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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

         Thursday, November 16, 2017, Vol. 20, No. 228


                            Headlines


A U S T R A L I A

COMBINED COMMUNICATIONS: First Creditors' Meeting Set for Nov. 22
COMMERCIAL PLUMBING: First Creditors' Meeting Set for Nov. 23
SCANMAN CONSTRUCTIONS: First Creditors' Meeting Set for Nov. 23
SUPPS R US: First Creditors' Meeting Set for November 24


C H I N A

GUANGZHOU R&F: Fitch Rates Proposed USD Senior Notes BB
SHANDONG SNTON: Fitch Assigns BB+ Long-Term IDR; Outlook Stable


H O N G  K O N G

ASIA TELEVISION: Scheme Sanction Hearing Scheduled for Dec. 12
CHINA SOUTH: Fitch Rates Proposed US Dollar Senior Notes B
NOBLE GROUP: Liquidity May Vary Greatly in Next 3 Mos, Fitch Says
NOBLE GROUP: In Talks to Address Capital Structure and Liquidity


I N D I A

ACTION RETAIL: ICRA Withdraws B+ Rating on INR7.40cr Loan
AMIYA COMMERCE: ICRA Moves D Rating to Not Cooperating Category
ANGEL FEEDS: CARE Moves B Rating to Not Cooperating Category
ARVIND SYNTEX: CARE Moves B+ Rating to Not Cooperating Category
BAJAJ ENERGY: Ind-Ra Downgrades Bank Facilities Rating to 'D'

BALAJI ELECTRICAL: CARE Moves B+ Rating to Not Cooperating
BOSTIN ENGINEERS: Ind-Ra Moves D Issuer Rating to Non-Cooperating
COSMOS JEWELLERS: ICRA Moves D Rating to Not Cooperating
FERRO ALLOYS: ICRA Lowers Rating on INR60.49cr Loan to 'D'
GAJANAN IRON: CARE Assigns B Rating to INR11.11cr LT Loan

JAIPRAKASH ASSOCIATES: SC Asks Directors to Appear on Nov. 22
JYOTI SPINNERS: CARE Moves B+ Rating to Not Cooperating Category
KAPCO ELECTRIC: CARE Moves B+ Rating to Not Cooperating Category
MEWAR UNIVERSITY: CARE Assigns B- Rating to INR16.72cr LT Loan
PANCHSHEEL SOLVENT: ICRA Moves D Rating to Not Cooperating

PRAKASH SHELLAC: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
RASHMI HOUSING: ICRA Moves D Rating to Not Cooperating Category
SHREE KRISHAN: CARE Moves B+ Rating to Not Cooperating Category
SHREE KRISHNA: CARE Assigns B+ Rating to INR10cr LT Loan
SHREE MANGAL: CARE Moves B+ Rating to Not Cooperating Category

SHRI SHANTI: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
SIDDHIVINAYAK TRAILERS: CARE Assigns B Rating to INR5cr LT Loan
TIGER STEEL: CARE Cuts Rating on INR7.57cr Loan to D
YASHWANT DUGDH: CARE Assigns B+ Rating to INR10cr LT Loan


J A P A N

TOSHIBA CORP: Sells TV business to China's Hisense


M A L A Y S I A

R&A TELECOM: Seeks Action to Declare Founder's EGM Notice Invalid


N E W  Z E A L A N D

PROPERTY VENTURES: Liquidator Drops Henderson From Lawsuit


T H A I L A N D

SME DEVELOPMENT: Moody's Withdraws b3 Baseline Credit Assessment


                            - - - - -


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


COMBINED COMMUNICATIONS: First Creditors' Meeting Set for Nov. 22
-----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Combined
Communications Group Pty Ltd will be held at the offices of
Oldhams Advisory, Level 20, 300 Queen St, in Brisbane,
Queensland, on Nov. 22, 2017, at 10:00 a.m.

Glen Oldham of Oldhams Advisory was appointed as administrator of
Combined Communications on Nov. 13, 2017.


COMMERCIAL PLUMBING: First Creditors' Meeting Set for Nov. 23
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Commercial
Plumbing Group Pty Ltd will be held at the offices of Farnsworth
Shepard, Level 5, 2 Barrack Street, in Sydney, New South Wales,
on Nov. 23, 2017, at 11:00 a.m.

Adam Shepard of Farnsworth Shepard was appointed as administrator
of Commercial Plumbing on Nov. 13, 2017.


SCANMAN CONSTRUCTIONS: First Creditors' Meeting Set for Nov. 23
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Scanman
Constructions Pty Ltd will be held at the offices of Australian
Institute of Company Directors, Level 26, 367 Collins Street, in
Melbourne, Victoria, on Nov. 23, 2017, at 12:30 p.m.

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Scanman Constructions on Nov. 13, 2017.


SUPPS R US: First Creditors' Meeting Set for November 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Supps R Us
Australia Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on Nov. 24, 2017, at 10:30 a.m.

Con Kokkinos -- con.kokkinos@worrells.net.au -- of Worrells
Solvency & Forensic Accountants was appointed as administrator of
Commercial Plumbing on Nov. 14, 2017.



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


GUANGZHOU R&F: Fitch Rates Proposed USD Senior Notes BB
-------------------------------------------------------
Fitch Ratings has assigned Guangzhou R&F Properties Co. Ltd.'s
(BB/Rating Watch Negative (RWN)) proposed US dollar senior notes
a 'BB(EXP)' expected rating and placed the notes on RWN.

The notes will be issued by Easy Tactic Limited, a subsidiary of
Guangzhou R&F, and are rated at the same level as Guangzhou R&F's
senior unsecured rating because they will constitute its direct
and senior unsecured obligations. The final rating is subject to
the receipt of final documentation conforming to information
already received.

Guangzhou R&F's leverage, as measured by net debt/adjusted
inventory, weakened to 69% at end-1H17, from 63% at end-2016,
following aggressive expansion. Fitch believes its land bank of
49 million square metres (sq m) is now sufficient for more than
six years of sales and, therefore, Guangzhou R&F is likely to
slow land acquisition in 2H17. However, the weakened credit
metrics have made it more probable that the RWN will be resolved
with, at best, a Negative Outlook on Guangzhou R&F's 'BB'
ratings, if affirmed.

Guangzhou R&F's ratings were put on RWN following its plan to
acquire Dalian Wanda Commercial Property Co. Ltd.'s (BBB/RWN)
hotel assets for CNY19 billion. Fitch believes the acquisition
will push up Guangzhou R&F's total debt level and keep its
leverage above Fitch's 60% threshold for negative rating action.
The company's churn rate, as measured by contracted sales/gross
debt, is likely to fall below 0.6x and may stay below this level,
which will breach Fitch's threshold and may result in a rating
downgrade if recurring EBITDA does not increase sufficiently to
provide an offset.

KEY RATING DRIVERS

Aggressive 1H17 Expansion: Guangzhou R&F 1H17 expansion was at
its fastest pace in the previous five years. Contracted sales
gross floor area (GFA) increased by 21% in 7M17, compared with a
CAGR of 12% between 2012 and 2016. Fitch expect GFA sales growth
of 28% for full-year 2017. Guangzhou R&F expanded its land bank
even more aggressively, adding 11.4 million sq m in 1H17, against
2.9 million sq m sold. This was due to a rapid expansion outside
tier 1 cities, with exposure increasing to 66% as at end-1H17,
from 51% at end-2016. A more diversified geographical mix is
sensible, as restrictive home-purchase policies affect each
city's housing market differently.

Acquisition Weakens Churn Rate: The hotel acquisition, if fully
funded by debt, is likely to increase Guangzhou R&F's gross debt
to above CNY145 billion based on pro forma 1H17 numbers and keep
its churn rate below 0.6x, even if it achieves its contracted
sales target of CNY80 billion in 2017. Guangzhou R&F's 2016 pre-
acquisition churn rate of 0.5x would have improved above 0.6x
following strong contracted sales growth, which was up by 30% in
1H17.

Higher Recurring EBITDA: Fitch expects Guangzhou R&F's post-
acquisition hotel revenue to climb to more than CNY7.0 billion in
2017, from CNY1.4 billion in 2016. Its hotel EBITDA is likely to
reach CNY1.5 billion and, together with rental EBITDA of CNY0.7
billion, see recurring EBITDA rise to CNY2.2 billion (2016:
around CNY1.0 billion). Fitch expect recurring EBITDA/gross
interest to improve above 0.3x post acquisition, from 0.2x in
2016.

An improvement in Guangzhou R&F's post-acquisition hotel-business
EBITDA margin is possible, as around 40% of the portfolio
consists of hotels with less than three years of operation.
Stronger hotel performance could offset credit-metric
deterioration if interest coverage can improve to above 0.5x,
which would be comparable with that of higher-rated peers, such
as Longfor Properties Co. Ltd. (BBB-/Stable) and Shimao Property
Holdings Limited (BBB-/Stable).

Post-Acquisition Credit Profile: The resolution of the RWN will
depend on whether the transaction is completed, and if so, how
Guangzhou R&F's business and financial profile evolves in the
following year or two. Possible outcomes are discussed in the
rating sensitivities below.

DERIVATION SUMMARY

Guangzhou R&F's business profile is comparable with 'BB+' and
'BBB-' rated peers, but its financial profile is comparable with
'BB-' and 'B+' rated peers. Its homebuilding scale, geographical
diversification and project profitability is comparable with
Shimao, but Shimao had a higher churn rate of 1.0x and lower
leverage of 32% at end-2016. Shimao's recurring EBITDA/interest
coverage was also lower because of its lower indebtedness, as
both companies generated similar rental and hotel revenue of
around CNY2.3 billion in 2016.

Guangzhou R&F has a superior EBITDA margin against that of highly
leverage peers, such as Greenland Holding Group Company Limited
(BB/Negative, standalone assessment BB-/Negative), Sunac China
Holdings Limited (BB-/Negative) and China Evergrande Group
(B+/Stable). Guangzhou R&F's leverage has also been stable
compared with the more volatile leverage of these peers, which is
close to 60% or higher, and has a stronger business profile
despite its smaller scale. This is because of the company's
larger land bank, which can last for more than six years,
compared with around four years for the peers. Guangzhou R&F also
has meaningful recurring EBITDA/gross interest coverage of 0.2x
(before the acquisition), whereas the peers have minimal
coverage.

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:
- Contracted sales growth sustained at 10% per annum
- Land bank life reduced to and sustained at 5.5 years, from
   a high of almost eight years at end-1H17
- Rental rates for its investment properties remaining unchanged
- Completing the acquisition of 77 hotels in 2017, with the
   hotels generating full-year contributions from 2018
- Dividend pay-out ratio of at least 20%, which is maintained
   year-on-year
- Investment property capex of CNY1.5 billion per annum

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- If the transaction takes place, the ratings may be affirmed
   with a Negative Outlook if contracted sales/total debt remains
   below 0.6x over the next 12 months, but Fitch expects the
   ratio to be sustained above 0.6x thereafter

- If the transaction takes place, the ratings may be affirmed
   with a Stable Outlook if contracted sales/total debt is
   sustained between 0.5x and 0.6x, but Fitch expects recurring
   income/gross interest expenses to be sustained above 0.5x from
   2018

- If the transaction does not take place and contracted
   sales/total debt is sustained above 0.6x, the ratings may be
   affirmed with a Stable Outlook

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- If the transaction takes place, the ratings may be downgraded
   if contracted sales/total debt remain below 0.6x for a
   sustained period and recurring income/gross interest expenses
   remain below 0.5x for a sustained period

- Net debt/adjusted inventory over 60% for a sustained period


SHANDONG SNTON: Fitch Assigns BB+ Long-Term IDR; Outlook Stable
---------------------------------------------------------------
Fitch Ratings has assigned China-based steel tire cords
manufacturer Shandong SNTON Group Co., Ltd. (Snton) a Long-Term
Foreign-Currency Issuer Default Rating (IDR) of 'BB+' with a
Stable Outlook and senior unsecured rating of 'BB+'.

Fitch has also assigned SNTON International Finance I (BVI)
Company Limited's (Snton Finance) proposed US dollar-denominated
senior notes a 'BB+(EXP)' rating. Snton Finance is wholly owned
by Snton. The notes are rated at the same level as Snton's senior
unsecured rating as they will be unconditionally and irrevocably
guaranteed by Snton.

The ratings reflect Snton's stable profitability, which is
underpinned by its leading market position in its core business
of steel tire cords and moderate business diversification across
its four major business segments. The Stable Outlook reflects
Fitch expectations that profitability in Snton's core businesses
will remain stable while its net leverage will remain moderate.

KEY RATING DRIVERS

Leading Steel Cord Manufacturer: Snton is among China's top-three
steel tire cord manufacturers, with significant economies of
scale, product leadership and solid business relationships. The
domestic steel tire cord industry is concentrated, with the top-
three players accounting for more than 60% of total domestic
market share and leading the tier-2 camp by a wide margin.
Snton's technological leadership, high customer stickiness and
high pricing power translate into a profitable and robust
business.

Snton has higher profitability than its domestic rivals due to
better product mix and higher operating efficiency. Its products
are aimed towards the mid- to high-end market, whereas its
competitors aim at the mid- to low-end. Thus, Snton's steel tire
cords carry a significantly higher average selling price and
gross profit than the industry average.

Moderate to High Entry Barriers: The steel tire cord industry has
moderate to high entry barriers as customers (tire manufacturers)
typically require five years of testing prior to awarding long-
term contracts. The industry's high capital intensity, moderate
to high R&D investment requirement and high working capital needs
also deter new entrants to the market. Snton's long-term
partnerships with leading domestic and global tire manufacturers
ensure high customer stickiness and stable profitability in its
core business.

2017 FCF to Turn Positive: Fitch expects Snton's free cash flow
(FCF) to turn positive in 2017, backed by strong EBITDA
generation and limited capex requirements, despite ongoing
working capital outflows. This should allow the company to cut
FFO adjusted net leverage to below 2x within the next two to
three years. Snton's working capital requirements increased
significantly when it expanded into optical base film in 2014 due
to inventory stockpiling and favourable credit terms for new
customers. Fitch expect working capital requirements to remain
elevated over the next two to three years. The company has
historically not paid dividends and Fitch expects this to
continue.

Significant External Guarantees: Snton had large external debt
guarantees totalling CNY4.1 billion as of 1H17 (2013: CNY4.8
billion), which accounted for around 30% of its total adjusted
debt and which Fitch has included in its debt and leverage
calculations. Most external guarantees are for the bank loans of
other private enterprises in Dongying city, where the company is
based. In return, these companies guarantee Snton's debt. A large
portion of the guarantees is for Shandong Wanda Group, a private
enterprise in Dongying. Snton expects to continue lowering its
external guarantees by around CNY200 million-300 million each
year.

Diversified Revenue Base: Snton has a diversified revenue base,
which includes steel tire cords (50% of 2016 revenue),
petrochemicals (16%), machinery manufacturing (13%) and optical
base films (12%). There is low correlation between Snton's four
major segments and its diversified business portfolio limits the
company's sensitivity to developments that affect any single
product. However, broad economic weakness will still take a toll
on all segments.

DERIVATION SUMMARY

Compared with China Lesso Group Holdings Limited (BB+/Stable),
both companies have similar EBITDA and margins and both are
domestic industry leaders in their field. However, Snton's core
business has higher entry barriers and technological leadership.
Lesso has lower net leverage, but has significant business
concentration and is geographically confined to southern China.
Snton's greater business diversification enables the company to
better combat industry cyclicality while maintaining more stable
overall profitability. Snton employs a nationwide sales network
and also sells to international customers. Fitch projects for
both Snton and Lesso to post positive FCF over the next two to
three years.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Low single digit revenue growth between 2017 and 2019
- EBITDA margin to remain at around 19% between 2017 and 2019
- Capex of CNY350 million-850 million per year between 2017-2020
- No dividend payouts

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Sustained decline in off balance sheet debt
- Sustained positive FCF
- FFO net leverage below 1.0x on a sustained basis

Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO net leverage above 2.5x for a sustained period
- FFO margin below 10% for a sustained period
- Significant deterioration in steel tire cord business's market
  position

LIQUIDITY

Comfortable Liquidity: Snton had about CNY3.9 billion in cash
against CNY4.7 billion in short-term debt at end-2016. The
company also maintains around CNY12 billion in credit facilities,
of which around CNY7 billion is unused at end-2016. Snton has
secure banking relationships with the big four domestic banks as
well as smaller banks, such as Ping An Bank Co., Ltd
(BB+/Stable), Shanghai Pudong Development Bank (BBB/Stable) and
Bank of Communications Co., Ltd. (A/Stable). Snton has reliable
access to the domestic bond market but has not accessed equity
markets.



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


ASIA TELEVISION: Scheme Sanction Hearing Scheduled for Dec. 12
--------------------------------------------------------------
Following the passing of the Scheme of Arrangement between the
Asia Television Limited and its Scheme Creditors at the meeting
of Scheme Creditors held on Sept. 12, 2017, the company has
applied to the Court by way of petition for sanction of the
Scheme of Arrangement.

The said petition will be heard at the High Court of the Hong
Kong Special Administrative Region, Court of First Instance,
No. 38 Queensway, Hong Kong on Dec. 12, 2017, at 10:00 a.m.

Any creditor of the Company may attend the hearing.

Asia Television Limited is one of the two free television
broadcasters in Hong Kong. It was established in 1957, the first
Chinese television station in the world.

As reported in Troubled Company Reporter-Asia Pacific on Feb. 26,
2016, South China Morning Post said the High Court on Feb. 24
appointed accounting firm Deloitte as a provisional liquidator to
facilitate the station's restructuring.


CHINA SOUTH: Fitch Rates Proposed US Dollar Senior Notes B
----------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) proposed US dollar senior notes a 'B(EXP)'
expected rating and a Recovery Rating of 'RR4'.

The notes are rated at the same level as CSC'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. CSC
intends to use the net proceeds from the proposed US dollar
senior notes primarily to refinance its existing debt in relation
to the construction and development of its projects and for
general corporate purposes.

CSC's ratings are supported by well-located property projects,
growing non-development income, close collaboration with local
governments, a long record in integrated trade centre development
and sufficient liquidity. The ratings are constrained by CSC's
rising leverage and weak industry outlook.

KEY RATING DRIVERS

Rising Non-Development Income: Income from CSC's non-development
business increased by 12% yoy in the financial year ended March
2017 (FY17) to HKD1.6 billion, driven mainly by growth in its
outlet, property management service, and logistics and
warehousing businesses. Fitch believes CSC's diversification will
enhance internal cash flow and smooth out sales volatility. Fitch
expect non-development income/interest coverage to exceed 1.0x in
the next year or two (FY17: 0.9x; FY16: 0.8x).

Higher Leverage: CSC's leverage, measured by net debt/adjusted
inventory, rose to 50.0% at end-March 2017 from 48.3% at end-
March 2016, which is in line with Fitch estimate. This is due to
persistently high construction expenditure to build up saleable
residential products and spending on investment properties. The
company had 14.3 million square metres (sq m) of property under
development and unsold completed properties, including investment
properties, as at end-March 2017, compared with 14.2 million sq m
a year earlier.

Fitch expects leverage to remain between 50% and 60% for the next
two to three years if CSC continues with Fitch estimated capex of
HKD8.5 billion-10 billion a year, taking into consideration the
construction expenditure to build up saleable residential
resources and faster land acquisition to replenish its
residential land bank in Tier 2 cities, as well as investment on
its non-development segment. Fitch believes the developer's
rising leverage is mitigated by its growing recurring income.
However, CSC's ratings will come under pressure if the non-
development segment fails to grow despite continued investment.

Residential Sales Support Performance: Contracted sales rose 30%
yoy to HKD8.6 billion in FY17, buoyed by strong sales in three
Tier 2 cities - Nanchang, Hefei and Nanning. Residential sales
accounted for around 80% of total contracted value. Average
selling prices decreased by 5.6% yoy over FY16 to HKD8,000 per sq
m due to product-mix changes. Fitch expects contracted sales to
reach HKD10 billion-11 billion in FY18 as residential markets in
the Tier 2 cities where the company operates remain strong.

Weak Demand for Trade Centres: Demand in the trade and logistics-
centre sector has been weak since late 2014 as small and medium-
sized enterprises have withheld investment amid weaker economic
growth, relocation demand has slowed, local governments have
delayed completing transportation networks and investor appetite
has declined. Fitch does not see any signs of recovery in demand
for trade centre space in the next 12-18 months.

Sustained EBITDA Margin: CSC's EBITDA margin remained
satisfactory at 33.8% in FY17 amid low weighted-average land
costs of CNY320 (HKD374) per sq m in FY17, a cut in selling and
general expenses (-13% yoy), and larger recurring EBITDA from the
non-development segment. A government subsidy also helped CSC
maintain a healthy margin (FY17: HKD841 million; FY16: HKD1
billion). Fitch expects CSC's EBITDA margin to remain above 30%
in the next year or two, providing a buffer to absorb average
selling price volatility.

DERIVATION SUMMARY

CSC's projects are located in Tier 1 and 2 cities in China, which
are better located than those of the other two Fitch-rated trade
centre developers - Hydoo International Holding Limited (B-
/Stable) and Wuzhou International Holdings Limited (CCC), whose
projects are mainly in Tier 3 and 4 cities. This translates into
larger scale and better EBITDA margins for CSC compared with its
peers in the same industry. CSC's leverage is higher than that of
Hydoo and Wuzhou as part of its cash is tied up in the
construction of investment properties. Fitch expects its
diversification into the non-development segment to generate
stable operational cash flow for the company.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CSC include:
- Contracted sales at HKD10 billion-11 billion a year in
   FY18-FY19.
- Non-development income to increase to HKD1.8 billion-2 billion
   in FY18.
- Capital expenditure at HKD8.5 billion-10 billion per year in
   FY18-FY19.
- Land replenishment ratio (land acquired/gross floor area
  presold) at 2x in FY18

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:
- EBITDA margin sustained below 20% (FY17: 33.8%; FY16: 32.5%);
- Net debt/adjusted inventory sustained above 50% (FY17: 50.0%;
   FY16: 48.3%) if non-development income/interest is below 1.0x
   (FY17: 0.9x; FY16: 0.8x) and
- Net debt/adjusted inventory sustained above 60% if non-
   development income/interest is above 1.0x.

No positive rating action is expected in the next 12-18 months
given persistent weak demand for trade and logistic centres.

LIQUIDITY

Adequate Liquidity: CSC had cash and cash equivalents, including
restricted cash, of around HKD10.5 billion and unutilised banking
facilities of HKD5.4 billion as at FYE17, covering short-term
debt of HKD8.4 billion. CSC's successful issuance in the onshore
bond market has also alleviated refinancing pressure and lowered
its average borrowing cost to 6.2% at FYE17, from 6.3% at FYE16
and 6.8% at FYE15.


NOBLE GROUP: Liquidity May Vary Greatly in Next 3 Mos, Fitch Says
-----------------------------------------------------------------
Noble Group Limited's (CCC) liquidity could vary greatly in the
next three months, as the company retires its outstanding
borrowing base facilities (BBFs) of USD636 million after
completing the disposal of North America Corp. (NAC), Fitch
Ratings says. Noble's liquidity and business profile after the
disposal, which is due to be completed by the end of the year,
will be the main drivers of any future rating actions.

Based on Noble's 3Q17 results released on November 9, 2017, its
liquidity short-fall increased significantly. The company had
USD262 million of unrestricted cash (calculated as USD339 million
of cash and cash equivalents less USD77 million of cash balances
with future brokers not immediately available for use) and USD800
million of undrawn credit facilities, compared with over USD2,314
million of short-term debt, of which USD636 million was drawn
down under the BBFs on a secured basis.

However, Fitch expects the company to retire all its BBFs after
the NAC disposal closes. If Fitch assume net cash proceeds after
repayment of secured debt from NAC to be around USD582 million as
estimated by the company in its 23 October 2017 announcement,
Fitch will see the liquidity short-fall improve significantly,
provided everything else remains the same. Unrestricted cash
would increase to USD844 million (calculated as unrestricted cash
balance of USD262 million at end-September 2017 plus USD582
million of net cash proceeds from NAC), with USD800 million of
unused credit facilities. At the same time, short-term debt would
decrease to USD1,678 million (calculated as short-term debt of
USD2,314 million at end-September 2017, less USD636 million of
BBFs retired).

However, there a number of uncertainties about how much impact
the NAC disposal will have on liquidity, including:
1) the final proceeds received is a function of, among other
things, NAC's working capital on the closing date, which can
change significantly from the initial assumptions,
2) Fitch expect Noble's cash flow from operations to remain weak
due to a lack of liquidity available to the company, and
3) the amount of working capital unwinding that the NAC disposal
will result in can have an impact on Noble's changes in working
capital.

Noble's Long-Term Issuer Default Rating (IDR) of 'CCC' indicates
that default is a real possibility and adequately captures
current risk. If Noble's liquidity after the NAC disposal
deteriorates to the point where it becomes uncertain if the
company can repay or refinance the USD400 million of medium term
notes due March 2018 and the USD1,143 million of senior unsecured
revolving credit facilities and term loan due May 2018, Fitch may
consider downgrading the rating to 'CC', which indicates default
of some kind appears probable.

Fitch will also estimate the recovery rating of Noble's senior
unsecured debt (including all outstanding US dollar bonds) after
the NAC disposal and pay down of the BBFs are completed. If Fitch
estimate that recovery is below 30%, the bond ratings will be
downgraded by a notch below the IDR. If recovery is estimated to
be below 10%, the bond ratings will be downgraded by two notches
below the IDR.


NOBLE GROUP: In Talks to Address Capital Structure and Liquidity
----------------------------------------------------------------
Noble Group Limited said on Nov. 15 that as a part of its
strategic review, it had commenced discussions with various
stakeholders regarding potential options to address the Company's
capital structure and liquidity position.

"These discussions are still at a preliminary stage, but the
principles being discussed are in line with the Company's ongoing
objectives of: (a) managing the maturity of its borrowings to
optimise the use of available cash for the foreseeable future;
and (b) treating all stakeholders fairly," Noble said in a
statement.

"During this process, the Company will continue to prioritise
near term liquidity, and will aim to continue to operate on a
normal basis.

"The Company will keep the market informed of material
developments as and when they occur."


                          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'.



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


ACTION RETAIL: ICRA Withdraws B+ Rating on INR7.40cr Loan
---------------------------------------------------------
ICRA withdraws the ratings of [ICRA] B+ on the INR7.40 crore bank
facilities of Action Retail Ventures Private Limited (ARVPL).

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Fund-based Limits       7.40        [ICRA]B+ ;withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.

ARVPL is a part of the Mr. Hari Kishen Aggarwal faction within
the larger Action group that has been in the footwear business
for more than three decades. The company was incorporated in
FY2006 to serve as a retailing arm and buys footwear from the
Delhi unit of Nikhil Footwear Private Limited and thereafter
sells it to distributors.


AMIYA COMMERCE: ICRA Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the long-term rating of the INR12.50-crore fund-
based cash-credit limit of Amiya Commerce & Construction Co.
Private Limited to 'Issuer Not Cooperating' category. ICRA has
also moved the short-term rating of the INR10.00 crore non-funds-
based limits and INR3.00 crore unallocated limits of the company
to 'Issuer Not Cooperating' category. The rating is now denoted
as "[ICRA]D /[ICRA]D ISSUER NOT COOPERATING."

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund-based-limit-      12.50       [ICRA]D ISSUER NOT
  cash-credit                        COOPERATING; Rating moved
  facility                           to the 'Issuer Not
                                     Cooperating' category

  Non-fund-based-        10.00       [ICRA]D ISSUER NOT
  limit                              COOPERATING; Rating moved
                                     to the 'Issuer Not
                                     Cooperating' category

Unallocated Limits      3.00        [ICRA]D 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 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 ACCPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Long track record of the company in the fabrication and
erection business: The promoters of the company have a
significant presence in the fabrication and erection business.

* Diversification of revenue: The company has executed orders for
civil construction work as well as for pre-engineered building
structures thereby leading to diversification of its revenues.

Credit weaknesses

* Unfavorable debt servicing track record of the company: The
debt servicing track record of the company has remained
unfavorable in the past.

* Weak financial profile of the company as reflected by decline
in the operating income of the company as well as increase in its
working capital intensity during FY2016: The operating income of
the company reduced from INR114 crore in FY2015 to INR46.45 crore
in FY2016. Moreover, the working capital intensity of the company
increased significantly from 41% in FY2015 to 99% in FY2016
reflecting the stretched liquidity position of the company.

* Fragmented and highly competitive nature of the industry,
coupled with tender-based contract award system, keep
profitability under check in such contracts: A major portion of
the company's work orders are procured through bidding in tenders
floated by the Government departments. Dependence of order flow
on the government's tender-based contract award system, exposes
the company to intense competition and consequently keeps margins
under check.

Incorporated in 1990, as a part of the Amiya group of companies,
ACCCPL designs, manufactures, and erects pre-engineered steel and
metal buildings, space frame structures, tubular rolled steel
structures etc., and have subsequently also forayed into the
civil construction business. ACCCPL has two steel structure
manufacturing units -- the Malancha Mahinagar unit, with a
capacity of manufacturing 7200 MT, and the Baruipur unit,
manufacturing 4800 MT annually. However, the Baruipur unit has
been inoperative for the last two years.


ANGEL FEEDS: CARE Moves B Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Angel Feeds to
monitor the rating(s) vide e-mail communications/ letters dated
September 20, 2017 and September 11, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Angel Feeds bank facilities will now be denoted as CARE B ISSUER
NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        6.51        CARE B; Issuer not
   Facilities                        cooperating

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

Detailed description of the key rating drivers

At the time of last rating in September 14, 2016 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Limited experience of the partners in poultry feeds manufacturing
and stabilization risk: The partners of AGF have over two decades
of experience in poultry farming and breeding. The setting of
poultry feeds project in AGF marks their foray in the poultry
feeds business. This is the first venture of the partners in the
poultry feed business, the stabilization of the project will
remain an area of concern.

Small Scale of Operations: The scale of operations of the firm
stood small. The small scale limits AGF's financial flexibility
in times of stress and deprives it of scale benefits.
Intense competition: The firm is operating in a competitive
industry wherein there is presence of a large number of players
in the unorganized and organized sectors. The firmis
comparatively a small players catering to the same market which
has limits the bargaining power of the company and restricts its
margins.

Elongated operating cycle: Operations of the firm are highly
working capital intensive. The operating cycle elongated on y-o-y
basis in the last 3 financial years due to increase in inventory
holding. Agro-based industry is characterized by its dependent on
the availability of raw materials, which further varies with
different harvesting periods and highly dependent on monsoon.
The firm's main raw material are maize, soya bean, etc. and in
order to smooth running of its production processes for the
entire year, the firm is required to maintain adequate inventory
of raw material.

Raw material price volatility risk: Maize, soyabean are the major
raw material for the firm which contributed approximately 85% of
the total cost of production. With the absence of any long-term
contract, the firm is exposed to the risk associated with
volatility in raw material prices. Furthermore, the firm has
limited ability to pass on the price increase to the customers
because of its small scale of operations. Also, maize is
relatively a small crop in India and being a rain-fed crop, any
failure in monsoon will affect its harvest. Furthermore, the
prices of soyabean are also sensitive to seasonality in soyabean
production; which is highly dependent on monsoon.

Inherent risk associated with the poultry feed industry coupled
with high competition from local players: Poultry feed industry
is driven by regional demand and supply because of transportation
constraints and perishable nature of the products. Low capital
intensity and low entry barriers facilitate easy entry of players
leading to a large unorganized sector. The inherent industry risk
will, however, continue to be a constraint for players in the
poultry feed industry. The spectrum of the poultry feed industry
in which the firm operates is highly competitive marked by the
presence of numerous players in India. Given the fact that the
entry barriers to the industry are low, the players in the
industry do not have pricing power and are exposed to competition
induced pressures on profitability.

Key Rating Strengths

Moderate profitability margins and capital structure: Angel feeds
scale of operations has improved for the FY16 on account of
decline in cost of production due to the stapes taken by the
copartners to reduce the wastage of raw material during
production process. The PAT margin improved and stood moderate
due to extraordinary income which was declared by the firm during
the search and seizure conducted by income tax authorities. The
capital structure of the firm stood moderate on account of lower
total debt as compared to its networth.

Positive demand outlook of the poultry industry: Poultry products
like eggs have large consumption across the country in the form
of bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country. The demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from economic cycle. As per Agricultural and Processed
Food Products Export Development Authority (APEDA) research
report, poultry is one of the fastest growing segments of the
agricultural sector in India today. While the production of
agricultural crops has been rising at a rate of 1.5% - 2% per
annum, the production of eggs and broilers has been rising at a
rate of 8%-10% per annum. The increase in demand of poultry
products will lead to increase the demand of poultry feed. The
potential in the poultry sector is increasing due to a
combination of factors - growth in per capita income, growing
urban population and falling real poultry prices. Considering the
same, the demand for poultry feed is expected to increase leading
to better profitability for AGF.

Angel Feeds (AGF), a partnership firm, established in October,
2011 by its partners Mr Rajvir Singh and Mr Jasvir Singh (brother
of Mr Rajvir Singh). The firm is engaged in the manufacturing of
poultry feed which includes layer feed and broiler feed. The
commercial operation started in August, 2013. The firm's
manufacturing unit is located at Panipat, Haryana and installed
capacity is 60,000 tons per annum of poultry feeds as on
March 31, 2016. AGF sells its product to various poultry farms
located in adjoining states viz Haryana, Punjab, and Uttar
Pradesh. The main raw materials for manufacturing poultry feed
are Maize and Soya cake. The firm procures its raw materials
through dealers located in Haryana, Rajasthan, Bihar and Punjab..
AGF have group associates i.e. Bharat Hatcheries, Vijay Breeding
Farm & Hatcheries and Jyoti Breeding Farm engaged into poultry
farming and breeding.


ARVIND SYNTEX: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Arvind Syntex
Private Limited (ASPL) to monitor the rating(s) vide e-mail
communications/ letters dated October 9, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Further, ASPL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. In line
with the extant SEBI guidelines CARE's rating on ASPL's bank
facilities and will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         10.00      CARE B+; ISSUER NOT
   Facilities                        COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating in September 1, 2016 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations

Despite being operational for nearly three decades, the scale of
operations has remained small marked by total operating income of
INR14.44 crore and gross cash accruals of INR0.50 crore during
FY16 (FY refers to the April 01 to March 31) along with low net
worth of ASPL stood at INR2.52 crore as on March 31, 2016 .The
small scale limits ASPL's financial flexibility in times of
stress and deprives it from scale benefits.

Low PAT margins, leveraged capital structure and weak coverage
indicators: Profitability margin marked by PBILDT margin stood
moderate at 8.53% in FY16. However, PAT margin stood weak and
stood at 0.15% in FY16 as against 0.61% in FY15 on account of
higher financial and depreciation cost.

The capital structure as marked by debt equity and overall
gearing stood leveraged for past three balance sheet date on
account of low net worth base. Debt equity and overall gearing
stood at 1.89x and 3.26x respectively as on March 31, 2016 as
against 1.31x and 1.42x respectively as on March 31, 2015 on
account of additional loans taken for machinery and increase in
unsecured loans an higher utilization of working capital limits.

Further, the debt service coverage indicators as marked by
interest coverage ratio and total debt to gross cash accruals
stood weak at 1.67x and 16.58x in FY16.

Fragmented and unorganized nature of textile industry: The
textile related products industry is characterized by numerous
small players and is concentrated in the northern part of India.
Low entry barriers and low investment requirement makes the
industry highly lucrative and thus competitive. Smaller companies
in general are more vulnerable to intense competition due to
their limited pricing flexibility, which constrains their
profitability as compared to larger companies who have better
efficiencies and pricing power considering their scale of
operations.

Key Rating Strengths

Experienced management & long track record of operations: Mr.
Hari Ram Sharma, promoter of ASPL has rich experience of almost
four decades in manufacturing of textile products. He has been
associated with ASPL since inception. Further, prior to ASPL; he
was associated with Orient Syntex Limited as the managing
director of the company. Mr. Arvind Sharma, other director of
ASPL three years of experience in textile industry. Prior to
this, he has around a decade of experience in the steel industry
though his association with Ajay Overseas Private Limited.

Moderate operating cycle: The company maintains sufficient stock
of different forms of raw materials i.e. cotton and synthetic
fabric and yarn for smooth production process. Entailing an
average inventories holding stood at 34 days for FY16. The
average collection period stood at 66 days in FY16 owing to
intense competition coupled with low bargaining power of the
company while it receives average payable period of around 19
days in FY16.

Alwar (Rajasthan) based ASPL was incorporated in 1986 by Mr. Hari
Ram Sharma and Mr. Subhash Sharma. Currently, the company is
being managed by Mr. Hari Ram Sharma and Mr. Arvind Sharma. ASPL
is engaged in manufacturing readymade garments. The raw material
required for the manufacturing of garments include cotton yarn,
polyester yarn, viscose yarn, etc., which the company procures
from manufacturers and wholesalers based in Delhi, Himachal
Pradesh, Punjab and Uttar Pradesh. The company sells its products
to wholesalers based in Punjab, Delhi and Uttar Pradesh. Ajay
Overseas Private Limited (established in 2003) is an associate
concern of ASPL engaged in manufacturing of steel ingots.


BAJAJ ENERGY: Ind-Ra Downgrades Bank Facilities Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings on
Bajaj Energy Limited's (BEL) bank facilities while resolving the
Rating Watch Negative (RWN) as follows:

-- INR14,446 mil. Term loan (Long-term) due on September 2035
    downgraded with IND D rating, off RWN;

-- INR9,500 mil. Working capital facility (Long-term/Short-term)
    downgraded with IND D rating, off RWN; and

-- INR570 mil. Non-fund-based facility (Long-term/Short-term)
    downgraded with IND D rating, off RWN.

KEY RATING DRIVERS

Ind-Ra expects delays in debt servicing by BEL in November 2017,
given that the company has confirmed that BEL's debt service
reserve could meet debt servicing obligations only till October
2017. Also, Ind-Ra has not received a 'no default statement' from
BEL.

BEL's adverse cash positon arose after Uttar Pradesh Power
Corporation Limited (UPPCL) stopped making tariff payments since
mid-July 2017. UPPCL issued a notice of non-continuation of the
power purchase agreement with BEL in July 2017 quoting the high
cost of power supplied by BEL.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.

COMPANY PROFILE

BEL, a part of the Shishir Bajaj Group, has implemented five 90MW
plants at different locations in Uttar Pradesh. These plants
achieved commercial operations in April 2012, and operation and
maintenance is managed in-house. BEL is fully-owned by Bajaj
Power Ventures Private Limited. Bajaj Power Ventures also owns
Lalitpur Power Generation Company Limited, which has developed
1,980MW coal-based power project and sells power to UPPCL under a
long-term power purchase agreement.


BALAJI ELECTRICAL: CARE Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Balaji Electrical
& Hardware to monitor the rating(s) vide e-mail communications/
letters September 20, 2017and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on Balaji Electrical &
Hardware bank facilities will now be denoted as CARE B+/A4;
ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         11.00      CARE B+; Issuer Not
   Facilities                        Cooperating

   Long-term/Short-        2.50      CARE A4; Issuer Not
   term Bank                         Cooperating
   Facilities

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

Detailed description of the key rating drivers

At the time of last rating in September 16, 2016 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Weak financial risk profile: The profitability margins of the
firm historically being on the lower side owing to low value
addition by the firm. However, high financial charges and
depreciation cost restricted the net profitability of the firm
below unity. The capital structure of the firm continues to
remain leveraged for the past three years (FY13-F15) on account
of high dependence on working capital borrowings. The
deterioration in the capital structure was mainly on account of
increase dependence of external borrowings to meet the working
capital requirements. The debt service coverage indicators stood
weak owing to leverage capital structure and low profitability
profile.

Intense competition in the industry due to low entry barriers:
BEH operates in a highly competitive industry marked by the
presence of a large number of players in the unorganized sector.
The industry is characterized by low entry barriers due to low
technological inputs and easy availability of standardized
machinery for the production. This further leads to high
competition among the various players and low bargaining power
with suppliers.

Tender-driven nature of the construction industry: Indian
construction industry is characterized by competitive nature as
there are a large number of players at the regional level. Hence,
going forward, due to increasing level of competition, the
profits margins are likely to be range bound. Also, the
construction industry plays an important role in the development
of a country's infrastructure, which is a key engine of economic
growth. Currently, given the high interest rates and volatile
economic environment, there has been slowdown in release of new
contracts, which has resulted in sluggish growth being witnessed
by the industry. Liquidity related concerns and execution
challenges continue to impact the sector in the country. Delays
in obtaining statutory clearances and increasing working capital
needs have put pressure on the financial profile of the companies
in this sector. Off late, the construction companies have
concentrated more on the execution of existing orders than over
bidding.

Experienced proprietor: The operations of BEH are currently
managed by Mr Arun Goyal. Mr Arun Goyal, a graduate, has an
experience of around one and a half decades through his
association with BEH.

Modest though growing scale of operations: BEH scale of
operations has remained modest for the FY16. The modest scale
limits the company's financial flexibility in times of stress and
deprives it from scale benefits. Though, the risk is partially
mitigated by the fact that the scale of operation is growing
continuously owing to increase in the quantity sold. The growth
was attributed to increase in quantity sold to existing and new
customers.

Noida-based (Uttar Pradesh) BEH was incorporated in 2000 by Mr
Arun Goyal. BEH is engaged in the trading of electrical goods
such as fans, wires, cables, etc. In FY16, the firm has also
entered into civil construction business. The firm procures
traded product from companies such as Nicco Corporation limited,
KEC International, ANP Infratech, etc, and sells the products to
clients in local areas. The firm has got civil construction
contracts from TATA Aldesa [venture (JV) for construction of a
343-km double track line between Bhaupur (Kanpur) and Khurja].
The JV on this project is between Tata Projects India and Aldesa
of Spain.


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

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

-- INR4.96 mil. Term loan (Long-term) migrated to non-
    cooperating category with IND D(ISSUER NOT COOPERATING)

-- INR89 mil. Non-fund-based limits (Short-term) migrated to
    non-cooperating category with IND D(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 24, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1990, Bostin Engineers Pvt Limited is a design,
engineering and manufacturing entity for boiler pressure parts
and other customised products for the power industry. It has a
manufacturing facility in West Bengal.


COSMOS JEWELLERS: ICRA Moves D Rating to Not Cooperating
--------------------------------------------------------
ICRA has moved the ratings for the INR20.00-crore bank facilities
of Cosmos Jewellers Private Limited (CJPL) 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-        20.00      [ICRA]D; ISSUER NOT
  based limits                      COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

Rationale

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

Key rating drivers

Credit strengths

* Experience of promoters: CJPL is a part of the Delhi based
jewellery group involved in the manufacturing, wholesale and
retail sales of gold and diamond. Mr. Pradeep Kumar Goel and his
brothers have experience of more than a decade in handling the
group operations smoothly in the jewellery industry.

Credit weaknesses

* Delays in debt servicing due to stretched liquidity: The
slowdown in the demand for CJPL jewellery products resulted in
blockage of funds, leading to stretched liquidity and delays in
debt servicing.

* Intense competition, given the low complexity of work involved:
The company faces stiff competition from organised as well as
unorganised players in the gems and jewellery industry, which
limits its pricing flexibility and bargaining power with
customers, thereby putting pressure on its revenues and margins.

* Vulnerability of profitability to any adverse fluctuation in
gold prices: The company is not completely hedging its position
in the gold and hence, any sustainable fall in gold prices may
affect the profitability of the company to a large extent.

Incorporated in 2011, CJPL is a manufacturer, wholesaler and
retailer of gold and diamond jewellery. CJPL has presence largely
in gold jewellery, and its customers are primarily wholesalers
and retailers based in New Delhi. The company was acquired by the
promoters of Delhi based Shree Raj Mahal Group, which is engaged
in the manufacturing, wholesale and retail sales of gold and
diamond jewellery for more than two decades.


FERRO ALLOYS: ICRA Lowers Rating on INR60.49cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating for the INR49.40-crore,
fund-based (term loan and working capital) bank facilities of
Ferro Alloys Corporation Limited (FACOR) to [ICRA]D from [ICRA]C
earlier. ICRA has also downgraded the short-term rating for the
INR60.49-crore non-fund based bank facilities of the company to
[ICRA]D from [ICRA]A4 earlier.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund Based bank        5.50        [ICRA]D; Downgraded from
  facilities                         [ICRA]C
  (Term Loan)

  Fund Based             43.90       [ICRA]D; Downgraded from
  Facilities                         [ICRA]C
  (Working Capital)

  Non-fund based         60.49       [ICRA]D; Downgraded from
  bank facilities                    [ICRA]C
  (Working Capital)

Rationale

The rating downgrade factors in delays witnessed in debt
servicing by FACOR owing to restrictions put on its fund usage by
Resolution Professional, pending conclusion of resolution
proceedings under the Insolvency and Bankruptcy Code (IBC) 2016.

In July 2017, Rural Electrification Corporation (REC), the lender
to FACOR's ~86% owned subsidiary, Facor Power Limited (FPL) had
initiated resolution proceedings against FACOR as Corporate
Guarantor, under Section 7 of the IBC 2016. The estimated date of
closure of the Insolvency Resolution Process, as per the
guidelines, is January 2, 2018 (extendable as per provisions).
The resolution proceedings involve preparation and implementation
of a resolution plan (or otherwise liquidation, if resolution
plan does not get accepted). These proceedings may bring about
substantial changes in the operational and financial profile of
the company. In the meanwhile, ICRA notes that there has been a
healthy improvement in FACOR's operating and financial
performance on a standalone basis in the recent quarters (Q3
FY2017 to Q1 FY2018), primarily supported by an improvement in
ferro-chrome prices.

Ferro Alloys Corporation Limited (FACOR) was incorporated in 1957
by Mr. Uma Shankar Agarwal and the Saraf family. The company's
performance was satisfactory till early 1990s. However, certain
factors such as debt-funded capital expenditure on Diesel-
Generator (DG) based power plants, adverse foreign-exchange
fluctuations and decline in ferro-chrome realisations affected
the company's ability to repay the debt in its books.
Subsequently, as a part of a restructuring scheme approved by all
the lenders, FACOR was trifurcated into three separate companies
namely FACOR, Facor Alloys Limited (FAL) and Facor Steels Limited
(FSL) w.e.f. April 1, 2004 based on division of operations and
manufacturing facilities.

FACOR manufactures high carbon ferro-chrome in its manufacturing
unit located at Randia, Orissa. The unit has an installed
capacity of 65,000 tonnes per annum (tpa). It also has four
captive chrome ore mines located in Orissa. The mined chrome ore
is primarily used to meet its own as well as its group company
FAL's raw material requirements. FACOR also owns a 100-MW power
plant through its subsidiary FACOR Power Limited (FPL). The power
plant is located adjacent to its ferro-chrome manufacturing unit.
In March 2015, the second phase of the power plant (55 MW) got
commissioned but has not been operational due to Power Purchase
Agreement issues. FACOR is meeting its 100% power requirements
from phase I of the captive power plant (45 MW) which was
commissioned in January 2011.


GAJANAN IRON: CARE Assigns B Rating to INR11.11cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Gajanan Iron Private Limited (GIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.11       CARE B; Stable Assigned

   Short-term Bank
   Facilities             0.21       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Gajanan Iron
Private Limited (GIPL) is primarily constrained by the project
risk. Further, the rating also factors in its exposure to the
volatility in raw material prices, working capital intensive
nature of business, intensely competitive industry with sluggish
growth in end user industries and cyclical industry. The rating,
however, derives strength from the wide experience of the
promoters.
Going forward, the ability of the company to complete the ongoing
project without any cost & time over run and derive benefit out
of it as envisaged will be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

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

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

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

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

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

Key Rating Strengths

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

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


JAIPRAKASH ASSOCIATES: SC Asks Directors to Appear on Nov. 22
------------------------------------------------------------
The Times of India reports that the Supreme Court on November 13
directed the non-institutional directors of Jaiprakash Associates
Limited (JAL), parent company of Jaypee Associates and Jaypee
Infratech,  to appear in person before it next week and furnish
details of their personal assets.

According to the report, the apex court's direction came in the
wake of its September 11 directive to the Jaypee Associates to
deposit INR2,000 crore by October 27 to protect the interests of
homebuyers and creditors.

The court had on November 6 refused to allow the company to
deposit INR400 crore with its registry as against INR2,000 crore
as directed earlier, TOI says.

TOI relates that a bench of Chief Justice Dipak Misra and
Justices A M Khanwilkar and D Y Chandrachud on November 13 asked
the directors to appear on November 22.

It also appointed advocate Pawan Shree Agrawal, as amicus curiae
and ordered setting up a web portal in order to enable the
homebuyers of the Jaypee Infratech register their grievances, the
report notes.

TOI says the counsel for JAL informed the court that it was
willing to deposit INR700 crore.

The report relates that the counsel for ICICI bank, with whom the
company has its account, opposed the statement of the group
saying the process of debt reconstruction of the company was
going on and it would not be feasible to release the amount.

The bench had asked the firm to consider depositing at least
INR1,000 crore by November 13 with its registry, the report
relays.

It had also restrained the managing director and the directors of
Jaypee Infratech Ltd from travelling abroad without its
permission and asked the parent company, Jaypee Associates, to
deposit the money, the report adds.

According to TOI, the top court had asked Jaypee Infratech to
hand over the records to the IRP for drafting of a resolution
plan indicating protection of interests of over 32,000 hassled
home buyers and creditors.

It also stayed any proceedings instituted against Jaypee
Infratech for any purpose in any forum like the consumer
commission, as IRP has been given control of the company's
management, the report says.

TOI says the court had allowed Jaypee Associates to raise INR2000
crore by selling land or properties and deposit them in the apex
court registry by October 27.

The court had also appointed senior advocate Shekhar Naphade as
amicus curiae to assist the proceedings of the IRP, which will
submit a resolution plan indicating how to safeguard the interest
of home buyers and secured creditors, the report discloses.

Additional Solicitor General Tushar Mehta, appearing for
Insolvency and Bankruptcy Board, had said that 627 units have
been delivered to home buyers since the proceedings against the
company began, adds TOI.

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts
and spa; Sports Events, which includes sports-related events;
Real Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which
includes investments in subsidiaries and joint ventures for
cement, power, expressway and sports, among others, and Others,
which includes coal, waste treatment plant, heavy engineering
works, hitech castings and man power supply, among others. It has
operations in Haryana, Madhya Pradesh, Gujarat and Jharkhand,
among others.

As reported in the Troubled Company Reporter-Asia Pacific on
May 16, 2017, CARE Ratings reaffirmed ratings on certain bank
facilities of Jaiprakash Associates Ltd (JAL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          21,244.97     CARE D Reaffirmed

   Short-term Bank
   Facilities           2,513.00     CARE D Reaffirmed

   Long-term/Short-
   Term Bank
   Facilities           5,457.23     CARE D/CARE D Reaffirmed

   Long-term Non-
   Convertible
   Debentures
   (aggregate) IV,
   VIII, X, XII, XIII   1,749.25     CARE D Reaffirmed


   Long-term Non-
   Convertible
   Debentures XI           - -        Withdrawn *

* CARE has withdrawn the rating assigned to the 10.75% Non-
Convertible Debenture issue of Jaiprakash Associates
Limited with immediate effect, as the company has repaid the
aforementioned NCD issue in full and there is no amount
outstanding under the said issue as on date.

The ratings of the bank facilities and instruments of Jaiprakash
Associates Ltd (JAL) continue to factor in delays in debt
servicing by the company due to its weak liquidity.


JYOTI SPINNERS: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Jyoti Spinners to
monitor the rating(s) vide e-mail communications/ letters dated
September 13, 2017, September 4, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Jyoti Spinners's
bank facilities will now be denoted as CARE B+/CARE A4; ISSUER
NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank         6.30       CARE B+; ISSUER NOT
   Facilities                        COOPERATING Issuer Not
                                     Cooperating

   Short term bank        3.20       CARE A4; Issuer Not
   Facilities                        Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on September 7, 2016 the following
were the rating weaknesses and strengths:
Key Rating Weaknesses

Small scale of operations: The scale of operations has remained
small marked by a total operating income and gross cash accruals
of INR6.17 crore and INR0.23 crore respectively for FY15 (FY
refers to the period 2014-15). Furthermore, the partner's capital
was low at INR1.63 crore as on March 31, 2015. The small scale
limits the firm's financial flexibility in times of stress and
deprives it of scale benefits. Furthermore, In FY16 (based on
provisional results), the firm has achieved TOI amounting to
INR5.91 crore.

Project execution and stabilization risk: JS was undertaking an
expansion project by installing new machinery for manufacturing
mink blankets at total project cost of INR4 crore. The same was
proposed to be funded through term loan of INR2.80 crore and
balance through partner's contribution. The debt for the same was
tied up. As on June 30, 2016; the firm incurred a cost of INR0.95
crore towards the project through infusion by partners. The
operations for the same was expected to commence from October 1,
2016. The execution of the project within the envisaged time and
cost parameters was a risk for the company. Also, the
stabilisation of operations was crucial from the credit
perspective. Furthermore, considering the debt-funded capex, the
capital structure of the firm was expected to deteriorate going
forward. Currently, due to absence of further information; CARE
is unable to provide any update on the same.

Elongated operating cycle: The firm usually extends a credit
period of 3 months resulting average collection period of 99 days
in FY15. The firm normally maintain inventory of 90 days in the
form of raw material for smooth running of its production
process. The firm gets payable period of around 60 days from its
suppliers and average payable period was 57 days in FY15.

Foreign exchange fluctuation risk: The business operations of JS
involve both imports and exports resulting in sales realization
and cash outflow in foreign currency. Being importer and
exporter, the foreign currency risk is partially mitigated
through a natural hedge. The firm has a policy of hedging 40-50%
of its export receivables which exposes the company to any sharp
appreciation in the value of rupee against for the uncovered
portion. .

Seasonality associated with the product manufactured: India's
woolen product demand is seasonal, varying substantially over the
year. The winter season lasts only for four to five months in a
year and it is only during this period that woolen clothes are
required. It peaks in winter season trending down during the
summer season (February-June). Therefore, the firm is exposed to
any seasonal fluctuation.

Highly competitive nature of industry: The firm operates in
highly competitive industry with presence of numerous independent
small-scale enterprises owing to low entry barriers leading to
high level of competition in the processing segment. Furthermore,
the industry also faces competition from the low cost countries
like China and Bangladesh. The relatively low labour cost has
benefited the Chinese and Bangladesh manufacturer and weaken the
cost competitiveness of Indian exporter.

Key Rating Strengths

Experienced partners and long track record of operations: JS, a
firm established in 1991 has a long track record of operations of
around two decades and a half decade in the yarn manufacturing
industry. The operations of JS are currently managed by Mr Akhil
Goel and Mr Ankit Goel. Mr Ankit Goel has an experience of around
one and a half decade through his association with JS as a
partner and he is further supported by Mr Akhil Goel who has an
experience of more than a decade through his association with JS
as a partner.

Moderate profitability and Capital structure: The profitability
margins of the firm have stood moderate for the past three years
(FY13-FY15). The PBILDT margin has been improving on a y-o-y
basis from 6.01% in FY13 to 7.77% in FY15 as the firm's
strategize to increase the profits while compromising on growth
in total operating income. The PAT margin also stood moderate at
just below unity in the last 2 financials years (FY14-FY15).

Capital structure stood moderate marked by overall gearing of
1.18x as on March 31, 2015 and showing an improvement on a y-o-y
basis on the balance sheet date owing to low utilization of
working capital borrowings coupled with improvement in partner's
capital due to retention of profits and infusion by the partners.

Panipat-based (Haryana), Jyoti Spinners (JS), was established in
1991. Currently the operations are managed by Mr Akhil Goel and
Mr Ankit Goel. JS is engaged in manufacturing of shoddy yarn,
which is used in manufacturing of blankets, at its manufacturing
facility located in Panipat, Haryana with an installed capacity
of 500 Kg yarn per day. The firm imports the raw material i.e
rags from Europe, U.S. etc and sells the yarn produced through
agents in places such as Panipat, Rajasthan and Punjab and also
export to African countries (50% of sales in FY15).


KAPCO ELECTRIC: CARE Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Kapco Electric
Private Limited to monitor the rating(s) vide e-mail
communications/ letters dated October 9, 2017, and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Kapco Electric private Limited bank facilities will now be
denoted as CARE B+/ CARE A4; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.17       CARE B+; Issuer Not
   Facilities                        Cooperating

   Long-term/Short-       7.83       CARE B+/A4; Issuer Not
   term Bank Facilities              Cooperating

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

Detailed description of the key rating drivers

At the time of last rating in August 26, 2016 the following were
the rating strengths and weaknesses.

Key Updates

Small scale of operations: Despite being operational for more
than three decades, the scale of operations has remained small.
Small scale of operations restricts the ability of the company to
scale up and bid for larger sized contracts having better
operating margins.

Weak financial risk profile: For the period FY14-FY16, the
company's total operating income grew from INR8.88 crore to
INR15.33 crore reflecting a compounded annual growth rate of
around 31.39%. Though company had moderate PBILDT margin in the
last 3 financials (FY14-FY16) however, on account of high
interest burden on its working capital borrowing also restricts
the net profitability of the company. PAT margin stood low at
below 0.50% during the same period. Furthermore, profitability
margin of the company has been fluctuating during FY14-FY16 owing
to varying margins in the different projects undertaken by the
company.

The capital structure of the company stood leveraged marked by
overall gearing of 3.41x as on March 31, 2016 due to high
dependence on bank borrowing to fund working capital
requirements. Owing to high financial expenses and high debt
levels, the debt service coverage indicators remained weak marked
by interest coverage and total debt to GCA of 1.18x and above 31x
for FY16.

Working capital intensive nature of operations: The operating
cycle of the company stood elongated owing to high inventory
level and collection period. The inventory requirements are based
on the orders in hand and KAP maintain inventory for smooth
execution of contracts. The product manufactured by the company
is dispatched after testing and quality checks by various
agencies. All this led to high inventory holding . Furthermore,
the power distribution companies release money once the product
meet the specifications resulting in delayed realization of
payments which further results in delayed payment to its
supplier.

Business risk associated with tender-based orders coupled with
low order book position: The company majorly undertakes semi-
government and private projects, which are awarded through the
tender-based system. The company is exposed to the risk
associated with the tender-based business, which is characterized
by intense competition. The growth of the business depends on its
ability to successfully bid for the tenders and emerge as the
lowest bidder. Furthermore, any changes in the Government policy
or Government spending on projects are likely to affect the
revenues of the company.

Presence in the highly competitive transformer industry:
Transformer industry especially distribution transformer segment
is highly competitive with the presence of many organized and
unorganized players. The competition in the domestic transformer
industry has been increasing since the last two-three years due
to factors like diversion of export focused production capacity
to cater to the domestic market on the back of upheavals in the
advanced economies, import of cheaper equipment, especially from
China and large number of smaller players with limited capacity
entering in the industry due to its high profitability and easy
availability of technology.

Experienced management and long track record of operations:
KAP was incorporated in 1983 and currently being managed by Mr
Shashi Kulkarni, Mr Sharad Damodar Kulkarni and Mr Shantanu
Kulkarni. Mr Shantanu Kulkarni is a post graduate having
experience of around two decades through his association with
KAP. He looks after the overall functions of the company. Mr
Sharad Damodar Kulkarni, founder of KAP is having an experience
of more than three decades through his association with KAP.
Furthermore, they are supported by Mrs Shashi Kulkarni, who has
an experience of more than three decades through her association
with KAP.

Delhi-based Kapco Electric Private limited (KAP), a private
limited company was incorporated in 1983 by Mr Sharad Damondar
Kulkarni and Mrs Shashi Kulkarni. Currently the management
comprises of Mr Shantanu Kulkarni, Mr Sharad Damodar Kulkarni and
Mrs Shashi Kulkarni.

KAP is engaged in manufacturing of power & distribution
transformers. It manufactures transformers ranging from 6.6 KVA
to 132 KVA. The main raw materials for manufacturing transformer
are lamination core, insulators, bushing and copper wire etc. The
company procures raw materials mainly from manufactures and
traders located in NCR region. These transformers are mainly
supplied to state electricity boards and customers like Larsen
and Turbo ltd, Genus Power Infrastructure Pvt Ltd etc.


MEWAR UNIVERSITY: CARE Assigns B- Rating to INR16.72cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mewar
University (MU), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            16.72       CARE B-; Stable Assigned

Rating Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Mewar University
(MU) is primarily constrained on account of its modest scale of
operations with continuous decline in Total Operating Income
(TOI) and weak liquidity position. The rating is, further,
constrained on account of its presence in highly regulated
education industry with regard to approvals and accreditations.
The rating, however, derives strength from the experienced
management, healthy profitability margins and comfortable
solvency position.

The ability of the society to increase fresh enrolments and
better management of working capital would be key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with continuous decline in TOI and
weak liquidity position: TOI of MU has shown a continuous decline
in past three financial year ending FY17. During FY17, TOI
reduced by 19.25% over FY16 whereas in FY16, TOI of the firm has
declined by 11.84% over FY15 owing to continuous decline in
enrolment of students. Till October 26, 2017, MU has achieved a
turnover of Rs 15 crore.

The liquidity of MU stood weak with around 80-90% average
utilization of its working capital bank borrowings during last 12
months ended September 2017. Further, the operating cycle stood
elongated at 447 days in FY17, deteriorated from 253 days in FY16
owing to higher collection period. MU collects 50% of fee in the
beginning of academic year in July for all courses and remaining
is received in December. However, its operating expenses are
scattered evenly throughout the year.

Highly regulated education industry with regard to approvals and
accreditations: The higher education in India is placed in the
concurrent list of the constitution and thus comes under the
purview of both Central and State Government. The sector is
regulated by Ministry of Human Resources at the national level by
the education ministries in each state, as well as by Central
bodies like University Grant Commission (UGC) and 14 other
professional councils like All India Council of Technical
Education (AICTE), Directorate of Technical Education (DTE), etc,
the operating and financial flexibility of the higher education
sector are limited, as regulations governs almost all aspects of
operations, including fee structure, number of seats, changes in
curriculum and infrastructure requirements.

Key Rating Strengths

Experienced promoters and management: The promoters of MES are
having experience of running a chain of educational institutes at
Vasundhara in Ghaziabad (UP) and at Gandhi Nagar in Chittorgarh
(Rajasthan). These institutes impart learning in the fields of
Management, Law, Computer Science, Biotechnology, Education,
Ayurvedic Nursing, Fashion Designing, Teachers Training, etc. The
promoters of MES also have business interest in the marble
industry. MU is controlled by the Board of Management (BoM)
constituted by MES. Mr. Ashok Kumar Gadiya, Chairman in the MES,
is the Chancellor of MU. Apart from the BoM, MU also has a well
constituted Academic Council, Advisory Board and an experienced &
qualified faculty.

Healthy profitability margins and comfortable solvency position
SBID and surplus margins of MU declined marginally and stood at
43.29% and 22.12% respectively in FY17. In FY17, SBID margin
declined by 63 bps over FY16 mainly due to decline in TOI and
increase in employee cost and with decline in SBID margin,
surplus margin also declined by 151 bps owing to increase in
interest cost.

Further, the capital structure of MU stood comfortable with an
overall gearing of 0.50 times as on March 31, 2017, improved from
0.63 times as on March 31, 2016 due to increase in net worth base
and repayment of debt. Further, debt service coverage indicators
of MU stood comfortable with total debt to GCA of 2.37 times as
on March 31, 2017 as against 1.61 times as on March 31, 2016
mainly due to decrease in GCA level due to decline in PAT during
the year

MU is an autonomous body promulgated by the Government of
Rajasthan through an Act passed by Rajasthan Assembly in 2009 and
is also approved by the UGC with the right to confer degrees. MU
was set up with an objective of providing higher and technical
education to the people of Mewar region of Rajasthan in
particular and India in general. MU has envisaged offering
various Post-graduation, Graduation, Diploma and Certification
courses across faculties like Engineering, Management, Computer
Science, Journalism & Mass Communication, Law, Education, Arts,
Visual & Performing Arts, Fashion Designing, etc. Further, Mewar
College of Engineering (MCE), Gangrar and Mewar College of
Teachers Training (MCTT) are running under MU.


PANCHSHEEL SOLVENT: ICRA Moves D Rating to Not Cooperating
----------------------------------------------------------
ICRA has moved the rating for the INR24.75-crore bank facilities
of Panchsheel Solvent Private Limited (PSPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as: "[ICRA]D
ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term        12.25      [ICRA]D ISSUER NOT
  Loans                             COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Cash        12.50      [ICRA]D ISSUER NOT
  Credit                            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 PSPL, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Key rating drivers

Credit strengths

* Locational advantage by way of presence in rice producing belt
of Chhattisgarh, which facilitates procurement of the main raw
material (rice bran): PSPL's company's plant is located at
Rajnandgaon, Chhattisgarh provides locational advantage as it has
numerous rice mill operating in the close vicinity.

Credit weaknesses

* Exposure to volatility in the prices of key raw material; being
agricultural produces; availability and prices of the same remain
exposed to agro-climatic risks: The company's operations are raw
material intensive in nature with raw material cost accounting
for 84-88% of total cost over the years. Hence, PSPL's
profitability remains vulnerable to fluctuations in the prices of
oilseeds. Moreover, the availability and prices of raw material
also remain exposed to agro-climatic risks associated with
agricultural produces.

Incorporated in 2008, PSPL was promoted by the Lalani family.
Prior to this, the management was engaged in the manufacturing of
poultry feed and PET bottles through its group entities. PSPL is
currently engaged in extracting edible refined rice bran oil with
an installed capacity of 1,50,000 tonnes per annum (TPA) and
30,000 TPA of refining unit. Besides, PSPL has flexibility to
refine other crude oils in the same plant and therefore, started
refining cottonseed crude oil since February 2015. The
manufacturing facility of the company is located at Rajnandgaon,
Chhattisgarh.


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

-- INR50 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Prakash Shellac Factory was established in 1988 as a partnership
firm. The firm manufactures different grades of machine made and
handmade shellac.


RASHMI HOUSING: ICRA Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA has moved the ratings for the INR65.00 crore bank facilities
of Rashmi Housing 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 Limit       65.00      [ICRA]D ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issue Not
                                    Cooperating' Category

Rationale

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

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

Key rating drivers

Credit strengths

* Experience of the promoters in real estate development
business: Rashmi Housing Private Limited is engaged in real
estate development with key focus on affordable residential
projects mainly in the Mira Road-Virar belt in Thane. It is the
flagship company of the Rashmi Group, promoted and managed by the
Bosmiya family, engaged in real estate development since 1999.

Credit weaknesses

* Delay in debt servicing due to weak liquidity position: The
company has faced significant delays in the ongoing projects
leading to cost overruns while the sales velocity has also been
on slower side. The same has impacted the liquidity profile of
the company and has led to instances of delays in debt servicing.

Incorporated in 2003, Rashmi Housing Pvt. Ltd. is the flagship
company of the Rashmi Group-promoted and managed by the Bosmiya
family - engaged in real estate development since 1999. The Group
is mainly focused on the development of affordable residential
projects under the brand name, 'Ghar Ho To Aisa', mainly along
the western suburbs of Mumbai.

RHPL recorded a net profit of INR0.1 crore on an operating income
of INR29.1 crore for the financial year ended March 31, 2016 as
against a net profit of INR2.9 crore on an operating income of
INR32.2 crore for the year ended March 31, 2015.


SHREE KRISHAN: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Shree Krishan
Kripa Rice Mills to monitor the rating(s) vide e-mail
communications/ letters September 20, 2017 and September 11, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Shree Krishan Kripa Rice Mills bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING*.

CARE gave these ratings:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          12        CARE B+; Issuer Not
   Facilities                        Cooperating

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

Detailed description of the key rating drivers

At the time of last rating in November 9, 2016 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations: The scale of operations continued to
remain small which inherently limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.

Weak financial risk profile: Profitability margins of the firm
continue to remain historically on the lower side owing to low
value addition, intense market competition given the fragmented
nature of industry. This apart, interest burden on the external
borrowing also restricts the net profitability of the firm.

The capital structure of the firm continues to remain leveraged
on account of high reliance on external borrowing to meet the
working capital requirements. The coverage indicators continue to
remain weak owing to low profitability and high finance cost.

Working capital intensive nature of operations: The operations of
the firm continues to remain working capital intensive in nature
as the peak paddy procurement season is during November to
January during which the firm builds up raw material inventory to
cater to the milling and processing of rice throughout the year.
The firm sell its product on cash basis and credit basis with
maximum credit period allowed is around a month. Furthermore, the
firm continues to receive an average credit period of around 1-2
months.

Experienced partners in processing of paddy: SKRM business
operations are currently being managed by Mr Sat Pal and Mr Ved
Prakash. Mr Sat Pal has an experience of four decades through his
association with "Pyare Lal Satpal" (proprietorship firm engaged
in trading of rice) and SKRM. He is supported by Mr Ved Prakash,
who also has an experience almost two and a half decades through
his association with Shree Ganesh and Trading Company and Mahavir
Rice Mills (engaged in similar line of business).

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, as it is dependent on the availability of raw
materials, which further varies with different harvesting
periods. The price of rice moves in tandem with the prices of
paddy. Availability and prices of agro commodities are highly
dependent on the climatic conditions. Adverse climatic conditions
can affect their availability and leads to volatility in raw
material prices. Paddy is the major raw material and the peak
paddy procurement season is during November to January during
which the company builds up raw material inventory to cater to
the processing of rice throughout the year. Since there is a long
time lag between raw material procurement and liquidation of
inventory, the firm is exposed to the risk of adverse price
movement resulting in lower realization than expected.

Delhi-based Airtech Electrovision Private Limited (AEPL) was
incorporated in 2016 by Mr Manish Nathani and Ms Varsha Nathani.
AEPL was established to undertake trading and manufacturing of
electrical goods such as LED televisions, DVD player and speakers
etc. The company has already started the trading of electrical
goods such as LED televisions, DVD player, speakers etc. The
company purchases the traded goods from the local distributers
situated in Delhi NCR region. The company sells its products pan
India through its distributor network. The company is currently
setting up manufacturing unit for manufacturing of electrical
goods which comprises of LED televisions, DVD player, speakers at
its manufacturing facility located in Okhla, Delhi with proposed
installed capacity of 300 lakh units per annum. The main raw
materials for manufacturing of LED televisions, DVD player and
speakers are panels, motherboard, speakers, cabinet etc. AEPL
would procure these raw materials from various suppliers located
in Delhi -- NCR region and also would import these raw material
from China. The company would initially sell its products under
the brand name of "Airtech" on PAN India through the
distributorship network. The company has one associate concerns
namely Beston Electrovision Private limited engaged in
manufacturing and trading of electrical goods which comprises of
LED televisions, DVD player, Speakers.


SHREE KRISHNA: CARE Assigns B+ Rating to INR10cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Krishna Cotton Industries (SKCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Shree Krishna
Cotton Industries (SKCI) is constrained on account of its thin
profit margins with moderate level of cash accruals and moderate
liquidity position. The rating is further constrained on account
of partnership nature of its constitution, susceptibility of
operating margins to cotton price fluctuations and its presence
in highly fragmented and seasonal industry with regulatory
controls.
The rating, however, derives strength from the experienced
partners in the cotton industry and location advantage on account
of it being located in the cotton-producing area of Gujarat. The
rating also takes into consideration moderate capital structure
and debt coverage indicators during FY17 (refers to the period
April 1 to March 31).

The ability of SKCI to increase its scale of operations and
improve its profit margins and solvency position along with
efficient working capital management would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Thin profit margins with moderate level of cash accruals: PBILDT
margin of SKCI stood thin at 1.62% during FY17 as against 1.78%
achieved in FY16 owing to low value addition nature of cotton
ginning and pressing business. PAT margin though increased
marginally stood thin at 0.62% in FY17 as against 0.09% in FY16.
The gross cash accruals (GCA) level increased and stood moderate
at INR1.30 crore in FY17 from INR0.62 crore in FY16.

Moderate liquidity position: The liquidity position of SKCI
remained moderate marked by moderate current ratio which stood at
1.25 times as on March 31, 2017 as against 1.19 times as on March
31, 2016, while the operating cycle of SKCI stood comfortable at
32 days during FY17. Average utilization of working capital
borrowings stood full for the past 12 months ended September,
2017.

Partnership nature of its constitution with presence highly
fragmented and seasonal industry along with regulatory controls.

The constitution as a partnership firm restricts SKCI's overall
financial flexibility as there is inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of partner. Also, the industry is highly
fragmented marked by presence of large number of units operating
in cotton ginning business, while cotton being a seasonal crop is
dependent upon the vagaries of monsoon. Furthermore, the cotton
supply and prices in India are highly regulated by the government
through Minimum Support Price (MSP) and export regulations.
Susceptibility of operating margins to cotton price fluctuation
The price of raw material i.e. raw cotton is highly volatile in
nature and depends upon factors like area under production, yield
for the year, international demand supply scenario, export quota
decided by government and inventory carry forward of last year
which exposes the ginners to price volatility risk.

Key Rating Strengths

Experienced partners in the cotton industry: Mr. Shiv
Chhabhadiya, the key partner, has more than two decades of
experience in cotton ginning and pressing industry and looks
after the overall operations of the firm. He is assisted by other
partners in day to day operations.

Location advantage: SKCI's plant is located in cotton producing
belt of Gujarat region which is the largest producer of raw
cotton in India having benefits derived from lower logistics
expenditure (both on transportation and storage), easy
availability and procurement of raw materials, labour, water and
power connection.

Moderate capital structure and debt coverage indicators: The
capital structure of SKCI as marked by an overall gearing ratio
stood moderate at 1.33 times as on March 31, 2017 as against 1.73
times as on March 31, 2016. The improvement was due to reduction
in total level of debt as on balance sheet date. The debt
coverage indicators as marked by total debt to GCA improved and
stood moderate at 6.86 times as on March 31, 2017, while the
interest coverage ratio also improved and remained comfortable at
2.50 times for FY17.

Kutch-based (Gujarat), SKCI was established as a partnership firm
in April, 2012. It is currently managed by 5 partners and
operates from its sole manufacturing plant located at Kutch
(Gujarat) with an installed capacity of 11,088 metric tons per
annum (MTPA) for cotton bales and 19,642 MTPA for cotton seeds as
on March 31, 2017. SKCI has other associate concerns known as
Shreenathji Cotton Industries and Shreenath Oil Industries.
Shreenathji Cotton Industries which was established in 2004
[rated CARE BB-; Stable] is engaged into manufacturing of cotton
bales and cotton seeds, while Shreenath Oil Industries is engaged
into processing of cotton seed for generation of oil.


SHREE MANGAL: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Shree Mangal
Trading Company to monitor the rating(s) vide e-mail
communications/letters dated September 13, 2017, September 7,
2017and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Shree Mangal Trading Company's bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank         15.00      CARE B+; Issuer Not
   Facilities                        Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on April 6, 2017 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

Small scale of operations coupled with low net worth base: The
scale of operations remained small marked by a total operating
income and gross cash accruals stood at INR17.20 crore and
INR1.08 crore respectively during FY16 (FY refers to the period
April 1 to March 31). Furthermore, the firm's net worth base was
relatively small at INR3.63 crore as on March 31, 2016. With the
low base of own funds, its operations are highly susceptible to
any business shock, thereby limiting its ability to absorb losses
or financial exigencies. The firm has achieved total operating
income of INR20.00crore in 9MFY17 (refers to the period April 1
to December 31, 2016); based on provisional results).

Leveraged capital structure: The capital structure of the firm
stood leveraged owing to high reliance on external borrowings to
meet the working capital requirements.

Elongated operating cycle: Being a trading firm, SMTC is required
to maintain adequate inventory of material and cater to immediate
demand of the customers, resulting into average inventory holding
period of around 67 days during FY16. The firm realizes payments
from its customers within 1-2 months and makes payments within
10-20 days to its suppliers.

Fragmented and unorganized nature of industry coupled with low
entry barriers: The company is operating in a competitive
industry wherein there is presence of a large number of players
in the unorganized and organized sectors. The company is
comparative a small players catering to the same market which has
limited the bargaining power of the company and has exerted
pressure on its margins.

Key Rating Strengths

Experienced proprietor in trading of building material coupled
with moderate profitability margin: The firm is promoted by Mr
Ram Niwas Yadav who has an overall experience of more than two
and a half decades in trading industry in his individual
capacity.

Further, considering the trading nature of the business where the
value addition is low, the profitability margins as marked by
PBILDT and PAT margin stood moderate at 8.09% and 5.87%
respectively in FY16.

Haryana based, Shree Mangal Trading Company (SMTC) is a
proprietorship firm established in 2014 by Mr Ram Niwas Yadav.
The firm is engaged in trading of scraps (plastic scrap, metal
scrap and paper scrap) and grit (crushed stone). SMTC procures
scrap from various manufacturing companies based in Haryana and
grit from mines based in Rajasthan. The firm sells scrap to
manufacturers based in Delhi, Haryana and Uttar Pradesh who in
turn recycle the scrap while it sells grit to builders and
dealers based in Rajasthan, Haryana and Uttar Pradesh.

The firm has an associate concern, namely, K N D Real Estate &
Builders (proprietorship concern, established in 2004) engaged in
real estate activities.


SHRI SHANTI: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Shanti
Solvex Private Limited's (SSSPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR45.80 mil. (reduced from INR61.94 mil.) Term loan due
    February 2021 affirmed with IND BB-/Stable rating; and

-- INR100.00 mil. Fund-based working capital limits affirmed
    with IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect SSSPL's moderate scale of operations and weak
credit metrics in FY17. Revenue declined to INR621 million in
FY17 from INR862 million in FY16. The decline was primarily due
to a fall in production owing to a low availability of raw
material. In FY17, gross interest coverage (operating
EBITDA/gross interest expense) was 1.9x (FY16: 2.1x) and net
financial leverage was 4.4x (3.8x). The deterioration in credit
metrics was owing to a fall in absolute EBITDA and an increase in
debt. However, EBITDA margin rose to 5.2% in FY17 from 4.1% in
FY16, driven by a fall in operating expenses.

The ratings reflect a moderate liquidity, indicated by an average
working capital limit utilisation of about 88.5% for 12 months
ended October 2017.

The ratings, however, are supported by the promoter's operating
experience of more than one decade in solvent extraction.

RATING SENSITIVITIES

Negative: A decline in profitability leading to stressed
liquidity and credit metrics may lead to a negative rating
action.

Positive: A rise in the scale of operations, along with an
improvement in credit metrics, will lead to a positive rating
action.

COMPANY PROFILE

SSSPL was incorporated in August 2013 to operate a solvent
extraction plant in Morena, Madhya Pradesh. The plant commenced
commercial operations in April 2015.


SIDDHIVINAYAK TRAILERS: CARE Assigns B Rating to INR5cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Siddhivinayak Trailers (ST), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings is assigned to the bank facilities of ST are
constrained by nascent stage of operations with low net worth
base, Leveraged capital structure and weak debt coverage
indicator, working capital intensive nature of operation,
Fortunes linked to the growth in auto industry, susceptibility to
fluctuation in prices of raw material and presence in highly
fragmented industry leading to stiff competition.

The ratings however derive benefits from experienced promoters
and long track record of operations of group firm. Going forward,
procurement of successful orders through successful contract is
key rating sensitivity for credit aspects. Further Risk of
withdrawal of capital given the proprietorship nature of
constitution of the firm shall be key rating sensitivity.

Detailed description of Key rating drivers

Key rating Weakness

Nascent stage of operations with low net worth base: As discussed
above, the entity commenced commercial production from April
2017, thus the overall operations are at a nascent stage. In FY17
the entity has reported total revenue of INR2 crore. Moreover, in
5MFY18 as well the entity has earned operating profit of only
INR0.05 crore and has on an order position worth of INR0.50 crore
which is expected to finalize in October 2017.

Leveraged capital structure and weak debt coverage indicator: Due
to nascent stage of operation its networth is projected to be
stood relatively low at INR1.88 crore as on March 31, 2018. Going
forward as well with the utilization of the cash credit limit
coupled with meager cash accruals gearing and total debt/GCA is
expected to remain moderate at 2.66x as on March 31,2018 and
5.83x in FY18 respectively.

Working capital intensive nature of operation: The operations of
ST highly working capital intensive in nature to run the business
as it requires high amount of working capital. Furthermore, ST
has been availed the working capital facility of INR5 crore to
run the business. Nonetheless, being at the nascent stage of
business operation, the comfort can be observed with the help of
its Group Company and promoter's rich experience to get the
business.
Fortunes linked to the growth in auto industry: Since ST
basically caters to dealers in automobile sector thereby its
revenue is mainly dependent on prevailing conditions of demand
and supply as well other regulatory laws prevailing in automobile
industry. In order to capture the market share, the auto dealers
offer better buying terms like allowing discounts on purchases.
Such discounts offered to the customers create margin pressure
and might negatively impact the profits.

Risk of withdrawal of capital given the proprietorship nature of
constitution of the firm: ST being a proprietorship entity, the
risks associated with withdrawal of proprietor's capital exists.
The entity is exposed to inherent risk of proprietor's capital
being withdrawn at time of personal contingency as also it has
limited ability to raise capital and poor succession planning may
result in dissolution of entity.

Susceptibility to fluctuation in prices of raw material: Further
ST uses raw material such steel, aluminium and other metals to
manufacture its customized products, the steel prices are highly
volatile in nature as it is impacted by various factors such as
movement of steel prices in the international market, various
policies undertaken by government to curb import of steel and
induce its demand in the domestic markets in India.

Presence in highly fragmented industry leading to stiff
competition: The firm operates in the engineering industry with a
high level of competition from both the organized and largely
unorganized sector. Moreover, the global & domestic macroeconomic
environment continues to remain uncertain and poses a major
challenge for the entities operating in the industry and having
major export revenues.

Key rating Strengths

Experienced & resourceful proprietor: Siddhivinayak Trailers (ST)
was promoted by Mr. Atmaram Sawardekar, has more than four
decades of experience in the engineering industry. Over the
period he has developed established name in the market and look
after the overall management of the firm. Furthermore, to support
the expansion of business, proprietor has infused initially INR50
lakhs as a capital contribution and also availed cash credit
facility of INR5 crore.

Established in April 2017, M/s Siddhivinayak Trailers (ST) is
engaged into the business of manufacturing of containers,
trailers and other engineering products (mainly containers,
carriers, cabin body and others) and other job-work activities
for bulk trailer and containers/carriers through its plant
located at Shirdon, Raigad district. To manufacture these
products, the key raw material i.e. steel, aluminum, irons, etc
are sourced from local suppliers and after procuring orders, such
containers provided to various domestic customers.

As on August 23, 2017, ST has achieved sales of INR2.00 crore and
an order book position of 55 trailers amounting to INR50 lakhs
which is to be executed by the end of October 2017.


TIGER STEEL: CARE Cuts Rating on INR7.57cr Loan to D
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tiger Steel Engineering (India) Private Limited (TSEIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   i
   Fund-based-LT         7.57        CARE D; Issuer not
   Term Loan                         cooperating; Revised from
                                     CARE BB-; ISSUER NOT
                                     COOPERATING

   ii
   Fund-based-LT-       16.00        CARE C; Issuer not
   CC                                cooperating; Revised from
                                     CARE BB-; ISSUER NOT
                                     COOPERATING

   iii
   Non-fund-based-      38.50        CARE A4; Issuer not
   ST-BG/LC                          cooperating; Based on best
                                     available information

   iv
   Fund based/Non-       5.50        CARE C/CARE A4; Issuer not
   fund based- LT/ST                 cooperating; CC/LC Revised
                                     from CARE BB-/CARE A4;
                                     ISSUER NOT COOPERATING;
                                     Based on best available
                                     information
   V
   Non-fund-based-      36.00        CARE A1+ (SO); Issuer not
   ST-BG/LC                          cooperating; Based on best
                                     available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Tiger Steel Engineering
(India) Private Limited (TSEIPL) to monitor the rating(s) vide
email dated 12 May 2017, 20 June 2017, 22 June 2017, 5 July 2017,
6 July 2017, 13 July 2017, 17 July 2017, 20 July 2017, 21 July
2017, 24 July 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Tiger Steel Engineering (India) Private Limited's bank
facilities will now be denoted as CARE C; ISSUER NOT COOPERATING
/ CARE D; ISSUER NOT COOPERATING /CARE A4; ISSUER NOT COOPERATING
/CARE A1+ (SO); ISSUER NOT COOPERATING.

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

The ratings of facilities mentioned above in table under S.No.
(i) have been revised from CARE BB-; ISSUER NOT COOPERATING to
CARE D; ISSUER NOT COOPERATING on account of on-going delays in
debt servicing of term loan as informed by lender. Further, the
ratings of facilities mentioned above in table under S.No. (ii
and iv) have been revised from CARE BB-; ISSUER NOT COOPERATING
to CARE C; ISSUER NOT COOPERATING on account of weakening of
liquidity profile resulting in delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on December 31, 2016 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Working capital intensive nature of operation and tight liquidity
profile: The company has large working capital requirement on
account of long inventory and receivables cycle. The nature of
business of TSEIPL is Service cum Manufacturing cum Project,
hence the requirements of working capital is relatively higher as
compared to stand alone manufacturing or Construction/Project
business. Most of the raw material being steel is bought under
the LC terms, however the payment is received as per the project
based payment system. This has caused a mismatch in cash flows at
times in past. During FY16, operating cycle improved to 15 days
from 41 days in FY15, on account of reduction in inventory days
from 125 days to 104 days and significant improvement in debtor
collection period from 150 days to 73 days.

Moderate Financial Risk Profile: TSEIPL has moderate financial
risk profile characterized by moderate debt coverage indicators
and capital structure. The overall gearing level increased to
1.63x as on March 31, 2016 on account of increase in working
capital borrowings. The interest coverage ratio dipped marginally
to 1.36x in FY16 and during the same period Total Debt to Gross
Cash Accruals has deteriorated from 8.56x to 10.66x on account of
increased finance costs.

Volatility in raw material prices: TSEIPL is remained exposed to
the volatility in the steel prices and other raw material prices
as most of the projects executed by company are of fixed price
contracts in nature. The company is also importing part of raw
material exposing the company to foreign exchange risk. However,
to mitigate the impact of volatility in input prices, TSEIPL at
the time of procuring an order negotiates contracts depending
upon the prevailing input prices and procures the part raw
material accordingly to hedge against volatility. The company
builds in certain amount contingencies at the time of bidding for
the projects and tenure of the projects are also relatively short
to medium (6 months to 1 years).

Stiff competition and moderate scale of operations: TSEIPL's
scales of operation is relatively moderate as compared with the
major players such as Tata Blue Scope Steel Ltd, Kirby Building
Systems India Ltd, Pennar Engineered Building Systems Ltd to name
a few in the PEB industry. The pre-engineered building business
is in nascent stage and there are few companies operating in this
business. It faces strong competition in the Indian market from
domestic as well as foreign companies. Some of its overseas
competitors already operate in India through joint ventures with
local partners or have established independent operations in
India.

Key Rating Strengths

Experienced Promoters: TSEIPL is engaged in the business of
engineering, manufacturing, supply and erection of Pre-Engineered
Buildings and steel structural parts. TSEIPL is promoted by Mr.
Aziz S. Nasr who is the Chairman & Managing Director in Tiger
Group of Companies. He has over forty years of experience in
steel fabrication, cold rolled forming and steel trading
business. Tiger Steel Engineering LLC (TSEL) is the flagship
company of the Tiger Group of Companies based out of United Arab
Emirates with diversified business interests. TSEL is a
structural steel fabrication company in Sharjah. Tiger Group has
45 years of experience in developing steel structures in the Gulf
Cooperation Council region.

Established presence in PEB industry: TSEIPL, having begun the
operations in India in the year 1998 has executed several
projects for the PEBs which includes designed, engineering,
manufacturing and commissioning projects across the county. The
company has executed projects for the reputed companies in past
such as Maruti Suzuki, Volvo, Schneider Electric, Siemens, ITC,
Honda Motors and Scooters, Samsung etc. to name a few. TSEIPL is
also an approved vendor for the various reputed project
consulting firms which helps in procuring the orders for PEB.

Support from the parent company: TSEIPL imports the steel through
its promoter group company Al Nimr Steel Trading Ltd, Tiger Steel
Engineering LLC and Tiger Steel Industries LLC which has extended
an indirect support to the operation of TSEIPL by way of giving
favourable credit terms for the raw material supply and services.
As on March 31, 2016, trade payables is INR117.42 crore of which
close to 19% amount is payable to the group companies. In
addition to this, group companies have extended a credit period
of more than 365 days. Tiger Steel Industries LLC has extended
indirect support to TSEIPL in availing non fund based limit (LC)
in India. Tiger Steel Industries LLC through its bank - Bank of
Sharjah, has issued a Standby Letter of Credit (SBLC) to ICICI
Bank Ltd, India. ICICI Bank based on this SBLC has sanctioned LC
limit of INR36 crore to TSEIPL. The same is further expected to
be enhanced to INR60 crore. The increase in LC limit is expected
to support TSEIPL's increasing working capital requirement.

Incorporated in 1996, Tiger Steel Engineering (India) Pvt Ltd
(TSEIPL) is in the business of design, fabrication and erection
of Pre-engineered Buildings (PEB) such as warehouses, factory
buildings, shopping malls, heavy to light steel such as pipe
racks, platforms etc. for oil & gas and petrochemical Industries
and various other industries. The company is a wholly-owned
subsidiary of Tiger Steel Engineering LLC, Sharjah (UAE) (Tiger
Group). The company has manufacturing facility at Murbad, near
Mumbai and at Haridwar in Uttaranchal with a combined capacity of
27,000tpa for Hot rolled products and 43,000tpa for cold-form
products.


YASHWANT DUGDH: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Yashwant Dugdh Prakriya Limited (YDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B+, Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Yashwant Dugdh
Prakriya Limited (YDPL) factors in its small scale of operations,
thin profit margins and moderately leveraged capital structure.
The rating further considers competition from co-operative dairy
units and other private dairy companies, susceptibility to
nature's vagaries including lack of control over milk yield from
cattle and diseases affecting cattle, geographic as well as
product concentration of revenue and working capital intensive
nature of operations.

The rating, however, derives strength from qualified and
resourceful promoter's and locational advantage in terms of milk
procurement.

Going forward, the ability of the company to increase the scale
of operations and improve the profitability, while reducing
product concentration along-with efficient management of the
working capital cycle is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Qualified and resourceful management team: YDPL promoted by Mr.
Shivajirao Yashwantrao Naik is the Founder Director of the
company. Mr. Shivajirao Naik is BJP MLA of Shirala district. His
son, Mr. Satyajit Shivajirao Naik is the managing director and
looks after the overall operations of the company. The other
directors of the company include Mr. Pralhad Ankush Patil (aged
56 years), Mr.Randheer Shivajirao Naik (aged 44 years) and Mr.
Sambhaji Ragunath Patil (aged 46 years). The company is ably
supported by a team having experience in the dairy industry.

Locational advantage along with established milk procuring
network: YDPL has strong milk procurement network with an average
daily collection of 90,000 liters per day. The company procures
majority of the milk (~90%) from Yashwant Multistate Cooperative
Milk Society Limited and other small milk cooperative societies
around Shirala district. Over 30,000 farmers supply milk to
Yashwant Multistate Cooperative Milk Society Limited on a daily
basis. It primarily collects milk from the milk traders located
at within radius of around 100 kms from the plant at Shirala,
Sangli
District of Maharashtra.

Key Rating Weaknesses

Concentrated product portfolio: YDPL has a wide product portfolio
consisting of pasteurized milk, curd, desi cooking butter,
amrakhand, buttermilk, ghee, lassi, shrikhand, SMP, basundi,
khava, paneer etc. however the company has major portion of its
revenue coming from sale of pasteurized milk (FY17: 88% of total
operating sales). The company sells the value added products to
various distributors across Maharashtra, Karnataka and Goa which
further distributed to retailers under the brand name of 'Puro'.
YDPL sells 50% of the pasteurized milk in pouch form under its
brand "Sunanda" and remaining 50% is sold loose. With expansion
in other products, the concentration of revenue on milk has seen
a declining trend over past two years.

Growing scale of operations albeit thin profitability: The scale
of operations of the YDPL has been constantly increasing and its
total operating income as grown at a CAGR of ~31% during the past
four years ended FY17. Total operating income increased from
INR103.97 crore during FY16 to INR128.40 crore during FY17. The
increase in sales was mainly from increase in sales volume of
value added products. PBILDT margin declined from 1.46% during
FY16 to 1.12% during FY17. The marginal decline was on account of
higher employee costs and advertisement expenses. PAT margin
declined from 0.07% during FY16 to 0.01% during FY17.

Weak capital structure and debt coverage indicators: The
company's capital structure though deteriorated remained moderate
as on March 31, 2017. Long term debt to equity ratio deteriorated
on account of increase in debt and remained low at 0.55x as on
March 31, 2017 as compared to 0.48x as on March 31, 2016. Overall
gearing stood at 3.86x as on March 31, 2017 as compared to 3.71x
as on March 31, 2016. TDGCA though improved remained high at
23.40x as on March 31, 2017 against 23.92x on March 31, 201.
Interest coverage remained low at 1.07x during FY17 against 1.06x
during FY16.

Competition from the private dairies and co-operatives: YDPL
faces competition from the large sized private players and co-
operative dairy societies with well established brands, as well
as from the un-organized sector comprising of milk vendors. Other
major dairy companies are also entering into the manufacturing of
value added milk products on account of increasing demand in the
domestic market. YDPL faces intense competition from various
brands both within and outside the Maharashtra region.

Working capital intensive nature of operations: The operating
cycle of the company has remained in range of 10-30 days over the
past four years ending FY17 depending on level of closing stock
of long shelf life products in the portfolio such as paneer,
ghee, etc. The working capital cycle of the company deteriorated
to 22 days during FY17, as compared to 17 days during FY16 mainly
on account of marginal increase in collection period which is
mainly due to increase in the sale of value added products. The
current ratio of the company stood at 1.02x as on March 31, 2017.

"CARE has analyzed YDPL's credit profile by considering the
standalone financial statements as there are no financial or
operational linkages between the group companies"

Yashwant Dugdha Prakriya Limited (YDPL) is a public limited
company and is based out of Sangli district in Maharashtra. YDPL
commenced its operations in the year 2008 and was promoted by Mr.
Shivajirao Yashwantrao Naik (M.L.A.).The promoters also have
presence in the manufacturing activity of sugar with its
operational facility located at Shirala, Sangli District,
Maharashtra under the company named Shivaji Cane Processors
Limited (SCPL). Mr. YPDL started with a milk processing capacity
of 25,000 LPD (liters per day) and currently has capacity of
handling 2, 00,000 LPD with an average collection of 90,000 LPD
which is expected to grow till 140,000 LPD by December 2017. YDPL
markets their value added products under the brand "Puro",
packaged milk under the brand "Sunanda" and sells products across
the regions of Maharashtra, Goa and few parts of Karnataka. In
addition, it manufactures various value added products such as
butter milk, amrakhand, ghee, khava, paneer, shrikhand, curd,
lassi, SMP etc.



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


TOSHIBA CORP: Sells TV business to China's Hisense
--------------------------------------------------
Japan Today reports that Toshiba Corp. said Nov. 14 it has
decided to sell its television business to China's Hisense Group
as part of its efforts to restore its balance sheet.

According to the report, Toshiba said it agreed with the Chinese
group to sell 95 percent in shares of its unit Toshiba Visual
Solutions (TVS) for about JPY12.9 billion ($114 million).

"Toshiba has been considering structural reforms that will . . .
strengthen Toshiba's financial base," the firm, as cited by Japan
Today, said.  "It has become difficult for Toshiba itself to
further invest its management resources and execute measures to
strengthen the competitiveness" of the TV business, it said.

Accordingly, it determined that the best way to strengthen the
business is "to transfer it to Hisense," the report relays.

Japan Today notes that the announcement came days after the
Tokyo-based firm said it logged a net loss of $436 million for
the fiscal first half, as it moves to complete the multi-billion-
dollar sale of its chip business.

After months of wrangling with competing bidders, Toshiba said in
September it had formally signed an agreement to sell the chip
unit for JPY2 trillion to a consortium led by U.S. investor Bain
Capital, which included U.S. tech giants Apple and Dell as well
as South Korean chipmaker SK Hynix, Japan Today says.

Japan Today notes that the chip unit brought in around a quarter
of Toshiba's total annual revenue and is the crown jewel in a
vast range of businesses ranging from home appliances to nuclear
reactors.

The deal is seen as crucial to the survival of the cash-strapped
company, one of Japan's best-known firms, the report says.

Japan Today adds that Toshiba is on the ropes after the
disastrous acquisition of U.S. nuclear energy firm Westinghouse,
which racked up billions of dollars in losses before being placed
in bankruptcy protection.

                        About Toshiba Corp

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

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

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



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


R&A TELECOM: Seeks Action to Declare Founder's EGM Notice Invalid
-----------------------------------------------------------------
The Sun Daily reports that R&A Telecommunication Group Bhd is
taking legal action against its founder Francis Tan Hock Leong,
who called for an EGM to remove four directors.

According to the report, the company said in a filing with the
stock exchange that it had on November 10 filed an originating
summons against Mr. Tan in the High Court of Malaya, seeking a
declaration that the EGM notice issued by Tan on November 1 is
invalid and of no effect.

R&A is also seeking a declaration that any general meeting of
R&A, including any adjourned meeting thereof, sought to be
convened by Tan pursuant to the notice of EGM is invalid, the
report says.

Sun Daily says the EGM is set to be held at 10:00 a.m. on
November 22 at Cheng Yi Auditorium, The Kuala Lumpur And Selangor
Chinese Assembly Hall, Kuala Lumpur.

Last month, R&A received written requisitions from Nexgram
Holdings Bhd and Mr. Tan to convene an EGM for the removal and
appointment of directors, the report recalls.

According to Sun Daily, the directors whom they seek to remove
with immediate effect are Sim Keng Siong, Chua Soo Seong, Lim
Tiong Jin and Selva Rasan Datuk Puspa Das while the three
directors to be appointed are Rajendra Raja S. Govindaraj, Cheang
Soon Siang and Kamal Abdul Aziz.

Mr. Tan stepped down from his position as executive director last
December. Mr. Tan and Nexgram hold 7.93% and 6.83% equity
interest in R&A respectively, Sun Daily says.

R&A returned to the black for the three months ended June 30,
2017, registering a net profit of RM1.07 million against a net
loss of RM583,000 in the same period a year ago, the report
discloses.

Its regularisation plan is still pending the approval of Bursa
Malaysia, Sun Daily adds.

                     About R&A Telecommunication

R&A Telecommunication Group Berhad, an investment holding
company, provides turnkey design and engineering solutions for
telecommunication networks in Malaysia.

The group slipped into GN3 status in May 2015 after its auditors
expressed a disclaimer of opinion on its audited financial
statements for the financial year ended Dec. 31, 2014, according
to Sun Daily.



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


PROPERTY VENTURES: Liquidator Drops Henderson From Lawsuit
----------------------------------------------------------
Jonathan Underhill at BusinessDesk reports that the liquidator of
Property Ventures Ltd (PVL) has dropped former managing director
David Henderson from its lawsuit against the directors and
insurer of the failed investment group saying the former bankrupt
has no assets to satisfy the claim.

BusinessDesk relates that in a note dated Nov. 2, Judge Graham
Lang said Mr. Henderson was no longer a party to the proceeding,
which is set down for a substantive hearing starting in February
next year. He is the second defendant to exit the lawsuit after
PVL's auditor PricewaterhouseCoopers reached a confidential
settlement in August, the report says.

According to BusinessDesk, Judge Lang's note said Walker's QC
Justin Smith had submitted a joint notice of discontinuance in
which each of the remaining defendants indicated their consent to
the claim against Henderson being discontinued. The issue of
costs remains outstanding and Lang gave Henderson until Dec. 1 to
file any memorandum in support of an application for costs.

That leaves six defendants in the lawsuit -- former PVL chair
Austin Forbes, Alister Johnston, Gordon Hansen, Adolf de Roos,
Daniel Godden and Vero Liability Insurance, which is a third-
party defendant in the case, BusinessDesk notes.

PVL failed in 2010 and was subsequently put into liquidation.
Henderson was bankrupted that year and has since been discharged
although he's banned from being a director.

According to the report, liquidator Robert Walker said the
litigation against Mr. Henderson was discontinued "following the
assertion that he has no assets with which to satisfy the
judgement debt."

"The only element of the claim remaining was an application to
ban Mr Henderson as a director under the Companies Act, however,
he has already been banned from being a director in accordance
with the Insolvency Act," BusinessDesk quotes Mr. Walker as
saying in a statement. "As liquidator, our responsibility is to
the out of pocket investors and creditors of PVL, our focus is on
the remaining directors and Vero Liability Insurance as third-
party defendant in the case."

Mr. Walker's lawsuit is being bankrolled by litigation funder LPF
Group, which took up a position as a creditor after buying debt
held by Allied Farmers. Under its funding agreement, it gets a
share of any settlement, BusinessDesk relays.

BusinessDesk relates that Mr. Henderson said in an email that the
lawsuit was being driven by LPF Group and "none of this is about
recovering money for creditors." PWC "paid out just to avoid
wasted time and unrecoverable legal costs."

Mr. Henderson challenged his conditional discharge from
bankruptcy -- his second, having previously been bankrupted in
1996 and discharged in 1999 -- although the appeal was dismissed,
according to BusinessDesk. In dismissing the appeal, the Court of
Appeal noted that Associate Judge Rob Osborne, in granting the
discharge, had been satisfied "that the root causes of
Mr. Henderson's bankruptcy were profound and endemic to his
character," BusinessDesk adds.

Property Ventures (PVL), the central company of the
David Henderson property development ventures, was put into
receivership in March 2010, and then into liquidation in July the
same year.



===============
T H A I L A N D
===============


SME DEVELOPMENT: Moody's Withdraws b3 Baseline Credit Assessment
----------------------------------------------------------------
Moody's Investors Service has withdrawn all its ratings for SME
Development Bank of Thailand. The withdrawn ratings were Baa2
long term local and foreign currency deposits and issuer ratings,
P-2 short term local and foreign currency deposits and issuer
ratings, b3 baseline credit assessment (BCA) and adjusted BCA,
and Baa2(cr) and Prime-2(cr) counterparty risk (CR) assessments.
At the time of the withdrawal, the bank's long-term local and
foreign currency issuer and deposit ratings carried a stable
outlook.

RATINGS RATIONALE

Moody's has withdrawn the ratings for its own business reasons.

Withdrawals:

Issuer: SME Development Bank of Thailand

-- Long term Issuer Rating (Foreign Currency), Withdrawn,
    previously rated Baa2, outlook was changed to Rating
    Withdrawn from Stable

-- Long term Issuer Rating (Local Currency), Withdrawn,
    previously rated Baa2, outlook was changed to Rating
    Withdrawn from Stable

-- Short term Issuer Rating (Foreign Currency), Withdrawn,
    previously rated P-2

-- Short term Issuer Rating (Local Currency), Withdrawn,
    previously rated P-2

-- Long term Deposit Rating (Foreign Currency), Withdrawn,
    previously rated Baa2, outlook was changed to Rating
    Withdrawn from Stable

-- Long term Deposit Rating (Local Currency), Withdrawn,
    previously rated Baa2, outlook was changed to Rating
    Withdrawn from Stable

-- Short term Deposit Rating (Foreign Currency), Withdrawn,
    previously rated P-2

-- Short term Deposit Rating (Local Currency), Withdrawn,
    previously rated P-2

-- Adjusted Baseline Credit Assessment, Withdrawn, previously
    rated b3

-- Baseline Credit Assessment, Withdrawn, previously rated b3

-- Counterparty Risk Assessment, Withdrawn, previously rated
    Baa2(cr) / P-2(cr)

Outlook Actions:

Issuer: SME Development Bank of Thailand

-- Outlook, Changed To Rating Withdrawn From Stable



                             *********

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

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

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


                            *********


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

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

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



                 *** End of Transmission ***