somnath Harjai.


ITALVA WOODS: CRISIL Reaffirms 'B' Rating on INR12.25MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Italva Woods Industries (Italva).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.5       CRISIL A4 (Reaffirmed)
   Cash Credit            3         CRISIL B/Stable (Reaffirmed)
   Term Loan             12.25      CRISIL B/Stable (Reaffirmed)

The rating reflects the company's nascent stage of operations,
exposure to risks related to timely ramp-up in revenue, and
inadequate liquidity. These weaknesses are partially offset by
the diversified business experience of the partners.

Analytical Approach

CRISIL has treated unsecured loans (estimated at INR2.0 crore, as
on March 31, 2017), extended by Italva's partners, as neither
debt nor equity, as they bear a nominal interest rate, and are
expected to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Start-up phase of operations, and exposure to risks related to
timely ramp-up: Italva, which started operations in May 2017,
will face risks related to ramp-up in sales during the initial
phase. Hence, the scale of operations may remain small in the
medium term.

* Inadequate liquidity: The firm will not be able to meet its
maturing term debt through cash accrual, and hence, depend on
partners' funding support.

Strength

* Diversified business experience of the partners: The two
decade-long experience of the partners, in various businesses,
and their keen grasp over local market dynamics, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes Italva will benefit from the extensive experience
and funding support of its partners, in the medium term. The
outlook may be revised to 'Positive' in case of timely project
completion and higher-than-expected accrual. The outlook may be
revised to 'Negative' if any time or cost overrun, or low
accrual, weakens the financial risk profile.

Italva was set up as a partnership concern on April 24 2016. The
firm has a manufacturing unit for plain and pre-laminated bagasse
boards (also known as particle boards) at Maliya, Morbi
(Gujarat).


KAPOOR COTSYN: CRISIL Reaffirms B+ Rating on INR5.25MM LT Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Kapoor Cotsyn
India (KCI) for obtaining information through letters and emails
dated July 10, 2017 and August 9, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bills - Foreign          7        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit               .75     CRISIL B+ (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Packing Credit            5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        5.25    CRISIL B+ (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kapoor Cotsyn India. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Kapoor Cotsyn India is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL B+/Stable/CRISIL A4'.

Set up in 1993 as a partnership firm, KCI manufactures ready-made
garments and mainly caters to the export market. The firm is
based in Ludhiana (Punjab), and is owned and managed by Mr. Dalip
Kapoor and family.


KARLO AUTOMOBILES: ICRA Moves 'B+' Rating to Not Cooperating
------------------------------------------------------------
ICRA Limited (ICRA) has moved the ratings for the INR13.00-crore
bank facilities of Karlo Automobiles Private Limited (KAPL) 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         3.75      [ICRA]B+ (Stable) ISSUER NOT
  Credit                            COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund-based-e-DFS        6.00      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund-based-Dropline     1.50      [ICRA]B+ (Stable) ISSUER NOT
  Overdraft                         COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Fund-based-Adhoc        1.50      [ICRA]B+ (Stable) ISSUER NOT
  Limit on e-DFS                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Unallocated             0.25      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

The rating is based on limited 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 KAPL, 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
Nov. 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key Rating Drivers

Credit Strength

Experience of the promoters: The promoters of the company have
long experience in the automobile dealership business.

Credit Challenge

Intense competition: The rating takes into account intense
competition amongst dealers of various automobile companies and
the commission structure decided by the principal, leading to
thin margins.

Incorporated in 1997, Karlo Automobiles Private Limited (KAPL) is
engaged in the automobile dealership business having one showroom
with 3S facilities (Sales-Services-Spares) in Bodhgaya and one
showroom in Patna in the state of Bihar. The company is an
authorized dealer of Maruti Suzuki India Limited (MSIL), and is
engaged in sales and service of vehicles along with sale of spare
parts and accessories. The company was promoted by Mr. Shivesh
Narayan and Mr. Sanjeev Kumar.


KARMIC ENERGY: CRISIL Reaffirms 'B' Rating on INR18.75MM Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Karmic Energy
Private Limited (KEPL) for obtaining information through letters
and emails dated July 10, 2017 and August 7, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              18.75      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                      Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Karmic Energy Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Karmic Energy Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

Incorporated in 2010, KEPL is setting up a 5-megawatt (MW)
biomass-based power generation plant at Chanadungri in Bilaspur
(Chhattisgarh). It is promoted by Ms Radha Prakash and her
husband Mr. Ved Prakash manages the operations.


LINNET SBL: Ind-Ra Assigns BB+ Rating to INR12.41M Series A3 PTCs
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Linnet SBL IFMR
Capital 2017 (an ABS transaction) the following ratings:

-- INR156.43 mil. Series A1 pass-through certificates (PTCs),
    issued on August 11, 2017, due on January 2022, assigned with
    IND A-(SO)/Stable rating;

-- INR49.66 mil. Series A2 PTCs, issued on August 11, 2017, due
    on January 2022, assigned with IND A-(SO)/Stable rating; and

-- INR12.41 mil. Series A3 PTCs, issued on August 11, 2017, due
    on January 2022, assigned with IND BB+(SO)/Stable rating.

The secured (61.3%) and unsecured (38.7%) small business loans
assigned to the trust have been originated by Visage Holdings and
Finance Private Limited (VHFPL).

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The final ratings are based on the origination, servicing,
collection and recovery capabilities of VHFPL, the legal and
financial structure of the transaction and credit enhancement
(CE). The agency is of the opinion that the issuer's origination
and servicing capabilities are of an acceptable standard.
Origination of loans is entirely an in-house mechanism and VHFPL
sources loans either directly or through existing tie-ups with
dealer networks and follows a relationship-based origination
model. The company follows a thorough due diligence process to
assess the creditworthiness of the prospective customer. VHFPL
has its own in-house collection team and has a separate team
which manages cases of deep default buckets, which helps to
manage the recovery rate.

Transaction Structure: The final ratings of Series A1 and Series
A2 PTCs address the timely payment of interest on monthly payment
dates and the ultimate payment of principal by the final maturity
date of 17 January 2022, in accordance with the transaction
documentation. The final rating of Series A3 PTCs addresses the
timely payment of interest on monthly payment dates only after
the complete redemption of Series A1 and Series A2 PTCs and the
ultimate payment of principal by the final maturity date of 17
January 2022, in accordance with the transaction documentation.

Availability of Credit Support: The transaction benefits from
available internal and external CE. The internal CE arises from
excess interest spread, subordination and overcollateralisation.
The levels of overcollateralisation available to Series A1,
Series A2 and Series A3 PTCs are 17%, 17% and 12% of the initial
pool principal outstanding, respectively. The total excess cash
flow available to Series A1, Series A2 and Series A3 PTCs is
40.68%, 40.68% and 34.2%, respectively, of the initial principal
outstanding.

The available external CE in the transaction is 4.50% of the
initial principal outstanding. The external CE is in the form of
fixed deposits with RBL Bank in the name of the originator with a
lien marked in favor of the trustee. The external CE will be used
in case of a shortfall in a) the complete redemption of all
Series of PTCs on the final maturity date, b) the monthly
interest payment to Series A1 and Series A2 investors, c) the
monthly interest payment of Series A3 investors after the
complete redemption of Series A1 and Series A2 investors, and d)
any shortfall in Series A3 maximum payout on the Series A3 final
maturity date.

Key Pool Characteristics: The collateral pool assigned to the
trust had an aggregate outstanding principal balance of INR 248.3
million as of the pool cut-off date of June 30, 2017.  The pool
consisting of 986 loans has a weighted average (WA) seasoning of
8.5 months and WA amortisation of 23.2%, implying a moderate
repayment track record of underlying borrowers. Also, the average
loan balance is INR251,820 and WA internal rate of return is
26.7%. There are no overdue loans in the pool as of 30 June 2017.

Key Assumptions: Ind-Ra has derived a base case default rate in
the range of 7%-8%. The agency has analysed the characteristics
of the pool and established its base-case assumptions through the
four key performance variables viz. default rate, recovery rate,
recovery timeline & prepayment rate, which collectively affect
the credit risk in a transaction. Ind-Ra considers both long-term
historical average of the key performance variables of the old
static pools and the performance of the latest static pools.


Ind-Ra stressed the above variables for the rating level as per
'Rating Criteria for Indian Asset-Backed Securitisations'. Based
on the rating level, the agency also has made an adjustment for
the borrowers carrying the highest interest rate loans assuming
they will either prepay or default.

RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate and
recovery rate, time to recovery, collection efficiency,
prepayment rate and pool yield were stressed to assess whether
the level of CE was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions of both base case default rate and base recovery rate
were simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the rating of PTCs will not be
downgraded.

A new issue report for this transaction will be available shortly
on Ind-Ra's website, www.indiaratings.co.in.

COMPANY PROFILE

VHFPL was incorporated in 1996. The company was registered as a
non-deposit taking non-banking financial company in 2000. VHFPL
was taken over by the current promoter (Ms. Hardika Shah) in
2011. Its registered trademark is Kinara.

The company is engaged in providing loans in the range to 100,000
to 2,000,000 to micro and small enterprises through an innovative
supply-chain financing model. VHFPL also develops business
sustainability for these enterprises by providing asset or
working capital loans without requiring any (land/property)
collateral.

The company's net loan portfolio stood at INR1.92 billion (FY16:
INR725 million) as of FY17. The company classifies any loan as
non-performing asset if it is overdue for over 180 days. As of
FY17, the gross non-performing asset (PAR> 180) of portfolio was
1.12% (FY16: 1.39%).


MAHATMA GANDHI: ICRA Moves 'C+' Rating to Not Cooperating
---------------------------------------------------------
ICRA Limited (ICRA) has moved the ratings for the INR35.00-crore
bank facilities of The Mahatma Gandhi Sahakara Sakkare Karkhane
to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]C+ ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit            35.00      [ICRA]C+ 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 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 The Mahatma Gandhi Sahakara Sakkare Karkhane, 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 Nov. 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

Key rating drivers

Credit strengths

* Longstanding experience of promoters in the industry: The
Mahatma Gandhi Sahakara Sakkare Karkhane was promoted by Dr.
Bheemanna Shivlingappa Khandre. Before MGSSK, he had co-founded
the Bidar Sahakare Sakkare Karkhane Ltd and served as its
Chairman factory for more than fourteen years (between 1969 and
1984). He has also served as a Member of Executive Committee of
National Co-operative Sugar Factories and All India Sugar Export
Corporation. MGSSK is operational since 2003.

* Forward integration with co-gen power plant: MGSSK operates a
3500 TCD sugar-mill integrated with an 8 MW co-gen power plant.
Captive consumption of the power helps in bringing down the
production cost of sugar and aids the profitability of MGSSK. In
addition, the excess power exported supplements the revenues and
margins of the society.

Credit weaknesses

* Exposure to agro-climatic risks associated with the sugar
business: The variations in monsoons can significantly impact the
cane availability and the sugar recovery rates and in turn the
profitability of operations.

* Weak financial profile marked by net losses and negative net
worth: The company incurred net losses in FY2013, FY2014 and
FY2015, resulting in inadequate coverage indicators. The net
worth remained negative due to accumulation of losses over the
years. This coupled with high debt levels have resulted in
adverse capital structure.

The Mahatma Gandhi Sahakara Sakkare Karkhane (N), a cooperative
society registered under the Karnataka Cooperative Societies Act,
1959, operates 3500 TCD (Tons of Cane per Day) sugar mill
integrated with an 8 MW cogen power plant, in Balki Taluk of
Bidar District in Karnataka. Registered in April 1991, the
society commenced its operations in November 2003 with 2500 TCD.
During 2011-12 and 2012-13, the entity expanded its processing
capacity to 3500 TCD and also installed the cogen plant. MGSSK
was promoted by Dr. Bheemanna Khandre, who has more than 35 years
of experience in the sugar industry and has also cofounded
several other cooperative societies. The Government of Karnataka
holds 81.0% stake in the entity as on March 31, 2016.


MIRACALUS PHARMA: ICRA Withdraws B+ Rating on INR5.50cr Loan
------------------------------------------------------------
ICRA Limited (ICRA) has withdrawn the long term rating of
[ICRA]B+ assigned to the INR5.50 crores bank facilities of
Miracalus Pharma Private Limited.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Cash Credit             5.50       [ICRA]B+ (Stable); Withdrawn

Rationale:

The ratings are withdrawn at the request of MPPL as there are no
dues outstanding against the bank facilities sanctioned.

Miracalus Pharma Private Limited was incorporated in May 2007
with the objective of trading, manufacturing and marketing of all
types of pharmaceutical drugs, medicines including injection,
tablets, capsules and syrups. The company is promoted by Mr.
Babulal Jain and Mr. Mohan B Jain who have extensive experience
in pharmaceutical products, especially oncology products. The
company is currently engaged in trading of oncology drugs
(formulations) and is engaged in sales in the domestic market as
well as exports to African, South East Asian, Latin American and
Middle Eastern countries where it also participates in tenders
issued by the government.

The company also has two group concerns, Naprod Life Sciences
Private Limited (NLSPL) and Mac-Chem Products (India) Private
Limited (MCPIPL). NLSPL is engaged in the manufacture of
parenteral drugs, capsules and tablets while MCPIPL is engaged in
the manufacture of Active Pharmaceutical Intermediates (API) for
oncological purposes.


MODEL RAG: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Model Rag Exports (MRE) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect MRE's modest scale of operations
in the highly fragmented and competitive tobacco industry. The
rating also factors in a weak financial risk profile because of a
modest net worth, high total outside liabilities to tangible net
worth ratio, and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the firm's promoters in the tobacco industry and healthy
relationship with key customers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly fragmented and
competitive tobacco industry: MRE's scale of operations are
small, as indicated by its estimated revenues of INR30.13 Cr
during 2016-17. Also, the firm operates in the highly competitive
and fragmented tobacco trading business. Hence, it is likely to
remain susceptible to intense competition from large established
players.

* Weak financial risk profile: MRE has weak financial risk
profile marked by a modest net worth, high total outside
liabilities to tangible net worth (TOLTNW) ratio and weak debt
protection metrics. The firm had an estimated modest net worth of
about INR3 Cr and high TOLTNW ratio estimated at around 4.2 times
as on March 31, 2017.The low profitability constrains the firm's
debt protection metrics; interest coverage ratio and net cash
accrual to total debt (NCATD) were around 1.62 times and 5
percent in 2016-17.

Strength

* Promoter's extensive experience in tobacco industry and the
firm's healthy relationships with key customers: The firm is
promoted by Mr. Shabbir Ahmad who has experience of close to
around two decades in the tobacco business. Over the years they
have developed strong relationships with major suppliers and
customers.

Outlook: Stable

CRISIL believes MRE will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of substantial
increase in scale of operations coupled with sustained
improvement in working capital management, resulting in better
liquidity on the back of sizeable equity infusion. The outlook
may be revised to 'Negative' in case of a steep decline in
revenues or profitability margins, or significant deterioration
in the firm's capital structure caused most likely by a further
stretch in the working capital cycle.

Set up in 2012 as a sole proprietorship concern by Mr. Shabbir
Ahmad, MRE trades in and processes unmanufactured tobacco. Its
processing facilities are in Guntur, Andhra Pradesh.

During fiscal 2017, the company provisionally reported a profit
after tax (PAT) of INR0.31 Crores on operating income of INR30.13
Crores against PAT of INR0.35 Crores on operating income of
INR35.14 Crores in the previous fiscal.


NIJANAND PIPES: ICRA Cuts Rating on INR5.0cr LT Loan to 'D'
-----------------------------------------------------------
ICRA Limited (ICRA) has downgraded the long-term rating for the
INR5.00- crore, fund-based bank facilities of Nijanand Pipes And
Fittings Private Limited to [ICRA]D from [ICRA]C earlier. ICRA
has also downgraded the short-term rating for the INR1.00-crore
non-fund based bank facilities of the company to [ICRA]D from
[ICRA]A4 earlier. Further, ICRA has also downgraded the ratings
of [ICVRA]C/A4 assigned to INR1.83 crore unallocated limits of
the company to [ICRA]D.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term: Fund-        5.00      [ICRA]D, Downgraded from
  based limits                      [ICRA]C

  Short term: Non-        1.00      [ICRA]D, Downgraded from
  fund based limits                 [ICRA]A4

  Unallocated             1.83      [ICRA]D, Downgraded from
                                    [ICRA]C/A4

Rationale

The revision in rating factors in the delays in debt obligations,
on account of constrained liquidity position emanating from
elongated receivables and piled up of inventory.

Key rating drivers

* Continuous delay in debt servicing along with overdrawals from
cash credit account: There have been continuous delay in
repayment of interest obligation of cash credit account in the
recent past owing to high working capital requirements emanating
from elongated receivables and piled up of inventory.

Nijanand Pipes and Fittings Pvt. Ltd. (NPAFPL) was incorporated
in April 2008. It manufactures polyvinylchloride (PVC) pipes and
fittings, Chlorinated polyvinyl chloride (CPVC), Rigid Polyvinyl
Chloride (RPVC) pipes, Soil, Waste & Rain (SWR) pipes and
garden/suction pipes, which are largely used in agriculture and
construction sectors. The manufacturing facility of the company
is located at Rajkot, Gujarat, and is currently equipped with a
cumulative capacity of 24,000 MTPA. NPFPL is promoted by Mr.
Ishvarlal S Nodhanvadra, Mr. Nirav Nodhanvadra, Mr. Saileshbhai G
Vadodaria and Mr. Hasmukhbhai Patel.


ORB ENERGY: ICRA Lowers Rating on US$2.25MM LT Loan to 'D'
----------------------------------------------------------
ICRA Limited (ICRA) has revised the long-term rating to [ICRA]D
from [ICRA]B  assigned to the INR6.50-crore and US$2.25 million
Non Convertible Debenture Programmes of Orb Energy Private
Limited.

  Facilities           Amount       Ratings
  ----------           ------       -------
  Long Term-Non
  Convertible
  Debenture            INR6.5cr     [ICRA]D; Revised from
                                    [ICRA]B (Stable)

  Long Term-Non
  Convertible
  Debenture           US$2.25MM     [ICRA]D; Revised from
                                    [ICRA]B
Rationale

The rating revision reflects the deferment in the servicing of
debt servicing obligations falling due for payment on November
03, 2017 owing to stretched liquidity position. ICRA notes that
this deferment of payments has been done with prior consent from
the debenture holder. The stretched liquidity position of the
company was on account of weak operational and financial
performance of the company over the last two years, coupled with
delay in proposed equity infusion from the parent company. The
company has largely remained dependant on its parent company for
infusion of funds for repayment of debt obligations, working
capital and capital expenditure in the past. The company's weak
financial profile, as reflected by successive years of net
losses, has been on account of the company's fixed costs having
remained high vis-a-vis its revenues. The losses have also
resulted in erosion of the net worth of the company. The
operations remain constrained by intense competition from other
established domestic players exerting pricing pressure and
limiting scope for margin expansion. ICRA also takes notes of
susceptibility of the margins to variations in the prices of raw
materials and traded goods.

Key rating drivers

Credit strengths

* Established Track Record: The Company has an established track
record in executing solar photo-voltaic and solar thermal
projects for various reputed customers across the industries.
Supported by strong experience and stable execution, the company
has witnessed repeat orders from many of its customers.

* In-house design and installation team: The company has an in-
house design and installation team which looks into various
technical aspects of installation and post-installation services
and undertakes projects of various complexities. The company has
experienced and qualified technical teams in various domains such
as manufacturing, system integration, R&D, sales and marketing,
finance etc.

* Healthy revenue booking and order book during FY2018: The
Company has registered revenue of INR30.00 crore till
September 30, 2017 and has an outstanding order book of INR14.50
crore as on October 31, 2017.

Credit weaknesses

* Weakening of financial profile: The Company's financial profile
stood subdued as reflected by successive years of net losses
owing to company's fixed costs having remained high vis-a-vis the
turnover. With delay in infusion of funds from the promoter, the
company has been forced to defer the servicing of its NCDs.

* Margins susceptible to volatility in price of raw materials,
traded goods and foreign exchange fluctuations: The Company's
margins are exposed to variations in the prices of raw materials
and traded goods. Also, the company is exposed to foreign
currency fluctuation risk as it imports around ~20% of the raw
materials (solar cells, glass tubes) from China and Taiwan in
absence of any hedging policy in place.

* High intensity of competition: The Company faces competition
from other established domestic players exerting pricing pressure
and limiting scope for margin expansion. However, the company's
established track record of project execution, quality products
and after sales service insulates it from the competition to an
extent.

Orb Energy Private Limited was incorporated in 2006, by Mr.
Damian Miller and Mr. N P Ramesh. The company is a 99.99 per cent
subsidiary of Orb Energy Pte Ltd, Singapore. The company is
primarily involved in manufacturing and installation of solar
photovoltaic systems (Off-grid/on-grid) and solar water heating
systems for residential, industrial and institutional use. In
addition to this, the company also designs, manufactures and
sells products in solar home lighting and street lighting
segments. The company has presence in Karnataka, Andhra Pradesh,
Kerala, Tamil Nadu and Maharashtra through 40 direct-run and
franchised branches. The company has rolled out an in-house
credit programme to fund its commercial/institutional customers
and franchises. The company has also set up a PV module
manufacturing unit in Bangalore with an installed capacity of 50
MW which started commercial production in April 2017.


OSHIYA INDUSTRIES: ICRA Moves 'D' Rating to Not Cooperating
-----------------------------------------------------------
ICRA Limited (ICRA) has moved the ratings for the INR32.00-crore
bank facilities of Oshiya Industries 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-Cash        10.00        [ICRA]D; ISSUER NOT
  Credit                              COOPERATING; Rating moved
                                      to the 'Issuer Not
                                      Cooperating' category

  Non-fund Based-        22.00        [ICRA]D; ISSUER NOT
  Letter of Credit                    COOPERATING; Rating moved
                                      to the 'Issuer Not
                                      Cooperating' category

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with OIPL, 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

Incorporated in June, 2007, OIPL is primarily involved in the
trading of various iron and steel products such as hot rolled
(HR) coils, mild steel (MS) sheets, steel plates/rods, cold
rolled (CR) coils, sheets, bars, galvanised pipes, beams and
ferrous metal scrap. The name of the company was changed to
Oshiya Industries Private Limited in March, 2012, from Kuber
Steel Traders Private Limited. It is a part of the Shree Oshiya
Group of industries which refers to a consortium of companies
promoted and managed by the Ranka family.


PALAKKAD MUNICIPALITY: ICRA Assigns IrB+ Long-Term Issuer Rating
----------------------------------------------------------------
ICRA Limited (ICRA) has assigned the long-term issuer rating of
IrB+ to the Palakkad Municipality. The outlook assigned to the
long-term rating is Stable.

Rationale

The assigned rating takes into consideration the importance of
the PKDM as the sole agency responsible for providing civic
services in Palakkad town and stable transfers from the State
Government of Kerala (GoK). The rating is also supported by the
satisfactory service standards especially in solid waste
management, surfaced road network and street lights. The rating,
however, is constrained by the PKDM's revenue deficit position in
the past years, and a limited revenue base of the AMPL at
present. The rating is also impacted by the risk associated with
the execution of large projects under the Atal Mission for
Rejuvenation and Urban Transformation (AMRUT), given the PKDM's
lack of track record in handling such projects in the past.
Nevertheless, ICRA believes that the PKDM will derive support
from the GoKe for funding the projects and for capacity-building
of the municipal staff. This is likely to mitigate the risks
related to execution of any large projects.

Key rating drivers and description

Credit strengths

* Importance of the municipality to the state government
* Stable transfers from the state government
* Satisfactory service standards

Credit weaknesses

* Weak information systems
* Revenue deficit position
* Moderate size and low growth
* Risk related to execution of large projects

Description of key rating drivers

The PKDM provides basic civic services in Palakkad town, which
also serves as headquarter for Palakkad district. As a sole
agency responsible for providing civic services in a district
centre, role of the PKDM is important for the state government.
The state government provides strong financial support to the
PKDM in the form of various grants, both revenue as well as
capital. A majority of such grants are based on the
recommendation of the State Finance Commission and therefore are
rule based and stable in nature. A rule based and stable transfer
of grants from the state government provides a comfort to the
liquidity position of the Municipality to an extent. A majority
of the households in the town have a compost unit in their
backyards, in which organic waste is treated and only
inorganic/recyclable waste is collected by the Municipality.
While around 70% of the roads are surfaced in the town, which
have an adequate coverage of street lights, coverage of drains is
low at present. Overall the Municipality has satisfactory
service. However, scope for improvement remains in drainage.
Also, maintaining the existing service standards, especially in
solid waste management, would remain a challenge for the PKDM
going forward.

The information system of the municipality remains weak with
instances of inconsistency in data and absence of accrual based
audited accounts. Successful implementation of key reforms
related to e-governance in property tax and grievance redressal,
and effective accrual based accounting system would be critical
for the PKDM. The Municipality generated a revenue deficit in
FY2016 and FY2015, though it was nominal in absolute terms.
Similarly, the budget estimates for FY2017 also estimated a
revenue deficit higher than that in FY2016. A deficit in revenue
account limits the Municipality in executing capital projects,
which are required to improve/maintain the service standards in
the town. The revenue receipt (RR) of the Municipality has
remained at moderate level in the past years. Moreover, in the
absence of any upwards revision in key taxes and charges, the
growth in RR has been negligible. Additionally, the collection
efficiency of property tax has remained low in the past years.
Considering the consistent increase in the cost of operations,
growth in revenues would be critical for the PKDM. The size of
capital projects executed by the Municipality in the past years
has been small, thereby limiting its ability to execute large
projects. The PKDM is exposed to the risk associated with the
timely execution of the proposed projects, which are quite large
in comparison to the current size of its operations.

Palakkad Municipality (PKDM), established in 1866, is a
Municipality governed under the Kerala Municipality Act 1994
(Act). The Municipality manages the civic services in Palakkad
town, which serves as headquarter for Palakkad district located
in Central Kerala. The town is the key commercial centre of the
Palakkad district. There are no major industrial areas in the
PKDM's administrative area. However, the town serves as a key
urban centre for the industries located along the Palakkad-
Coimbatore region. According to Census 2011, the town had a total
population of 130,955 and an area of 26.60 sq km.

The PKDM is the provider of the basic civic services and
amenities to the inhabitants of the town and the key services
extended by the Municipality are construction and maintenance of
roads and drains, solid waste management, street lights and
amenities such as shopping stalls, community hall, playgrounds,
parks/gardens etc.

In FY2016, as per the receipt and payment statement, the PKDM
generated a revenue deficit of INR9.60 crore2 on a total revenue
receipt of INR23.56 crore as compared to a revenue deficit of
INR4.57 crore on a total revenue receipt of INR28.01 crore in
FY2015.


PLASTIMBER IMPEX: ICRA Reaffirms B Rating on INR4.4cr Term Loan
---------------------------------------------------------------
ICRA Limited (ICRA) has reaffirmed the long-term rating at
[ICRA]B  assigned to the INR5.90 crore long term fund based
facilities of Plastimber Impex. The outlook on the long-term
rating is Stable.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-Cash
  Credit                  1.50       [ICRA]B (Stable); Reaffirmed

  Fund-based-Term
  Loan                    4.40       [ICRA]B (Stable); Reaffirmed

Rationale

The reaffirmation of rating remained constrained by the firm's
initial year of operations resulting in low operating income and
weak financial risk profile marked by cash loss, highly leveraged
capital structure and weak coverage indicators. The rating also
takes into account the vulnerability of PI's profitability to
volatility in raw material prices amid the intensely competitive
building material manufacturing industry. ICRA also notes that PI
is a partnership firm and any significant withdrawals from the
capital account could adversely impact its capital structure.
The rating, however, continues to positively consider past
experience of the promoters in the plastic products and allied
businesses.

Going forward, ICRA expects a modest growth in PI's operating
income with increase in capacity utilisation with stabilisation
of operations. Firm's ability to establish market for its
products in order to scale up its operations would remain key
rating sensitivity. Further, PI's ability to generate sufficient
cash flows from operations for timely servicing the debt
obligations and in turn improve coverage indicators will remain
key rating sensitivities.

Key rating drivers

Credit strengths

* Past experience of the promoters in the plastic products and
allied businesses: The promoters of the company have been
associated with group concerns namely Akshar Plastoforming and
Ekta Polyplast (now merged with Akshar Plastoforming), which
manufactures plastic products. PI benefits from the established
dealers' network of sister concerns.

Credit weaknesses

* Weak financial risk profile: Established in May 2015, PI
commenced the commercial production from April 2016; however, the
capacity utilisation remained low at 6% during first year of
operations in FY2017 due to initial teething issues in the
project. Consequently, PI reported low operating income (OI) of
INR1.60 crore in FY2017. The operating profitability remained
healthy at 19.66% during FY2017, though PI reported cash loss on
account of lower OI coupled with higher interest and depreciation
expenses related to initial capex. Consequently, coverage
indicators remained weak. Further, net worth eroded owing to net
loss, which coupled with high debt level results in high gearing
of 5.44 times as on March 31, 2017.

* Susceptibility of operating margins to volatility in raw
material prices: The key raw material for firm is PVC resins,
which is a crude oil derivative. Hence the price of the same
remains volatile in nature depending on crude oil price
movements. Furthermore, PI's bargaining power with its customers
remains limited because of nascent stage of operations and
presence in highly competitive building material manufacturing
industry.

* Risks inherent in partnership firm: Any substantial capital
withdrawal, given the partnership nature of the firm's
constitution, could impact the net-worth and gearing levels.

Established in May 2015, Plastimber Impex (PI) manufactures wood-
plastic composite (WPC) sheets and Polyvinyl chloride (PVC)
sheets. The manufacturing facility of the firm is located in
Rajkot district of Gujarat and has an installed capacity of
manufacturing ~43 Lakh square feet of WPC and PVC sheets per
annum. The firm is promoted by the Surani family and two other
partners, who are also engaged in manufacturing of plastic
products and allied businesses.


PRAMUKH EXIM: ICRA Lowers Rating on INR10cr Loan to 'D'
-------------------------------------------------------
ICRA Limited (ICRA) has revised the rating of bank facilities of
Pramukh Exim Private Limited (PEPL) to [ICRA]D from [ICRA]C-
[ICRA]A4. ICRA has also moved the ratings to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING"

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Cash         5.00       [ICRA]D ISSUER NOT
  Credit                             COOPERATING; Revised from
                                     [ICRA]C-

  Non-Fund based-        10.00       [ICRA]D ISSUER NOT
  Bill Discounting                   COOPERATING; Revised from
                                     [ICRA]A4

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. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

Rationale
The rating downgrade follows the delays in debt servicing by PEPL
to the lender(s), as confirmed by them to ICRA.

Incorporated in 2009, Pramukh Exim Private Limited (PEPL) exports
salt in various countries such as South Korea, Bangladesh, China,
USA etc. Pramukh International was established as a
proprietorship concern of Mr. Pushpendra Thakker in 2004. It was
subsequently converted a closely held private limited company in
the year 2009. Mr. Shambhu Humbal and Mr. Puspendra Thakkar are
the key promoters of the company and are engaged in the day to
day operation of the business.


RAJPAL COTTON: Ind-Ra Lowers Issuer Rating to BB-, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Rajpal Cotton
Industries' (RCI) Long-Term Issuer Rating to 'IND BB-' from 'IND
BB'. The Outlook is Stable. The instrument-wise rating action is
as follows.

-- INR84 mil. Fund-based limit downgraded with IND BB-/Stable
    rating;

KEY RATING DRIVERS

The downgrade reflects a decline in RCI's operating profitability
to 1.5% in FY17 (FY16: 1.9%) due to cotton price volatility and
high competition in the cotton trading business. Net financial
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 8.1x in FY17 (FY16: 4.2x) on account of an increase in debt
and the decline in the EBITDA margin. However, interest coverage
(operating EBITDA/gross interest expense improved marginally to
1.4x in FY17 (FY16: 1.2x) due to a decline in interest expense.

The ratings continue to factor in RCI's modest scale of
operations with revenue of INR553 million in FY17 (FY16: INR543
million). The company has low revenue visibility as reflected by
weak order book of INR250 million. RCI booked revenue of INR68
million until September 2018.

The ratings also factor in the company's moderate liquidity
position with around 74% average utilisation of fund-based limits
during the 12 months ended October 2017.

However, the ratings continue to benefit from RCI's founders'
experience of around two decades in the cotton trading business
and their established customer base.

RATING SENSITIVITIES

Negative: A further deterioration in the credit metrics or scale
of operations could lead to a negative rating action.

Positive: Improvement in the scale of operations and credit
metrics could lead to a positive rating action.

COMPANY PROFILE

Established as a partnership firm in 1997, RCI is involved in the
cotton trading business. The firm is based in Barwani (Madhya
Pradesh) and promoted by Mr Deepak Singh Rajpal and his mother
Swarn Kaur Rajpal.


RIME RICH: CRISIL Reaffirms 'D' Rating on INR9.5MM LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Rime Rich Foods Pvt Ltd (RRFPL) at 'CRISIL D/CRISIL D'. The
ratings continue to reflect delays in servicing debt due to weak
liquidity, which is in turn is on account of weak operational
performance since operations are seasonal and working capital-
intensive.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         9.5        CRISIL D (Reaffirmed)
   Overdraft              4.5        CRISIL D (Reaffirmed)

The ratings also reflect RRFPL's modest scale with geographical
concentration in revenue. However, the company benefits from the
extensive experience of promoters in manufacturing ice creams.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale with geographical concentration in revenue: Scale
has remained modest as reflected in revenue of INR37 crore in
fiscal 2017. Apart from national ice cream brands, the industry
is dominated by numerous regional brands, which besides having a
strong foothold in their respective territories have good
presence in other regions. Furthermore, RFFPL's revenue has
limited geographic diversity, as the company derives most its
revenue from Kerala and Coimbatore. Also, expansion in the ice
cream segment is capital intensive because of requirement of
cold-storage facilities, given the perishable nature of the
product.

Strength

* Promoters' extensive experience: RRFPL has been in the ice
cream industry for over 15 years, with an established presence in
Kerala and to a limited extent in Puducherry, and Coimbatore in
Tamil Nadu. Despite being relatively new in an industry dominated
by well-established brands, RRFPL managed to penetrate into the
markets of Kerala and Coimbatore by leveraging the promoters'
extensive experience.

Incorporated in 2000 in Thrissur, Kerala, and promoted by Mr.
Starson Kandamkulathy and Mr. Fineson K J, RRFPL manufactures ice
creams under the Pappai brand.


SARASWATIPUR TEA: ICRA Moves 'B' Rating to Not Cooperating
----------------------------------------------------------
ICRA Limited (ICRA) has moved the long-term rating of the
INR9.55-crore fund-based cash-credit limit, INR0.79-crore term
loan, and INR0.06-crore unallocated limit of Saraswatipur Tea &
Industries Limited (STIL) to 'Issuer Not Cooperating' category.
The rating is now denoted as "[ICRA]B (Stable) ISSUER NOT
COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-limit
  cash- credit
  facility                9.55       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Fund-based-limit
  term-loan               0.79       [ICRA]B (Stable) ISSUER NOT
                                     COOPERATING Rating moved to
                                     the 'Issuer Not Cooperating'
                                     category

  Unallocated             0.06       [ICRA]B (Stable) 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 STIL, 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
Nov. 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Significant experience of the management in the bulk tea
industry: STIL was incorporated in 1917, and is engaged in
production of tea. Thus the management of the company have
significant experience in the bulk tea industry.

Credit weaknesses

* Dependence on purchased leaves for its bought leaf operations
increases the risk related to the availability and quality of
green leaves: Around 40% of the company's tea leaves requirement
is met through bought leaf operations, thus increasing the risk
related to the availability and quality of leaves.

* Tea production depends on agro-climatic conditions;
concentration of a single garden in the Jalpaiguri district
increases the company's exposure to such risks: The profitability
and cash flow of bulk tea producers like STIL may remain volatile
as tea is an agricultural commodity, which depends on agro-
climatic conditions, as well as the inherent cyclicality of the
fixed cost-intensive industry. The concentration of a single
garden in the Jalpaiguri district of West Bengal increases the
company's exposure to such risks.

Saraswatipur Tea & Industries Ltd. (STIL) was incorporated in
1917 and has a tea garden in the Jalpaiguri district of West
Bengal, with an area of around 1187 acres under tea. The company
primarily produces the CTC variety of tea, which it sells in the
domestic market through a mix of auction and private sales,
depending upon market conditions. It also produces green tea,
though the proportion remains small at present. Apart from
producing tea from its own garden, the company also has bought
leaf operations with almost 40% of the total tea produced being
from bought leaves.


SAYONA COLORS: CRISIL Reaffirms 'D' Rating on INR45MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Sayona Colors
Private Limited (Sayona) for obtaining information through
letters and emails dated July 13, 2017 and August 17, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             45        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        40        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sayona Colors Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Sayona Colors Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL D'.

Established in 2004 in Ahmedabad as a proprietorship concern
(Sencient India) by Mr. Paresh Patel (key promoter and managing
director) and reconstituted as a private limited company
(Sencient India Export Pvt Ltd) in 2007, Sayona manufactures
synthetic food colours. Name was changed to the current one in
2009.


SHARMA RICE: CRISIL Assigns B+ Rating to INR7MM Whse Financing
--------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Sharma Rice Mills (SRM) and has assigned its
'CRISIL B+/Stable' rating to the facilities. The rating had been
suspended by CRISIL on September 23, 2016, as SRM had not
provided information necessary for a rating view. The firm has
now shared the requisite information, enabling CRISIL to assign
the rating.

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


   Term Loan                2        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

   Warehouse Financing      7        CRISIL B+/Stable (Assigned;
                                     Suspension Revoked)

The rating reflects SRM's modest scale of operations in the
fragmented rice industry, large working capital requirement, and
below average financial risk profile. These weaknesses are
partially offset by the experience of partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and intense competition: Small scale
of operations, with turnover of INR31.14 crore in fiscal 2017,
and modest capacity amid intense competition limit pricing power
with suppliers and customers, thereby constraining profitability.

* Large working capital requirement: Gross current assets were
193 days as on March 31, 2017, due to large inventory of 190
days. This is because paddy, the major raw material, is available
only during crop season: October to January-February.

* Below average financial risk profile: Networth has been modest
at INR3.51 crore as on March 31, 2017, with high total outside
liabilities to tangible networth ratio of 2.5 times. Interest
coverage and net cash accrual to total debt ratios were also weak
at 1.7 times and 0.07 time, respectively, in fiscal 2017.

Strength

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

Outlook: Stable

CRISIL believes SRM will continue to benefit over the medium term
from experience of the partners. The outlook may be revised to
'Positive' if substantial increase in revenue, cash accrual, or
capital infusion and prudent working capital management
strengthen financial risk profile and liquidity. Conversely, the
outlook may be revised to 'Negative' if lower-than-expected cash
accrual, larger-than-expected working capital requirement, or
sizeable, debt-funded capital expenditure weakens financial risk
profile and liquidity.

SRM, set up in 1996 as a partnership firm by Mr. Vishal Sharma
and Mr. Happy Sharma, mills and processes basmati rice. The
production facilities in Muktsar (Punjab), with milling and
sorting capacity of around 5 tonne per hour, are utilised at
around 70%.


SHREE GAURI: ICRA Moves 'B' Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Limited (ICRA) has moved the ratings for the INR14.80 crore
bank facilities of Shree Gauri Rice Mill Private Limited (SGRMPL)
to the 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA] B (Stable)/ A4 ISSUER NOT COOPERATING."

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Term Loan              2.57      [ICRA]B (stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

  Cash Credit           11.00      [ICRA]B (stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

  Unallocated Limits     1.23      [ICRA]B (Stable)/A4 ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

Rationale

The rating action is based on limited 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 SBRM, 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
Nov. 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Extensive experience of the promoters in the rice milling
business.

* Strategic location of the plant in Nadiad; giving it easy
access to paddy grown in central and southern Gujarat.

Credit weaknesses

* Weak financial risk profile characterized by low profitability,
stretched capital structure, weak coverage indicators and high
working capital intensity.

* Low operating margins on account of limited value addition and
highly competitive & fragmented industry structure due to low
entry barriers.

* Vulnerability of profitability to movements in paddy prices
which are subject to seasonality and variation in crop harvest as
well as regulatory risk

Incorporated in 2010, Shree Gauri Rice Mill Private Limited
(SGRMPL) is engaged in the milling of paddy and par-boiled rice.
The company operates from its plant located at Nadiad, Kheda in
the state of Gujarat, with an installed capacity of 8 MTPH
(Metric Tonne per Hour). The company is promoted by Mr. Dilip
Kela and Mr. Ashok Kela.


SHREE OSHIYA: ICRA Moves 'D' Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Limited (ICRA) has moved the ratings for the INR27.00-crore
bank facilities of Shree Oshiya Strips Impex 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-Cash         6.00        [ICRA]D; ISSUER NOT
  Credit                              COOPERATING; Rating moved
                                      to the 'Issuer Not
                                      Cooperating' category

  Non-fund Based         21.00        [ICRA]D; ISSUER NOT
  Letter of Credit                    COOPERATING; Rating moved
                                      to the 'Issuer Not
                                      Cooperating' category

Rationale

The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with OIPL, 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 Nov. 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

Incorporated in April, 2010, Shree Oshiya is primarily involved
in the trading of various iron and steel products such as hot
rolled (HR) coils, mild steel (MS) sheets, steel plates/rods,
cold rolled (CR) coils, sheets, bars, galvanised pipes, beams and
ferrous metal scrap. The company started its trading operations
in February, 2011. The company is a part of the Shree Oshiya
Group of industries which refers to a consortium of companies
promoted and managed by the Ranka family.


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

-- INR469.2 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)
    rating;

-- INR47.5 mil. Fund-based working capital limit (Long-term)
    migrated to non-cooperating category with IND D(ISSUER NOT
    COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 9, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE
Shreepati Jewels is promoted by Mr. Rajendra Chaturvedi and is
engaged in residential real estate projects, primarily located in
South Mumbai.


SILVERTONES SPECIALITY: ICRA Withdraws B+ Long-Term Loan Rating
---------------------------------------------------------------
ICRA Limited (ICRA) has withdrawn the long-term rating of
[ICRA]B+ [ISSUER NOT COOPERATING] with 'stable' outlook and
short-term rating of [ICRA]A4 [ISSUER NOT COOPERATING] on the
INR32.00-crore bank facilities of Silvertones Speciality Textile
Private Limited (SSTPL) at the request of the company.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long term-Fund
  based                  20.00      [ICRA]B+ (Stable); ISSUER
                                    NOT COOPERATING; withdrawn

  Long term/Short
  Term-Non Fund Based    12.00      [ICRA]B+(Stable)/A4 ISSUER
                                    NOT COOPERATING; withdrawn

Rationale

The ratings assigned to Silvertones Speciality Textile Private
Limited (SSTPL) have been withdrawn in accordance with ICRA's
policy on withdrawal and suspension.

Incorporated in 2005, SSTPL is engaged in manufacturing PVC
leather (rexine) and flock fabric. The company has two
manufacturing units - Mehatpur (Himachal Pradesh) and Dharuhera
(Haryana). As on March 31, 2016 the company had an installed
capacity of 20,000 Metric Tonnes Per Annum (MTPA) for
manufacturing PVC leather and flock fabric.


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


                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Term Loan               8.00      [ICRA]B+ (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Cash Credit             2.00      [ICRA]B+ (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  S/L EPC                (2.00)     [ICRA]B+ (Stable); ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

Rationale

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

Key rating drivers

Credit strengths

* Vast experience of the management in therapeutic food products:
The key management personnel of the company have an extensive
experience in therapeutic food products. The management has been
actively networking among the United Nations (UN) organisations
and NGOs working in African countries for providing relief to the
poor people and children suffering from malnutrition.

* Operational synergy from Group company with its existing
customers serving as SNLPL's target customers: The Group company
Phoenix Trading and Consulting Private Limited (Phoenix), which
was incorporated in 2013, is in the business of trading non-food
items for the underprivileged. The customers of Phoenix include
the United Nations Children's Fund (UNICEF), Danish Refugee
Council, etc. in countries like Denmark, Syria, Iraq, Philippines
and the UAE. The existing customers of the Group company are also
the target customers of SNLPL, thereby eliminating the risk of
market penetration to some extent.

Credit weaknesses

* Nascent stage of operations since the manufacturing facility is
under construction: The company's plant is still under
construction. The estimated date of commercial operations has
been delayed by over one-and-a-half year, thereby exposing SNLPL
to execution risks pertaining to delays in the commencement and
stabilisation of operations.

* Stringent quality checks of the manufacturing facility and
products by prospective international customers: The nature of
the product exposes SNLPL to stringent quality checks of the
manufacturing facility and products by the UN, UNICEF, and other
international bodies who would be its prospective customers which
might result in further delays in approval, thereby deferring the
project commencement.

* Being an export-oriented unit, the revenues and margins are
exposed to exchange rate risk: SNLPL will be manufacturing and
supplying therapeutic and supplementary food for malnourished
children across the world as well as in India. With a major chunk
of its revenues being generated from exports, the company's
revenues are exposed to currency fluctuations in the absence of
any formal hedging mechanism. Further, the ability to scale up
the export volume to generate adequate cash accruals given the
debt-funded capex for timely servicing of debt obligations will
remain critical.

Soma Nutrition Labs Pvt. Ltd. was incorporated in 2013 and will
be involved in the business of manufacturing and exporting
therapeutic and supplementary food for malnourished children
across the world as well as in India. Mr. Hemant Phatak, who is
the Managing Director of the company, has an experience of over
two decades in a similar line of business. SNLPL's registered
office is in Borivali, Mumbai with a factory at Jejuri near Pune
spread over an area of 6050 sq. metre. It has a Group company
Phoenix Trading and Consulting Pvt. Ltd., which is involved in
the trading of non-food items for the underprivileged.


SRI JAIBALAJI: CRISIL Lowers Rating on INR13.5MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Sri Jaibalaji Steel Rolling Mills Private Limited (SJSRML) to
'CRISIL B-/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             13.5      CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

   Proposed Fund-           4.5      CRISIL B-/Stable (Downgraded
   Based Bank Limits                 from 'CRISIL B+/Stable')

The business risk profile has worsened with company running into
losses from past 3 years ended Mar, 2017. Moreover, the revenues
of the company have also followed a declining trend over the past
3 years with revenues of INR132 crore in 2015 falling to INR104
crore in 2017 due to lower realisations and demand. With YTD
revenues of INR24 crores for the period of 3 months ended June,
2017, the business risk profile of the company is expected to
remain more or less similar as Fy2017. Also, the financial risk
profile is marked by gearing of 2.28 times as on Mar 31, 2017 and
negative accruals over the years has resulted in weak debt
protection indicators marked by negative interest coverage
coupled with net worth being declined from INR11.6 crores in 2015
to INR5.96 crore in 2017.

The ratings reflects weak business risk profile marked by
continuous losses and declining revenues over the past 3 years
ended March 31, 2017 coupled with weak financial risk profile.
The liquidity is marked with bank lines being highly utilized due
to negative accruals. These weaknesses are partially offset by
promoters experience in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak business risk profile: The business risk profile has
worsened with company running into losses from past 3 years ended
Mar, 2017. Moreover, the revenues of the company have also
followed a declining trend over the past 3 years with revenues of
INR132 crore in 2015 falling to INR104 crore in 2017. With YTD
revenues of INR24 crores for the period of 3 months ended June,
2017, the business risk profile of the company is expected to
remain more or less similar as Fy2017.

* Weak financial risk profile: Financial risk profile is marked
by negative interest coverage at 0.44 times for the year 2017.
Also, the gearing of the company has reached the levels of 2.28
times in 2017 as compared to previous year figures of 1.8 times.
The negative accruals over the years have resulted in net worth
declining from INR11.6 crores in 2015 to INR5.96 crore in 2017.

* Weak liquidity: Liquidity is marked by bank lines being over-
utilized to the extent of 101% for a period of 12 months ended
April, 2017. With negative cash accruals over the past couple of
years, liquidity has been supported by promoters USL infusion
which stood outstanding at INR8.22 crores as on Mar 31, 2017.
Also, with business growth expected to remain muted over the
medium term, liquidity is likely to remain dependent on USL.

Strength

* Business risk profile supported by experienced promoters: Mr.
Shashank Jain, Chairman of the Board, has more than 20 years of
experience in the iron and steel business. Other directors,
namely, Mr. Gaurav Swarup and Mr. Akash Kumar, also have more
than 10 years of experience in the manufacturing and trading of
steel products. The promoters experience is expected to
strengthen the business risk profile over the medium term.

Outlook: Stable

CRISIL believes that SJSRML will maintain a stable business risk
profile on the back of its experienced management in this
industry. The outlook may be revised to 'Positive' if the company
scales up its operations significantly, while improving its
profitability, resulting in an improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
its financial risk profile weakens on account of lower than
expected cash accruals and profitability or if a stretch in
working capital cycle results in high debt or if the company
undertakes any debt funded capex.

SJSRML is an Uttar Pradesh based company, established and
promoted in the year 2010 by Mr. Aakash Kumar, Shashank Jain and
Mr. Gaurav Swarup. The company is engaged into manufacturing of
TMT bars through its manufacturing facility at Muzzafarnagar with
an installed capacity of 60000 MTPA per annum, remaining utilized
at around 70%.

On a provisional basis, net loss was INR4.1 crore on net sales of
INR104 crore in fiscal 2017, against a net loss of INR0.14 crore
on net sales of INR113 crore in fiscal 2016.


SRI VAIBHAVA: CRISIL Reaffirms 'C' Rating on INR17.2MM LT Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Sri Vaibhava Lakshmi Enterprises Private Limited (SVLEPL) at
'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         17.2       CRISIL C (Reaffirmed)
   Open Cash Credit        2.8       CRISIL C (Reaffirmed)

The rating reflects a weak financial risk profile, because of
modest net worth, high gearing and weak debt protection metrics.
The rating is also reflects its exposure to inherent risks in the
poultry industry. However, the company benefits from the
extensive industry experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: SVLEPL's gearing was at 3.64 times
as on March 31, 2017 with a modest net worth of INR6 crore. Debt
protection metrics were weak with net cash accrual to total debt
(NCATD) of 5% in 2016-17. Furthermore, Net cash accrual will be
inadequate against the principal repayment of term debt
obligation over the medium term.

* Exposure to inherent risks in poultry industry: The poultry
industry is driven by regional demand and supply factors. Low
capital intensity and entry barriers facilitate entry of the
players in the unorganized sector resulting in intense
competition

Strength

* Extensive entrepreneurial experience of promoters: The promoter
family has been active in the poultry industry for the past 13
years. The promoters have established relationships with key
customers and suppliers.

Set up in 2013, SVLEPL is engaged in the poultry business. It has
farms in Nandigama Village, Krishna District (Andhra Pradesh).
Mr. Venkata Narayan and his family are the promoters

During fiscal 2017, the company provisionally reported a profit
after tax (PAT) of INR0.22 Crores on operating income of INR14.45
Crores against PAT of INR0.39 Crores on operating income of
INR12.10 Crores in the previous fiscal.


T. ASOKAN: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its rating on the bank loan facilities of
T. ASOKAN (Asokan) at 'CRISIL B/Stable/CRISIL A4', while removing
the rating from 'issuer not cooperating'.

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

   Cash Credit              5       CRISIL B/Stable (Removed from
                                    'Issuer Not Cooperating;
                                    Reaffirmed)

   Proposed Working         4       CRISIL B/Stable (Removed from
   Capital Facility                 'Issuer Not Cooperating;
                                    Reaffirmed)

CRISIL had, on August 8, 2017, downgraded the rating to 'CRISIL
B/Stable/CRISIL A4 (Issuer not cooperating)', from 'CRISIL
B+/Stable/CRISIL A4' as the client was not co-operating for the
rating exercise. The company has now shared requisite
information, enabling CRISIL to assign a revised rating to the
banking facility.

The rating reflects the small scale of operations amidst intense
competition, and geographical and customer concentration in
revenue. These weaknesses are partially offset by extensive
experience of the proprietor.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a competitive industry: Scale is
modest as reflected in revenue at INR2.39 crore in fiscal 2017,
as against INR6.71 crore in fiscal 2016. The decline was owing to
delays in receiving dues from customers. Construction of roads,
and water and irrigation systems is a highly competitive segment
owing to low entry barriers.

* Geographical and customer concentration in revenue: With the
entire revenue being derived from the Kerala Public Works
Department (PWD), the firm remains vulnerable to economic
downturns in the region.

Strength

* Extensive experience of the proprietor: The two decade-long
experience of the proprietor, Mr. T Asokan in executing civil
contracts for the Kerala PWD, will continue to support the
business risk profile.

Outlook: Stable

CRISIL believes Asokan will continue to benefit from the
extensive experience of proprietor in the constructions industry.
The outlook may be revised to 'Positive' if sustained growth in
scale of operations and profitability, resulting in improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' in case of a sharp decline in revenues or
profitability or stretch in its working capital cycle, or if any
larger-than-expected, debt-funded capital expenditure weakens the
financial risk profile.

Asokan is a Calicut (Kerala)-based civil contractor. The firm
primarily undertakes construction of roads and bridges for the
PWD of the government of Kerala.


TIGER STEEL: CRISIL Lowers Rating on INR22MM Loan to 'D'
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Tiger
Steel Engineering India Private Limited (TSEIPL) to 'CRISIL
D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         17.51      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit            16.00      CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Letter of Credit       22         CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Term Loan               6.49      CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The downgrade is on account of a delay in repayment of term loan.
The delay was due to stretched working capital cycle and weak
business performance.

Key Rating Drivers & Detailed Description

Weaknesses

* Dependence on construction industry which is linked to economic
cycles: TSEIPL generally executes projects generated from EPC
players in the infrastructure industry depending upon its
capability and resource availability. TSEIPL also provides a
variety of services to the construction industry. However, the
construction industry is moderately dependent on the economic
cycle.

* Working capital intensive operation funded with stretching
payable: The operations of TSEIPL are moderately working capital
intensive as is reflected by its gross current assets (GCAs) of
288 days as on March 31, 2017. This is largely on account of
moderate debtors of 85 days and high loans and advances including
customs duty and claims recoverable. As a result, the company
depends on bank lines to fund the working capital requirements as
is reflected by its bank limit utilization.

Strength

* Diversified customer base spanning across sub-sectors and
diversified geographical presence: TSEIPL serves to diversified
customer base spanning across various sub-sectors in construction
segment automobiles, infrastructure, oil & gas, petrochemical
Industries, pharmaceuticals, nuclear and thermal power,
chemicals, fertilizers and food processing industries etc. It
also caters to government agencies and infrastructure segment who
have their own schedule of investments in systems and are not
linked to the economic cycle. Further TSEIPL has diversified
geographical presence as reflected with order book.  TSEIPL has
its head office Mahape, Navi Mumbai and to penetrate in India
market regional office in New Delhi, Chennai and Bangalore.

Incorporated in 1995, TSEIPL is engaged in design, fabrication
and erection of Pre-engineered Buildings (PEB) for warehouses,
factory buildings, shopping malls, heavy to light steel pipe
racks, platforms for automobiles, infrastructure, oil & gas,
petrochemical Industries, pharmaceuticals, nuclear and thermal
power, chemicals, fertilizers and food processing industries. The
company is a wholly-owned subsidiary of Tiger Steel Industries
LLC, Dubai (UAE) (Tiger Group).

The company has manufacturing facility at Murbad, near Mumbai and
at Haridwar in Utrakhand with a combined capacity of 27000 MTPA
for Hot rolled products and 43000 MTPA for cold-form products.


VEENDEEP OILTEK: Ind-Ra Ups Issuer Rating to BB-, Outlook Stable
----------------------------------------------------------------
India Ratings has upgraded Veendeep Oiltek Exports Pvt Ltd's
(VOEPL) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based facilities upgraded with IND BB-/Stable
    rating; and

-- INR40 mil. Non-fund-based facilities upgraded with IND A4+
    rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in VOEPL's credit metrics to
comfortable levels. In FY17, net leverage (total adjusted net
debt/operating EBITDAR) was 0.1x (FY16: 0.6x) and interest
coverage (operating EBITDA/gross interest expense) was 10.5x
(8.2x). The improvement in credit metrics was due to a healthy
EBITDA margin (FY17: 38.8%; FY16: 14.7%) due to a low consumption
of raw material and the execution of high-margin projects in
FY17. Revenue declined to INR205 million in FY17 from INR542
million in FY16 due to a slowdown in the edible oil industry.

However, the scale of operations remains small. VOEPL booked
INR206.2 million in revenue for April-October 2017. As of
October 2017, it had an order book position of INR121.34 million,
which will be executed by FYE18, providing near-term revenue
visibility.

The ratings are supported by the company's comfortable liquidity.
VOEPL's average working capital limit utilisation was 24% for the
eight months ended September 2017. Its net working capital cycle
was elongated at 210 days in FY17 (FY16: eight days), primarily
due to an increase in inventory days (FY17: 234 days; FY16: one
day) and a fall in the collection period (40 days; 29 days).

The ratings are also supported by the promoter's operational
experience of over three decades in manufacturing oil extractor
machines.

RATING SENSITIVITIES

Negative: Inability to continue the fresh orders leading to
pressure on liquidity will lead to a negative rating action.

Positive: Continued improvement in the order book along with
liquidity will lead to a positive rating action.

COMPANY PROFILE

Formed in 1994, VOEPL is engaged in the manufacturing and export
of solvent extraction plants, refinery plants, hydrogenation
plants and fractionation plants for the edible oil industry.


VORTEX RUBBER: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Vortex Rubber Industries Private Limited
(VRIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Reaffirmed)

The rating reflects VRIPL's modest scale of operations in a
highly fragmented industry and modest interest coverage and net
worth. These rating weaknesses are partially offset by promoters'
extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented tyre trading
industry: The tyre trading industry is marked by intense
competition with presence of both organized and  unorganized
players and thus, VRIPL is exposed to competition from domestic
traders as well as importers, restricting the bargaining power
with its suppliers and customers. This has resulted in modest
scale of operations, reflected in operating income of around
INR53.7 crores for fiscal 2017 and the same is expected to remain
modest over the medium term.

* Modest interest coverage and net worth: Interest coverage of
1.3 times in fiscal 2017 and net worth of INR4.23 crores as on
March 31, 2017 constrains the financial risk profile of the
company and both are expected to remain modest over the medium
term.

Strengths

* Promoters' extensive experience: The promoters have extensive
experience of over 3 decades in the tyre trading industry, and
has established healthy relationships with suppliers and
customers for over a decade. This has helped VRIPL to grow with a
compound average growth rate (CAGR) of over 27% over the three
fiscals ended 2017. Benefits from extensive promoter experience
is expected to continue over the medium term.

Outlook: Stable

CRISIL believes that VRIPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of improvement
in liquidity resulted from improvement in working capital
management or in case of significant increase in scale of
operations and profitability leading to high cash accruals. The
outlook may be revised to 'Negative' if VRIPL's financial risk
profile, particularly its liquidity, weakens on account of
decline in revenue and profitability or increase in working
capital requirements.


VRIPL was incorporated in 2013 by Delhi-based Chadha family.
VRIPL trades in truck and bus tyres. Mr. Harminder Singh Chadha,
one of the company's directors, is actively engaged in managing
its day-to-day operations.


WHITE GOLD: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of White Gold Agro Industries (White Gold Agro).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1         CRISIL B/Stable (Assigned)
   Cash Credit             6         CRISIL B/Stable (Assigned)
   Proposed Cash
   Credit Limit            3         CRISIL B/Stable (Assigned)

The rating reflects exposure to project risk and intense
competition, working capital intensity in operations. These
weaknesses are partially offset by extensive experience of the
promoters in the cashew industry, and the funding tie-up for the
project.

Analytical Approach

For arriving at its rating, CRISIL has taken a standalone view on
White Gold, as there is only one asset in the books of the
company, and there are no financial linkages with any other
company. Unsecured loans from promoters have neither been treated
as debt nor equity since these are non-interest bearing.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest project risk due to nascent stage of operations:
Installation work has been completed at the proposed unit in
Ludhiana, and the facility should commence sales within one
month. Though the company will face initial sales risk, extensive
experience of the promoters, and funding tie-up will help
mitigate this risk.

* Margin susceptible to volatility in raw material prices: Raw
material, imported from Tanzania, accounts for 70-75% of total
cost of sales. Though the margin is expected to be moderate, it
will remain vulnerable to volatility in input cost.

Strengths

* Extensive experience of the promoters in the cashew industry:
The decade-long presence of the promoters in the cashew
manufacturing business, has enabled them to establish strong
relationships with suppliers and distributors, and set up a
robust marketing network, to ensure healthy offtake in the medium
term.

* Funding tie-ups for capital expenditure (capex): Promoters have
infused equity to fund capex, and have tied up debt of INR7 crore
for the balance funding. The bank loan has been sanctioned and
disbursed. No substantial time or cost overrun is anticipated, as
part of the work has already been completed, and the unit should
be operational in December 2017.

Outlook: Stable

CRISIL believes White Gold Agro will continue to benefit from the
extensive experience, and financial support of its promoters. The
outlook may be revised to 'Positive' if substantial growth in
sales and stable operating margin lead to healthy cash accrual,
and the financial risk profile remains moderate. The outlook may
be revised to 'Negative' if any project related risk, low
operating margin, or stretched working capital cycle,
significantly weakens financial risk profile.

White Gold Agro was set up in 2017, by promoters, Mr. Rishabh
Goel, Mr. Vinod Jain and Mr. Rajiv Kumar. The company is setting
up a unit in Ludhiana to manufacture cashew. Sales are expected
to begin from the December of fiscal 2017.



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


MEDCO ENERGI: Fitch Says Proposed Rights Issue Neutral to Ratings
-----------------------------------------------------------------
PT Medco Energi Internasional Tbk's (Medco; B/Stable) proposed
fully underwritten rights issue, if raised, is neutral to the
ratings, Fitch Ratings says.

On November 3, 2017, Medco announced a 1-for-3 rights issue,
which the company expects will raise up to IDR2,670 billion
(about USD200 million) by December 2017. The company indicated
its intention to raise USD150 million by 4Q17, although this was
not factored into Fitch's forecasts when the ratings were
assigned in July 2017. Medco plans to use the proceeds from the
rights issue for the repayment of debt.

The improvement in Medco's credit metrics from the proposed
capital-raising will not be enough to warrant positive rating
action. Fitch currently estimates that Medco's post-rights issue
FFO adjusted net leverage will improve to 6.0x by end-2017 and
4.5x by end-2018, from 15.5x at end-2016. This is better than
Fitch estimates of 6.6x and 4.8x respectively for FY17 and FY18,
when the ratings were assigned.

The current leverage estimates also take into account a downward
revision in October 2017 in Fitch's medium- and long-term oil and
gas price assumptions, which reflects lower global production
costs, considerable US shale growth potential and the relatively
quick supply response to changing market conditions. Fitch
maintain that a rating upgrade would only be considered if FFO
adjusted net leverage is below 4.0x on a sustained basis. On 3
October 2017 Medco completed the acquisition of an additional
stake in PT Medco Power Indonesia for which it paid USD129
million, which is already factored into Fitch forecasts.

The company continues to work on certain measures that may help
it to deleverage faster than Fitch expect. The measures include a
planned IPO of 41.1%-owned PT Amman Mineral Nusa Tenggara, a
company that effectively owns gold and copper mines in Indonesia;
the refinancing of its acquisition finance loan, which could
return the over USD250 million due to Medco by Amman Mineral Nusa
Tenggara; and disposal of non-core assets of more than USD600
million over the next 12 to 18 months.



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


TAKATA CORP: Proofs of Claim Due Nov. 27; PPIC Claims Due Dec. 27
-----------------------------------------------------------------
TK Holdings Inc. and its affiliated debtors encourage individuals
who own, or may have owned, vehicles equipped with certain airbag
inflators manufactured by the Debtors or their affiliates that
contain phase-stabilized ammonium nitrate ("PSAN Inflators") to
visit the website tkrestructuring.com/PPIC and carefully review
information about the Chapter 11 Cases and the process for filing
a proof of claim against the Debtors.  Information on this
website is available in 22 languages, and interested individuals
may register their e-mail addresses to receive notifications of
important developments in the Chapter 11 Cases.

The Bankruptcy Court has established the following deadlines for
filing proofs of claim against the Debtors:

(a) For claims against any of the Debtors other than (i) claims
    of Governmental Units and (ii) claims that relate to or arise
    from PSAN Inflators manufactured by the Debtors of their
    affiliates prior to the Petition Date ("PPIC Claims"), the
    deadline to file a proof of claim is November 27, 2017 at
    5:00 p.m. (Eastern Time);

(b) For PPIC Claims, the deadline to file a proof of claim is
    December 27, 2017 at 5:00 p.m. (Eastern Time); and

(c) For claims against any Debtor asserted by a governmental unit
    (as defined in Bankruptcy Code section 101(27)), the deadline
    to file a proof of claim is December 22, 2017 at 5:00 p.m.
    (Eastern Time) (the "Governmental Bar Date").

Individuals should contact their local dealership to determine if
they have a PSAN Inflator.  For more information about recalls of
PSAN Inflators (including information about obtaining a
replacement inflator), visit www.AirbagRecall.com,
https://www.nhtsa.gov/recall-spotlight/takata-air-bags,
http://www.tc.gc.ca/eng/motorvehiclesafety/safevehicles-
defectinvestigations-1433.html,
http://www.mlit.go.jp/en/jidosha/vehicle_recall_17.html,respond
to the recall notice (to the extent you received one), or contact
your local dealership.  The Chapter 11 Cases should not impact
the ability of drivers to get replacements for recalled PSAN
Inflators free of charge.

                         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.


TAKATA CORP: Toyota Tops Creditor List With JPY331.2BB Claim
------------------------------------------------------------
Takata Corp. owes Toyota Motor JPY331.2 billion ($2.91 billion),
the largest amount among all creditors, according to a document
The Nikkei obtained on Nov. 10.

Japan's big automakers feature prominently on a creditor list
Takata submitted to the Tokyo District Court, due to the burden
of recalling the supplier's faulty products. After Toyota, Honda
Motor and Mazda Motor rank second and third, with Nissan Motor in
fifth, the Nikkei discloses.

The Nikkei relates that the U.S. government, to which Takata has
agreed to pay a $1 billion settlement, is the No. 4 creditor with
a claim of JPY96.3 billion. Also in the top 20 are Sumitomo
Mitsui Banking Corp., the company's main lender, and a number of
other financial institutions. The list excludes bondholders, the
report notes.

So far, Takata has acknowledged claims worth a total of
JPY1.08 trillion, including bondholders, the Nikkei notes.

For the most part, Japanese automakers have already booked the
costs of dealing with air bags deemed unsafe by Japanese and U.S.
transport authorities, the report says. Even if they fail to
redeem their full claims, they are unlikely to face any
additional financial burden.

Since Takata filed for bankruptcy protection in June, creditors
have submitted over 1,000 claims -- including automakers,
bondholders and victims of the company's explosion-prone
inflators, the Nikkei states.

According to the Nikkei, Takata's consolidated debt could swell
even further, since the court filing does not include
international creditors, such as Japanese automakers' overseas
subsidiaries and foreign vehicle manufacturers. These parties,
too, may seek to recoup costs related to the recalls.

The Takata bankruptcy is shaping up to be the costliest corporate
failure in the history of postwar Japanese manufacturing --
exceeding the 500 billion yen worth of debt in the special
liquidation of Panasonic Plasma Display in 2016.

The Nikkei adds that Takata is expected to soon finalize a deal
with Key Safety Systems, under which the U.S. rival will extend
financial support. Takata plans to submit a turnaround plan to
the court by Nov. 27, the report says. If the plan wins creditor
approval, Takata will transfer most of its operations to KSS for
$1.58 billion, adds the Nikkei.

                         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 A C A U
=========


MELCO RESORTS: S&P Alters Outlook to Stable, Affirms 'BB' CCR
-------------------------------------------------------------
S&P Global Ratings said it revised its outlook on Melco Resorts
(Macau) Ltd. (Melco Resorts) to stable from negative. At the same
time, S&P affirmed its 'BB' long-term corporate credit rating on
the Macau-based casino operator.

S&P also affirmed its 'BB' long-term issue rating on the senior
unsecured notes that Melco Resorts Finance Ltd. (Melco Finance)
issued.

Melco Resorts is a Macau gaming sub-concessionaire holder and a
major operating subsidiary of its immediate parent Melco Resorts
& Entertainment Ltd.

(MLCO) and ultimate parent Melco International Development Ltd.
(Melco International). Melco Finance is a wholly owned financing
subsidiary of MLCO.

S&P said, "We revised the rating outlook on Melco Resorts to
stable from negative because we believe the strong operating cash
flow of MLCO will provide a sufficient financial buffer against
the group's potential high dividend payouts and capital
investments over the next 12 months. Following an upward revision
to the base case, we expect MLCO's debt-to-EBITDA ratio to stay
at 2.3x-2.8x in 2017 and 2018, comfortably below our downgrade
trigger of approaching 3.5x."

On Nov. 2, 2017, MLCO reported materially better operating
results than we expected for the first three quarters of 2017,
driven by a stronger rebound of the Macau gaming industry and
accelerated ramp-up of its relatively new casinos in Macau and
Manila.

S&P said, "When analyzing Melco Resorts, we assess the
creditworthiness of its immediate parent MLCO and ultimate parent
Melco International. In S&P's view, Melco Resorts is the core
cash-generating subsidiary for the group, holds the gaming
license for MLCO, and is fully integrated with the group. The
credit profile of its parents should reflect that of Melco
Resorts.

"We expect MLCO to generate strong operating cash flow over the
next 12-24 months, driven by the accelerated ramp-up of Studio
City and City of Dreams (CoD) Manila, and steady growth and good
profitability of CoD Macau. The strong rebound of the gaming
industry in Macau underpins our anticipation of improving
operating performance of casino operators in Macau, including
MLCO. Despite the Chinese government's tightening control on
capital outflows from China and several typhoons this summer,
gross gaming revenue in Macau jumped by 19.2% in the first 10
months of 2017, much higher than our previous forecast of 10%-15%
for the year."

MLCO's capital investment is likely to remain high over the next
12-24 months, but moderate from its historical peak levels. S&P
sais, "Nevertheless, the group's capital expenditure (capex)
appetite remains elevated, in our view. After the opening of
Morpheus (the fifth hotel tower) at CoD Macau in mid-2018, MLCO
may turn to the Studio City Phase II Project. Studio City has not
yet confirmed the timing or budget of the project. We believe the
investment will be materially lower than Phase I (an integrated
casino resort cost US$3.2 billion), given the land area of this
site that is about half the size of Phase I."

Also, the group has expressed strong interest in entering the
gaming market in Japan. S&P has not yet reflected any potential
capital spending related to MLCO's casino projects in Japan into
its base-case assumptions, given the low visibility on the timing
and likelihood of MLCO obtaining a gaming license there.

S&P said, "We expect MLCO to continue its aggressive shareholder-
returns policy over the next two years. Our base case assumes a
cash dividend payout of about US$830 million in 2017 and about
US$580 million in 2018. This is based on the company's payment of
a special dividend of US$650 million in the first quarter of
2017, and our assumption of a special dividend of about US$400
million in 2018."

The consolidated credit metrics of the Melco International group
are somewhat weaker than that of MLCO, but remain commensurate
with the current rating level. S&P estimates the consolidated
debt-to-EBITDA ratio of the Melco International group to be 3.0x-
3.5x in 2017-2018, compared with 2.3x-2.8x for MLCO. This is
mainly because Melco International borrowed an additional US$700
million to fund its purchase of MLCO shares from Crown Resorts
Ltd. in February 2017 and due to its planned capital investment
in a casino project in Cyprus over the next 12-24 months. Besides
these factors, Melco International does not have any other major
assets or debts beyond MLCO.

S&P said, "The stable outlook on Melco Resorts reflects our
expectation that MLCO's strong operating cash flow will provide a
sufficient financial buffer against the group's likely continued
aggressive dividend payouts and capital investments over the next
12 months.

"We expect MLCO's debt-to-EBITDA ratio to stay at 2.3x-2.8x
during the period. We also expect MLCO to maintain its market
position in Macau's gaming industry over the next 12 months,
despite likely more intense competition with the addition of new
gaming capacity.

"We could lower its ratings on Melco Resorts if the credit
profile of MLCO or of the ultimate parent Melco International
group weakens materially. MLCO's debt-to-EBITDA ratio approaching
3.5x may indicate such a deterioration. This could happen if
MLCO's market position deteriorates or the gaming industry turns
challenging in Macau, resulting in weakening cash flow
generation. This could also happen if MLCO or Melco International
adopts a more aggressive policy on capital investments or
shareholder returns than we expect."

Rating upside is limited without a robust financial policy
framework and prudent capital investment. S&P could raise its
ratings on Melco Resorts if MLCO substantially lowers its debt
leverage on a sustained basis, supported by more disciplined
capital investment and shareholder returns, while maintaining
good market position in the gaming industry in Macau.



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


CREDIT UNION: Fitch Publishes BB Long-Term IDR; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has published Credit Union South's (CUS) Long-Term
Issuer Default Rating (IDR) at 'BB' with a Stable Outlook and
Viability Rating at 'bb'.

KEY RATING DRIVERS
IDRS AND VIABILITY RATING
CUS's IDR and Viability Rating reflect its higher risk appetite
than most of its domestic peers, which is reflected in its focus
on consumer lending. This increases the susceptibility of its
loan performance to a weaker operating environment relative to
peers that have a greater exposure to residential mortgages.
CUS's risk controls are adequate for its size and consistent with
regional peers, but are not as developed as larger New Zealand
lenders.

CUS's earnings and profitability are likely to be variable over
an economic cycle, reflecting its risk profile. The credit union
maintains strong net-interest margins relative to peers,
reflecting its higher margin business mix, but its overall
profitability is modest due to a high cost base. This is in part
due its mutuality - where owners are customers - but also
reflects limited economies of scale. Targeted investment in
technology to increase digital distribution capabilities could
support profitability in the longer term.

CUS is likely to maintain sound capital and liquidity positions.
Access to fresh capital is limited to retained earnings due to
its mutual ownership, which, combined with a small absolute
capital base, means Fitch expects CUS to maintain capital ratios
that are above those of larger peers. CUS's risk-weighted capital
ratios appear to be adequate for its risk profile, although they
have deteriorated in recent years due to loan growth and low
levels of profitability, and further falls are possible.

Wholesale funding (through a bank warehouse facility) has been
used to fund loan growth, with deposit levels declining in the
financial year ended 30 June 2017 (FY17) - this has caused an
increase in the loan-to-deposit ratio. Fitch expects retail
deposits to remain the main funding source for CUS - a
substantial increase in the use of wholesale funding may place
some downward pressure on ratings. CUS does not have access to
the Reserve Bank of New Zealand's central bank repurchase
facility, and liquidity is managed through trust deed
requirements. CUS has adequate on-balance sheet liquidity, held
either as cash or deposits. The credit union may also be able to
access liquidity through the warehouse facility, although Fitch
places less emphasis on this relative to on-balance sheet sources
as the latter are more certain in periods of system stress.

SUPPORT RATING AND SUPPORT RATING FLOOR

CUS's Support Rating of '5' and Support Rating Floor of 'No
Floor' reflect Fitch view that, while support from the New
Zealand sovereign (AA/Stable) is possible, it cannot be relied
upon. Fitch believe the Open Bank Resolution Scheme (OBR), which
allows the imposition of losses on depositors and senior debt
holders to support a failing institution, reduces the sovereign's
propensity to support its financial institutions, despite not
applying to CUS.

RATING SENSITIVITIES
IDRS AND VIABILITY RATING
Positive rating action on the Issuer Default Ratings and
Viability Rating would require an improved company profile,
profitability, and risk appetite evidenced by CUS's performance
through the cycle. Conversely, negative rating action may be
taken if profitability remains low and capital ratios decline
substantially, if CUS's funding and liquidity profile were to
weaken significantly or risk appetite increases further.

SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Rating and Support Rating Floor are sensitive to
changes in assumptions around the propensity or ability of the
New Zealand authorities to provide timely support to CUS. The
existence of a bank resolution framework means Fitch is unlikely
to upgrade these ratings.

The rating actions are:

Credit Union South
Long-Term IDR published at 'BB'; Outlook Stable
Short-Term IDR published at 'B'
Viability Rating published at 'bb'
Support Rating published at '5'
Support Rating Floor published at 'No Floor'


HYDROWORKS: Creditors Face NZ$12.6MM Shortfall, Liquidators Say
---------------------------------------------------------------
BusinessDesk reports that unpaid creditors of Hydroworks Limited
face a NZ$12.6 million shortfall with the liquidators of the
failed hydroelectric turbine maker finding the firm had little in
the way of its own intellectual property.

Interim liquidators were appointed to the Christchurch-based
company in August by cornerstone shareholder Powerhouse Ventures
after the board walked out, the report says. Liquidators David
Webb and David Vance of Deloitte were later appointed in October
and since then have been assessing the value of the business as
they look to start selling assets, BusinessDesk notes.

"We were informed that all employees were told not to turn up to
work by company management after learning of our appointment as
interim liquidators the day before," the liquidators said in
their first report, BusinessDesk relays. "Without sufficient
working capital funding and facing staffing difficulties, we were
left with no option but to cease trading immediately and
terminated the employment of all staff."

While the liquidators went through the remaining assets to see
what value was left in the business, they found Hydroworks held
intellectual property belonging to its customers, which the
liquidators located, extracted and returned, according to
BusinessDesk.

"During this information review process, it also became apparent
to the liquidators that the company in its own right owned very
limited intellectual property available to be realised during the
liquidation," Messrs. Webb and Vance, as cited by BusinessDesk,
said.

BusinessDesk relates that the liquidators didn't disclose the
value of any property plant or equipment, but noted the majority
of assets were leased by the firm. With NZ$381,000 owed to
preferential creditors, NZ$5.1 million to secured creditors, and
another NZ$7.6 million to unsecured creditors, the liquidators
estimated a shortfall of NZ$12.6 million, BusinessDesk notes.

ASX-listed Powerhouse owned 24 percent of the hydroelectric
turbine designer and had been weighing up options to restore
administration control to Hydroworks before seeking a court order
to install interim liquidators, BusinessDesk says. The company's
shares last traded at 35 Australian cents, having more than
halved so far this year, adds BusinessDesk.


ROSS ASSET: Distribution Plan Could Divide Investors
----------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that liquidators of
New Zealand's largest ever ponzi scheme have laid out options to
return a portion of money to investors, but already there are
warnings of legal challenges.

Five years after Ross Asset Management (RAM) collapsed,
liquidators PwC will soon apply to the High Court to consider
three different models for how to distribute what has been
recovered, Stuff relates.

Run by David Ross from offices on the Terrace in Wellington,
hundreds of investors believed the company was generating
remarkable returns, collectively managing almost NZ$450 million
on their behalf, the report says. In fact, the operation was a
fraud, for which Ross was jailed for more than 10 years.

According to Stuff, PwC had recovered just over NZ$14 million by
June, including around NZ$9.5 million clawed back from investors
who managed to withdraw money before the collapse, under threat
of being taken to court. The liquidation has cost around
NZ$5 million.

While the distribution will, under any scenario, recover just a
tiny fraction of the money the investors entrusted with RAM, the
three options could lead to significantly different results,
Stuff notes.

Stuff relates that two of the models are similar; either a simple
pro-rata distribution of the net amount lost by the investor, or
a variation which gives slightly more to those who had their
money in RAM longer.

According to PwC the second option is the one which complies with
New Zealand legal precedent, and its lawyers will argue for the
court to choose that option, Stuff relays.

But after lobbying from some investors, a third option will be
put to the court. This model would consider any money withdrawn
by investors before the collapse of RAM as a distribution, says
Stuff.

Under that option, investors who had withdrawn some of their
money from RAM would not play a further part until other
investors had been paid as much as a proportion of their total
investment, adds Stuff.

This would mean some investors who withdrew a chunk of their
money before RAM collapsed, even though they did not know the
scheme was a fraud, may get nothing, Stuff reports.

Meanwhile those who withdrew nothing prior to the collapse would
get more than under PwC's preferred model, the report adds.

                         About Ross Asset

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 8, 2012, the High Court appointed PricewaterhouseCoopers
partners John Fisk and David Bridgman as Receivers and Managers
to Ross Asset Management Limited and nine other associated
entities following application by the Financial Markets
Authority.  The associated entities are:

     * Bevis Marks Corporation Limited;
     * Dagger Nominees Limited;
     * McIntosh Asset Management Limited;
     * Mercury Asset Management Limited;
     * Ross Investment Management Limited;
     * Ross Unit Trusts Management Limited;
     * United Asset Management Limited;
     * Chapman Ross Trust;
     * Woburn Ross Trust;
     * Ace Investments Limited or Ace Investment Trust Limited or
       Ace Investment Trust;
     * Vivian Investments Limited; and
     * Ross Units Trusts Limited.

The Receivers and Managers have also been appointed to Wellington
investment adviser David Robert Gilmore Ross personally.

Mr. Fisk said they have identified investments of nearly
NZ$450 million held on behalf of more than 900 investors across
1,720 individual accounts.

The High Court in mid-December ordered John Fisk and David
Bridgman be appointed liquidators of these companies:

   -- Ross Asset Management Limited (In Receivership);
   -- Bevis Marks Corporation Limited (In Receivership);
   -- McIntosh Asset Management Limited (In Receivership);
   -- Mercury Asset Management Limited (In Receivership);
   -- Dagger Nominees Limited (In Receivership);
   -- Ross Investment Management Limited (In Receivership);
   -- Ross Unit Trust Management Limited (In Receivership); and
   -- United Asset Management Limited (In Receivership).



                             *********

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

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

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


                            *********


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

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

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

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

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



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