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

                      A S I A   P A C I F I C

           Monday, December 4, 2017, Vol. 20, No. 240

                            Headlines


A U S T R A L I A

ARISTOCRAT LEISURE: S&P Affirms BB+ CCR, Outlook Remains Stable
BRIGAM ROAD: First Creditors' Meeting Set for Dec. 8
BRT PETROLEUM: First Creditors' Meeting Set for Dec. 8
CHALIJEN PTY: Second Creditors' Meeting Set for Dec. 8
CORE TRANSMISSION: First Creditors' Meeting Set for Dec. 11

FINELINE HOME: Second Creditors' Meeting Set for Dec. 8
FIRSTMAC MORTGAGE 3-2017: S&P Assigns BB Rating to Cl. E Notes
LATITUDE 2017-1: Moody's Assigns Ba2 Rating to Class E Notes
MEDALLION TRUST 2017-2: S&P Assigns BB(sf) Rating to Cl. E Notes
PALADIN ENERGY: Second Creditors' Meeting Set for Dec. 7

PEPPER I-PRIME 2017-3: S&P Assigns Prelim B (sf) to Class F Notes
RELIANCE RAIL: S&P Withdraws All Ratings After Recapitalization
SAI GLOBAL: Moody's Lowers CFR to B2; Outlook Stable


C H I N A

YANZHOU COAL: Investment in Linshang No Impact on Moody's B1 CFR


I N D I A

A P PROPERTIES: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
BAJRANG COTTON: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
BAWA APPLIANCES: CRISIL Reaffirms C Rating on INR5MM Cash Loan
BR. SHESHRAO: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
CLASSIC ENGICON: Ind-Ra Raises BB+ Issuer Rating, Outlook Stable

COMMUNICATION WORLD: Ind-Ra Moves BB- Rating to Non-Cooperating
DENTCARE DENTAL: CRISIL Reaffirms B Rating on INR11MM Cash Loan
DM CORPORATION: CRISIL Reaffirms 'D' Rating on INR49.21MM Loan
DOLPHIN PROMOTERS: CRISIL Reaffirms B+ Rating on INR19MM LT Loan
G B ENTERPRISESS: Ind-Ra Migrates BB- Rating to Non-Cooperating

GANAPATI FISHING: CRISIL Reaffirms B Rating on INR15.5MM Loan
GOWTHAMI RAW: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
GUJRAL ROADWAAYS: Ind-Ra Moves BB Rating to Non-Cooperating
HAR AUTO: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
INDICON CONSTRUCTION: CRISIL Ups Rating on INR3.9MM Loan to B+

J S INTERNATIONAL: Ind-Ra Migrates BB- Rating to Non-Cooperating
KANDHAN KNITSS: CRISIL Lowers Rating on INR15MM Loan to 'D'
KESHAV COTTON: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
KIMS AL SHIFA: CRISIL Lowers Rating on INR60.64MM Loan to 'D'
KLR INDUSTRIES: Ind-Ra Affirms 'D' LT Issuer Rating

KVR INDUSTRIES: CRISIL Reaffirms D Rating on INR27.08MM Loan
MALABAR HIGHVIEW: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
MEENAKSHI INDUSTRIES: CRISIL Reaffirms B- Rating on INR4MM Loan
MY BIKE: CRISIL Lowers Rating on INR6MM Cash Loan to 'D'
MY FONE: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'

MY STORE: CRISIL Lowers Rating on INR10MM Cash Loan to 'D'
PRIME METALS: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
PRIYADARSHINI SAHAKARI: CRISIL Reaffirms D Rating on INR24MM Loan
RELIANCE NAVAL: IFCI Files Insolvency Proceedings Against Firm
SHINE STAR: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable

SRI BALASUBRAMANIA: CRISIL Cuts Rating on INR5.94MM Loan to 'C'
SRI SATYA: Ind-Ra Ups LT Issuer Rating to 'BB-', Outlook Stable
TLG AGRO: CRISIL Raises Rating on INR18.45MM Whse Receipts to B
YASH PAPERS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating


J A P A N

TOSHIBA CORP: Near Resolution to Dispute With Western Digital


X X X X X X X X

FIJI SUGAR: 'Technically Insolvent', NFP Leader Says


                            - - - - -


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A U S T R A L I A
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ARISTOCRAT LEISURE: S&P Affirms BB+ CCR, Outlook Remains Stable
---------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB+' long-term
corporate credit rating on Aristrocrat Leisure Ltd., a gaming
company based in Australia. The outlook on the rating remains
stable. We also affirmed our 'BB+' rating on Aristocrat's debt
and the recovery rating of '3'.

S&P said, "We affirmed the ratings following Aristocrat's
announcement that it has entered into a binding agreement to
acquire 100% of Big Fish Games Inc. for US$990 million (A$1,320
million). The company will fund the transaction with a US$890
million term loan and US$100 million of cash, resulting in debt
to EBITDA rising to the low 2x following completion. The
predominantly debt-funded acquisition can be accommodated within
our 'BB+' rating given Aristocrat's existing low leverage. We
forecast Aristocrat to deleverage below 2x over the next two
years, while maintaining adequate liquidity."

Nevertheless, the acquisition leaves Aristocrat with limited
headroom to undertake new capital management activity and reduced
buffer to withstand earnings pressure at the current rating. That
said, S&P continues to view Aristocrat's financial policies as
supportive of the rating, including S&P Global Ratings' adjusted
debt to EBITDA to remain below 2.5x under normal operating
conditions.

The acquisition of Seattle-based social gaming company Big Fish
follows the group's recent acquisition of Israeli-based mobile
game developer Plarium Global Ltd. in October 2017. These
acquisitions will expand Aristocrat's digital gaming segment to
about 38% of revenue on a pro-forma basis.

S&P said, "In our opinion, Aristocrat's shift to digital gaming
will likely result in a greater proportion of recurring revenues
as well as achieve some diversification across its portfolio,
which has traditionally been exposed to the volatile gaming
machine technologies industry. We view the recent acquisitions to
be aligned with Aristocrat's existing capabilities and will
position the company to respond to broader structural trends
affecting the gaming industry. That said, our rating factors in
some execution risk as well as our assessment that digital gaming
has fewer barriers to entry compared with Aristocrat's
traditional gaming machine segment."

Aristocrat's results for the year ended Sept. 30, 2017,
underscore the group's continued strong performance. Its Class
III premium gaming operations and growth in its Class II
installed base increased its revenue in North America. Meanwhile,
the strong performance of its Heart of Vegas application
supported its digital segment.  As of Sept. 30, 2017, and before
its acquisitions, the group's gross debt to EBITDA was about
1.2x, which is consistent with its expectation for the year.

S&P said, "The stable outlook reflects our view that Aristocrat
is committed to sustaining debt to EBITDA less than 2.5x under
normal operating conditions, with the ability to increase to 3.0x
for strategic opportunities.

"The stable outlook also reflects our expectation that
Aristocrat's strengthened market position in gaming-machine sales
and gaming operations will reduce the company's historically high
volatility of profitability.

"We could lower the rating if the company's debt to EBITDA is
greater than 3.0x as a result of corporate activity or capital
management decisions, or greater than 2.5x under normal operating
conditions. A decision to increase leverage beyond this level
would undermine our assessment of the company's future financial
policy commitments.

"We could also lower the rating if a material deterioration were
to occur in the economic environment in the U.S. or Australia, or
if Aristocrat's market position across its portfolio severely
weakens.

"While upward rating action is unlikely over the one to three
years, we could raise the rating if Aristocrat's cash flow
generation and financial policies enable it to sustain debt to
EBITDA of less than 1.5x. These financial ratios take into
consideration the volatility of Aristocrat's profitability."


BRIGAM ROAD: First Creditors' Meeting Set for Dec. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Brigam
Road Tank Haulage Pty Ltd will be held at the offices of SV
Partners, SV House, 138 Mary Street, in Brisbane, Queensland, on
Dec. 8, 2017, at 11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Brigam Road on Nov. 28, 2017.


BRT PETROLEUM: First Creditors' Meeting Set for Dec. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of
BRT Petroleum Pty Ltd will be held at the offices of SV Partners,
SV House, 138 Mary Street, in Brisbane, Queensland, on Dec. 8,
2017, at 11:00 a.m.

David Michael Stimpson of SV Partners was appointed as
administrator of Brigam Road on Nov. 28, 2017.


CHALIJEN PTY: Second Creditors' Meeting Set for Dec. 8
------------------------------------------------------
A second meeting of creditors in the proceedings of Chalijen Pty
Ltd, has been set for Dec. 8, 2017, at 10:00 a.m. at the offices
of Bentleys Chartered Accountants, London House, 216 St Georges
Terrace, in Perth WA.

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. 7, 2017, at 4:00 p.m.

John Morgan of BCR Advisory was appointed as administrator of
Chalijen Pty on Nov. 8, 2017.


CORE TRANSMISSION: First Creditors' Meeting Set for Dec. 11
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Core
Transmission Australia Pty Ltd will be held at the offices of
PCI Partners, Level 8, 179 Queen Street, in Melbourne, on
Dec. 11, 2017, at 11:00 a.m.

Clyde Peter White and Stephen John Michell of PCI Partners were
appointed as administrators of Core Transmission on Nov. 30,
2017.


FINELINE HOME: Second Creditors' Meeting Set for Dec. 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of Fineline Home
Products Pty Ltd, trading as Moss River has been set for Dec. 8,
2017, at 10:00 a.m. at the offices of BDO, Level 11, 1 Margaret
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 7, at 4:00 p.m.

Andrew Thomas Sallway of BDO was appointed as administrator of
Fineline Home on Sept. 4, 2017.


FIRSTMAC MORTGAGE 3-2017: S&P Assigns BB Rating to Cl. E Notes
--------------------------------------------------------------
S&P Global Ratings assigned ratings to seven of the eight classes
of prime residential mortgage-backed securities (RMBS) issued by
Firstmac Fiduciary Services Pty Ltd. as trustee for Firstmac
Mortgage Funding Trust No.4 Series 3-2017.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned to
    the trust after the closing date.

-- S&P's view of the credit support that is sufficient to
    withstand the stresses we apply. Credit support for the rated
    notes comprises note subordination and excess spread, if any.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    reserve equal to 1.2% of the outstanding note balance and the
    principal draw function, are sufficient to ensure timely
    payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from
    day one by Firstmac Ltd., available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- The fixed- to floating-rate interest-rate swap provided by
    Westpac Banking Corp. to hedge the mismatch between receipts
    from fixed-rate mortgage loans and the variable-rate RMBS.

  RATINGS ASSIGNED

  Class     Rating       Amount (A$ mil.)
  A-1       AAA (sf)     510.0
  A-2       AAA (sf)      30.0
  A-3       AAA (sf)      36.0
  B         AA (sf)        9.0
  C         A (sf)         6.0
  D         BBB (sf)       3.0
  E         BB (sf)        3.0
  F         NR             3.0
  NR--Not rated.


LATITUDE 2017-1: Moody's Assigns Ba2 Rating to Class E Notes
------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Corporate Trust Limited, as trustee of
Latitude Australia Personal Loans Series 2017-1 Trust.

Issuer: Latitude Australia Personal Loans Series 2017-1 Trust

-- AUD397.80 million Class A Notes, Assigned Aaa (sf)

-- AUD67.20 million Class B Notes, Assigned Aa2 (sf)

-- AUD48.00 million Class C Notes, Assigned A2 (sf)

-- AUD32.40 million Class D Notes, Assigned Baa2 (sf)

-- AUD54.60 million Class E Notes, Assigned Ba2 (sf)

The AUD51.00 million Seller Notes are not rated by Moody's.

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

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

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

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

- The evaluation of the capital structure;

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

- The liquidity facility in the amount of 1.50% of the notes
balance subject to a floor of AUD1,200,000;

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

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

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

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

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

Moody's analysis also accounts for the risk of the transaction
being over or under-hedged. This risk arises because the notional
amount in the swap agreement is based on the repayment profile of
the rated notes, assuming a prepayment rate of 20% on the
underlying receivables. If prepayments deviate from this
assumption, the transaction is exposed to the risk of being over
or under-hedged. To mitigate the risk of any under or over-
hedging in the transaction, a derivative reserve, funded by notes
issuance, of AUD9,000,000 has been established at closing.
Moody's has assessed the sufficiency of the derivative reserve to
cover the potential costs associated with the transaction being
over or under-hedged. Moody's ran a number of faster and slower
prepayment scenarios in combination with associated upward and
downward movements in bank bill swap rates.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 9.7%,
coefficient of variation (CoV) of 42.6%, and a recovery rate of
15.0%. After accounting for the very high level of seasoning of
the portfolio (19 months), as well as for the substitution
period, Moody's mean default rate assumption was adjusted to
8.3%. Moody's assumed default rate, CoV and recovery rate are
stressed compared to the historical levels of 9.1%, 12.0% and
24.9% respectively. The stress addresses lack of economic stress
during the historical data period (2007-2016).

Methodology Underlying the Rating Action:

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

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

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

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

Moody's Parameter Sensitivities:

If the default rate rises to 12.4% (1.5 times Moody's assumption
of 8.3%) and the CoV remains unchanged at 42.6%, then the model-
indicated rating for the Class A Notes drops three notches to
Aa3. Similarly, the model-indicated rating for the Class B Notes,
Class C Notes, Class D Notes and Class E Notes drop five, five,
four and five notches to Baa1, Ba1, Ba3 and Caa1 respectively
under this scenario.


MEDALLION TRUST 2017-2: S&P Assigns BB(sf) Rating to Cl. E Notes
----------------------------------------------------------------
S&P Global Ratings assigned ratings to six classes of prime
residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee for Medallion Trust Series
2017-2.

The ratings reflect:

-- S&P views of the credit risk of the underlying collateral
    portfolio, including the fact that this is a closed
    portfolio, which means no further loans will be assigned
    to the trust after the closing date.

-- S&P views that the credit support is sufficient to withstand
    the stresses it applies. This credit support comprises note
    subordination and lenders' mortgage insurance to 19.9% of the
    portfolio, which covers 100% of the face value of these
    loans, accrued interest, and reasonable costs of enforcement.

-- The various mechanisms to support liquidity within the
    transaction, including a liquidity facility equal to 0.75% of
    the invested amount of all notes and principal draws, are
    sufficient under S&P's stress assumptions to ensure timely
    payment of interest.

-- The availability of a A$150,000 extraordinary expense reserve
    funded upfront by Commonwealth Bank of Australia (CBA) to
    support trust expenses. This reserve will be topped up with
    available excess spread if drawn on.

-- The fixed-to-floating interest-rate swap, which is provided
    by CBA to hedge the mismatch between receipts from any fixed-
    rate mortgage loans and the variable-rate RMBS.

-- The underwriting standards and centralized approval process
    of the seller, CBA.

  RATINGS ASSIGNED
  Class      Rating        Amount (mil. A$)
  A1         AAA (sf)      2,438.0
  A2         AAA (sf)        106.0
  B          AA (sf)          53.8
  C          A (sf)           25.2
  D          BBB (sf)          9.3
  E          BB (sf)           9.2
  F          NR                8.5
  NR--Not rated.


PALADIN ENERGY: Second Creditors' Meeting Set for Dec. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Paladin
Energy Limited, Paladin Energy Minerals NL and Paladin Finance
Pty Ltd has been set for Dec. 7, 2017, at 2:00 p.m. at the
offices of KPMG, Level 8, 235 St Georges Terrace, in Perth, WA.

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. 6, 2017, at 4:00 p.m.

Matthew David Woods, Hayden Leigh White and Gayle Dickerson of
KPMG were appointed as administrators of on July 3, 2017.


PEPPER I-PRIME 2017-3: S&P Assigns Prelim B (sf) to Class F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of prime residential mortgage-backed securities (RMBS) to
be issued by Permanent Custodians Ltd. as trustee of Pepper I-
Prime 2017-3 Trust. Pepper I-Prime 2017-3 Trust is a
securitization of prime residential mortgages originated by
Pepper HomeLoans Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
    portfolio, including its view that the credit support is
    sufficient to withstand the stresses it applies. The credit
    support for the rated notes comprises note subordination. The
    underwriting standard and centralized approval process of the
    seller, Pepper Homeloans.

-- The availability of a yield-enhancement reserve, amortization
    reserve, and overcollateralization amount, which will all be
    funded by excess spread to cover potential yield shortfalls
    and loss reimbursements and to repay principal on the notes
    at various stages of the transaction's term.

-- The extraordinary expense reserve of A$150,000, funded by
    Pepper on or before closing, available to meet extraordinary
    expenses. The reserve will be topped up via excess spread if
    drawn.

-- S&P's expectation that the various mechanisms to support
    liquidity within the transaction, including a liquidity
    facility equal to 2.2% of the outstanding balance of the
    notes, and principal draws, are sufficient under its stress
    assumptions to ensure timely payment of interest.

  PRELIMINARY RATINGS ASSIGNED

  Class       Rating         Amount (mil.)
  A1-S        AAA (sf)       131.0
  A1-L        AAA (sf)       189.0
  A2          AAA (sf)        48.0
  B           AA (sf)         12.0
  C           A (sf)           7.0
  D           BBB (sf)         5.5
  E           BB (sf)          3.5
  F           B (sf)           2.0
  G           NR               2.0
  NR--Not rated.


RELIANCE RAIL: S&P Withdraws All Ratings After Recapitalization
---------------------------------------------------------------
S&P Global Ratings said that it has withdrawn all its ratings on
the senior and junior debt issued by Reliance Rail Finance Pty
Ltd. The withdrawal follows Reliance's successful
recapitalization, which was completed on Nov. 28, 2017. S&P
understands that, as part of the recapitalization, a portion of
the existing Consumer Price Index (CPI)-linked bonds were
transferred into the new structure with the same economics and
new terms and conditions. Similarly, the CPI swaps were
transferred into the new structure. All remaining debt, including
the junior debt was repaid in full and the ratings have been
discontinued as a result.

Given that S&P has not been provided with sufficient and timely
information regarding the structure in order to rate those
instruments, it is withdrawing the ratings on the CPI-linked
bonds and CPI swaps.


SAI GLOBAL: Moody's Lowers CFR to B2; Outlook Stable
----------------------------------------------------
Moody's Investors Service has downgraded SAI Global Holdings II
(Australia) Pty Ltd.'s (SAI Global) corporate family rating to B2
from Ba3. The rating outlook is stable.

At the same time, Moody's has downgraded the senior secured
rating of SAI Global Holdings I (Australia) Pty Limited's USD325
million first lien term loan B to B2 from Ba3, the senior secured
rating of its AUD255 million term loan B to B2 from Ba3, and the
senior secured rating of its second lien AUD160 million term loan
facility to Caa1 from B2.

Additionally, Moody's has assigned a stable outlook to SAI Global
Holdings I (Australia) Pty Limited.

RATINGS RATIONALE

"The ratings downgrade reflects SAI Global's weak operating
performance in fiscal 2017 and Moody's expectation that its
fiscal 2018 earnings will also be significantly lower than
previously expected, as a result of a significant organizational
restructure, additional new investment, as well as a delay in
achieving its cost-out program", says Shawn Xiong, a Moody's
Analyst.

"As such, Moody's expect SAI Global's financial leverage to
remain elevated over the next 12-18 months, with a ratio of
adjusted debt-to-EBITDA between 6.5x and 7.0x", adds Xiong

The ratings downgrade follows a weaker than expected fiscal 2017
operating performance across all of SAI Global's divisions, with
the exception of its Risk division, amid increasing competitive
pressure in the key markets it serves. Overall group revenue
declined by around 1%, which is significantly weaker than Moody's
previous expectation of a 5% growth rate.

The company has since made significant changes to its management
team and will be looking to change its operating model to a
portfolio-focused one rather than its current regional model.

The delay in achieving its cost-out program to reduce annual
costs by AUD20 million, and investments in sales and marketing
personnel to address identified revenue growth initiatives in
currently untapped markets, including new industries and
geographic markets, will result in negative pressure on EBITDA
until they deliver revenue.

As a result, Moody's now expects SAI Global's adjusted debt-to-
EBITDA to be around 7.0x for fiscal 2018, which is significantly
above the rating agency's previous expectation of mid-4x.

Moody's expects SAI Global to maintain sufficient liquidity over
the next 12 months, supported by its cash balances, operating
cash flow and undrawn credit facilities.

The stable outlook reflects Moody's expectation that SAI Global
will successfully implement its organizational restructure and
return the company to a growth path whilst improving its margins.
Moody's expect the company to continue to look for cost-out
opportunities and to de-lever its balance sheet following the
organizational restructure, such that its adjusted debt-to-EBITDA
will remain comfortably below 7.0x on a consistent basis.

An upgrade to the rating is unlikely in the short term given the
time required for the company to implement its organizational
restructure and for its new investments to translate into
earnings growth. However, the company's rating could be
considered for an upgrade if SAI Global is able to reduce costs,
increase earnings and de-lever its balance sheet, such that its
adjusted debt-to-EBITDA is comfortably below 6.0x on a consistent
basis.

The rating could face further negative pressure if market
conditions in SAI Global's key business divisions deteriorate
beyond Moody's current expectations and materially increased
investment is required, leading to an adjusted debt-to-EBITDA
ratio approaching 7.0x on a consistent basis. At the same time,
the rating could also be downgraded further if its liquidity
buffer diminishes, hindering the company's ability to cover debt
service obligations.

The principal methodology used in these ratings was Business and
Consumer Service Industry published in October 2016.

SAI Global Limited, headquartered in Sydney, is a global provider
of risk management services and products. It is also a leading
provider of mortgage settlement related services and property-
related information in Australia.

The company operates five business segments: (1) Assurance -
testing, inspecting and certification to ensure customers meet
standards, (2) Knowledge - publication of standards/regulatory
material, (3) Learning - training customers on
standards/regulations, (4) Risk- to prevent and track any break
of standards/regulations, and (5) Property - mortgage settlement
services and information brokerage



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YANZHOU COAL: Investment in Linshang No Impact on Moody's B1 CFR
----------------------------------------------------------------
Moody's Investors Service says that Yanzhou Coal Mining Company
Limited's (Yanzhou Coal) investment in Linshang Bank Co. Ltd. is
credit negative due to liquidity and investment risk concerns,
but this relatively small investment will have no immediate
impact on its B1 corporate family rating and the B1 backed senior
unsecured debt rating on the bonds guaranteed by the company.

The ratings outlook remains stable.

Yanzhou Coal announced on November 27, 2017 that it had acquired
an aggregate of 717,697,143 shares (or approximately 19.75%) of
Linshang Bank for a total consideration of about RMB2.153
billion. Linshang Bank is a small joint-stock commercial bank
located in Linyi, Shandong Province, with an audited net asset
value of approximately RMB6.2 billion at the end of 2016.

The transaction is subject to regulatory approval.

"The investment will reduce Yanzhou Coal's already weak liquidity
profile by consuming about 8.9% of its reported cash balance at
the end of June 2017, but the impact will be manageable, given
the investment amount is 1.3% of its total assets for this
period," says Gerwin Ho, a Moody's Vice President and Senior
Analyst, and also the International Lead Analyst for Yanzhou
Coal.

Yanzhou Coal has weak liquidity because its reported cash balance
of RMB24.14 billion is insufficient to cover its short-term debt
of RMB32.1 billion at the end of June 2017.

Nevertheless, Moody's believes Yanzhou Coal still has financial
resources to fund this investment. Moody's estimates that it will
generate operating cash flow of around RMB9-10 billion in 2017,
driven by the significant improvement of its coal business due to
a recovery in coal prices since 2H 2016.

In addition, Yanzhou Coal's refinancing risk is manageable for
the next 12-18 months given its local state-owned enterprise
background and good access to the bond and banking markets.

"This investment also reflects Yanzhou Coal's acquisitive risk
appetite in the financial sector, and will expose the company to
the investment risk associated with the operating scale, asset
quality and potential funding needs of the investees," says Cindy
Yang, a Moody's Assistant Vice President and Analyst, and also
the Local Market Analyst for Yanzhou Coal.

Moody's notes Yanzhou Coal is increasing investments in the
financial sector. It held 8.67% of the share capital of Qilu Bank
Co., Ltd., 2.86% of China Zheshang Bank Co., Ltd. and 33% of
Shanghai CIFCO Futures Co., Limited at the end of 2016.

This business strategy will increase execution and financial
risks because the company has a limited track record of investing
in and managing such businesses.

Yanzhou Coal's B1 corporate family rating primarily reflects the
company's standalone credit profile quality and a two-notch
uplift from expected extraordinary support from the Shandong
Provincial Government, through its parent Yankuang Group
Corporation Limited.

Yanzhou Coal's standalone credit profile quality reflects: (1)
its diversified coal mining assets and good related
infrastructure; and (2) good quality coal and low-cost mining
operations in Shandong Province.

On the other hand, its standalone credit profile also considers
(1) the weak performance at Yancoal Australia Limited; (2) its
fast growth and resultant high debt leverage; (3) execution and
financial risks from its investments in the finance sector; and
(4) its weak liquidity position.

The principal methodology used in these ratings was Global Mining
Industry published in August 2014.

Yanzhou Coal was listed on the Shanghai and Hong Kong stock
exchanges in 1998. As of June 30, 2017, it was 56.6%-owned by
Yankuang Group Corporation Limited, a state-owned enterprise that
is in turn wholly owned by the Shandong Provincial Government.

As of June 30, 2017, Yanzhou Coal owned and operated 19 coal
mines across China and Australia.



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


A P PROPERTIES: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned A. P. Properties
(APP) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The instrument-wise rating action is:

-- INR150 mil. Term loan due on March 2019 assigned with IND
    B+/Stable rating.

KEY RATING DRIVERS

The ratings reflect the execution, funding and saleability risks
associated with APP's ongoing residential project - Dutta
Apartment - as the company has constructed the project only up to
the plinth level. The company expects to achieve 60% completion
on the construction in October 2017 and the management expects
the project to be completed by December 2019.

APP so far has sold only one out of the total 10 units, and
collected 6% of the total amount due from the buyer as customer
advance. Customer advances are the major source of funding (30%)
of the total project cost of INR486.8 million.

The ratings are constrained by the partnership nature of the
firm.

The ratings are supported by APP's promoters' over 20 years of
experience in the real estate segment.

RATING SENSITIVITIES

Negative: Project delays and cost overruns or weak sales of the
units leading to less-than-expected cash inflows thus stressing
the cash flows required for debt servicing could be negative for
the ratings.

Positive: Successful completion of the project and sale of units
as planned, leading to strong visibility of cash flows could lead
to a positive rating action.

COMPANY PROFILE

APP was incorporated as a partnership firm in 2005. Dutta
Apartment is a 16-storey redevelopment project.


BAJRANG COTTON: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Bajrang Cotton Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            9          CRISIL B+/Stable
(Reaffirmed)
   Term Loan              0.28       CRISIL B+/Stable
(Reaffirmed)

The rating continues to reflect the company's modest financial
risk profile, small scale of operations, and vulnerability to
volatility in raw material prices. These weaknesses are partially
offset by the extensive experience of its promoters in the cotton
industry, and its established relationships with customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile: The company had small networth
of INR2.6 crore and high total outside liabilities to adjusted
networth ratio of 5.81 times as on March 31, 2017. Debt
protection metrics were weak, with interest coverage ratio of 1.2
times for fiscal 2017. In the absence of any capital infusion
plan over the medium term, the financial risk profile will remain
constrained by small networth.

* Small scale of operations, and vulnerability to volatility in
raw material prices: Intense competition in the cotton ginning
industry constrains scale of operations (revenue was INR61.3
crore in fiscal 2017). Operating margin fluctuated between 2.4%
and 4.0% in the past four fiscals because of volatility in raw
material prices.

Strengths

* Extensive experience of the promoters, and established customer
relationships: The promoters' experience of two decades, their
established relationships with suppliers ensuring steady raw
material supply, and the company's ability to cater to various
spinning mills will continue to support its business risk
profile. These factors helped the company maintain operating
margin in fiscal 2017, despite a dip in revenue due to a slowdown
in the cotton industry.

Outlook: Stable

CRISIL believes BCPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in cash accrual or prudent working
capital management strengthens the financial risk profile. The
outlook may be revised to 'Negative' if low accrual or stretch in
working capital cycle weakens the financial risk profile.

Incorporated in 2011, BCPL gins and presses cotton and has
installed capacity of 7000 tonne per annum at its facility in
Indore (Madhya Pradesh). Directors of the company are Mr. Sanjay
Kumar Goyal and Mr. Dilip Goyal. Its daily operations are managed
by promoter Mr. Hemant Goyal.


BAWA APPLIANCES: CRISIL Reaffirms C Rating on INR5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Bawa
Appliances Private Limited (BAPL) for obtaining information
through letters and emails dated October 6, 2017 and November 7,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         3.59     CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan                1.41     CRISIL C (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2012, and promoted by the New Delhi-based Mr.
Sanjeev Kapoor, BAPL manufactures Liquefied petroleum gas (LPG)
stoves and related components, and other kitchen utensils. It
also trades in steel sheets. Operations are managed by the
promoter.


BR. SHESHRAO: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Br. Sheshrao Wankhede Shetkari Sahakari Soot Girni Limited
(SWSSSGL) for obtaining information through letters and emails
dated October 23, 2017 and November 6, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          5        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

SWSSSGL is a co-operative society engaged in spinning of cotton
yarn. The society was registered in 1989 in Nagpur district of
Maharashtra, but started commercial operations in 2004. It was
set up under the guidance of Mr. Datta Meghe. The society
manufactures cotton yarn in counts of 20-50 and sells its produce
to wholesalers and hosiery garment manufacturers in India and
abroad.


CLASSIC ENGICON: Ind-Ra Raises BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Classic Engicon
Private Limited's (CEPL) Long-Term Issuer Rating to 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits long-term rating upgraded;
    short-term rating affirmed with IND BB+/Stable//IND A4+
    rating;

-- INR20 mil. Fund-based limits assigned with IND BB+/Stable/IND
    A4+ rating;

-- INR160 mil. Non-fund-based limits affirmed with IND A4+
    rating;

-- INR80# mil. (reduced from INR90 mil.) Non-fund-based limits
    assigned with IND A4+ rating; and

-- INR100 mil. Proposed non-fund-based limits* assigned with
    Provisional IND A4+ rating.

#The final rating has been assigned following the receipt of
executed financing documents by Ind-Ra.

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

KEY RATING DRIVERS

The upgrade reflects the improvement in CEPL's revenue to
INR1,306 million in FY17 (FY16: INR1,022 million; FY15: INR207
million) due to the timely completion of work orders. However,
the scale of operations remains moderate.

The ratings also reflect the improvement in the company's credit
metrics in FY17. Gross interest coverage (operating EBITDA/gross
interest expense) increased to 5.7x in FY17 (FY16: 4.0x; FY15:
2.5x) and net leverage (adjusted net debt/operating EBITDA)
reduced to 1.0x (1.8x; 3.5x), due to a rise in EBITDA to INR115
million (INR87 million; INR34 million) and a decline in adjusted
debt to INR123 million (INR173 million; INR127 million). The
metrics remain comfortable.

The ratings are constrained by the highly competitive nature of
the civil construction industry which could affect CEPL's margins
and low revenue visibility because of a work order book of
INR1,912.7 million which is just 1.46x of FY17's revenue.

The ratings are supported by the promoter's experience of over 10
years in the construction business and CEPL's comfortable
liquidity position. CEPL's average maximum utilisation of the
fund-based facility was 84% during the 12 months ended October
2017, as well as its net cash cycle was short at negative 79 days
in FY17.

RATING SENSITIVITIES

Negative: An increase in the scale of operations along with
maintenance of the credit metrics may lead to a positive rating
action.

Positive: Deterioration in the profitability leading to
deterioration in the credit metrics may lead to a negative rating
action.

COMPANY PROFILE

CEPL was established in Jharkhand in October 2007. The company,
promoted by Mr. Dilip Kumar Singh, undertakes construction of
roads, bridges, check dams, irrigation and other such projects.
Its key customer is the Public Works Department of Jharkhand and
Bihar.


COMMUNICATION WORLD: Ind-Ra Moves BB- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Communication
World Informatic Private Limited's (CWIPL) 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:

-- INR45 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR20 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR55 mil. Proposed fund-based working capital limit migrated
    to non-cooperating category with Provisional IND BB-(ISSUER
    NOT COOPERATING) rating; and

-- INR30 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
November 16, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CWIPL was established as a partnership firm named M/s
Communication World. In September 2016, the firm was
reconstituted as a private limited company. The company
distributes mobile phones and air coolers in Madhya Pradesh.


DENTCARE DENTAL: CRISIL Reaffirms B Rating on INR11MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dentcare
Dental Lab Private Limited (DLPL; part of the Dentcare group) for
obtaining information through letters and emails dated
October 17, 2017 and November 8, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              11       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term        0.1     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan                 .4      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DLPL and Dentcare Dental Lab (DDL).
This is because these entities, together referred to as the
Dentcare group, have common promoters, are in the same line of
business, have operational linkages, and have fungible cash
flows.

DDL was set up in 1988, and DLPL was set up in 2007 by Mr. John
Kuriakose and his family members. Both these entities manufacture
dental prostheses. Their manufacturing units are based in
Ernakulam (Kerala).


DM CORPORATION: CRISIL Reaffirms 'D' Rating on INR49.21MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with DM
Corporation Private Limited (DMCPL) for obtaining information
through letters and emails dated September 19, 2017 and
November 6, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           30       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit               4       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Term Loan       0.79     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               49.21     CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Working Capital
   Term Loan               36        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2002 as M&M Pvt Ltd (name changed in 2011), DMCPL
undertakes construction of infrastructure projects, such as
earthen dams, canals, hydroelectric projects, earth-moving
projects, industrial construction, and urban infrastructure
projects. It has its registered office located in Kolhapur and
Mr. Dilip Mohite is the managing director. The company has also
set up an 8 megawatt hydropower project at Phatakwadi near
Kolhapur.


DOLPHIN PROMOTERS: CRISIL Reaffirms B+ Rating on INR19MM LT Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dolphin
Promoters and Builders (DPB) for obtaining information through
letters and emails dated September 19,2017 and November 08,2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           19       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dolphin Promoters and
Builders. This restricts CRISIL's ability to take a forward
Dolphin Promoters and Builders is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL B+/Stable'.

DPB is a partnership firm, established in August 2003. It
undertakes real estate development for residential and commercial
projects in Raipur, Chhattisgarh. The firm is currently
developing two residential projects with aggregate saleable area
of about 6 lakh square feet.


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

-- INR14.6 mil. Fund-based limits migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR1.13 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR12.09 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
November 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1993, G B Enterprisess Transport provides bulk
LPG transportation facilities to major oil companies in the
eastern region of India.


GANAPATI FISHING: CRISIL Reaffirms B Rating on INR15.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Ganapati Fishing Lines Private Limited (GFLPL) at
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Buyer-s Credit          15.5      CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

   Proposed Long Term       1.5      CRISIL B/Stable (Reaffirmed;
   Bank Loan Facility                Removed from 'Issuer Not
                                     Cooperating')

The rating continues to reflect the company's modest scale of
operations in a fragmented industry, average financial risk
profile because of muted debt protection metrics, and working
capital-intensive operations. These weaknesses are partially
offset by the extensive experience of its promoters in the
packaging film industry and longstanding customer relationship.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in fragmented segment: With
estimated revenue of INR56.3 crore in fiscal 2017, scale remains
small and will continue to restrict ability to withstand external
shocks.

* Working capital-intensive operations: Gross current assets were
228 days as on March 31, 2017, due to large inventory of 90-120
days and credit of 30-60 days.

Strength

* Extensive experience of promoters and longstanding customer
relationship: Longstanding presence in the packaging film segment
has enabled the promoters to establish healthy relationship with
various customers, resulting in assured sales.

Outlook: Stable

CRISIL believes GFLPL will continue to benefit over the medium
term from the extensive experience of its promoters and
established presence in trading packing material. The outlook may
be revised to 'Positive' in case of significant improvement in
scale of operations, profitability, cash accrual, and working
capital cycle. The outlook may be revised to 'Negative' if
decline in revenue and operating margin, large, debt-funded
capital expenditure, or stretched working capital cycle further
weakens financial risk profile.

Established in 1988 as a private limited company by Mr. Prem
Jain, Ms Pramila Minni, Mr. Tanmay Jain, and Mr. Shejal Jain,
GFLPL trades in packaging material such as polyester and BOPP
(bi-axially oriented polypropylene) films. It is based in
Bengaluru.


GOWTHAMI RAW: CRISIL Reaffirms 'B' Rating on INR4MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gowthami
Raw and Par Boiled Rice Mill (GRPBRM) for obtaining information
through letters and emails dated October 16, 2017 and November
06, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          4.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             4.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

GRPBRM was set up as a partnership firm in 2009 by Mr. G Eswara
Raju and his family. The firm mills and processes paddy into
rice, and generates by-products such as broken rice, bran, and
husk.


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

-- INR34.3 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating;

-- INR1.13 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

-- INR4.84 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
November 10, 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 1993, Gujral Roadwaays provides transportation
services (transporting bulk LPG) to major oil companies.


HAR AUTO: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Har Auto Private
Limited (HAPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The instrument-wise rating action is:

-- INR180 mil. Fund-based working capital facilities assigned
    IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflects HAPL's long net working capital cycle of 75
days in FY17 (FY16: 69 days) due to high inventory days as
inherent to the industry. The company's liquidity position is
moderate with 91% average peak utilisation of the fund-based
limit for the 12 months ended October 2017. FY17 financials are
provisional in nature.

The ratings further reflect HAPL's moderate credit profile. In
FY17, revenue increased to INR1,266.31 million (FY16: INR1,051.65
million) due to the addition of customers and new premium segment
cars. Consequently, EBITDA margins increased to 9.3% in FY17 from
3.4% in FY16. This led to interest coverage increasing to 3.7x in
FY17 (FY16: 0.9x) and net leverage reducing to 2.8x (9.4x).

The ratings are supported by HAPL's promoters' 10 years of
experience in running an automobile dealership.

RATING SENSITIVITIES

Negative: A decline in the top line and EBITDA margin, leading to
deterioration in the credit metrics on a sustained basis could
lead to a negative rating action.

Positive: Sustained growth in the revenue and EBITDA margin
leading to an improvement in the overall credit metrics on a
sustained basis will could to a positive rating action.

COMPANY PROFILE

Incorporated in 2000 in Kerala by Mr. P.V. Equbal and his
brothers, HAPL operates an automobile dealership business and has
nine showrooms in Kerala. It is an authorised dealer of Maruti
Suzuki India Limited.


INDICON CONSTRUCTION: CRISIL Ups Rating on INR3.9MM Loan to B+
--------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Indicon Construction Pvt Ltd (ICPL), to 'CRISIL
B+/Stable' from 'CRISIL B/Stable'; while reaffirming its short-
term rating at 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.4       CRISIL A4 (Reaffirmed)

   Cash Credit             3.9       CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Cash Credit/            0.68      CRISIL B+/Stable (Upgraded
   Overdraft facility                from 'CRISIL B/Stable')

   Proposed Long Term      1.02      CRISIL B+/Stable (Upgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

   Proposed Cash           1.00      CRISIL B+/Stable (Upgraded
   Credit Limit                      from 'CRISIL B/Stable')

The upgrade reflects improvement in the business risk profile,
driven by steady increase in revenue, while sustaining the
operating profitability in fiscal 2017. Revenue is expected to be
at INR22 crore for fiscal 2018, against INR20 crore in fiscal
2017, supported by moderate order book, while operating
profitability is likely to continue at existing level. The
financial risk profile continues to be comfortable with moderate
networth and comfortable capital structure.

The ratings continue to reflect modest scale of operations, large
working capital requirement and geographical concentration in the
intensely competitive civil construction industry. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters and above-average capital structure.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With an operating income of INR20
crore for fiscal 2017, scale remains small in the intensely
competitive civil construction segment, thus restricting the
ability to bid for larger tenders, limiting growth prospects.

* Geographical concentration and intense competition: ICPL
undertakes civil construction contracts majorly for Maharashtra
government, leading to high geographical and customer
concentration in the revenue profile in a highly fragmented and
competitive industry. The geographical concentration drives the
revenue growth to be dependent on regional impetus on
infrastructure development.

* Large working capital requirement: Gross current assets were
high at 330 days, driven by high debtors and inventory days at
146 and 70, respectively, as on March 31, 2017.

Strengths

* Extensive industry experience of the promoters and moderate
order book: The promoters have more than a decade of experience
in the civil construction business and have executed various
projects for government in the past. Moreover, the company has
moderate outstanding order book of INR26 crore to be executed
over 12-18 months, providing medium term revenue visibility.

* Above-average financial risk profile: ICPL has an above average
financial risk profile, with moderate networth and comfortable
gearing of INR10.2 crore and 0.48 time, respectively, as on March
31, 2017. The debt protection metrics have also remained
comfortable as reflected in interest coverage and net cash
accrual to total debt ratios of 2.9 times and 0.21 time,
respectively, for fiscal 2017.

Outlook: Stable

CRISIL believes ICPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if significant and sustained growth in revenue and
profitability lead to an improved cash accrual, while the capital
structure is maintained. The outlook may be revised to 'Negative'
if the financial risk profile, particularly liquidity, weakens on
account of low cash accrual, a stretched working capital cycle,
or large debt-funded capital expenditure.

ICPL was set up in 2003 by Mr. Pradeep Kadam and Mr. Ashok
Dhamdhere in Pune. It undertakes construction activity within
Maharashtra for the Public Works Department and Pradhan Mantri
Gram Gadak Yojana. The company is registered as a Class 1-A
contractor with the Government of Maharashtra and constructs
roads mainly in Pune district.


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

-- INR800 mil. Fund-based limit migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating; and

-- INR86 mil. Term loan migrated to non-cooperating category
    with IND BB+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
June 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006, JSIN operates an integrated meat processing
plant in Unnao, Kanpur. JSIN produces and exports frozen halal
boneless buffalo meat, sheep meat and leather dog chews with
processing capacity of 105MT, 6MT and 3.85MT per day,
respectively. It complies with ISO 22000-2005 Certificate, HACCP
Certificate, Halal Certificate; all products have been approved
by Agricultural and Processed Food Products Export Development
Authority.


KANDHAN KNITSS: CRISIL Lowers Rating on INR15MM Loan to 'D'
-----------------------------------------------------------



CRISIL Ratings has downgraded its ratings on the bank facilities
of Kandhan Knitss (KK) to 'CRISIL D/CRISILD' from 'CRISIL
BB/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bill Discounting        11.5      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Export Packing Credit   15        CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Long Term Loan           1.76     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

   Proposed Long Term
   Bank Loan Facility       6.62     CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating downgrade reflects instance of overdue for more than
30 days in the firm's working capital facilities. The overdues
have been due to stretch in receivable from its customers.

The firm continues to have modest scale of operations, customer
concentration in revenue, and large working capital requirements.
However, benefits from extensive experience of promoters in the
readymade garments segment, and established relationship with
customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Overdues in working capital facilities: There have been
overdues for more than 30 days in the firm's working capital
facilities due to stretch in receivable from its customers.

* Modest scale of operations in intensely competitive RMG
Industry: KK has a modest scale of operations in the intensely
competitive RMG export industry. RMG export industry in India is
highly fragmented with large number of manufacturers constraining
the growth in scale of operations.

* Customer concentration risks: KK is exposed to customer
concentration risk as majority of its revenue comes from its top
5 customers; this exposes the firm to risk of any change in the
procurement policy of these companies.

Strength

* Extensive experience of promoter in export of RMG and
established customer relations: KK specialises in manufacturing
of T-shirts and its key promoter, Mr. P Dhanapal, has been in the
RMG industry for over two decades resulting in significant
industry expertise, and healthy relationships with its customers.
KK should continue to benefit from its promoter's extensive
experience and its established customer relations over the medium
term.

KK is a Tirupur (Tamil Nadu)-based firm established in 2002 and
managed by Mr. P Dhanapal. The firm stitches Tshirts, which it
exports to Europe.


KESHAV COTTON: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Keshav Cotton Corporation (KCC) at 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)
   Term Loan              2.75      CRISIL B+/Stable (Reaffirmed)

The ratings continues to reflect KCC's modest scale of operations
in the highly competitive and fragmented cotton ginning industry,
and susceptibility of its margins to volatility in cotton prices
and to the regulatory framework governing the cotton industry.
The rating also factors in the firm's average financial risk
profile, marked by a small net worth and moderate debt protection
metrics. These weaknesses are partially mitigated by extensive
experience of its promoters in cotton trading and fund support
from promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the highly competitive cotton
industry: The cotton ginning industry is unorganised and has
numerous players with small capacity. Low entry barrier, little
value addition, and limited differentiation in products of
different players has led to intense competition and low pricing
power.

* Susceptibility to volatility in cotton prices and to regulatory
framework: Cotton being an agricultural commodity, its
availability depends on monsoon. Moreover, government
interventions and fluctuations in global cotton output have
resulted in sharp fluctuations in cotton prices. Any abrupt
change in regulation can distort market prices and affect the
profitability of players in the cotton value chain, including
ginners.

* Subdued financial risk profile: The financial risk profile is
average as reflected in low networth, moderate gearing and
average debt protection metrics

Strength

* Promoters' extensive industry experience and their fund
support:
KCC's promoters have been in the cotton industry for more than 25
years. The firm will benefit from their understanding of the
dynamics of the local market, and established relationships with
farmers, and sustain revenue growth over the medium term. The
promoters will support the firm in case of any exigency.

Outlook: Stable

CRISIL believes that KCC will continue to benefit over the medium
term from its promoters' extensive industry experience and the
steady demand for cotton ginning. The outlook may be revised to
'Positive' if the firm increases its scale of operations
substantially, while it improves its profitability and capital
structure. Conversely, the outlook may be revised to 'Negative'
if KCC's capital structure weakens, mostly likely due to
withdrawal of funds by promoters or decline in its profitability.

KCC is a partnership firm located in Nagpur (Maharashtra). The
firm is promoted by Mr. Dilip Kumar Tayal, Mr. Nikunj Tayal and
Mr. Mahesh Khandelwal. Promoters have over 25 years of experience
in the cotton industry. The firm is engaged in cotton ginning and
pressing business.


KIMS AL SHIFA: CRISIL Lowers Rating on INR60.64MM Loan to 'D'
-------------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the bank facilities
of KIMS Al Shifa Healthcare Private Limited (KIMS Al Shifa) to
'CRISIL D/CRISIL D' from 'CRISIL BB+/Stable/CRISIL A4+.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                7        CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

   Proposed Long Term       7.24     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4+')

   Term Loan               60.64     CRISIL D (Downgraded from
                                     'CRISIL BB+/Stable')

The rating downgrade reflects instances of delays in the
repayment of the term loan instalment due to weak liquidity. The
weak liquidity is owing to inadequate cash accruals for meeting
repayment obligations arising from weak operating performance.

KIMS Al Shifa also has a below average financial risk profile due
to a leveraged capital structure and subdued debt protection
metrics and its exposure to intense competition with geographical
concentration in its revenue profile. The company however
benefits from established regional position of Kims Al Shifa.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in the repayment of term loans: Kims Al Shifa has
delayed the repayment of its term loan instalment due to weak
liquidity. The company had reported cash loses in fiscal 2017 and
the cash accruals over the medium term will be inadequate for
meeting debt obligations over the medium term.

* Below average financial risk profile: Kims Al Shifa has a below
average financial risk profile marked by a leveraged capital
structure and subdued debt protection metrics. The net worth and
gearing was at around INR40 crore and 2 times as on March 31,
2017. The debt protection metrics are subdued for fiscal 2017
marked by a negative interest coverage and net cash accruals to
total debt ratio due to operating losses.

* Exposure to intense competition and geographical concentration
in its revenue profile: Kims Al shifa is exposed to risks related
to geographic concentration in its revenue profile as the company
derives its revenue primarily from its hospital in Kozhikode.
This exposes the hospital to the risk of increase in competition
with the entry of any big player in its region of operations.

Strength

* Established regional market presence: Kims Al Shifa's promoters
are first-generation entrepreneurs, with around 25 years of
experience in similar lines of healthcare management. Over the
years, the company has been able to establish a healthy regional
market position for itself.  The promoters have helped create a
regular clientele, primarily from the middle-class segment, from
Perinthalmanna and its neighboring districts.

Established in 1989, KIMS Al Shifa operates a specialty hospital
in Perinthalmanna (central Kerala), rendering primary, secondary,
and tertiary medical care.Kims Healthcare Management Limited
(Kims) holds a 51 percent stake in Kims Al Shifa.


KLR INDUSTRIES: Ind-Ra Affirms 'D' LT Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KLR Industries
Limited's (KLRIL) Long-Term Issuer Rating at 'IND D'. The
instrument-wise rating actions are:

-- INR30 mil. Term loan (Long-term) due on March 2022 affirmed
    with IND D rating;

-- INR282 mil. Fund-based facility (Long-term) affirmed with IND
    D rating; and

-- INR125 mil. Non-fund-based facility (Short-term) affirmed
    with IND D rating.

KEY RATING DRIVERS

The affirmation reflects KLRIL's delays in debt servicing for the
12 months ended October 2017, indicating its stressed liquidity
position.

RATING SENSITIVITIES

Positive: Timely debt servicing for a period of at least three
consecutive months could result in a positive rating action.

COMPANY PROFILE

KLRIL was initially established as a small unit, KLR Universal by
Mr. K. Laxma Reddy in 1985. KLR Universal was engaged in
manufacturing of button bits, a tool used in water well drilling
applications, before being incorporated as KLRIL in January 2002.
The company has a manufacturing facility in Cherlapally,
Hyderabad. KLRIL is engaged in manufacturing of drilling
equipment such as drilling rigs, hammers, and bits, for the
application of water wells, mining, piling, geological survey,
construction, among others.


KVR INDUSTRIES: CRISIL Reaffirms D Rating on INR27.08MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with KVR
Industries Limited (KVRIL) for obtaining information through
letters and emails dated October 17, 2017 and November 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            27.08      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Funded Interest
   Term Loan               1.92      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan         16.00      CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2009, KVRIL manufactures newsprint paper and
writing and printing paper. The company is promoted by Mr. Kotha
Venkata Rao.


MALABAR HIGHVIEW: CRISIL Reaffirms B+ Rating on INR5MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Malabar
Highview Builders Private Limited (MHBPL) for obtaining
information through letters and emails dated October 6, 2017 and
November 3, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                5        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 2006, MHBPL is a Calicut (Kerala) based
residential real estate developer. MHBPL is a part of the Calicut
based Malabar group which has presence in the jewellery and real
estate segment. MHBPL is 95 per cent held by Malabar Developers
Pvt Ltd (MDPL) which is the flagship company of the real estate
arm of the Malabar group.


MEENAKSHI INDUSTRIES: CRISIL Reaffirms B- Rating on INR4MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Meenakshi Industries (MI) at 'CRISIL B-/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      1.4      CRISIL B-/Stable (Reaffirmed)

   Term Loan               2.02     CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect MI's weak financial risk profile
and modest scale of operations in the intensely competitive rice
milling industry. The rating also factors in the susceptibility
of the firm's operating margin to changes in government
regulations and to volatility in raw material prices. These
ratings weaknesses are partially offset by the extensive
experience of MI's promoters in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in intensely competitive rice
milling industry: Business risk profile is marginally constrained
by modest scale of operations in the fragmented rice milling
industry. Revenue was INR16.5 Cr in 2016-17 and is expected to
remain modest with no major capacity addition plans.

* Susceptibility to changes in government regulations and
volatility in raw material prices: MI has a moderate operating
margin, yet volatile; marked by 4.4-6.2 percent over the three
years ended March 31, 2017. The domestic rice industry is highly
regulated in terms of paddy prices, export/import policy for
rice, and rice release mechanism, which affects the credit
quality of players in the industry.

* Weak financial risk profile: MI had low net worth of around
INR0.2 Cr estimated as on March 31, 2017. MI had an estimated
gearing of about 13.00 times as on March 31, 2017. Substantial
decline in revenue in the past coupled with low accretion to
reserve  have resulted in modest debt protection measures with
interest coverage and net cash accruals to total debt (NCATD)
ratios estimated at about 1.9 times and 7 percent, respectively,
in 2016-17

Strength

* Promoters' extensive experience in the rice milling industry
and established relationships with its suppliers and customers
Promoter has been in this business for more than two decades.
This has helped the firm in establishing strong relationships
with its customers and ensuring stability in demand and regular
supply of paddy.

Outlook: Stable

CRISIL believes MI will continue to benefit from the extensive
experience of its promoter in the rice industry. The outlook may
be revised to 'Positive' if improvement in revenue and
profitability, or equity infusion increases networth. The outlook
may be revised to 'Negative' if large working capital requirement
lowers profitability or capital structure or low cash accrual,
weakens liquidity.

Set-up in 2012 by Ms Badavath Laxmi, Warangal (Telangana) - based
MI, is a proprietorship concern that mills and processes paddy
into rice.

During fiscal 2017, the company provisionally reported a profit
after tax (PAT) of INR0.11 Crores on operating income of INR16.55
Crores against PAT of INR0.13 Crores on operating income of
INR23.98 Crores in the previous fiscal.


MY BIKE: CRISIL Lowers Rating on INR6MM Cash Loan to 'D'
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank loan
facility of MY Bike (MB) 'CRISIL D' from 'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects overutilisaltion in working capital
facility owing to weak liquidity caused by stretch working
capital cycle.

Key Rating Drivers & Detailed Description

Weaknesses

* Stagnant revenue growth and intense competition: MB's revenue
growth is constrained by the introduction of a new dealer in the
same region, which has increased competition. The pressure on
revenue is also on account of flattish demand for Hero bikes.

Strength

* Extensive experience of Promoters: The promoters forayed into
the business of automobile dealership in Madhya Pradesh in 2003.
MB has as established presence in the two-wheeler dealership
market in Madhya Pradesh, with a relationship of more than five
years with Hero MotoCorp Limited (HMCL).

MB was established as a partnership firm in 2008 by Mr. Saurabh
Garg and his cousin, Mr. Vijay Garg. The firm is an authorised
dealer for all two wheelers of Hero MotoCorp Ltd (HMCL) in Bhopal
(Madhya Pradesh), where it has two showrooms and three workshops.
The firm also deals in spare parts for HMCL vehicles.


MY FONE: CRISIL Lowers Rating on INR5MM Cash Loan to 'D'
--------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long term bank
facility of MY Fone Teleservices Private Limited (MFTPL) to
'CRISIL D' from 'CRISIL B+/Stable'

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              5       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects overutilization in working capital
facility owing to weak liquidity caused by stretch working
capital cycle.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive mobile
phone distribution business: MFTPL's scale of operations is
modest, reflected in estimated revenue of INR18.6 crore for
fiscal 2016 primarily due to intensifying competition in the
mobile phones segment, and dependence on market position of
principal suppliers.

* Large working capital requirement: MFTPL's working capital-
intensive operations are reflected in gross current assets (GCAs)
of 174 days as on March 31, 2016 primarily due to higher
inventory and moderate debtors and low credit period.

* Weak financial risk profile: MFTPL's weak financial risk
profile is driven by modest networth, high total outside
liabilities to tangible networth (TOLTNW) ratio, and subdued debt
protection metrics.

Strengths

* Extensive experience of key promoter in the mobile phone
dealership business: Mr. Saurabh Garg has experience of around a
decade in the dealership business. He entered the business in
2003 by setting up My Car (Bhopal) Pvt Ltd and My Car (Indore)
Pvt Ltd as an authorised dealer for Maruti Suzuki India Ltd
vehicles in Madhya Pradesh. In 2006, he started distribution of
Nokia phones under a proprietorship concern, My Fone
Teleservices, which was reconstituted as a private limited
company in 2008.

MFTPL, founded in Bhopal (Madhya Pradesh) in 2008, by Mr. Saurabh
Garg and his family members, distributes mobile handsets and
accessories; and computers and laptops of various brands in
Bhopal (Madhya Pradesh).


MY STORE: CRISIL Lowers Rating on INR10MM Cash Loan to 'D'
----------------------------------------------------------
CRISIL Ratings has been consistently following up with MY Store
Private Limited (MSPL) for obtaining information through letters
and emails dated Jan. 23, 2017, and Feb. 13, 2017, among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL D (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4')

   Cash Credit             10        CRISIL D (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan                5        CRISIL D (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL B+/Stable')

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

Detailed Rationale

CRISIL has downgraded its ratings on the bank loan facilities of
MSPL to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

The downgrade reflects overutilisaltion in working capital
facility & delay in repayment of term loan owing to weak
liquidity caused by stretch working capital cycle.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation in highly competitive retail industry
* Working capital intensive nature of operations

Strengths

* Promoters' extensive industry experience and established
relationships with leading brands
* Moderate financial risk profile marked by high level of
promoter funds vis-a-vis external funding

MSPL, incorporated in 2008, by Mr. Saurabh Garg, operates
franchisee stores of brands like Levi's, Nike, Arvind Lifestyle.
The company also operates one multibrand retail store under the
name ' MyWays. The company has 30 retail shops across 10 cities
including Mumbai, Pune, Bhopal, Delhi NCR, etc. The registered
office of the company is in Bhopal.


PRIME METALS: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Prime Metals'
(PM) 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:

-- INR60 mil. Working capital limits migrated to non-cooperating
    category IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT
    COOPERATING) rating;

-- INR12.5 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating; and

-- INR1.50 mil. Term loan migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 2010 as a partnership firm, PM manufactures brass
ingots, copper ingots and others at its manufacturing facility in
Alwar, Rajasthan. It has four partners: Mr Amit Rastogi, Mr
Sharad Rastogi, Mr Yogesh Rastogi and Mr Pawan Kumar Gupta. The
partners hold equal shares in the firm.


PRIYADARSHINI SAHAKARI: CRISIL Reaffirms D Rating on INR24MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Priyadarshini Sahakari Soot Girni Limited (PSSGL) for obtaining
information through letters and emails dated September 19, 2017
and November 6, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             15        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               24        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Priyadarshini Sahakari Soot
Girni Limited. This restricts CRISIL's ability to take a forward
Priyadarshini Sahakari Soot Girni Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL D/CRISIL D'.

PSSGL was established in 1991 in Yavatmal (Maharashtra) to assist
development of the small-scale cotton yarn manufacturing industry
in the region. It was formed as a joint initiative of the
Government of Maharashtra with the local farmer members. PSSGL
manufactures cotton yarn.


RELIANCE NAVAL: IFCI Files Insolvency Proceedings Against Firm
--------------------------------------------------------------
Sajeet Manghat at Bloomberg Quint reports that infrastructure
lender IFCI Ltd. has initiated insolvency proceedings against
Anil Ambani-led Reliance Naval & Engineering at the National
Company Law Tribunal in Ahmedabad.

Bloomberg Quint says the Delhi-based development financial
institution had lent approximately INR60 crore to Reliance Marine
& Offshore Ltd., a subsidiary of Reliance Naval. IFCI approached
the National Company Law Tribunal after Reliance failed to
service the loan, the report says.

The insolvency petition was submitted mid-November, according to
the official cited above. But the case is yet to be admitted, ,
the report notes. According to an Interim order by the tribunal
dated Nov. 27, Reliance Naval must file objections to IFCI's plea
with a week. The case comes up for admission on Dec. 8, Bloomberg
Quint states.

There are no merits in the application filed by IFCI as it is a
unsecured creditor, Reliance Naval said in an exchange
notification on Nov. 30. "The 25 secured lenders of the company
have also requested IFCI that the matter be resolved outside the
NCLT. The company will take all necessary steps to safeguard the
interests of all stakeholders," the company added.

According to Bloomberg Quint, Reliance Naval is the second Anil
Ambani group company after Reliance Communications Ltd. that's
been dragged to the NCLT by lenders. China Development Bank
recently filed insolvency proceedings against Reliance
Communications Ltd., BloombergQuint reported earlier. The
financial creditor joined operational creditors Ericsson India
Ltd and Manipal Tech Ltd. which earlier filed a petition seeking
resolution under the new Insolvency and Bankruptcy Code.

Earlier this year, Reliance Naval & Engineering exited a
corporate debt restructuring initiated by a consortium of lenders
led by IDBI Bank, Bloomberg Quint recalls. The exit involved
longer maturity for loans worth INR6,800 crore which allowed
Reliance Naval to participate in the strategic partnership
programme of the Ministry of Defence.

Bloomberg Quint says Reliance Naval's CDR involved refinancing of
existing long term debt with door-to-door tenure of the loans
extended to 18 years. It also involved conversion of INR650 crore
of debt into equity at INR59.35 apiece.

The board in October approved raising up to INR1,500 crore via a
rights issue, the report adds.


SHINE STAR: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shine Star's
Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The
instrument-wise rating actions are:

-- INR100 mil. Fund-based limits affirmed with IND BB-/Stable
    rating; and

-- INR8.5 mil. Non-fund-based limits affirmed with IND A4+
    rating;

KEY RATING DRIVERS

The affirmation reflects Shine Star's continued small scale of
operations (FY17: INR404 million; FY16: INR330 million) and
declining operating EBITDA margin (2.2%; 2.8%). Revenue growth
was driven by higher orders. The decline in operating EBITDA
margin was due to a fall in operating income and a fluctuation in
raw material costs.

The ratings continue to be constrained by the partnership nature
of business.

The ratings, however, are supported by the founders' over three-
decade experience in importing, polishing and exporting rock
diamonds and the company's strong credit metrics. In FY17,
interest coverage was 4.2x (FY16: 4.4x) and net financial
leverage was 0.1x (0.6x). The improvement in net financial
leverage was driven by a decline in debt. Meanwhile, the marginal
deterioration in interest coverage was due to a decline in
operating EBITDA margin.

The ratings are also supported by a strong liquidity, indicated
by an average 4.5% utilisation of the working capital limits for
the 12 months ended October 2017.

RATING SENSITIVITIES

Negative: A decline in the scale of operations on a sustained
basis will be negative for the ratings.

Positive: A substantial increase in the scale of operations
leading to an improvement in the credit metrics on a sustained
basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1975, Shine Star is a partnership firm with a
registered office in Mumbai. The firm imports, polishes and
exports rock diamonds. It is managed by Mr Vishal Shah and his
family.


SRI BALASUBRAMANIA: CRISIL Cuts Rating on INR5.94MM Loan to 'C'
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Sri Balasubramania Mills Limited (SBML) to 'CRISIL
C' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             5.94      CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term
   Bank Loan Facility      1.06      CRISIL C (Downgraded from
                                     'CRISIL B-/Stable')

The downgrade reflects expected weakening of SBML's credit risk
profile following halting of business and delay in the completion
of ongoing capex. The company has halted its production process
since first half of fiscal 2018, and is expected to resume its
operations only in in fiscal 2019, impacting the business risk
profile. The same is on account of promoters undertaking capital
expenditure for renovation and revising the production capacity.

The rating also reflects the company's susceptibility of
operating margin to volatility in raw material prices, its below-
average financial risk profile because of weak debt protection
metrics and also its working capital-intensive operations. These
weaknesses are partially offset by the extensive industry
experience of its promoters in the yarn industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to volatile cotton prices: Operating margin of
yarn manufacturers, such as SBML is susceptible to change in
prices of both, cotton and polyester. Price of cotton, the key
raw material, forms 75% of production cost and has been highly
volatile in the past. Cotton prices are determined by the
domestic demand-supply scenario, government policies, monsoon and
international demand.

* Below-average financial risk profile: Owing to the modest scale
of operations and low operating profitability, networth is
expected to remain low at INR1-2 crore over the medium term. The
capital structure is highly leveraged with gearing at 3.27 times
as on March 31, 2017. Debt protection metrics are expected to be
average with weak interest coverage and net cash accrual to
adjusted debt ratios of (1.02) times and (0.31) times,
respectively.

* Working capital-intensive operations: Gross current assets of
374 days, as on March 31, 2017, reflect working capital-intensive
operations, owing to inventory of 60 days and large receivables
of 4-5 months, leading to stretch in creditors of 4-5 months.


Strength

* Extensive industry experience of promoters:  Being one of the
earliest textile mills to be set up in Coimbatore, the promoter
family has experience of more than two decades, which will
continue to benefit the company. However, over last four years,
the mill had been functioning with below-average operating
profitability, resulting in negative cash accrual, as the
management is making efforts to move away from the generic cotton
yarn to specialty polyester cotton yarns.

SBML, incorporated in 1935, manufactures blended polyester cotton
yarn. Daily operations are managed by Mr. Sanjay Balu and Mr.
Arjun Balu. The company is located in Opillipalayam, near
Coimbatore.


SRI SATYA: Ind-Ra Ups LT Issuer Rating to 'BB-', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sri Satya Sai
Infrastructure Private Limited's (Satya Sai) Long-Term Issuer
Rating to 'IND BB-' from 'IND B-'. The Outlook is Stable. The
instrument-wise rating actions are:

-- INR140 mil. (increased from INR60 mil.) Fund-based working
    capital upgraded with IND BB-/Stable rating;

-- INR680 mil. (increased from INR250 mil.) Non-fund-based
    working capital upgraded with IND A4+ rating; and

-- INR8 mil. Proposed long-term loan withdrawn (the company did
    not proceed with the instrument as envisaged) with WD rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in Satya Sai's overall credit
profile to moderate from weak. The declining trend of revenue
since FY15 reversed in FY17. During the period, revenue grew
34.6% yoy to INR546.5 million, driven by the timely execution of
existing orders and new orders. EBITDA margin rose to 13% in FY17
from 7% in FY16 on account of economies of scale and execution of
high-margin new orders. Absolute EBITDA was INR71.1 million in
FY17 (FY16: INR28.4 million).

Moreover, interest coverage (operating EBITDA/gross interest
expenses) was 2.5x in FY17 (FY16: 2.3x) and net leverage (total
adjusted debt/operating EBITDAR) was 2.0x (3.2x). Despite an
increase in the debt, credit metrics improved due to an increase
in scale of operations and EBITDA.

The ratings are supported by a strong order book of INR9,617.2
million (17.6x of FY17 revenue) as of April 2017.

The ratings continue to derive support from its promoters'
experience of more than a decade in civil construction.

The ratings factor in its moderate liquidity, indicated by an
average maximum utilisation of the fund-based limits of 89.2% for
the 12 months ended October 2017.

However, the ratings are constrained by the concentration risk
faced by Satya Sai, considering two orders represent 92% of the
order book. Moreover, the two projects are in Telangana.

RATING SENSITIVITIES

Negative: A decline in revenue, a rise in the margin pressure or
deterioration in the credit metrics on a sustained basis will be
negative for the ratings.

Positive:  A substantial increase in the scale of operations
along with maintenance of the credit metrics on a sustained basis
could lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2006, Satya Sai is engaged in civil construction.


TLG AGRO: CRISIL Raises Rating on INR18.45MM Whse Receipts to B
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of TLG Agro Traders Pvt Ltd (TLGPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             1.04      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Warehouse Receipts     18.45      CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that the improvement in the
scale of operations and net cash accrual in fiscal 2017 would be
sustained over the medium term. Operating income increased to
INR58 crore in fiscal 2017 from INR27 crore in fiscal 2016. TLGPL
is estimated to have booked operating income of INR30 crores over
the seven months ended October 2017. Improved scale of operations
resulted in increase in net cash accrual to INR1.1 crore in
fiscal 2017 from INR65 lakhs in the previous fiscal. The company
is expected to sustain the improved scale of operations over the
medium term.

The ratings reflect the working capital-intensive operations and
modest financial risk profile. The rating weaknesses are
partially offset by the extensive experience of promoters and
their funding support and moderate return on capital employed
(RoCE).

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets are
high (239 days as on March 31, 2017) on account of large
inventory as availability of key raw material, paddy, is seasonal
in nature.

* Modest financial risk profile: Total outside liabilities to
adjusted networth ratio was high at 4.2 times as on March 31,
2017, due to large debt and modest networth of INR8.9 crore. Debt
protection metrics were weak, with interest coverage and net cash
accrual to adjusted debt ratios of around 1.5 times and 0.04
time, respectively, for fiscal 2017.

Strengths

* Extensive experience of promoters: Presence of over a decade in
the basmati rice industry as a trader and commission agent has
enabled the promoters to establish strong relationship with
suppliers (farmers and other commission agents).

* Moderate return on capital employed (RoCE): RoCE was moderate
at around 9.5% for fiscal 2017. RoCE is expected to gradually
improve over the medium term.

* Funding from promoters: As on March 31, 2017, unsecured loan
from promoter stood at INR1.5 crore. Promoters are expected to
continue to support the liquidity over the medium term on need
basis.

Outlook: Stable

CRISIL believes that TLGPL will benefit over the medium term from
the promoters' extensive experience in the rice industry. The
outlook may be revised to 'Positive' if significant growth in
profitability and better working capital management strengthen
financial risk profile. The outlook may be revised to 'Negative'
if financial risk profile weakens due to stretch in working
capital or decline in operating margin.

TLGPL was founded by the Dharamkot (Punjab)-based Goyal family in
2008. The key promoters, Mr. Hitesh Goyal, Mr. Dinesh Garg, and
Mr. Chandal Goyal, manage operations. TLGPL is a commission agent
for farmers, for paddy and wheat. It also trades in, mostly
exports, basmati and non-basmati rice. Moreover, TLGPL has set up
a rice milling unit, which began processing basmati rice in
December 2013.


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

-- INR500 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating;

-- INR139.3 mil. Non-fund-based limits migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR701.7 mil. Term loans migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR410 mil. Proposed term loans migrated to non-cooperating
    category with Provisional IND BB(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Founded in 1981, YPL is engaged in manufacturing of low grammage
magnesium industrial bleached and unbleached grades of paper
which provides industrial and protective packaging solutions. The
company has paper production capacity of 39,100 metric tonnes per
annum.



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


TOSHIBA CORP: Near Resolution to Dispute With Western Digital
-------------------------------------------------------------
Bloomberg News reports that Toshiba Corp. and Western Digital
Corp. are close to settling their legal dispute under an
agreement that the U.S. company will drop efforts to block
Toshiba's $18 billion sale of its flash-memory business in
exchange for the extension of their joint venture agreements,
according to people familiar with the matter.

Western Digital plans to end arbitration claims in the U.S. to
stop Toshiba from selling the chip business to a consortium led
by Bain Capital as part of the settlement, said the people,
asking not to be identified because the matter is private,
Bloomberg relates. The U.S. company would get guaranteed supply
of newer chips from a more advanced plant in Japan being built by
Toshiba that it will invest in. The two sides still have to work
out several key details and it's possible a final deal will not
be reached, the people said, relays Bloomberg.

The partners have been locked in a fierce legal battle since
early this year after Toshiba said it would sell the chip
business to pay for enormous losses in its U.S. nuclear business.
The U.S. company had argued Toshiba needed its consent to sell
the business, an assertion the Japanese company disputed. The
Japanese company needs to raise capital to avoid seeing its
shares delisted from the Tokyo Stock Exchange.

"It's crucial for both Toshiba and Western Digital to work this
out," the report quotes Damian Thong, a Tokyo-based technology
analyst at Macquarie Group Ltd, as saying.

Kaori Hiraki, a spokeswoman for Toshiba, said the company is open
to a settlement but wouldn't discuss specifics. Western Digital
declined to comment, Bloomberg notes.

Bloomberg says Toshiba has stepped up pressure on Western Digital
in recent weeks. This month, the Tokyo-based company said it will
accelerate investments in its new Fab 6 chip facility in
Yokkaichi, blocking Western Digital from participating and
raising the prospect the U.S. company wouldn't get supplies of
newer chips that it will need to remain competitive. Toshiba also
unveiled plans to raise JPY600 billion in a stock sale, a deal
that will help it avoid delisting even if the chip business sale
isn't completed on time.

Western Digital has suffered in the meantime, the report says.
Its shares have dropped about 15 percent this week as research
firms including Morgan Stanley have expressed concern about its
outlook.

"Western Digital needs assurances that, whoever owns the joint
ventures, their interests will be maintained," Mr. Thong, as
cited by Bloomberg, said.

                         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."



===============
X X X X X X X X
===============


FIJI SUGAR: 'Technically Insolvent', NFP Leader Says
----------------------------------------------------
Kalesi Mele at The Fiji Times Online reports that the National
Federation Party claims the mammoth losses by the Fiji Sugar
Corporation in the past two financial years portrays the
corporation as "technically insolvent".

According to the report, Prof Prasad claimed he had sighted FSC's
annual report for the years 2016 and 2017 and it was evident the
State's plans to steer the corporation to profitability were
failing.

"FSC's 2016 annual report for the financial year ended May 31,
2015 shows an operating loss of $53.4 million, compared to $31.7
million loss for the previous financial year," the report quotes
Prof Prasad as saying.

"The 2017 annual report for the financial year ended May 31,
2016, shows an operating loss of $45 million.

"The 2016 report values FSC's assets at $254 million while its
total borrowing stood at about $380 million. The 2017 report
reduces the value of FSC's assets to around $199.5 million while
total borrowing increased to over $421 million.

"This proves FSC is technically insolvent."

The Fiji Times Online relates that Prof Prasad said in the past
two years Parliament approved a $322 million guarantee for an FSC
credit facility with ANZ Bank.

He said guarantees and loans were necessary because the sugar
industry supported the livelihoods of about 200,000 people.

"It is an exercise in futility to pump money into an organisation
without knowing what happened to the previous injections of
millions of dollars.

"Furthermore, nothing has been heard for a year about the
supposed investigation of the operations of the FSC and that of
the former executive chairman following his resignation last
October."

According to the report, Prof Prasad said the FSC board should be
acutely aware of the new requirements of their accountability in
accordance with the Companies Act.

He said discussions in FSC's AGM in Lautoka on Nov. 23 would only
be about "rhetorical solutions and pie-in-the-sky theories".

He said unless and until Fiji could produce four million tonnes
of cane and manufacture 400,000 tonnes of sugar, the industry
would not be viable and FSC would remain a burden to the
taxpayers of Fiji, the report adds.

"We must, as a matter of priority, provide incentives to growers
to produce more cane. And the best way to do this is to provide
them a minimum guaranteed price of $100 per tonne of cane," Prof
Prasad, as cited by The Fiji Times Online, said.



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***