TCRAP_Public/171124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Friday, November 24, 2017, Vol. 20, No. 234


                            Headlines


A U S T R A L I A

BRISCONNECTIONS: Arup Agrees to Settle AUD2.2BB Claim
IMAGEBUILD: Exec Fails to Show Records Due to 'Mental Conditions'
J AND I SCAFFOLDING: First Creditors' Meeting Set for Nov. 30
LIVE CLOTHING: First Creditors' Meeting Set for Dec. 4
MERCHANT OVERSEAS: Second Creditors' Meeting Set for Dec. 6

MERINO AND JUMBUCK: First Creditors' Meeting Set for Dec. 4
PALLAS BRIDE: First Creditors' Meeting Set for Nov. 30
SPA TRADING: Second Creditors' Meeting Set for Dec. 1


C H I N A

BIOSTAR PHARMACEUTICALS: Incurs $125,000 Net Loss in Third Qtr
GUANGZHOU R&F: Fitch Assigns Final BB Rating to US$500MM Notes
LODHA DEVELOPERS: Tap Bond Issue No Impact on Moody's B2 Rating
OCEANWIDE HOLDINGS: Fitch Rates US$300MM Senior Notes Final 'B'
SUNRISE REAL: Maturing Debt Raises Going Concern Doubt

TIMES PROPERTY: Fitch Rates Proposed USD Notes 'B+(EXP)'


I N D I A

ABT INVESTMENTS: CARE Reaffirms B Rating on INR100cr LT Loan
ANJANEE CEMENT: CARE Assigns B+ Rating to INR10cr LT Loan
ASWATH SAW MILL: Ind-Ra Moves B Issuer Rating to Non-Cooperating
ASWATH SAW MILL: Ind-Ra Corrects August 11 Release
BHUSHAN STEEL: JFE Holdings and JSW Steel to Bid for Firm

BSC C&C KURALI: CARE Lowers Rating on INR227.92cr LT Loan to D
CHOKSEY CHEMICALS: CRISIL Reaffirms B Rating on INR6.25MM Loan
GAURISANKAR ELECTRO: CARE Moves D Rating to Not Cooperating
GAYATRI ROLLING: CRISIL Raises Rating on INR5.5MM Loan to B+
GENNEXT ABASAN: CRISIL Reaffirms 'B' Rating on INR3MM Cash Loan

GO GREEN: CARE Moves D Rating to Not Cooperating Category
GOPAL KRISNA: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
HANUMAN COTTON: CARE Lowers Rating on INR8.01cr LT Loan to 'D'
HEADWORD PUBLISHING: CRISIL Lowers Rating on INR7MM Loan to 'B'
INVENTION INDIA: CRISIL Lowers Rating on INR6MM Loan to 'D'

JAI MATA: CARE Reaffirms B Rating on INR10.60cr LT Loan
JAY AGRO: CARE Lowers Rating on INR16.51cr LT Loan to D
KEDAR COTTON: CARE Reaffirms B+ Rating on INR9.80cr LT Loan
KHEDUT COTEX: CARE Moves B+ Rating to Not Cooperating Category
M.G. INFRAESTATES: CRISIL Reaffirms B+ Rating on INR14MM Loan

MAA JAYCHANDI: CARE Reaffirms B Rating on INR6.40cr LT Loan
MAHESHWARI INDUSTRIES: CARE Assigns B Rating to INR7cr LT Loan
MJM INDUSTRIES: Ind-Ra Assigns B Issuer Rating, Outlook Stable
PARAS GOTTAM: CARE Reaffirms B+/A4 Rating on INR10cr Loan
PRABHUNATH PRASAD: Ind-Ra Assigns BB Issuer Rating

PROGNOSYS MEDICAL: CARE Assigns B+ Rating to INR2.50cr LT Loan
RAJ HAIR: CRISIL Lowers Rating on INR10MM Bill Disc. to B+
RAJASTHAN METALS: Ind-Ra Moves B+ Rating to Non-Cooperating
RAMI REDDY: CRISIL Reaffirms 'B' Rating on INR15MM LT Loan
RATTAN KAUR: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating

RELIABLE INDUSTRIES: Ind-Ra Assigns BB+ Rating, Outlook Stable
RIDLEY IFMR: Ind-Ra Lowers Series A2 PTCs Ratings to 'C(SO)'
SAMRAKSHANA ELECTRICALS: CRISIL Cuts INR27.12MM Loan Rating to B-
SANDHYA POULTRY: CRISIL Reaffirms B Rating on INR8MM Cash Loan
SANMARG PROJECTS: Ind-Ra Affirms BB- Rating, Outlook Stable

SEA LAGOON: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
SHRI RAM: CARE Reaffirms B+ Rating on INR11.64cr LT Loan
SOUTH INDIA: CARE Assigns 'B' Rating to INR25cr LT Loan
STARWOOD VENEERS: CRISIL Reaffirms B Rating on INR2MM Loan
SUBHA-SOUMYA COLD: CRISIL Reaffirms B- Rating on INR6.40MM Loan

SURGICOINMEDEQUIP: CARE Moves D Rating to Not Cooperating
U. C. JAIN: CARE Moves D Rating to Not Cooperating Category
UNIMECH INDUSTRIES: Ind-Ra Affirms 'BB-' Rating, Outlook Stable
WAGNER TRIDENT: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating

* INDIA: Cabinet OKs Amendments to Insolvency and Bankruptcy Code


J A P A N

TAKATA CORP: Exclusive Plan Filing Period Moved to January 21
TOSHIBA CORP: Goldman to Get $180 Million Payday With Sale Deal
TOSHIBA CORP: JPY600BB Shares Issue is Credit Pos., Moody's Says


N E W  Z E A L A N D

DC ROSS: Scott Technology Buys Firm Out of Receivership


S O U T H  K O R E A

LEO MOTORS: Reports US$2.9 Million Net Loss in Third Quarter


                            - - - - -


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A U S T R A L I A
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BRISCONNECTIONS: Arup Agrees to Settle AUD2.2BB Claim
-----------------------------------------------------
Jenny Wiggins and Katie Walsh at The Australian Financial Review
report that lenders to the bankrupted toll road Airport Link will
get some of their money back after international engineering and
design group Arup agreed to settle a AUD2.2 billion lawsuit
alleging it made misleading and deceptive traffic forecasts.

AFR relates that the settlement, which has not been disclosed but
is believed to be more than AUD100 million, marks the end of a
series of lawsuits and class actions against forecasters that
were over-optimistic on how many cars would use toll roads such
as Brisbane's Clem Jones Tunnel as well as Sydney's LaneCove
Tunnel and CrossCity Tunnel.

Arup decided to negotiate a settlement after the engineering and
design group's former lead traffic forecaster, Gerard Cavanagh,
acknowledged under cross-examination in the Federal Court that
the traffic models devised for Airport Link were "totally and
utterly absurd" and that some of its forecasts were "simply
ridiculous," according to AFR.

The 6.7-kilometre Airport Link tunnel, which links Brisbane
Airport with the CBD, went into receivership in early 2013 - just
seven months after opening - after traffic was two-thirds lower
than Arup predicted, AFR says.

AFR states that Arup's barrister, Ian Pike, SC, indicated lawyers
were worried about the viability of Arup's defence on November 1
when he told the court that they were no longer planning to argue
the case that the engineering group had "a reasonable basis" for
its traffic forecasts, and would no longer defend allegations
that it had engaged in gross negligence.

Arup abandoned plans to call its own traffic expert to give
evidence and Mr. Pike told the court that Arup's lawyers were
concerned about their "ethical obligations" regarding Arup's
financial position if they proceeded with the trial, the report
relays.

PPB Advisory, Airport Link's receivers, decided to settle the
lawsuit despite the acknowledgements from Mr. Cavanagh, because a
AUD2.2 billion judgment against the engineering group would have
forced it into bankruptcy, making it hard to recover any cash for
lenders, AFR says. Arup's Australian revenues are around AUD350
million annually.

According to the report, Arup and PPB Advisory have signed
settlement papers but will not finalise the settlement until Arup
pays, with the parties planning to return to court on December 14
to finalise proceedings.

                    About BrisConnections Group

BrisConnections Group is the company behind the AUD4.8 billion
Airport Link tunnel.  AirportlinkM7 is the toll road linking
Brisbane's CBD to the northern suburbs and the Brisbane Domestic
and International Airport.

David McEvoy, Christopher Hill and Michael Owen of PPB Advisory
were appointed as Receivers and Managers to the BrisConnections
Group on Feb. 19, 2013.  This follows the appointment of partners
of McGrathNicol as Voluntary Administrators by the Board of
BrisConnections Group.

BrisConnections went into administration on debts worth more than
the tunnel.


IMAGEBUILD: Exec Fails to Show Records Due to 'Mental Conditions'
-----------------------------------------------------------------
ABC News reports that the director of Imagebuild Group, a
building company that collapsed owing AUD20 million, has failed
to provide records to the firm's liquidator, claiming he cannot
cooperate because of "mental conditions".

It has also been revealed that the company was leasing a number
of luxury cars and motorcycles when it went into liquidation, the
report says.

ABC News relates that the liquidator has also raised concerns the
company may have been trading while insolvent.  However, the
liquidator has warned creditors it could cost another AUD100,000
to get to the bottom of the business failure.

According to the report, Imagebuild Group was targeted earlier
this year in an online campaign by angry contractors who claimed
the director, Brett Spits, had failed to pay numerous suppliers
and subcontractors.

Tradesmen who carried out work on a number of Imagebuild Group
projects in Melbourne's suburbs told the ABC that when they
billed the company, they were told their contracts were in fact
with another company, called SFOPPS.

The report says the director of SFOPPS was initially Theresa
Spits, Mr Spits's mother, but last December, a woman called Lisa
Baker was appointed as the director and the company put into
liquidation.

A number of contractors and suppliers were left out of pocket to
the tune of millions of dollars, the report notes.

Imagebuild Group itself was forced into liquidation in August by
a joinery company, to which it owed hundreds of thousands of
dollars, the report discloses.

At the time, it was constructing an apartment building in West
Melbourne.

ABC says underworld figure Mick Gatto is among the investors in
that project, while his son Damien was employed by Imagebuild as
a contract administrator.

Lawyers for the joinery company then selected a firm of
liquidators called Jirsch Sutherland to investigate Imagebuild's
affairs, despite the fact the Australian Taxation Office (ATO)
expressed a preference for a different liquidator, ABC News says.


J AND I SCAFFOLDING: First Creditors' Meeting Set for Nov. 30
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of J and I
Scaffolding Pty Ltd will be held at the offices of BRI Ferrier
(NSW) Pty Ltd, Level 30, Australia Square, 264 George Street, in
Sydney, New South Wales, on Nov. 30, 2017, at 9:30 a.m.

Brian Raymond Silvia and Andrew John Cummins of BRI Ferrier were
appointed as administrators of J and I Scaffolding on Nov. 22,
2017.


LIVE CLOTHING: First Creditors' Meeting Set for Dec. 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Live
Clothing Pty Ltd will be held at the offices of Ferrier Hodgson,
Level 28, 108 St Georges Terrace, in Perth, West Australia, on
Dec. 4, 2017, at 11:00 a.m.

Wayne Rushton, Martin Jones and James Stewart of Ferrier Hodgson
were appointed as administrators of Live Clothing on Nov. 22,
2017.


MERCHANT OVERSEAS: Second Creditors' Meeting Set for Dec. 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Merchant
Overseas Logistics Pty Ltd has been set for Dec. 6, 2017, at
Merchant Shipping Offices, 16 McDonald Road, in Chadwick, West
Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 5, 2017, at 4:00 p.m.

Andrew Schwarz of AS Advisory was appointed as administrator of
Merchant Overseas on Oct. 31, 2017.


MERINO AND JUMBUCK: First Creditors' Meeting Set for Dec. 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Merino and
Jumbuck Company (Australia) Pty Ltd will be held at the offices
of Chartered Accountants Australia and New Zealand, Level 18, 600
Bourke St, in Melbourne, Victoria, on Dec. 4, 2017, at 11:00 a.m.

Laurence Andrew Fitzgerald and Michael James Humphris of William
Buck were appointed as administrators of Merino and Jumbuck on
Nov. 22, 2017.


PALLAS BRIDE: First Creditors' Meeting Set for Nov. 30
------------------------------------------------------
A first meeting of the creditors in the proceedings of Pallas
Bride and Fashion Pty Ltd will be held at the offices of Cor
Cordis, Mezzanine Level, BGC Centre, 28 The Esplanade, in Perth,
West Australia, on Nov. 30, 2017, at 2:00 p.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Pallas Bride on Nov. 20, 2017.


SPA TRADING: Second Creditors' Meeting Set for Dec. 1
-----------------------------------------------------
A second meeting of creditors in the proceedings of SPA Trading
Pty Ltd, trading as Cremosa Espresso Bar, has been set for Dec. 1
at Level 4, 232 Adelaide Street, in Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 30, 2017, at 4:00 p.m.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of SPA Trading on Oct. 27, 2017.



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C H I N A
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BIOSTAR PHARMACEUTICALS: Incurs $125,000 Net Loss in Third Qtr
--------------------------------------------------------------
Biostar Pharmaceuticals, Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q reporting a
net loss of $125,186 on $0 of net sales for the three months
ended Sept. 30, 2017, compared to a net loss of $1.56 million on
$644,933 of net sales for the three months ended Sept. 30, 2016.

For the nine months ended Sept. 30, 2017, the Company reported a
net loss of $2.45 million on $0 of net sales compared to a net
loss of $9.08 million on $2.06 million of net sales for the nine
months ended Sept. 30, 2016.

As of Sept. 30, 2017, Biostar had $41.42 million in total assets,
$5.27 million in total liabilities, all current and $36.14
million in total stockholders' equity.

According to Biostar, "There is substantial doubt that the
Company will continue as a going concern.  As of September 30,
2017, we had cash and cash equivalents of approximately $0.4
million and negative working capital of approximately $4.3
million.  We had no production or sales due to preparation of GMP
certification renewals at our Aoxing facility and replacing
production equipment to comply with government's environmental
protection requirement at our Weinan facility, which led to
significantly weak results in generating cash flows during the
fiscal year.  While our production levels of Shaanxi Weinan
products helped to offset a substantial decrease in our sales
volume in 2016, due to the temporarily suspension of production
in both Aoxing and Weinan, no revenue has been generated in
current quarter.  We have been working with our financial lenders
to extend the Company's outstanding loans, while trying to
collect as much of the Company's accounts receivable as possible,
while waiting to restore production volumes to regular levels.
As of this filing, the Company's application of the renewal of
Aoxing Pharmaceutical's GMP certificate has been preliminarily
approved and publicly announced by the local government in
October 2017, subject to the final approval to be granted before
the end of 2017, at which point we anticipate resuming production
and sales. However, we cannot provide any assurance that we will
be able to successfully extend our outstanding loans, and the
Aoxing production will resume as anticipated and the renewal of
GMP certificates will occur when anticipated, or even if they are
renewed, we will be able to return to the anticipated production
levels.  If we are unable to renew our GMP certificates to allow
production resumption as anticipated, our operations will be
materially affected and we might become insolvent.

"On an on-going basis, we take steps to identify and plan our
needs for liquidity and capital resources, to fund our operations
and day to day business operations.  Our future capital
expenditures will include, among others, expanding product lines,
research and development capabilities, and making acquisitions as
deemed appropriate.

"Based on our current plans for the next 12 months, we anticipate
that the sales of the Company's pharmaceutical products will be
the primary organic source of funds for future operating
activities.  However, to fund continued expansion of our
operation and extend our reach to broader markets, and to acquire
additional entities, as we may deem appropriate, we may rely on
more bank borrowing, if available, as well as capital raises.
There is no assurance that we will find such funding on
acceptable terms, if at all."

Net cash provided by operating activities for the nine months
ended Sept. 30, 2017 was approximately $4.6 million.  This was
primarily due to the Company's net loss of approximately $2.5
million, adjusted by non-cash related expenses including
depreciation and amortization of approximately $0.9 million and
non-cash related positive fair value adjustment on warrants of
$0.3 million, then increased by favorable changes in working
capital of approximately $6.4 million.  The favorable changes in
working capital were mainly due to decrease in accounts
receivable as result of collection efforts offset by decrease in
accounts payable and accrued expenses.

Net cash used in investing activities for the nine months ended
Sept. 30, 2017 was approximately $4.4 million which was used as
deposit for intended acquisition.

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

                       https://is.gd/Kmtfuc

                 About Biostar Pharmaceuticals

Based in Xianyang, China, Biostar Pharmaceuticals, Inc.,
develops, manufactures and markets pharmaceutical and health
supplement products for a variety of diseases and conditions in
the People's Republic of China.  Biostar was incorporated in the
State of Maryland on March 27, 2007.  The Company became the
indirect holding company for Aoxing Pharmaceutical, a medical and
pharmaceutical developer, manufacturer and marketer in the PRC on
Nov. 1, 2007.  Visit www.biostarpharmaceuticals.com for more
information.

Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015.

Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification on the consolidated
financial statements for the year ended Dec. 31, 2016, stating
that the Company had experienced a substantial decrease in sales
volume which resulting a net loss for the year ended Dec. 31,
2016.  Also, part of the Company's buildings and land use rights
are subject to litigation between an independent third party and
the Company's chief executive officer, and the title of these
buildings and land use rights has been seized by the PRC Courts
so that the Company cannot be sold without the Court's
permission.  In addition, the Company already violated its
financial covenants included in its short-term bank loans.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern.


GUANGZHOU R&F: Fitch Assigns Final BB Rating to US$500MM Notes
--------------------------------------------------------------
Fitch Ratings has assigned Guangzhou R&F Properties Co. Ltd.'s
(BB/Rating Watch Negative (RWN)) USD500 million 5.875% senior
notes due 2023 a final 'BB' rating and placed the notes on RWN.

The notes are 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 constitute its direct and
senior unsecured obligations. The assignment of the final rating
follows the receipt of documents conforming to information
already received and is in line with the expected rating assigned
on 13 November 2017.

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's 1H17 expansion was 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
leveraged 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 remains 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


LODHA DEVELOPERS: Tap Bond Issue No Impact on Moody's B2 Rating
---------------------------------------------------------------
Moody's Investors Service says that Lodha Developers Private
Limited's (LDPL, B2 stable) announcement of a tap bond offering
on its existing $200 million 12% notes due 2020 by its wholly
owned subsidiary Lodha Developers International Limited (B2
stable) is credit positive, but has no ratings impact. The bonds
are unconditionally and irrevocably guaranteed by LDPL.

"The proposed offering will moderately extend LDPL's debt
maturity profile, as it will use the proceeds to refinance
existing short-term debt," says Saranga Ranasinghe, a Moody's
Assistant Vice President and Analyst.

At September 30, 2017, LDPL had around INR30 billion due in the
next 12 months in India (Baa2 stable).

"The refinancing will also lower LDPL's interest costs -- due to
the higher interest rates of the debt that is being refinanced,"
adds Ranasinghe.

The B2 rating reflects Moody's expectation that LDPL's credit
metrics will start improving from the fiscal year ending March
2018 (fiscal 2018), once it starts recognizing sales from
projects launched over the last two to three years in India. At
the same time, LDPL will recognize revenue and earnings from its
developments in London, which will further improve its credit
metrics.

Consequently, Moody's expects adjusted debt/homebuilding EBITDA
to improve to around 4.8x in fiscal 2018 from around 5.3x in
fiscal 2017. Moody's calculation of LDPL's debt includes the debt
at its London entities.

The stable outlook reflects Moody's expectation that LDPL will
sustain the recent improvements in its operating sales and
collections.

The reorganization of the group is likely to be completed by
January 2018, after which the London properties will become part
of the restricted group.

Following the reorganization, bondholders will benefit from the
diversification to the London real estate market as well as from
having access to the cash flows from the London properties.

The B2 rating also reflects LDPL's position as the largest
residential property developer in India in terms of sales, the
high quality of its projects under construction and its strong
execution capability. At the same time, the rating is constrained
by the company's weak liquidity profile given its sizeable short-
term debt and historically weak credit metrics.

The ratings could be upgraded if LDPL shows sustained
improvements in its sales performance and positive free cash flow
generation.

In addition, the ratings could be upgraded if there is an
improvement in LDPL's liquidity profile, with solid liquidity in
the form of cash balances and committed facilities to cover its
short-term debt maturities.

Credit metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 4.0x and adjusted homebuilding
EBIT/interest coverage above 2x on a sustained basis.

The ratings could be downgraded if the company's operating
performance and liquidity position do not improve, or if it
engages in material debt-funded land acquisitions. Credit metrics
indicative of downward ratings pressure include: (1) adjusted
debt/homebuilding EBITDA above 5.5x; and/or (2) homebuilding
EBITA/interest below 1.5x.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.

Lodha Developers Private Limited (LDPL) is the largest real
estate developer in India by sales of residential apartments.

LDPL is focused on residential development in the Mumbai
Metropolitan Region, with some projects in nearby Pune. The
company and its promoters have expanded into the London market by
acquiring two properties that are now in the process of
development.

LDPL is privately held by the Lodha family.


OCEANWIDE HOLDINGS: Fitch Rates US$300MM Senior Notes Final 'B'
--------------------------------------------------------------
Fitch Ratings has assigned China-based property developer
Oceanwide Holdings Co. Ltd.'s (B/Negative) US$300 million 8.5% US
dollar senior notes a final rating of 'B' and a Recovery Rating
of 'RR4'.

The notes are issued by Oceanwide Holdings International 2017
Co., Limited, Oceanwide's wholly owned subsidiary, and are
guaranteed by Oceanwide. The notes are rated at the same level as
Oceanwide's senior unsecured rating as they represent the
company's direct and senior unsecured obligations. The assignment
of the final rating follows the receipt of documents conforming
to information already received. The final rating is in line with
the expected rating assigned on November 15, 2017.

Oceanwide's rating is supported by its high-quality landbank,
which is sufficient for more than 10 years of development. The
rating is constrained by a rapid increase in leverage, which is
likely to remain high for the next 18-24 months as the company
ramps up development expenditure to support sales growth and
continues to invest in its finance business.

KEY RATING DRIVERS

Leverage Higher but Manageable: Oceanwide's leverage, as measured
by net debt/adjusted inventory and after deconsolidating debt
from the financial business, reached 92% in 2016 (2015: 86%),
which is higher than that of 'B' rated peers. Fitch expects this
ratio to remain above 80% owing to Oceanwide's property-
development business model, which requires more time to generate
sales due to the lengthy primary-land development phase.
Oceanwide's consolidated net debt jumped to CNY74 billion at end-
2016, from CNY39 billion in 2014, following higher development
expenditure, the rapid expansion of its finance business,
additional investment in financial assets and overseas
acquisitions.

Valuable Landbank: A majority of Oceanwide's large land bank was
acquired many years ago and is sufficient for more than 10 years
of development. Sites in tier 1 cities, like Beijing and
Shanghai, affluent tier 2 cities, like Wuhan, and major cities in
the US make up more than 80% of the company's land bank. Many of
Oceanwide's projects in Beijing and Shanghai are in prime
locations. The low land cost, together with the high quality of
Oceanwide's landbank, will be the key driver supporting a solid
EBITDA margin and growth for the next two to three years.

Contracted Sales to Pick Up: Fitch expects Oceanwide's contracted
sales to increase by 15%-20% annually in 2018, driven by project
launches in Wuhan and sales from new projects in Beijing and
Shanghai. This will drive the company's contracted sales to over
CNY20 billion and allow it to generate positive operating cash
flow from its property business to fund its financial-sector
expansion.

Continuing Finance Expansion: Oceanwide has been aggressively
diversifying its business from pure property development to
financial institutions since 2014. It has spent more than CNY20
billion on building its finance business, which includes
securities, trusts, insurance and internet finance. Fitch expect
Oceanwide to continue investing heavily in the finance sector
with an aim to secure licenses for a full range of finance
businesses, which may continue pressuring its leverage. Oceanwide
is also involved in long-term equity investments and short-term
trading on the secondary market.

DERIVATION SUMMARY

Oceanwide has a larger scale in terms of contracted sales and
EBITDA than other China-based property companies rated in the 'B'
category, such as Redco Properties Group Ltd (B/Stable) and
Guorui Properties Limited (B/Stable). However, its leverage is
comparatively higher due to its active investments in financial
institutions and larger exposure to commercial development
properties, which have a longer cash-collection cycle than
industry average. This also drives Oceanwide's lower project
churn compared with peers, but means its landbank, which was
acquired years ago, is undervaluing its inventory compared with
high-churn homebuilders.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Limited new land acquisitions at 0.5x of contracted sales
   gross floor area
- Contracted sales growth driven by higher average selling
   prices of CNY35,000 per square metre (sq m) in 2017-2018
   (2015: CNY32,000/sq m)
- Property development EBITDA margin of 35%-40% in 2017-2019
   (2016: 34%)

Recovery rating assumptions
- Oceanwide would be liquidated in a bankruptcy because it is an
   asset-trading company
- 10% administrative claims
- The value of inventory and other assets can be realised in a
   reorganisation and distributed to creditors
- A haircut of 25% on adjusted inventory, which is in-line with
   domestic peers despite its higher-than-industry profit margin,
   as Oceanwide is also involved in overseas properties that have
   lower margins than domestic projects
- A 20% haircut to investment properties and the net tangible
   assets of its financial subsidiaries
- A 50% haircut to available-for-sale financial securities and
   land and buildings
- Based on Fitch calculation of the adjusted liquidation value
   after administrative claims, Fitch estimate the recovery rate
   of the offshore senior unsecured debt to be 42%, which
   corresponds to a Recovery Rating of 'RR4'

RATING SENSITIVITIES

Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- Contracted sales/net debt excluding financial institutions
   below 0.25x for a sustained period or the ratio deteriorating
   for a sustained period (2016: 0.16x)
- EBITDA margin below 35% for a sustained period
- Substantial weakening of the credit profile of its key
   financial institutions

Positive: Positive rating action is not expected in the next 12-
18 months due to Oceanwide's high leverage

LIQUIDITY

Oceanwide had roughly CNY35 billion in cash and equivalents as of
end-September 2017, sufficient to cover its short-term debt of
roughly the same amount. The company was in a tight liquidity
position in 2014 and has diversified its funding sources over the
past two years and improved its liquidity position through
issuing offshore bonds, tapping the onshore bond market,
replacing short-term expensive trust loans with long-term debt
and equity placements. Hence, Fitch have seen the company's
borrowing costs gradually trend lower.


SUNRISE REAL: Maturing Debt Raises Going Concern Doubt
------------------------------------------------------
Sunrise Real Estate Group, Inc., filed its quarterly report on
Form 10-Q, disclosing a net loss of $2.02 million on $1.39
million of net revenues for the three months ended March 31,
2015, compared with a net loss of $1.15 million on $2.17 million
of net revenues for the same period in 2014.

At March 31, 2015, the Company had total assets of $103.62
million, total liabilities of $108.92 million, and -$5.31 million
in total stockholders' equity.

As of March 31, 2015, the Company has a working capital
deficiency, accumulated deficit from recurring net losses, and
significant short-term debt obligations currently in default or
maturing in less than one year.  These factors raise substantial
doubts about the Company's ability to continue as a going
concern.

A copy of the Form 10-Q is available at:

                   https://is.gd/UoBfQx

              About Sunrise Real Estate Group

Headquartered in Shanghai, the People's Republic of China,
Sunrise Real Estate Group, Inc., and its subsidiaries' principal
activities are real estate development and property brokerage
services, including real estate marketing services, property
leasing services; and property management services in the
People's Republic of China.


TIMES PROPERTY: Fitch Rates Proposed USD Notes 'B+(EXP)'
--------------------------------------------------------
Fitch Ratings has assigned Times Property Holdings Limited's
(Times Property; B+/Positive) proposed US dollar senior notes a
'B+(EXP)' expected rating and Recovery Rating of 'RR4'.

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

Fitch revised the Outlook on Times Property to Positive from
Stable on 11 January 2017 and Fitch may take further positive
rating action if the company can maintain leverage below 45% and
keep its land bank sufficient for three years of development. The
China homebuilder's ratings are supported by its execution track
record but constrained by the need to consistently replenish its
land bank with quality sites, which results in a fluctuation in
leverage.

KEY RATING DRIVERS

Larger Scale, Strong Sales: Times Property's January-October 2017
sales increased by 32% yoy to CNY31.6 billion, almost reaching
its annual sales target of CNY32.5 billion, with an average
selling price of CNY15,340/sq m, notably higher compared with
CNY11,860/sq m in full-year 2016 and only CNY9,010/sq m in full-
year 2015. The company will be able to retrieve around CNY28
billion in 2017 from the sales proceeds, assuming a historical
cash-collection rate of 86%. Fitch believes that Times Property's
strong cash collection from larger sales will continue to support
expansion in the next three years.

Better Land Bank Quality: Times Property had 14.5 million sq m of
land as of end-June 2017, with 13% located in Guangzhou, 34% in
Guangdong's Tier 2 cities (Foshan, Zhuhai and Zhongshan) and the
rest in less-developed noncore cities - Qingyuan, Dongguan,
Changsha and Huizhou. Fitch estimates that the company kept its
land bank in its core markets (Guangzhou, Foshan and Zhuhai) at
above 3.5 years of development activity at end-June 2017.

High-Cost Acquisitions: Times Property acquired nine projects
with an average cost of CNY5,043/sq m in 1H17. The developer
started to acquire higher-priced land parcels in its core markets
from 2015 to expand the share of products that appeal to
upgraders and to solidify its foothold in Guangzhou and core Tier
2 cities such as Foshan and Zhuhai. It bought several land
parcels in Foshan and Zhuhai at above CNY12,000/sq m, resulting
in a weighted-average land-acquisition cost of more than
CNY8,500/sq m in 2016, compared with around CNY6,000/sq m in 2015
and less than CNY3,000/sq m before 2014. However, Fitch expects
Times Property to add two to three projects from urban
redevelopment sites annually to complement high-cost land
acquisitions from public auctions.

Stable Leverage: Times Property's leverage, measured by net
debt/adjusted inventory, rose to about 40% at end-June 2017, from
33% at end-2016. Fitch expects leverage to fluctuate while Times
Property expands, particularly as the government has implemented
a series of policies since October 2016 to curb excessive
increases in housing prices. The company's sustainable sales at
current levels would be key to managing the fluctuation in
leverage. Fitch will consider taking positive rating action if
Times Property is able to maintain its leverage below 45%.

Concentration in Guangdong Province: Times Property is a regional
property developer focused on Guangdong Province in southern
China. Guangzhou, Foshan and Zhuhai together accounted for more
than 85% of the total contracted sales in the past three years.
Fitch believe that Times Property will focus on expanding within
Guangdong Province and is unlikely to expand into other provinces
in the near term.

DERIVATION SUMMARY

Times Property expanded by about 50% in 2016 to reach a
contracted sales scale similar to 'BB' category peers such as
Yuzhou Properties Company Limited's (BB-/Stable)'s CNY23 billion
and China Aoyuan Property Group Limited's (BB-/Stable) CNY26
billion. Times Property had previously been constrained by
relatively high leverage (around 40%) compared with its small
scale, due to constant pressure to increase its land bank in its
core markets in Guangdong province. The company has managed to
keep its leverage stable while significantly boosting scale and
saleable resources during the past two years to support future
growth. Fitch revised the Outlook to Positive from Stable in
January 2017 and will take further positive action if Times
Property is able to meet positive rating sensitivities on a
sustainable basis in the next 12 months.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Contracted sales sustained above CNY30 billion in the next
   three years
- Gross profit margin (including capitalised interests)
   maintained at 20%-25% over 2017-2019
- Attributable land premium around 45% of total contracted sales
   in the next three years.

Recovery rating assumptions
- The recovery analysis assumes Times Property would be
   liquidated in a bankruptcy because it is an asset trading
   company.
- Fitch have assumed a 10% administrative claim.
- The liquidation estimate reflects Fitch's view of the value of
   inventory and other assets that can be realised and
   distributed to creditors.
- Fitch applied a haircut of 40% on its adjusted inventory, in
   line with the norm used for its peers.
- Fitch applied a haircut of 25% on its trade receivables, in
   line with the norm used for its peers.
- Fitch also assumed Times Property will be able to use 100% of
   the CNY2.5 billion in restricted cash to pay debt.
- Based on Fitch calculation of the adjusted liquidation value,
   after administrative claims, Fitch estimate the recovery rate
   of the offshore senior unsecured debt to be 54%, which
   corresponds to a Recovery Rating of 'RR3'. However, Times
   Property's Recovery Rating is capped at 'RR4' because debt of
   offshore Chinese holding companies face structural issues as
   the onshore operating companies do not provide upstream
   guarantees.

RATING SENSITIVITIES

Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
- Net debt/adjusted inventory sustained below 45%
- Contracted sales/total debt sustained above 1.5x (2016: 1.4x)
- EBITDA margin sustained above 20% (2016: 19.4%, 1H17: 19.3%)
- Land bank sufficient for three years of development

Negative: Future developments that may lead to the Outlook
reverting to Stable:

- Failing to maintain the positive guidelines

LIQUIDITY

Sufficient Liquidity: Times Property had cash and cash
equivalents of CNY13.1 billion (including restricted cash) as of
end-June 2017, compared with its CNY2.4 billion short-term debt.
The company has already issued two offshore senior notes in 2017
to refinance the USD305 million 12.625% bond due 2019 (redeemed
in February 2017) and the CNY1.5 billion 10.375% bond due 2017.



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


ABT INVESTMENTS: CARE Reaffirms B Rating on INR100cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
A B T Investments Private Limited (AIPL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long term Non-
   Convertible
   Debentures             100       CARE B; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The rating assigned to the Non-Convertible Debenture (NCD) issue
of AIPL continues to be constrained by the non-operational nature
of AIPL, being an investment holding company of ABT group with
large part of its holding in Sakthi Sugars Limited which has a
strained liquidity profile arising out of losses incurred and
high debt levels. The rating however draws comfort from the vast
experience of the promoters and the group's operational track
record of more than eight decades.

Going forward, ability of the group to generate adequate cash
inflows through the planned asset sales would be the key rating
sensitivity. Additionally, any changes in the financial risk
profile of the investments would be a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Non-operational nature of AIPL: Since AIPL has no operating cash
flow, the company intends to meet its repayment obligations
primarily through debt repayments from ABT Madras.

Weak Financial risk profile of SSL (underlying security company):
The NCD issue is secured by pledging the shares of Shakti Sugars
Limited (SSL) held by AIPL. As indicated by the auditors in the
audit report of SSL for FY17, the company has been making delays
in servicing of debt obligations (It had undergone Corporate Debt
Restructuring in FY16). SSL's Operating Income has also increased
by 10% from INR858 crore in FY16 to INR939 crore in FY17. The
Company in FY17 has reported a Net Profit of INR10.44 crore as
against a net loss of INR20.17 Crore in FY16.

Exposure of security to market volatility risk: As AIPL has
pledged the shares of Sakthi Sugars for the NCD issue, in case of
AIPL not receiving funds from ABT Madras, the ability of the
company to liquidate the shares and accumulate funds required to
meet the obligations is dependent on the prevailing market
conditions and macroeconomic scenarios.

Key Rating Strengths

Well experienced promoter group: The Sakthi group has been
operational for over eight decades and has presence in diverse
industries. Dr. M. Manickam, Chairman of the group is a third
generation entrepreneur and has over three decades of industrial
experience. He holds a MBA degree from University of Michigan.
The day to day operations of the group companies are managed by
his children. The promoters are supported by well-experienced
management team who have been with the group for long period.

A B T Investments (India) Private Limited (AIPL) belongs to the
Coimbatore based Sakthi group of companies having presence in
diversified industries including Sugar, Auto Components, Power,
IT services, transportation & logistics, energy and textiles. The
companies and divisions were setup as subsidiaries of existing
group companies. ABT Limited, the parent company of the Sakthi
group was setup as a bus service company in 1931 by the founder
P. NachimuthuGounder. To enable independent expansion of the
various divisions of the group, ABT had filed a scheme of
arrangement (Demerger) with the High Court of Madras and the same
was sanctioned on April 18, 2016, effective from January 01,
2015. AIPL was formed after the demerger and consolidation of the
companies under ABT group.

As per the scheme of arrangement, the resultant companies - ABT
(Trichy) Private Limited and ABT (Madras) Private Limited ceased
to exist as subsidiaries of ABT. ABT (Madras) Private Limited
would be engaging in the business of real estate development. ABT
Trichy was renamed as ABT Investments (India) Private Limited
(AIPL) continues to be an investment company holding the shares
of group companies. Various investments and security holding in
the books of ABT Limited were transferred to AIPL. The Company
has holdings in various group companies of ABT group. This also
includes 6,74,63,540 equity shares (56.76% of the total shares
issued) of Sakthi Sugars Limited.


ANJANEE CEMENT: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Anjanee Cement Corporation (ACC), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACC is constrained
by its short track record and small scale of operation with
moderate profitability margins, susceptible to volatility of raw
material prices, working capital intensive nature of business,
partnership nature of constitution, intensely competitive nature
of the industry with exposure to geographical concentration risk
and cyclical nature of the cement industry. The aforesaid
constraints are partially offset by the extensive experience of
partners, wide dealer networks, improving capacity utilization
and comfortable capital structure with satisfactory debt coverage
indicators.

Ability of the firm to grow its scale of operations, maintain
profitability margins and ability to manage working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with moderate
profitability margins: ACC is into manufacturing of cement
business since 2014 and accordingly has short track record of
operations of about 3 years. Furthermore, ACC is a small player
in the cement industry marked by total operating income of
INR9.70 crore with a PAT of INR0.56 crore in FY17. Further, the
net worth base and total capital employed was low at INR7.91
crore and INR15.03 crore, respectively, as on March 31, 2017. The
firm has achieved turnover of INR9.00 crore in H1FY18. The small
size restricts financial flexibility in times of stress. The
PBILDT margin declined gradually over the last three years due to
higher cost of operations and the same stood at 17.48% in FY17 as
against 22.09% in FY16. However, the PAT margin improved on
account of low capital charges and the same stood at 5.79% in
FY17 as against 4.35% in FY16.

Susceptible to volatility of raw material prices: ACC is engaged
in manufacturing of cements and does not have its own clinker
unit. Hence, it has to procure it from other cement
manufacturers. The firm procures its major raw material i.e.
clinker mainly from large cement players. Furthermore, it does
not have any long term agreement with its suppliers. The raw
material cost continues to be the major cost component of ACC
constituting around 75% of the total cost of sales in FY17.
Hence, any adverse movement in raw material price without any
corresponding movement in finished goods price is expected to
affect the profitability of the firm.

Working capital intensive nature of business: The firm is into
manufacturing of cement. ACC has to maintain a large quantity of
raw material inventory to mitigate the raw material price
fluctuations risk and smooth running of its production process.
Accordingly the average inventory period of the firm remained at
50 days during FY17 though improved from 60 days in FY16.
Furthermore, the firm allows around a month credit to its
customers. Accordingly, the average fund based bank limit
utilization remained on the higher side at about 100% during last
12 months ended September 30, 2017.

Cyclical nature of the cement industry: Cement demand is derived
from real estate, infrastructure & industrial sectors. The
slowdown in the real estate sector and delay in take-off of
various infrastructural projects took a toll on the cement
demand. Spiraling cost of capital, delays in execution of
infrastructure as well as industrial projects and the overall
economic slowdown adversely affected the off take of cement.
Partnership nature of constitution: ACC, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.

Intensely competitive nature of the industry with exposure to
geographical concentration risk: ACC is operating in a highly
competitive market, dominated by the large cement manufactures
with wide brand acceptability. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability. Furthermore, the
operations of the firm are confined in the state of Assam only.
Hence, presence in only a single state leads to geographical
concentration risk for the firm.

Key Rating Strengths

Experienced partners: ACC is currently managed by Mr. Naba Kumar
Basumatary who has around two decades of experience in cement
industry, looks after the day to day operations of the firm. He
is being duly supported by the other partners Mr. Debasis Das,
Mr. Apurba Talukdar, Mr. Debi Lal Choudhary, Mr. Harish Chandra
Tripathi, Mr. Mrinal Jyoti Das and Mr. Durgesh Chandra Choudhary
along with a team of experienced personnel.

Wide dealer network and improving capacity utilization: The firm
has around 80 dealers for distribution of its products in the
state of Assam. The firm has commenced operations from June 2014
and thus FY15 was the first year of operations for the firm. In
FY15, the capacity utilization was at 45% which improved to 50%
in FY16 and further improved to 60% in FY17. The capacity
utilization of ACC remained at a moderate level of 60% in FY17.
The capacity utilization improved mainly on account of higher
demands of product in the market.

Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the firm remained
comfortable marked by debt equity and overall gearing ratios at
0.26x and 0.90x respectively as on March 31, 2017. The interest
coverage ratio improved to 2.61x in FY17 due to higher increase
in PBILDT levels. The total debt to GCA also improved in FY17 due
to low debt level as on account closing date and higher
generation of gross cash accruals and the same remained at 6.81x
in FY17.

ACC was established as a partnership firm in 2009 by Mr. Naba
Kumar Basumatary and Debasis Das for setting up a cement grinding
unit. The firm has been engaged in the business of manufacturing
cement at its plant located at Baska, Assam with aggregate
installed capacity of 99000 metric ton per annum. The firm has
started commercial operations from June, 2014 onwards. The cement
manufactured by the company is marketed under the brand name of
'NEERMAAN' in the state of Assam.


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

-- INR35 mil. Fund-based limit migrated to non-cooperating
    category with IND B(ISSUER NOT COOPERATING) rating; and

-- INR120 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

ASM was established in 1990 as a proprietorship concern. The
company processes and supplies imported teak wood to customers in
the construction and commercial vehicle manufacturing industries.


ASWATH SAW MILL: Ind-Ra Corrects August 11 Release
--------------------------------------------------
This announcement corrects the version published on August 11,
2016 that incorrectly mentioned the issuer name as Asawth Saw
Mill. An amended version is as follows:

India Ratings and Research (Ind-Ra) has assigned Aswath Saw Mill
(ASM) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR35 mil. Fund-based facility assigned with IND B/Stable
    rating; and

-- INR120 mil. Non-fund-based facility assigned with IND A4
    rating.

KEY RATING DRIVERS

The ratings reflect ASM's weak credit profile and stressed
liquidity. Provisional financials for FY16 indicate revenue of
INR183 million (FY15: INR238 million), net leverage of 5.0x
(6.5x) and EBITDA interest cover of 1.4x (1.6x). Revenue declined
substantially on subdued demand from the real-estate industry.
Profitability margin improved 180bp yoy to 5.2% on the
introduction of a new product imported from South America. The
ratings also factor in the company's stressed liquidity position
with multiple instances of overutilisation of its fund-based
facilities for up to 10 days during the 12 months ended June
2016.

The ratings are further constrained by the company's volatile
profitability with operating EBITDA margin fluctuating between
2.3% and 5.2% over the last five years on timber price movements
and currency fluctuation as the firm is fully dependent on
imports.

The ratings are supported by the promoter's two decade-long
experience in the trading and processing of wood.

RATING SENSITIVITIES

Positive: An increase in the scale of operations along with an
improvement in the liquidity position will be positive for the
ratings.

Negative: Further liquidity deterioration resulting in
deterioration in the credit metrics or stressed working capital
cycle will be negative for the ratings.

COMPANY PROFILE

ASM was established in 1990 as proprietorship concern. The
company processes and supplies imported teak wood to customers in
the construction and commercial vehicle manufacturing industries.


BHUSHAN STEEL: JFE Holdings and JSW Steel to Bid for Firm
---------------------------------------------------------
Reuters reports that Japan's JFE Holdings Inc and India's JSW
Steel Ltd are lining up a joint bid with a private equity firm
for the assets of India's insolvent Bhushan Steel Ltd, two
industry sources familiar with the matter said.

Under the plans, JFE would set up a special purpose vehicle with
the two partners to manage the assets, Reuters says. JFE would
hold a majority stake in the vehicle, while JSW Steel would
operate Bhushan Steel's plants, Reuters relates citing sources
who did not want to be named as the details are not public.

JFE already owns a 15 percent stake in JSW, Reuters notes.

Reuters relates that the bid, if successful, will give JFE a
bigger foothold in the fast-growing Indian market where it has
had a presence since 2010 in partnership with JSW Steel. It will
also help JSW Steel expand in northern and eastern India without
overstretching its balance sheet.

With unpaid debt of nearly INR450 billion ($6.9 billion), Bhushan
Steel was pushed into bankruptcy proceedings a few months ago
after India's central bank steered 12 of the country's biggest
loan defaulters to insolvency proceedings, according to Reuters.

Reuters says the final bids for Bhushan Steel are due in late
December.

JSW Joint Managing Director and Group CFO Seshagiri Rao would
neither confirm nor deny the planned acquisition vehicle with JFE
as the majority partner, but told Reuters: "It is not necessary
that everything has to be built on the balance sheet of JSW."

According to Reuters, Rao said JSW Steel was interested in five
steelmakers that were in bankruptcy proceedings, including
Bhushan Steel, but had not taken a final decision on whether to
bid for all of them. He also said JSW was examining several
models for possible bids.

JSW Steel would look to create a structure that does not increase
its debt to earnings before interest, tax, depreciation and
amortization (EBITDA) ratio beyond 3.75 and its debt-equity ratio
beyond 1.75, Rao told Reuters.

In response to a query from Reuters, a JFE spokesman said the
Japanese group was considering all possible business
opportunities as part of an agreement with JSW. "But there is no
concrete deal that has been firmed up," the spokesman said.

India-based Bhushan Steel manufactures auto-grade steel.

The National Company Law Tribunal admitted the bankruptcy plea
against the steel company filed by State Bank of India on
July 26.

Bhushan Steel's total debt stood at around INR42,355 crore as of
March 31, 2017.

The insolvency resolution process for Bhushan Steel is expected
to be completed by Jan. 22, 2018, LiveMint.com said.


BSC C&C KURALI: CARE Lowers Rating on INR227.92cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
BSC C&C Kurali Toll Road Limited (BSC Kurali), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           227.92       CARE D Revised from
                                     CARE B+

Detailed Rationale& Key Rating Drivers

The revision in ratings is on account of delays in meeting debt
obligations due to lower than expected traffic on the toll road
resulting mismatch of cash flows.

Detailed description of the key rating drivers

Key rating weakness

Delays in meeting debt obligations, due to lower than expected
traffic on the toll road resulting mismatch of cash flows

The company has delayed in meeting debt obligations, primarily
due to lower than expected traffic on the toll road resulting in
mismatch of cash flows.  Traffic on BSC Kurali's road has been
lower than that envisaged earlier, primarily on account of
slowdown in economic growth during the past few years. Further,
with the restrictions imposed by the government on movement of
overloaded vehicles from April 2017 onwards, the revenue from
overloading fees reduced considerably, lowering the toll revenue.

Risk associated with absence of fixed Major Maintenance agreement

The company is in the process of entering into fixed price major
maintenance with BSC-C&C JV. Further, the company is planning to
carry out the MM cycle in FY18, therefore it is susceptible to
price variation with respect to the key raw materials to carry
out MM. The expenses pertaining to MM will be funded through
sponsors (BSCPL) support and by availing debt from banks.

Interest rate risk

The cash flows of BSC Kurali shall remain exposed to variations
in interest rate on the project debt as the loans are subject to
interest rate resets. As a result, steep increases in the
interest rate will subject the SPV to cash flow risk.

Key rating strengths

Experienced Promoters

BSC Kurali is a SPV promoted by BSCPL and C&C. BSCPL is an ISO
9001:2000 accredited infrastructure development company and is
into execution of projects for over 3 decades. BSCPL is engaged
in various infrastructure developments segments such as roads,
bridges, irrigation projects, airports, real estate and Hydro
power plants. The company has strong execution capabilities
having executed 250 projects aggregating to around 9000 lane km.

BSC C&C Kurali Toll Road Limited (BSC Kurali) is a Special
Purpose Vehicle (SPV) incorporated in February 2007 by BSCPL
Infrastructure Limited (BSCPL;) and C&C Constructions Limited
(C&C), which currently holds 51% and 49% stake in the company
respectively. The project was awarded for Design, Engineering,
Finance, Construction, Operation and Maintenance of Kurali
Kiratpur Section from Km 28.6 to Km. 73.2 of NH-21 in the State
of Punjab under National

Highways Development Program (NHDP) Phase IIIA on Build, Operate
and Transfer (Toll) basis" by National Highways Authority of
India (NHAI). The concession Agreement (CA) was executed between
BSC Kurali and NHAI on 25th June 2007 for a concession period of
20 years which includes of 2.5 years of construction. The SPV is
for the purpose of widening of an existing 44.60 km long, 2- lane
stretch between Kurali and Kiratpur to 4- lane and stretching and
maintenance of the existing 2- lane section. The total cost of
the project was INR408.10 crore. The project has achieved COD in
August 2011.


CHOKSEY CHEMICALS: CRISIL Reaffirms B Rating on INR6.25MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Choksey Chemicals
Private Limited (CCPL) continue to reflect its small scale of
operations in the construction chemicals industry and working-
capital-intensive operations. The ratings also factor in the
company's below-average financial risk profile, marked by below-
average debt protection metrics and a high external borrowings.
These rating weaknesses are partially offset by CCPL's diverse
customer profile and the promoters' extensive experience in the
construction chemicals industry.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2         CRISIL A4 (Reaffirmed)

   Cash Credit             6.25      CRISIL B/Stable (Reaffirmed)

   Letter of Credit        1         CRISIL A4 (Reaffirmed)

   Proposed Fund-
   Based Bank Limits       3.5       CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in construction chemicals industry:
CCPL manufactures construction chemicals and concrete admixtures,
which are used in the construction industry for enhancing
attributes of end products. The construction chemicals industry
is marked by the presence of a few large players. CRISIL believes
that CCPL's scale of operations will remain small and that the
company will continue to face competition from large players over
the medium term, leading to restricted pricing flexibility.

* Working-capital-intensive operations: CCPL's operations are
highly working-capital-intensive, with gross current assets
ranging from 165 to 200 days over past three years ending through
March 31, 2017. CRISIL believes that CCPL's operations will
remain working-capital-intensive over the medium term and it will
continue to stretch its creditor to maintain its liquidity.

* Weak financial risk profile: CCPL's financial risk profile is
constrained by negative net worth, high gearing, and below-
average debt protection metrics. Due to working capital intensive
operations, the financial risk profile of the company is expected
to remain weak over the medium term.

Strength

* Diverse customer profile and promoter's extensive industry
experience: CCPL has been manufacturing waterproofing and related
products for more than 30 years. Over the years, CCPL has begun
manufacturing a wide range of construction chemicals and related
products, and provides services for the application of its
products. CRISIL believes that CCPL will continue to benefit from
its promoter's extensive experience in the construction chemicals
industry, over the medium term.

Outlook: Stable

CRISIL believes that CCPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
improvement in operating income and profitability, leading to an
improved financial risk profile, especially debt protection
metrics and TOLTNW ratio or if substantial long term funds from
the promoter's shores up its liquidity. Conversely, the outlook
may be revised to 'Negative' if CCPL's profitability deteriorates
further or if there is a stretch in its working capital cycle
resulting in liquidity pressure.

CCPL, established in 1985 and promoted by Mr. Girish C Choksey,
manufactures construction chemicals and concrete admixtures. The
company provides a range of pre- and post-construction chemicals.
It manufactures construction chemicals at its unit in Taloja
(Maharashtra), and concrete admixtures at its facility in
Silvassa (Dadra and Nagar Haveli). It also provides water-
proofing services.


GAURISANKAR ELECTRO: CARE Moves D Rating to Not Cooperating
-----------------------------------------------------------
CARE has been seeking information from Gaurisankar Electro
Castings Pvt. Ltd. (GECPL) to monitor the ratings vide letters/e-
mails communications dated October 4, 2017, October 10, 2017,
October 13, 2017 and numerous phone calls. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on
GECPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         8.26       CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised
                                     from CARE B+ on the
                                     basis of best available
                                     information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating. The rating has been revised on account of the
ongoing delays in debt servicing by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in debt servicing: There are on-going delays in
servicing of debt obligations by the company due to its stressed
liquidity position.

GECPL, incorporated in 2001 by Mr. Ramjeet Prasad and Mr. Sunil
Kumar based out of Jharkhand with the objective of manufacturing
of iron & steel products. Since inception, the company is engaged
in manufacturing of mild steel (MS) bars and the facility of the
company is located at Giridih, Jharkhand with an annual installed
capacity of 17000 Metric Tonnes per annum for M.S. Bar, 24,000
Metric Tonnes per annum for M.S. Ingot and 2000 Metric Tonnes per
annum for M.S. Scrap.


GAYATRI ROLLING: CRISIL Raises Rating on INR5.5MM Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Gayatri Rolling Mills Private Limited (GRMPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'.

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

   Term Loan               3.09      CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

The upgrade reflects the company's improved business risk profile
because of increased scale of operations and turnaround in
profitability. Net sales stood at INR70 crore in fiscal 2017, up
27% over the previous fiscal, and operating margin improved to
3.9% from a negative margin in the previous fiscal. Revenue
growth is expected at 5-8% in fiscal 2018 with stable operating
margin, partly supported by stabilisation of newly installed
continuous casting machine. Working capital management also
improved, indicated by gross current assets of 76 days as on
March 31, 2017, compared to 126 days a year earlier.

The rating continues to reflect the company's below-average
financial risk profile, stretched liquidity, and modest scale of
operations in a competitive industry. These weaknesses are
partially offset by its promoters' extensive experience in the
steel industry, and their funding support.

Analytical Approach

Unsecured loan of INR4.50 crore as on March 31, 2017, has been
treated as neither debt nor equity as it is expected to remain in
the business over the medium term and has less interest than the
market rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth remained small
at INR5.96 crore as on March 31, 2017. Debt protection metrics
improved, but remained average, with interest coverage and net
cash accrual to total debt ratios at 1.9 times and 0.15 time,
respectively, in fiscal 2017. Gearing was 1.3 times and total
outside liabilities to tangible networth ratio was 2 time as on
March 31, 2017. Liquidity remains stretched because of high bank
line utilisation and sizeable annual debt obligation.

* Modest scale of operations and volatile operating
profitability: Despite its track record of more than 10 years,
the company's topline remained modest at INR70 crore in fiscal
2017 due to intense completion in the industry. Moreover, due to
volatile steel prices and low bargaining power, operating margin
was volatile in the past 3-4 fiscals. Operating margin was 3.9%
for fiscal 2017 against operating loss of 1.1% in the previous
fiscal.

Strength

* Promoters' extensive experience in the steel industry, and
their funding support: Presence of more than 10 years in the
steel industry has enabled the promoters to establish strong
relationships with clients. The promoters have also infused funds
when needed to support business operations.

Outlook: Stable

CRISIL believes GRMPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if sustained growth in revenue and
profitability leads to higher-than-expected cash accrual and
improved liquidity. The outlook may be revised to 'Negative' if
stretched working capital cycle; large, debt-funded capital
expenditure; or decline in profitability weakens the financial
risk profile, especially liquidity.

GRMPL was established as a partnership firm and was reconstituted
as a private limited company in 2005. It is promoted by Raipur,
Chhattisgarh-based Mr Umesh Agarwal and his family. The company
manufactures steel ingots and thermo-mechanically treated (TMT)
bars, and is ISO 9001:2008 certified. Most of the ingot output is
used for captive consumption, and the rest is sold in the open
market.


GENNEXT ABASAN: CRISIL Reaffirms 'B' Rating on INR3MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Gennext Abasan Private Limited (GAPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              3        CRISIL B/Stable (Reaffirmed)
   Letter of Credit        10        CRISIL A4 (Reaffirmed)

The rating continues to reflect weak financial risk profile
because of a small networth, and below-average capital structure
and debt protection metrics. The ratings also factor in a modest
scale of operations, leading to low profitability. These rating
strengths are partially offset by the extensive experience of
promoters in the polymer trading industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The financial risk profile remains
weak because of small networth, and below-average capital
structure and debt protection metrics. The total outside
liabilities to tangible networth (TOL/TNW) ratio was at 4.01
times as on March 31, 2017 and interest coverage was weak at 0.9
times for fiscal 2017.

* Modest scale of operations leading to low profitability:  Scale
of operation 'with revenues of INR76 crore in fiscal 2017
continues to remain modest. The fragmented and trading nature of
the industry and modest scale of operations limit GAPL's ability
to bargain with its suppliers and customers, leading to low
operating margin and pressure on working capital management. The
operating margin was at 2.2-2.5% over the three years through
fiscal 2017.

Strength

* Extensive experience of promoters in the polymer trading
industry: The promoters have over 25 years of experience in the
polymer industry. Over the years, the promoters have established
strong relationships with customers and suppliers and have
established strong relations with the dealers and distributors of
Gas Authority of India Ltd and Indian Oil Corporation Ltd,
achieving a turnover growth rate of 45% over the three years
ended March 31, 2017.

Outlook: Stable

CRISIL believes GAPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if substantial and sustained improvement in revenue
or if capital structure or networth considerably improve on the
back of sizeable equity infusion from its promoters. The outlook
may be revised to 'Negative' if there is a steep decline in
capital structure caused most likely by a large, debt-funded
capital expenditure or a stretch in its working capital cycle.

Established in 2007, GAPL, based in Indore, Madhya Pradesh, is a
privately owned company and is promoted by Mr. Anoop Singh Yadav
and his wife Ms Shashi Singh Yadav. It trades in polymer
granules.


GO GREEN: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------
CARE has been seeking information from The Go Green Build Tech
Private Limited (GGB) to monitor the rating(s) vide e-mail
communications/ letters dated October 25, 2017, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
GGB's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.56       CARE D; 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 March 20, 2017, the following was
the rating consideration: There was delay in stabilization of the
newly set up manufacturing facilities which was also new venture
for its promoters. This has resulted into liquidity stress
position and ongoing delays in servicing the debt obligations.

The Go Green Buildtech Private Limited (GBP) was incorporated in
December 26, 2012. The company is promoted by Mr Umesh Chand
Jain, Mr Rishabh Jain and Mr Nikhil Jain. GBP is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. GBP is engaged in
manufacturing of civil construction materials such as fly ash
bricks at its manufacturing unit at Dadri, Uttar-Pradesh with
installed capacity of 5 crore pieces per annum. The commercial
production of its fly ash plant was commenced in June 2014. The
product finds its usage in construction of commercial building
and residential building. The main raw material for manufacturing
the products is fly ash.


GOPAL KRISNA: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gopal Krishna
Rice Mills'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 B(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:

-- INR70 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gopal Krishna Rice Mills is a partnership entity engaged in rice
milling and sorting.


HANUMAN COTTON: CARE Lowers Rating on INR8.01cr LT Loan to 'D'
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hanuman Cotton Industries (HCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.01       CARE D; ISSUER NOT
   Facilities                        COOPERATING; Revised
                                     from CARE B+; ISSUER NOT
                                     COOPERATING; Based on
                                     best available information

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing

The revision in the rating assigned to the bank facilities of
Hanuman Cotton Industries is primarily due to irregularity in
servicing its debt obligations.

Hanuman Cotton Industries (HCI) was constituted in March 2006 as
a partnership firm by Vekaria family based out of Amreli
(Gujarat) by eight partners with unequal profit and loss sharing
agreement among them. HCI is primarily engaged in cotton ginning
& pressing activities with an installed capacity of 10,886 Metric
Tonnes Per Annum (MTPA) for cotton bales, 18,380 MTPA for cotton
seeds and oil-seed crushing facility with a capacity of 1381 MTPA
as on March 31, 2015 at its manufacturing facility located at
Savarkundla in Amreli district (Gujarat).


HEADWORD PUBLISHING: CRISIL Lowers Rating on INR7MM Loan to 'B'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Headword Publishing Company Private Limited (HPCPL), to
'CRISIL B/Stable' from 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Downgraded
                                     from 'CRISIL B+/Stable')

Financial risk profile has weakened, due to a sharp increase in
gearing to 4.9 times as on March 31, 2017, from 1.89 times, a
year ago, as the company contracted fresh debt from non-banking
finance companies (NBFCs), and got its cash credit limit enhanced
in January 2017, thus taking the total debt to INR8.6 crore.
Increase in the scale of operations led to a stretch in
receivables, and exerted pressure on working capital management
which the company met through debt financing. Interest coverage
ratio has also reduced to 2 times in fiscal 2017, from 2.8 times
in the previous fiscal.

Liquidity has weakened, with debt raised from NBFCs in fiscal
2017, the company now has maturing debt of INR0.36 crore due in
fiscal 2018 against cash accruals of INR0.6 crore.

The rating reflects modest scale of operations and high working
capital requirements. The financial risk profile is also weak
driven by increased gearing and reduced debt protection metrics.
These weaknesses are partially offset by the extensive experience
of the promoters in the publishing industry.

Analytical Approach

CRISIL has treated unsecured loans of INR2.19 crore as on
March 31, 2017, extended by HPCPL's promoters as neither debt nor
equity, as the loans are non-interest bearing, and likely to
remain in the business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Operating income of INR22.3 crore
in fiscal 2017 (though higher than INR16.3 crore in fiscal 2016)
reflects the modest scale of operations, which in turn, limits
the bargaining power with customers and suppliers, and exerts
pressure on profitability and working capital management. With
revenue of INR85 lakh for the first quarter ended June 30, 2017,
the scale is expected to remain modest over the medium term.

* High working capital requirement: Operations remain working
capital intensive, with gross current assets of 306 days as on
March 31, 2017, led by large credit offered to customers, also
because bulk of revenue is reported in the last quarter.

* Weak financial risk profile: Financial risk profile was marked
by high gearing of 4.9 times as on March 31, 2017, owing to the
long-term debt raised from NBFCs. Debt protection metrics were
also weaker, due to an increase in interest outgo, with interest
coverage ratio at  2 times in fiscal 2017, vis-a-vis 2.83 times
for the previous fiscal.

Strengths

* Extensive experience of the promoter: Key promoter, Mr Manzar
Khan, has experience of over a decade in the publishing industry,
through other companies, which includes his stint as managing
director of Oxford University Press, a leading publishing company
in India. He is actively involved in the functional areas of
business, and has strong relationships with suppliers and
customers. The company also has a diversified product portfolio,
with around 100 titles in subjects such as English, social
studies, science, mathematics, and computer science.

Outlook: Stable

CRISIL believes HPCPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the company reports substantial and sustained
growth in revenue, stable profitability and better working
capital management leading to substantial improvement in
financial risk profile. The outlook may be revised to 'Negative'
if the capital structure weakens because of lower-than-expected
profitability or considerable stretch in the working capital
cycle.

HPCPL, incorporated in 2013, publishes books for Central Board of
Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and Nagaland Board of School Education (NBSE).
The company has been promoted by Mr Manzar Sayeed Khan and Mr.
Kapil Gupta.

Net profit was INR0.51 crore on net sales of INR22.35 crore in
fiscal 2017, against INR0.41 crore and INR16.35 crore,
respectively, in fiscal 2016.


INVENTION INDIA: CRISIL Lowers Rating on INR6MM Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Invention India (Exports) Private Limited (IIL) to 'CRISIL
D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Foreign Bill             6        CRISIL D (Downgraded from
   Discounting                       'CRISIL B/Stable')

   Letter of Credit         1        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Packing Credit           2.5      CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term       1.35     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

The downgrade reflects a recent instance of delay in interest
payment on packing credit. The rating also reflects the small
scale of operations. However, it is expected to benefit from
extensive promoter experience.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting interest obligation: Interest obligation due
on October 5, 2017, has not yet been paid.

* Small scale of operations: Revenue of INR14.8 crore in fiscal
2016

Strengths

* Extensive promoter experience: The promoters have about four
decades of experience in the industry. Their experience helps the
company in establishing and maintaining good relations with
customers and suppliers.

IIL was incorporated in 1978 by Mr Harbhajan Singh and Mr Kulbir
Singh. Its plant in Sonipat (Haryana) has manufacturing capacity
of 1.8 million readymade garments per annum. The company derives
most of its revenue from exports to Europe.


JAI MATA: CARE Reaffirms B Rating on INR10.60cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jai Mata Di Food Processing Private Limited (JMFP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            10.60       CARE B; Stable Reaffirmed

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
JMFP and in line with the extant SEBI guidelines, CARE revised
the ratings of bank facilities of the company to 'CARE B; ISSUER
NOT COOPERATING'. However, the company has now submitted the
requisite information to CARE. CARE has carried out a full review
of the ratings and the ratings stand at 'CARE B; Stable'.

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of Jai Mata Di Food
Processing Private Limited (JMFP) continue to be constrained by
its short track record coupled with small scale of operation,
highly fragmented and competitive nature of industry, high
regulations by government and high working capital intensity and
exposure to vagaries of nature. The ratings, however, continue to
draw comfort from experienced promoters, proximity to raw
material sources and subsidy entitlement.

Going forward, the ability of the company to increase the scale
of operations and profitability margins and ability to manage
working capital effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record coupled with small scale of operation: The
scale of operations remained small as compared to its peers with
a net loss of INR0.35 crore on total operating income of INR2.57
crore during FY17. This apart, the company has achieved turnover
of INR13 crore during 7MFY18. Furthermore, the net worth base and
total capital employed was low at INR5.09 crore and INR16.43
crore, respectively, as on March 31, 2017. JMFP started its
commercial production in January, 2017 thus having a short track
record of operation of around ten months.

Highly fragmented and competitive nature of industry: JMFP's
plant is located in Patna, Bihar which is one of the hubs for
paddy/rice cultivating region. Owing to the advantage of close
proximity to raw material sources, large number of small units
are engaged in milling and processing of rice in the region. This
has resulted in intense competition which is also fuelled by low
entry barriers. Given that the processing activity does not
involve much of technical expertise or high investment, the entry
barriers are low.

High regulations by government: The Government of India (GoI)
decides a minimum support price (MSP - to be paid to paddy
growers) for paddy every year limiting the bargaining power of
rice millers over the farmers. The MSP of paddy was increased
during the crop year 2017-18 to INR1550/quintal from
INR1470/quintal in crop year 2016-17. Given the market determined
prices for finished product vis-Ö-vis fixed acquisition cost for
paddy, the profitability margins are highly volatile. Such a
situation does not augur well for the company, especially in
times of high paddy cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital intensive business, as
the rice millers have to stock paddy by the end of each season
till the next season since the price and quality of paddy is
better during the harvesting season. Further, while paddy is
sourced generally on cash payment, the millers are required to
extend credit period to their customers. Accordingly, average
working capital utilization remained moderately high at 95%
during the last 12 months ended October 31, 2017. Also, paddy
cultivation is highly dependent on monsoons, thus exposing the
fate of the entity's operation to vagaries of nature.

Key Rating Strengths

Experienced promoters: The promoter of JMFP is Mr Sanjay Kumar,
Director, aged about 44 years, having around decade long
experience in the rice milling industry. He is being duly
supported by the other promoter director MrsSabita Devi and
MrsRuma Devi having experience of around 2 years in similar line
of business. The promoters are actively involved in the strategic
planning and running the day to day operations of the company
along with a team of experienced personnel.

Proximity to raw material sources: JMFP's plant is located in
Patna District, Bihar which is in the midst of paddy growing
region. The entire raw material requirement is met locally from
the farmers (or local agents) which helps the company to save
substantial amount of transportation cost and also procure raw
materials at effective price. Subsidy entitlement: JMFP is
entitled to receive capital subsidy of INR3.91 crore from
government of Bihar.

Jai Mata Di Food Processing Pvt. Ltd. (JMFP) was incorporated in
November, 2014 by Mr. Sanjay Kumar, Mrs. Sabita Devi and Mrs.
Ruma Devi of Patna, Bihar. The company is engaged in processing
and milling of rice. The milling unit of JMFP is located at
Bihta, Patna with processing capacity of 22,810 metric tonne per
annum (MTPA), which is in the vicinity to a major rice growing
area. The company has started commercial operations from January,
2017 onwards. Mr Sanjay Kumar (aged, 44 years), having around
decade long experience in the rice milling industry, looks after
the day to day operations of the company. He is supported by
other directors MrsSabita Devi (aged, 41 years) and MrsRuma Devi
(aged, 36 years) and a team of experienced professionals.


JAY AGRO: CARE Lowers Rating on INR16.51cr LT Loan to D
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jay Agro Industries (JAI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        16.51       CARE D Revised from CARE B+;
   Facilities                        ISSUER NOT COOPERATING;
                                     Based on best available
                                     information

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing

The revision in the rating assigned to the bank facilities of
JAI is primarily due to irregularity in servicing its debt
obligations.

Vadodara-based (Gujarat) JAI was promoted by Mr Nimmagadda Prasad
and MsAruna Prasad for manufacturing of Pesticides in 2003. JAI's
manufacturing plant is located in Vadodara district of Gujarat
having an installed capacity of 2,400 metric tons per annum
(MTPA) & 600 kilo liter per annum (KLPA) as on March 31, 2015 for
production of Agrochemicals, Pesticides and Insecticides. JAI is
an ISO 9001: 2008 and UKAS Quality Management certified firm.


KEDAR COTTON: CARE Reaffirms B+ Rating on INR9.80cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kedar Cotton Industries (KCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.80       CARE B+; Stable Reaffirmed

Detailed rationale

The rating assigned to the bank facilities of KCI are primarily
constrained on account of low profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position in FY17 (refers to the period April 1 to March 31).
Furthermore, the ratings are also constrained on account of
susceptibility of profit margins to volatility in the raw
material prices and inherent risks associated with the cotton
industry such as high degree of fragmentation, seasonality and
impact of the government policies.

The rating however derives strength from experience of the
partners in the cotton industry along with the presence in
cotton producing belt of Gujarat. Further, the rating also takes
into account healthy growth reported by the firm in its
total operating income during FY17.

KCI's ability to improve its scale of operations, profit margins,
capital structure as well as better working capital
management would remain the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Financial risk profile marked by thin profit margins, leveraged
capital Structure, weak debt protection indicators and
moderate liquidity position: During FY17, profit margins have
dipped and continue to remain thin marked by the PBILDT margin of
1.31%. Further, PAT margin has also remained very low owing to
low value addition nature of operations.

On the back of increase in the total debt against low net worth
base, capital structure has deteriorated and continue to remain
leveraged marked by an overall gearing ratio of 5.66x as on March
31, 2017 as against 5.36x as on March 31, 2016.

Further, debt coverage indicators have also deteriorated in FY17
marked by total debt to GCA of 53.31x as on March 31, 2017 as
against 41.18x as on March 31, 2016 due to higher debt level
against low GCA level. Interest coverage ratio also stood low at
1.42x during FY17 which was in line as compared to previous year.

The liquidity position has continued to remain moderate. During
FY17, operating cycle has shortened and stood at 50 days as
compared to 61 days during FY16, due to improvement in collection
period. Current ratio has remained in same line and stood
moderate at 1.62 times as on March 31, 2017. However, quick ratio
has marginally improved and stood at 0.98 times as on March 31,
2017. The average utilization of working capital limits remained
at 58% during the past 12 months ended October, 2017.

Presence in a highly fragmented cotton ginning industry along
with constitution as a partnership firm: High proportion of small
scale units operating in the cotton value chain has resulted in
the fragmented nature of the industry as well as intense
competition within the players. In addition to this; the firm
also faces risk of withdrawal of capital by the partners thereby
limiting overall financial flexibility.

Susceptibility of margins to cotton price fluctuations and supply
for cotton are highly regulated by government: Profit margins of
KCI remain susceptible to changes in its primary raw material
i.e. raw cotton which is being agricultural commodity its prices
are volatile in nature and linked to production in the domestic
market. Further, the cotton prices in India are highly regulated
by the government through MSP (Minimum Support Price) hence any
adverse change in government policy may also impact the prices of
raw cotton.

Key Rating Strength

Experienced promoters coupled with presence in cotton growing
region of Gujarat: Promoters of KCI hold more than a decade of
experience into similar line of operations. Furthermore, the
manufacturing facilities of KCI are located at Kadi in Gujarat.
KCI's presence in the cotton producing region results in benefit
derived from lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices.

Kadi (Gujarat) based KCI is a partnership firm established by six
members of a Patel family which was taken over from Parikh Family
in August 2008. Mr. Bharatbhai Patel and Mr. Laljibhai Patel are
the key partners of the firm and all the partners actively look
after the overall operations of the firm. KCI is involved in the
cotton ginning & pressing and crushing of cotton seeds activity
with main products as cotton bales, cotton seeds, cotton seed oil
and cotton cake with an installed capacity of 12,750 Metric
Tonnes Per Annum (MTPA) for cotton bales and 9,000 MTPA for
crushing cotton seed as on March 31, 2017 at its sole
manufacturing facility.


KHEDUT COTEX: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Khedut Cotex
Private Limited to monitor the ratings vide e-mail
communications/letters dated August 23, 2017, August 31, 2017,
September 18, 2017, October 18, 2017, October 26, 2017,
October 27, 2017, October 31, 2017 and numerous phone calls.
However, despite our 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. The
rating on Khedut Cotex Private Limited's bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.40       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

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

Detailed description of the key rating drivers

At the time of last rating on January 12, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Financial risk profile marked by low profit margins, moderately
leveraged capital structure, moderate debt coverage indicators
and liquidity position: FY16 was the first full year of
operations for KCPL. KCPL reported a total operating income (TOI)
of INR10.36 crore during FY16, while PBILDT margin stood low at
3.09%. KCPL reported a net loss of INR0.20 crore during FY16 on
account of higher depreciation and finance cost.

KCPL's capital structure stood moderately leveraged marked by an
overall gearing ratio of 1.30x as on March 31, 2016.

Debt coverage indicators of the company also stood moderate at
total debt to GCA of 5.69 years in FY16. Debt coverage indicators
remained moderate marked by an interest coverage ratio of 2.11
times in FY16.
KCPL's current ratio stood moderate at 1.38 times as on March 31,
2016 owing to high working capital borrowings.

Working capital cycle remained comfortable and stood at 25 days
during FY16. The company has to maintain high inventory holding
period due to seasonal nature of business. The working capital
limits remained utilized at 70% during past 10 months ended
November 2016.

Seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by government: Prices
of raw material i.e. raw cotton are highly volatile in nature and
depend upon factors like, area under production, yield for the
year, international demand supply scenario etc. Ginners usually
have to procure raw materials at significantly higher volume to
bargain bulk discount from suppliers. Further, cotton being a
seasonal crop as it is available mainly from November to February
results into a higher inventory holding period for the business.

Presence in highly fragmented industry with short track of the
company: High proportion of small scale units operating in the
cotton value chain has resulted in the fragmented nature of the
industry as well as intense competition within the players. KCPL
commenced its operations in August, 2015 and full fledge
working started from February 2016 and the entity operated only
for two months in FY16.

Key Rating Strengths

Experienced promoter

Mr. Amit Maganbhai Damasiya has an experience of eight years and
Mr. Kanubhai Vashrambhai Padshala has an experience of two years
in same line of business. Mr.Amit Damasiya looks after the
operations of the company and Mr. Kanubhai Padshala looks after
purchasing for the company.

Proximity to cotton growing area of Gujarat: The manufacturing
facilities of KCPL are located at Amreli in Gujarat. KCPL's
presence in the cotton producing region results in benefit
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices and consistent demand for finished goods
resulting in a sustainable and clear revenue visibility.

Gondal-based (Rajkot) KCPL was established in August 2015 by Mr
Amit Maganbhai Damasiya and Mr Kanubhai Vashrambhai Padshala as a
private limited company which is engaged in cotton ginning and
pressing. The manufacturing unit of the company is located in
Amreli, Gujarat, which has an installed capacity of 216 tonnes
per day as on March 31, 2016.


M.G. INFRAESTATES: CRISIL Reaffirms B+ Rating on INR14MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of M.G. Infraestates Private Limited (MGIPL) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Term Loan              14        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect low booking status of ongoing
projects and exposure to risks and cyclicality inherent in Indian
real estate industry and geographic concentration. These rating
weaknesses are partially offset by promoters' extensive
experience in the real estate industry.

Key Rating Drivers & Detailed Description

Weakness

* Low booking status of ongoing projects: Slowdown in the real
estate sector and competition have kept bookings and customer
advances for MGIPL's project low. Due to low booking, the company
continues to face demand risk. Advance booking estimated is
around 13 % by value as on Sept. 2017, however it is expected
that advances would rise to 28% for the whole fiscal 2018.

* Exposure to risks and cyclicality inherent in Indian real
estate industry and geographic concentration: The real estate
sector is cyclical, and marked by volatile prices and a highly
fragmented market structure because of the presence of a large
number of regional players. Moreover, the multiplicity of
property laws and government regulations affects the project
execution. Also there is geographical concentration in the
revenue profile of the company as the only ongoing project is
based out of Kanpur, Uttar Pradesh.

Strengths

* Promoters' extensive experience in the real estate industry:
MGIPL is a part of the reputed Gulmohar group promoted by the
Mehrotra family. The promoter has experience of over seven years
and have developed more than five projects till date.

Outlook: Stable

CRISIL believes that MGIPL will continue to benefit over the
medium term from the extensive industry experience its promoters.
The outlook may be revised to 'Positive' in case of timely
progress in the project within the budgeted cost, along with
substantial customer bookings leading to healthy cash inflows.
The outlook may be revised to 'Negative' in case of time or cost
overrun in the project, lower-than-expected advances from
customers leading to constrained liquidity.

MGIPL, incorporated in 2012, is a real estate developer, promoted
by Mr D N Mehrotra and his son Mr Arpan Mehrotra; it is a part of
the Gulmohar group. The company is presently executing a
residential real estate project, Gulmohar Greens, in Kanpur. The
saleable area under construction is 435,945 square foot.


MAA JAYCHANDI: CARE Reaffirms B Rating on INR6.40cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Maa Jaychandi Multipurpose Cold Storage Private Limited
(MJMCSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             6.40       CARE B; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of MJMCSPL continues
to remain constrained by its small scale of operations,
seasonality of business and susceptibility to vagaries of nature,
risk of delinquency in loans extended to farmers and high
leverage ratio
and presence in a highly competition industry,. The aforesaid
constraints are partially offset by the extensive experience of
the promoters, long track record of operations and proximity to
potato growing area.

Going forward, the ability of the company to increase its scale
of operations, improve profitability margins and manage working
capital effectively would be the key rating sensitivities.

Key Rating Weaknesses

Small scale of operations: The scale of operations of the company
remained small marked by total operating income of INR3.09 crore
(Rs.3.06 crore in FY16) with a PAT of INR0.09 crore (Rs.0.13
crore in FY16) in FY17.

Seasonality of business and susceptibility to vagaries of nature:
The agricultural products are seasonally harvested and preserved
for the use in the off season. Accordingly MCSPL's operations are
seasonal in nature. Furthermore, lower agricultural output may
have an adverse impact on the rental collections as the cold
storage units collect rent on the basis of quantity stored and
the production of agricultural products are highly dependent on
vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MCSPL provides interest bearing
advances to traders/farmers. Before the close of the season in
November, the traders/farmers are required to pay their
outstanding dues, including repayment of the loan taken, along
with the interest. In view of this, there exists a risk of
delinquency in loans extended to traders/farmers, in case of
downward correction in potato or other stored goods prices as all
such goods are agro commodities.

High leverage ratio: Though, the capital structure of the company
improved, the same remained leveraged marked by overall gearing
ratio of 2.53xas on March 31, 2017.

Highly competitive industry: In spite of being capital intensive,
the entry barrier for new cold storage is low, backed by capital
subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing
cold storage owners to lure farmers by providing them interest
free advances against stored potatoes which augments the business
risk profile of the companies involved in the trade.

Key Rating Strengths

Experienced promoters and long track record of operations: The
main promoter of MCSPL, Mr.Amit Kumar Samui having more than two
decades of experience in the cold storage business and is
actively involved in running the day to day operations of the
company. He is assisted by the other directors along with a team
of experienced professionals. Further, MCSPL was into cold
storage business since 2008 and accordingly has long operational
track record of operations.

Proximity to potato growing area: The cold storage is located in
potato growing belt of Paschim Medinipur district, West Bengal,
having large presence of potato farmers, thereby making it
suitable for them in terms of transportation and connectivity.

MJMCSPL, incorporated in 2008, was promoted by the Samui family
of Paschim Medinipur,West Bengal to set up a cold storage.The
company is engaged in the business of providing cold storage
facility primarily for potatoes. Besides providing cold storage
facility the unit also works as a mediator between the farmers
and marketers of potato, to facilitate sale of potatoes stored
and it also provides interest free advances to farmers for
farming purposes against potato stored. The cold storage unit of
the company is located at Anandapur, Paschim Medinipur, West
Bengal with a storage capacity of 2,00,000 quintals.


MAHESHWARI INDUSTRIES: CARE Assigns B Rating to INR7cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Maheshwari Industries (MI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            7.00        CARE B, Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MI is constrained
on account of modest and fluctuating scale of operations, thin
profit margins, leveraged capital structure, weak debt protection
metrics and working capital intensive operations. The rating is
also constrained on account of its presence in highly fragmented
industry leading to stiff competition and constitution of the
entity as a proprietorship firm.

The rating however, derives strength from experienced proprietor
and long track record of operations.

Ability of MI to increase its scale of operations and improve its
profitability and capital structure amidst competition and
efficient working capital management are the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Modest and fluctuating scale of operations with thin
profitability: MI's scale of operations remained modest and total
income reflected a fluctuating trend during the period FY14-17 on
account of volatility in the steel prices. However, during FY17
the total operating income of MI increased on account of improved
sales realization along with several government initiatives of
encouraging the domestic production as well consumption of steel.
The operating profit margin of the firm has historically been on
the lower side in the range of 2.26% to 3.46% due to trading
nature of the business where the profit margins are susceptible
to raw material prices along with intense competition in the
steel industry and pricing pressure. Further the firm has
reported net loss of INR0.26 crore during FY17 owing to lower
PBILDT and slightly higher interest charges due to higher
utilization of working capital limits during the year.

Leveraged capital structure & working capital intensive nature of
operations: The capital structure of the company stood leveraged
in past owing to higher reliance on external debt and low net
worth base. However, the capital structure has marginally
improved as compared to previous accounting year on account of on
account of lower debt level owing to repayment of term & vehicle
loan and lower utilization of working capital borrowings as on
balance sheet date.

Furthermore, the debt service coverage indicators also stood weak
in past due to high debt level leading to high interest
charges along with low profitability.

Operations of MI are working capital intensive mainly on account
of funds being blocked in receivables resulting in high
utilization of working capital limits.

Proprietorship constitution of firm: MI being a proprietorship
entity, the risks associated with withdrawal of proprietor'
capital exists. The entity is exposed to inherent risk of
proprietor' 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. Due
to the proprietorship constitution, it has restricted access to
external borrowing where net worth as well as credit worthiness
of
proprietor is the key factor affecting credit decision of
lenders. Further, there has been instances of withdrawal in the
past.

Presence in highly fragmented industry leading to stiff
competition: The company operates in the steel 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 proprietor and long track record of operations: The
proprietor of the firm i.e. Mrs. Meenakshi Maheshwari holds an
experience of around two decade in the business of trading
various forms of steel products through her association with MI.
On account of long track record of operations and experience of
the proprietor, the firm has gained a reputation and has
established good relationships with its customers & suppliers.

Maheshwari Industries (MI) was established in 1996 as a
proprietorship firm by Mrs. Meenakshi Maheshwari. The firm is
primarily engaged in trading of various forms of steel products.
The product profile consists of TMT bars, angles, beams,
channels, MS plates, epoxy coated steel etc. The firm caters to
the domestic market primarily Maharashtra and Goa (constituting
of 90% of total sales in FY17) with its clientele mostly
constituting construction companies (constituting of 80% of total
sales in FY17) and steel traders. The firm takes its supplies
from local rolling mills (accounting for 60% of total purchases)
and also other big steel manufacturers like TATA, JSW and Arcelor
Mittal (accounting for 40% of total purchases).


MJM INDUSTRIES: Ind-Ra Assigns B Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned MJM Industries
Private Limited (MJM) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR200 mil. Proposed term loan assigned with Provisional IND
    B/Stable rating.

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

KEY RATING DRIVERS

The ratings reflect MJM's small scale of operations due to a
short operating track record. The company started operations in
August 2016 and reported revenue of INR1.6 million in FY17. The
operations were started on the leased premises on a pilot basis,
to create product awareness and build up its marketing network
and customer base before setting up a manufacturing facility.

The ratings factor in high project off-take risk and project
execution risk as financial closure is yet to be achieved for a
proposed expansion. The company proposes to set up a
manufacturing plant with an installed capacity of 0.10 million
iron boxes and 0.18 million cylinders per annum. The total
project cost is INR285.2 million and is proposed to be funded
through a mix of debt and equity in the ratio of 2.35:1.

The ratings are supported by the vast experience of the company's
directors in the technical, project engineering and financial
fields.

RATING SENSITIVITIES

Positive: Achieving financial closure and substantial progress of
the project will be positive for the ratings.

Negative: Non achievement of financial closure and/or any time
and cost overruns in the project will be negative for the
ratings.

COMPANY PROFILE

Incorporated in March 2013, MJM is a Telangana-based company,
engaged in manufacturing liquefied petroleum gas operated iron
boxes which are used to press the wrinkles and creases in
clothes. It has filed a patent for the product as a title 'A Gas
Operated Ironing Device'.


PARAS GOTTAM: CARE Reaffirms B+/A4 Rating on INR10cr Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Paras Gottam and Company (PGC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-      10.00       CARE B+; Stable/CARE A4
   term Bank                         Reaffirmed
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings continue to remain constrained on account of its
modest scale of operations of PGC in a highly competitive and
fragmented Industry, weak debt coverage indicators and stressed
liquidity position. The ratings are, further, constrained on
account of vulnerability of margins to fluctuations in the raw
material prices, its constitution as a proprietorship concern and
customer concentration risk.

The ratings, however, favorably take into account experienced
management with established track record of operations,
moderate profitability margins and comfortable capital structure.
The ability of the firm to increase its scale of operations while
maintaining profitability margin and improvement in debt
coverage indicators with better management of working capital is
key the rating sensitivities of the firm.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operations with constitution as a proprietorship
concern and customer concentration risk: Although, TOI of the
firm has grown at a CAGR of 7.33% during FY13-FY16 on account of
increase in sales volume, however, the scale of operations of PGC
stood modest with TOI of INR25.28 crore and PAT of INR0.25 crore
as per provisional result of FY17.

Further, it has customer concentration risk as it generated
around 98% of TOI from two customers. Further, its constitution
as a proprietorship concern lead to limited financial flexibility
and risk of withdrawal of capital.

Weak debt coverage indicators and stressed liquidity position:
Debt service coverage indicators of the firm stood weak with
Total debt to GCA stood high at 79.48times as on March 31, 2017
and interest coverage ratio stood weak at 1.13 times in FY17.
Further, the business of the firm is working capital intensive
nature marked by elongated operating cycle of 738 days in
FY17, deteriorated from 691 days in FY16 owing to higher
inventory holding period and increase in collection period. Due
to higher inventory, the current ratio stood comfortable at 2.90
times as on March 31, 2016, however, quick ratio stood below
unity at 0.37 times as on March 31, 2017.

Vulnerability of margins to fluctuations in raw material prices
and presence in highly fragmented industry: The main raw material
of the firm is rough stones and it maintains inventory for long
period. Due to high inventory holding period, the firm is exposed
to fluctuation in raw material prices. The sector in which firm
operates is highly fragmented and unorganized. The gems and
jewellery sector is highly-dependent on imports for its raw
materials and among these raw materials, rough diamonds account
for more than 50% of imports. These rough diamonds are cut,
polished, and re-exported.

Key Rating Strength

Experienced management with established track record of
operations: Mr. Paras Mal Jain, proprietor, is graduate by
qualification and has around five decades of experience in the
industry. He looks after overall affairs of the firm. The long
standing experience and in-depth knowledge in stones industry of
Mr. Paras Mal Jain has benefited the firm and has able to
establish customer and supplier base in the market.

Moderate profitability and comfortable capital structure: The
profitability of the firm stood moderate with PBILDT and PAT
margin of 11.74% and 0.97% respectively as per provisional result
of FY17.

The capital structure of the company stood comfortable with an
overall gearing of 1.09 times as on March 31, 2017, deteriorated
from 0.85 times as on March 31, 2016 mainly on account of
increase in unsecured loans from proprietor and others.

Jaipur (Rajasthan) based Paras Gottam and Company (PGC) was
established in 1969 as a proprietorship concern by Mr. Paras Mal
Jain. PGC is engaged in the business of processing of precious
stones which includes cutting and finishing. The firm deals
mainly in Emerald stones and also does processing as per
requirement for other stones like Ruby, Sapphire, Diamond and
etc. It procures rough stones mainly from Belgium, Zambia and
Hong Kong and sells its product mainly in exports market like
Belgium, New York, Hong Kong and Japan etc. Export sale has
constituted around 99% of Total Operating Income (TOI) in FY17.


PRABHUNATH PRASAD: Ind-Ra Assigns BB Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prabhunath
Prasad Thekedar (PPT) a Long-Term Issuer Rating of 'IND BB' with
Outlook Stable. The agency has also assigned PPT's bank loans the
following ratings:

-- INR7 mil. Term loan due on March 2021 assigned with IND
    BB/Stable rating;

-- INR150 mil. Non-fund-based working capital facility assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PPT's modest scale of operations because of
the tender-driven nature of business and segment, geographical
and client concentration. Revenue was INR728.70 million in FY17
(FY16: INR728.70 million). Also, its current order book of
INR1,000 million provides only near-term revenue visibility.

The ratings also reflect PPT's moderate and volatile operating
margins (FY17: 7.78%) because it takes 15-18 months to execute an
order and the contracts do not have a price escalation clause to
mitigate volatility in input prices.

However, the company has comfortable credit metrics because it
has lower dependence on external debt and maintains adequate
liquidity. In FY17, interest coverage (operating EBITDA/gross
interest expense) was 12.77x (FY16: 22.59x) and financial
leverage (adjusted debt/operating EBITDAR) was 0.34x (0.27x).

The ratings are also supported by the firm's established track
record of more than three decades in the civil construction
business.

RATING SENSITIVITIES

Positive: Significant revenue visibility, leading to an increase
in the scale of operations, and maintenance of the credit metrics
will be positive for the ratings.

Negative: Any decline in the revenue and EBITDA or lack of
revenue visibility leading to any pressure on liquidity will be
negative for the ratings.

COMPANY PROFILE

Established in 1992, PPT is engaged in contract-based civil
construction work for public sector entities and various state
government bodies.


PROGNOSYS MEDICAL: CARE Assigns B+ Rating to INR2.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Prognosys Medical Systems Private Limited (PMSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             2.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             7.50       CARE A4 Assigned


Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of PMSPL are tempered
by small scale of operations with fluctuating total operating
income, profitability margins and operating losses during review
period, weak debt coverage indicators, working capital intensive
nature of operations and highly fragmented industry with intense
competition from large number of players. The rating, however,
derive strength by long track record of the company and
experience of the promoters for more than two decades in medical
supplies industry, comfortable capital structure during review
period, healthy order book position and stable outlook of medical
equipment industry. Going forward, ability of the company to
increase its scale of operations and improve profitability
margins in competitive environment, ability of the company to
improve its debt coverage indicators and ability to manage
working capital requirements effectively would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating
income: The scale of operations of the company remained small
marked by the total operating income (TOI) of INR16.23 crore in
FY17 (Prov.). Furthermore, the net worth of the company is stood
at moderate level of INR16.95 crore as on March 31, 2017(Prov.),
as compared with other peers in the industry.

The total operating income of the company is fluctuating during
review period. The same increased from INR22.56 crores in FY15 to
INR51.53 crores in FY16 at the back of increase in orders from
various state governments and then decreased to INR16.23 crores
in FY17(Prov.) due to lower orders received on account of
demonetization. During H1FY18 (Provisional), the company has
achieved total operating income of INR5.65 crore.

Fluctuating Profitability margins and operating losses during
review period: The company has fluctuating profitability margins
and operating losses during review period. The PBILDT margin of
the company increased from 5.80% in FY15 to 9.02% in FY16 due to
increase in total operating income in absolute amount though
increase in material cost, employee cost and overheads. The
company has incurred operating and cash losses in FY17 (Prov.)
due to increase in employee cost coupled with increase in
material cost and cost of traded goods as percentage of total
sales from 24% and 20% respectively in FY16 to 38% and 26%
respectively in FY17 (Prov.), apart increase in interest cost.

Weak Debt coverage indicators during review period: PMSPL has
weak debt coverage indicators during review period. Total
debt/GCA of the company, deteriorated from 1.96x in FY15 to 4.74x
in FY16 due to increase in total debt though increase in GCA.
Further to the company has incurred cash losses in FY17 (Prov.).
Moreover, PBILDT interest coverage ratio has been fluctuating
during the review period (FY15-FY17), the PBILDT interest
coverage ratio improved from 2.58x in FY15 to 7.52x in FY16 due
to increase in PBILDT though increase in interest cost. However
in FY17 (Prov.) the company has incurred cash losses resulted in
weak debt coverage indicators.

Working capital intensive nature of operations due to high
inventory holding and collection period: The company mainly
utilizes unsecured loans from NBFCs and promoters to manage day
to day operations. The company's working capital cycle days stood
on a higher side of 227 days during FY15 and the same is declined
to 150 days in FY16 due to decrease in inventory holding period
from 123 days in FY15 to 82 days in FY16.The same increased to
437 days in FY17 (Prov.) due to increase in inventory holding
period and collection period which stood at 181 days and 370 days
respectively in FY17(Prov.). The clientele of PMSPL to the extent
of 80%-95% are from Government sector, so receipts done based on
fulfillment of performance and before release of payment the
customer has to undergo for various quality checks. Normally the
receipt period is 90 to 180 days and sometimes get stretched upto
1 year depending on the receipt of order and their installation
works .Furthermore, the company makes the payment to its
suppliers within 20-60 days and sometimes depending on the
realization of debtors the company may avail the extension in
credit period from its suppliers to 3-4 months. The average
utilization of Cash Credit is almost full during the last 12
months.

Profitability margins are susceptible to fluctuation in foreign
exchange prices: PMSPL has 8% import purchases and 3% export
sales. So the profitability margins are susceptible to
fluctuation in foreign exchange prices. The company makes payment
to its suppliers and receipt from customers at current exchange
rate only. The company has got exchange difference income of
INR0.06 crore in FY16 and 0.20 crore in FY17(Prov.).

Highly fragmented industry with intense competition from large
number of players: The company is engaged in designing,
manufacturing, integrating and installing products related to
digital radiology equipment which is highly fragmented industry
due to presence of large number of organized and unorganized
players in the industry resulting in huge competition.

Key Rating Strengths

Long track record of the company and experience of the promoters
for more than two decades in medical supplies industry.

PMSPL was incorporated in 2003 by Mr.V. Krishna Prasad (Managing
Director), Mr.Kesava (Director) and Mr. Sunil Monga (Director).
Mr.V. Krishna Prasad and Mr. Sunil Monga are Electronic Engineers
and Mr.Kesava is Chartered accountant by qualification. All have
more than two decades of experience in medical equipment
industry.

Comfortable capital structure during review period: The company
has comfortable capital structure during review period marked by
debt-equity and overall gearing which stood at 0.33x and 0.46x as
on March 31, 2017(Prov.) due to low debt levels considering high
tangible networth base.

Healthy order book of INR64.42 crore to be executed by FY18:
PMSPL has healthy order book of INR64.42 crore as on September
30, 2017 which translates to 3.97x of total operating income of
FY17 and the same is likely to be completed by FY18. The said
order book provides revenue visibility for short term period. The
entire order value of INR64.42 crore pertains to various State
Government medical departments.

Stable outlook of medical equipment industry: India is fast
growing as a key market for medical devices outsourcing. The
industry has seen tremendous growth over the last decade and the
current development trends indicate even greater potential in the
coming years. Several joint ventures, agreements and loan
licensing procedures have influenced the market. The government
has also taken several reforms to develop the market by
regulating it to bring out more transparency and by allowing
foreign investments in the industry.

Prognosys Medical Systems Private Limited (PMSPL), a Bangalore
(Karnataka) based company, was incorporated in 2004 by Mr.V.
Krishna Prasad (Managing Director), Mr.Kesava (Director ) and Mr.
Sunil Monga (Director) at Chamarajpet, Bangalore, Karnataka.
PMSPL is engaged in designing, manufacturing, integrating and
installing products related to digital radiology equipment. The
company is also engaged in manufacturing other related
accessories, providing end-to -end solutions in the healthcare
industry through the integrated delivery of medical devices,
communication equipment, computers, servers, software supply,
installation and maintenance of the same on a turnkey basis under
the brand name of ProRad. PMSPL is an ISO 9001:2000 certified
company for radiology imaging equipment and other allied
healthcare products. Its major business operations range from
high frequency x-ray, digital radiography systems, C-Arm, tele-
radiology, telemedicine, home health and M-Health Solutions, and
accessories such as automatic film processors. PMSPL covers
customers in all over states of India and purchases majority of
raw materials from local traders and imports to the extent of
8%.PMSPL has total installed capacity of 1000 systems p.a.


RAJ HAIR: CRISIL Lowers Rating on INR10MM Bill Disc. to B+
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Raj Hair International Private Limited (RHIPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting         10       CRISIL B+/Stable (Downgraded
                                     from 'CRISIL BB/Stable')

   Packing Credit           36       CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term        1.2     CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB/Stable')

The downgrade reflects weakening of the business risk profile
marked by continuous decline in the revenue levels since fiscal
2015 and the same is expected to remain constrained over the
medium term. The downgrade also factors in deterioration in the
financial risk profile on account of sizeable term debt availed
by the company and the same is likely going to impact its
liquidity risk profile over the medium term.

CRISIL's ratings continue to reflect the extensive experience of
promoters, and the company's strong track record in the human
hair products industry. These strengths are partially offset by
large working capital requirement, exposure to intense
competition, and susceptibility to volatile foreign exchange
(forex) rates.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensity in operations: Operations are highly
working capital intensive, with gross current assets of 539 days
as on March 31, 2017, led by inventory of around 361 days, given
the requirement to maintain different hair varieties. Though
customers are offered credit of 75 to 100 days, suppliers are
paid either immediately or in advance. Consequently, the bank
limit remains highly utilised.

* Susceptibility to intense competition and fluctuation in
foreign exchange rates: Intense competition limits the scale of
operations, (as reflected in revenue of around INR40 crore in
fiscal 2017) and pricing power of smaller players. The entire
produce is sold to overseas customers, which makes revenue and
profitable also susceptible to volatility in forex rates.

Strength

* Strong track record in human hair products industry: The
promoter, Mr R Benjamin Cherian, has been in the human hair
products business for nearly three decades. He was a part of the
team that was sent overseas by the Government of India in 1986,
for promoting human hair exports. His strong customer-oriented
skills have helped the company expand its base significantly, and
maintain healthy relations with customers. This has ensured a
regular flow of repeat orders, even amidst intense competition,
and led to steady increase in revenue, over the years. Stable
profitability and focus on value-added products, are likely to
support growth over the medium term.

Outlook: Stable

CRISIL believes RHIPL will maintain its established position in
the human hair products business over the medium term, backed by
the extensive experience of its promoter. The outlook may be
revised to 'Positive' if sustained increase in cash accrual leads
to significant improvement in liquidity and capital structure.
The outlook may be revised to 'Negative' if a decline in
profitability, considerable stretch in working capital cycle, or
any large debt-funded capital expenditure, weakens the financial
risk profile.

RHIPL was set up as proprietorship firm called Raj Impex in 1980,
and was reconstituted as a private limited company with the
current name in 2011. It processes and conditions human hair
products. Operations are managed by the promoter, Mr George B
Cherian.


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

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

-- INR145 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating;

-- INR10 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND B+(ISSUER
    NOT COOPERATING)/Provisional IND A4(ISSUER NOT COOPERATING)
    rating; and

-- INR5 mil. Proposed non-fund-based working capital limit
    migrated to non-cooperating category with Provisional IND
    A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Rajasthan Metals is a proprietorship concern founded in 1974,
having its offices at Chawri Bazar in Delhi. The entity is
involved in the business of imports and trading of copper and
copper alloys.


RAMI REDDY: CRISIL Reaffirms 'B' Rating on INR15MM LT Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facility of Rami Reddy Constructions (RRC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           15       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its susceptibility to risks and
cyclicality inherent in the Indian real estate industry, its
revenue concentration risks and its exposure to risks related to
its ongoing real estate projects in Hyderabad, Telangana. These
rating weaknesses are partially offset by the benefits derived
from the extensive experience of RRC's promoters in the real
estate development business and its moderate financial risk
profile supported by moderate funding policies and a moderate
DSCR.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to cyclicality in the Indian real estate industry and
regional concentration in revenue profile: RRC business risk
profile is susceptible to slowdown in the Indian real estate
market and regional concentration in revenue profile with
presence in Hyderabad, Telangana only. The real estate sector in
India is cyclical and is marked by volatile prices, opaque
transactions, and a highly fragmented market structure.

* Exposure to risks related to its ongoing real estate projects
in Hyderabad, Telangana: RRC is currently executing three
residential projects in Hyderabad which are exposed to risks
related to funding, demand and implementation.

Strengths

* Promoter's extensive experience in real estate development: RRC
benefits from the promoters extensive experience in the real
estate business. The firm is promoted and managed by Mr. PSV Rami
Reddy who has more than one decade of experience in real estate
business.

* Moderate financial risk profile: RRC's financial risk profile
is supported by the management's moderate funding policy for its
ongoing projects. This is expected to result in a DSCR of over
1.2 times over the next 3 years.

Outlook: Stable

CRISIL believes that RRC will benefit over the medium term from
its promoter's extensive experience in the real estate industry.
The outlook may be revised to 'Positive' in case of a
considerable increase in bookings of units and in receipt of
customer advances, leading to substantial cash inflows.
Conversely, the outlook may be revised to 'Negative' if RRC faces
significant pressure on its liquidity because of low customer
bookings or delayed receipt of customer advances for its ongoing
as well as new projects or in case of substantial increase in
debt.

Set up in 2006, RRC is a partnership firm, engaged in residential
real estate development in Hyderabad. The firm has been promoted
by Mr. PSV Rami Reddy and Mrs PVR Laxmi.


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

-- INR13.9 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR1.12 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR49.76 mil. Term loans migrated to non-cooperating category
    with IND BB-(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Oct. 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Rattan Kaur is a partnership firm that
provides LPG transportation services to major oil companies such
as Bharat Petroleum Corporation Limited, Indian Oil Corporation
Limited ('IND AAA'/Stable) and Hindustan Petroleum Corporation
Limited ('IND AAA'/Stable) in the eastern region of India. Its
head office is in Haldia, West Bengal.

Its partners are Mrs Rattan Kaur and Mr Bhupinder Singh Gujral.


RELIABLE INDUSTRIES: Ind-Ra Assigns BB+ Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Reliable
Industries (RI) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR430.6 mil. Fund-based working capital limits assigned with
    IND BB+/Stable rating;

-- INR7 mil. Non-fund-based working capital limits assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect RI's moderate credit profile and thin EBITDA
margins due to the trading nature of the business. Revenue grew
to INR3,204 million in FY17 (FY16: INR2,807 million) as the firm
opened a new Maruti Suzuki India Limited's (NEXA) showroom in
Dhanbad and sold 162 cars worth INR93.79 million. In addition, a
2% yoy and a 9% yoy increase in sales of motorcycles and cars,
respectively, led to the growth in revenue. EBITDA margin was 3%
in FY17 (FY16: 3.2%), EBITDAR interest coverage (operating
EBITDAR/net interest expense + rents) was 1.62x (1.69x) and net
leverage (total adjusted net debt/operating EBITDAR) was 4.53x
(4.48x).

The ratings also factor in RI's moderate liquidity position with
around 88% average utilisation of working capital limits during
the 12 months ended October 2017.

The ratings, however, are supported by the promoters' three
decades of operating experience in the automobile dealership
business.

RATING SENSITIVITIES

Positive: A sustained improvement in EBITDAR interest coverage
could be positive for the ratings.

Negative: A decline in profitability, resulting in deterioration
in EBITDAR interest coverage on a sustained basis will lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1984 as a partnership firm, RI is an authorised
dealer of Hero Motocorp Ltd. and Maruti Suzuki India Limited in
Jharkhand. It operates five showrooms, of which one Hero Motocorp
Ltd. and three Maruti Suzuki India (including NEXA) showrooms are
in Dhanbad, and one Maruti Suzuki India showroom is in Deoghar.
The firm is managed by Rajiv Sabhlok and Janak Sabhlok.


RIDLEY IFMR: Ind-Ra Lowers Series A2 PTCs Ratings to 'C(SO)'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ratings of
Ridley IFMR Capital 2016's (an ABS transaction) pass-through
certificates (PTCs) as follows:

-- INR490.27 mil Non-fund-based limits, issued on November 30,
    2016, at 9% coupon rate, due on September 19, 2018,
    downgraded with IND BBB(SO)/Stable rating; and

-- INR132.19 mil. Series A2 PTCs, issued on November 30, 2016,
    at 15% coupon rate, due on September 19, 2018, downgraded
    with IND C(SO) rating.

The microfinance loan pool assigned to the trust is originated by
erstwhile Disha Microfin Limited (Disha, the originator or
seller). In September 2015, Disha received an in-principle
approval from the Reserve Bank of India (RBI) to commence
operations as a small finance bank (SFB). Disha converted itself
to an SFB from a non-banking finance company (NBFC), changing its
name to Fincare Small Finance Bank Limited (FSFBL) effective June
2017.

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The downgrade reflects adequate levels of credit enhancement (CE)
to support default stresses to commensurate with the rating
level; overall performance of the loans in the pool over the last
nine months since the initial closing; and the servicing,
collection and recovery capabilities of FSFBL. The company has
increased its collection team strength at each branch level,
subsequent to the demonetisation announced last year to bring
back the reduced collection efficiency of its microfinance loan
portfolio to pre-demonetisation levels. Additionally, the company
is promoting and creating greater awareness of microfinance
products in the affected regions of its portfolio, namely 200
villages by showcasing a short film titled, Pragati. The agency
is of the opinion that the issuer's origination and servicing
capabilities are of an acceptable standard.

Higher Delinquencies: The rating downgrade is primarily driven by
a continuous rise in loans delinquent by over zero days past due
(0+dpd). As of August 2017 collection month, 0+dpd delinquency
was 18.33% of the original pool principal outstanding (POS) and
30.16% of the current POS (including overdue principal). The
average current collection efficiency observed in the pool for
the last nine months' loan performance since issuance is only
74%. Higher 0+dpd delinquencies are majorly contributed by
Maharashtra (24% of current POS) at 61% of the original POS
mainly on account of continuing impact of idiosyncratic events
such as the demonetisation announced in November 2016, followed
by implementation of loan waivers by the state government of
Maharashtra. Collection efficiency for Maharashtra was less than
60%, which is significantly lower than the minimum 80% collection
efficiency for other states in which the company operates. The
other states which saw higher 0+dpd were Madhya Pradesh (23% of
current POS) and Gujarat (18% of current POS) at 20.5% and 15.8%
of the original POS, respectively.

Availability of External Credit Support: According to the payout
report dated 20 September 2017, the available CE was INR44.06
million and the future POS was INR603.58 million. There has been
no CE utilisation as of date, as the excess interest spread (EIS)
in the transaction was sufficient to absorb shortfalls. However,
scheduled EIS for the nine months ended September 2017 was 9.9%
of the initial POS, whereas the actual EIS available was only
4.6% of the initial POS due to the significantly higher amount of
delinquencies seen in the transaction.

The CE is in the form of fixed deposits with RBL Bank Ltd in the
name of the originator with a lien marked in favour of the trust.

Key Pool Characteristics: As of 20 September 2017, the total POS
was INR669.47 million (including overdue principal of INR65.9
million), signifying an amortisation of 39.2% of the pool. The
peak 0+dpd delinquency bucket observed during the last nine
months' loan performance since the initial closing till payout of
20 September 2017 was 21.28% of the original POS and 26.96% of
the current POS, and the peak 90+ dpd delinquency bucket absorbed
was 15.27% of the original POS and 26.95% of the current POS. On
20 September 2017, the pool consisting 47,207 loans had a
weighted average seasoning of 12.8 months, implying a moderate
repayment track record of the underlying borrowers. Also, the
average current loan balance was INR13,404 with a weighted
average internal rate of return of 25.2%.

Key Assumptions: At the time of the initial rating, Ind-Ra has
derived a base case gross default rate of 4%-6%. The agency had
analysed the characteristics of the pool and established its base
case assumptions through four key performance variables, viz.
default rate, recovery rate, recovery timeline and prepayment
rate, which collectively affect the credit risk in a transaction.

As per the agency's assessment, the current available CE provides
limited cushion to the Series A1 PTCs which is only commensurate
with the stress level of 'IND BBB(SO)' rating, and therefore has
led to the downgrade of Series A1 PTCs. Additionally, the peak
default rate (0+dpd) observed in the pool for the past nine
months till the payout date of 20 September 2017 is significantly
higher than the base case default estimate at the initial
closing; hence, the current CE is unlikely to withstand any
further default-related stresses on the future POS at the 'IND B-
(SO)' rating level. Therefore any corresponding shortfall in
Series A2 PTCs subsequent to the complete redemption of Series A1
PTCs has resulted in the negative rating action of Series A2 PTCs
as well.

RATING SENSITIVITIES

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

COMPANY PROFILE

FSFBL was registered as a non-deposit accepting NBFC with the RBI
on 5 April 2010. The company was converted to an NBFC-
Microfinance, effective 6 December 2013. In September 2015, it
received the in-principle approval from the RBI to start
operations as an SFB. It commenced banking operations from 21
July 2017. In October 2016, FSFBL acquired Future Financial
Services Pvt Ltd (FFSPL), a Chittoor-based NBFC, through a slump
sale.

FSFBL is a part of the Fincare group, which comprises FSFBL,
FFSPL, Lok Management Services Pvt. Ltd., India Finserve Advisors
Pvt. Ltd. and Fincare Business Services Pvt. Ltd.

FSFBL's loan portfolio grew to INR13.1 billion in FY17 (FY16:
INR3.2 billion). Its securitised loan portfolio stood at INR5.35
billion in FY17 (FY16: INR973.7 million). FSFBL classifies a loan
as a non-performing asset if it is overdue for more than 90 days.
Its gross non-performing asset ratio stood at 0.76% at FYE17
compared with 0.45% at FYE16.


SAMRAKSHANA ELECTRICALS: CRISIL Cuts INR27.12MM Loan Rating to B-
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facilities
of Samrakshana Electricals Limited (SEL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          1.75      CRISIL A4 (Reaffirmed)

   Cash Credit            10         CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit        4         CRISIL A4 (Reaffirmed)

   Proposed Long Term     27.12      CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')



The rating downgrade reflects CRISIL's belief that SEL's business
and financial risk profile would remain under pressure over the
medium term on account of lower revenues and profitability. SE's
revenues declined to INR22.6 crores in fiscal 2017 from INR34.8
crores in fiscal 2016. The de-growth was owing to weakening in
demand in the circuit breaker segment resulting in a lower order
book. This resulted in lower than expected cash accruals thus
impacting the company's financial risk profile. The revenue
growth and profitability over the medium term would remain key
rating sensitivity factors.

The ratings continue to reflect SEL's modest scale and its
working-capital-intensive operations, and a weak financial risk
profile. These rating weaknesses are partially offset by its
promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Though SEL has been operational for
more than two decades, its scale of operations has remained
moderate as reflected by its revenue of INR22.6 crore for fiscal
2017. The electrical equipment industry is fragmented, marked by
the presence of a large number of unorganized players and, hence,
SEL faces intense competition from other players.

* Working-capital-intensive operations: The operations of the
company have remained working capital intensive as reflected in
its gross current asset (GCA) of 284 days as on March 31, 2017.
The GCA's are primarily driven by stretch in receivables and
moderately high inventory holding.

* Weak financial risk profile: SEL's gearing was moderate at 0.7
times as on March 31, 2017 backed by its moderate net worth.
SEL's debt protection metrics were negative in fiscal 2017 owing
to losses incurred during the year.

Strength

* Promoters' extensive industry experience: SEL was established
in 1987 by Mr. D J Ramesh who has more than 2 decades experience
in the segment. The extensive experience of the promoter has
helped the company to establish a healthy relationship with its
customers and receive repeat orders.

Outlook: Stable

CRISIL believes SEL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of substantial increase in its revenue, along
with healthy operating profitability and efficient working
capital management. The outlook may be revised to 'Negative' if
its cash accrual declines because of further decline in revenues
or operating margin, or if it undertakes sizeable debt-funded
capital expenditure, weakening its financial risk profile.


SEL, based in Hyderabad, was set up by Mr D J Ramesh in 1987, and
commenced operations in fiscal 1991. SEL manufactures oil-
immersed circuit breakers, porcelain insulators, press boards,
and powder paint used in transformers.


SANDHYA POULTRY: CRISIL Reaffirms B Rating on INR8MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Sandhya Poultry Farm (SPF) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              8        CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

   Long Term Loan           4.45     CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

The rating continues to reflect SPF's weak financial risk profile
because of low networth, high gearing and weak debt protection
metrics. Rating also factors in modest scale of operations and
working capital intensive operations. These weaknesses are
mitigated by the partners' experience in the poultry industry.

Key Rating Drivers & Detailed Description

Weaknesses

Weak Financial risk profile

* Networth: Net worth was modest at INR5.7 crore but is expected
to improve over the medium term on account of expected revenue
growth.

* Gearing: Gearing is high at 3.5 times as on March 31 2017, the
same is expected to reduce but should remain high over the medium
term.

* Debt protection metrics: The metrics are weak reflected in
estimated interest coverage ratio and net cash accruals to total
debt ratio of 1.81 times and 6% respectively as on March 31 2017.

* Modest scale of operations: SPF has a modest scale of
operations with estimated revenue of INR27.9 crore in fiscal 2017
(refers to financial year, April 1 to March 31). Revenues are
expected to increase to around INR40 crore in Fiscal 2018.

* Working capital intensive operations: SPF's operations are
working capital intensive as reflected in GCA of 228 days as on
March 31 2017. GCA days are high on account of high inventory and
moderate debtors at 231days and 23 days as on March 31 2017.
Inventory mainly consists of feed stock and chicks which is
expected to come down to around 175 days on account of increase
in scale of operations over the medium term. Any stretch in
working capital cycle on account of receivables stretch or high
inventory requirement may put downward pressure on the ratings.

Strength

* Extensive industry experience of partners: Extensive industry
experience of management of over 2 decades has resulted in
established relationship with the customers and suppliers
resulting in uninterrupted supply of feedstock and repeated
orders which supports the business risk profile of the firm.

CRISIL Believes that extensive industry experience of partners
should continue to support the business risk profile of the firm
over the medium term.

Outlook: Stable

CRISIL believes SPF will continue to benefit from the partners'
experience over the medium term. The outlook may be revised to
'Positive' if significant growth and sustenance in revenue and
operating margin result in better-than-expected cash accrual or
improvement in working capital management or sizeable fund
infusion from promoters improve the liquidity of the firm.
Conversely, the outlook may be revised to 'Negative' if
significantly low cash accrual, stretched working capital cycle,
or large, debt-funded capital expenditure weakens financial risk
profile.

Registered in 1997, SPF is a family-run poultry farm in
Telangana. It is managed by the Narsi family and was started by
Mr. A Narsimulu. The firm had a poultry farm with a capacity of 4
lacs chicken.


SANMARG PROJECTS: Ind-Ra Affirms BB- Rating, Outlook Stable
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sanmarg Projects
Private Limited's (SPPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR48.03 mil. Term loan due on March 2021 assigned with IND
    BB-/Stable rating;

-- INR25 mil. Fund-based limits affirmed with IND BB-/Stable/IND
    A4+ rating; and

-- INR115 mil. (increased from INR40 mil.) Non-fund-based limits
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects SPPL's continued small scale of
operations, weak EBITDA margin and moderate-to-weak credit
metrics. In FY17, revenue declined to INR404.60 million (FY16:
INR512.71 million) owing to a one-off event recorded in FY16.
However, EBITDA margin improved marginally to 4.77% in FY17
(FY16: 4.57%) owing to decrease in personnel and sub-contracting
expenses. Net leverage (total adjusted net debt/operating
EBITDAR) improved to 3.77x in FY17 (FY16: 3.97x) due to an
improvement in operating profit, while net interest coverage
(operating EBITDAR/net interest expense + rents) deteriorated to
2.43x (2.75x) owing to an increase in interest obligations.

The ratings also factor in the company's moderate liquidity
position with average cash credit utilisation of 90.90% during
the 12 months ended October 2017.

However, the ratings continue to be supported by the promoter's
around three decades of experience in engineering services for
the energy sector.

RATING SENSITIVITIES

Negative: Deterioration in the EBITDA margin resulting in
deterioration in the credit metrics will be negative for the
ratings.

Positive: A significant improvement in the revenue leading to an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

SPPL was incorporated in 2007 for integrating operations and
maintenance of oil and gas assets. In 2013, SPPL started
providing industrial consultation and construction supervision.
Its office is in Noida, Uttar Pradesh.


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

-- INR221 mil. Long-term loan migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING) rating;

-- INR4 mil. Fund-based limit migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based limits migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

SLHPL was incorporated in October 2013. SLHPL has a total of 37
executive rooms, six deluxe rooms, two suite rooms, three bars,
three restaurants (one roof top), a coffee shop, a swimming pool,
a spa and health club, a banquet hall, a business centre and a
board room.


SHRI RAM: CARE Reaffirms B+ Rating on INR11.64cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shri Ram Ginning Pressing Oil Mill (SGP), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.64       CARE B+; Stable Reaffirmed


Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SGP continues to
remain constrained on account of small scale of operations with
low capitalisation and moderate profit margins, weak capital
structure and debt coverage indicators and working capital
intensive nature of operations. The rating is also tempered due
toseasonality of business with susceptibility to the vagaries of
nature coupled with availability and price volatility of the raw
material, its presence in highly fragmented industry and
partnership nature of business leading to limited financial
flexibility. The rating, however, draws support from the
qualified and technical expertise of partners in industry,
location advantage emanating from presence in cotton growing area
and vicinity to the target market, eligibility for interest and
capital subsidy from central government as well as Maharashtra
state government.

The ability of the firm to achieve stabilization of operations
and increase its scale of operations and improve profitability
and capital structure and manage working capital requirements
efficiently are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of the firm along with modest scale of
operations and profitability margins: The scale of operations of
the entity remained modest with TOI and PAT of INR23.52 crore and
INR0.14crore, respectively, during FY17.The total operating
income of entity increased from INR4.58 crore to INR23.52 crore
in FY16-FY17,on account of FY17 being full year of operations.
The net worth base of SGP remained low at INR2.78 crore, as on
March 31, 2017, limiting its financial flexibility. Furthermore,
owing to limited value addition nature of business and high
competition, operating profit margins of the entity remained
modest in FY17.

Weak capital structure and debt coverage indicators: The capital
structure of the entity remained weak owing to increased reliance
on external borrowings to support the operations. Furthermore,
the debt coverage indicators of entity continued to remain weak.

Working capital intensive nature of operations: The operations of
the entity remained working capital intensive owing to
seasonality associated with availability of raw material. Gross
current asset days remained at 128 days during FY17. As the
entity has to maintain higher inventory, the working capital
requirements of the entity are met by the cash credit facility
and the average utilization of the CC limit was on higher side in
the peak season.

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

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

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

Key Rating Strengths

Satisfactory experience of partners: SGP is promoted by Mr.
Mahipal Choukasey and his son Mr .Saurabh Choukasey. The key
partner has an experience of more than two decades in tourist
industry and looks after the operations of the firm. He is aided
by his son Mr. Saurabh Choukasey who is an engineer (IT) with an
experience of three years in the cotton ginning and pressing
industry.

Location advantage emanating from proximity to raw material: The
manufacturing unit is located in the Vidarbha region of
Maharashtra. The state produces around 21% of total cotton
production of India. Out of the total production of Maharashtra,
65% is contributed by Vidarbha region. Hence, raw material is
available in adequate quantity and also results in lower
logistics expenditure.

Shri Ram Ginning Pressing and Oil Mill (SGP) is a Nagpur
(Maharashtra) based partnership firm established by Mr. Mahipal
Choukasey and his son Mr. Saurabh Choukasey in December 2014. The
commercial operations of the firm commenced from January
2016andis engaged in the business of cotton ginning and pressing.
The plant is located at Nagpur, Maharashtra with an installed
capacity to gin and press 15,000 bales per annum. The plant runs
for 125 days in a year owing to seasonal nature of raw material.
SGP procures the raw material i.e. raw cotton from Agricultural
Produce Market Committee (APMC), brokers and local farmers, while
the finished product i.e. cotton bales and cotton seeds is sold
to various distributors and brokers located in and around Nagpur.


SOUTH INDIA: CARE Assigns 'B' Rating to INR25cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of South
India Finvest Private Limited (SIF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            25.00       CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SIF is constrained
by its small scale of operations with a modest earning profile,
geographically concentrated portfolio with operations only in the
State of Tamil Nadu, weak resource profile, inherently weak
credit risk profile of borrowers and competition from other MFIs.
The rating, however takes into account promoter's experiencein
the micro credit business, well developed internal control system
commensurate with its size, good asset quality with moderately
seasoned portfolio and comfortable capitalization for the present
scale of operation. Going forward, the ability of the company to
scale up of operation while maintaining good asset quality and
healthy capitalization, and measured geographic diversion, will
be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced and resourceful promoters: Presently Mr SenthilKumar
V and Mr Natrajan R. manage the overall operations of the
company. Both of them have an experience of over two decades in
multiple industry sector, with more than 8 years of experience in
running micro-finance activities through their another entity NS
Finance and Investments (NSFI). The promoters are supported by a
second line of management which has experience in the financial
services sector.Mr Natrajan R is also working as a professional
in the capacity of director at Zamil Industrial (conglomerate in
Saudi Arabia) and has personal business ventures of medical
hospital, financial services rice mill, and poultry managed by
him and his family members.

Well-developed internal control system: SIF has well established
MIS systemcommensurate with its size to monitor its operations.
The company has put in credit appraisal, collection and
monitoring systems to ensure smooth functioning of its
operations. The company has a separate internal audit team that
conducts field audit at frequent intervals.

Key Rating Weaknesses

Small scale of operations with a modest earning profile: SIF's
scale of operations was small at around INR5.06 crore as on July
2017, which was around INR0.35 crore as on March 31, 2017.SIF
incurred a net loss of INR0.01 crore on a total operating income
of INR0.03 crore in FY17. Going forward, increasing competition
may lead to pressure on the revenue and profitability of the
entity over the medium-term as most of the large MFI players are
offering loans at a lower interest rate as compared to the rate
offered by SIF.

High regional concentration and weak credit profile of borrowers:
As on July 31, 2017, the entire portfolio of SIF is concentrated
in Tamil Nadu, which is one of the highly MFI penetrated states
in India. SIF has 3 branches with presence spread across three
districts in Tamil Nadu, as a result risk of natural disasters,
social unrests, or political upheavals to a specific state
persists. Moreover borrowers belong to low income segment,
customers are more prone to default.

Competition from other MFIs and unorganized sector lending: SFI
faced stiff competition from the existing MFI's/newly formed SFBs
who enjoy economies of large scale operations.

SIF was incorporated in the years 1998, by Mr. Narasimhuluchetty
Sakala and got registered as non-deposit-taking non-banking
finance company (NBFC) with the Reserve Bank of India (RBI) in
the year 2000 and was prior involved in loans to small/medium
business owners. In May 2017, was acquired by Mr.Natrajan R and
Mr Senthil Kumar V. During July 31, 2017, promoters transferred
assets from NSFI (sister entity) to SIF.Presently SIF is
primarily engaged in providing micro loans based on the Joint
Liability Group (JLG) model to women residents of urban, semi-
urban and rural areas belonging to weaker section. SIF's area of
operations is spread across three districts of Tamil nadu
covering three branches, and has more than 11,000 active
borrowers belonging to around 244 groups.


STARWOOD VENEERS: CRISIL Reaffirms B Rating on INR2MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Starwood Veneers Pvt Ltd (SVPL).

                          Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Export Packing Credit    1.1      CRISIL B/Stable (Reaffirmed)
   Export & Bills
   Negotiation/Foreign
   Bill discounting

   Inland/Import            6        CRISIL A4 (Reaffirmed)
   Letter of Credit

   Overdraft                2        CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       0.9      CRISIL B/Stable (Reaffirmed)

The rating reflects the modest scale of operations, exposure to
risks related to project implementation, and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of promoters, and benefits accruing from
STG (Santosh Timber Group) group legacy.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to project implementation: Capital
expenditure (capex) of INR3 crore, towards installing machinery
for manufacture of plywood, is being undertaken. Though the civil
work has been completed, the company could face hurdles during
the procurement and installation stages. On the funding end of
the project, term debt worth INR2.25 crore is yet to be
sanctioned, also, timely infusion of promoters' funding will
remain a critical factor.

* Modest scale of operations: Established in 1997, SVPL has a
modest scale of operations as reflected in its revenues worth INR
17.23 crore in fiscal 2017on account of intense competition and
fragmentation in the industry.

* Weak financial risk profile: Financial risk profile is weak
marked by low net worth (Rs 1.57 crore as on March 31, 2017),
high TOLTNW ratio (8.72 times as on March 31, 2017), however,
debt protection metrics is average with interest coverage ratio
of 1.79 times as on March 31, 2017.

Strength

* Extensive experience of the promoters, and benefits from
association with STG group: The three decade-long experience of
the promoters, and their healthy relationships with customers and
suppliers, will continue to support the business risk profile.
SVPL is a part of the STG group, which includes Santosh Timber
Trading Co Ltd (rated 'CRISIL B+/Stable/CRISIL A4'), trading in
timber, doorskins, medium density fiberboards and plywood and
Sanwood Shoppe Pvt Ltd, a retail outlet for the sale of above-
mentioned items.

Outlook: Stable

CRISIL believes SVPL will continue to benefit from the
longstanding presence of its promoters, and benefits from the STG
group's legacy. The outlook may be revised to 'Positive' if
timely implementation of the project, leads to substantial growth
in revenue and profitability, or if better working capital
management strengthens the business and financial risk profiles.
The outlook may be revised to 'Negative' if there is a
significant decline in topline or margin, due to intense
competition, if a delay in project implementation weakens the
business risk profile, or if there significant stretch in the
working capital cycle, or any sizeable capex, weakens the
financial risk profile.

Incorporated in 1997, SVPL processes teak veneer and timber. The
company has been promoted by Mr Ashish Agarwal and his family. It
has a sawing unit at Gandhidham, Gujarat, and a veneer processing
facility at Sampla, Haryana. The company has veneer processing
capacity of 1 lakh square metres per month.


SUBHA-SOUMYA COLD: CRISIL Reaffirms B- Rating on INR6.40MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Subha-soumya Cold Storage Pvt Ltd (SSPL) at 'CRISIL B-
/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         0.15      CRISIL A4 (Reaffirmed)

   Cash Credit            6.40      CRISIL B-/Stable (Reaffirmed)

   Long Term Loan         2.13      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.88      CRISIL B-/Stable (Reaffirmed)

   Working Capital Loan   1.44      CRISIL B-/Stable (Reaffirmed)

CRISIL's ratings on the bank facilities of SSPL continue to
reflect below-average financial risk profile, with small networth
and high gearing, and weak liquidity profile. These rating
weaknesses are partially offset by the extensive industry
experience of SSPL's promoters.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile
remained constrained marked by low networth and high gearing of
INR2.57 crore and 3.53 times respectively as on 31st March, 2017
as compared to INR3.37 crore and 4.27 times respectively in last
year. Debt protection metrics of the company remained weak with
ICR and NCATD remained at 0.99 times and 0.06 time and it was
mainly due to the company's modest profitability level.

* Weak liquidity position: Liquidity profile of SSPL is marked by
tightly matched net cash accruals vis-a-vis its term debt
obligation of INR70 lakh. In FY18, the company is estimated to
generate NCA of INR0.71 crore as against term loan obligation of
INR0.70 crore. SSPL also does not derive any comfort from bank
lines which are highly utilised.

Strengths

* Extensive experience of promoter in cold storage business: The
promoters have been trading in potatoes since 22 years and have
been in the cold storage business for 6 years. Over the years,
they established healthy relationships with traders and farmers,
and developed good industry understanding.

Outlook: Stable

CRISIL believes SSPL will benefit over the medium term from its
promoters' extensive experience in the cold storage business. The
outlook may be revised to 'Positive' if efficiently-managed
farmer credit financing and significantly increased scale of
operations improves its profitability. Conversely, the outlook
may be revised to 'Negative' if liquidity is pressurised because
of delayed repayments by farmers, significantly low cash accrual,
or any large debt-funded capital expenditure.

SSPL was incorporated on 28th May 2011 by Mr. Kartick Ghosh and
it commenced its operation from March 2012. The company has set
up a cold storage facility in Paschim Mednipur, West Bengal with
a capacity of 18000 MT (2chambers of 9000 MT each) for storing
potatoes.


SURGICOINMEDEQUIP: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from SurgicoinMedequip
Private Limited (SMPL) to monitor the rating(s) vide e-mail
communications/ letters dated October 25, 2017, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
SMPL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.00       CARE D; 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 March 03, 2017, the following was
the rating consideration: There have been delays in payments by
the customers, mainly government hospitals, due to procedural
delays. The non-realisation of debtors has resulted in liquidity
stretch and reflected in delays in debt servicing.

Sonipat-based (Haryana) SurgicoinMedequip Private Limited (SMPL)
was incorporated January 27, 1986 under the name of Super Cardiac
Breaths Private Limited by MrNaresh Grover. Later on February 02
2006, the name of the entity was changed to SurgicoinMedequip
Private Limited. The company is currently managed by MrNaresh
Grover. The firm is engaged in manufacturing and trading of
medical equipment like operation Theatre Equipment, Respiratory
Apparatus, Electro Medical Equipment, Patients ward Equipment and
other medical products. The company has its manufacturing
facility located at Rai, Sonipat and it is an ISO 9001:2000 and
ISO 13485:2003 certified. SMPL supplies equipment and other
products to government hospitals on a PAN India basis.


U. C. JAIN: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------
CARE Ratings has been seeking information from U. C. Jain
Foundation Trust(UCJ) to monitor the rating(s) vide e-mail
communications/ letters dated October 25, 2017, and numerous
phone calls. However, despite our repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
UCJ's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING*.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         9.00       CARE D; 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 March 20, 2017 following rating
consideration: Weak financial risk profile marked by losses on
account of lower receipts received due to lower enrolment of
students was considered. Further, due to this the corpus fund of
the trust eroded due to the losses tahte further resulted in
financial stress in the trust and hence resulted in ongoing
delays in the debt obligation.

U.C. Jain Foundation Trust (UCJ) is an educational trust and was
formed in July 2012 by Mr U. C. Jain (aged 63 years) and his
sons; Mr Rishab Jain (aged 32 years) and Mr Nikhil Jain (37
years) with the objective to provide education services. Mr U.C.
Jain has a decade of experience in the education sector. For
imparting education, the trust started school under the name of
Wisdom Global School in June 2012 affiliated from Central Board
of Secondary Education (CBSE). The first academic session was
started in April 2014.


UNIMECH INDUSTRIES: Ind-Ra Affirms 'BB-' Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Unimech
Industries Pvt Limited's (UMIPL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR97.5 mil. Fund-based working capital limits affirmed with
    IND BB-/Stable rating;

-- INR34.6 mil. Long-term loans withdrawn (repaid in full) with
    WD rating; and

-- INR78 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects UMIPL's sustained small scale of
operations and moderate credit metrics. Revenue grew to INR580
million in FY17 (FY16: INR553 million) driven by an increase in
orders from existing customers. However, EBITDA margins
contracted to 6.3% during FY17 (FY16: 7.0%) on account of a
decline in job work revenue, where margins are comparatively
higher than contractual manufacturing. Interest coverage
(operating EBITDA/gross interest expense) was almost stable at
1.4x in FY17 (FY16: 1.3x), while net financial leverage (total
adjusted net debt/operating EBITDA) deteriorated to 3.6x (3.1x)
owing to a decline in absolute EBITDA.

The ratings are also constrained by the company's moderate
liquidity position with 91% utilisation of fund-based limits
during the 12 months ended October 2017.

However, the ratings continue to draw support from UMIPL's
promoters' three decades of experience in the manufacturing of
auto components.

RATING SENSITIVITIES

Negative: A further decline in the profitability leading to
deterioration in the credit metrics on a sustained basis will be
negative for the ratings.

Positive: An increase in the scale of operations and expansion of
the EBITDA margins leading to a sustained improvement in the
credit metrics will be positive for the ratings.

COMPANY PROFILE

Established in 1978, UMIPL has its registered office and
manufacturing facilities in Coimbatore, Tamil Nadu. The company
manufactures machine components for automobiles and tractors, and
has been exporting these to France and the US since 2007.


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

-- INR45 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING rating;

-- INR41.5 mil. Long-term loans migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based working capital limits with IND
    A4(ISSUER NOT COOPERATING rating.

migrated to non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 14, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, WTPCPL is engaged in manufacturing, trading
and supply of pre-finished automobile components, modules and
castings. The company's manufacturing facility is located in
Dharwad (Karnataka).


* INDIA: Cabinet OKs Amendments to Insolvency and Bankruptcy Code
-----------------------------------------------------------------
Reuters reports that India's cabinet on November 22 approved
amendments to the Insolvency and Bankruptcy Code, the finance
minister said, changes that are designed to prevent wilful
defaulters from bidding for stressed assets.

Finance Minister Arun Jaitley announced approval for the
amendments following a cabinet meeting but did not provide
details, the report says. Local media has widely reported that
the amendments will stop wilful defaulters from buying stressed
assets that they previously owned.

Reuters notes that the government is striving to cut a record
$147 billion of soured loans accumulated in the banking sector by
making it easier to force companies into insolvency.

Under Indian law, wilful defaulters are classified as firms or
individuals who own large businesses and deliberately avoid
repayments, Reuters discloses.

Reuters adds that the finance ministry has already asked banks to
ensure that wilful defaulters are prevented from buying back
assets.



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


TAKATA CORP: Exclusive Plan Filing Period Moved to January 21
-------------------------------------------------------------
The Hon. Brendan L. Shannon of the U.S. Bankruptcy Court for the
District of Delaware, at the behest of TK Holdings Inc. and its
affiliated debtors, has extended the exclusive periods during
which the Debtors have the exclusive right to file a chapter 11
plan and solicit acceptance of its plan, through January 21 and
February 27, 2018, respectively.

The Troubled Company Reporter has previously reported that the
Debtors sought for exclusivity extension asserting that Takata's
insolvency requires the coordination of multiple insolvency
proceedings across a number of jurisdictions. In addition to the
Chapter 11 Cases, Takata Corporation, the Debtors' ultimate
corporate parent, together with Takata Kyushi K.K. and Takata
Service Corporation (the "Japanese Debtors"), commenced civil
rehabilitation proceedings under the Civil Rehabilitation Act of
Japan in the 20th Department of the Civil Division of the Tokyo
District Court on the Petition Date.

The Japanese Debtors have sought recognition of the Japan
Proceedings with the Court under chapter 15 of the Bankruptcy
Code. In addition, both the Debtors and the Japanese Debtors have
also commenced ancillary proceedings under the Companies'
Creditors Arrangement Act (Canada), in the Ontario Superior Court
of Justice (Commercial List) in Ontario, Canada. These
international proceedings require coordination and communication
to ensure a successful outcome of the Debtors' Chapter 11 Cases.

If the size and geographic reach of the Debtors were not
complicated enough, as the Court is aware, the Debtors are in the
midst of the largest recall in U.S. automotive history relating
to certain airbag inflators containing phase-stabilized ammonium
nitrate ("PSAN Inflators") manufactured by Takata that have
ruptured during deployment.

As of the Petition Date, over 60 million PSAN Inflators in the
U.S., and more than 64 million PSAN Inflators outside of the
U.S., have been or will be subject to recalls based on announced
schedules. By December 31, 2019, all vehicles in the U.S.
containing non-desiccated PSAN Inflators will be subject to
NHTSA's recalls.

In addition to managing their ongoing day-to-day operations,
manufacturing sufficient replacement kits to ensure compliance
with their ongoing NHTSA obligations, and ensuring the safety of
end-users of those Takata airbags containing PSAN Inflators,
since the Petition Date, the Debtors have been diligently working
and negotiating with Key Safety Systems, Inc. ("Plan Sponsor")
and a group of fourteen of Takata's original equipment
manufacturer customers ("Consenting OEMs").

The Debtors said that they were already on the verge of executing
transaction documents with the Plan Sponsor for the sale of
substantially all of Takata's worldwide assets. The Debtors, the
Plan Sponsor, and the Consenting OEMs have agreed in principle to
this sale of the Debtors' assets to the Plan Sponsor, which, with
respect to the Debtors, will be consummated pursuant to a Chapter
11 Plan and an asset purchase agreement ("U.S. Acquisition
Agreement"), which the Debtors expect to be filed with the Court
shortly.

The Debtors told the Court that the Plan Sponsor has agreed to an
aggregate purchase price of $1.588 billion for all of Takata's
assets. Additionally, the Debtors have worked to finalize, in
support of the Plan, a restructuring support agreement among the
parties, which they anticipate filing with the Court with the
Plan and the U.S. Acquisition Agreement. The Plan and RSA, as
well as the sale through the U.S. Acquisition Agreement, will
have the support of the Consenting OEMs, which are the Debtors'
largest creditor group.

In addition to the U.S. Acquisition Agreement, which governs the
sale to the Plan Sponsor by the Debtors, certain Takata entities
and the Plan Sponsor have entered into additional acquisition
agreements for the sale of assets in Europe, Japan, and other
regions. As the Court is aware, a sale of substantially all of
the Debtors' assets must be completed by no later than February
28, 2018 in order to satisfy the payment of the remaining $850
million restitution payment that TKJP is obligated to pay
pursuant to the Plea Agreement entered into by TKJP, the
Department of Justice, Criminal Division, Fraud Section, and the
U.S. Attorney's Office for the Eastern District of Michigan in
connection with the criminal investigation of Takata.

Accordingly, the Debtors claimed that the requested extension
fulfills the crucial purpose of providing the Debtors with an
opportunity to finalize the Global Transaction Documents,
including the Plan. The filing of the Plan is not merely
possible, but high likely, because the Debtors, the Consenting
OEMs, and the Plan Sponsor have finalized several critical Global
Transaction Documents that support the Plan. The Global
Accommodation Agreement and the RSA signify the Consenting OEMs'
support and willingness to compromise in furtherance of a
executing the Global Transaction.  With these agreements, the
Debtors can diligently seek approval to solicit acceptances and
secure confirmation after filing the Plan.

                         About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

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

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

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

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

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

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

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

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as
special counsel.
Roger Frankel, the legal representative for future personal
injury claimants of TK Holdings Inc., et al., tapped Frankel
Wyron LLP and Ashby & Geddes PA to serve as co-counsel.

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


TOSHIBA CORP: Goldman to Get $180 Million Payday With Sale Deal
---------------------------------------------------------------
Takahiko Hyuga at Bloomberg News reports that Goldman Sachs Group
Inc. is poised to receive JPY20 billion ($180 million) in fees
for managing Toshiba Corp.'s emergency share sale, according to a
person with knowledge of the matter.

According to Bloomberg, the U.S. firm is arranging the JPY600
billion private placement of new shares for loss-making Toshiba,
which faces a March deadline from Tokyo's exchange to reverse its
negative equity or be delisted. About 60 funds, including David
Einhorn's Greenlight Capital and Daniel Loeb's Third Point, are
planning to invest, Toshiba said in a statement on Nov. 19.

While Goldman Sachs's fee as a percentage of the amount raised
isn't extraordinary -- 3.3 percent compared with about 4 percent
for the average initial public offering in Japan -- what's
unusual is that the firm is doing the deal on its own, Bloomberg
says. In 10 other secondary share sales in Japan of at least this
size over the past decade, a minimum of three banks split the
fees, according to data compiled by Bloomberg.

Bloomberg says the fee from the Toshiba sale is almost equivalent
to the local Goldman Sachs unit's entire profit for last year.

Goldman Sachs approached Toshiba with a plan to raise money
quickly from a relatively small group of investors, said the
person, who asked not to be identified discussing private talks,
Bloomberg relates.

Bloomberg notes that Toshiba, which is struggling to recover from
multibillion-dollar losses at its U.S. nuclear business, is
raising the cash because it is uncertain whether the sale of its
memory-chip unit will be completed in time to reverse its
negative shareholders' equity by the end of March. A public
offering would have been tough to carry out because of questions
over the company's prospects as a going concern, Toshiba said in
the statement.

Bloomberg relates that Toshiba said it will sell 2.28 billion new
shares at JPY262.8 apiece, about 10 percent lower than its
closing price on Nov. 17. It expects the transaction to be
completed in early December. The shares have risen 3.8 percent
since the announcement, Bloomberg notes.

Goldman Sachs's overseas affiliates met with potential investors
to gauge demand, before selecting candidates and negotiating with
them individually, Toshiba said, according to Bloomberg. Those
discussions took into consideration "our complicated and
difficult situation," the Tokyo-based company added.

The transaction may help Goldman Sachs end the year as the top
manager of Japan equity offerings for the first time since
Bloomberg began compiling the data almost two decades ago. The
deal vaulted the firm past Nomura Holdings Inc., according to the
data, which exclude equity-linked securities such as convertible
bonds.

Led by Masanori Mochida, Goldman Sachs's Japan operation has long
been one of the most profitable foreign investment banks in the
country, Bloomberg discloses. Mochida has been president of the
unit since 2007 and also sits on the U.S. firm's management
committee.

Goldman Sachs also advised Toshiba on the $18 billion sale of its
memory-chip unit to a consortium led by Bain Capital, Bloomberg
reports. The deal has been complicated by legal action from
Western Digital Corp., which has argued it should have veto
rights because of its partnership with Toshiba, adds Bloomberg.

                        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."


TOSHIBA CORP: JPY600BB Shares Issue is Credit Pos., Moody's Says
----------------------------------------------------------------
Moody's Japan K.K. says that Toshiba Corporation's (Caa1
negative) announced JPY600 billion equity financing exercise is
credit positive because the proceeds will be used to eliminate
cash obligations related to the parent company guarantee
associated with nuclear power construction projects in the US
and, at the same time, will improve its negative net worth
position significantly.

On November 19, 2017, Toshiba announced its intention to issue
new shares through a private placement which is expected to close
between December 5, and 8, 2017.

Toshiba expects the issuance will result in a net cash inflow of
JPY573.8 billion, which, it will use for an early payment of
Toshiba's parent guarantee of USD5.2 billion (JPY580 billion,
expected at end-2017).

In addition, Toshiba can expect at least JPY240 billion as an
additional contribution to equity from tax reductions if the sale
of the claims including reimbursement against Westinghouse
Electric Company LLC, a former nuclear power construction
subsidiary which filed for bankruptcy in March 2017, and interest
related to Westinghouse is completed by FYE3/2018.

This tax reduction effect together with the JPY600 billion shares
issuance will help offset the negative JPY750.0 billion in
shareholders' equity that Toshiba had previously forecasted for
FYE3/2018.

The equity financing follows Toshiba's decision to sell its
wholly owned memory-chip subsidiary Toshiba Memory Corporation
(TMC) for JPY2 trillion to bolster liquidity and resolve its
negative net worth status.

However, this sale still faces execution risk, arising from
Toshiba's continued dispute with Western Digital Corporation (Ba1
stable), TMC's JV partner, and legal procedures in key
jurisdictions relating to competition laws.

Moody's believes a significant delay in completing the sale of
TMC could pressure Toshiba's liquidity and increase business
risk, as the memories business requires sizable capital
expenditure on an ongoing basis in order for Toshiba to maintain
its product and cost competitiveness, and from the volatile
characteristics of its NAND flash memory market.

Toshiba's FYE3/2018 first half results showed a significant
improvement in operating profit from the same period last year,
thanks to its memories business. This business, reported 36.5%
for its operating profit margin and accounted for 88% of
consolidated operating profit.

Since the sale of TMC was announced, no material new issues have
been reported from its other businesses, such as Energy Systems &
Solutions; Infrastructure Systems & Solutions; Retail & Printing
Solutions; and Storage & Electronic Devices Solutions.

However, uncertainty remains whether Toshiba can generate
sustainable earnings and cash flow from its remaining businesses
after losing material earnings with the sale of TMC.

Upward rating pressure could arise if Toshiba successfully
secures funding through its planned new shares issuance,
strengthens its capital, and stabilizes its earnings and cash
flow.

On the other hand, downward rating pressure could arise if the
sale of its memories business is not successful and/or there is
increased evidence of a strained liquidity position or a non-
curable breach in its bank debt covenants.

In addition, the rating could be pressured if Toshiba's revised
corporate governance structure fails to function properly,
leading to a further deterioration in its financial metrics.
Evidence of further material accounting irregularities would also
pressure the rating.

Toshiba Corporation, headquartered in Tokyo, is one of the
largest integrated electronics companies in Japan.



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


DC ROSS: Scott Technology Buys Firm Out of Receivership
-------------------------------------------------------
Rebecca Howard at BusinessDesk reports that Scott Technology
outbid an overseas buyer when it bought Dunedin-based engineering
firm DC Ross out of receivership, a six-monthly report from the
receivers shows.

BusinessDesk relates that DC Ross, which supplies precision metal
formed parts, was tipped into receivership in September 2016 and
in June this year Scott Technology said it had entered an
unconditional agreement to purchase all the assets of the company
for a total purchase price expected to be less than NZ$500,000.

In its annual report, Scott Technology, also based in Dunedin,
said it paid NZ$375,000 for DC Ross, and its tool room and tool
design capability has already enabled it to undertake significant
work for an appliance manufacturer in Australia, BusinessDesk
relays.

It also noted the inventories, plant and equipment of the DC Ross
business were purchased from DC Ross' receivers for an agreed
total value which was less than market value, resulting in a
fair-value gain on acquisition, BusinessDesk adds.

According to BusinessDesk, DC Ross's receiver Malcolm Hollis of
PwC said in their latest report that they had corresponded with
multiple interested parties and attracted an overseas buyer. He
did not identify the company and was not immediately available
for comment. However, prior to settlement, it received a "large
offer from a third party," he said in the report. "We consulted
with our appointer, who agreed this was the best possible offer
received to date and retained employment for all staff," Mr.
Hollis, as cited by BusinessDesk, said.

BusinessDesk relates that Mr. Hollis also said the receivers are
in negotiations with third secured creditor Fletcher Steel
regarding the quantum of its purchase money security interest
claim - which gives it the right to receive debtor proceeds up to
the value of steel contained in the part sold. According to the
report, Fletcher Steel is owed NZ$609,670, BusinessDesk relays.

"Once we have undertaken a review of the calculations we intend
to make a final distribution to Fletcher Steel," BusinessDesk
quotes Mr. Hollis as saying.

The first secured creditor is Bank of New Zealand, which is owed
NZ$4.3 million while the second secured creditor is Aorangi
Laboratories, owed NZ$13.8 million, BusinessDesk discloses.
According to Mr. Hollis' report "based on the realisations to
date there will be a significant shortfall to the secured
creditor and therefore no funds available for a distribution to
unsecured creditors," BusinessDesk relays.



====================
S O U T H  K O R E A
====================


LEO MOTORS: Reports US$2.9 Million Net Loss in Third Quarter
------------------------------------------------------------
Leo Motors, Inc. filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q reporting a net loss
of US$2.88 million on US$988,582 of revenues for the three months
ended Sept. 30, 2017, compared to a net loss of US$1.62 million
on US$792,037 of revenues for the three months ended Sept. 30,
2016.

For the nine months ended Sept. 30, 2017, Leo Motors recognized a
net loss of US$5.82 million on US$1.82 million of revenues
compared to a net loss of US$2.77 million on US$2.34 million of
revenues for the same period a year ago.

As of Sept. 30, 2017, Leo Motors had US$4.25 million in total
assets, US$9.91 million in total liabilities and a total deficit
of US$5.65 million.

Cost of revenues for the three months ended Sept. 30, 2017 and
2016 were US$783,186 and US$503,484, respectively.  Cost of
revenues for the nine months ended Sept. 30, 2017 and 2016 were
US$1,574,605 and US$1,484,572, respectively.

Operating expenses for the three months ended Sept. 30, 2017 and
2016 were US$1,076,492 and US$1,759,520, respectively.  Operating
expenses for the nine months ended Sept. 30, 2017 and 2016 were
US$4,160,535 and US$3,676,871, respectively.  The above expenses
include depreciation and amortization amounts of US$78,547 and
US$20,864 for the three months ended Sept. 30, 2017 and 2016,
respectively, and US$123,969 and US$66,286 for the nine months
ended Sept. 30, 2017 and 2016, respectively.

Other income (expense) was US$(2,013,997) and US$(153,212) for
the three months ending Sept. 30, 2017 and 2016 respectively.
Other income (expense) was US$(1,907,170) and $41,151 for the
three months ending Sept. 30, 2017 and 2016 respectively.  The
major difference was the write off of goodwill in the third
quarter of 2017 of US$2,613,486.  This category includes income
and expense from non-operational sources and the effects of
currency transaction gains or (losses).  The reason for the
fluctuations in the currency gains/losses is the change in
valuation of the Korean Won.

The non-controlling interest portion of the net loss for the
three months ended Sept. 30, 2017 and 2016 was US$(157,484) and
$(126,853), respectively.  The non-controlling interest portion
of the net loss for the nine months ended Sept. 30, 2017 and 2016
was US$(744,960) and US$(86,890), respectively.

Comprehensive income (loss) includes the Company's net income
(loss) plus the unrealized currency translation gain (loss) for
the period.  For the three months ended Sept. 30, 2017 and 2016,
the Company recorded comprehensive gain or (loss) of
US$(2,984,650) and US$(1,830,133), respectively, which were made
up of unrealized losses on currency translation. For the nine
months ended Sept. 30, 2017 and 2016, the Company recorded
comprehensive gains or (losses) of US$(5,854,974) and
US$(2,806,417), respectively, which were made up of unrealized
losses on currency translation.

As of Sept. 30, 2017, the Company had a negative working capital
of US$(6,477,682), comprised of current assets of US$2,714,862
and current liabilities of US$9,192,545.  This represents a
decrease of $2,208,807 from the working capital (deficit)
maintained by the Company of US$(4,268,875) as of Dec. 31, 2016.

Net cash provided by (used in) operations for the nine months
ended Sept. 30, 2017 was US$698,326 compared with US$(1,778,400)
for the nine months ended Sept. 30, 2016.

Net cash (used) in investing activities for the nine months ended
Sept. 30, 2017 and 2016 was US$(1,320,951) and US$(61,608),
respectively.

Net cash provided by financing activities for the nine months
ended Sept. 30, 2017 and 2016 was US$1,861,529 and US$3,093,970,
respectively.

The applicable portion of the earnings or loss attributable to
non-controlling interests is offset in this section.  In the nine
months ended Sept. 30, 2017 and 2016, the attributable portion to
non-controlling interests were US$(744,960) and US$(86,890)
respectively.

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

                    https://is.gd/TwcW3K

                      About Leo Motors

Leo Motors, Inc. -- http://www.leomotors.com/-- is a Nevada
Corporation incorporated on Sept. 8, 2004.  The Company
established a wholly-owned operating subsidiary in Korea named
Leo Motors Co. Ltd. on July 1, 2006.  Through Leozone, the
Company is engaged in the research and development (of multiple
products, prototypes, and conceptualizations based on
proprietary, patented and patent pending electric power
generation, drive train and storage technologies.  Leozone
operates through four unincorporated divisions: new product
research & development, post R&D development such as product
testing, production, and sales.

Significant losses from operations have been incurred by the
Company since inception and there is an accumulated deficit of
$(29,776,217) as of Dec. 31, 2016.  Continuation as a going
concern is dependent upon attaining capital to achieve profitable
operations while maintaining current fixed expense levels.

DLL CPAs LLC issued a "going concern" qualification on the
consolidated financial statements for the year ended Dec. 31,
2016.

The auditors said the Company has suffered recurring losses from
operations and negative cash flows from operations the past two
years.  These factors raise substantial doubt about its ability
to continue as a going concern.

Leo Motors reported a net loss of US$6.41 million in 2016, a net
loss of US$4.49 million in 2015, and a net loss of US$4.48
million in 2014.



                             *********

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
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thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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